Under this scheme, an account has to be opened at a post office or a bank. This scheme also saves tax. This scheme has been specially designed keeping senior citizens in mind.

Who can open an account

Any Indian above the age of 60 years can open an account under this scheme. Also, retired civilian employees above the age of 55 years and below the age of 60 years can also open an account, subject to the condition that they invest within 1 month of receiving retirement benefits. Also, retired defense personnel above the age of 50 years and below the age of 60 years can also open an account, subject to the condition that they invest within 1 month of receiving retirement benefits. The account can be opened in individual capacity or jointly with spouse only. The entire amount deposited in the joint account will be for the first account holder only.

How much interest do you get

According to the official website of India Post, Senior Citizen Savings Scheme account offers 8.2 per cent annual interest. The interest amount is payable from the date of deposit till 31 March / 30 September / 31 December and thereafter, on 1 April, 1 July, 1 October and 1 January.

The minimum starting amount will be Rs 1000

One can start investing in Senior Citizen Savings Scheme with a minimum of Rs 1000 and in multiples of 1000, up to a maximum of Rs 30 lakh. If any excess amount is deposited in the SCSS account, the excess amount will be refunded to the depositor immediately and only savings account interest rates will be applicable from the date of excess deposit to the date of withdrawal. Investment under this scheme is eligible for the benefit of section 80C of the Income Tax Act, 1961.

You can extend the account

The account holder can also extend the account for a period of 3 years from the maturity date by submitting the prescribed form along with the passbook to the concerned post office or bank. The account can be extended within 1 year of maturity. Note that the extended account will earn interest at the rate applicable on the maturity date.

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The post Senior citizens can invest up to ₹ 30,00,000 in this scheme, the returns are excellent, know the whole thing first appeared on Rightsofemployees.com.

After the Reserve Bank of India’s (RBI) hike in the repo rate from 4 per cent to 6.50 per cent in the last financial year, many banks increased the interest rates on savings accounts. Small private banks and small finance banks offer up to 8 percent interest on savings accounts, which is higher than major private banks.

These banks are giving more interest

1. DCB Bank is offering up to 8 percent interest on savings account. This bank is providing the best interest rates among private banks. Customers can keep a minimum balance of Rs 2,500 to Rs 5,000 in the savings account of this bank.
2. Ujjivan Small Finance Bank is paying up to 7.5% interest on savings account. This bank offers the best interest rates among small finance banks.
3. Federal Bank is paying up to 7.15 percent interest on savings account. The minimum limit to maintain balance is Rs.5,000.
4. DBS Bank offers up to 7 percent interest on savings accounts. This bank offers the best interest rates among foreign banks. Average quarterly balance requirement is Rs.10,000 to Rs.25,000.
5. AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering up to 7% interest on savings account. The average monthly balance requirement is Rs.2,000 to Rs.5,000, Rs.2,500 to Rs.10,000 and Rs.2,000 respectively.
6. IDFC First Bank and RBL Bank are offering up to 7% interest on savings account. The average monthly balance requirement is Rs.10,000 and Rs.2,500 to Rs.5,000 respectively.

Small private banks and small finance banks are offering higher interest rates on savings accounts than major private and public sector banks to attract new retail customers. You should choose a bank with a long track record, good service standards, wide branch network and ATM services across cities. Higher interest on savings accounts would be a bonus.

The post These banks are earning more than FD on savings account, getting up to 8% returns first appeared on Rightsofemployees.com.

Because of which people are very fond of investing in Mutual Funds. You can get better returns by doing small SIP in mutual funds. If you also want to improve your portfolio, then investing in Mutual Fund Scheme can be a very good option.

Today we are telling you about such a mutual fund scheme, which has given its investors a fund of more than 10 lakhs on SIP of 10,000 in the last three years. This mutual fund is Quant Small Cap Fund Direct Plan.

Investors got bumper returns

Many financial experts keep advising people to invest in mutual funds. Quant Small Cap Fund has given investors a return of 64.5% in the last 3 years under the direct plan. A monthly investment of Rs 10,000 in this fund grows to around Rs 10.9 lakh in three years. Done. On the other hand, the regular plan of the scheme has given a return of 62.19 per cent in three years. Due to which the monthly SIP of Rs 10,000 increases to approximately Rs 10.4 lakh.

Top Stock Holdings

Top Stock Holdings in the Fund’s Factsheet for April 2023 are Reliance Industries, ITC, HDFC Bank, Jindal Stainless, RBL Bank, IRB Infrastructure, Punjab National Bank, Bikaji Foods International, Usha Martin and Just Dial This Small Cap Fund The top 10 stocks held are. Quant Small Cap Plan has allocated 15.3% of its capital to banks, followed by petroleum products (6.52%), pharmaceuticals (5.86%) and construction (5.78%).

The post Mutual Fund: Create a fund of more than 10 lakhs with a SIP of 10,000 in three years, know all the details first appeared on Rightsofemployees.com.

January 7, 2023. According to the new rates, now customers will get interest ranging from 4.50% to 6.75% on FDs maturing in 7 days to 10 years. Explain that customers will get the highest interest of 7.15% on FDs maturing in a period of 15 months to 2 years. Let us know what is the interest rate on FD of different periods.

ICICI Bank Bulk FD Rates

7 days to 29 days – 4.50%
30 days to 45 days – 5.25%

46 days to 60 days – 5.50%
61 days to 90 days – 5.75%
91 days to 184 days – 6.25%
185 days to 270 days – 6.50%
271 days to less than 1 year – 6.65 per cent
1 year to less than 15 months – 7.10 percent
15 months to 2 years – 7.15%
2 years 1 day to 3 years – 7%
3 years 1 day to 10 years – 6.75%
Interest rate on FD less than 2 crores

The interest rates offered by ICICI Bank on FDs below Rs 2 crore are applicable from December 16, 2022. Under this, common people will get a maximum interest rate of 7% on FDs of 15 months to 5 years. Senior citizens will get a maximum return of 7.50% on FDs of 15 months to 10 years.

The post ICICI Bank Bulk FD Rates Increased: ICICI Bank increases interest rates on bulk fixed deposits, will get returns of up to 7.15% first appeared on Rightsofemployees.com.