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IPL 2018: Rajasthan Royals vs RCAWhose IPL is it anyway? There are many schemes that the Indian government has initiated to reinforce India’s economic development and the financial stability of its citizens. These schemes were introduced in order to provide financial support in the form of bank accounts, financial security for education, loans, and for emergencies like death. Let us understand some of the available government schemes that you can pick from.
This is a life insurance scheme provided and supported by the Government of India. This scheme can be taken up by any individual between 18 to 50 years of age. It can be subscribed to at a minimum annual premium cost of Rs 330, with a death benefit of Rs 2 lakh to the nominee. The Pradhan Mantri Suraksha Bima Yojana, on the other hand, will offer a renewable one-year accidental death-cum-disability cover of Rs 2 lakh at Rs 12 as an annual premium. This scheme is a part of the government’s Beti Bachao aur Beti Padhao movement. It was launched on January 22, 2015.
By investing in this scheme, you will be eligible to annualised returns of 9. The rate of returns has been since increased to 9. The interest rate offered under the scheme is subject to revision and will be compounded every year. This scheme is intended to provide pension benefits like social security, with a minimum contribution per month. Those who work in the private sector can opt for a fixed pension of Rs 1,000 to 5,000 that will start once they are 60 years old. Upon the death of the contributor, the spouse or the nominee can claim the pension money and the accumulated corpus.
But this scheme is only for those who come under the low-income group or are not a part of the tax bracket. Did you know that you can get tax benefits by investing in Mutual funds? Under this, you can save up to Rs 1. 5 lakh under section 80C and also get a chance to earn potentially higher amount of returns on your investments with the lowest lock-in period of only three years, as compared to any other tax saving investment schemes. Under this scheme financial services like bank’s savings and deposit accounts, remittance, credit, insurance, pension, and more, is provided to those who are from rural area and do not have access or does not have any bank account. The best part of this scheme is that it also offers tax benefits under section 80CCD of Income-tax Act, 1961 within an overall limit of Rs 1.
In the last budget, an additional deduction up to Rs 50,000 is also allowed for the contribution made towards NPS. PPF is one of the best government-backed long term small savings scheme which was introduced to help people save for retirement specially for those who are self-employed. One can invest up to Rs 1. 5 lakh per annum in their PPF account and also avail tax benefits under section 80C of Income Tax Act. One can also open PPF accounts in the name of their spouse and children and the best part is the tax-free returns on the maturity, which makes it a great investment tool.
Different government schemes offer different returns and caters to various strata of our society. So think wisely before investing in any of these schemes to optmise your returns as well as tax benefits. Please forward this error screen to 107. National banks and regulators, exchanges and investment banks across the world are taking seriously the financial innovation of distributed ledger or block chain technology. It provides a shared, trusted, public ledger that everyone can inspect, but no single user controls. Block chain in Financial Services in Bangalore. The 1st edition of the annual corporate quiz contest Blockchain Tussle is here!