POST OFFICE SAVINGS ACCOUNT
'Pension will stop if you don't fill this form': Govt warns of pension scams, offers tips to protect pensioners
The Central Pension Accounting Office (CPAO) warned pensioners of increasing online scams targeting their retirement funds. In an August 2024 memorandum, they instructed banks to inform pensioners about these fraudulent activities. Scammers often exploit pensioners' trust and lack of tech knowledge to steal personal information or trick them into transferring money.
Six new rules for PPF, Sukanya Samriddhi Yojana, other small savings schemes with effect from October 1, 2024
Small savings rules: The Ministry of Finance is responsible for overseeing small savings accounts. Any unusual accounts must be sent to this department to be brought into compliance by the Ministry of Finance, as per the regulation. Six specific categories have been defined, and appropriate instructions have been provided.
Bharat Bandh on August 21; are banks, post offices open today?
A Bharat Bandh has been called for August 21, 2024, today, by the Reservation Bachao Sangharsh Samiti in response to the Supreme Court's recent ruling on reservations for SC/ST people. During the protest, law enforcement officials have been directed to take appropriate action to preserve order.
Incorrect interest income from post office account reported to tax department? Govt explains why this happened
The Department of Posts has released an important notification on the shortcomings in the protocols post offices have been following. The following are some typical gaps that have been noted, leading to the IT Department receiving inaccurate interest income reports.
TV Somanathan is appointed Cabinet secretary
The Cabinet Appointments Committee has named TV Somanathan, the current finance secretary, as the new cabinet secretary. A distinguished 1987 Tamil Nadu cadre IAS officer, Somanathan will start his two-year term on August 30. With over 30 years of experience, including roles in the Prime Minister's Office and as a World Bank director, he is known for pivotal policy reforms. His contributions include the Aatmanirbhar Bharat packages, the PLI scheme, and the National Monetisation Pipeline, aiming to enhance economic growth and public finance efficiency.
Indian banks need to quell a looming threat as savers flock to stocks
Bank deposit rates: Indian banks reported a brief surge in deposit growth over credit offtake as of mid-July 2024. Despite this, banks are facing a growing challenge as urban savers increasingly opt for higher-yield investments like mutual funds and stocks. HDFC Bank's Managing Director highlighted this trend, expressing concerns over the stability and growth prospects of bank deposits.
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'If you don't update KYC, your bank account will be blocked': New APK fraud scam could cost you lakhs, how to prevent
APK Scam: Punjab and Sind Bank through a public notice has warned about scamsters now trying to rob you by using the 'APK file scam'. According to Kaushik Ray, COO Whizhack Technologies, "APK fraud involves tricking users into downloading and installing an APK file that appears legitimate but is malicious. Once installed, these fraudulent APKs can perform a variety of malicious actions ranging from stealing personal information to locking the device for ransom."
Tuck away, depositors
Banks are ramping up their blockbuster deposit schemes to bolster their deposit bases in response to heightened credit growth rates, amidst recent tax changes stemming from the budget. Households are realigning their investment choices, as bank deposit interest rates now rank low in post-tax efficiency. These schemes aim to engage 'silent' depositors despite the challenging landscape.
Earn 7.5% interest rate: What is the last date to invest in Mahila Samman Savings Certificate?
The Mahila Samman Savings Certificate is a new government-backed scheme offering for women announced in Budget 2023. Note that the Mahila Samman Savings Certificate is a one-time scheme available for two years.
Changing customer behaviour forces India's banks to recalibrate strategies
Banks are having to respond to the changing landscape by employing various strategies to maintain and grow their deposit bases, even as customers increasingly shift their funds towards investment avenues.
Apart from Post Office, you can open Mahila Samman Savings Scheme account only with these banks: Check full list
Mahila Samman Savings scheme: The Mahila Samman Savings Certificate, 2023, is a special small savings scheme offered by the Government of India exclusively designed for women investors. It is a one-time scheme that will be available for a period of two years, from April 2023 to March 2025.
Savings account interest rate up to 7.25%: Post office savings account vs SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, IDFC FIRST Bank
Savings account interest rates: Compare the interest rates of savings accounts at Post Office, SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, and IDFC FIRST Bank to find the highest rate.
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, NSC, other small savings schemes' rates announced for July-September 2024 quarter
Latest Post Office Schemes interest rates: The government has announced that it will keep the interest rates unchanged for small savings schemes for July-September 2024. These schemes include the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS).
Your mutual fund redemptions, SWP, switch, STP will stop if you don’t do this by July 1
Mutual fund unit holders must submit nomination information in a prescribed manner and opt out of nomination if needed using a regulated declaration form.
This bank revises savings account interest rates; now earn up to 7.75% interest rate
Unity Small Finance Bank Limited (Unity Bank) has raised the interest rate slabs on savings accounts, according to the bank press release dated June 24, 2024. The bank offers highest interest rate of 7.75% on savings account.
Recurring deposit (RD) premature withdrawal: Eligibility, interest rate, other rules explained
Post office RD scheme: You might have invested money in a post office RD scheme, however due to any financial need or trouble you may wish to prematurely break it. This is because a post office RD scheme has a tenure of five years from the date of opening. Read here to know more about post office RD scheme.
New Post Office Act 2023 comes into effect from June 18: Check details
Post Office Act 2023: The Act's provisions allow the government to intercept articles sent via India Post for several reasons, including public order and state security. In the event of a public emergency or to maintain peace and safety, an interception may be carried out.
Latest interest rates of PPF, Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, NSC, other post office schemes
Latest small savings schemes interest rates: The government has left the interest rates on small savings schemes for the quarter ending June 30, 2024. Latest interest rates of PPF, Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme, NSC, and other post office schemes.
Re-KYC update of bank account: How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank
How to update KYC details: Re-KYC is a procedure that allows banks and other financial organisations to stay up to date on a customer's most recent contact data and personal details. Here is how you can update your KYC details online for these top banks.
Top post office schemes: These 9 small savings schemes offer above 7% interest rate
Post office schemes interest rates: The government has kept the interest rates on small savings plans unchanged for the quarter ending June 30, 2024. Here are nine post office schemes that offer more than 7% interest.
Anticipating INDIA bloc victory, women rush to open India Post accounts to get Rs 8,500 per month
Bengaluru's General Post Office is crowded with women, mainly from minority communities, rushing to open India Post Payment Bank accounts. They believe they'll receive Rs 8,500 monthly if the INDIA bloc wins the election. The Chief Post Master clarified it's a rumor, but the rush persists, with hundreds of accounts opened daily.
5 things to know before investing in Sukanya Samriddhi Yojana (SSY): Eligibility, documents required and more
Families with a girl child under the age of 10 are increasingly opting for SSY accounts. SSY enjoys a relatively higher interest rate and sets aside a corpus that can be used for the daughter’s education or marriage.
Online PAN verification: You may not be able to invest in post office schemes if there is a mismatch in PAN details
Do note that from April 1, 2023, it is mandatory to provide PAN and Aadhaar details to invest in post office schemes. In case of any discrepancy, you may not be able to invest in these schemes.
How to open NRI account in India: List of documents needed to open NRI savings account
NRI savings account: There are two types of NRI Savings Accounts: Non-Resident External (NRE) Savings Account, Non-Resident Ordinary (NRO) Savings Account.
Can you withdraw Post Office MIS before maturity? MIS premature withdrawal rules and penalties explained
Post Office Monthly Income Scheme Account (MIS): Did you invest in MIS? Then you must know the rules and conditions for withdrawing your money prematurely. Read here to know more about Post Office Monthly Income Scheme Account (MIS) and when is interest paid if you close it prematurely.
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