What is the rule

Taxpayers whose annual income is less than Rs 5 lakh do not have to pay tax as they get a deduction of Rs 12,500 under section 87A. It is not that their income does not come under the taxable limit. The tax exemption limit is only up to Rs 2.50 lakh.

What is zero return or NIL return?

Zero returns are those in which taxpayers do not have to pay any tax. This happens when the income of a taxpayer is less than the exemption limit. When a taxpayer’s income is less than Rs 2.50 lakh in a financial year, then he has no tax liability. Such people are not required to file tax returns as they do not fall in the tax bracket. If such people still file returns, whose income is less than Rs 2.50 lakh, then it is called NIL return. Let us tell you here that it is not mandatory to file zero return. However, there are many advantages of filing NIL or zero return.

What is the meaning of zero return

Zero return means that you are telling the tax department that your income is not taxable. Your income is less than Rs 2.50 lakh. Filing zero return means that you are not paying tax in that financial year.

Benefits of filing zero return

Loan is easily available

If you file ITR then you get loan easily. To take a loan, you have to give ITR of 3 years.

TDS refund becomes easy

If a taxpayer forgets to fill 15G or H, then his tax is deducted, then he can fill the return by filing ITR.

ITR will be required for Visa

Filing zero returns makes it easier for you to apply for visa applications and credit cards. It acts as proof of your income.

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It is a part of our new era banking solutions that integrate traditional and digital channels. RBL Bank, one of the renowned private banks in the country, has announced the launch of Digital Fixed Deposit for its customers. Customers can book digital FDs within minutes without visiting the branch or opening a savings account with the bank.

Branch and Business Banking Head of RBL Bank, Deepak Gadhyan said that the bank has started its digital fixed deposit for new customers. It is a part of our new era banking solutions that integrate traditional and digital channels. Online Fixed Deposit is a secure and reliable investment route, which helps the customer to generate better returns and save over time.

Benefits of RBL Online Digital FD

1. Online FDs come with several additional benefits, such as embedded insurance cover, easy savings account open process, tracking and managing FDs digitally, etc.
2. FD holders can opt for insurance cover under the Hospital Daily Cash Benefit Policy which provides daily cash benefit for hospital expenses.
3. Customers can download the RBL Bank MoBank app to view their FD receipts online.
4. Digital FDs are enabled through an online KYC process, making it easy and hassle-free for customers to open FDs within minutes.
5. In three easy steps (i) providing Aadhaar linked mobile number and PAN details, (ii) completing KYC status using video KYC, and (iii) funding the FD using online payment methods.

How much will be earned

With an interest rate of up to 7.8 per cent for a tenure of 15 months to 725 days, RBL Bank’s Digital FD is offering investors an interesting investment option.

The post Digital FD Interest Rate: This bank started digital FD, know 5 special benefits first appeared on Rightsofemployees.com.

In this, instant personal loan approval is done according to the eligibility for wedding, holidays, emergency, planned expenses. Customers get loans at concessional interest rates with minimum documents without any guarantee.

SBI Personal Loan: Who can get benefit

According to the website of SBI, for this customized personal loan of the bank, the customer should have a salary account in any bank. His minimum net monthly salary should not be less than Rs.15,000. The bank says that the person applying for the loan should be an employee of Central, State or Semi-Government, Central or State PSU, Corporate or National level Educational Institutions. In this the EMI/NMI ratio will be less than 50 per cent. According to SBI, no security or guarantee will be required for these personal loan products designed for salaried customers.

SBI Personal Loan: Loan Amount

Under the express credit personal loan scheme of SBI, a minimum term loan of Rs 25,000 and a maximum loan of Rs 20 lakh can be availed. In this, the maximum loan cannot exceed 24 times the net monthly income of the customer or Rs 20 lakh. On the other hand, the overdraft loan amount can have a minimum of 5 lakhs and a maximum of 20 lakhs/24 times NMI. In this, the second loan will be available only when you have repaid the first loan. Also, only those who make regular EMI payments in the first loan will be eligible for the second loan.

SBI loan scheme interest rates

Interest rates under the Xpress Credit Personal Loan scheme for SBI salaried customers will start from 10.90%-12.40% per annum. The bank says that the customer does not have to pay any hidden charges in this. The processing fee will also be very less. The repayment tenure of this special SBI personal loan will be a minimum of 6 months and a maximum of 6 years or the remaining period of service, whichever is less.

(Note: An information about this scheme of SBI has been given. Before applying for the loan under the scheme, please check the interest rate, penalty, processing fee and other KYC related information from the bank.)

The post New SBI Scheme: Salary account holders get special benefits, can take help up to ₹ 20 lakh on need first appeared on Rightsofemployees.com.