The Labour leader called for everyday savers to help fund Britain s recovery
£125bn has been saved since March 2020 but just 10% will be spent
He said British Recovery Bonds could raise billions for investment
The Government has raised money from savers during crisis times before - but what would this cost and what other challenges would face such a fundraise?
How could Sir Keir Starmer s British Recovery Bonds work? dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
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Q. I am a retired senior citizen, aged 71. Along with my wife, I have invested about 50% of my retirement corpus in leading public sector banks’ and NBFCs’ deposits. The balance is distributed across SCSS, LIC Vaya Vandana Yojana, PPF, RBI 7.75% taxable bonds. Some bank and NBFC FDs worth ₹30 lakh will be maturing shortly. The new interest rates are very low. Kindly advise any other secure investment option available for regular income with better returns as we are dependent on our interest income.
Rajesh
A. The ultra-low interest rates in the economy have allowed lenders to raise deposits at very low rates that don’t really compensate for inflation. We do think that the abnormally low interest rates will improve once economic growth normalises.
Updated Feb 03, 2021 | 07:12 IST
The government s increasing dependence on small savings schemes such as PPF and NSC to fund its annual fiscal deficit is likely to ensure that interest rates are kept intact so as not to hurt inflows Interest rates on PPF, other small savings scheme unlikely to be slashed this fiscal | Photo Credit: Thinkstock
Union Finance Minister Nirmala Sitharaman may have dashed the hopes of small investors by not increasing the annual Public Provident Fund (PPF) contribution limit but economists anticipate that interest rates paid to investors on small savings schemes won’t be reduced this year.
Over the past few years, the government has become increasingly dependent on small savings schemes such as PPF, NSC, and post office deposits etc to fund its annual fiscal deficit.
NEW DELHI: Whether you are a government employee or privately employed, you can avail income tax benefits under Section 80C. There are also other deductions that can be claimed which can help you bring down your taxable income. Here s a look.
80C: Your tax-saving knight .
Those with taxable income at 30% can save Rs 45,000 by claiming Rs 1.5 lakh as deduction under Section 80C and not opting for the new ‘simplified’ personal income tax regime.
2. Principal component of your housing loan from prescribed institutions.
3. You can invest Rs 500 to Rs 1.5 lakh every year in a Public Provident Fund (PPF) account.
4. Tuition fees of two children.