At the same time, preparations are being made to release the outstanding interest amount of some EPF account holders for the financial year 2021-22 soon. EPFO has indicated that interest on EPF deposits will be transferred to members’ accounts in April 2023. Interest rate on EPF amount increased for 2022-23

The Central Board of Trustees of EPFO ​​has increased the interest rates on EPF accounts for the financial year 2022-23 to 8.15 percent, which is 0.05 percent more than the interest rate for the same period last year. Please tell that the interest rate in the financial year 2021-22 was 8.10 percent.

According to the new interest rate of 8.15 percent, the government will give interest to the account holders on the amount deposited in EPF.

EPFO can issue interest amount in April

According to EPFO, usually interest money on EPF accounts is released in the last month of the financial year. EPFO has indicated that the amount of EPF interest can be released in April. At the same time, some EPF account holders could not get the interest amount even for the last financial year 2021-22. It is estimated that he too can be released in April.

Finance Ministry said – there will be no loss of interest amount

Even for the financial year 2021-22, the Finance Ministry has said in November 2022 that there will be no loss of interest amount for the customers of Employees Provident Fund Organization (EPFO) if the interest amount is not transferred to some EPF account holders.

It was told then that the delay in depositing the interest amount for the financial year 2021-22 was due to software upgradation due to the tax changes implemented last year. Due to this, the amount of interest rate sent to the accounts is not visible to the EPF members.

Salary contribution percentage in EPF account

EPFO operates Employees Provident Fund Account (EPF Account) for its members to provide social security after retirement of salaried employees. An employee contributes 12 per cent of his salary on a monthly basis to the EPF account.

Whereas, the employer also contributes 12 per cent for the employee. The entire 12 per cent contribution of the employee is deposited in the EPF account, but in the 12 per cent of the employer, 3.67 per cent contribution is deposited in the EPF account of the employee and the remaining 8.33 per cent is deposited in the Employees’ Pension Scheme (EPS).

All this amount is available on the retirement of the employee. The Central Government gives interest rate on annual basis on the amount deposited on EPF.

Method to know the amount present in the EPF account

EPF account holders can choose several options to know the amount present in their account. Members can know the current account balance by sending a message to Employees’ Provident Fund Organization on mobile number 7738299899 through their registered mobile number.

Apart from this, the amount can be known by giving a missed call on 011-22901406 and logging in through the member passbook by visiting the official website of EPFO ​​www.epfindia.gov.in. Whereas, the balance in the account can also be found from the Umang app.

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This interest is more than the FD of any other government bank. However, the new interest rate has been extended only for 6 months and after September 21, 2023, RBI will review it again. Till then the customers will get 8.51 percent annual interest and their money will also be completely safe under the guarantee of the government.

RBI said in its statement, ‘It should be remembered that FRB, 2033 will have a coupon whose base rate will be the same as that of the last 3 auctions (from the rate fixing day, i.e., March 22) of 182 Day T-Bills. 2023) will be equal to the weighted average yield (WAY). The weighted average yield will be calculated by counting 365 days in a year.

What is floating rate bond?

Nowadays floating rate bonds are in great discussion. Ever since the government has issued floating rate bonds (Floating Rate Savings Bonds, 2020-Taxable) in lieu of RBI bonds, there has been a lot of discussion since then. Let us tell you that floating rate bonds are those securities on which there is no fixed coupon rate or interest rate. It has several coupon rates, not just one, which are reset each time within a predetermined time frame.

How is it different from regular bonds?

In a regular bond, you get interest at a fixed rate. This interest rate of the bond is called Coupon. Often a bond is issued along with this coupon. This means that the investor knows in advance how much interest he is going to get on the bond. However, the rate of interest in floating rate bonds is not fixed. This interest rate keeps on changing from time to time.

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Sukanya is a small savings scheme, which is operated for a long period. In Sukanya Yojana, parents invest in the name of their daughters. They can also get income tax exemption on investment in SSY. Along with this, a big fund is collected in the name of daughters. In Sukanya Samriddhi Yojana, investment is made before the daughters complete 10 years of age.

Sukanya Samriddhi Yojana

Under this scheme, parents or guardians open an account in the name of the girl child. So that they can get financial help for their marriage or higher education. It is necessary to invest at least 15 years in the account opened under Sukanya Samriddhi Yojana. Interest is being given at the rate of 7.6% for the financial year 2022-23 on the investment made in the account. If investors invest Rs 1.5 lakh or more in a year under Sukanya Samriddhi Yojana, then they also get tax exemption. That’s why investors are advised to invest in this scheme to accumulate huge amount for their daughters in future.

How many daughters of the family will get the benefit

• Under the Sukanya Samriddhi Yojana, only two daughters of the family can be made beneficiaries. But in some cases this number can increase.
• If there is already a girl child in the family and then twins or more girls are born together, then they will also be made beneficiaries of the scheme.
• In the case of twin or more than two girls already born together, the girl child born later will not be eligible under this scheme.
• Legally adopted girl child will also be given the benefit of the scheme.

Benefits of Sukanya Samriddhi Yojana

• This is a government saving scheme. Which has been started by the Central Government with the aim of making the future of daughters bright.
• This is a government scheme so there is no market risk in it. Means you get guaranteed returns.
• Sukanya Samriddhi Yojana is a small savings scheme launched for a long period. In which the benefit of annual compounding is available. That is, good returns are received even in less investment.
• Adopted girl child i.e. adopted daughter is also included in this.
• Only two daughters of the family will get the benefit of the scheme.
• Under Sukanya Samriddhi Yojana, the investor can invest according to his financial condition. In this, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested in a financial year.
• Some amount can be withdrawn from the account even after the girl child turns 18 or passes class X. But you can withdraw from the account only once in a year.
• Government of India has kept Sukanya Samriddhi Yojana tax free. The amount invested in it, along with the interest received on it, as well as the amount received on maturity, is tax free. That is, Sukanya Samriddhi Yojana gives investors tax benefits along with savings.
• If needed, the account can be easily transferred from one post office to another or from one bank to another. But this is done only when the account holder has moved from the original place. In such a case, they will have to show proof of shifting. After which the account opened under Sukanya Samriddhi Yojana will be transferred.

Age Limit of Sukanya Samriddhi Yojana

Parents or any member of the family can open an account under Sukanya Samriddhi Yojana in the name of girls below the age of 10 years. It is mandatory to invest for 15 years under this scheme. Its maturity period is 21 years.

Sukanya Samriddhi Yojana Interest Rates

The rate of interest available on this small savings scheme is decided by the government. The interest rate has been reduced from 8.4% to 7.6%. The interest earned on this is now completely tax free.

Account opening process in Sukanya Samriddhi Yojana

1. To open an account in Sukanya Samriddhi Yojana in the name of daughters, the guardian of the parents will have to obtain the application form of the scheme from the bank or post office.
2. Fill all the information asked in the application form like name of parent or guardian, name of girl child, age etc. after reading it carefully.
3. Many documents will also have to be submitted along with the application form. Like income certificate of parents, birth certificate of girl child.
4. Go to the bank or post office from where you had received the application form and submit it.
5. After this whole process the application will be done in Sukanya Samriddhi Yojana.

How to check account balance in Sukanya Samriddhi Yojana

You can also check the balance of Sukanya Samriddhi Yojana account while sitting at home. But you must have you login credentials. The login credentials are provided by the bank. However, this facility is not available in all banks. That’s why before opening an account under Sukanya Samriddhi Yojana, make sure to know about the login credentials of the bank. After taking the login credentials from the bank, visit the internet banking portal of the bank. In this, the option to check the balance will come on the home page itself. On clicking which you will be able to see the balance of Sukanya Samriddhi account.

Rules for withdrawing money deposited in Sukanya Samriddhi Yojana

The amount can be withdrawn from the account after the maturity of the scheme i.e. after 21 years of opening the account under Sukanya Samriddhi Yojana or when the girl child turns 18. Or after the girl child passes class X, fifty percent amount can be withdrawn for further education. Beneficiary can withdraw either in lump sum or in installments. A maximum of 50 percent of the balance remaining in the account at the end of the previous financial year can be withdrawn.

When can the account be closed in Sukanya Samriddhi Yojana?

By the way, it is necessary to invest in Sukanya Samriddhi Yojana for 15 years. But in some cases the account can be closed prematurely.

1. In case of death of the girl child – If the girl child in whose name the account has been opened in Sukanya Samriddhi Yojana dies, then the account is closed.
2. On the death of the guardian – The account can be closed even after the death of the guardian by whom the account is being operated.
3. Suffering from a life-threatening illness – The account can be closed prematurely even if the account holder has a life-threatening illness.
4. On settling abroad or getting married – If the girl child settles abroad. Or if she gets married abroad before she turns 21, even then the account will be closed.
5. In case of weak financial condition – Many times such cases have also come to the fore that the financial condition of the parents becomes so weak that they are not able to pay the amount of investment. In such a case also the account can be closed.

Income Tax Benefit in Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana launched for daughters is also special because it gives tax benefits to the investors in many ways. Firstly, the amount invested in the scheme, the interest received and the maturity amount are tax-free. Not only this, under Section 80C of the Income Tax Act 1961, investors can avail tax benefits of up to Rs 1.5 lakh every year on the principal amount invested.

Online Application for Sukanya Samriddhi Yojana

You can also download the application form for opening an account under Sukanya Samriddhi Yojana from the website of RBI or the official site of some other institutions. Apart from the official site of Reserve Bank of India, the official website of The India Post, official website of public sector banks like SBI, PNB, BOB, private sector banks like Axis Bank, ICICI Bank can also be downloaded through the official website of the scheme. can be done.

Sukanya Samriddhi Yojana calculator

Through the calculator, the amount is calculated which is given to the applicant on maturity. In this, it is calculated assuming that the installment of each time was the same. No investment is required in this from 15th to 21st year. The calculation is done on the basis of old investment only. In order to find out the amount received on maturity in Sukanya Samriddhi Yojana through the calculator, the age of the girl child and the amount of contribution will have to be mentioned. For which a formula is used.

Formula of Sukanya Samriddhi Yojana calculation – A=P(1+r/n)^n

in which A means compound interest, P means original investment amount, R means interest rate on investment, N means interest in one year In compound and T means period i.e. total number of years

According to this formula, if you invest Rs 1000 every year in Sukanya Samriddhi Yojana, then the total amount of investment in 14 years will be Rs 14000. On which you will get maturity amount of about Rs 46,821 in 21 years. By investing Rs 2000 every year, the maturity amount will more than double to Rs 93,643. That is, in this you will get the benefit of compound interest.

You are investing Rs 1 lakh in a year under Sukanya Samriddhi Yojana. The tenure of investment is 15 years. That means your total investment was Rs 15 lakh. According to the 7.6% interest rate, after 21 years you will get an interest of approximately Rs 3,10,454.12. That is, at the time of maturity, you will get Rs 43,95,380.96. Which will be tax free.

Documents required for Sukanya Samriddhi Yojana

• baby girl birth certificate,
• Identity proof of the girl child,
• Aadhaar card of the girl child and parents,
• Affidavit of guardian in case of twin or triplet girls
• Passport size photographs of parents or guardians
• permanent address
• All other documents as asked by the bank or post office

Changes in Sukanya Samriddhi Yojana

• Any girl on attaining 18 years of age will now be able to operate the account. Initially this age was kept at 10 years. However, there is still a debate about the operation in the hands of girls at the age of 18 years.
• Earlier you had to deposit at least Rs 250 in a year under Sukanya Samriddhi Yojana. Failure to do so was declared a defaulter under the scheme. But now it is not so. If for some reason you are unable to deposit even Rs 250, then there will be no change in the interest rate, nor will you be declared a defaulter.
• Earlier there were only two reasons for premature closure of the account. First on the sudden death of the girl child and second on the daughter becoming an NRI. But now the account of Sukanya Samriddhi Yojana can be closed even if there is a life-threatening disease and death of the parent or guardian.

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This scheme will give the benefit of pension after 60 years on your investment. This scheme gives you the benefit of both equity and debt. Experts believe that this scheme is a better option for this retirement planning and 10% annual return can be achieved in it and that too without taking much risk. According to tax and investment experts, if the NPS account holder makes a monthly contribution of Rs 12,500 from the age of 25, he can also get a tax rebate of Rs 1.5 lakh annually.

How much interest rate in long term

If you invest for a long period, then according to experts, you can get 10 percent interest or even more. However, for this, 60:40 equity loan ratio will have to be maintained. In such a situation, if an investor invests Rs 12 thousand 500 every month, then he can save tax up to Rs 1.5 on filing income tax return.

Monthly pension of Rs 95,707

If someone starts investing at the age of 25 and continues investing till the age of 35, then according to the NPS calculator, the account holder will get a maturity amount of Rs 2.87 crore and a monthly pension of about Rs 95,707 from the annuity.

How to get Rs 3 lakh

According to experts, to increase the pension amount, investment will have to be made for Systematic Withdrawal Plan. This will give a return of 7% to the investors. If the NPS account holder invests the NPS withdrawal amount of Rs 2.87 crore, then the monthly income from the investment will be Rs 1.99 lakh. In such a situation, a pension of about Rs 2.94 lakh will be received. However, you should invest in it only after understanding your risk and return.

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Highest Interest Rate: After increasing the repo rate by the banks, the banks also increased the interest rates of FDs. Banks are now offering maximum interest of up to 7-8 per cent on FDs. Apart from this, small finance banks are giving one percent interest above this. Still, this is not a huge interest. In such a situation, new fintech companies are now seen winning. These companies are offering tremendous interest with low lock-in period. Till now, only BharatPe was paying interest up to 12%, but now Mobikwik has also entered it.

It has recently launched the Xtra Plus feature for its users. Through this feature, users can earn up to 12.99 percent interest. Earlier, the company had launched the Xtra feature, in which up to 12 per cent interest is available. The company has partnered with RBI regulated P2P investing platform Lendbox (Transactree Technologies Pvt Ltd) for this feature. If you invest in Mobikwik Xtra, then the interest you get at the rate of 12 percent is added to your account every day. You can also withdraw that money at any time. On the other hand, you can earn 12.99 percent interest by investing in Xtra Plus, but the lock-in period is 3 months.

Who can invest in Mobikwik Xtra or Xtra Plus?

Any Indian above 18 years of age with PAN card and Indian bank account can invest in it. NRIs can invest in it through their NRO bank account.

Are there any charges for investing in Mobikwik Xtra or Xtra Plus?

No, there are no charges for deposit or withdrawal in Mobikwik Xtra. There is no investment fee for investing in Mobikwik Xtra Plus. In Mobikwik Xtra Plus, there is no interest for withdrawing money before 30 days and up to 8% interest is earned for withdrawing money before maturity.

How much investment is required

Investing in Mobikwik Xtra or Xtra Plus can start from as low as Rs 1000. You can invest up to Rs 10 lakh in this. If you want to increase your investment more than 10 lakh rupees then you have to contact Mobikwik team. According to RBI guidelines, a net worth certificate will be required for investing more than Rs 10 lakh.

How safe is investing in P2P lending platforms?

Many P2P investing platforms in the country are regulated by the RBI. However, there is a risk in this investment as well. In such a situation, one should invest wisely.

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If you want to get strong returns in a safe way by investing in Fixed Deposits in the new year, then this news is for you only. In fact, in the new year, non-banking finance company Shriram Finance Limited has increased the rates of Fixed Deposit (FD). Explain that after increasing the repo rate by the RBI, banks and NBFCs are increasing the rates of FDs.

The new FD rates of Shriram Finance have come into effect from January 1, 2023. There is a good chance to earn 9.36% interest on fixed deposits in this NBFC. Shriram Finance increased interest rates on deposits maturing in 12 months by 30 bps from 7 per cent to 7.30 per cent, while on deposits maturing in 18 months it increased interest rates by 20 bps from 7.30 per cent to 7.50 per cent.

Extra interest to senior citizens and women depositors

The company has increased the interest rate by 25 bps for a period of 24 months, while offering 8 percent interest on FDs of 30 months. Senior citizens will be given 0.50 percent extra interest as compared to common citizens. At the same time, women depositors will get 0.10 percent extra interest.

RBI has increased the repo rate 5 times this year

The Reserve Bank had increased the repo 5 times last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. This process of increasing FD rates has started after the increase in repo rates by RBI.

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Through these schemes, works like education and financial help of daughters are also being done. In this episode, Sukanya Samriddhi Yojana is also being run by the government to secure the future of daughters. At the same time, a big announcement has been made by the government regarding the Sukanya Samriddhi Yojana.

Sukanya Samriddhi Yojana

Actually, Sukanya Samriddhi Yojana encourages saving and investing for daughters. Interest is also provided on the money invested through this scheme. For a long time, people were expecting that the interest rate would be increased in Sukanya Samriddhi Yojana. However, this expectation of the people could not be fulfilled at the moment.

No increase in interest rate Actually, interest rates of many savings schemes have been changed by the government. Although the people associated with Sukanya Samriddhi Yojana were expecting that the government would announce an increase in the interest rate in this scheme, but at present, the government has not increased the interest rate on Sukanya Samriddhi Yojana in any way.

This is the interest rate

The government has said that they have kept the interest rate on Sukanya Samriddhi Yojana as stable as before. At present, neither the interest rate has been reduced nor the interest rate has been increased in Sukanya Samriddhi Yojana. At present, interest is given at the rate of 7.6 percent annually in the girl child savings scheme ‘Sukanya Samridhi’.

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The government has increased the interest rates on National Savings Certificate, Post Office Fixed Deposit, Senior Citizens Savings Scheme from January 1. There has been no change in the interest rates of PPF and Sukanya Samriddhi Scheme. This increase has been done in the interest rates for the January-March quarter. The interest rate on 1-year savings scheme has been increased to 6.6%, which was earlier 5.5%. While the 2-year scheme will get interest at the rate of 6.8%, which was earlier 5.7%. The interest rate on the 3-year scheme has increased to 6.9%, which was earlier 5.8%.

At the same time, interest will be given at the rate of 7% on the 5-year scheme, which was earlier 6.7 percent. The interest rate on Senior Citizen Savings Plan has now become 8%, which was earlier 7.6%. The interest rate on Monthly Income Plan has increased to 7.1%, which was earlier 6.7%.

Apart from this, interest will now be available at the rate of 7.2 percent on Kisan Vikas Patra. At the same time, the interest rate on National Savings Certificate has been increased to 7%, which was earlier 6.8%. The Finance Ministry issued a circular on Friday evening, stating that interest rates on these small savings schemes have been increased by up to 110 basis points for the January-March 2023 quarter.

How is the interest rate decided on small savings schemes?

The government reviews the interest rates on small savings schemes every quarter. The formula for calculating the interest rate for small savings schemes was given by the Shyamala Gopinath Committee. The committee suggested that the interest rates of various schemes should be 25-100 bps higher than the yield of government bonds of similar maturity.

When was the last time interest rates increased

After about four years, the government had increased the interest rates of some small savings schemes in the last quarter. The interest rates of three small savings schemes were increased by 10 bps to 30 bps for the October-December 2022 quarter.

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As soon as the Modi government came to power in the year 2014, the investment limit in PPF was increased, due to which more tax exemption was available. At the same time, a big cut has been made in its interest rates in a decade.

Since the year 2013, the interest rates on care continuously decreasing. In the year 2014, the government increased the investment limit in PPF from Rs 1 lakh to Rs 1.5 lakh annually. However, since then the interest rate has come down from 8.8 per cent to 7.1 per cent. That is, within just a decade, the interest rates on this scheme have come down by 1.7 percent. If you look at the official figures, the interest on PPF was 8.8 per cent in the year 2013, which has now come down to 7.1 per cent.

Interest decreasing year by year

Talking about interest on PPF, from April 1, 2013 to March 31, 2014, the total interest was 8.7 per cent and the investment limit was Rs 1 lakh. After this, from April 1, 2014 to March 31, 2016, the investment limit was increased to Rs 1.5 lakh, while the interest rate remained the same at 8.7 percent. Between April 2016 and September 2016, the PPF interest rate was revised and it came down to 8.1 per cent.

Interest kept decreasing further

After this, between October 2016 and March 2017, the interest rate of PPF decreased again and it came down to 8 percent. This process did not stop and till June 2017 its rate fell to 7.9 percent. By September, the PPF interest rate had come down to 7.8 per cent. Then between January and September 2018, it declined further by 0.20 per cent. The interest came down to 7.6 per cent.

Big reduction in the Corona

period Its interest rate increased between October 2018 and June 2019 and reached 8 percent, but it declined again from July 2019 to March 2020 and the effective interest rate came down to 7.9 percent. Then came the time of the Corona period and the government reduced its interest rate to 7.1 percent in April 2020, which is still maintained. In this, the maximum limit of the investor remains 1.5 lakh only.

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Crores of customers have got another blow from the bank after increasing the loan interest rate in the past. The new credit card charges are expected to be effective from the new year. Some customers have also received messages related to this.

There will be a change from January 1, 2023.

It has been told in the SMS that reached the customers that the fee structure of some credit cards will change from January 1, 2023. The bank has revised the fee structure for paying rent through third-party merchants. According to the information given on the official website, 1 percent of the total amount of the transaction will be charged as a fee for such payment. This fee will be taken from the rental transaction of the second month.

1 percent conversion fee will have to be paid, apart from this, changes have also been made in the ‘Reward Point System’ and International Transaction Charge on the bank side. If you do any transaction in Indian Rupee (INR) at an international location, then you will have to pay 1 percent conversion fee. If the merchant registered in any other country is in India, then this fee will also be applicable on that transaction.

Changes in Reward Point System as well Changes have also been made in the Reward Point System of Credit Cards by HDFC Bank. For example, an Infinia cardholder can redeem up to 1.5 lakh points every month on HDFC’s reward point portal SmartBuy. Whereas, Diners Black cardholders can redeem up to 75,000 points every month.

Similarly, Infinia card holders can redeem a maximum of 50,000 points every month on Tanishq vouchers. 3000 points can be redeemed every month on Millennia, Pharmeasy, Bharat and Paytm cards. This change will be applicable from 1 February.

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After the revision, the bank is now offering an interest rate of 4 per cent to 8.01 per cent for general public and 4.50 per cent to 8.26 per cent for senior individuals on deposits of less than Rs 2 crore maturing in 7 days to 10 years. Regular customers can now get 8.01 per cent interest rate on deposits of 999 days, while senior ones can get 8.26 per cent interest rate.

The bank said in a statement, ‘This is the highest interest rate that the bank offers to its customers, plus your deposits in this bank are backed by DICGC, within 999 days from your taking an investment decision soon. -Duration targets will be met.

Suryoday Small Finance Bank Latest FD Interest Rates:

• Days 7 to 14: 4.00 percent for the general public; 4.50 percent for senior citizens
• 15 days to 45 days: 4.25 percent for the general public; 4.75 percent for senior citizens
• 46 days to 90 days: 4.50 percent for the general public; 5.00 percent for senior citizens
• 91 days to 6 months: 5.00 percent for the general public; 5.50 percent for senior citizens
• 6 months to 9 months: 5.50 percent for the general public; 6.00 percent for senior citizens
• More than 9 months to less than 1 year: 6.00 percent for general public; 6.50 percent for senior citizens
• 1 year to 1 year 6 months: 7.00 percent for general public; 7.50 percent for senior citizens
• Over 1 year 6 months to 2 years: 7.51 percent for the general public; 8.01 percent for senior citizens
• Above 2 years to 998 days: 7.51 percent for the general public; 8.01 percent for senior citizens
• 999 days: 8.01 percent for the general public; 8.26 percent for senior citizens
• 32 months 27 days to 3 years: 7.25 percent for general public; 7.75 percent for senior citizens
• Above 3 years to less than 5 years: 6.75 percent for general public; 7.25 percent for senior citizens
• 5 years: 6.75 percent for the general public; 7.25 per cent for senior citizens.

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After the month of May, as soon as the RBI started increasing the repo rate continuously, many banks in the country have increased their FD rates almost every month. Now the name of Fincare Small Finance Bank has also been added to this race. The bank has also announced an increase in the interest rate on FDs of less than Rs 2 crore. According to the official website of the bank, the increased new interest rates are applicable from October 11.

New FD Rates of Fincare Small Finance Bank Bank FDs of 91 days to 180 days, 4.5 percent, 181 days to 364 days FDs 5.5 percent, 12 months to 24 months FDs 6.75 percent, 500 days FDs 7.25%, 1000 days FDs 7.75%, Interest will be 7% on FDs of 24 months 1 day to 48 months, 6.75% on FDs of 48 months 1 day to 59 months and 6% on FDs of 66 months 1 day to 84 months.

Senior Citizens to get 8.25% Interest

Fincare Small Finance Bank will offer an additional 0.50% interest rate to its Senior Citizen customers over and above the General Interest Rate. Now senior citizen customers of this bank will get 3.5% to 8.25% interest on FDs of 7 days to 10 years. On the other hand, if the senior citizen is the ‘first holder’ in the joint account, only then the interest rate plan with the senior citizen will be applicable.

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In this, you also get the benefit of tax exemption under section 80C of the Income Tax Act on investments up to Rs 1.5 lakh. Due to being a government scheme, your money here also increases according to the fixed interest, while remaining completely safe.

How much interest is getting on NSC

The interest rate on National Savings Certificate is 6.8 percent. Its maturity period is 5 years. The interest rates on NSC and other small savings are reviewed by the government every quarter.

NSC: How much will be earned from interest

The interest on NSC is compounded annually but the payment is made on the payment maturity of 5 years. If you invest Rs 5 lakh in this scheme, you will get Rs 6,94,746 on maturity at 6.8 percent interest. That is, you will get the benefit of interest of Rs 1,94,746.

For how much value can NSC buy You can buy National Savings Certificate from any branch of the post office. You can buy this certificate in denominations of Rs 100, 500, 1000, 5000 and Rs 10,000. The minimum amount for investment should be Rs 100. While there is no limit on the maximum amount.

Benefits of NSC

An amount of up to Rs 1.50 invested in NSC gets the benefit of tax exemption under section 80C of the Income Tax Act. It is getting higher interest as compared to fixed deposit. This certificate can be used as collateral. Being a government scheme, returns are guaranteed on it.

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The government has fixed the interest rate on the amount deposited in PF. PF account holders will get interest at the rate of 8.1 percent on their deposits. The month of October has started but the interest amount has not been deposited in the account of the people yet. The Finance Ministry has given great information on this matter.

Interest money not visible in the statement-

The Finance Ministry tweeted and said- ‘The amount of interest is being deposited in the account of all EPF customers. However, due to a software update going on in EPFO, the interest amount is not visible in the statement. The amount of interest is being paid in the account of all the customers. The software is being upgraded due to the changes in EPF tax rules. However, information has not been given by the ministry as to when the balance PF will start appearing in the account of the account holder.

How much will be the amount of interest-

The amount of interest will come in your PF account, it depends on the amount deposited in your account. The government pays interest at the rate of 8.1 percent on the amount deposited. Suppose one lakh rupees are deposited in your PF account, then at the rate of 8.1 percent, you will get Rs 8,100 as interest annually.

Where is your money invested?

EPFO invests the amount deposited in the PF account holder’s account at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO ​​invests 85 per cent in debt options. These also include government securities and bonds.

Check PF account balance like this-

Go to EPFO ​​website. Select ‘For Employees’ from the dropdown of ‘Our Services’. After this click on Member Passbook. Now login with the help of UAN number and password.

Select the PF account and you will see the balance as soon as you open it. To check balance through SMS, send a message by typing ‘EPFOHO UAN ENG’ to 7738299899. You will get the balance information in the reply. Apart from these, PF balance can also be checked from Umang App.

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Lakhs of people will get big benefit

From October 1, 2022, interest rates have increased, but the government has increased interest rates only on certain schemes. Let us tell you that from now on which scheme you can take advantage of more interest. 

According to a notification of the Finance Ministry, people in the Senior Citizen Savings Scheme will get 7.6 per cent interest during the October-December period with an increase of 20 basis points instead of 7.4 per cent. On the other hand, in Kisan Vikas Patra, people will now get 7 percent interest instead of 6.9 percent.

Small Savings Scheme Interest Rate – 
– Savings Deposit – 4%
– 1 Year Time Deposit – 5.5%
– 2 Year Time Deposit – 5.7%
– 3 Year Time Deposit – 5.8%
– 5 Year Time Deposit – 6.7%
– 5 Yearly Recurring Deposit – 5.8%
– Senior Citizen Savings Scheme – 7.6%
– Monthly Income Account Scheme – 6.7%
– National Savings Certificate – 6.8%
– PPF – 7.1 percent
– Kisan Vikas Patra – 7%
– Sukanya Samriddhi Scheme – 7.6%

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The change will be applicable from October 1, 2022, to reduce the inflation level, the repo rate was increased by the RBI last days. Due to the increase in the interest rate by banks, it is expected to get more interest on savings schemes in the September quarter. The changes made in the interest rate will be implemented from 1 October 2022. RBI has increased the repo rate by 1.40 percent in three times.

The review of the interest rate will be done on this day , only 10 days are left in the review of the interest rate. The interest on small savings schemes will be reviewed on 30 September. This review is to be held for the quarter October to December 2022. According to sources, it is expected that the interest rate can be increased by 60 to 70 basis points. There has been no change in the interest rate on the Small Savings Scheme for a long time.

Why will the interest rate change?

RBI has increased the repo rate thrice since May. At present it is running at 5.4%. The repo rate is expected to increase once again. In the last week of September or the first week of October, the repo rate can be increased again by 25 to 35 basis points. But the government has not made any change in the interest on savings schemes. In such a situation, it is expected that this time the government will increase the interest on small savings schemes.

Savings scheme is reviewed every three months The interest on small savings schemes is reviewed every three months by the government. During this review, a decision is taken whether to increase, decrease or keep the interest rate constant. The Finance Ministry takes a decision on increasing or decreasing these interest rates.

The highest interest is currently available on Sukanya Samriddhi at the rate of 7.1 percent per annum on PPF. Apart from this, 7.6% annual return is given to those who invest in Sukanya Samriddhi Yojana (SSY). If we talk about National Savings Recurring Deposits Account, then it gives a return of 5.8%. The rate of interest on Kisan Vikas Patra is 6.9 percent.

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Why can the rate increase?

The benchmark 10-year bond yield has remained above 7 per cent. This increase is continuing from April 2022 onwards. The average bond yield from June to August 2022 has been seen at 7.31%. On this basis, if you apply the formula for calculation of interest of the Ministry of Finance, then the rate of PPF can go up to 7.56 percent in the next quarter. This includes the three-month average yield of G-Secs, along with an increase of 25 basis points. Currently, 7.1 percent interest is being available on PPF.

On this basis, the interest of Sukanya Samriddhi Yojana can go up to 8.3 percent, which is currently 7.6 percent. This includes the three-month average live yield plus the rate of 75 basis points. The rates of these schemes are to be reviewed at the end of this month. Therefore, it is expected that interest rates may increase depending on the bond yield. One thing has to be kept in mind that the government does not always increase the interest rates according to the increase in the bond yield.

When were the rates increased before

The increase in interest rates of small savings schemes was seen in April-June 2020. There has been no change in interest rates since then till September 2022. However, bond yields have seen a steady rise in recent months. This has given hope that it is possible to increase the rates of small savings scheme in future.

How is interest calculated?

The returns of the Small Savings Scheme are calculated on the basis of G-Sec i.e. the yield of the government security. Yield and small savings scheme should have the same maturity. On the basis of G-Sec yield, the Finance Ministry reviews the rates of small savings schemes every quarter. In this, the return of G-Sec Yield is seen for the previous quarter. The Shamamala Gopinath Committee, 2011 was constituted for the calculation of interest, which gave the formula for calculation of interest. The committee had suggested reviewing the rate once a year, but the government implemented it every quarter.

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Money will be deposited only once in a month, investment in PPF account should be done in multiples of Rs 50. This amount should be at least Rs 500 or more annually. You can deposit up to 1.5 lakhs in the PPF account during the entire financial year. Only on this you get the benefit of tax exemption. Apart from this, money can be deposited in PPF account once in a month.

A reduction in the interest rate of the loan can also be taken on the balance present in the PPF account. This interest rate has been reduced from 2 percent to 1 percent in the last days. After paying the principal amount of the loan, you will have to pay the interest in more than two installments. Interest is calculated on the first of every month.

The account will remain active even after maturity

It is not necessary to deposit money in this account after the completion of 15 years. You can withdraw money only once in a financial year by opting to extend the PPF account after maturity.

To open a PPF account, you have to submit Form-1 instead of Form
A. For extension of PPF account after 15 years (with deposits) one year before maturity, one has to apply in Form-4 instead of Form H.

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Shriram Transport Finance is offering 8.75 percent interest

On August 10 of this month, Shriram Transport Finance has increased its fixed deposit (FD) interest rates. Now Shriram Transport Finance is giving the highest interest of 8.25% to the general citizens while 8.75% to the senior citizens. The company is offering this interest on FDs made with maturity of 5 years. In addition, the company is paying 0.50 percent more interest to senior citizens than normal customers.

Utkarsh Small Finance Bank is offering up to 8.25% interest on FD

Utkarsh Small Finance Bank has also increased the interest rates on its fixed deposits with effect from August 12.The bank has increased the interest rates for tenors ranging from 700 days to 5 years on maturity up to 2 crores. The bank will now pay an interest of 7.50% to general citizens and 75 basis points more i.e. 8.25% to senior citizens. The bank also said that senior citizens will get an additional 75 basis points, or 0.75 per cent, of interest from a regular customer on any tenure.

Jana Small Finance Bank is offering 8.15% interest to senior citizens

Jana Small Finance Bank has subsequently increased the interest rates on fixed deposits (FD).The bank will now pay an interest of 7.35% for general citizens and 8.15% for senior citizens on FDs made for tenures ranging from 3 days to 5 years. Jana Small Finance Bank has also increased the interest rates on FDs for senior citizens by 80 basis points. The new increased rates of the bank are applicable from June 15.

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In the EPF meeting held in the month of March before Holi, it was decided to reduce the PF interest rate. Earlier it was 8.5 percent, which has now been reduced to 8.1 percent. This rate is the lowest in the last four decades i.e. 40 years. Now the government has also approved keeping the interest rate on EPF at 8.1 percent for 2021-22.

In 1977-78, the EPFO ​​had given an interest of 8 per cent. Since then it has been 8.25 per cent or more. The two-day meeting of EPFO ​​started on Friday, March 11, which ended on March 12, in which it was decided to reduce the interest rate of EPF.

The EPFO ​​had fixed 8.5 percent interest in the financial year 2020-21 and in the previous financial year. Earlier in 2018-19, 8.65 percent interest was given on EPFO. EPFO had paid 8.65 per cent interest in 2016-17 and 2017-18 also. At the same time, the interest rate was 8.8 percent in 2015-16, 8.75 percent in 2013-14 and 2014-15 also.

After getting approval from the government, EPFO ​​will now start adding interest amount to the EPF accounts of the employees. According to the EPFO ​​office order issued on Friday, the Ministry of Labor and Employment has informed about the approval of 8.1 percent interest to EPFO ​​subscribers for 2021-22. The Labor Ministry had sent this proposal to the Finance Ministry for approval.

Trustee KE Raghunathan, who represents the employees in the CBT, said the speed with which the labor and finance ministries have approved the rate of interest, given the need for funds to the employees, is indeed commendable. This will help them to meet the education and other needs of their children.

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A big update has come regarding Employees’ Provident Fund (EPF). It was being said that the government may soon change the interest rate on EPF. Last month itself, the central government had approved 8.1 percent interest rate on Employees’ Provident Fund (EPFO) deposits for 2021-22. Now the Minister of State for Labor and Employment, Rameswar Teli in Parliament has cleared the government’s stand regarding the change in interest rate. He has given information to the Rajya Sabha in a written answer to a question. 

no proposal for change

Rameshwar Teli was asked whether the government would reconsider increasing the rate of interest on the amount deposited in EPF. Responding to this, he made it clear that there is no proposal to reconsider the interest rate. Also, Rameshwar Teli told that the interest rate of EPF is higher than the interest rate available on many government schemes. He told that the interest rate of EPF (8.10 percent) is higher than the interest available on Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent).

Based on the recommendation of the CBT, the Center in June this year had approved an interest rate of 8.1 per cent on PF deposits for 2021-22. The Minister of State said that the interest rate is dependent on the income received from the investment of EPF. It is distributed only as per the EPF Scheme, 1952.

lowest interest in four decades

Right now the interest rate on PF is at the lowest level in several decades. EPFO has fixed the rate of interest of PF at 8.1 percent for 2021-22. This is the lowest rate of interest on PF since 1977-78. Earlier in 2020-21, PF was getting interest at the rate of 8.5 percent. There was no change in the PF interest rate in the fiscal year 2020-21 (FY21). Just a year before this, in 2019-20, this interest rate was reduced from 8.65 percent to 8.5 percent. 

Where would the PF money be invested?

EPFO invests the amount deposited in the PF account holder’s account at many places. A part of the earnings from this investment is given to the account holders in the form of interest. At present, EPFO ​​invests 85 per cent in debt options. These also include government securities and bonds. The remaining 15 per cent is invested in ETFs. The interest of PF is decided on the basis of earning from debt and equity.

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no motion to reconsider 

Rameshwar Teli was asked in the Rajya Sabha whether the government is reconsidering increasing the interest rate on Employees’ Provident Fund deposits. Giving a written reply to this, the Union Minister clarified that no proposal has come to reconsider the interest rate. That is, there will be no increase in the interest rate available on PF accounts. 

Now getting so much interest (interest on PF)

Rameshwar Teli (Minister of State for Labor and Employment) also said that the interest rate of EPF is applicable to other schemes like General Provident Fund (7.10 percent), Senior Citizen Savings Scheme (7.40 percent) and Sukanya. More than the Sukanya Samriddhi Account Scheme (7.60 percent). According to Rameshwar Teli, the rate of interest on pf from small savings schemes is still high. In such a situation, the eligible government will not consider the interest rate hike. Let us tell you that it has been approved to give 8.10 percent interest on EPF.

CBT had demanded such interest rate

The Minister of State for Labor and Employment has said that the interest rate on PF depends on the income received by the EPF from its investment and such income is distributed only according to the EPF Scheme, 1952. Also said that CBT and EPF had recommended 8.10 percent interest rate for 2021-22, which has been approved by the government.

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These accounts are managed by the Employees’ Provident Fund Organization (EPFO). You can withdraw money from your PF account in difficult times. Although this government scheme has been made for the betterment of the employees, but in the last few years, PF members are suffering. Let’s know how.

Interest rate on reduced PF (EPF Interest Rate)
Actually, interest is given by the government on the amount deposited on the PF account. The employees are waiting for this interest amount. But this interest rate has come down in the last few years. Some time ago the Employees’ Provident Fund Organization reduced the interest rate for the financial year 2021-22 from 8.5 percent to 8.10 percent. This rate is the lowest in the last 40 years. In such a situation, now PF members are getting less benefit than before.

In the last 10 years 
, the interest has reduced so much, if we talk about the last one decade, then the interest has reduced a lot. In the year 2010-11, the government used to put the amount of interest at the rate of 9.50 percent in the account of PF members, but in the very next year, i.e. 2011-12, the interest rate was reduced to 8.25 percent. However, it increased after that. In the year 2012-13, the employees used to get 8.50 per cent interest. It was 8.75 per cent in 2013-14 and 2014-15 and 8.80 per cent in 2015-16. After this, the amount of interest reduced for two consecutive years and became 8.55 percent.

At one time, 12 percent interest was
available in 1952, where the interest rate on PF was only 3 percent, it reached above 6 percent in 1972 and after that it continued to increase every year. It went above 10 per cent for the first time in 1985-86. But the year 1989 to 1999 was the best time for PF members because during this time 12 percent interest was available on PF. But then it started declining.

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