senior citizen
18:44
UFBU Writes to The Hon’ble Finance Minister for Exemption of GST on Group Medical Insurance Policies
UFBU Writes to The Hon’ble Finance Minister for Exemption of GST on Group Medical Insurance Policies
Showing posts with label senior citizen. Show all posts
Showing posts with label senior citizen. Show all posts
Monday, 29 September 2025
Friday, 2 April 2021
senior citizen
08:13
Increase in Ex- gratia amount payable to Pre- 1986 retirees and their spouses
Increase in Ex- gratia amount payable to Pre- 1986 retirees and their spouses
Saturday, 4 April 2020
Sunday, 22 July 2018
Tuesday, 13 February 2018
small savings
18:53
Small Savings Act Amendments -Ministry of Finance
Small Savings Act Amendments -Ministry of Finance
Ministry of Finance
Government of India makes Amendments in Small Savings Act;
Proposes merger of Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873;
All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act.
The Government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our country’s savings architecture. In order to remove existing ambiguities due to multiple Acts and rules for Small Saving Schemes and further strengthen the objective of “Minimum Government, Maximum Governance”, Government of India has proposed merger of Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873. With a single act, relevant provisions of the Government Savings Certificates (NSC) Act, 1959 and the Public Provident Fund Act, 1968 would stand subsumed in the new amended Act without compromising on any of the functional provision of the existing Act.
All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act. No existing benefits to depositors are proposed to be taken away through this process. The main objective in proposing a common Act is to make implementation easier for the depositors as they need not go through different rules and Acts for understanding the provision of various small saving schemes, and also to introduce certain flexibilities for the investors.
However, concerns have been raised from different corners and also by print and social media that the Government aims to bring down the protection against the attachment of Public Provident Fund Account under any decree or order of any court in respect of any debt or liability incurred by the depositors. It is made clear that there is no proposal to withdraw the said provision and the existing and future depositors will continue to enjoy protection from the attachment under the amended umbrella Act as well.
Apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill. These are:
As per PPF Act, the PPF account can’t be closed prematurely before completion of five financial years. If depositor wants to close PPF account before five years in exigencies, he can’t close the account. To make provisions for premature closure easier in respect of all schemes, provisions could now be made through specific scheme notification. The benefits of premature closure of Small Savings Schemes may now be introduced to deal with medical emergencies, higher education needs, etc.
Investment in Small Savings Schemes can be made by Guardian on behalf of minor(s) under the provisions made in the proposed bill Guardian may also be given associated rights and responsibilities.
There was no clear provision earlier regarding deposit by minors in the existing Acts. The provision has been made now to promote culture of savings among children.
There were no clear provisions in all the three Acts for the operation of accounts in the name of physically infirm and differently abled persons. Provisions in this regard have now been made.
As per existing provisions of the Acts, if depositor dies and nomination exists, the outstanding balances will be paid to nominee(s). Whereas, Hon’ble Supreme Court in its judgement stated that nominee(s) is merely empowered to collect the amounts as Trustee for the benefit of legal heirs. It was creating disputes between the provisions of the Acts and verdict of Supreme Court. Hence, right of nominees have now been more clearly defined.
In the existing Acts, there is no provision for nomination with regard to account opened in the name of minor. Further, existing Acts say that if account holder dies and there is no nomination and amount is more than prescribed limit, the amount shall be paid to legal heirs. In this case, the guardian has to obtain succession certificate. To remove this inconvenience, provisions for nomination with regard to account opened in the name of minors have been incorporated. Further the provision has been made that if the minor dies and there is no nomination, the balances shall be paid to guardian.
The existing Acts are silent about grievance redressal. The amended Act allows the Government to put in place mechanism for redressal of grievances and for amicable and expeditious settlement of disputes relating to Small Savings.
The above provisions which are proposed to be incorporated in the amended Act will add to the flexibility in operation of the Account under Small Savings Schemes.
Apart from offering higher interest rates compared to bank deposits, some of the small savings schemes also enjoy income tax benefits. No change in interest rate or tax policy on small savings scheme is being made through this amendment.
Apprehension that certain Small Savings Schemes would be closed is also without basis.
Source:PIBNEWS
Monday, 13 November 2017
Tuesday, 5 September 2017
State Bank of India
22:56
State Bank Of India Fixed Deposit Rates
State Bank Of India Fixed Deposit Rates
State Bank of India now offers 6.75% interest on one-year fixed deposits compared to 6.9% earlier.
The interest rate payable to SBI Staff and pensioners will be 1 per cent above the applicable rate, according to the website. The rate applicable to all senior citizens and SBI pensioners of age 60 years and above will be 0.50 per cent above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian senior citizen pensioners will get both the benefits of Staff (1 per cent) and resident Indian senior citizens (0.50 per cent).
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on "SBI Tax Savings Scheme 2006 (SBITSS)" retail deposits and NRO deposits shall be aligned as per the proposed rates for domestic retail term deposits. NRO stands for Non-Resident Ordinary account. It refers to the savings or fixed deposit account of a non-resident Indian in a bank in India.
However, NRO deposits of SBI staff are not eligible for additional 1 per cent interest otherwise applicable to staff domestic retail deposits. These rates of interest shall also be made applicable to domestic term deposits from cooperative banks.
Source:NDTV
Saturday, 8 July 2017
State Bank of India
08:33
SBI has cut interest rate on 1-year FD to 6.75% from 6.9%
SBI has cut interest rate on 1-year FD to 6.75% from 6.9%
SBI has reduced interest rate on deposits between 456 days to less than 2 years to 6. 5 per cent, from 6.75 per cent.
SBI or State Bank of India has revised term deposit of fixed deposit rates from July 1, 2017. SBI, for example, has cut interest rate on 1-year FD to 6.75 per cent from 6.9 per cent. Similarly, on fixed deposits with maturity between 1-year and 455 days the rate has been cut to 6.5 per cent from 6.9 per cent earlier. Also, SBI has reduced interest rate on deposits between 456 days to less than 2 years to 6. 5 per cent, from 6.75 per cent. These rates are for retail deposits below Rs. 1 crore. SBI's move come amid a declining interest rate across the financial system. Senior citizens get about 50 basis points higher rates as compared to other depositors.
|
Tenors
|
Earlier rates
|
Revised from 01.07.2017
|
Earlier rates for senior citizens
|
Revised for senior citizens from
01.07.2017
|
|
7 days to 45 days
|
5.5
|
5.5
|
6
|
6
|
|
46 days to 179 days
|
6.5
|
6.5
|
7
|
7
|
|
180 days to 210 days
|
6.5
|
6.5
|
7
|
7
|
|
211 days to less than 1 year
|
6.5
|
6.5
|
7
|
7
|
|
1 year
|
6.9
|
6.75
|
7.4
|
7.25
|
|
Above 1 year to 455 days
|
6.9
|
6.5
|
7.4
|
7
|
|
456 days to less than 2 years
|
6.75
|
6.5
|
7.25
|
7
|
|
2 years to less than 3 years
|
6.25
|
6.25
|
6.75
|
6.75
|
|
3 years to less than 5 years
|
6.25
|
6.25
|
6.75
|
6.75
|
|
5 years and up to 10 years
|
6.25
|
6.25
|
6.75
|
6.75
|
Other things to know about SBI fixed deposits, according to its website.
The minimum required for an SBI term or fixed deposit is Rs. 1,000.
The tenure can be from 7 days to 10 years
SBI also provides loan facility against deposits
Payment of interest at Monthly/Quarterly/Calendar quarter basis as per your requirement.
For retail term deposits up to Rs. 5 lakh, the prepayment penalty will be 'NIL' provided the deposits have remained with the bank for at least 7 days.
For term deposits above Rs. 5 lakh but less than Rs. 1 crore, the prepayment penalty will 1 per cent for all tenors
Source:NDTV
Monday, 3 April 2017
Tuesday, 7 March 2017
senior citizen
07:56
Latest Income tax slabs for FY 2017-2018
Latest
Income tax slabs for FY 2017-2018
The
Latest income tax slabs based on the Union budget presented on 01 February
2017. Calculate your tax based on the tax slabs for year 2017-2018. Detailed
split for general, women, senior citizen etc are provided.
India Income tax slabs 2017-2018 for General tax payers and
Women
|
Income
tax slab (in Rs.)
|
Tax
|
|
0 to 2,50,000
|
No tax
|
|
2,50,001 to
5,00,000
|
5%
|
|
5,00,001 to
10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
India Income tax slabs 2017-2018 for Senior citizens (Aged 60
years but less than 80 years)
|
Income
tax slab (in Rs.)
|
Tax
|
|
0 to 3,00,000
|
No tax
|
|
3,00,001 to
5,00,000
|
5%
|
|
5,00,001 to
10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
India Income tax slabs 2017-2018 for very senior citizens (Aged
80 and above)
|
Income
tax slab (in Rs.)
|
Tax
|
|
0 to 5,00,000
|
No tax
|
|
5,00,001 to
10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
Note - No change in Tax slabs from last year.
Source:FinanceMinister
Monday, 16 January 2017
senior citizen
20:19
BIGGER CASH PROP FOR BANKS
BIGGER CASH PROP FOR BANKS
New Delhi, Jan. 15 (PTI): The finance ministry is likely to finalise a capital infusion plan for public sector banks this week based on the request of various lenders affected by demonetisation amid rising bad loans.
The final touches are being given based on the feedback from banks and the plan should be ready by this week, sources said.
The capital infusion will be more than Rs 25,000 crore announced in the earlier budget and the additional requirement will reflect in the final batch of the supplementary demand for grants to be presented in the upcoming budget, they said.
Saddled with rising bad loans, banks have made a case for a higher capital infusion that is reflected in their demands sent to the ministry, sources added. Besides, their normal business has been hit during demonetisation.
The government has announced a fund infusion of Rs 22,915 crore, of the Rs 25,000 crore earmarked for the 13 PSU banks for the current fiscal. Of this, 75 per cent have been released to them.
The first tranche was announced with an objective to enhance their lending operations and enable them to raise more money from the market.
The capital infusion for this fiscal is based on an assessment of the compounded annual growth rate of credit growth for the last five years, banks' own projections of credit growth and an objective assessment of the potential for growth of each banks, the ministry had said.
Under the Indradhanush road map announced last year, the government will infuse Rs 70,000 crore in state banks over four years, while they will have to raise a further Rs 1.1 lakh crore from the market to meet their capital requirements in line with global risk norms under Basel-III.
PSU banks are to get Rs 25,000 crore in each fiscal - 2015-16 and 2016-17. Besides, Rs 10,000 crore each would be infused in 2017-18 and 2018-19.
However, a month ago, finance minister Arun Jaitley had nudged banks to think "out-of-box" while doing business and dealing with challenges, even as state-owned banks sought a higher capital support and tax incentives for senior citizens parking money in fixed deposits.
"The current fiscal is not a conventional year as many major reformative decisions have been taken during the year. There is a need for out-of-box thinking as a series of steps are required about what the government can do and what the banks can do," Jaitley had said.
Stating that the banking sector is the backbone of our economy, Jaitley said he "did not see any serious challenges as far as structural changes were concerned".
Source:Telegraphindia
Thursday, 7 January 2016
State Bank of India
08:05
Budget: SBI for differential interest rates on small savings
Budget: SBI for differential interest rates on small savings
The State Bank of India wants the Centre to consider differential interest rates on small savings according to age groups, similar to what banks are offering senior citizens.
Currently, banks pay 25-50 basis points higher interest on senior citizens' deposits. One basis point is equal to one-hundredth of a percentage point.
In a note on expectations from the upcoming Budget, India’s largest bank said empirical studies suggest that a person in the age group of 30-45 primarily saves for tax purposes while a person above 45 years saves for social security.
This hypothesis is more prominent in the country, where social security is in a nascent stage.
The bank, in its research report State Bank Ecowatch, suggested that the small savings rate should be linked to bank deposits rate (average of the top five banks). This will create a level-playing field for banks in deposit mobilisation.
It reasoned that banks have been arguing for a long time that the transmission of monetary policy easing has not happened due to high interest rates for small savings.
The RBI has reduced rates by 125 basis points (bps) to a four-and-a-half-year low of 6.75 per cent while banks have transmitted only up to 70 bps in their base rate. This is because high rates on small savings schemes make banks’ fixed deposits uncompetitive and in turn do not allow banks to reduce the cost of funds.
In an effort to incentivise public savings and wean away such savings from gold, SBI said the Centre should create a separate category of exempt-exempt-exempt (EEE) tax advantaged deposits. This will not only incentivise the general public to use bank channels for savings but will also increase the savings rate.
Over 70 per cent of the total domestic savings are household savings and bank deposits accounts for 53 per cent of the total household savings.
“We propose that fixed deposits with a maturity of more than three years can also be considered under the Section 80C limit and reduction of the compulsory lock-in period of five years to three years for tax saving fixed deposits,” the note said.
To further incentivise household savings, the Centre may consider increasing the maximum limit of savings in PPF account to at least Rs. 2 lakh from Rs. 1.5 lakh.
“Our internal research shows that there was substantial growth in savings in PPF accounts when the limit was increased to Rs. 1.5 lakh earlier. The Government may also think to rationalise the rate of interest in PPF account gradually,” it added.
In a note on Budget expectations, the lender said studies show that a person in the age group of 30-45 primarily saves for tax purposes while a person above 45 years saves for social security
Source:BankingUpdates
Source:BankingUpdates
Sunday, 4 October 2015
senior citizen
15:22
Door-step banking facility yet to catch on in Chennai
Door-step banking facility yet to catch on in Chennai
For many pensioners in the city, going to the bank itself is an arduous task what with long queues at bank counters.
In a bid to help senior citizens who are unable to visit banks, door-step banking facility was introduced a few years ago.
However, the service is yet to catch up in Chennai and there is not much awareness among the community. Only a few banks actually offer the service.
The facility allows a pensioner aged over 75 to get pension delivered at his or her residence or remit cash on nominal charge. Residents note that only a few banks have implemented the service in the city.
S. Sundaravadivelu, a resident of Tondiarpet, said: “My father is aged over 80 and bedridden. He just makes a call to the bank branch and an authorised person provides cash or collects amount to be deposited.
But, it took me several months to find out about the service and also alert the branch. More awareness is needed.”
Some senior citizens associations also plan to write to banks that the service be made available to the elderly and physically challenged persons. S.M. Chellaswamy, president of the Tamil Nadu Elders Welfare Association, said many senior citizens preferred visiting banks than using automated teller machines.
“I waited for 10 days to receive cash when my relative transferred cash through ATM. We had to undergo some procedures to receive cash because of faulty machine,” Mr. Chellaswamy said.
The association also plans to write to the Union Finance Minister and banks, seeking to implement the scheme.
Meanwhile, representatives of various nationalised banks, including Indian Bank, point out the difficulties in sustaining the door step banking facility because of manpower shortage.
Banks need to outsource staff for such services. Moreover, security issues and expenditure had come in the way of implementation.
Sources in the Indian Bank said that the service was offered on a personalised basis depending on the distance of house and during emergency like hospitalisation.
Many branches had now digitised life certificate submission and also installed bunch note acceptors to deposit cash, the sources added.
The facility allows a pensioner aged over 75 to get pension delivered at his or her residence
Source :The Hindu
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Source :The Hindu
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