How many transactions are allowed in SB account?
The typical range of 3 to 5 transactions per month is the maximum allowed without
incurring any fees
(financial and non-financial). Every time the cash deposit limit in your savings account surpasses
INR 50,000, you must supply your PAN
card information.
What are the rules for RD?
RD allows you to earn fixed interests on the amount invested at frequent intervals
until the
investment matures or a predetermined term ends. The total amount (i.e., the capital invested and
the interest accumulated) is disbursed to the
investor after the maturity period completes.
What are the new rules of SSY?
The SSY account shall be mandatorily operated by the girl child after she attains
the age of 18
years. The minimum deposit amount for an SSY account is Rs.250 (this amount was previously
Rs.1,000), thereafter in multiples of Rs.50, and
the maximum is Rs.1,50,000 in every financial year, up to 15 years.
What are the rules regarding PPF account?
As a rule, one can fully withdraw the PPF account balance only upon maturity, i.e.
after the
completion of 15 years. Upon completion of 15 years, the entire amount standing to the credit of an
account holder in the PPF account along with
the accrued interest can be withdrawn freely and the account can be closed.
Can I exit from NPS before 60 years?
You can voluntarily exit from NPS before attaining the age of 60 years or
superannuation.
Annuitization - Minimum of 80% of accumulated pension wealth will be utilized for monthly annuity or
pension.
Who is not eligible for APY?
The Finance Ministry amended the Atal Pension Yojana (APY) scheme to provide that
income-tax payers
cannot join the scheme. However, the 5th October 2022 deadline for joining the scheme was provided.
People with a total income of more
than Rs. 2.5 lakhs are required to file and pay taxes.
How much interest is exempted for TDS of FD?
The cons of investing in an FD are discussed below. The returns in an FD are
guaranteed but the FD rates are low as compared to other market-linked investments. If you
withdraw the FD before its maturity date, you will have to pay
a penalty charge.
What is the disadvantage of FD?
The cons of investing in an FD are discussed below. The returns in an FD are
guaranteed but the FD rates are low as compared to other market-linked investments. If you
withdraw the FD before its maturity date, you will have to pay
a penalty charge.
What happens if we break FD before time?
For example, the interest rate for a 4-year FD maybe 7.60%, whereas a 1-year
FD would offer you 7.15% If you wish to prematurely withdraw your FD, you will be charged
interest as per the rate on the day of opening your account for
the actual period your account was open.
What are the rules for FD?
If the interest on your FD is less than the interest being received on the
savings account, then you will keep getting the interest with FD. If the interest earned on FD
is more than the interest earned on the savings account, then
you will get the interest on the savings account after maturity.
What are the rules for NSC post office?
An individual must not be a non-resident Indian citizen. No age limit for an
individual to invest in NSC. An investor can purchase NSC from an Indian Post Office for a maturity
period of 5 years. The minimum investments must be Rs
100 and no maximum limit on the investment amount.
Can I withdraw NSC before maturity?
No, NSC can no be closed before 5 years of time mark. Unless there is some
exceptional cases such as a valid law court order or death of the account holder. If the NSC
prematurely withdrawn within a year then no interest will be payable
other than the investment amount.
How much interest on NSC after maturity?
The term is already fixed at five years. This is because the NSC matures in 5
years. The interest is fixed at 7%. This is the current interest rate announced by the Ministry of
Finance as of January 1st, 2023.
Can I exit from NPS before 60 years?
You can voluntarily exit from NPS before attaining the age of 60 years or
superannuation. Annuitization - Minimum of 80% of accumulated pension wealth will be utilized
for monthly annuity or pension.
What is the locking period for NPS?
What is the lock-in period for NPS? The investments you make in NPS are locked
in until the age of 60. And when you reach the age of 60, you can withdraw a maximum of 60% of
your corpus. The remaining 40% must be used to purchase an
annuity.
What happens to NPS if I stop working?
If contribution is discontinued and the subscriber wishes to exit from NPS
before attaining the age of 60, he/she can withdraw upto 20% of the sum accumulated till that
point of time. The subscriber has to buy annuity with the rest
of the money from PFRDA empanelled Annuity Service Providers.
