Now many investors choose the Public Provident Fund (PPF) for safety. Specifically, it offers guaranteed returns and great tax benefits. Indeed, most people think the money is locked for exactly 15 years. Therefore, it comes as a shock when the bank says otherwise. In fact, the actual lock-in period often stretches to nearly 16 years. Thus, you must understand how the “clock” starts ticking. Simple as that.

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PPF Maturity & Interest Facts: 2026

Now you can see the current rates and the way time is counted. Actually, the government reviews these numbers every three months. In fact, here is the data for the current quarter.

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The Secret of the 16th Year

Now the lock-in period does not start the day you open the account. Actually, it starts from the end of that financial year.

The April vs. March Gap

First, let’s look at an example. Next, imagine you open your account today, April 16, 2026. Thus, your first year is Financial Year 2026-27 (FY27). Furthermore, the 15-year timer only starts on March 31, 2027. Specifically, this means your account will mature on April 1, 2042. Next, that is technically 15 years plus the 11 months you already waited. Therefore, opening an account in April makes the lock-in nearly 16 years long. Period.

The “5th of the Month” Rule

Now you can earn more money just by changing your deposit date. Actually, the way interest is calculated is very specific.

Maximize Your 7.1%

First, the bank looks at your lowest balance between the 5th and the end of the month. Next, if you deposit money on the 6th, you lose interest for that whole month. Thus, you should always finish your deposits by the 5th. Furthermore, this applies to both monthly and lump sum givers. Specifically, doing this every month can add thousands to your final corpus. Therefore, set a reminder on your phone for the 1st of every month. Period.

Loans and Partial Withdrawals

Now you might need cash before the 15 years are up. Actually, the PPF scheme does offer some “emergency” exits.

Accessing Your Cash

First, you can take a loan against your balance after just one year. Next, the interest rate is very low at only 1%. Thus, it is a great option if you need a short-term fix. Furthermore, you can make a partial withdrawal after five full years. Specifically, you can take out up to 50% of your balance. Next, you can even close the account early for higher education or serious illness. Consequently, the money is not completely “trapped” if things go wrong.

Frequently Asked Questions

Q: Can I extend my PPF after 15 years?

Now, yes. Thus, you can extend it in blocks of five years as many times as you like.

Q: Is the 7.1% interest guaranteed?

Actually, it is backed by the government. Therefore, it is one of the safest ways to save money in India.

Q: Do I get tax benefits for my child’s PPF?

Actually, yes. Thus, deposits in a minor’s account also qualify for Section 80C deductions.

Q: What is the EEE benefit?

Since it stands for Exempt-Exempt-Exempt, it means your investment, your interest, and your final payout are all tax-free. Therefore, you keep 100% of your gains.

The Bottom Line

Now the PPF Rules of 2026 show that timing is everything. While the lock-in is long, the safety and tax savings are unmatched.

Overall, plan for a 16-year wait to avoid any surprises at the bank. Therefore, start as early as possible to let the power of compounding work. Thus, you will build a massive tax-free fund for your future. Meanwhile, keep checking our blog for the latest quarterly rate updates. Lastly, happy and smart investing to you!

Secure savings. Smart timing. Period.

The post PPF Lock-in Explained: Why It’s Often 16 Years, Not 15 first appeared on Rightsofemployees.com.

Now many families use the Public Provident Fund (PPF) to save for their children. Specifically, it is a very popular way to build long-term wealth. Indeed, there is a common myth that both parents can double the investment limit. Therefore, many believe they can deposit ₹3 lakh per year for one child. In fact, current regulatory guidelines say this is strictly not allowed. Thus, staying within the ₹1.5 lakh cap is vital for legal compliance. Simple as that.

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PPF Investment Limits: Snapshot 2026

Now you can see the hard rules for the current financial year. Actually, the limit applies to the account itself, not the number of people paying into it. In fact, here is the data on PPF caps.

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Understanding the ₹1.5 Lakh Annual Cap

Now the law is very clear about how much money can enter a PPF account. Actually, the ₹1.5 lakh limit is an aggregate total for the guardian.

The Guardian Rule

First, a minor’s PPF account can be run by only one designated guardian. Next, the total of the guardian’s own account and the minor’s account must stay under ₹1.5 lakh. Thus, you cannot put ₹1.5 lakh in your own account and another ₹1.5 lakh in your child’s. Furthermore, if both parents contribute, the total in the child’s account still cannot cross the cap. Specifically, any extra money will not earn interest and might be returned. Therefore, parents must coordinate their deposits carefully. Period.

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PPF Contribution Scenarios: What is Allowed?

Now it can be confusing to track who pays what. Actually, it helps to look at simple examples to avoid making a mistake.

Investment Examples

First, if the father puts in ₹75,000 and the mother puts in ₹75,000, it is allowed. Next, if one parent puts ₹1 lakh in their own and ₹50,000 in the child’s, it is allowed. Thus, the total for that parent stays at the ₹1.5 lakh limit. However, if both parents try to put ₹1.5 lakh each in the child’s account, it is rejected. Specifically, that would total ₹3 lakh, which breaks the rules. Therefore, the bank will flag the account for being over the limit. Period.

Tax Implications and Section 123 Benefits

Now there are new tax rules to keep in mind for the 2026-27 period. Actually, the old Section 80C has been replaced by Section 123 under the new Income Tax Act.

The Tax Breakdown

First, only the parent who makes the contribution can claim the tax deduction. Next, the total deduction is still capped at ₹1.5 lakh per year. Thus, you cannot claim more just because you invested in a minor’s name. Furthermore, the interest earned in the child’s account is completely tax-free. Specifically, it may be “clubbed” with the higher-earning parent’s income, but since it is exempt, there is no extra tax to pay. Consequently, PPF remains a top choice for tax-efficient growth.

Frequently Asked Questions

Q: Can I open a PPF account for my daughter if she has a Sukanya Samriddhi account?

Now, yes, you can have both. Thus, these are separate schemes with their own limits.

Q: What happens if I accidentally deposit more than ₹1.5 lakh?

Actually, the excess amount does not earn any interest. Therefore, it is best to withdraw the extra cash as soon as possible.

Q: Can a child have two PPF accounts?

Actually, no. One person can only have one PPF account in their name. Thus, having two is a violation of the scheme.

Q: Does the limit change every year?

Since 2014, the limit has been ₹1.5 lakh. Therefore, unless the government changes the law, it stays the same in 2026.

The Bottom Line

Now the Child PPF Rules of 2026 focus on discipline and compliance. While you want to save more, the ₹1.5 lakh cap is a hard limit.

Overall, it is better to look at other options like mutual funds if you have more to save. Therefore, always talk to a financial advisor before making big moves. Thus, you can ensure your child’s future is both wealthy and legal. Meanwhile, keep checking our blog for more tax tips and money news. Lastly, happy saving for your little ones!

Secure future. Proper rules. Period.

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Now investors have a clear answer about their savings. Specifically, the government has kept the Public Provident Fund (PPF) interest rate at 7.1% for the April–June 2026 quarter. Indeed, this brings stability at the start of the new financial year (FY 2026–27). Therefore, millions of people can continue their tax planning with confidence. In fact, the rate has remained steady at this level for several years now. Simple as that.

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PPF vs. Other Savings Options 2026

Now you can see how PPF stacks up against other popular choices. Actually, it remains a favorite for risk-free growth. In fact, here is the data comparing your options.

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7 Key Benefits of PPF in 2026

Now even without a rate hike, PPF is still a top choice for many. Actually, the triple tax benefit makes it hard to beat.

The Main Advantages

First, you get a tax deduction of up to ₹1.5 lakh under Section 80C. Next, the interest you earn is completely tax-free. Thus, you pay no tax on the final maturity amount either. Furthermore, the central government fully backs your money. Specifically, this makes it one of the safest spots for your cash. Additionally, you can take a loan from your third year or withdraw funds after five years. Overall, it is a perfect tool for long-term wealth.

Smart PPF Strategy: The “5th Day” Rule

Now you can earn more money by simply timing your deposits correctly. Actually, the way the government calculates interest is very specific.

Maximize Your Returns

First, the government looks at the lowest balance between the 5th and the end of the month. Next, any money you add after the 5th will not earn interest for that month. Thus, you should always deposit your money on or before the 5th day. Furthermore, if you invest the full ₹1.5 lakh every year, you could build over ₹40 lakh in 15 years. Specifically, doing this before April 5th every year gives you the max gain. Therefore, a small habit leads to a massive corpus. Period.

Understanding Premature Withdrawal Rules

Now you might need your money before the 15-year period ends. Actually, the government does allow early exits under strict rules.

Early Exit Conditions

First, you can close the account after five years for medical emergencies. Next, you can also exit for higher education or if you move to another country. Thus, there is some flexibility for life’s big events. Additionally, you will face a 1% penalty on the interest rate if you close early. Moreover, you can take out up to 50% of your balance after five years without closing the account. Consequently, you have a safety net for your family. Period.

Frequently Asked Questions

Q: Has the PPF interest rate increased for 2026?

Now, no. It remains steady at 7.1%. Thus, the government decided not to revise it this quarter.

Q: What is the maximum I can invest in a year?

Actually, you can invest up to ₹1.5 lakh per financial year. Therefore, keep this limit in mind for your tax savings.

Q: Is PPF better than a Bank FD?

Actually, yes for tax. While FDs might have similar rates, you must pay tax on FD interest. Thus, PPF gives you more in hand.

Q: Can I extend my PPF after 15 years?

Since the plan is flexible, you can extend it in blocks of five years. Therefore, you can keep growing your wealth for as long as you want.

The Bottom Line

Now the PPF Rate Update of 2026 provides much-needed clarity for your budget. While many hoped for a hike, 7.1% tax-free is still a great deal.

Overall, the safety and compounding power of PPF are hard to match. Therefore, make sure you hit the ₹1.5 lakh limit before the year ends. Thus, you will secure your retirement and save on taxes at the same time. Meanwhile, keep checking our blog for the latest small savings news. Lastly, we wish you a prosperous new financial year!

Save tax. Build wealth. Period.

The post PPF Interest Rate 2026: Rate Stays at 7.1% for April-June Quarter first appeared on Rightsofemployees.com.

This marks a significant stretch of continuity, as the PPF rate has remained at this level since April 2020.

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Interest Rates for Small Savings Schemes (Q4 FY 2025-26)

The government has opted for a “status quo” approach across all major instruments. Below are the finalized rates for the upcoming quarter:

The “Why” Behind the 7.1% Rate

The government typically uses the Shyamala Gopinath Committee formula, which suggests linking rates to 10-year G-Sec (Government Security) yields with a 25-basis point spread.

• The Gap: Current 10-year G-Sec yields suggest a lower rate (around 6.6% to 6.8%).

• The Decision: By maintaining 7.1%, the government is offering a “social safety net” premium, keeping the rate higher than what the strict formula would dictate to protect the interests of long-term savers and retirees.

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Quick Facts for Investors

• Tax Benefit: PPF remains one of the few EEE (Exempt-Exempt-Exempt) investments. Your investment (up to ₹1.5 lakh), the interest earned, and the maturity amount are all tax-free under the old tax regime.

• Lock-in: 15 years, with partial withdrawal allowed after the 7th year.

• Safety: Being government-backed, it carries zero credit risk, making it a preferred alternative to Bank FDs during volatile market cycles….

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The post PPF Interest Rate Unchanged: Stays at 7.1% for Jan-March 2026 Quarter first appeared on Rightsofemployees.com.

PPF Interest Rate History : The PPF scheme was launched in 1968 to mobilize small savings for long-term retirement, primarily for those not covered by the EPFO. It is operated by the National Savings Institute, which operates under the Department of Economic Affairs and is tasked with mobilizing small savings under the Government of India’s National Savings Schemes.

These schemes are operated through post offices, nationalized banks, and designated private banks. Small savings schemes include the Post Office Savings Account, Senior Citizen Savings Scheme, and Sukanya Samriddhi Account. But today, we’ll discuss the history of the PPF interest rate. We’ll tell you what percentage interest rate the Public Provident Fund, which was launched in 1968, has earned year after year.

A PPF account can be opened with a minimum deposit of ₹500. ₹500 is also the minimum deposit you must make in a financial year to prevent your PPF account from becoming inactive.

You can deposit a maximum of ₹150,000 in a financial year, including all accounts opened on behalf of your minor child. Any number of deposits in multiples of ₹50 can be made in a financial year.

PPF Interest Rate History: PPF Interest Rate History, 1968 to 2025

One of the most important factors when considering PPF as an investment option is its interest rate history, which can help estimate expected returns. The PPF interest rate history shows significant fluctuations, starting from 4.8% in 1968 and reaching a peak of 12% between 1986 and 2000.

Since 2000, rates have generally moved downwards, with the current rate being 7.1% as of April 2020. The government announces new rates on a quarterly basis, with interest calculated monthly and credited annually.

The Ministry of Finance issues a quarterly notification regarding the Public Provident Fund (PPF) interest rate. For the October-December 2025 quarter, the government has not made any changes to the PPF interest rate. PPF is a small savings scheme, for which accounts can be opened at either a post office or a bank. The interest rate remains the same for both.

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The post PPF has never yielded such interest before! See the full report from 1968–2025. first appeared on Rightsofemployees.com.

You can get a huge fund at the age of 40

Suppose you are 25 years old now and you want to fulfill a big dream at the age of 40, like saving money for your children’s education or buying your own house. In such a situation, if you save just Rs 1 lakh every year and invest it in Public Provident Fund (PPF), then in a few years you can create a fund of about Rs 27 lakh.

How to create a fund of Rs 27 lakh?

The maturity period of PPF scheme is 15 years. If you deposit Rs 1 lakh every year, then in 15 years your total investment will be Rs 15 lakh. The interest you will get on this, which is 7.1 percent per annum, will be around Rs 12,12,139. That means you will have a total fund of Rs 27,12,139. The most important thing in this is that this entire amount will be tax free.

No risk, no fear of losing money

PPF scheme is run by the government, so there is no risk in it. Your money is completely safe and the interest received on it is also fixed. There is no risk of fluctuations in it like the stock market. This is the reason why this scheme is very popular among working people and middle class families.

Great tax exemption too

Investing in PPF also gives you tax relief. Under Section 80C of the Income Tax Act, you get a deduction of up to Rs 1.5 lakh annually. Also, the entire amount and interest received on maturity is also tax free. It has been placed in the EEE category, that is, there is no tax on investment, interest and withdrawal.

How to open PPF account?

Opening a PPF account is very easy. You can open it through any government or private bank, post office or online platform. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be invested in it in a year.

The post PPF Best Scheme: You can make 27 lakh rupees by investing ₹ 1 lakh in PPF first appeared on Rightsofemployees.com.

There is hope of change in interest rate after reduction in repo rate

In the year 2025, the Finance Ministry has not made any change in the interest rate of most post office saving schemes so far. However, due to the rapid decline in bond yields and continuous reduction in repo rate by the Reserve Bank of India (RBI), a change in rates is expected this time. RBI has recently reduced the repo rate by 50 basis points to 5.5%. With the reduction in repo rate, the bond yield has also come down.

The effect of reduction in repo rate is also visible on bond yield.

As of 26 June 2025, the yield of 10-year government bond was 6.269%. It was at 6.779% at the beginning of the year. This simply means that it has fallen by 0.510%. It is clear from this that the effect of reduction in repo rate is also visible on bond yield. The decline is important because the interest rates on small savings schemes are indirectly linked to the yield of government bonds. According to data from investing.com, the average yield of 10-year government bond (G-sec) since March 24 till now has been 6.325%.

PPF interest rate may come down

If a ‘spread’ of 25 basis points is added to it, then if the interest rate of PPF is completely changed according to the formula, then it can fall to 6.575%. This is less than the current interest rate of 7.10%. According to this calculation, the interest rate of small saving scheme should be reduced, which will be in accordance with the fall in market rate. However, the final decision on this has to be taken by the government. The government can consider other major economic and political reasons before taking any such step.

Looking at the current situation, it is expected that the interest rate of small savings scheme may be cut for the second quarter (July-September) of the financial year 2025-26. However, the Finance Ministry will announce this on 30 June 2025. RBI has cut the repo rate thrice in the year 2025. Due to this it has come down from 6.5 percent to 5.5 percent. Due to these cuts, banks have reduced interest rates on their fixed deposits (FD).

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The post PPF-SSY Interest Rate: Govt may reduce interest rates on PPF, SSY and NSC – Know all details first appeared on Rightsofemployees.com.

Ease of Aadhaar e-KYC

Aadhaar e-KYC has made investing in these post office schemes even easier. Now without any paperwork, you can start investing in these schemes in just a few minutes.

What is Aadhaar e-KYC?

First of all, let us know what is Aadhaar e-KYC? It is a digital paperless process, in which your identity and address are verified through Aadhaar card. It is a quick and secure process as per the norms of the Government of India.

Know the benefits of Aadhaar e-KYC here

1. It is a paperless process, in which there is no need to submit any physical documents.
2. Verification is done instantly after biometric or OTP based verification.
3. It contains your digital data, due to which the risk of fraud is reduced.
4. You can complete KYC by going to the post office or sitting at home.

Opening post office savings schemes becomes easier with Aadhaar e-KYC

You can open savings schemes by going to the post office through Aadhaar e KYC. Know the process

1. First of all go to the nearest post office with your Aadhaar card and PAN card.

2. Get the form of the scheme in which you want to invest. Like investing for PPF.

3. Complete the Aadhaar e-KYC process. The verification process will be completed on the basis of your Aadhaar card and biometrics. Keep in mind that your mobile number should be linked to the Aadhaar card for OTP verification.

4. PAN card is also required to invest in any post office scheme. So carry the PAN card with you.

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This scheme is considered very good for collecting money in the long term. Due to this, many people want to run this scheme for more than 15 years. For this, the option of PPF extension is available. PPF extension is done for 5 years at a time. But how many times can this extension be done? Many people are not aware about this. Know about it here.

There are two ways of extension

In case of PPF extension, the investor has two options – first, account extension with contribution and second, account extension without contribution. If you do not withdraw the amount after the maturity of 15 years, then your account gets extended automatically. The advantage of this is that whatever amount is deposited in your PPF account, you keep getting interest on it as per the calculation of PPF and tax exemption also remains applicable. Apart from this, you can withdraw any amount from this account anytime and in any amount. If you want, you can even withdraw the entire amount.

When does extension happen in 5-5 year blocks?

If you want to deposit a lot of money through PPF, then you will have to get an account extension with contribution. Extension with contribution is done for 5 years at a time. Every time you extend it, it will be extended in blocks of 5 years each.

How many times can an extension be done?

You can extend your PPF account as many times as you need. There is no limit for this at present. To extend the account with contribution, you will have to submit an application to the bank or post office where you have the account. You will have to submit this application before the completion of 1 year from the date of maturity and fill a form for extension. The form will be submitted in the same post office/bank branch where the PPF account has been opened. If you are unable to submit this form on time, you will not be able to contribute to the account.

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The post PPF Extension Rules: How many times can you extend PPF after maturity? All You Need To Know first appeared on Rightsofemployees.com.

This scheme is so attractive that many people want to open more than one PPF account. The question is whether this can be done?

Can you open two accounts

According to the rules of PPF Scheme, 1968 (now PPF Scheme, 2019), a person can open only one PPF account in his name at a time. This means that a person cannot open more than one PPF account in his name in one bank or different banks or post offices. If a person opens more than one PPF account, then as soon as it is detected, all the accounts except the first account will be considered invalid. The money deposited in them will be returned to the person.

Can a PPF account be opened for a minor?

A person cannot open two PPF accounts in his name, but he can open a PPF account for a minor child. The person will be the guardian of this account. But, it is important to keep in mind that a contribution of more than Rs 1.5 lakh cannot be made in a financial year in your account and your minor child’s account. This can be understood with the help of an example. Suppose you contribute Rs 1 lakh in your PPF account, then you can contribute only Rs 50,000 in your minor child’s PPF account.

Can a joint PPF account be opened?

A PPF account can be opened only in an individual’s name. A PPF account cannot be opened in the name of two people. This means that if a person wants to open a joint account with his wife or son/daughter, then it will not be allowed.

What are the benefits of PPF?

PPF is such a scheme that if you run it till maturity, you can create a big fund. Deduction is allowed on investment in PPF. Secondly, interest earned in PPF scheme is also not taxable. A person can open a PPF account and claim deduction on maximum contribution of Rs 1.5 lakh in a financial year under section 80C. But, you have to keep in mind that this deduction is available only in the old regime of income tax.

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“Recently, it has been reported that financial institutions are charging fees for adding/modifying details of nominee in PPF accounts,” the finance minister wrote on the social media platform ‘X’.

‘Nominee’ has legal right over the amount of the original account holder. He said that necessary changes have been made in the Government Savings Promotion General Rules 2018 through the gazette notification dated April 2, 2025 to remove any fee on change in information related to ‘nominee’ for PPF accounts. In the gazette notification, the fee of Rs 50 for cancellation or change of nomination for government-run small savings schemes has been abolished.

Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts.

Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on… pic.twitter.com/Hi33SbLN4E

— Nirmala Sitharaman (@nsitharaman) April 3, 2025

He said, “The recently passed Banking Amendment Bill 2025 allows a maximum of four people to be made ‘nominees’ for payment of depositors’ money, goods kept in safe custody and safety lockers.” Another change in the bill relates to redefining the term “substantial tax” of a person in the bank. There is a provision to increase this limit from the current Rs 5 lakh to Rs 2 crore.

The current rate was fixed about six decades ago. The law also talks about increasing the tenure of directors (except chairman and whole-time director) in cooperative banks from eight years to 10 years, so that it can be harmonized with the Constitution (97th Amendment) Act 2011.

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If you invest in Public Provident Fund (PPF), which is one of the best investment options, then this news is very special for you. Actually, the 5th of the month is very special for those who invest in this fund. If you make your monthly investment before 5 April, then you also get the full interest of that month, but if you are unable to do so, then you do not get this interest. In such a situation, you have a chance till 5 April 2024 to complete this work. Let us understand its complete calculation in detail…

PPF is a better option for safe investment.

Most professionals invest in PPF for tax saving but if you invest wisely, you will be able to get great returns. First of all, invest in PPF on a monthly basis and make sure to deposit the money by the 5th of every month so that you will get the interest for that month as well. With investment in PPF, the maturity amount and interest are also tax free. It is a better way of safe investment in the long term and to create a big fund. Investment in PPF account gets a tax deduction of Rs 1.50 lakh under section 80C.

5th of the month is special for investment.

If you invest lump sum in PPF at the beginning of every financial year, then investing by 5th April will prove to be even more beneficial for you. Talking about the reason behind this, interest is calculated on the 5th of every month in the PPF account. It clearly means that if you deposit a lump sum amount by 5th April at the beginning of every financial year, then you can get the benefit of interest for the whole month.

If a person invests in a PPF account by the 5th of the month, then he gets the benefit of interest for the entire month on the deposited amount. Whereas, if the investment is made after the 5th, then you get the benefit of interest only on the lowest balance between the 5th and the 30th.

This is the calculation of benefits

Interest on PPF account is calculated on a monthly basis, but it is deposited in the account only at the end of every financial year. Talking in detail, this time if you deposit Rs 1.5 lakh in your PPF account before April 5, 2025, then the entire amount will be taken into account for calculating interest for that month. That is, based on the current interest rate of 7.1%, you will get an interest of Rs 10,650 annually.

If you complete the transaction after 5 April, you will not get the interest for the first month. This means that you will get interest for only 11 months of the financial year except April and on calculation according to the interest rate, it will be Rs 9,762.50 on a deposit amount of Rs 1.5 lakh.

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The post PPF Investment: If you deposit money in PPF then remember the date of 5th April, Details Here first appeared on Rightsofemployees.com.

These rates will be applicable from April 1 to June 30, 2025. This decision of the government will affect the interest of Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) and other post office savings schemes.

Interest Rate on Small Savings Scheme

The government had fixed the interest rate on small savings schemes on 28 March 2025. According to the new circular issued by the government, 7.1% interest will be available on Public Provident Fund (PPF). 7.7% interest will be available on National Savings Certificate (NSC). 8.2% interest will continue to be available on both Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY). 7.5% interest rate will be available on Kisan Vikas Patra (KVP). This scheme matures in 115 months.

The government decides the interest rate on small savings schemes

The government fixes the interest rate of small savings schemes every three months. The government had earlier increased the interest rates of some schemes in the January-March 2024 quarter. At that time, the interest on three-year FD scheme was increased from 7% to 7.1%. Also, the interest rate of Sukanya Samriddhi Yojana was increased from 8% to 8.2%. The government has not made any change in the interest rates since April 2024.

For whom are small savings schemes best?

The interest rates for small savings schemes are fixed by the government as per the recommendations of the Shyamala Gopinath Committee. The interest rates of these schemes are kept 0.25% to 1% higher than the yield of government bonds so that they remain attractive for investors. These schemes are beneficial for those who want to keep their money safe without any risk.

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The post PPF, SCSS, Sukanya Samridhi, Post office scheme interest rate fixed by govt, Applicable from today 1st April first appeared on Rightsofemployees.com.

The government has not changed the interest rates on all small savings schemes including PPF, KVP, SSY for the April-June quarter. Let us tell you that this is the fifth consecutive quarter when the government has not changed the interest rates of small savings schemes. The Finance Ministry said in a circular that the interest rates on different small savings schemes in the quarter starting from April 1, 2025 and ending on June 30, 2025 will remain unchanged from the rates notified for the January-March quarter of the financial year 2024-25.

Sukanya Samriddhi Yojana, interest on Kisan Vikas Patra will remain same as before
According to the circular, accounts opened in the name of daughters under Sukanya Samriddhi Yojana will get 8.2 percent interest, while 3-year FDs will continue to get 7.1 percent interest. The interest rates of PPF and post office savings deposit schemes, which are popular among the common people, have also been retained at 7.1 percent and 4 percent respectively for the next quarter. The interest rate on Kisan Vikas Patra (KVP) will remain at 7.5 percent as before and this investment will mature in 115 months.

National Savings Certificate will continue to get interest at the rate of 7.7 percent
The interest rate on National Savings Certificate (NSC) will remain at 7.7 percent for the period April-June 2025. Apart from this, Monthly Income Scheme (MIS) will also continue to get interest of 7.4 percent like the current quarter. Let us tell you that the government last changed the interest rates of some schemes for the fourth quarter of the financial year 2023-24. The government changes the interest rates of small savings schemes every 3 months as per the need and issues its notification.

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The post PPF, KVP, SSY Interest rate: Government fixed the interest rate of PPF, KVP, SSY till June 30, check new rate first appeared on Rightsofemployees.com.

If you invest in small savings schemes like Sukanya Samriddhi Yojana and Public Provident Fund (PPF), then this news is for you. The government decided to keep the interest rates on small savings schemes unchanged for the April-June quarter of the financial year 2025-26. This is the fifth consecutive quarter when there has been no change in the interest rate on small savings schemes.

What did the Finance Ministry say

The Finance Ministry said in a notification that the interest rates on different small savings schemes for the quarter starting from April 1, 2025 and ending on June 30, 2025 will remain unchanged from the rates notified for the March quarter of the financial year 2024-25. Let us tell you that the government had last changed the interest rates in some schemes for the fourth quarter of 2023-24. The government issues notification of interest rates on small savings schemes every quarter.

What is the interest rate of which scheme

Deposits under the Sukanya Samriddhi Yojana will fetch an interest rate of 8.2 per cent, while the rate on three-year term deposits will remain at 7.1 per cent in the current quarter. Interest rates on the popular PPF and post office savings deposit schemes have also been retained at 7.1 per cent and four per cent respectively for the next quarter. The interest rate on Kisan Vikas Patra will remain at 7.5 per cent as before and this investment will mature in 115 months. The interest rate on National Savings Certificate (NSC) will remain at 7.7 per cent for the period April-June 2025. The Monthly Income Scheme will earn 7.4 per cent for investors as in the current quarter.

there was a risk of a cut

Let us tell you that the Reserve Bank of India had cut the repo rate by 0.25 percent in the month of February last year. After this cut, the repo rate became 6.25 percent. After the RBI’s decision, there was a fear that the interest rates of small savings schemes would be reduced. However, the government has not made any change for the upcoming quarter.

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The post Small savings schemes: Govt announces interest rates for PPF, NSC, SSY for April-June, check the new interest first appeared on Rightsofemployees.com.

1. Payment of advance tax

If your tax liability is more than Rs 10,000 in the financial year 2024-25, then you have to pay the last installment of advance tax by March 15, 2025. If you miss the payment, then you will have to pay interest to the Income Tax Department under section 234C. Apart from this, taxpayers have to pay at least 90% of the tax liability to the Income Tax Department before March 31, 2025. If you do not do this, you will have to pay additional interest to the Income Tax Department under section 234B.

2. Tax-savings for financial year 2024-25

If you are using the old regime of income tax, then you can do tax-saving under Chapter VIA of the Income Tax Act. For this, you will have to make certain specific payments or investments:

(I) Section 80C: You can claim a deduction of up to Rs 1.50 lakh if ​​you invest in investment options under section 80C. ELSS, life insurance policies, ULIP, PPF, Sukanya Samriddhi Yojana, NSC, tax savings FD, etc. come under 80C.

(II) Section 80CCD(1B): The Income Tax Department allows an additional deduction of Rs 50,000 on investment in NPS. This is in addition to the deduction available under Section 80C.

(III) Section 80D: Health insurance protects against sudden financial shock in case of a medical emergency. The Income Tax Department allows a maximum benefit of Rs 1,00,000 on mediclaim. Its limit is as follows:

Self, spouse and dependent children (below 60 years of age): Rs 25,000

Self, spouse and dependent children (above 60 years of age): Rs 50,000

Either or both parents (below 60 years of age): Rs 25,000

Either or both parents (above 60 years of age): Rs 50,000

Apart from the above limit, you can also claim deduction of up to Rs 5,000 paid on health checkup.

3. Submitting Form 12B

If you are a salaried employee and you have changed jobs, then for the correct calculation of TDS of the current employer, you will have to submit the income details from your previous employer in Form 12B. If you do not do this, he may deduct less TDS than the actual. Due to this shortfall in tax deduction, you may have to pay tax to the Income Tax Department while filing income tax return.

4. Minimum deposit in PPF and Sukanya Samriddhi

If you have opened a PPF account and Sukanya Samriddhi Yojana, then it is necessary to make a minimum deposit in both every financial year. You have to make a minimum deposit of Rs 500 in PPF. The minimum deposit in Sukanya Samriddhi Yojana is Rs 250. If you do not deposit the minimum amount, then your account may become inoperative.

5. ITR U for financial year 2020-21, 2021-22, 2022-23, 2023-24

If you have forgotten to file income tax return for the financial year 2020-21 to 2023-24 or you have discovered any mistake due to which you will have to pay tax and want to revise the ITR, then you have the option of filing an updated return in Form ITR U. Through this, you can pay tax on additional income till March 31, 2025. In Budget 2025, the timeline for filing income tax has been increased to four years, which was earlier 2 years.

6. Section-43B(h)-Payments by business enterprises to micro and small enterprises

Section 43B(h) was introduced in the Finance Act 2023. Under this provision, if any payment is due to micro and small enterprises, then it is necessary to pay it within 15 days if there is no written agreement and 45 days if there is a written agreement. Failure to do so will not allow business expenditure allowance during FY2024-25. Business owners will have to reconcile their payments to micro and small enterprises and make timely payments to avoid potential losses. If you are a manufacturer or service provider, you can apply for MSME registration. With this, you can avail the benefit of timely payment from your customers under this section.

If you have not been able to complete any of the work mentioned above, then you will have to complete it by March 31.

7. Tax loss harvesting

If you have made good gains in the financial year 2024-25, then you can do some tax savings. For this, you will have to sell some of your stocks or mutual funds on which you may be incurring some loss. Then you can adjust this loss with your gains. This will reduce your final tax liability. Short term capital losses can be set-off with both short and long term capital gains. But, long term capital gains can be adjusted only with long term capital gains.

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Investors who have invested in these investment options need not worry. Experts say that even if you have invested in these investments, you should review them once. The reason for this is that if there is any kind of shortfall in the investment, then investment can be made till March 31 to make up for it. It has to be kept in mind that deduction on these investments is allowed only in the old regime of income tax.

Deduction on investment up to Rs 1.5 lakh under section 80C

In the old regime of income tax, under section 80C of the Income Tax Act, 1961, it is allowed to claim deduction of up to Rs 1.5 lakh in a financial year. About a dozen investment options come under this section. These include PPF, SSY, NPS, ELSS etc. Deduction can be claimed by investing in any one of these schemes or in more than one scheme. But, it has to be kept in mind that whether you invest in one scheme or more than one scheme, you can claim a maximum deduction of up to Rs 1.5 lakh in a financial year.

Deduction on health insurance premium under section 80D

If you have not bought health insurance, you can buy it till 31st March. This will enable you to claim deduction on its premium while filing income tax return for this financial year. If you buy health insurance after 31st March, you will not be able to claim deduction on its premium while filing return for this financial year. A person can buy a health policy for himself and his family and claim a maximum deduction of Rs 25,000 on its premium. If your age is more than 60 years, you can claim a deduction of Rs 50,000. Apart from this, a deduction of Rs 50,000 can also be claimed on buying a separate health policy for elderly parents.

Be sure to keep these things in mind while investing

You have to keep in mind that the purpose of investment should not be just tax-savings. You have to invest keeping in mind your financial goals. If you can take a little risk, then you can invest in the tax scheme of mutual funds. This scheme is also called ELSS. ELSS has the highest return among tax-saving investment options. It has a lock-in period of three years which is the shortest lock-in period among tax-saving investment options. If you cannot take risk, then you can invest in bank tax-savings FD or PPF. But, it has to be kept in mind that while the lock-in period in bank tax-savings FD is 5 years, PPF is a long-term investment. It matures after 15 years.

The post You can invest in PPF, SSY, ELSS, NPS for tax-savings till March 31 first appeared on Rightsofemployees.com.

PPF Rules : Facility to extend

The maturity period of Public Provident Fund (PPF) is 15 years, but even after this it can be extended. And this process can be repeated again and again. That is, you can extend it for 5-5 years.

If you extend the scheme after the maturity of 15 years, then after 15 years, you will continue to get 7.1 percent annual interest (PPF Interest Rate) on the closing balance. On the other hand, if you extend it with investment, then interest on interest will be added in the scheme in the same way as before maturity.

When you extend the scheme for 5 years without investment, you can withdraw any amount once in a year. But when you extend the account with investment, it is important to note here that you can withdraw only up to 60 percent of the amount once in a year.

Let us now understand the extension facility in PPF with an example.  

PPF: How much fund can be created on maturity of 15 years 

If you make maximum deposit in every financial year till maturity in PPF i.e. for 15 years, then a total fund of Rs 40,68,209 can be raised as per the current interest rate. 

Maximum deposit in a financial year: Rs 1.50 lakh
Interest rate: 7.1 per cent per annum
Total deposit in 15 years: Rs 22,50,000
Total fund after 15 years: Rs 40,68,209

PPF: How will be the monthly income

Here you ran the scheme for 15 years and created a fund of Rs 40,68,209. Now if you extend it for 5 years without investing anything, you will get 7.1 percent interest on the closing balance. At the same time, you can withdraw any amount at once in a year.

Now let’s assume that you plan to withdraw only the interest amount once in a year. Here you will get 7.1 percent annual interest on your closing balance. This will be Rs 2,88,843 in a year. You can withdraw this entire interest amount once in a year. If you divide it into 12 months, it will be Rs 24,000 per month. There will be no tax on this withdrawal. One thing is clear here that through PPF, tax free income of up to Rs 24,000 can be easily taken every month.

PPF: If you invest for 20 years 

Maximum deposit in a financial year: Rs 1.50 lakh
Interest rate: 7.1 per cent per annum
Total deposit in 15 years: Rs 22,50,000
Total deposit in 20 years: Rs 30,00,000 (Rs 1.50 lakh X 5 + Rs 22,50,000)
Total fund after 20 years: Rs 66,58,288 

How will be the monthly income after 20 years 

It is clear from the above calculation that by extending the PPF account for 5 years, you can create a fund of about Rs 66.50 lakh. Now if you extend it for 5 years without investing anything, you will get 7.1 percent interest on the closing balance. At the same time, you can withdraw any amount at once in a year.

Now let’s assume that you plan to withdraw only the interest amount once in a year. Here you will get 7.1 percent annual interest on your closing balance. This will be Rs 4,72,738 in a year. You can withdraw this entire interest amount once in a year. If you divide it into 12 months, it will be Rs 39,395 per month. At the same time, there will be no tax on this withdrawal.

How to open PPF account?

Any Indian citizen can open this account in Post Office Small Savings in his or his child’s name. Both offline and online processes are available for this. These are the documents required for this. 

KYC documents verifying a person’s identity, such as Aadhaar card, voter ID card, driving license, etc.

PAN card

Address Proof

Form for declaration of nominee

Passport size photo

The post PPF Extend Rules: What is the rule of extend in PPF, how to use it for regular income first appeared on Rightsofemployees.com.

Currently, 7.1 percent interest is being given on PPF. Sukanya Samriddhi Yojana account can be opened only in the name of a girl child below the age of 10 years by the parents or legal guardian. In both these schemes, it is necessary to deposit a minimum amount in a financial year. Therefore, if you do not make the minimum investment in both these schemes by March 31, your accounts may become inactive (closed) and you may have to pay a penalty to reactivate them.

Public Provident Fund (PPF): The minimum deposit for PPF account holders is Rs 500, which means you have to invest at least Rs 500 in it in a financial year. If you do not do this, your account may be closed. If you do not deposit this money, you will have to pay a penalty of Rs 50. Therefore, if you want to keep the account active and avoid the penalty, deposit the minimum required amount before March 31, 2025.

The minimum deposit amount in the Sukanya

Samriddhi Yojana is also Rs 250 per financial year. Currently, the interest rate in this scheme is 8.2%. If it is not deposited in the financial year, then the account can be closed. If the amount is not deposited on time, then an additional fee of Rs 50 will have to be paid. The SSY account remains valid for 21 years or can be closed on the marriage of the girl after the age of 18. However, partial withdrawal of money for higher education is allowed after the daughter turns 18.

Benefit of Tax Exemption

Investing in both PPF and SSY schemes provides the benefit of tax exemption under Section 80C of the Income Tax Act. Under this, tax can be saved on annual investment of up to Rs 1.5 lakh.

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This means that there has been no increase in the interest rate. Now a decision is to be taken on small savings schemes like Public Provident Fund and Sukanya Samriddhi for the next quarter. This decision will be taken before March 31. It is believed that the government may cut the interest rate of small savings schemes.

What is the reason

In fact, in the month of December, the Reserve Bank of India (RBI) has cut the repo rate. After this, to promote consumption, the Finance Ministry may consider reducing the rates for small savings schemes in the next financial year. Let us tell you that the interest rates on Sukanya Samriddhi have been kept at 8.2 percent and the interest rates on post office savings deposit schemes apart from PPF have been retained at 7.1 percent and 4 percent respectively.

What is the decision on EPF?

The Ministry of Labor said that the Central Board of Trustees (CBT) in its meeting on Friday has decided to give 8.25 percent interest on Employees’ Provident Fund (EPF) for 2024-25. The ministry said that the interest rate will be officially notified by the government. After this, EPFO ​​will deposit the interest rate in the accounts of the members.

According to the statement, the decision on the interest rate was taken at the 237th meeting of the Central Board of Trustees of EPFO ​​chaired by Union Labor and Employment Minister Mansukh Mandaviya here on Friday . The ministry said that compared to many other fixed income instruments, the Employees Provident Fund (EPF) offers relatively high and stable returns, ensuring a steady increase in savings. Let us tell you that in February 2024, the EPFO ​​​​had marginally increased the interest rate on EPF from 8.15 percent in 2022-23 to 8.25 percent for 2023-24.

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The post EPFO maintains interest rate on PF deposits, PPF Sukanya may also be cut like small savings schemes first appeared on Rightsofemployees.com.

Process of investing in PPF

In the PPF scheme, you get the option to deposit from ₹ 500 to ₹ 1.5 lakh every year. If you deposit an amount of ₹ 25,000 every year, then this scheme can prove to be very beneficial for your financial security. The maturity period of this scheme is 15 years, after which you can get your full amount and interest.

How much will you get if you deposit ₹25,000 annually?

If you deposit ₹25,000 every year and get 7.1 percent annual interest on it, then after 15 years you will get a total return of about ₹6,78,035. This will include both your deposit amount and interest. This proves that regular investment in PPF scheme can give good returns on your investment over time.

The perfect combination of safety and benefits

PPF is a scheme in which your money is safe and you also get good returns. Apart from this, you also get tax exemption on investing in PPF scheme, which makes it even more attractive. This scheme gives you confidence about your financial security, as it is stable and beneficial for the long term.

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The post Post Office’s Best PPF Scheme: Deposit ₹25,000 every year, you will get approximately ₹6,78,035 on maturity first appeared on Rightsofemployees.com.

For your information, let us tell you that no change has been made in the income tax slab in the new bill, nor is any amendment proposed in the capital gains tax. The main objective of this bill is to simplify the language of tax related rules, so that it becomes easier for the common man to understand and implement it.

However, there is a big change that you should be aware of. If you pay tax by choosing the old tax regime, then you will be well aware of the various tax saving options under Section 80C. Investments like Equity-Linked Savings Scheme (ELSS), Public Provident Fund (PPF), life insurance premium, National Pension System (NPS), and tax-saver deposits come under this section. All these options get tax exemption of up to Rs 1.5 lakh.

Provisions of 80C now in 123

There has been a big change regarding 80C in the new bill. All the exemptions available under 80C will now come under section 123. According to this section, “Any individual or Hindu Undivided Family (HUF) will get exemption on the amount paid or deposited in the tax year, which will be equal to the total of the amounts given in Schedule XV, but this exemption will not exceed Rs 1.5 lakh.”

“Section 123 in the new Income Tax Bill is in line with Section 80C of the current Income Tax Act 1961. This should be read along with Schedule XV, which is part of the bill and gives a detailed description of various tax saving options under Section 80C.”

What has changed in the new bill?

This new Income Tax Bill is 622 pages long and contains 536 sections. Whereas, the current Income Tax Act has 298 sections in 823 pages. The new bill has a section on every section of the current Income Tax Act, except those sections which have become irrelevant now.

According to Ajay Rotti, founder of Tax Compass, “The Income Tax Act of 1961 contains sections 80, 80C, 80D, 80E etc. The last section number in the current Income Tax Act is 298. But the new bill has re-numbered the sections, which may increase the number of sections to more than 500. However, overall this bill simplifies the tax laws.”

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The post New Tax Bill: Govt has abolished 80C, now how to get the benefit of Rs 1.5 lakh through ELSS, PPF, NPS? first appeared on Rightsofemployees.com.

After this, the government can cut the interest rate on small savings schemes like PPF and Sukanya Samriddhi in the next financial year. The government reviews the interest rate for small savings schemes every quarter.

Review will be done on 31st March for April-June quarter

The next review for the April-June quarter will be on March 31. In such a situation, RBI’s decision may affect the interest received on these savings schemes. However, the Finance Ministry may avoid any immediate reduction in interest rates because the effect of the new interest rate will be visible only in the coming months. Apart from this, it is common for banks to raise more deposits in the fourth quarter of the financial year. According to a government source, ‘This is the best time to invest money in savings schemes.

Interest on small savings schemes may be reduced

Experts say that the Finance Ministry can reduce the interest rate of small savings schemes any time next year. Experts say that savings schemes like PPF will still remain attractive because they offer tax benefits and the benefit of compounding. In the next financial year, the central government has estimated to raise a total of Rs 3.4 lakh crore from small savings schemes, while this year’s revised estimate was Rs 4.1 lakh crore.

7.1% interest on PPF and 8.2% on Sukanya Samriddhi

Apart from this, the government is also budgeting a return of 20,000 crores under the Mahila Samman Yojana, as this scheme is being completed in March. Currently, 7.1% interest is given to investors under PPF and 8.2% annual interest is given under Sukanya Samriddhi Yojana. In the coming months, the government may cut these rates, so it may be beneficial for investors to invest money now. Investing in these schemes also provides the benefit of exemption under Section 80C of Income Tax.

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The post PPF Interest Rate: Govt may reduce PPF and Sukanya Samriddhi Yojana interest rate – Know full Details first appeared on Rightsofemployees.com.

At the same time, these days there is a period of ups and downs in mutual funds as well. Due to this, many people are preferring to invest in such places where there is no risk of any kind of market risk.

In this episode, today we are going to tell you about a very great scheme of the Government of India. The name of this scheme is Public Provident Fund Scheme. This scheme is very popular in the country. Many people invest in the Public Provident Fund Scheme. In this episode, let us know about the PPF scheme in detail -\

At present, you are getting an interest rate of 7.1 percent on investing in PPF scheme. You can invest in this scheme for a long time without any risk.

You can invest a minimum of Rs 500 annually in the Public Provident Fund scheme. The maximum investment amount limit has been fixed at Rs 1.5 lakh. If you invest a good amount in this scheme, then you can also get tax exemption under section 80C of Income Tax by investing here.

The maturity period of the PPF scheme is 15 years. However, after the maturity period of 15 years, you can invest in it further for five years each.

The PPF scheme also has a lock-in period of 5 years. You also get the facility of partial withdrawal in the PPF scheme. You can make partial withdrawal after investing for a few years.

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The post PPF: You get these big benefits by investing in PPF scheme with good returns first appeared on Rightsofemployees.com.

Public Provident Fund is a government-backed investment and tax-saving instrument. With the help of this, one can not only build up funds for post-retirement needs. Moreover, every year’s savings also provide tax relief. The tenure of this account is 15 years. Can it be closed before the tenure, i.e. within two years of opening? Let’s know more about it.

Before knowing whether PPF account can be closed prematurely, let us know the detailed information about PPF account. Public Provident Fund (PPF) is a long-term investment scheme available to all Indian citizens. It can be opened by children as well as adults. The tenure of PPF account is 15 years. After that, its assistance can be extended for a period of five years.

A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be invested in this account in each financial year. This amount can be paid in a single installment or in a maximum of 12 installments during the year. A minimum of Rs 100 has to be paid while opening the account. If an amount exceeding Rs 1.5 lakh is deposited in the PPF account in a financial year, no interest is earned on it and no tax deduction is available. It is necessary to deposit money into the account at least once every year for 15 years after opening the account.

The most important benefit of a PPF account is that the interest earned in this account, as well as the amount received after the maturity of the account, is tax-free as per Section 80C of the Income Tax Act 1961. Currently, the interest rate of PPF is 7.1 percent. This interest is compounded. The interest rate is reviewed every three months. The interest rate may be lower or higher.

Can money be withdrawn before the maturity date?

The rules of PPF account are that the account can be closed only after completing 15 years and all the money can be withdrawn along with interest. Permission to withdraw some amount is given from the sixth financial year. Up to 50 percent of it can be withdrawn. If money is needed before six years, there is a loan facility. One year after opening the PPF account and till the end of the fifth financial year, one can avail the loan facility on the PPF account. Up to 25 percent of the total deposit can be taken as a loan.

If some special circumstances arise, the PPF account can be closed after five years. In case of premature closure, the money is returned after deducting one percent interest from the date of opening the account. Let’s see under which circumstances the account can be closed in this way.

•  For emergency medical expenses of the account holder himself, wife or children
•  For higher education of the account holder himself or his dependent children…
•  If the account holder shifts abroad
•  If the account holder passes away, the account is closed before maturity. The nominee or

heir is not allowed to continue the account. In such a situation, interest is paid up to the end of the month preceding the month of closure of the account.

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How much will be earned in which scheme

As we mentioned above, no change has been made in the interest rates of any small savings scheme including PPF, KVP, NSC. If you invest in PPF scheme from January 2025 to March 2025, you will get only 7.1% annual interest. Also, if you invest in Sukanya Samriddhi Yojana, you will get 8.2% annual interest, 7.5% annual interest in Kisan Vikas Patra, 4% annual interest in Post Office Savings Account, 7.7% annual interest in National Savings Certificate, 7.4% annual interest in POMIS and 8.2% annual interest in savings schemes run for senior citizens.

How much will you earn in post office time deposit

Along with other Post Office Savings Schemes, the information about the new interest rate of Post Office Time Deposit Schemes has also been given in the information issued by the Finance Ministry. From January 2025, 6.9% annual interest will be given on 1-year Post Office Time Deposit Scheme, 7.0% annual interest will be given on 2-year Post Office Time Deposit Scheme, 7.1% annual interest will be given on 3-year Post Office Time Deposit Scheme. Also, 6.7% annual interest will be offered on 5-year Post Office Recurring Deposit Scheme.

The post Govt Announced New Interest rates on PPF, KVP, SSY and other Small Savings Scheme, check all details first appeared on Rightsofemployees.com.

The government is offering an interest rate of 7.1% on it. This rate on PPF will be applicable from January 1, 2025 to March 31, 2025. The Department of Economic Affairs, Ministry of Finance had announced the interest on small savings schemes on December 31, 2024.

How to open PPF account?

Any person can open only one PPF account in a post office or bank. Apart from this, guardians can also open a PPF account for a minor or a mentally ill person. This scheme is a long term saving scheme. This scheme also provides tax benefits.

Interest Calculation Rules

According to the website of Punjab National Bank (PNB), monthly interest in PPF is calculated on the money that is deposited in the account by the 5th of the month. Interest is paid on the minimum amount maintained in the account from the 5th of the month till the end of the month.

Tax Benefits

Investment made in PPF is tax free up to Rs 1,50,000 under Section 80C of the Income Tax Act. Also, the interest and maturity money received from PPF is completely tax free. It is considered as one of the most tax saving investments.

Does one get interest on inactive PPF account?

Yes, the money deposited in the dormant account will continue to earn interest as per the interest rate applicable from time to time, whether the account holder reactivates it or not. This scheme helps PPF investors to create a big fund in the long run and save tax.

Now the interest rate on small savings scheme for January-March 2025 quarter

• Savings Deposit: 4%
• 1-year Post Office Time Deposit: 6.9%
• 2-year Post Office Time Deposit: 7.0%
• 3-year Post Office Time Deposit: 7.1%
• 5-year Post Office Time Deposit: 7.5%
• 5-year recurring deposit: 6.7%
• National Savings Certificate (NSC): 7.7%
• Kisan Vikas Patra (KVP): 7.5% (Maturity in 115 months)
• Public Provident Fund (PPF): 7.1%
• Sukanya Samriddhi Yojana (SSY): 8.2%
• Senior Citizen Savings Scheme: 8.2%
• Monthly Income Account: 7.4%

Small Savings Interest Rate

Small savings schemes are run by the government with the aim of encouraging citizens to save regularly. These are divided into three categories. First savings deposits, second social security schemes and third monthly income plans.

Savings Deposits: Like PPF and Post Office Savings.

Social security schemes: Like Sukanya Samriddhi and Senior Citizen Savings Scheme.

Monthly Income Plan: Like Monthly Income Account.

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Public Provident Fund (PPF) is a major investment vehicle in India. Due to the excellent interest, tax savings and no risk of money sinking, people invest a lot of money in this scheme. Any Indian citizen can start investing in PPF with Rs 500 per annum. An amount of up to Rs 1.5 lakh can be deposited in a PPF account in a financial year.

Tax exemption is available on investment in PPF under Section 80C. Apart from this, no tax is payable on interest income and the amount received at maturity. If the minimum amount of Rs 500 is not deposited in a financial year, the PPF account becomes inactive.

There are many facilities available on PPF account. In such a situation, if the account becomes inactive, then the loan facility and partial withdrawal also stop. If your PPF account is closed, then there is no need to panic. It can be easily reopened. PPF account is not only a safe investment, but it also provides many other benefits including tax savings and high interest rates. Therefore, make sure that your PPF account is not inactive and deposit the minimum amount in it every year.

 Start the account like this

• Go to the bank or post office : First of all, go to the bank or post office where your PPF account is opened.
• Fill out the form : To reactivate the account, a form will need to be filled out.
• Deposit the outstanding amount: The outstanding amount for the years in which you have not deposited money will have to be paid.
• Paying a fine: A fine of Rs 50 will also have to be paid for each financial year.

How much will be the penalty?

Suppose your PPF account is inactive for 4 years, then you will have to deposit Rs 2000 (Rs 500 per year) for 4 years. Also, you will have to pay Rs 200 (Rs 50 per year) for four years.

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The scheme we are going to tell you about today is completely safe, you will not have to face any kind of market risks on the money invested in it. The name of this scheme is Public Provident Fund Scheme. This scheme is very popular in the country. It is also known as PPF. At present, you are getting an interest rate of 7.1 percent on investing in this scheme. In this episode, let us know about the Public Provident Fund Scheme in detail –

In the Public Provident Fund scheme, you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. The maturity period of this scheme is for a total of 15 years.

However, after 15 years, you can extend your investment period for five years each. By investing in this scheme for a long period, you can accumulate a good amount of money.

To collect a huge amount of Rs 82.46 lakh, you first have to open an account in the PPF scheme. After opening the account, you have to save Rs 10,000 every month and invest Rs 1,20,000 annually in it.

You will have to make this investment for a full 25 years. If we calculate at the current interest rate of 7.1 percent, then at the time of maturity you will have Rs 82,46,412. This money will not only secure your future financially but you will also be able to fulfill important purposes related to your future with its help.

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The post Public Provident Fund: You Will Get 82 Lakhs Rupees By Just Investing Ten Thousand In PPF – Check Calculation first appeared on Rightsofemployees.com.

Currently, PPF offers 7.1% interest. The maturity period of a PPF account is 15 years, but it can be extended indefinitely in blocks of 5 years. This makes it an excellent option for building a retirement corpus.

If you invest Rs 12,500 every month in the Public Provident Fund, you can accumulate a good fund of around Rs 41 lakh during the investment period. You can contribute a minimum of Rs 500 and a maximum of Rs 1.5 lakh within a financial year. However, the contribution can be made only once per month.

Let us understand from PPF calculator how much return we will get Monthly Investment: Rs 12,500

Annual Investment:Rs 150000

Time Period:15 years

Interest Rate:7.1%

Invested amount:Rs 2250000

Total Interest:Rs 1818209

Maturity Value:Rs 4068209.

PPF accounts have a tenure of 15 years, but you can extend them in blocks of 5 years. However, if a PPF account holder uses the extension benefit and avails compounding benefits for the next 15 years, he can earn Rs 1.5 crore in 30 years.

Annual Investment:Rs 150000

Time Period:15 years

Interest Rate:7.1%

Invested amount:Rs 2250000

Total Interest:Rs 1818209

Maturity Value:Rs 4068209.

PPF accounts have a tenure of 15 years, but you can extend them in blocks of 5 years. However, if a PPF account holder uses the extension benefit and avails compounding benefits for the next 15 years, he can earn Rs 1.5 crore in 30 years.

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The post PPF Calculator: Invest ₹12,500 per month in PPF and get around 41 lakh rupees in 15 years first appeared on Rightsofemployees.com.

Now the question comes where to invest. If you can take a little risk, then a scheme like Mutual Fund SIP can be helpful for you. But if you do not like risk, then you can take the option of PPF i.e. Public Provident Fund. A maximum of Rs 1.5 lakh can be invested annually in PPF. Currently, 7.1 percent interest is being given on this scheme. Know here how you can add a fund of more than 2 crores through this scheme.

This way you will get Rs 2,26,97,857 till the age of 60

PPF scheme matures in 15 years, but you have to get it extended. You can get PPF extended any number of times in blocks of 5 years each. To add Rs 2,26,97,857, you will have to invest Rs 1.5 lakh in PPF every year i.e. deposit Rs 12,500 every month. After this, you will have to get it extended 4 times in blocks of 5 years each. In this way, the duration of your PPF account will become 35 years in total.

If you do this, you will invest a total of Rs 52,50,000 in 35 years, but you will get Rs 1,74,47,857 as interest on it. In this case, you will get Rs 2,26,97,857 on maturity. If you start this investment at the age of 25 and continue it for 35 years, then at the age of 60 you will have Rs 2,26,97,857 as retirement fund.

Account Extension with Contribution

Keep in mind that every time you want to extend PPF, you have to do it along with contribution. For this, you will have to submit an application to the bank or post office where you have an account. You will have to submit this application before the completion of 1 year from the date of maturity and you will have to fill a form for extension. The form will be submitted in the same post office/bank branch where the PPF account has been opened. If you are not able to submit this form on time, then you will not be able to contribute to the account. So take special care of this.

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The government’s decision on the interest rates of small savings schemes including PPF, Sukanya and NSC has come. The government has not made any change in the interest rates of small savings schemes including PPF for the third quarter starting from October 1.

The Department of Economic Affairs of the Finance Ministry issued a circular on Monday in this regard, which said that like the second quarter, the interest rates on small savings schemes will remain the same in the third quarter as well. Let us tell you that no change has been made in the interest rates for the last three quarters. The government last made changes in some schemes for the fourth quarter of the last financial year.

What did the government say

The Ministry of Finance said in a press release on September 30, 2024, “The interest rates on various small savings schemes for the third quarter of the financial year 2024-25, starting from October 1, 2024 and ending on December 31, 2024, will remain unchanged for the second quarter of the financial year 2024-25.” Let us tell you that the government notifies the interest rates every quarter for these small savings schemes run by post offices and banks.

How much interest on which scheme-

According to the notification, interest on deposits under Sukanya Samriddhi Yojana will continue to be 8.2 per cent as before while the interest rate on three-year fixed deposits will remain at 7.1 per cent.

Apart from this, interest rates for PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and 4 percent respectively.

The interest rate on Kisan Vikas Patra will be 7.5 percent and this investment will mature in 115 months. Whereas the interest rate on National Savings Certificate (NSC) will be 7.7 percent.

In the October-December quarter also, the investors of Post Office Monthly Income Scheme will get interest at the rate of 7.4 percent as before.

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The government has prepared this scheme to secure the future of daughters. If you have also invested in any of these schemes, then this news is for you. Today, from October 1, new rules are going to be implemented regarding both these schemes. Investors must be aware of these rules.

PPF new rules

First change- The first change in Public Provident Fund (PPF) is regarding the PPF account opened for minors. In the PPF account opened in the name of a minor, he will get interest at the post office savings account rate until the child turns 18 years old. After that, the interest rate applicable for PPF will apply. Maturity will be calculated from his 18th birthday.

Second change- The second change in PPF is that if someone has opened more than one PPF account, then the current interest rate will be applicable on the primary account and the secondary account will be merged with the primary account. The excess amount will be refunded with 0% interest. More than two additional accounts will get 0% interest from the date of their opening.

Third change- The third change in this scheme is regarding NRIs that such active NRIs whose PPF accounts were opened under 1968, where Form H does not specifically ask about the residential status of the account holder. Such account holders will get Post Office Savings Account (POSA) interest till September 30. After this date, the interest will be 0%.

New rules of Sukanya Samriddhi

Today, i.e. from October 1, the rules of the Sukanya Samriddhi Yojana scheme for daughters will also change. According to the new rules, if the Sukanya Samriddhi Account is opened by grandparents, then the account will be transferred to the guardian or biological parents. If more than two accounts have been opened, then the additional account will be closed.

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1. Hike in LPG prices:

Oil marketing companies have increased the price of 19 kg commercial LPG cylinder. Its price in Delhi is now Rs 1740, which was earlier Rs 1691.50. Similar changes have been made in Mumbai, Kolkata and Chennai. However, there is no change in the price of domestic LPG cylinder.

2. ATF price cut:

Aviation Turbine Fuel (ATF) prices have been cut. Now its price in Delhi has become Rs 87,597.22 per kilolitre, which was earlier Rs 93,480.22. This is likely to provide some relief to flight services.

3. HDFC Bank Credit Card Rules Changed:

HDFC Bank has made changes to the loyalty program for some of its credit cards. Now the redemption of reward points for Apple products on the SmartBuy platform has been limited to one product in a quarter.

4. Changes in Sukanya Samriddhi Yojana:

Under Sukanya Samriddhi Yojana, now only the legal guardians of daughters can operate this account. If a daughter’s account is opened by an illegal guardian, then it will have to be transferred to the natural parents or legal guardian, otherwise the account may be closed.

5. New rules related to PPF account:

There have been three major changes in the PPF account. If you have more than one PPF account, they will have to be merged. Changes have also been made in the rules related to minor and NRI accounts, which have been implemented from today.

6. Changes in taxation of share buyback:

Now the tax on share buyback will be levied on shareholders, which was earlier applicable on companies. This will be similar to dividend taxation, due to which shareholders may have to pay more tax.

7. Rules related to Aadhaar card:

Now Aadhaar enrollment ID cannot be mentioned in PAN application form and income tax return. Instead it will be mandatory to use Aadhaar number.

8. New rules related to income tax:

Some of the income tax changes announced in Budget 2024 have come into effect from today. These include reduction in TDS rates. Now the TDS rates on some payments have been reduced from 5% to 2%. Apart from this, pending tax cases will be settled under the Direct Tax Dispute to Vishwas Scheme 2024.

9. PNB Credit Card Rules:

Punjab National Bank has changed several charges related to credit card service, such as maintaining minimum average balance and check return charges. These new charges have come into effect from today.

10. STT increased on F&O trading:

Security Transaction Tax (STT) has been increased on Futures and Options (F&O) trading. STT on sale of option has been increased from 0.0625% to 0.1% of the premium.

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If you have invested in these investment schemes, then you will have to complete some important work before October 1, otherwise your account may become inactive.

PPF:- Last month, the Department of Economic Affairs of the Ministry of Finance issued guidelines to regulate the Public Provident Fund (PPF). These guidelines are going to be implemented from October 1, 2024. From the beginning of next month, PPF accounts opened in the name of minors will get savings account interest until they turn 18 years old.

At the same time, if you have more than one PPF account, then only one account will get interest as per the rate of the scheme. Apart from this, no interest of any kind will be paid on the amount deposited in other PPF accounts.

Sukanya Samriddhi Yojana: New rules will be implemented for Sukanya Samriddhi Yojana launched for daughters. The rules related to this are going to change from October 1. Under the new rules, those accounts which have been opened by grandparents or someone else will have to be transferred to the name of legal guardian or parents. The government’s aim is to maintain transparency and proper supervision of the accounts.

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The post New Rules From 1st Oct 2024: Rules for PPF and Sukanya Samriddhi Yojana have changed, do this work before Oct 1 first appeared on Rightsofemployees.com.

Crores of employed people in the country are associated with some kind of provident fund account. These schemes related to provident fund work to secure the life of a person after retirement at the financial level. However, employees have to invest regularly in these schemes. After retirement, these schemes ensure financial security of the employee’s life. Often many people are confused about the difference between EPF, PPF and GPF. If you do not know about the difference in them, then today we are going to tell you about this. Let’s know –

Employee Provident Fund – EPF

Employee Provident Fund Scheme is being operated for people working in the private sector. This scheme is being operated by the Employees Provident Fund Organization.

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In this, the employee working in the private sector has to invest 12 percent of his salary every month i.e. basic salary and dearness allowance. Apart from this, the employer also has to deposit the same amount in the account. After retirement, the money deposited in EPF helps to secure the future of the employee.

Public Provident Fund – PPF

Public Provident Fund is a very popular scheme in the country. Any Indian citizen can start investing by opening an account in the PPF scheme. The maturity period of the PPF scheme is 15 years. At present, you are getting an interest rate of 7.1 percent on investing in this scheme.

General Provident Fund – GPF

GPF i.e. General Provident Fund Scheme is being operated for central employees. The interest rate received under the General Provident Fund Scheme is ensured on a quarterly basis. In this, the account holder has to deposit at least 6 percent of his salary in the GPF account on a monthly basis.

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The post What is the difference between EPF, PPF and GPF account? first appeared on Rightsofemployees.com.

At the time of maturity, you will be able to avail the maximum interest on only one account.

Investors will be disappointed with the new system being implemented by the Union Finance Ministry from October 1. If you have opened more than one account in big savings schemes, you may incur loss instead of profit.

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In schemes with high interest rates, except for one, the remaining accounts will get refund at simple interest rate. The Postal Department has issued a guideline on the instructions of the Finance Ministry.

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The post Sukanya Interest Rate: Now more than one PPF and Sukanya accounts will get simple interest first appeared on Rightsofemployees.com.

The new rules will come into effect from October 1, 2024. According to the circular issued, 6 categories have been identified under the schemes, for which guidelines have been issued. These 6 categories and guidelines are as follows-

NSS-87 accounts

Accounts opened before April 2, 1990: The current scheme rate will apply to the first account. The balance in the second account will earn the current Post Office Savings Account (POSA) rate plus 2% interest. From October 1, 2024, both accounts will earn 0% interest.

Accounts opened after April 2, 1990: The current scheme rate will apply to the first account. The current POSA rate will apply to the second account. Both accounts will get 0% interest from October 1, 2024.

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More than 2 accounts: No interest will be paid on third and additional accounts. Principal amount will be refunded.

Public Provident Fund (PPF) accounts

Accounts opened in the name of a minor: POSA interest will be available till the minor turns 18. After that, the interest rate applicable for PPF will apply. Maturity will be calculated from the 18th birthday of the minor.

More than one PPF account: If the deposit amount is within the annual limit, the primary account will be charged the prevailing rate for the scheme. The balance of any secondary account will be merged with the primary account. The excess amount will be refunded with 0% interest. More than two additional accounts will earn 0% interest from the date of their opening.

Extension of PPF accounts by NRIs

Active NRIs who have PPF accounts that do not require residency details will receive POSA interest until September 30, 2024. After this date, the interest will be 0%.

Sukanya Samriddhi Accounts

In case of accounts opened by grandparents (not legal guardians), guardianship will have to be transferred to the legal guardian or biological parents.
If more than two accounts are opened in violation of the scheme guidelines, the additional accounts will be closed.
Accounts opened in the name of minor: Irregular accounts can be regularized with simple interest at prevailing POSA rate.
Important instructions to post offices

Verification: All post offices have been directed to collect PAN and Aadhaar details from the account holders or guardians, if not already available. Also, the system has to be updated before submitting the regularization request.

Post offices will have to inform account holders about these changes and guide them on how to comply with the rules.

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The government has tried to regularize the accounts opened irregularly under the National Small Savings Schemes through the post office. A new circular has been issued for this. The Department of Economic Affairs, Ministry of Finance has issued this circular on August 21, 2024. These changes have been announced in it. Some of the popular schemes of Small Savings Schemes include Senior Citizen Savings Scheme, Sukanya Samriddhi Yojana, PPF, NPS, National Savings Certificate, Post Office Monthly Income, Kisan Vikas Patra, Employees Provident Fund Scheme, Recurring Deposit etc. The new changes will come into effect from October 1, 2024. According to a report in Economic Times, six categories have been identified for the change. The guidelines for these are as follows- Irregular NSS accounts, PPF accounts opened in the name of minor, multiple PPF accounts, NRI-extended PPF accounts and regularisation of Sukanya Samriddhi Accounts (SSA) opened on behalf of grandparents other than parents are the main categories.

1) Irregular NSS accounts

These have been classified into the following types:

• Two NSS-87 accounts opened before DG order
• Two NSS-87 accounts opened after DG order
• In case of more than two NSS-87 accounts

(a). NSS-87 accounts opened prior to DG Post Order No. 35-19/9GSB-III dated 2.4.1990:

(i). The account opened earlier will get the existing scheme rate.

(ii). The second account (opened after the first account) will receive the prevailing POSA (Post Office Savings Account) rate plus 2% on the outstanding amount.

(iii). Points (i) and (ii) will be subject to the following conditions:

(a). The cumulative deposit in both the accounts should not exceed the applicable deposit limit for each year.

(b). The excess deposit (if any) will be refunded to the investor without any interest.

(iv). Points (i) to (iii) are in the nature of one-time special dispensation given to the investors of NSS-87 from the date of OM dated 12th July 2024 issued by the Ministry of Finance till 30th September 2024.

(v). Both the accounts will receive zero interest from 1st October 2024.

(b). Two NSS-87 accounts opened after DG Post Order No. 35-19/90-SB-III dated 2.4.1990:

(i). The first account opened will get the prevailing scheme rate.

(ii). The second account (opened after the first account) will get the prevailing POSA rate on the outstanding amount.

(iii). Pointers (i) and (ii) are subject to the following conditions:

(a). The cumulative deposit in both the accounts should not exceed the applicable deposit limit for each year.

(b). The excess deposit (if any) will be refunded to the investor without any interest.

(iv). Points (i) to (iii) are in the nature of one-time special dispensation given to the investors of NSS-87 from the date of OM dated July 12, 2024 issued by the Ministry of Finance till September 30, 2024.

(v). Both the accounts will get zero per cent interest from October 1, 2024.

(c). In case of more than two NSS-87 accounts:

The rules mentioned for two accounts opened before/after DG Post Order No. 35-19/90-SB-III dated 2.4.1990 will apply. No interest will be paid for the third account or more irregular accounts. The principal will be refunded to the investor.

2. PPF account opened in the name of minor

(a). POSA interest will be paid for such irregular accounts till the person (minor) becomes eligible to open the account i.e. till the person attains the age of 18 years. Thereafter, applicable interest rate will be paid.

(b). The maturity period for such accounts will be calculated from the date when the minor attains majority i.e. the date when the person becomes eligible to open the account.

3. More than one PPF accounts

(a). The primary account will receive scheme rate provided the deposit is within the applicable limit for each year. (Primary account is one of the two accounts chosen by the investor in any post office/agency bank where the investor prefers to continue the account on regularization).

(b). The balance of the second account will be merged with the first account, provided the primary account remains within the appropriate investment limit each year. After merger the primary account will continue to enjoy the prevailing scheme rate of interest. The balance amount in the second account, if any, will be refunded with zero per cent interest rate.

(c). Any additional account other than the primary and the secondary account will earn zero per cent interest from the date of opening of that account.

4) Extension of PPF account on behalf of NRI

Only for PPF accounts of active NRIs opened under the Public Provident Fund Scheme (PPF), 1968, where Form H did not specifically ask for the residential status of the account holder, the account holder (Indian citizen who became an NRI) will be given POSA interest rate.

5) Small savings account opened in the name of minor (except PPF and SSY)

Such irregular accounts can be regularized with simple interest. The interest rate for calculating simple interest on the account should be the prevailing POSA rate.

6) Regularization of Sukanya Samriddhi Account (SSA) opened on behalf of grandparents other than guardian

(a). In case of accounts opened under the guardianship of grandparents (who are not legal guardians), the guardianship shall be transferred to the person entitled under the law, i.e., natural guardian (surviving parent) or legal guardian.

(b). If more than two accounts are opened in a family in violation of Para 3 of Sukanya Samriddhi Account Scheme, 2019, the irregular accounts shall be closed treating them as accounts opened in violation of the scheme guidelines.

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The post 6 Rules of Post Office Saving Schemes like Sukanya Samriddhi to PPF changed, will be implemented from October 1 first appeared on Rightsofemployees.com.

Big news has come for those who invest money in post office small savings schemes like PPF, SSY and NSS. The government is going to change the rules related to these schemes, which will be implemented from October 1. If you have also invested or are investing in these schemes, then this news is important for you. Earlier this week, the Department of Economic Affairs under the Union Finance Ministry has issued guidelines regarding the new rules.  

The Finance Ministry has issued a guideline regarding small savings accounts. It states that if any account is found irregular, it should be sent for necessary regularization by the Finance Ministry in compliance with the established rules. Under the guidelines, the department has issued six new rules, which are for National Savings Scheme, Public Provident Fund (PPF) and Sukanya Samriddhi Account. 

Rules are divided into these six categories 

• Irregular National Savings Scheme (NSS) accounts 
• Public Provident Fund (PPF) account in the name of a minor 
• When multiple PPF accounts are opened 
• PPF accounts opened by NRIs 
• Sukanya Samriddhi Account opened by grandparents instead of guardian

1. Irregular NSS Account

It is divided into three categories.  First – Rules under two NSS-87 accounts opened before DG’s order (2 April 1990). The prevailing scheme rate will be applicable on the first account opened, while the prevailing POSA rate with a rate of 200 bps on the outstanding balance will be applicable on the second account. The deposit amount in both these accounts should not exceed the annual limit. If excess deposit is made, it will be returned without interest. From October 1, 2024, both accounts will get zero percent interest rate. 

The post Post Office Scheme New Rule: These 6 new rules will be applicable for PPF, SSY schemes from October 1 first appeared on Rightsofemployees.com.

For the financial year 2024-25, individuals opting for the old tax system can avail tax deduction of up to Rs 1.5 lakh under 80C. This option is not available in the new tax system. The limit of 80C was last increased in 2014 by the then Finance Minister Arun Jaitley.

Under 80C, you can claim tax deduction on different types of investments and expenses. This includes life insurance premium, PPF, ELSS mutual funds, tuition fees, payment of home loan principal, etc.

Why should the limit be increased?

However, with inflation and rising incomes over the past decade, the 80C limit is being considered inadequate. People argue that the Rs 1.5 lakh limit gets exhausted very quickly due to rising costs.

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Tax experts say that increasing the limit of 80C will help people increase their savings and save tax. This will also help in achieving financial goals like retirement planning, children’s education and buying a house.

Increasing the 80C limit will reduce the tax burden on people and give them a sense of financial security. This becomes even more important in this era of inflation after the pandemic.

What needs to be done to make a claim?

To claim deduction under 80C, you have to fill the details of investments and expenses in your Income Tax Return (ITR) form. Your total taxable income is calculated by deducting the deductions made by you. It

remains to be seen whether Finance Minister Nirmala Sitharaman pays heed to this demand of the common man and increases the limit of 80C in the upcoming budget or not.

The post Why should the Finance Minister increase the 80C limit in Budget 2024? first appeared on Rightsofemployees.com.

This government guaranteed scheme coming in EEE category can add a good amount of funds in the long term, and also saves tax in three ways. Investment in PPF, interest received on it and the amount received on maturity, all three are completely tax free.

A minimum of Rs 500 to Rs 1,50,000 can be invested annually in PPF. Currently, PPF is getting an interest rate of 7.1%. This scheme matures in 15 years, but if you want to take advantage of it further, you can extend it in blocks of 5 years each. Know here how many times PPF can be extended and what needs to be done to get an extension?

Know the rules of extension

In case of PPF extension, the investor has two options – first, account extension with contribution and second, account extension without investment. If you do not withdraw the amount after the maturity of 15 years, then your account gets extended automatically. The advantage of this is that whatever amount is deposited in your PPF account, you keep getting interest as per the calculation of PPF and tax exemption also remains applicable. Apart from this, you can withdraw any amount from this account anytime. If you want, you can even withdraw the entire amount. In this, you get the facility of FD and savings account.

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When does extension happen in 5-5 year blocks?

If you want to deposit a lot of money through PPF and want to extend the account with contribution, then in this case the account is extended in blocks of 5-5 years. You can get the account extended as many times as you need. But to extend the account with contribution, you will have to submit an application to the bank or post office where the account is.

You will have to submit this application before the completion of 1 year from the date of maturity and a form will have to be filled for extension. The form will be submitted in the same post office / bank branch where the PPF account has been opened. If you are unable to submit this form on time, then you will not be able to contribute to the account.

Remember these rules related to extensions

• The first condition is that PPF extension can be done only by citizens residing in India. Indian citizens who have taken citizenship of another country are not allowed to open a PPF account or extend an account if they already have one.
• For PPF extension, first of all you have to give an application to the bank or post office where you have an account. You have to give this application before the completion of 1 year from the date of maturity.
• If the term of the PPF account is extended for 5 years on your application, then you will have to deposit at least Rs 500 per year. If you do not deposit this minimum amount, your account will be closed. To restart it, you will have to pay a penalty of Rs 50 per year.
• After choosing the option of PPF Extension, you can withdraw money from your account only once a year. The withdrawal amount can be up to 60 percent of the amount you had till the maturity date.

The post PPF Account Extension Rules: How many times can PPF extension be done in a block of 5 years? Check Details here first appeared on Rightsofemployees.com.

The post Retirement Fund: How to prepare retirement fund, stay assured for the future? first appeared on Rightsofemployees.com.

PPF Investment: Apart from saving, investing in Public Provident Fund is a means of good interest and tax saving. Most Indians like to invest in this scheme. There is a government guarantee on this. The special thing is that this investment has been kept in E-E-E category. Meaning your investment, interest and maturity amount are absolutely tax free. Tax exemption is available on investment up to Rs 1.5 lakh annually in PPF. But, you can increase this investment and also take advantage of double interest. Let us understand…

How does investment double?.

Under Section 80C of Income Tax in PPF, tax exemption is available on investments up to Rs 1.5 lakh. The maximum investment limit in PPF is Rs 1.5 lakh. You can deposit money 12 times in a year. But, here is something useful for married investors. If you open PPF in the name of your partner, you can double the investment in one financial year and can also avail interest on both the accounts.

These benefits are available on investment in PPF

Experts say that by opening a PPF account in the name of his life partner, the investor can invest in PPF instead of his other investment options. In such a situation he will have two options. First, you can deposit up to Rs 1.5 lakh in your account. At the same time, another can deposit Rs 1.5 lakh in the name of the partner in a financial year. Different interest will be available on these two accounts. At the same time, tax exemption of up to Rs 1.5 lakh can be availed on any one account. In such a situation, your PPF investment limit will double to Rs 3 lakh. Being in the E-E-E category, the investor will also benefit from tax exemption on interest and maturity amount of PPF.

No effect of clubbing provisions

Under Section 64 of Income Tax, the income from any amount or gift given by you to your wife will be added to your income. However, in the case of PPF which is completely tax free due to EEE, the clubbing provisions have no impact.

E-E-E category trick
At the same time, when your partner’s PPF account matures in the future, the income from your initial investment in your partner’s PPF account will be added to your income year after year. Therefore, this option also gives married people an opportunity to double their contribution to the PPF account. At present, the interest rate of PPF is fixed at 7.1 percent.

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The post PPF Investment: E-E-E category trick to double the investment, you will get double the interest, know how to benefit. first appeared on Rightsofemployees.com.

FD also has some disadvantages but PPF provides relief from income tax. The interest received on FD is subject to tax as per the individual’s tax slab. But FD returns cannot always beat inflation. This means that the real value of your savings is at risk of falling over time. There is no guarantee from the government on FD. But PPF is guaranteed by the government.

Many taxpayers choose PPF for fixed income, tax saving investments keeping their retirement and retirement plans in mind. Tax experts say that Public Provident Fund is best for people who are looking for long-term savings along with tax saving and safe investment options. Whereas FD gives more flexibility. This is a good option for investors. Overall, investment in PPF has to be made in the long term and this is not the case in FD.

Investing in PPF is eligible for tax deduction under Section 80C of the Income Tax Act. That means your tax liability is reduced by investing in it. But the interest on maturity of PPF and the amount you receive is tax free. This is an attractive scheme for the salaried class from the point of view of tax saving.

The current interest rate on PPF is 7.1 percent for the July-September quarter. But SBI is giving 6.50 percent interest on tax saving FD.

If you invest in FD at a low interest rate for a long period, you will suffer loss if the interest rate increases. For this reason, PPF gives better returns than a five-year tax saving FD. FD interest rates remain constant throughout the investment period. At the same time, the interest rate of PPF is floating which can change every quarter.

There is benefit of compounding in PPF. This account matures in 15 years. After maturity, you can close the account by withdrawing money or extend it for a period of five years to continue investing.

If needed, you can make partial withdrawal from PPF. In the seventh year of investment, you can withdraw money for medical, emergency or needs like children’s education or marriage. FD is a good option for short investment period. But PPF is best in long term.

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The post PPF vs Bank FD: Which is better for Income tax saving first appeared on Rightsofemployees.com.

PPF and SSY Deadline: The financial year 2023-24 is in its last stages. In such a situation, if you are an investor in Public Provident Fund or Sukanya Samriddhi Yojana account, then there is important news for you. It is necessary to complete an important task related to these accounts in the next four days. Otherwise you may suffer a big loss later. If you have not invested in your PPF account and SSY account this financial year, then complete this work as soon as possible.

Account will be frozen
If you do not invest in your PPF and SSY account by March 31, 2024, your account will be frozen. After this, to reopen this account in the second financial year, you will have to pay a penalty along with the minimum balance. Complete this work before the beginning of the new financial year.

How much to invest in PPF account
Public Provident Fund or PPF scheme is a long-term savings scheme. In this you can invest money for a total of 15 years. Under the scheme, the account holder can invest from Rs 500 to a maximum of Rs 1.50 lakh in a financial year. The government is offering 7.10 percent interest rate on the amount deposited in PPF account. In such a situation, if you have not invested even a single rupee in this account in this financial year, then complete this work as soon as possible. If you fail to deposit the minimum amount in this financial year, you will have to pay a penalty of Rs 50 every year.

Invest this much in Sukanya Samriddhi Yojana account
Under Sukanya Samriddhi Yojana, you can invest for the secure future of your daughter. Under this scheme, account holders can invest from Rs 250 to Rs 1.50 lakh every year. This is a government supported scheme under which the government is offering 8.20 percent interest rate on deposits. After the girl completes 21 years of age, she can withdraw the deposited amount. If you fail to deposit at least Rs 250 in this account, then you will have to pay a penalty of Rs 50 along with the minimum balance in the next financial year.

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The post SSY, PPF account holders should complete this work by 31st March, otherwise there will be big loss. first appeared on Rightsofemployees.com.

Small Saving Schemes Interest Rate: If you also invest in Small Saving Schemes run by the government, then this news is useful for you. The government announced on Thursday that there will be no change in the interest rates on various small savings schemes from the new financial year i.e. 1 April 2024.

In the notification issued by the Finance Ministry, it was said that the rates will remain the same for the first quarter of the new financial year starting from April 1, 2024 and ending on June 30, 2024.

Notification will come into effect after three days

The interest rates in the first quarter of the new financial year will remain the same as they were for the fourth quarter of the financial year 2023-24 (1 January 2024 to 31 March 2024). According to the notification issued by the Finance Ministry, an interest rate of 8.2 percent will be available on the amount deposited under Sukanya Samriddhi Scheme . It will remain the same as before. Apart from this, the interest rate on three-year FD will remain at 7.1 percent as before.

Investment will mature in 115 months.
Apart from this, the interest rates for PPF and Post Office Saving Scheme, favorite of crores of investors, will also remain the same as before at 7.1 percent and 4 percent respectively. The interest rate on Kisan Vikas Patra has also been maintained at 7.5 percent.

Investment in this government scheme will mature in 115 months. Apart from this, the interest rate on National Savings Certificate (NSC) for the April-June 2024 quarter will remain the same at 7.7 percent.

Like the current quarter, investors will get the benefit of 7.4 percent interest rate on Monthly Income Scheme. The interest rate on small savings schemes is notified by the government every quarter on the basis of review. These schemes are mainly operated by the post office.

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The post PPF Interest Rate : Government issued update on PPF-Sukanya Samriddhi, notification will be applicable from April 1 first appeared on Rightsofemployees.com.

Post Office RD

Post Office RD is like a piggy bank. In this, a fixed amount has to be deposited every month for 5 consecutive years. On maturity, the amount is returned along with interest. At present, interest is being given on it at the rate of 6.7%. Any person can start investing in this scheme with even Rs 100.

Post Office Time Deposit

The fixed deposit scheme run in post office is called Post Office Time Deposit. In this, lump sum amount can be deposited for 1, 2, 3 and 5 years. The interest rate varies according to the tenure. Interest is available at 6.9% for one year, 7% for two years, 7.1% for three years and 7.5% for 5 years. A minimum deposit of Rs 1000 can also be made in this.

Post Office MIS

Investment in Post Office MIS can also be started with a minimum of Rs 1000. The maximum investment is Rs 9 lakh in single account and Rs 15 lakh in joint account. In this scheme which earns money through interest every month, interest is given at the rate of 7.4%. Your money is deposited for 5 years and after that the original amount is returned.

PPF

Public Provident Fund is a scheme which has to be run for 15 years. A minimum investment of Rs 500 can be made annually and the maximum investment is Rs 1.5 lakh annually. In this scheme, interest is given at the rate of 7.1%.

Senior Citizen Savings Scheme

Senior Citizen Savings Scheme is also a one time deposit scheme. Investment in this scheme can be started with a minimum of Rs 1000. Maximum investment can be made up to Rs 30 lakh. The government gives interest at the rate of 8.2% on this 5-year deposit scheme being run for senior citizens. This scheme is very good for retired people.

NSC

Any Indian citizen can start investing in National Savings Certificate with just Rs 1000. There is no limit on maximum investment. At present, interest is being given on this scheme at the rate of 7.7%. In this scheme also, you can take advantage of better interest rates by depositing the amount for 5 years.

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The post Post Office Scheme: Great schemes of Post Office in which you can start investing even with Rs 100, 500 and 1000. first appeared on Rightsofemployees.com.

Post Office RD is like a piggy bank. In this, a fixed amount has to be deposited every month for 5 consecutive years. On maturity, the amount is returned along with interest. At present, interest is being given on it at the rate of 6.7%. Any person can start investing in this scheme with even Rs 100.

Post Office Time Deposit

The fixed deposit scheme run in post office is called Post Office Time Deposit. In this, lump sum amount can be deposited for 1, 2, 3 and 5 years. The interest rate varies according to the tenure. Interest is available at 6.9% for 1 year, 7% for 2 years, 7.1% for 3 years and 7.5% for 5 years. A minimum deposit of Rs 1000 can also be made in this.

Post Office MIS

Investment in Post Office MIS can also be started with a minimum of Rs 1000. The maximum investment is Rs 9 lakh in single account and Rs 15 lakh in joint account. In this scheme which earns money through interest every month, interest is given at the rate of 7.4%. Your money is deposited for 5 years and after that the original amount is returned.

PPF

Public Provident Fund is a scheme which has to be run for 15 years. A minimum investment of Rs 500 can be made annually and the maximum investment is Rs 1.5 lakh annually. In this scheme, interest is given at the rate of 7.1%.

Senior Citizen Savings Scheme

Senior Citizen Savings Scheme is also a one time deposit scheme. Investment in this scheme can be started with a minimum of Rs 1000. Maximum investment can be made up to Rs 30 lakh. The government gives interest at the rate of 8.2% on this 5-year deposit scheme being run for senior citizens. This scheme is very good for retired people.

NSC

Any Indian citizen can start investing in National Savings Certificate with just Rs 1000. There is no limit on maximum investment. At present, interest is being given on this scheme at the rate of 7.7%. In this scheme also, you can take advantage of better interest rates by depositing the amount for 5 years.

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This is the reason why despite having many investment options, a large section of people prefer to invest in it. At present 7.1 percent interest is being given on PPF. If you are also investing in this scheme and want to avail its benefits for more than 15 years, then you can get this scheme extended. But do you know how many times PPF extension can be done? If you have invested then you must know the answer to this-

Know how many times you can get extensions done

In case of PPF extension, the investor has two types of options – first, account extension with contribution and second, account extension without investment. If you want to get it extended while continuing the contribution, then you can get it done in a block of 5 years. With this, your account gets extended for 5 years at one go. You can get PPF extension done any number of times.

How will the extension be done with contribution?

After 15 years, if you want to continue the PPF account with contribution, then you will have to submit an application to the bank or post office where the account is maintained. You will have to give this application before completion of 1 year from the date of maturity and fill a form for extension. The form will be submitted in the same post office/bank branch where the PPF account has been opened. If you are not able to submit this form on time, you will not be able to contribute to your account.

How to get extension without contribution

If you do not want to make any investment in PPF account after 15 years, but want to take advantage of its interest, then you also get this option. For this it is not necessary for you to inform the bank or post office. If you do not withdraw the amount after maturity of 15 years, then this option comes into effect automatically.

Its advantage is that whatever amount is deposited in your PPF account, you get interest on it as per the calculation of PPF and tax exemption is also applicable. Apart from this, you can withdraw any amount of money from this account anytime. If you want, you can withdraw the entire money also. In this you get the facility of FD and saving account.

The post PPF Extension Rules: How many times can you get extension of PPF? Be sure to know these rules first appeared on Rightsofemployees.com.

Start with less than Rs 500

You can invest Rs 500 in the beginning and if it feels right later, you can increase your invested amount. Let us tell you about the post office scheme, where you can start with less than Rs 500.

Invest money in PPF

You can open an account in Public Provident Fund. In this scheme, you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. You can make this investment for 15 years. If you invest Rs 500, you will deposit Rs 6000 annually.

Added 4,12,321 to PPF

At present interest is being given on PPF at the rate of 7.1 percent. In such a situation, by depositing Rs 500 every month in this scheme, you can add Rs 1,62,728 in 15 years at 7.1 percent interest. If you extend it for 5.5 years, you can add Rs 2,66,332 in 20 years and Rs 4,12,321 in 25 years.

Invest in Sukanya Samriddhi with Rs 250

You can open Sukanya Samriddhi account in the name of your daughter. In this you can invest minimum Rs 250 and maximum Rs 1.5 lakh.

2,77,103 will be available in SSY

At present, interest is being given on it at the rate of 8.2 percent. If you invest even Rs 500 per month in this, you will have to deposit a total of Rs 90,000 in 15 years and at 8.2 percent interest, you will get Rs 2,77,103 after 21 years.

Post Office RD

You can also get RD done in the post office. You can start with Rs 100 also. At present the interest rate in this scheme is 6.7%. If you deposit Rs 500 every month in this scheme, then after 5 years you will get Rs 35,681.

The post Post Office Scheme : Make lakhs with just Rs 500, Post Office scheme is amazing first appeared on Rightsofemployees.com.

Public Provident Fund (PPF) is a popular long term savings scheme in India. The interest rates for this are 7.1 percent from January-March 2024 and thereafter from April 1, 2024 to June 2024. The government has announced new interest rates for the next quarter. There has been no change in this. PPF was first introduced to the public in the year 1968 by the National Savings Institution of the Ministry of Finance. Since then it has emerged as a powerful tool for investors to create long-term assets.

Investors can open a PPF account in any bank or nearest post office. However one needs to deposit a minimum of ₹500 per year in one’s PPF account. You can set a maximum of ₹ 1.5 lakh in a PPF account. PPF account takes 15 years to mature.

It will be difficult to earn crores with less investment but personal finance experts say that PPF can do this with the power of compounding. Investors can increase their PPF account multiple times in a block of 5 years. A PPF account holder investing ₹1.50 lakh every year in his PPF account can also divide the monthly payment into installments of Rs 8333.3, then after 25 years of investment, one’s PPF maturity amount will be ₹1.03, It will be around 08,015 or so.

PPF account comes under EEE category where a person can claim income tax benefit under Section 80C on his annual deposit up to Rs 1.5 lakh. PPF is popular because it is one of the safest investment products.

That means the Government of India guarantees your investment in the fund. The interest rate is set by the government every quarter. PPF is better than many other investment options because your investment is tax free under Section 80C of the Income Tax Act (ITA) and the returns from PPF are also not taxed.

The post PPF Account Holders! Government announced about PPF interest, know immediately first appeared on Rightsofemployees.com.

The first week of the month of March is about to pass. This month is the last month of the financial year 2023-2024. After this the new financial year will start. You will definitely have to complete some work before the new financial year. If you have invested in schemes like Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY), then deposit the minimum amount in it by 31st March, otherwise your account may be closed (inactive). Although it is not that you cannot reopen a closed account later, but for this you will have to pay unnecessary penalty. Therefore, it is better that this work is completed on time.

What are the rules regarding PPF and Sukanya Samriddhi?

At least Rs 500 have to be deposited annually in PPF and at least Rs 250 in Sukanya Samriddhi Yojana. If the minimum amount is not deposited, your account is closed. If these accounts are closed, then to reopen them, minimum amount per year (Rs 500 for PPF and Rs 250 for Sukanya) + Rs 50 default fee has to be deposited on every year basis.

That means, if you do not deposit money for two years, then you will have to pay a fine of Rs 100 for two years based on the minimum balance of two years and Rs 50 per year. Not only this, in case of closure of PPF and Sukanya Samriddhi accounts, you will neither be able to make partial withdrawals from them nor will you be able to avail the benefit of loan facility on PPF.

How much interest on PPF and SSY

Let us tell you that at present 7.1% interest is being given on the amount deposited in Public Provident Fund and 8.2% interest is being given on Sukanya Samriddhi Account. In the PPF scheme, income tax exemption is available on all three returns, maturity amount and interest.

Accounts can be opened for 15 years, which can be further extended in blocks of 5 years. Whereas tax benefit can be availed in Sukanya Samriddhi Account under Income Tax Act 80C. Both these accounts can be opened in the post office or authorized branch of the bank. SSY account can be opened after the birth of a girl child before she turns 10 years of age.

The post PPF and SSY account holders! Important News, do this work before March 31, otherwise your account may be closed first appeared on Rightsofemployees.com.

Your money will be safe and you will also get great interest on it. You will get both these features in one government scheme. Whose name is Public Provident Fund, in common language it is called PPF. This is one of the most popular small saving schemes in the country.

Actually, people in the country invest money in PPF blindly. In this, not a single penny is lost on investment, because the Central Government takes guarantee of this scheme. Let us know the features of PPF scheme one by one-

How much will have to be invested in PPF?

In this government scheme, you can invest at least Rs 500 annually, and the maximum limit is up to Rs 1.5 lakh. No interest is available on amounts deposited above ₹1.5 lakh in a financial year. The amount can be deposited in lump sum or in installments. There is no limit to this.

How much interest is available on PPF?

Public Provident Fund gives more interest than fixed deposits in banks and post offices. At present the government is giving 7.1 percent interest annually on PPF. Compound interest is earned on investments, which is calculated on an annual basis. Interest is paid every year in March. Interest rates are reviewed every three months i.e. on quarterly basis. The final decision regarding the interest rate is taken by the Finance Ministry.

Do you get the benefit of tax exemption on PPF?

This is an excellent scheme from the point of view of tax exemption. Therefore it is very popular among employed people. By depositing money in PPF, you can avail the benefit of tax exemption along with better returns. You can avail tax exemption under Section 80C of Income Tax, the maximum limit of which is Rs 1.5 lakh. Investment in PPF, interest received on it and the amount received on completion of maturity, all three are completely tax free. Investment in PPF has to be made for 15 years.

For how many years one has to invest in PPF?

According to government rules, investment in PPF scheme has to be made for 15 years. If you want to continue even after maturity, then in such a situation you can extend the PPF account for 5 years. Application for PPF extension will have to be made one year before maturity.

How to withdraw money from PPF midway?

Although the maturity period for this government scheme is 15 years. But in emergency you can withdraw 50 percent of the deposit amount. The condition for this is that 6 years should be completed after opening the account, that is, the amount can be withdrawn only after 6 years.

Is there a loan facility against the amount deposited in PPF?

After operating the PPF account for three years, you can also take a loan on it. Loan facility is available from 3rd to 6th year of account opening. However, the second loan can be applied only after the first loan is closed. You can take loan only for 25 percent of the amount deposited in PF account. 2% more interest has to be paid on the loan against PPF. For example, if the current interest rate on PPF is 7.1 percent, then the account holder will have to pay 9.1 percent interest on the loan. The loan has to be repaid in maximum 36 months.

Who and where can open a PPF account?

Investing in PPF account is quite safe. You can open PPF account in almost all government and private banks of the country including post office. For this it is necessary to be an Indian citizen. You can open a PPF account in the name of minor children, but for this it is mandatory to have a guardian. The earnings from the child’s account are added to the parent’s income.

How can one become a millionaire through PPF?

You can become a millionaire by depositing little by little money in this government secured scheme. The formula is very simple. By adding only Rs 405 daily i.e. Rs 1,47,850 annually, you can raise a total of Rs 1 crore in 25 years based on the current interest rate of 7.1%. You can verify the figures yourself with the help of PPF calculator.

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Investors in Sukanya Samriddhi Yojana (SSY), Public Provident Fund (PPF) and National Pension System (NPS) have to deposit a minimum amount every financial year to keep their accounts active. Failure to deposit this minimum annual amount may result in the account being frozen. Penalty may also be imposed.

The last date for depositing the minimum amount in PPF, SSY and NPS accounts for the current financial year is March 31, 2024. Its connection is also with taxation. Actually, the government has made the new tax system more attractive.

Under this, with the change in income tax slab from April 1, 2023, the basic exemption limit has been increased from Rs 2.5 lakh to Rs 3 lakh. Standard deduction has also been included in the new tax system. In this way, there is no tax liability on income up to Rs 7 lakh.

People who have already been investing in tax saving schemes like PPF, SSY and NPS may have switched to the new tax regime or may be planning to do so. If so, then they will not be able to avail tax benefits on investment in these schemes.

Such people may also feel that they do not need to invest or deposit in these schemes for the financial year 2023-24. However, penalty may be imposed for not depositing the minimum amount in these accounts. To avoid penalty, here we are telling you about the minimum deposit requirement for each scheme.

Sukanya Samriddhi Yojana (SSY)
SSY scheme requires a minimum deposit of Rs 250 every financial year. If the minimum deposit is not deposited, the account is considered a default account. To revive the account, a default fee of Rs 50 has to be paid for each year of default. This has to be paid with a minimum contribution of Rs 250 for each year of default.

Public Provident Fund (PPF)
As per PPF Rules 2019, it is necessary to deposit a minimum of Rs 500 in the PPF account every financial year. If the minimum amount is not deposited, the PPF account becomes inactive. To revive the account, a default fee of Rs 50 will have to be paid for each year with an annual minimum amount of Rs 500.

National Pension System(NPS)
Investors have to deposit at least Rs 1,000 in their NPS accounts every financial year. If this minimum amount is not deposited the account gets frozen. A minimum contribution of Rs 500 can be made as a lump sum deposit to activate the freeze account. However, a minimum contribution of Rs 1,000 per financial year is required to keep the account active.

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There is an important update for those investing in various small savings schemes. Investors of Public Provident Fund i.e. PPF, Sukanya Samriddhi Yojana and NPS may suffer other losses including penalty.

If you also have an account in any of these schemes, but you have not deposited money in it yet in this financial year, then you have only time till March 31 to keep the account active. If you miss making the minimum annual deposit, your account may be frozen. Also, you may have to pay a fine. Moreover, you may also be deprived of saving tax.

Delay can cause these losses

The last date for minimum deposit in PPF, NPS and Sukanya Samriddhi Yojana is 31st March of every financial year. That means for the financial year 2023-24 this date is 31 March 2024. According to the Public Provident Fund Rules 2019, PPF account holders are required to deposit at least Rs 500 in the account every financial year. If the minimum amount is not deposited, the PPF account will be discontinued.

Minimum investment required for PPF

Loan and partial withdrawal facility will not be available after the account is closed. Not only this, without completely closing such account, you will not be able to open another account in your name. Closed PPF account can be reopened, but for this you will have to pay a penalty of Rs 50 every year. Along with the fine, the person will also have to deposit Rs 500 as annual minimum deposit. If the account is closed due to non-payment of minimum deposit, you will have to pay Rs 550 every year to reopen it.

Such minimum investment in Sukanya

Sukanya Samriddhi Yojana is considered a good option for arranging money for the career and marriage of the beloved daughter. If you have an account in Sukanya Samriddhi Yojana, then you have to deposit a minimum of Rs 250 every year. If you do not deposit this money then the account is considered default. To reopen the account, a fine of Rs 50 per year will have to be paid. Also, a minimum deposit of Rs 250 will have to be made every year.

Tax related benefits of these schemes

If you are thinking of paying tax in the old tax regime in the financial year 2023-24, then investing in schemes like PPF and Sukanya gives an opportunity to save tax. Under Section 80C of the Income Tax Act, deduction of up to Rs 1.5 lakh is available on investments in PPF and Sukanya. To reduce the tax burden by taking advantage of deduction under 80C, it is necessary to invest by March 31, 2024. The last date for making tax saving investments for every financial year is 31st March. If you do not invest till this date, you will not be able to claim deduction in that financial year.

These changes have taken place in the new tax regime

The government has made the new tax regime attractive. The income tax slab has been changed under the new tax regime from April 1, 2023. Basic exemption limit has been increased from Rs 2.5 lakh to Rs 3 lakh. Standard deduction is included in this. After this, now there is no tax on income up to Rs 7 lakh in the new regime.

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Small Saving Schemes: The government has given relief to small investors by changing the rules of small saving schemes. For some time now, it has been continuously seen that people are investing a lot of money in Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) and Time Deposit Scheme.

Therefore, the government has relaxed some rules by issuing a gazette notification. At present the government runs 9 types of small savings schemes. The management of these small savings schemes is done by the Department of Economic Affairs of the Finance Ministry.

New rules of PPF
The rules regarding premature closure of PPF accounts have been changed. According to the notification, this scheme has been called Public Provident Fund (Amendment) Scheme, 2023.

SCSS account can be opened for 3 months
Under the new rules, you will get 3 months time to open an account under Senior Citizens Savings Scheme (SCSS). At present this period is only for one month. According to the notification, a person can open a SCSS account within three months from the date of retirement. This gazette notification was issued on 9 November. According to this, interest will be given at the fixed rate for the scheme on the date of maturity or extended maturity.

National Savings Time Deposit Scheme also changed
According to the notification, the rules for premature withdrawal under the National Savings Time Deposit Scheme (NSTDS) have been changed. If the amount deposited in an account with a tenure of 5 years is prematurely withdrawn after 4 years from the date of account opening, interest will be payable at the rate applicable to Post Office Saving Scheme. According to the current rules, in the above situation, interest is given at fixed rate for 3 years savings account.

Tax saving on small savings scheme
On many of these schemes, you can get exemption of up to Rs 1.5 lakh under Section 80C of Income Tax. People are investing heavily in small savings schemes like Senior Citizen Savings Scheme and Mahila Samman Savings Certificate..

Investment in these schemes has reached record levels. Investment in these schemes increased 2.6 times compared to last year to Rs 74,675 crore. The government had increased the annual investment limit in these schemes to Rs 30 lakh.

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To reopen an inactive account, the account holder will have to pay a penalty. Let us know what is the minimum amount of money that should be there in both these accounts?

PPF

The PPF account holder will have to deposit a minimum balance of Rs 500 in a year. This means that a minimum investment of Rs 500 will have to be made in a financial year. If there is not enough balance in the account then the account may be closed.

At the same time, more than Rs 1.5 lakh cannot be invested in a year. This year, the last date to maintain minimum balance in PPF account is 31 March 2024.

If an amount of Rs 500 is not deposited in the account by March 31, the account will be frozen. In such a case, penalty will have to be paid for opening the account again. The account holder will have to pay a penalty of Rs 50 per year.

Understand it this way, if the account is inactive for 2 years, then for re-activation, a fine of Rs 100 will have to be paid along with the investment amount.

Due to lack of minimum balance, the account holder will not get many other benefits along with the account being inactive. This means that the PPF account holder will not get any loan on an inactive account and he cannot withdraw money from the account.

Sukanya Samriddhi Yojana

The minimum balance in Sukanya Samriddhi Yojana is Rs 250. This means that to keep the account active one has to invest Rs 250 in a financial year. If you do not invest in this scheme then the account will be closed.

To activate the account again, the account holder will have to pay a penalty of Rs 50 per year. Let us tell you that in Sukanya Samriddhi Yojana, the government gives interest at the rate of 8.2 percent.

Sukanya Samriddhi Account can be opened after the girl is born and before she turns 10 years of age. A maximum of Rs 1.5 lakh can be deposited in this account in a year. You can open Sukanya Samriddhi account in your nearest bank or post office.

 https://www.youtube.com/watch?v=X7eIR-Q1qBo&t=148s

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If you plan smartly, you can save lakhs of rupees by investing in many types of schemes. We are telling you about one such option where you are getting the benefit of tax saving along with good returns. Its name is Public Provident Fund Account.

By investing in Public Provident Fund i.e. PPF, you can avail the benefit of guaranteed returns as well as tax exemption. You can invest in PPF for a total of 15 years. Investors get the opportunity to deposit money ranging from Rs 500 to Rs 1.50 lakh every year, in which they are getting the benefit of 7.1 percent interest on the deposited amount.

Along with this, you are getting an annual exemption of Rs 1.50 lakh on investment in PPF under Section 80C of Income Tax. According to the PPF calculator, if you invest up to Rs 1.50 lakh every year for 15 years, you will get Rs 40.68 lakh on maturity. The amount invested in this will be Rs 22.50 lakh, on which Rs 18.18 lakh will be received as interest.

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Due to closure of the account, other benefits available through PPF are also not available, hence it is necessary that the prescribed amount be deposited in the PPF account every year. If due to some reason the PPF account has been deactivated then there is no need to worry. Closed PPF account can be activated easily.

This is the process of opening an account

To reopen the PPF account, the account holder will have to go to the bank or post office where the PPF account has been opened. To reactivate the account, a form will have to be filled. Along with this, you will have to pay the arrear amount for the years in which you have not deposited the money and will also have to pay a penalty of Rs 50 per year.

Calculate like this

Suppose your PPF account has been closed for 4 years. So you will have to pay arrears of Rs 2000 for four years. Along with this, you will have to pay a penalty of Rs 200 at the rate of Rs 50 per year.

Disadvantages of account closure

In 2016, the government has allowed closure of PPF account before maturity in certain circumstances. These situations include expenses for the treatment of a life-threatening illness or the education of a child. But, this can be done only after investing in PPF account for five years. Loan can also be taken from PPF account. All these benefits are not available in inactive PPF account. Therefore, PPF account should not be allowed to be closed.

Tax exemption is available on PPF account

Tax exemption is available on investment in PPF under section 80C. At the same time, tax is not to be paid on interest income and also on the amount received on maturity.

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Review every three months: The government reviews the interest rates of small savings schemes every three months. Last time on September 30, interest rates were increased only on two schemes, while there was no change in other categories of schemes. In such a situation, it is expected that this time a decision on increase in remaining schemes can be taken.

There was no change in their interest rates: At present the government is running a total of 12 types of small savings schemes including Post Office Savings, PPF, Sukanya, Senior Citizen, National Certificate. Last time, the interest rates of most of these savings schemes were kept stable. Only the interest rate for the five-year recurring deposit scheme was increased from 6.5 to 6.7 per cent.

No change in PPF since last three years

Before April 1, 2020, the interest rate on PPF in the country was 7.9%. During the Corona period, the government had revised and reduced the interest rates of many savings schemes in the April-September 2020 quarter. Since then the interest rate of PPF has remained at 7.1 percent. Meanwhile, there were many amendments in interest rates but there was no change in PPF.

It is expected that this time the government may increase the interest rate of PPF after about four years. According to officials, the main reason for not much increase in PPF interest rate is that the return after tax in this scheme is high. In the case of the highest tax bracket, it reaches approximately 10.32 per cent. In view of this, the interest rate is not changed.

Finance Ministry decides

The Finance Ministry announces rates on small post office savings every quarter. Except for small savings schemes, banks decide the rates on FD in their own way based on the repo rate of the Reserve Bank. The purpose of small savings schemes is to encourage common people to save. Also, a source of regular earning is to be provided through Monthly Income Scheme and Senior Citizen Deposit Scheme.

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The government has recently relaxed the rules for various small savings schemes. The schemes for which changes have been made in the rules include Public Provident Fund (PPF), Senior Citizens Savings Scheme etc. Decisions related to changes in the Small Savings Scheme are taken by the Economic Affairs Department of the Finance Ministry. At present, the government runs 9 types of small savings schemes, which include Recurring Deposit (RD), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC) and Senior Citizen Savings Scheme.

What has changed?

Senior Citizens Savings Scheme (SCSS)

According to the new rules of the Senior Citizens Savings Scheme, a person can open an account under this scheme within 3 months of receiving the retirement benefit, whereas earlier this deadline was one month. According to the notification, interest on accounts opened under the Senior Citizens Savings Scheme will be calculated on the basis of the applicable scheme rate.

Public Provident Fund (PPF)

In the new notification, changes have been made related to premature closure of PPF accounts. These changes have been made in the notification under the Public Provident Fund (Amendment) Scheme. In this, changes have been made mainly regarding the rules related to premature withdrawal under the National Savings Deposit Scheme.

Post Office Savings Account

In the notification related to Post Office Savings Account, it has been said that if the amount deposited for five years is withdrawn even after 4 years, then interest will be given on it at the current applicable rates of Post Office Savings Account. Under the current rules, if the amount deposited for 5 years is withdrawn after four years, the interest will be calculated at the rate applicable to three-year deposits.

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But if you are confused about how much money should be invested every month… then don’t worry at all. Today we will tell you how much money you will get after 15 years and 20 years by investing ₹ 1000, ₹ 2000, ₹ 3000, ₹ 5000.

Let us tell you that currently 7.1 percent interest is being given in Public Provident Fund. If you invest for 15 or 20 years with this interest rate, you can create a huge fund. Let’s see the calculation –

Rs 1000 monthly investment

If you invest Rs 1000 every month in the PPF scheme, then after 15 years you will get Rs 3.25 lakh. Apart from this, if you invest for 20 years then you will get Rs 5.32 lakh.

Rs 2000 monthly investment

Apart from this, if you invest Rs 2000 every month in this government scheme, you will get Rs 6.50 lakh after 15 years. Whereas, if you extend it for 5 more years i.e. after 20 years you will get Rs 10.65 lakh.

Rs 3000 monthly investment

If you invest Rs 3000 every month, then after 10 years you will get Rs 9.76 lakh. At the same time, after 20 years you will get Rs 15.97 lakh on this investment.

Rs 5000 monthly investment

If you invest Rs 5000 every month in the PPF scheme, you will get Rs 16.27 lakh after 15 years. Apart from this, after 20 years you will get Rs 26.63 lakh on this investment.

You will get full money back on maturity

Let us tell you that when the maturity of your PPF account is completed, you will get the interest amount along with whatever money you have deposited. In case of account closure, your entire money is transferred to the account. Along with this, let us tell you that the money and interest received on maturity is completely tax free. No tax will be imposed on this by the government.

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The government has given relief to small investors by changing the rules of small saving schemes. For some time now, it has been continuously seen that people are investing a lot of money in Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) and Time Deposit Scheme. Therefore, the government has relaxed some rules by issuing a gazette notification. At present the government runs 9 types of small savings schemes. The management of these small savings schemes is done by the Department of Economic Affairs of the Finance Ministry.

What has changed?

Senior Citizens Savings Scheme (SCSS)

According to the new rules of the Senior Citizens Savings Scheme, a person can open an account under this scheme within 3 months of receiving the retirement benefit, whereas earlier this deadline was one month. According to the notification, interest on accounts opened under the Senior Citizens Savings Scheme will be calculated on the basis of the applicable scheme rate.

Public Provident Fund (PPF)

In the new notification, changes have been made related to premature closure of PPF accounts. These changes have been made in the notification under the Public Provident Fund (Amendment) Scheme. In this, changes have been made mainly regarding the rules related to premature withdrawal under the National Savings Deposit Scheme.

Post Office Savings Account

In the notification related to Post Office Savings Account, it has been said that if the amount deposited for five years is withdrawn even after 4 years, then interest will be given on it at the current applicable rates of Post Office Savings Account. Under the current rules, if the amount deposited for 5 years is withdrawn after four years, the interest will be calculated at the rate applicable to three-year deposits.

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At the same time, the interest received on this also remains out of the scope of tax under Section 10. Often people think that by investing money in PPF for a long time, they can become a millionaire till retirement. If you are also thinking of investing money in PPF, then you should follow 9 rules related to it.

1- Who can open PPF account?

PPF is a scheme that matures in 15 years, which can be extended further in blocks of 5 years. You can open it in both bank and post office. You can transfer the account from one place to another, both from bank to post office and from post office to bank. A person of any age can open it.

2- PPF deposit, when and how often?

A person can deposit money in PPF account maximum 12 times in a year. If you want, you can deposit money every month or if you want, you can deposit the entire money in one go at the beginning of the year.

3- PPF interest rate

You get guaranteed returns on PPF. This is because its money is not invested in the stock market, hence returns do not increase or decrease depending on the performance of the stock market. The interest rate on PPF is decided by the government and is reviewed every quarter. At present this rate is 7.1 percent.

4- PPF Deposit Limit

You are required to deposit at least Rs 500 in PPF, so that the account remains active. You can deposit a maximum of Rs 1.5 lakh in this account in a year. If you deposit more money than this, you will neither get any interest on it nor will you get tax exemption under 80C. This excess amount is returned to the subscriber without any interest.

5- PPF account in the name of the child

PPF account can be opened in the name of the child by the parents of any child. If a grandparent wants to open a PPF account for his or her grandchild, they cannot open it. Only parents can open an account in the name of the child.

6- How many accounts can be opened

A person can open only one PPF account. It can be opened at any one of the bank or post office. One account cannot be opened at both the places. However, you can definitely transfer your account from one place to another. If two accounts are opened by mistake, the second account will be treated as a regular account.

7- Premature closure of PPF

If you want, you can close the PPF account even before maturity. However, this is also possible only after completion of 5 years. Also, you can get it stopped under certain conditions. The condition for premature closure of PPF and withdrawal of money is that the money should be used for some fatal disease. This can be withdrawn for the treatment of the account holder, his partner, child or parents. Besides, you will also have to take necessary permissions from the medical authority.

8- Separate form for nomination

When you fill the PPF form (Form-A), there is no option to file nomination in it. For this you have to fill a separate form. Keep in mind that you must fill the nomination form (Form-E), so that there is no legal problem regarding the nominee later.

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When the account is inactive, the PPF account holder does not get many benefits. If due to some reason the PPF account has been deactivated then there is no need to worry. Closed PPF account can be activated easily. For this, some fine has to be paid and some paperwork has to be done. Well, it is right that you keep depositing Rs 500 in the PPF account every financial year so that it does not get closed.

To get your PPF account reactivated like this, you will have to go to the branch of the bank or post office where you have your account. This work is not done online. To activate an inactive account, you will have to fill a form. In the years in which you have not invested in it, you will have to pay the arrear amount and will also have to pay a penalty of Rs 50 per year.

Calculate like this:

In the case of PPF, the penalty and arrears mathematics is not very complicated. Suppose your PPF account has been closed for 4 years. So you will have to pay arrears of Rs 2000 for four years. Along with this, you will have to pay a penalty of Rs 200 at the rate of Rs 50 per year.

When can the account be closed before maturity?

In 2016, the government has given permission to close the PPF account before maturity in certain special circumstances. These situations include expenses for the treatment of a life-threatening illness or the education of a child. The investor can do this only after the PPF account is operational for five years. Apart from this, loan can be taken against the balance in the PPF account after the third financial year till the end of the sixth financial year. This benefit is not available in inactive PPF account.

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If you are a salary class person, it is wise to invest right at the beginning of your job. The longer you invest, the better returns you can expect. You can create a corpus of more than Rs 1 crore in 25 years by investing in PPF.

This much money will have to be deposited every month

If you deposit Rs 12,500 every month in PPF account and invest it for 15 years. So you will get a total of Rs 40.68 lakh on maturity. Your total investment in this will be Rs 22.50 lakh, while your income from interest will be Rs 18.18 lakh. This calculation has been done on the basis of 7.1% annual interest for the next 15 years. The maturity amount may change when the interest rate changes. Interest in PPF is available on compounding basis.

This is how you will become a millionaire

If you want to become a millionaire through this scheme, then after 15 years you will have to extend it twice for 5 years each. That means, now your investment period will be 25 years. After 25 years you will get a total of Rs 1.03 crore. Your total investment during this period will be Rs 37.50 lakh, while you will get Rs 65.58 lakh as interest income. Keep in mind that if you want to extend the PPF account, you will have to apply one year before maturity. The account will not be extended after maturity.

Get exemption on tax

The biggest advantage of the PPF scheme is that it gets tax exemption under Section 80C of the Income Tax Act. In this scheme, you can avail rebate on investment up to Rs 1.5 lakh. The interest received on PPF is also not taxed. The most important thing is that the government promotes small savings schemes. Therefore investing in it is completely safe.

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Small Saving Scheme is the best option for people looking for a fixed income investment option. These schemes include Public Provident Fund (PPF), National Savings Certificate and Post Office Saving Scheme. All these saving schemes are being run by the government. The returns received on this are guaranteed. These are the interest rates on small savings schemes.

What are Small Saving Schemes?

Small Savings Scheme motivates citizens to save regularly. These schemes are of three types. Saving Schemes, Social Security Schemes and Monthly Income Schemes. Saving schemes include 1 to 3 year deposit scheme, 5 year RD. Savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) are also included. Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Saving Scheme.

Interest on small savings scheme

Saving Account – 4 percent

1 year post office FD – 6.9 percent

2 year post office FD – 7.0 percent

3 year post office FD – 7 percent

5 year post office FD: 7.5 percent

5 year RD: 6.70 percent

National Savings Certificate (NSC): 7.7 percent

Kisan Vikas Patra: 7.5 percent (mature in 115 months)

Public Provident Fund: 7.1 percent

Sukanya Samridhi Account (Sukanya Samridhi Yojana): 8.0 percent

Senior Citizen Saving Scheme: 8.2 percent

Monthly Income Scheme: 7.4 percent

Among big banks, HDFC Bank is offering maximum interest of up to 7.75 percent on FD. SBI is giving interest up to 7.50 percent annually on FD. The government is offering interest ranging from 4 percent to 8.2 percent on small savings schemes. The government will revise the interest rates on such schemes for October-December 2023 later this month. It is believed that there is little scope for change in these.

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Many people in the country invest in the PPF scheme. Quarterly review of interest rates for small savings schemes like PPF is going to be done this month through the Finance Ministry. Even though PPF account holders are expecting an increase in the interest rate, there has been no change in it since April 2020.

The interest rates of small savings schemes are to be reviewed again by the end of the current month, in such a situation PPF and other small savings account holders are expecting an increase in interest rates. However, in the current economic environment, there appears to be little hope of increasing interest rates.

PPF scheme

Small savings programs like PPF, SCSS and NSC are likely to maintain the status quo, given the current economic environment and the fact that the interest rate cycle has not yet peaked. Even though an increase is always a possibility, the current situation, especially due to the need for economic stability, makes it unlikely that interest rates will be increased at this time. It is reasonable to assume that rates will remain the same to support fiscal responsibility and economic recovery.

Interest Rate

The tax benefits of PPF make it an attractive scheme for investors. It is estimated that even at 7.1% interest, the effective post-tax return from PPF works out to 10.32% for taxpayers in the high tax bracket. This is also one of the reasons why the government has kept the PPF interest rate unchanged, while the rates of many other small savings schemes have increased in the last two quarters.

Small Savings Schemes

The difference between PPF and small savings schemes like SCSS and NSC is that the income from PPF is tax free compared to others. This means that even though PPF gives lower returns than other schemes, your post-tax income on withdrawal can still be higher. So far, small savings schemes have received more support from the government because they generally assist people who are saving for others. Like- Sukanya Samriddhi Yojana.

Why can’t the PPF rate change?

Experts believe that the interest rate of PPF may remain stable for some more time. This includes the condition of the financial markets, budgetary policies of the government and the general condition of the economy. This can have a significant impact on interest rates.

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At this time, Public Provident Fund is the best option for long term investment. In this, along with the government guarantee, your money is also safe. Apart from all this, you also get good returns. Tax is not to be paid even on the returns received.

Best investment option for long term

PPF scheme is the best option to invest money for long term. You can invest up to Rs 1.5 lakh in it every year. In this you get the facility of compound interest. Along with this, market fluctuations have no impact on these government schemes.

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In fact, if a certain rule is not followed, the PPF account can be closed, contributions can be returned and interest payments can be stopped. In such a situation, here we are going to tell you about those four reasons through which PPF account can be closed.

Opening more than one PPF account

As per PPF rules, you are allowed to open only one account in one name. Also, if you have a PPF account with a bank, you cannot open an account with a post office. Also, if the PPF account is opened in the post office, then the PPF account cannot be opened in the bank. While opening a PPF account on behalf of your minor child, it should be opened by either the father or the mother; Both the parents cannot open separate accounts for the same minor.

Contribution of Rs 1.5 lakh in a year:

Anyone who contributes more than Rs 1.5 lakh in a financial year should contribute a minimum amount of Rs 500 to his PPF account. The maximum amount allowed in a financial year is Rs 1.5 lakh. Rs 1.50 lakh will include the amount deposited in his own account and in the account opened on behalf of the minor.

Contributions of more than Rs 1.5 lakh made during the financial year will be treated as irregular membership. The excess amount will neither earn interest nor be eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Apart from this, the contribution amount of more than Rs 1.5 lakh will be returned to the account holder without any interest through post office.

Joint PPF Account

You cannot open a joint PPF account. If it is opened in joint name, the post office/bank can close these irregular accounts.

Extension of Account with Contribution

The PPF account can be extended indefinitely after the expiry of 15 years. But if someone continues to invest during the extension without informing the post office, it may be irregular. If you want to extend the account and also want to continue with the new deposit, you have to inform the post office in writing one year before the expiry by filling Form H.

If anyone continues to make deposits without submitting this form, all new deposits will be canceled and the account will be treated as irregular. Also, no interest will be given on it. The benefit of section 80C will not be available on deposits made in PPF account without exercising the option to continue the account after the expiry of 15 years.

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Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

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Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

The post Section 80C Limit: Big News! New update regarding increasing the limit of Section 80C of the Income Tax Department first appeared on Rightsofemployees.com.

Currently, investments up to Rs 1.5 lakh per annum in various tax saving schemes, home loans and life insurance policies are eligible for deduction under Section 80C. Savings schemes eligible for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, FDs for five years in banks and post offices, ELSS and mutual funds etc.

Taxpayers have been demanding to increase the section 80C limit for many years. Even many groups had demanded to increase it to 3 lakhs, in which ICAI, in its pre-budget 2023 recommendations, had demanded the government to increase the limit under section 80C from Rs 1.5 lakh to Rs 3 lakh.

Will the government increase the limit

The Central Government has so far decided not to increase the limit under section 80C. This information has been given in the statement issued by the Ministry of Finance. At the same time, a new tax regime has been introduced without Section 80C deduction with lower rates by not increasing the limit. State Finance Minister Pankaj Chowdhary said in the Lok Sabha on July 31 that it has been the declared policy of the government to simplify the Income Tax Act, 1961 by reducing the rates of taxes. In such a situation, there is no proposal to increase the exemption under Section 80C of the Income Tax Act under consideration.

Increased interest of these schemes

Minister of State for Finance Pankaj Chowdhary said that in the second quarter (July to September) of the financial year 2023-24, the rate of interest on National Savings Fixed Deposit Scheme (1 year and 2 years) and National Savings Recurring Deposit will be increased by 10 bps and 30 bps respectively. has been increased. Chaudhary also said that the net collection under small savings for the first quarter of the financial year 2023-24 was Rs 74,937 crore.

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This post office scheme helps a lot in creating a huge fund over a long period. The special thing about this scheme is that the investment in it is completely safe. The money invested in PPF is not invested in the stock market, due to which it is completely safe. The PPF scheme is getting 7.1 percent interest annually.

You can open a Public Provident Fund (PPF) account at any post office or bank branch. This account can be opened for just Rs.500. You can deposit up to Rs 1.50 lakh annually in PPF. The maturity period of this account is 15 years. But after maturity, you can extend it for 5-5 years.

If you deposit Rs 12,500 every month in PPF account and maintain it for 15 years. So you will get a total of Rs 40.68 lakh on maturity. Your total investment in this will be Rs 22.50 lakh, while the interest income will be Rs 18.18 lakh. These calculations yielded an interest rate of 7.1 percent per annum for 15 years. If the interest rate changes, the money at maturity can change.

If you want to become a millionaire from this scheme then you have to extend twice for 5 years after 15 years. That means now your investment period will be 25 years. In this way after 25 years your total money will be Rs 1.03 crore. If your total investment during this period is Rs 37.50 lakh, then you will get Rs 65.58 lakh as interest income.

If you want to become a millionaire from this scheme, then after 15 years you have to extend PPF twice for 5 years. That means now your investment period will be 25 years. In this way after 25 years your total money will be Rs 1.03 crore. If your total investment during this period is Rs 37.50 lakh, then you will get Rs 65.58 lakh as interest income. If you want to increase PPF account then you have to apply one year before maturity.

The biggest advantage of PPF scheme is that it gives the benefit of tax exemption under section 80C of income tax. In this, tax exemption of up to Rs 1.5 lakh can be found on investment in the scheme. Interest on PPF and money received on maturity are tax free.

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Through this, good returns can be obtained without any risk. If you also invest in PPF (PPF Scheme Latest Update), then you must know an important information related to it. The 5th date has special significance for the investor in PPF. If you deposit money keeping in mind the fifth of every month, then your profit can also increase. The Central Government has also informed the people about this.

5th date is special for PPF investors

If you invest in PPF on the fifth of every month, then you will also get the benefit of interest for that month. For example, if you deposit the money on April 20, then you will be given interest only for 11 months. On the other hand, if you invest on 5 Arpil, then you will get the benefit of interest for the entire 12 months. Which can be a profit of around Rs 10,650.

Features of PPF

• A maximum of Rs 5 lakh can be deposited in Public Provident Fund accounts in a year.
• Investing in this gives interest at the rate of 1 percent every month.
• The money deposited after the fifth date will get interest in the next month. And deposits made up to five will be counted in the same month’s interest.
• PPF account can be opened by a person only once.
• This information has already been given by the Central Government that if a person has opened more than one PPF account after December 12, 2019, then they will be closed. Along with this, there will be no interest on the deposit.
• PPF accounts also cannot be merged.

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Investing in PPF i.e. Public Provident Fund is a good investment option, but if you invest money wisely in it, then only you will get maximum benefit. For your information, let us tell you that if you are putting money in PPF every month, then deposit it at the beginning of the month by the 5th, so that you will get the interest for that month as per the PPF rules.

Why depositing money till 5th is beneficial

The simple answer is that interest is currently being paid on PPF at the rate of 7.1 per cent and it is decided on the minimum balance between the last date of the previous month and the fifth date of the new month. Interest is paid on the amount deposited in PPF accounts every month but the interest in the account is credited at the end of the financial year which is March 31 of every year. This interest is payable for that account only if the new amount is deposited in the account before the 5th of the month.

So investors can get the benefit of interest on interest only when the amount is deposited in the account by 5th date. If someone deposits money in the PPF account after the fifth of the month, then he will not be able to get the interest of the previous month and the interest of that month.

Understand it with example

Suppose there is Rs 1 lakh in a PPF account on 5 April 2022 and the investor of this account makes an additional investment of Rs 1.5 lakh on 6 April 2022. So according to the rules of PPF, investors will get interest only on the minimum balance from April 5, 2022 to April 30, 2022, which was Rs 1 lakh. This means that the investor will lose the interest of the investment of Rs 1.5 lakh for April 2022. This means that if the investor had deposited Rs 1.5 lakh in the PPF account by April 5, he would have got April interest on the entire investment of Rs 2.5 lakh.

Therefore, investors should invest with complete planning while putting money in PPF so that they can get maximum returns. They should take it as a rule to invest in PPF by the 5th day.

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Investment is made for 15 years

This scheme is for 15 years and gives the benefit of compound interest. At present, the interest rate on PPF is 7.1 per cent. If you also want to invest in this scheme, then let us know how much return you will get by investing 2000, 3000, 4000 and 5000 rupees every month?

You will get this much return after investing Rs 2,000

As per the PPF calculator, if you invest Rs 2000 per month in PPF, you will invest Rs 24,000 in a year. In this way, in 15 years you will invest a total of Rs 3,60,000. Accordingly, but at 7.1% compound interest, you will get an interest of Rs 2,90,913. That is, you will get a total of Rs 6,50,913 on maturity.

If you invest 3000 thousand rupees

If you deposit Rs 3000 every month in PPF, you will invest a total of Rs 36000 in a year. Rs 5,40,000 will be deposited in 15 years and Rs 4,36,370 will be received as interest on it. When your scheme matures after 15 years, you will get Rs 9,76,370.

If you invest Rs 4000

Whereas, if you invest Rs 4000 every month in PPF, then your annual investment will be Rs 48000. Your total investment in 15 years will be Rs 7,20,000. You will get Rs 5,81,827 as interest on your investment at 7.1 per cent interest rate. Whereas on your maturity you will get Rs 13,01,827.

If an investment of Rs 5000?

If you deposit Rs 5000 every month in PPF then your total investment in one year will be Rs 60,000 and in 15 years your total investment will be Rs 9 lakh. Talking about the interest received on this, according to the current interest rate, Rs 7,27,284 will be received as interest. You will get Rs 16,27,284 on this plan maturity.

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Good return on investment and tax saving option is available in the scheme. If you are doing retirement planning or want to earn good income from investment in long term, then you can choose this scheme. The scheme is more popular by the name of PPF.

Why is PPF considered the best option?

Public Provident Fund (PPF) is most popular because the money deposited in it, the interest received and the amount received on maturity (PPF Maturity) are completely tax free. Meaning it is kept in the EEE category. EEE stands for Exempt. There is an option to claim tax exemption on deposits every year. No tax has to be paid on the interest received every year. Once the account matures, the entire amount will be tax free.

Who can invest in PPF?

Small Savings Scheme (Small Savings Scheme) Any citizen of the country can invest in PPF. It can be opened in post office or any bank. A minimum investment of Rs 500 and a maximum of Rs 1,50,000 can be made every financial year. Interest is calculated on an annual basis. However, the interest is fixed on a quarterly basis.

At present, 7.1% interest is being received on PPF. The maturity period lasts for 15 years. There is no facility to open joint account in the scheme. However, a nominee can be made. There is no option to open PPF account even in the name of HUF. In the case of children, the name of the guardian is included in the PPF account. But, it remains valid only till the age of 18.

How can PPF really make a millionaire?

PPF is such a scheme, in which it is easy to become a millionaire. This requires regular investment. Suppose you are 25 years old and you have started PPF. If you deposit Rs 1,50,000 (maximum limit) in the account between 1st to 5th at the beginning of the financial year, then at the beginning of the next financial year only Rs 10,650 will be deposited with interest.

That means on the first day of the next financial year your balance will be Rs 1,60,650. By doing the same again next year, the account balance will be Rs.3,10,650. Because, 1,50,000 rupees will be deposited again and then interest will be received on the entire amount. This time the amount of interest will be Rs 22,056. Because, the formula of compound interest works here. Now suppose 15 years of PPF maturity have been completed, then you will have Rs 40,68,209 in your account. In this, the total deposit amount will be Rs 22,50,000 and Rs 18,18,209 will be earned only from interest.

If you want to become a Crorepati then invest even after maturity

PPF was started at the age of 25. At the maturity of 15 years, at the age of 40, an amount of more than Rs 40 lakh is in hand. But if the planning is for a long period, then the money will grow faster. After maturity in PPF, the account can be extended for 5-5 years extension. If the investor extends the PPF account for 5 years, then by the age of 45, the total amount will be Rs 66,58,288. The investment in this will be Rs 30,00,000 and the interest earned will be Rs 36,58,288.

At what age to become Crorepati?

The goal of becoming a millionaire will now be fulfilled. PPF account has to be extended once again i.e. for another 5 years till 25 years. Again an investment of Rs 1,50,000 will have to be made annually. At the age of 50, a total of Rs 1,03,08,014 will be deposited in the PPF account. The investment in this will reach Rs 37,50,000 and the interest will reach Rs 65,58,015.

Earning of interest will cross 1 crore

Understand the second feature of PPF that how many times you can do the extension of 5 years. Now once again if the account is extended for 5 years then at the age of 55 you will have 1 crore 54 lakh 50 thousand 910 rupees. The investment in this will be only Rs 45,00,000, but the interest income will exceed Rs 1 crore and the total income will be Rs 1,09,50,911.

Will invest 2 crore 26 lakh 97 thousand 857 rupees for 35 years

If you have invested in it for retirement, then PPF will have to be extended once again for the last 5 years. That means investment will continue for 35 years in total. In this case, maturity will be at the age of 60. In this case, the total deposit amount in the PPF account will be Rs 2 crore 26 lakh 97 thousand 857. The total investment in this will be Rs 52,50,000, while the income from interest will be Rs 1 crore 74 lakh 47 thousand 857.

If you want to double your money then invest like this

When you retire at the age of 60, there will be no tax on the huge amount deposited in PPF above 2 crores. Generally, if you earn such a huge amount from somewhere else, then you will have to pay heavy tax on it. If both husband and wife run PPF account together for 35 years, then the total balance of both will be Rs 4 crore 53 lakh 95 thousand 714.

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If you have also invested money in any government scheme like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), then it is important for you to know this news. The government has changed the rules for those investing in these schemes. Now if you are also planning to invest in any of these government schemes, then without PAN and Aadhaar card, you will not be able to take advantage of it.

Ministry of Finance has issued notification

The Ministry of Finance had issued a notification regarding this some time ago. It was told in this notification that small government savings schemes will be used as KYC. Apart from this, the Finance Ministry has said that investors will have to give Aadhaar number first to make any further investment. Apart from this, PAN card will have to be shown to invest more than the limit. Without PAN card you will not be able to invest.

Given time of 6 months

If you have not given Aadhaar while opening account for Post Office Savings Scheme, you will have to submit proof of enrollment slip for Aadhaar. Also, the investor will have to give Aadhaar number within 6 months of opening the account ie investing in small savings scheme. Let us tell you what documents you will need to open an account in the small savings scheme from now on.

You will have to provide Aadhaar number or Aadhaar enrollment slip.

Along with this, passport size photo should also be there.

PAN number, if existing investors do not submit PAN card and Aadhaar card by 30 September 2023, their account will be banned from 1 October 2023.

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If you have also invested money in any government scheme like Public Provident Fund (PPF), Senior Citizen Saving Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), then this news is useful for you. The government has changed the rules for those investing in these schemes. Now if you are also planning to invest in any of these government schemes, then you will not be able to take advantage of it without PAN and Aadhaar card.

Finance Ministry had issued notification

Information about this was given by the Finance Ministry some time ago by issuing a notification. It was told in this notification that small savings schemes will be used as KYC.
PAN card will have to be shown
Apart from this, the Finance Ministry has said that investors will have to first submit the Aadhaar enrollment number to make any further investment. Apart from this, PAN card will have to be shown to invest more than the limit. You will not be able to invest without PAN card.

Got time of 6 months

If you do not have Aadhaar while opening an account for Post Office Savings Scheme, you will have to submit proof of enrollment slip for Aadhaar. Also, to link the investor with the investment of ‘Small Savings Scheme’, the Aadhaar number will have to be given within six months from the date of opening the account.

Let us tell you that from now on, what documents will you need to open an account in Small Savings Scheme-

>> You should have Aadhaar number or Dhar enrollment slip
>> Apart from this, passport size photographs should be there
>> PAN number, If existing investors do not submit PAN card and Aadhaar card by 30 September 2023, then their account will be banned from 1 October 2023.

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What is Public Provident Fund

An investor can deposit a maximum of Rs 1.5 lakh annually in the Public Provident Fund (PPF) scheme with an investment limit of 15 years. In return, the government gives interest at the rate of 7.1 percent to the investor. In this way, Rs 1.5 is deposited every year for 15 years, on which the annual interest rate is Rs 10,650. However, the current interest rate of 7.1 percent is expected to increase from July 2023.

Circular of the Ministry of Finance

In the circular issued on March 31, 2023, the Ministry of Finance has given a strict warning to the PPF account holders that the account holders should link their PPF account with their Aadhaar under any circumstances.

According to the ministry, if the PPF investor has opened the account before March 31, 2023 and has not submitted his Aadhaar number to the accounts office, then he should submit the Aadhaar number within six months from April 1, 2023. That is, PPF investors must link their account with Aadhaar by 30 September 2023. Account holders can also submit PAN along with Aadhaar.

What if PPF account is not linked with Aadhaar?

The Finance Ministry has made it clear in its circular that if the Aadhaar number is not submitted within the stipulated time in the post office where the PPF account is opened and the PPF account is not linked, then the account will be frozen, due to which the investor Many types of problems may have to be faced like-

1. The prescribed interest amount will not be credited to the investor’s PPF account.
2. The account holder will not be able to deposit money in his PPF account.
3. The maturity amount of PPF will not be transferred to the bank account specified by the investor.

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You have to invest in PPF for a minimum of 15 years. This is a scheme made by the government on the lines of Provident Fund. Any job seeker, businessman, working women, housewife, children can also invest in this scheme. This plan helps in building a huge corpus after retirement.

Investment in PPF has to be done for 15 years

Investment in PPF is for 15 years, but that does not mean that you have to withdraw your money and close the PPF account. Doesn’t happen like this. You can extend this account of yours. You can extend this account for an additional period of 5-5 years. The period of the account is 15 years and after that you can extend it further for 5 years. You can invest in PPF for 15 years, 20 years, 25 years, 30 years etc.

These are the rules

However, if you keep your PPF account open for more than a year after maturity without making any deposits, you will not be allowed to make any additional deposits in subsequent years. You can withdraw money from your PPF account only once in a year. If you choose to increase it without depositing any money. For example you have Rs 20 lakh in your PPF account and it is active for 15 years. Then, you stop contributing and after two years it increases to Rs. 24.56 lakhs. If it gets interest at the rate of 7.10 percent.

This much interest is being received on PPF

The annual interest rate for PPF accounts is currently 7.1 per cent. You can invest a maximum of Rs 1.50 lakh annually in PPF.

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It has been made by the government on the lines of the Provident Fund Scheme, in which everyone from employed to housewives, children can invest. If you do business and want to collect retirement funds for your future, then PPF scheme is a great investment option for you.

You can invest even after maturity

Public Provident Fund ie PPF is one of the most liked schemes for investment. Its maturity period is 15 years. But it is not that after 15 years you have to withdraw your money and close the account. You can extend it further if you want. You can extend it indefinitely in 5-5 years. After 15 years, you can extend your account in two ways.

How to withdraw money from account after maturity?

You will have to inform the bank by giving an application that your account has matured. Along with this, you will have to submit an application form, original passbook and canceled cheque. After this, after verifying all the bank details, the amount deposited in your PPF account will be transferred to your savings account.

Interest rate of PPF

The current interest rate on PPF account is 7.1 percent per annum. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited in PPF in a financial year. A person can open only one PPF account in his name.

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This is such a scheme of the government, in which the investors get a fund of lakhs of rupees at once. Today we will tell you how you will get full 42 lakh rupees in PPF scheme. Yes… Along with government guarantee, money security is also available in this. Public Provident Fund is a best option.

PPF is the best option for investment

PPF Scheme is the best option to invest money according to long term. You can invest up to Rs 1.5 lakh in it every year. In this you get the facility of compounding interest. Along with this, the ups and downs of the market do not have any effect on such government schemes.

How to get 42 lakh rupees

if you invest 5000 rupees every month in PPF scheme. So your investment for the whole year will be Rs.60,000. If you invest it for 15 years, then your money on maturity will be 16,27,284. If you extend the deposit for the next 10 years in a term of 5-5 years, then after 25 years your fund will be around 42 lakhs (Rs 41,57,566). In this your contribution will be Rs 15,12,500 and interest income will be Rs 26,45,066.

Where can you open an account?

You can start investing in the Public Provident Fund scheme with a minimum of Rs 500. You can open it from your nearest post office or bank anywhere. From January 1, 2023 onwards, the government is giving the benefit of interest at the rate of 7.1 per cent in this scheme and the maturity of the PPF scheme is in 15 years.

There is also a chance to increase it in the block.

In this scheme, account holders can apply to increase it in blocks of 5-5 years. In this, he also gets the option of continuing the contribution or not.

You can also apply for loan, you also get the benefit of tax exemption in PPF scheme. In this scheme, you can take advantage of tax exemption under section 80C. The amount earned through interest in this scheme is also tax free. After completion of 5 years in this scheme, you can also apply for a loan.

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Also, you can get good interest on that investment. Lakhs of people in the country are also currently investing in the PPF scheme. However, while investing in PPF scheme, it is important to keep one important thing in mind. Let’s know about it…

PPF scheme investment

Actually, if you have to invest in PPF scheme, then you should know that interest is also provided on a fixed basis in PPF scheme. The PPF scheme is supported through the government. In such a situation, the interest rate of the PPF scheme is also reviewed by the government every three months and if needed, the interest rate of the PPF scheme can also be changed.

If you want to invest in the PPF scheme, then currently in April-June 2023, 7.1 percent interest is being provided to the people in the PPF scheme on an annual basis. On the other hand, the PPF scheme is a long term investment scheme and it runs for 15 years from its inception. In this case, the return of the scheme is available after 15 years.

The maturity of the PPF scheme is after 15 years. In such a situation, PPF scheme can prove to be a better option in terms of investing for a long time. At the same time, a maximum investment of Rs 1.5 lakh can be made in this scheme in a financial year. Along with this, the benefit of tax saving is also available on this scheme.

The post PPF Interest Rate Revised: PPF account is getting so much interest, but it is very important to know about the interest first appeared on Rightsofemployees.com.

Safest investment

The specialty of this scheme is that your investment in it is completely safe. It is not affected by the ups and downs of the market. These interest rates are decided by the government, which are reviewed on a quarterly basis. At present, 7.1 percent interest is being received annually on the PPF scheme in the post office.

Account can be opened in bank branch

You can open a Public Provident Fund (PPF) account at a post office or a bank branch. This account can be opened with just Rs.500. In this, up to Rs 1.50 lakh can be deposited annually. The maturity of this account is 15 years. But after maturity it can be extended further in the bracket of 5-5 years.

Will make crorepati by investing Rs 12,500 every month

If you deposit Rs 12,500 every month in a PPF account and maintain it for 15 years, you will get a total of Rs 40.68 lakh on maturity. Your total investment in this will be Rs 22.50 lakh, while Rs 18.18 lakh will be your interest income. This calculation has been done assuming an interest rate of 7.1 per cent per annum for the next 15 years. The amount received on maturity can change if the interest rate changes. The interest earned in PPF is compounded.

This is how the profit of crores will be

If you want to become a millionaire from this scheme, then you have to extend it twice for 5-5 years after 15 years. That is, now your investment period will be 25 years. In this way after 25 years your total money will be Rs 1.03 crore. Your total investment in this period will be Rs 37.50 lakh, while you will get Rs 65.58 lakh as interest income. Keep in mind that if you want to extend the PPF account, then you have to apply one year before maturity. The account cannot be extended after maturity.

get tax benefit

The biggest advantage of PPF scheme is that it gives tax benefits under section 80C of Income Tax. In this, deduction can be taken on investment up to Rs 1.5 lakh in the scheme. PPF interest and maturity amount are also tax free.

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Now the interest rates of General Provident Fund (GPF) and other provident fund schemes of central employees have also been announced. The Finance Ministry has not made any change in the interest rate of these schemes for the April-June quarter. It has been retained at 7.1 per cent.

The ministry said that the interest rate for GPF (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, GPF Defense Services, Indian Ordnance Department Provident Fund has been fixed at 7.1 per cent for the April-June quarter. Has been.

General Provident Fund is a type of provident fund. This is only for government employees. All government employees can contribute some part of their salary in this. The total amount deposited in this is given to the employee at the time of retirement. The Finance Ministry fixes the interest rate on GPF every quarter.

Interest rate on PF

Recently, the Employees’ Provident Fund Organization (EPFO) had fixed the interest rate at 8.15 per cent for the financial year 2022-23. Also, the government had increased the interest rates for many small savings schemes. In these, an increase of 20 to 70 basis points was made.

The interest rate on Sukanya Samriddhi Account Scheme has been increased from 7.6 per cent to 8 per cent. But there was no change in the interest rate on PPF. Normally the interest rate on GPF and PPF is same. Therefore, after there was no increase in the interest rate of PPF, it was believed that there would be no change in the interest rate of GPF.

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Now it has been made mandatory for you to give Aadhaar card to invest in schemes like Public Provident Fund, Sukanya Samriddhi Yojana, Post Office Savings Scheme, Senior Citizen Saving Scheme, National Savings Certificate. The Ministry of Economic Affairs, Ministry of Finance had issued a notification on March 31, 2023, stating that from April 1, it would be necessary to give Aadhaar to invest in the Small Savings Scheme. Earlier, you could invest in them even without giving Aadhaar details.

What has changed in the rules regarding small savings scheme?

According to the new notification, the subscribers of the Small Savings Scheme will have to submit their Aadhaar to the post office or bank, wherever they have opened an account for investment. If you had not given Aadhaar while opening your account, then you have been given time till September 30, 2023, before which you have to submit your Aadhaar.

Apart from this, any new investor who opens this account will also have to give his Aadhaar. If he does not have Aadhaar, then he will have to apply for Aadhaar and give the enrollment ID of the Aadhaar application. It is necessary that you submit your Aadhaar to the bank/post office within the next six months of opening the account.

What will happen if Aadhaar is not submitted?

If you fail to submit Aadhaar or Enrollment ID of Aadhaar within this period, your account will be frozen after six months. If you have already invested in these schemes, but do not have the details of Aadhaar linked in your account, then do it immediately because if you do not do so by October 1, 2023, your account will also be frozen.

Changed rules for even children (Aadhaar card for kids)

This rule has been applied even to children. That is, if an account is being opened in the name of a child or a minor in these schemes, then it will be mandatory to submit the Aadhaar of that account holder i.e. the child as well. It has been said in this notification that “…the child investing with the desire to take advantage of these schemes will also have to provide proof of his Aadhaar or undergo Aadhaar authentication.” If a child does not have Aadhaar, then with the consent of his parent or guardian, Aadhaar will have to be enrolled, then registration for the scheme will have to be done and then enrollment ID will have to be given on it.

Which documents are required to be submitted?

Those investing in Small Savings Scheme are required to provide some documents-

1. Aadhaar Enrollment ID in case of Aadhaar or non-Aadhaar. (Mandatory)

2. Any one of the other documents mentioned below along with Aadhaar-

• Bank or Post Office passbook with photo
• PAN card
• Passport
• Ration card
• Voter ID Card
• mnrega card
• Kisan Photo Passbook

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If yes, then you must ensure that you have submitted your Aadhaar number to the post office or your bank branch by 30 September 2023. Because, this is the deadline for submitting the Aadhaar number. So don’t wait for the deadline to end, deposit your Aadhaar now and get rid of the worry of freezing your savings account.

The Finance Ministry has made Aadhaar mandatory for investing in small savings schemes. The order to link the Aadhaar number with the existing small savings scheme has been issued on March 31, 2023. According to the ministry, if the depositor has already opened an account and has not submitted his Aadhaar number to the Accounts Office, he shall submit the Aadhaar within a period of six months with effect from April 1, 2023. The period of six months will end on 30 September 2023. Investors can also submit PAN along with Aadhaar.

According to the instructions of the Ministry, if the Aadhaar number is not submitted in the post office or bank branch within six months i.e. by 30 September 2023, then the small savings investment will be frozen. In such a situation, the investor may have to face many problems like-

• The amount of interest payable will not be credited to the bank account of the investor.
• A person will not be able to deposit money in his PPF or Sukanya Samriddhi accounts.
• The maturity amount will not be credited to the bank account of the investor.

Interest rates increased on post office savings scheme

The central government has increased the interest rates on all small savings schemes from April 1, 2023, except savings deposits and PPF. This will greatly benefit the small savings customers of the post office and will increase the attraction of girls, women, farmers to invest more in these schemes through post offices, especially in rural areas, which will give them a way to a better future.

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If these documents are not given then your account will be closed and you will not be able to access it. If Aadhaar and PAN card is not deposited in Public Provident Fund, Senior Citizen Saving Scheme, Sukanya Samriddhi Yojana, Mahila Samman Scheme and others, then investment, withdrawal and other things will be restricted.

The government has issued this notification on 31 March 2023. Till now investment in these schemes could be done without Aadhaar, but from now on Aadhaar card and Aadhaar enrollment slip will have to be given.

What will be the alternative if there is no Aadhaar

According to the notification issued by the government, it is mandatory to give Aadhaar and PAN card, but if you do not have the Aadhaar number, then you can submit the Aadhaar enrollment slip or enroll number. It is mandatory to provide Aadhaar within six months of account opening.

What will happen if you do not submit Aadhaar

If the Aadhaar number is not provided within 6 months, then your small savings scheme account will be frozen and will not be opened until the Aadhaar number is provided. After submitting the Aadhaar number, your account will be reopened.

Mandatory to submit PAN within two months

The government has said in its notification that PAN or Form 60 will have to be given at the time of account opening only. If not given then it will have to be made available within 2 months. If the deposit is not made, the investment account will be frozen. It has been said in the notification that the post office or bank can demand any other document.

The post PPF, NSC Account Holders Alert! Government issued notification regarding all small savings schemes including PPF, NSC, know details first appeared on Rightsofemployees.com.

Actually, the central government is going to relax the process of deposit or investment under the small savings scheme. The purpose of this relaxation is to connect a large number of people with small savings schemes. The people of rural India will be benefited the most.

What is going to change

According to media report, an official associated with the Finance Ministry said that first of all people will be allowed to invest in small savings schemes using Aadhaar instead of PAN card. This exemption will encourage people in rural areas to take advantage of small savings schemes. Let us tell you that a large number of people in India have Aadhaar cards as compared to PAN cards.

What the officer said

KYC norms for small savings schemes have been prescribed for Jan Dhan accounts. Apart from this, the government will also simplify the process related to the claim on the deposit amount of the deceased investor so that there is no dispute. Apart from this, the nomination process will be further simplified.

Interest rate to be decided

Let us tell you that this news has come at a time when the government is about to take a decision on the interest rate of small savings schemes. Explain that the government considers the interest rate of small savings schemes on a quarterly basis.

In this episode, a decision will be taken on the interest for the first quarter of the new financial year i.e. from April to June. There has been no change in the interest rate on popular schemes like Sukanya and PPF for a long time.

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To keep PPF and SSY active/regular, it is necessary to deposit a minimum amount in a financial year. This minimum deposit for PPF account is Rs 500 in a financial year and Rs 250 for Sukanya Samriddhi Scheme.

What will happen if the minimum account is not deposited

According to the rules, if the minimum amount is not deposited in PPF and SSY accounts within a financial year, then both these accounts become inactive. Therefore, if you have opened an account in either of these two schemes, make the minimum deposit for the current financial year before the end of March. Otherwise the account will become inactive. Although inactive accounts can be made active again, but for this penalty has to be paid.

There is a rule in the post office that if the inactive SSY account is not revived by paying the penalty, then it will become a normal savings account of the post office and interest will be paid accordingly on the total amount present in it.

How to activate PPF account

To re-activate the inactive PPF account, the account holder will first have to submit an application to the bank or post office where the PPF account is maintained. Apart from this, the investor will have to pay a penalty of Rs.50 per annum and Rs.500 per annum as the minimum balance amount, counting from the time/year in which deposits have not been made in the account.

Along with this, the minimum installment of Rs 500 has to be deposited for the year in which the PPF account is being revived. Only after this the account becomes active again. Do note that inactive/discontinued PPF can be revived before the maturity of the account. The maturity period of PPF is 15 years.

How will SSY account be revived?

Deposits in Sukanya Samriddhi account can be made for a maximum period of 15 years from the date of its opening. This account can be opened in the name of a girl child below 10 years of age. The process of reviving SSY is also like that of PPF account. To bring the SSY account back into active mode, a penalty of Rs.50 per annum and a minimum balance of Rs.250 per year will have to be deposited, counting from the period/year from which the deposit has not been made in the account.

At the same time, in the year in which SSY is being revived, the minimum installment of Rs 250 will also have to be deposited for that year. Only after this the account becomes active again. Remember that the inactive SSY account can be revived before the completion of its 15 years.

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To keep PPF and SSY active/regular, it is necessary to deposit a minimum amount in a financial year. This minimum deposit for PPF account is Rs 500 in a financial year and Rs 250 for Sukanya Samriddhi Scheme.

What will happen if the minimum account is not deposited

According to the rules, if the minimum amount is not deposited in PPF and SSY accounts within a financial year, then both these accounts become inactive. Therefore, if you have opened an account in either of these two schemes, make the minimum deposit for the current financial year before the end of March. Otherwise the account will become inactive. Although inactive accounts can be made active again, but for this penalty has to be paid.

There is a rule in the post office that if the inactive SSY account is not revived by paying the penalty, then it will become a normal savings account of the post office and interest will be paid accordingly on the total amount present in it.

How to activate PPF account

To reactivate the inactive PPF account, the account holder will first have to submit an application to the bank or post office where the PPF account is maintained. Apart from this, the investor will have to pay a penalty of Rs.50 per annum and Rs.500 per annum as the minimum balance amount, counting from the time/year in which deposits have not been made in the account.

Also, the minimum installment of Rs 500 has to be deposited for the year in which the PPF account is being revived. Only after this the account becomes active again. Do note that inactive/discontinued PPF can be revived before the maturity of the account. The maturity period of PPF is 15 years.

How will SSY account be revived?

Deposits in Sukanya Samriddhi account can be made for a maximum period of 15 years from the date of its opening. This account can be opened in the name of a girl child below 10 years of age. The process of reviving SSY is also like that of PPF account. To bring the SSY account back into active mode, a penalty of Rs.50 per annum and a minimum balance of Rs.250 per year will have to be deposited, counting from the period/year from which the deposit has not been made in the account.

At the same time, in the year in which SSY is being revived, the minimum installment of Rs 250 will also have to be deposited for that year. Only after this the account becomes active again. Remember that the inactive SSY account can be revived before the completion of its 15 years.

The post Post Office Alert! Do this work in PPF, SSY before March 31, otherwise the account will become inactive first appeared on Rightsofemployees.com.

That’s why people have to settle many financial tasks before 31st March. This includes work ranging from Income Tax Return to Investment. Therefore, before the end of the month of March, you should complete these four tasks related to finance as soon as possible.

PAN-Aadhaar Link

The last date to link PAN card with Aadhaar is 31 March 2023. After this date, such PAN cards will be deactivated, which will not be linked to Aadhaar. The Income Tax Department has clearly said that if someone does not link his PAN and Aadhaar by March 31, 2023, his PAN card will become inoperative.

Every time the date for linking PAN with Aadhaar was extended, but the Income Tax Department is not in the mood to extend the deadline this time. The Central Board of Direct Taxes (CBDT) has fixed a late fine of Rs 1000 for linking PAN with Aadhaar after June 30.

Updated ITR

The last date for filing updated income tax return for FY 2019-20 or Assessment Year 2020-21 is March 31, 2023. If any taxpayer feels that the discrepancy mentioned in the e-verification is correct, then he can send a reply to the Income Tax Department for the same. Along with this, taxpayers can also file updated returns.

Investment in savings scheme

The current financial year is about to end in a few days. So if you are a taxpayer, complete the work of investing in savings schemes to save tax. Under Section 80C of Income Tax, a rebate of up to Rs 1.50 lakh is available on investment. You can avail tax deduction by investing in Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, Public Provident Fund and National Pension Scheme. Apart from this, you can also invest in tax saving fixed deposit scheme.

On the other hand, if you have already invested in these schemes, then the last date for annual deposit is also March 31, 2023. In savings schemes, the amount has to be deposited once a year. Therefore, the fixed amount should be deposited before the end of the financial year.

LIC policy with high premium

If you want to avail tax deduction on LIC policy with high premium, then it has to be subscribed before 31st March. After March 31, 2023, there will be no exemption on this. According to the new income tax rules applicable from April 1, 2023, income from life insurance policies above the annual premium of Rs 5 lakh will be taxable. But, if you buy an insurance policy with an annual premium of more than Rs 5 lakh before March 31, 2023, it will not come under the new income tax rule.

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Through this service, customers can get interest on investment, block ATM card, issue new cards and get information about PPF, NSC etc. This service will help lakhs of people in rural areas of the country. They will be able to easily get the necessary information through their mobile number.

Issued toll free number

India Post has also issued a toll free number to avail this service. Now from here you can get detailed information about PPF, NSC, Sukanya Samriddhi or other schemes through IVR. For this, the customer has to call India Post’s toll free number 18002666868 from his registered mobile number.

Savings account holders can also use

Customers having savings account with the post office department can also avail the IVR service. In this they will get all the options. Customers will get information in both Hindi and English languages. From here customers will get account balance information. For this, they have to press the number five. You have to press 6 to block the card. After this you have to enter the card number. After this the account number has to be given.

Can also be used for ATM

3 is to be pressed for ATM information. For new ATM you have to press 2. To change the PIN of the card, you have to press. Hash (#) to repeat options and star for previous menu. For more information on poster saving products you must press 4.

What is IVR service?

Interactive voice response is a telephone system with voice commands. Through this, customers interact. It is used in banks and many other customer service. In this, the answers to the questions of the customers are available on the phone itself and there is no need to go to the branch.

The post Post Office Start New Service: Post office started new service for PPF, NSC, SSY and other post office schemes, see new service benefits first appeared on Rightsofemployees.com.

However, most taxpayers make use of Section 80C of the Income Tax Act for tax-savings. Under this, there are about a dozen such options, in which tax-savings can be done by investing. These include PPF, NPS, ELSS, Life Insurance Policies etc. But, we are telling you about such ways to save tax, which do not require any kind of investment to take advantage of them.

Tuition fees

Individual taxpayers can claim deduction on tuition fees under section 80C of the Income Tax Act. This facility is not available to HUF. You can claim this deduction on the tuition fees of two children. Tuition fee refers to the total tuition fee to be paid in a financial year.

If you do a job, you have to submit the investment proof to the finance department of your company by the first or second week of January every year. You can take the Tuition Fee Payment Certificate from the school and give it at your office. This will result in good tax-savings for you.

Education scholarship

The scholarship amount received for education is exempt from tax under section 10(16) of the Income Tax Act. Tax experts say that the scholarship received from the government or any trust is exempt from tax.

Contribution to Political Party/Charitable Organizations

If you make any kind of contribution to any political party or charitable organization, then you can claim tax deduction on it. This deduction facility is available under section 80GGC of the Income Tax Act.

Education loan

If a student has taken an education loan, then a deduction can be claimed on the interest amount. This deduction can be claimed under section 80E of Income Tax. You just have to keep in mind that this deduction is available only on the interest part of the EMI. Deduction cannot be claimed on principal.

Rent paid

If you are employed and do not get House Rent Allowance (HRA), you can claim a deduction on the rent you pay. This deduction is available under section 80GG of the Income Tax Act. Self-employed individuals can also claim this deduction. To take advantage of this deduction, it is necessary to submit Form

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if the stock price increases in the stock market, money increases, but even if the stock is in loss, money is received. Now you would think how is this possible? This is possible with the dividend given by the company. In the stock market, this dividend has earned Vedanta Limited shareholders (Vedanta Share Price) bumper earnings. From April 2022 till now i.e. in FY 23, the company has given interim and final dividend to the shareholders.

As per information available with the Bombay Stock Exchange, Vedanta has paid 4 interim dividends in the current financial year, aggregating to Rs 81 per share. If we compare the dividend of Rs 81 given by the company in the financial year 2022-23, then the annual dividend yield of Vedanta is 20 percent.

Total 81 rupees paid in 4 dividends in FY23

On 6 May 2022, Vedanta announced an interim dividend of ₹ 31.50 per share. Later on 26 July 2022, Vedanta gave ₹ 19.50 to its eligible shareholders. Similarly Vedanta shares paid interim dividend for ₹17.50 and ₹12.50 per share on 29 November 2022 and 3 February 2023 respectively.

Vedanta’s share price at the beginning of April 2022 was around ₹ 405 per share. Therefore, the net dividend yield of Vedanta shares in FY23 comes to 20 percent [(₹81 / ₹405) x 100].

Comparing the 20 per cent annual dividend yield of Vedanta stock, we will find that this metal sector stock has given more than twice the returns of government schemes like Public Provident Fund, EPF only through dividends.

Investors expect a return of 12 per cent from mutual funds in a long term, but Vedanta Limited has given huge returns only by giving dividends. Let us tell you that Vedanta Limited is the largest company in the country to produce aluminum and zinc. Shares of Vedanta Limited are listed on both NSE and BSE. Vedanta’s share price on the National Stock Exchange is Rs 313.80.

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This scheme is tax free, as the tax exemption and maximum investment are equal. You can invest at least Rs 500 annually in this government scheme, and you can save up to a maximum of Rs 1.5 lakh. At present, the government is giving 7.1% rate of interest annually on PPF. You can get good returns by investing in this scheme. You can open PPF account in any bank and post office of the country.

Explain that by investing in PPF, you get interest on compounding, which is calculated on an annual basis. You can open PPF account in almost all government and private banks of the country including post office. The eligibility for this is to be Indian only. But, if suddenly you need money, then you can withdraw money from PPF. However, there are some rules to this. Let us know that you can withdraw money from PPF account before maturity.

Can withdraw before time

1. PPF has a locking period of 15 years. So if you want to invest for the long term, then PPF is a great option.
2. If you need money in between, then you can withdraw some amount from this scheme.
3. If you want to withdraw money before 15 years, then it is allowed only after seven years.
4. While investing in this scheme, also keep in mind that the year of starting investment is not counted in the calculation of 15 years in maturity of PPF account.
5. You can do partial withdrawal from PPF account after seven years.
6. You can withdraw 50 percent of the amount from the account. But you can withdraw money only once in a year and the withdrawn income will come under the ambit of tax.
7. 50% of the balance in the account at the end of the financial year preceding the current year or 50% of the balance in the account at the end of the fourth financial year preceding the current year can be withdrawn.

Withdrawal Process

1. To withdraw money from PPF account, you have to submit Form C. This will be available in the bank or post office.
2. In the form, you will have to mention your account number and the amount you want to withdraw.
3. Apart from this, a revenue stamp will also be required.
4. Then it has to be submitted along with the passbook.
5. After the process is complete, the amount will be transferred to your account.

You get these benefits

1. After operating the PPF account for three years, you can take a loan on it.
2. Loan facility is available from 3rd year to 6th year of account opening.
3. You can apply for the second loan only after the first loan is closed.
4. Only 25% of the amount deposited on PPF account can be taken as loan.
5. By depositing money in PPF, along with better returns, you can also take advantage of tax exemption.
6. You can take advantage of tax exemption under section 80C of income tax, which has a maximum limit of Rs 1.5 lakh.

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Guidelines have been issued. The post office has talked about the benefits of the customers under this guideline. It has been said by the postal department that many post offices are not settling the death claims on time. Also, they are not following the necessary rules for death claim. In such a situation, the postal department has directed to settle the death claim immediately and said that any such case should be settled within the time limit.

These instructions have to be followed for death claim 

The department said that the post office will have to ensure settlement of deceased claim cases within the prescribed time limit. In the information issued by the Department of Posts on January 9, 2023, it has been said that it is necessary to follow certain rules for timely disposal of death claim cases.

• KYC documents should be there during the death claim and it is necessary to get it verified in the post office.
• Signatures of witnesses are also required on the copy of KYC documents. If the signature is not there, then the witness will have to go to the post office.
• It is also necessary to provide the claimant’s signature, bank account and other documents.
• It is mandatory to provide all the documents sought to settle the death claim, otherwise the money may stop.
• Death claim can be made in just one day in case of nominee and within seven days in other case.

Legal documents to be given 

If the amount issued under any scheme is more than five lakh rupees and there is no nomination or nomination in that account, then it is necessary to give legal documents issued by the court. However, if the amount is five lakh rupees, then there is no need to provide any legal document for the death claim.

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