Savings Scheme लेबलों वाले संदेश दिखाए जा रहे हैं. सभी संदेश दिखाएं
Savings Scheme लेबलों वाले संदेश दिखाए जा रहे हैं. सभी संदेश दिखाएं
मंगलवार, 12 अगस्त 2014
PUBLIC PROVIDENT FUND ( PPF) Features, Clarifications
रविवार, 3 अगस्त 2014
NSC - KVP Ready Reckoner
Useful tool for NSC-KVP data
entry work for CBS migration
Developed
by
Shri. Prashant Malkar
Accountant,
Jalgaon HPO, MH
Shri. Prashant Malkar
Accountant,
Jalgaon HPO, MH
POSB Interest Calculator Ver 3.5 Update 01/04/2014.
Futures:
RD/All TD/MIS/SCSS/SB/PPF etc.
1. Calculate premature closure./Claim Closure
2. Calculate maturity closer with extended period.
3. PMI Calculation.
4. Loan Interest Calculation for RD/PPF accounts
5. with all relevant rules./ Comparison view
Download
Developed By
Rajeev Sharma PA(SBCO)
Kullu HO 175101
1. Calculate premature closure./Claim Closure
2. Calculate maturity closer with extended period.
3. PMI Calculation.
4. Loan Interest Calculation for RD/PPF accounts
5. with all relevant rules./ Comparison view
Download
Developed By
Rajeev Sharma PA(SBCO)
Kullu HO 175101
Small Saving Schemes for the benefit of all including Weaker Sections of Society
Press Information Bureau
Government of India
Ministry of Finance
01-August-2014 17:04 IST
The Small
Savings Schemes that are currently in operation in the country are: Post Office
Savings Account, Post Office Time Deposits (1,2,3 & 5 years), Post Office
Recurring Deposits, Post Office Monthly Income Account, Senior Citizens Savings
Scheme, National Savings Certificate (VIII-Issue), National Savings Certificate
(IX-Issue) and Public Provident Fund.
The above accounts can be
opened by a person who has attained the age of majority and is of sound mind,
except the Senior Citizens Savings Scheme which can be opened by a retired
person who has attained the age of 55 years or 60 years on the date of opening
of account. The accounts can be opened by an individual and the guardians on
behalf of minor also.
Benefits of small savings
schemes are equally available to all persons which include weaker sections of
the society.
With the objective of
facilitating payment of various Government benefits transferred under different
schemes of Central and State Government, a new category of savings account called
‘Basic Savings Account’ was notified. An individual adult and also a guardian
of any minor, including people from the weaker sections, whose names are
registered for any Government Welfare Scheme, may avail benefits from the said
schemes. They can open Basic Saving Account, without depositing any amount, in
any post office for the said purpose.
This information was given
by the Minister of State for Finance, Smt. Nirmala Sitharaman in written reply
to a question in Lok Sabha today.
RBI Issues Guidelines for Opening of Bank Accounts of Children
With a
view to promote the objective of financial inclusion and also to bring
uniformity among banks in opening and operating minors’ accounts, Reserve Bank
of India (RBI) issued guidelines dated May 6, 2014 to all Scheduled Commercial
Banks on Opening of Bank Accounts in the Names of Minors which, prescribes that
Minors above the age of 10 years may be allowed to open and operate savings
bank accounts independently, if they so desire. Banks may, however, keeping in
view their risk management systems, fix limits in terms of age and amount up to
which minors may be allowed to operate the deposit accounts independently.
Banks can also decide, in their own discretion, as to what minimum documents
are required for opening of accounts by minors. On attaining majority, the
erstwhile minor should confirm the balance in his/her account and if the
account is operated by the natural guardian/legal guardian, fresh operating
instructions and specimen signature of erstwhile minor should be obtained and
kept on record for all operational purposes.
This
information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman
in written reply to a question in Lok Sabha today.
Source : PIB Release, 1st August, 2014
POSB Interest Calculator - updated - 01/04/2014)
(Last updated - 01/04/2014)
Features in this File:
Updated
on 01/04/2014:
- New Interest
rates w.e.f. 01/04/2014 configured for RD, TD schemes. Old
interest rates can also be calculated by entering the concerned Date of
opening
- RD PMC
Calculator link is added in the Main page of Calculator.
- Option for
calculation of "Maturity Amount for Discontinued/Extended RD
accounts" is provided in RD-View more Link.
- "Print
Tables/Forms" link is provided in Main calculator page to Print
Ready reckoner tables for RD/TD/MIS and Pamphlet, Forms. (Ready reckoners
and tables have been updated for new interest rates w.e.f 01.04.2014)
- Changes have
been made for PMC of TD accounts before 1 year.
Updated on 12/05/2013: (As per suggestion/request received from users)
- In SCSS
"View more" link, Initial partial interest and Final
partial interest payable (for fraction of days) according to the date of
opening will be displayed in addition to the quarterly interest payable for
SCSS deposit. For SCSS PMC also, final partial interest applicable will be
displayed.
- Possibility
of extension of SCSS account will be displayed along with the
interest rate applicable for such accounts.
- To
calculate maturity amount of Discontinued/Extended RD accounts,
option has been included In RD "View more" link, and
the the same will be displayed if 5 years completed.
- Navigation
link to "Home page" has been uniformly placed
in all pages at bottom.
Updated
on 28/04/2013:
- "MIS
Total Interest" shown in the table for Today's date (i.e.,Date of
Opening is not entered and left as blank cell) has been corrected for 60
months instead of wrongly calculated 72 months in old
calculator.
- (But,
If you enter Date of opening in MIS, it will correctly calculate "Total
Interest" for 60(or)72 months according to the entered Date of
opening, even in old calculator)
- "PPF
Loan/Withdrawal" calculation link
and "MIS to RD Automatic credit Maturity" calculation
link have been included in main table;
- Welcome
message will be displayed at the bottom of calculator (according to the
time of opening calculator file)
Updated
on 15/04/2013:
- In the Link
"PPF Interest Calculation", Provision has been added to find
out Eligible Loan and Withdrawal amount that can be taken in PPF account.
- In the Link
"Print Tables/Forms", Claim Forms for SB/SC and
Application for Reinvestment of Maturity value, and Interest Rate Table
(in Tamil) and link to access "Indiapost Forms page" are
included.
Updated
on 01/04/2013:
- New Interest
rates w.e.f. 01/04/2013 configured for all schemes.
- Old interest
rates can also be calculated by entering the concerned Date of
opening
- RD PMC
Calculator can be downloaded from RD "View More" link
- "Print
Tables/Forms" link is provided in Main calculator page to Print
Ready reckoner tables for RD/TD/MIS and Pamphlet, Forms.
Updated
on 06.11.2012:
- Validation
for KVP Date of Purchase (Now Date can be entered only from
01.03.2003 to 30.11.2011)
- Feedback
form modified.
Updated
on 31.10.2012
- Option
for Entering Date of Opening of Accounts
- Their
Respective Maturity/Interest Amounts, A/c periods, Date of maturity,etc.,
- Current
status of A/c for Closure/PMC/extn., etc.,
- Reduced
Int. for TD, Bonus, Deductions, PMI details,etc.,
- KVP
discharge value calc,
- SB,PPF,PMI
calc,
- PPF
approx maturity value calc,
- Easy
Initialisation of Interest rates for schemes, if changed...
- Option
to download the latest excel calculator (if any), right from this excel
file itself...
Prepared by :
M. Dhamotharan, CDL,
email : dhamotharan@outlook.com
Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15
Press Information Bureau
Government of India
Ministry of Finance
04-March-2014
Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15 Announced
Various decisions taken by the Government of India on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned by the Government through its Office Memorandum dated 11th November, 2011.
One of the decisions of the Government based on the recommendations of the Committee relates to revision of interest rates every financial year, to be notified before 1st April of that year. Accordingly with the approval of the Finance Minister, the rates of interest on various small savings schemes for the Financial Year 2014-15 effective from 01.04.2014, on the basis of the interest compounding/payment built-in in the schemes, shall be as under :
Scheme
|
Rate of interest w.e.f.01.04.2013
|
Rate of Interest w.e.f. 01.04.2014
|
1.
|
2.
|
3.
|
Savings Deposit
|
4.0
|
4.0
|
1 Year Time Deposit
|
8.2
|
8.4
|
2 Year Time Deposit
|
8.2
|
8.4
|
3 Year Time Deposit
|
8.3
|
8.4
|
5 Year Time Deposit
|
8.4
|
8.5
|
5 Year Recurring Deposit
|
8.3
|
8.4
|
5 Year SCSS
|
9.2
|
9.2
|
5 Year MIS
|
8.4
|
8.4
|
5 Year NSC
|
8.5
|
8.5
|
10 Year NSC
|
8.8
|
8.8
|
PPF
|
8.7
|
8.7
|
Promotion of Small Savings
The
Small Savings Schemes, carrying different terms and rates of interest
administered by Government of India, are designed to provide safe and
attractive option to all individuals who invest in these savings schemes. Banks
have been given freedom by Reserve Bank of India (RBI) to fix their rates on
domestic term deposits of various maturities. According to the information
given to the Parliament recently, interest rates on Small Savings Schemes have
been aligned with Government Securities rates of similar maturity with a spread
of 25 basis points (bps) with two exceptions. The spread on 10 year NSC will be
50 bps and on Senior Citizens Savings Scheme 100 bps. The interest rates for
every financial year are notified before 1st April of that year. Therefore,
interest rates of Small Savings Schemes are not comparable with the rates being
offered by the Banks for their various term deposit schemes. However, presently
interest offered on Small Saving by Post Offices on all tenors is higher than
the modal deposit rate offered by the Scheduled Commercial Banks (SCBs) on all
tenors.
The
Parliament was informed that the Central and State Governments take various
measures from time to time to promote and popularize Small Savings Schemes
through print and electronic media as well as holding seminars, meetings and
providing training to the various agencies involved in mobilizing deposits
under various Small Savings Schemes. Further, with a view to sustaining
investor’s interest in the Small Savings Schemes, the features of the schemes
are reviewed from time to time and various improvements and amendments in the
schemes are introduced.
Source : PIB
Five things to know about National Savings Certificate
1) The National
Savings Certificate (NSC) is eligible for tax deduction under Section 80C for
an investment of up to Rs 1 lakh. One can invest in five- or 10-year NSCs.
2) The
interest on the NSC is fixed in April every year. The current rate is 8.5% for
five years, and 8.8% for 10 years.
3) The interest
accumulated every year can be deducted from Rs 1 lakh investible in that year
for saving tax, as it is considered to be invested for this purpose.
4) The
interest is taxable, but since it can be reinvested as part of Section 80C
investment, it makes NSC an attractive option.
5) Investors have to
keep an account of the interest received each year and ensure that the overall
investment, including the interest, is in the Rs 1 lakh limit.
Read
more at:
Small saving plans may get insurance add on
NAGPUR:
Amid concerns over the falling household savings rate, it has been mooted to
revamp the postal small savings plans which include schemes like National
Savings Certificate (NSC) or public provident fund (PPF). In an annual review
meeting of the National Savings Institute (NSI), the agency which manages the
schemes, it was suggested to come up with changes in the existing plans to make
them attractive. This includes incorporating pension and insurance features in
the scheme. NSI is headquartered at Nagpur.
Brainstorming
on the new plans will start soon, after which a formal proposal will be
submitted to the ministry of finance (MoF), a source informed.
Small
savings schemes which were once popular among the middle class have taken a hit
during the last few years. In 2012-13, the withdrawals exceeded deposits by Rs
500 crore. In the current fiscal however, net collections stand at Rs 5500
crore.
At
present, the five year postal monthly recurring deposit scheme has an insurance
component but the benefit is negligible. In case the investor dies in between,
the amount equivalent to the two years' deposit capped at Rs 50 a month is
given. However, this comes to a miniscule sum and it is time that the cap is
revised. But in order to come up with a proper insurance or pension plan an
altogether new scheme may have to be designed, the source added.
During
the meeting, it was mooted by the senior officials to come up with ideas for
new plans or amend in the existing ones. There are chances that the new plans
may have a higher return considering the inflation, sources said. The savings
rates currently are in the range of 26% to 28% as against 30% to 31%, a few years
ago, the source informed.
Apart
from this, there are chances that the returns on NSI's schemes may be increased
by 0.1% in the normal course. Rates are revised in the month of March every
year. Currently, the returns range from 8.5% to 9.3. The highest rates are for
the senior citizens deposits which are sold through banks. With the postal
department in the process of putting in place core banking system it is
expected that managing the schemes would become much easier.
The
money collected through the NSI schemes is accumulated into the National Small
Savings Fund (NSSF), which in turn is used to provide loans to state
governments. If the withdrawals exceed collections then funds have to be taken
out from the NSSF corpus. This year the gross collection stands at Rs 1,11000
crore till October as against Rs1,96000 crore in the entire last fiscal.
Plans
for large-scale campaigns to popularize the scheme were also firmed up during
the meeting. NSI's joint director, A K Chauhan said that the advertisement campaign
including radio jingles would begin soon. The meeting was headed by joint
secretary (budget) from the ministry of finance Rajat Bharvaga and under
secretary RK Thakur.
Source
: http://articles.timesofindia.indiatimes.com
POSB Interest Calculator updated 12/05/2013
Features in this File:
Updated on 12/05/2013: (As per suggestion/request received from users)
- In SCSS "View more" link, Initial partial
interest and Final partial interest payable (for fraction of days)
according to the date of opening will be displayed in addition to the
quarterly interest payable for SCSS deposit. For SCSS PMC also, final
partial interest applicable will be displayed.
- Possibility of extension of SCSS account will be
displayed along with the interest rate applicable for such accounts.
- To calculate maturity amount of
Discontinued/Extended RD accounts, option has been included In RD
"View more" link, and the the same will be displayed if 5 years
completed.
- Navigation link to "Home page" has been
uniformly placed in all pages at bottom.
Download from Official Sites:
Source:https://sites.google.com/site/posbinterestcalculator/
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