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Sukanya Samriddhi Yojana Account Interest rate for FY 2015-2016 – 9.2%

Last updated : 29th April, 2015 Investments in Sukanya Samriddhi Yojana, the special deposit scheme for girl child, will earn higher interest rate of 9.2 % for 2015-2016. Rate on popular tax saving Public Provident Fund has been retained at 8.7 %  for 2015-16. Rate for senior citizens savings scheme (SCSS) has been enhanced to 9.3 % from existing 9.2 %. Kisan Vikas Patra interest earning has also been retained at 8.7 per cent. It was decided by the Centre earlier that interest rates on small savings schemes will be linked to yields on government securities of comparable maturity. In ... Read More »

PPF tenure, lock-in & interest rate may be increased

Last updated : 4th February, 2015 Government may increase lock-in period to 8 years and also to offer higher interest rate for 20-year tenure The government is likely to increase the lock-in period for Public Provident Fund (PPF) to 8 years (as compared to 6 years now). The government is also likely to increase the tenure of PPF from 15 years to 20 years. While it will be up to the saver to opt for either a 15-year or a 20-year saving period, the government will look to lure people with a higher interest rate for the 20-year tenure, under ... Read More »

DDA Housing scheme 2014 – Details & Forms

Last updated : 26th November, 2014 UPDATE 25/11/2014  DDA Housing Scheme 2014 draw results are announced. Please see the link below to check if you have been allotted a flat UPDATE 5/11/2014 –   DDA Housing Scheme 2014 Draw Results :  DDA also now postponed the draw date to November 10. Once the forms are uploaded ont he website, the applicants will be given opportunity for 1-2 days to check the details & rectify it if needed. Update – Last date for DDA Housing scheme is extended to Oct 15 2014. DDA new Housing / Flat Scheme 2014 is biggest ever housing scheme ... Read More »

EPFO makes it mandatory to provide employee’s bank account numbers

Last updated : 18th September, 2014 EPFO has now made it mandatory for firms to provide their employees’ bank account numbers with IFSC code of bank branch to facilitate allotment of universal PF account number and payment to its subscribers. The Employees’ Provident Fund Organisation headquarters has asked its over 120 field offices to seek the core banking account numbers with IFSC code of bank branch for seeding the same with the portable Universal PF Account Number (UAN). “…government issued direction issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of ... Read More »

Bank accounts not inoperative if dividend cheque credited in 2 years

Last updated : 2nd September, 2014 The RBI in its latest notification said that the bank accounts will not become inoperative if a dividend cheque has been credited in it in the previous two years. Since dividend on shares is credited to Savings Bank accounts as per the mandate of the customer, the same should be treated as a customer induced transaction. Normally, A bank account become inoperative or dormant if no credit or debit transaction has been conducted for a period of two years. This clarification has been issued in view of the doubts raised by some bankers whether ... Read More »

RBI allow to open Bank Accounts without valid documents

Last updated : 28th August, 2014 The Reserve Bank of India has recenlty allowed that small accounts with banks can be opened even without officially valid documents. In a circular posted on its website, the banking regulator has said that a small account can be opened on the basis of a self-attested photograph and putting the prospective account holders’ signature or thumb print in the presence of an official of the bank. However such accounts will have restricted transactions facilities. Aggregate credits will not be more than Rupees one lakh in a year. While aggregate withdrawals are not to exceed ... Read More »

EPF Interest rate for 2014-2015 set at 8.75% on PF Deposits : EPFO

Last updated : 7th October, 2016 EPFO’s trustees today decided to retain interest payment on provident fund deposits for 2014-15 at 8.75% The decision to retain the interest rate on the provident fund deposits at last year’s level was taken despite some protest by the trade union members of the CBT The final notification for payment of the interest rate for the current fiscal will be issued by the Finance Ministry later. The EPFO had provided 8.75 %  rate of interest on PF deposits for 2013-14, which was higher than 8.5 %  paid for the previous fiscal Read More »

EPFO re-initate process to club allowances with basic pay, ordered inspection

Last updated : 7th October, 2016 August 2014,  EPFO has asked its over 120 field formations to inspect firms which are deducting PF on 50 %  or less of total wages. In a bid to deal with issue of splitting of wages by employers, field offices told to inspect establishments that may be structuring salaries in such a way as to cut PF liabilities The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers. The provident fund is deducted as 12 % of basic wages. According to ... Read More »

Highlights of Indian Union Budget 2014-2015 – Summary of key proposals

Last updated : 6th August, 2014 Highlights of Indian Union Budget 2014-2015 – Announced on 10th July 2014 Personal taxation No change in income tax rates; personal income tax exemption limit raised from Rs 2 lakh to Rs 2.50 lakh Propose to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh Tax exemption on interest component on housing loan raised to Rs 2 lakh from Rs 1.5 lakh Tax exemption limit for senior citizens changed from Rs 2.5 lakh to Rs. 3 lakh Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs ... Read More »

EPF threshold raised from Rs 6500 & increased to Rs 15000 – New PF rule EPFO Notification

Last updated : 7th October, 2016 As per new EPFO Notification, Employees earning upto Rs 15,000 a month will come under the Employees’ Provident Fund (EPF) net. UPDATE (28-Aug) :   The formal notification is issued now and it will be effective from 01-Sep-2014. Gazette Notification providing for increase in wage ceiling under EPS, 1995 from Rs. 6500/- to Rs. 15,000/- which shall come into force on and from the 1st day of Sept., 2014 – HO No. Acturial/18(2)2008/Vol. III/7738 dated 29/08/2014 Read full notification here Government has approved hike in the threshold for mandatory PF savings from Rs 6,500 a ... Read More »

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