The News Caravan

Tag: Savings

  • Apple unveils Apple Card’s savings accounts with 4.15% interest rate

    Apple unveils Apple Card’s savings accounts with 4.15% interest rate

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    San Francisco: Apple has launched a new high-yield savings account for Apple Card users that will come with a 4.15 annual percentage yield (APY).

    Apple Card users can now choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into a high-yield Savings account from Goldman Sachs.

    “Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 per cent — a rate that’s more than 10 times the national average,” said the company.

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    With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.

    “Savings helps our users get even more value out of their favorite Apple Card benefit ‘Daily Cash’ while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

    “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly ‘all from one place’,” Bailey added.

    Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account.

    To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.

    “Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time,” Apple said late on Monday.

    Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.

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    ( With inputs from www.siasat.com )

  • Eliminate these 5 bad habits and increase your savings: Condusef

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    Do you want to increase your savings but don’t know what else to do anymore? Would you like to save a little more? Next we will give you the advice of the National Commission for the Protection and Defense of Users of Financial Services (Condusef) so that you can improve your personal finances.

    According to the Condusef, the first step to reach your goalss is to save a proportional part of your salary to be able to use it in the future, but surely you already knew this, however sometimes we fall into bad habits that do not allow us to save properly.

    Even the Condusef warned that saving is not accumulating what you have left overbut contribute a fixed amount, that is, designate the amount you want and include it in your budget each month.

    According to some data provided by the Commission, at least 25 million of adults save through informal mechanisms, while those who save formally or informally are around 22 million.

    How to start saving properly?

    The Condusef gave some suggestions that it could consider to achieve its objective in a shorter term.

    • As we already mentioned, the first step will be to establish a specific amount each month, that is, allocate a part of your income to savings
    • keep a goal in mind
    • Be organized with your money
    • Resist the temptations that promote advertising
    • Look for opportunities to reduce expenses
    • When shopping, bring a list of what is needed

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    What are the bad habits of saving?

    • Impulsive spending.
    • The disorganization.
    • Saving less than what was proposed each month
    • Not making or following a budget
    • Use your savings fund as petty cash every time you do not have enough to finish the fortnight

    Likewise, the Condusef recommended reducing or eliminating ant expenses to increase their savings, that is, the expenses that are made daily when leaving home and although they seem small, over time they add up to a considerable amount of loss for their pockets.

    We recommend you read:

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    According to specialists, carrying out this type of disbursement day by day represents around 12% of a worker’s annual income. The main recommendation in this case is to save those amounts or invest it in your Retirement Fund Administrator (Afore).

    Sad holidays? Girl saved money all year for Christmas, “my first piggy bank was stolen”

    #Eliminate #bad #habits #increase #savings #Condusef

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    ( With inputs from : pledgetimes.com )

  • Post Office Savings Schemes – Types, Benefits and How to Invest In 2023 – Kashmir News

    Post Office Savings Schemes – Types, Benefits and How to Invest In 2023 – Kashmir News

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    Post office is probably the oldest organisation in India and was started in the British era in 1854. It started off as delivering posts only, but later on, widened its services by offering other banking services. Because they are backed by the government, investing in these schemes is considered relatively safe.saving scheme

    Post Office Savings Schemes:​​Salient features

      • (i)a single adult
        (ii)two adults only (Joint A or Joint B)
        (iii)a guardian on behalf of minor
        (iv)a guardian on behalf of person of unsound mind ​
        (iv)a minor above 10 years in his own name
      • Only one account can be opened by an individual as a single account
      • Only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind
      • In case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has single account in his/her name, Joint account have to be closed
      • Conversion of single to joint account or vice versa is not allowed
      • Nomination is mandatory at the time of opening of account
      • Minor after attaining majority has to submit fresh account opening form and KYC documents of his/her name at concerned Post Office for conversion of the in his/her name

    Post Office Savings Schemes: Deposit and Withdrawal​: – 

      • All deposits/ withdrawals shall be in whole rupees only.
        (i) Minimum deposit amount: – Rs. 500 (subsequent deposit not less than 10 rupees)
        (ii) Minimum withdrawal amount: – Rs. 50
        (ii)Maximum deposit: – No maximum limit
        (iii)No withdrawal will be permitted which effect reducing of minimum balance Rs. 500
        (iv) In case account balance not raised to Rs. 500 at the end of financial year Rs. 50 will be deducted as Account Maintenance Fee and if account balance became Nil the account shall stands automatically closed

    Post Office Savings Schemes: Interest:-

      • (i)Interest will be calculated on the basis of minimum balance between 10th of the month and end of the month and allowed in whole rupees only
        (ii)No interest will be allowed in a month if balance between 10th and last day of the month falls below Rs. 500
        (iii)Interest shall be credited in account at the end of each Financial Year at the interest rate prescribed by Ministry of Finance
        (iv)At the time of closure of account, interest will be paid up to the preceding month in which account is closed
        (iv)u/s 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to Rs. 10,000 earned in a Financial Year is exempted from taxable Income

    Post Office Savings Schemes: Silent Account: –

      • (i)If no deposit/withdrawal takes place in an account during continuous three financial years, the account shall be treated as silent/dormant
        (ii)Revival of such account can be done by submitting application along with fresh KYC documents and passbook at concerned Post Office

    ​Additional Facilities available on PO Savings Account

      • To avail below facilities on your PO Savings Account, kindly download and submit respective form at concerned Post Office

    Cheque book

      • (iii)ebanking/mobile banking
      • (v)Atal Pension Yojana (APY)
      • (vi)Pradhan Mantri Suraksha Bima Yojana (PMSBY)
        • (vii)Pradhan Mantri Jeevan Jeevan Jyoti Bima Yojana (PMJJBY)

    Post Office Savings Schemes: ePassbook for POSB schemes

    The Department of Posts (DOP) through the Post Office Savings Bank (POSB) provides various types of accounts as an avenue to the citizens to save and invest their money. The account holders of these schemes are provided a physical passbook into which entries of the transactions are made. To further enhance the convenience of the account holders, the DoP has launched ePassbook feature for the account holders of POSB schemes. ePassbook is a feature providing the following services through an online webpage –

    1. Balance enquiry
    2. Mini statement
    3. Full statement

    Following is the workflow for the same in brief –

    1. After OTP validation, the webpage will provide the option of accessing the ePassbook.
    2. The customer will have to select the scheme and enter the relevant account details.
    3. Another OTP validation will be done after which the customer will have to select the required service i.e Balance Enquiry or Mini Statement.
    4. Based on the service chosen, either the balance will be displayed or the mini statement will be displayed.
    5. The mini statement can also be downloaded if needed.

    Click here to access your ePassbook

    • Mini statement will be available for SB, PPF and SSA schemes currently.
    • Full statement will be introduced for POSB schemes in a phased manner.

    Process to Apply for a Savings Scheme in Post Office

    The following steps can enable you to easily apply for a post office saving scheme:4

    • Step 1: Visit the closest post office branch.
    • Step 2: Get the form to open the relevant account from the post office. However, you can also download the form online from the official portal of the Indian Post Office.
    • Step 3: Fill in the form with the needed details and submit it along with the KYC proof. You will also have to give other documents as required.
    • Step 4: Finish the process of enrolment by depositing the amount of the scheme you chose.

    Required Documents for Post Office Saving Schemes

    • Form (relevant)
    • KYC Form
    • PAN
    • Aadhaar
    • Driving license
    • Voter’s ID card
    • Job card
    • Proof of date of birth

    FAQs On Banking

      1. How can I claim payment of deceased account / certificate holder?

        The claim can be settled by three modes

        Nomination :-Submit nomination claim form with Death Certificate with KYC documents

          1. Legal evidence (Probate of will, Letter of administration, Succession certificate) :- Submit Claim Form, Legal evidence and Death certificate with KYC documents.
          2. Without nomination ( up to 5 Lakh ) :- Submit claim form, death certificate, Annexure-I (Letter of Indemnity) , Annexure-II(Affidavit)  and Annexure III (Letter of disclaimer of affidavit)  with KYC documents of   claimant,deponents,  witnesses, sureties etc.Note:-
            1. If there is no nomination and deposit value at the date of death is above Rs. 5 Lakh , claim can be settled only through Succession Certificate.
            2.  Claim in case of without nomination (up to 5 lakh) can be settled after 6 month of death of the depositor.​

      2. ​How to transfer accounts and certificate?

        For transfer of accounts/certificate- the depositor should apply in the prescribed form SB 10(B)/NC-32 with Passbook and KYC documents. The transfer application can be given either in transferring office or transferee office. However the transfer process will be done by respective Head Post Offices.

      1. How to open an account in post office and its requirements?

        To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS)submit Account Opening Form (AOF) duly filled in with KYC documents and deposit slip(SB 103) in desired Post Office.

      2. What is silent account and how to revive it?

        An account in which a deposit or withdrawal has not taken place for three complete Financial Years, shall be treated as silent account.

        For revival, one application from  the customer with KYC documents is required. Respective HO will revive the accounts.​

      3. ​What are late payment fees for recurring deposits?The monthly deposits for account opened between 1 to 15 should be credited  up to 15th of the month and account opened between 16 to the last of the month monthly deposit should be credited by last day of the month. If the monthly installment is not credited for any particular month, then it becomes a default. The defaulted months can be credited subsequently (revival fee for INR. 100/- denomination is Re. 1  for each month of default) maximum 4 defaults are allowed.

      4. What is the procedure for the issue of duplicate certificates?

        The investor should apply in the prescribed form for duplicate certificate in respect of lost, stolen, destroyed, mutilated or defaced certificates (NC-29).
        The application shall be accompanied by a statement showing particulars of certificates and furnish an indemnity bond in the prescribed form with one or more sureties or with a bank guarantee.

        In case of mutilated or defaced certificates, no indemnity bond is required. The duplicate certificate will be issued in the form of Passbook from respective HO.

      5. How I get duplicate passbook?

        Application in the prescribed form or manuscript application may be given. A prescribed fee for issue of duplicate passbook to be paid.  New duplicated Passbook will be issued by respective Head Post Offices.

      6. What are the norms for issuing a Cheque Books?

        Cheque books are issued in respect of Post Office Savings Account.  Minimum balance to be maintained in respective Post Office Savings Account should be Rs. 500.​

      7. What are the service charges for outstations Cheque?

        Cheque realization charges for outstation Cheque.
        INR. 30/- for first thousand or part
        INR. 3/- for each additional thousand or part
        In case of bouncing of Cheque INR. 50/- is charges as service charge.

      8. Can Monthly Income Scheme (MIS) interest be credited to RecurringDeposit (RD) account?

        No. There is no provision. MISInterest amount can be credited to SB account and Standing  Instruction can be given for credit into RD from SB. A prescribed application form to be submitted to respective Post Office.

      9. What is the minimum balance required for an account?

        Minimum balance in respect of different types of Small Savings Accounts is given below.
        Post Office Savings AccountINR. 500/-
        National Savings Recurring Deposit AccountINR. 100/-
        Monthly Income Scheme                                INR. 1000/-
        Time Deposit AccountINR. 1000/-
        Public  Provident FundINR. 5​00/-
        Sukanya Samriddhi AccountINR. 250/-
        Senior Citizen Savings Scheme​INR. 1000/-
        ​National Savings Certificate (VIIIth Issue)​INR. 1000/-
        ​Kisan Vikas Patra​​INR. 1000/-​

      10. How I can get encashment of certificates / account before maturity?

        Premature encashment conditions for Small Savings Schemes as below.
        POSA   ​Can be closed at any time
        RDCan be closed after 3 years, only SB rate of interest is permissible.
        TDCan be closed after 6 months*
        MISCan be closed after 1 year*.
        PPFAfter 5 years only in case of Severe Illness, Higher Education and NRI status.
        ​SSA​On the occasion of marriage of girl child after age 18.​
        ​SCSS   ​Can be closed at any time*.
        ​NSC (VIII Issue)​Premature encashment is not permitted (except in case of death and forfeiture).​
        ​KVP​​After 2 years 6 months​

        ​Preclosure fee at prescribed rates are applicable

      11. ​Are there any charges​ for the use of ATM Card ?

        ​Charges in respect of different types of ATM transactions are given below.​

         
        Daily ATM cash withdrawal limitINR. 25000/-
        Cash withdrawal limit per transactionINR. 10000/-
        Charges for transactions done at DOP ATMsNil.
        Free transactions at other bank ATMs (Per month)                                                       Metro Cities – 3 free transactions (Both Financial & Non Financial)
        Non Metro Cities – 5 free transactions (Both Financial & Non Financial)
        Charges after free transactions at other bank ATMsINR.​ 20/-  + GST per transaction

        (For financial &non financial transactions)

    ​Charges for ATM transactions on ATM outlets of lndia Post as well as other banks

    Transaction TypeCharges (Rs.)Date of implementation
    Debit Card Replacement ChargesRs.300/- + GST01.10.2021
    Duplicate PIN/Regeneration of PIN through BranchRs.50/- + GST01.10.2021
    ATM/POS transaction Technical declines attributable to customer (i.e. lack of balance in account)Rs.20/- + GST01.10.2021
    AT PoS – Cash withdrawals for DoP Debit cards (On- Us transactions)1% of the transaction value subject to a maximum of Rs.5/- per transaction01.10.2021
    Charges for Withdrawal at ATMFinancial Transactions at other ATMs – Beyond 3 free transactions- (ln Metro Cities) and 5 free transactions in Non-Metro Cities Rs.20/- + GST01.10.2021
    Financial Transactions at own ATMs-Beyond 5 free transactions- Rs.10/- + GST01.10.2021
    Non-Financial Transactions at other ATMs – Beyond 3 free transactions- (ln Metro Cities) and 5 free transactions in Non-Metro Cities – Rs.8/- + GST01.10.2021
    Non-Financial Transactions at own ATMs – Beyond 5 free transactions Rs.5/- + GST01.10.2021
    ATM/Debit Card Annual Maintenance ChargesRs.125/- + GSTCharges are applicable on Cycle of 01.10.2021 to 30.09.2022 and Subsequent cycles.charges to be collected at the end of the cycle i.e. on 30.09.2022
    SMS Alert charges per annum from Debit card HoldersRs.12/- (incl GST)Charges are applicable on Cycle of 01.10.2021 to 30.09.2022 and Subsequent cycles.charges to be collected at the end of the cycle i.e. on 30.09.2022
    1. In which savings accounts ATMs card/Net banking can not be issue ? 
          1. Minor/Lunatic  Account
          2. Joint A Account

      ​

    2. Whether Netbanking /Mobile Banking facilities available in Post Office Savings Accounts ?

      Intra Operable Netbanking/Mobile Banking facilities is available for Post Office Savings Accounts customers of CBS Post Offices. This will work within POSB ie DoP network.

    3. How can I activate Intra Operable netbanking /mobile banking ?

      Post Office Saving Account customer to submit duly filled request form in respective Post Office, After enabling desired service in customers Savings Accounts by Post Office, customer will get activation code on his/her mobile within 48 hours to proceed further.​

    4. What facilities is available in Intra Operable Netbanking ?

        1. ​View transaction of all linked accounts.
        2. View/Print statement .
        3. Fund transfer between Post Office Savings Accounts.
        4. Deposit in linked RD Accounts.
        5. Deposit in linked SSA Account.
        6. Deposit in linked PPF account.
        7. Opening of TD account.
        8. Opening of RD account.
        9. Cheque Stop payment request.

    Forms available


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    ( With inputs from : kashmirnews.in )

  • New I-T system can have adverse impact on taxpayers’ savings, says RSS affiliate SJM

    New I-T system can have adverse impact on taxpayers’ savings, says RSS affiliate SJM

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    New Delhi: While expressing satisfaction over the growth orientation in the Budget, with focus on rural development, infrastructure and MSMEs, RSS affiliate Swadeshi Jagran Manch (SJM) impressed upon the Centre to tweak the tax regime to promote saving by the middle class, which is an essential source of government borrowing and capital formation.

    The SJM also urged the government to increase tariffs on products where there exists sufficient excess capacity, aimed at promoting manufacturing in the country by curbing imports from China.

    Dr Ashwani Mahajan, national co-convenor, SJM said that as expected, the income tax burden (in the new tax regime) has been reduced for the middle class, including for the ultra-rich, which will have an impact on the total revenue of Rs 37,000 crore.

    “Swadeshi Jagran Manch believes that the new income tax system may give relief to the taxpayers in terms of ease in filing returns, with lower tax burden; but it can have an adverse impact on the savings being made by income taxpayers. In today’s era where GST has gone out of the ambit of the Budget; and hardly much possibility of any tweaks in corporate taxation, the allocation of government expenditure is more in the eyes of economic analysts,” he said.

    No doubt, the allocation of government expenditure is the mirror of the policies of the government; and that is perfectly reflected in the Budget. In that context, SJM expresses its happiness over the allocation for infrastructure, rural development, green growth, education and digitization in the budget,” he added.

    The RSS affiliate said that unprecedented imports from China and the trade deficit are a cause of concern.

    “Although it was expected that there will be an emphasis on manufacturing in this budget, SJM expresses its dissatisfaction over the lack of sufficient efforts, including hiking tariffs on products, both final and intermediate products. Today the country is going through unprecedented imports from China and a trade deficit, but the same couldn’t catch sufficient attention of the Finance Minister,” said the SJM.

    SJM said that carrying forward last year’s resolution, the share of effective capital expenditure (including support to state governments for capital formation) has been raised to Rs 13.7 lakh crore, which is 4.5 per cent of GDP.

    “It will benefit infrastructure building and other types of asset creation. Capital expenditure of Rs 2.40 lakh crore for Railways, and the provision of various types of capital expenditure, including logistics of Rs 7,500 crore makes this Budget special. This much capital expenditure is a record not only in terms of quantity but also as a percentage of GDP in recent decades,” it said.

    “Another welcome focus in the Budget is the MSME sector. Extending Credit Guarantee for MSMEs, giving relief to MSMEs who could not fulfil their contracts with the government by releasing their caution money, PM Vishwakarma Kaushal Samman scheme is a welcome step for empowering artisans, who are at the bottom of the pyramid,” said the SJM.

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    ( With inputs from www.siasat.com )

  • Imp of personal savings ‘jettisoned’ in ‘hullabalo’ over old, new tax regimes: Chidambaram

    Imp of personal savings ‘jettisoned’ in ‘hullabalo’ over old, new tax regimes: Chidambaram

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    Delhi: Congress leader P Chidambaram on Thursday said that in the “hullabaloo” over the old and the new tax regimes, the importance of personal savings in a developing country has been “jettisoned”.

    The former Union finance minister asserted that in the absence of a state-provided safety net for the vast majority of people, personal savings is the only social security.

    The mystery of the New Tax Regime is unravelling, he said and pointed to the analysis and the tables in major newspapers on Thursday.

    “If you are a taxpayer, don’t rush to conclusions. Do your math, consult a chartered accountant,” Chidambaram said in a series of tweets.

    “My regret is, in this hullabaloo about OTR (old tax regime) and NTR (old tax regime), the importance of personal savings in a developing country has been jettisoned,” he said.

    Chidambaram on Wednesday claimed that the Union Budget has “betrayed” the hopes of a vast majority of Indians and shows how far removed the government is from the people and their concerns about life, livelihood and the growing inequality between the rich and the poor.

    At a press conference at the Congress headquarters here, he had termed the budget “callous” and claimed that Finance Minister Nirmala Sitharaman has not mentioned unemployment, poverty, inequality or equity anywhere in her Budget speech.

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    ( With inputs from www.siasat.com )

  • Union Budget 2023-24: Sitharaman announces new savings scheme for women and girls – Know Details – Kashmir News

    Union Budget 2023-24: Sitharaman announces new savings scheme for women and girls – Know Details – Kashmir News

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    New Delhi, Feb. 1: Union Finance Minister Nirmala Sitharaman announced a ‘Mahila Samman Savings Certificate’ with a fixed interest rate of 7.5 percent for two years.

    The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh, and the scheme will have a partial withdrawal facility as well.

    “One-time new small savings under ‘Mahila Samman Saving Patra’. “The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 percent,” Sitharaman announced.

    Meanwhile, India’s Union Budget 2023–24 also lays emphasis on strengthening and improving girl’s participation in sport and investing in young sportswomen at the grassroots level.

    She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilizing rural women.

    Sitharaman also announced enhancing the maximum amount of money that can be invested in the senior citizen saving scheme (SCSS) to Rs 30 lakh, compared to Rs 15 lakh now.

    The postal monthly income scheme also saw an enhancement of its limit. In a single name, Rs 9 lakh can be invested, as compared to Rs 4.5 lakh now.

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    ( With inputs from : kashmirnews.in )

  • Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh

    Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh

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    Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh

    Delhi: Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh.

    In her Budget Speech, the minister also announced a new small savings scheme for women.

    “The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh,” the minister said in her 87-minute long speech.

    She also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.

    Announcing a new ‘Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra’, Sitharaman said a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.

    “This will offer deposit facility up to Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option,” she said.

    The minister also announced to that an integrated IT portal will be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease.

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    ( With inputs from www.siasat.com )