The interest rates are calculated on a quarterly basis and reviewed periodically by the Finance Ministry
Most of us invest in some kind of small savings scheme with an aim to accumulate a good amount of money, which we would have otherwise spent in meeting our daily chores. And when the deposited money matures, we put it to some use such as house construction, buying household items, for children s higher education or their marriage. These government-backed schemes offer safe and attractive investment options to the public and mobilises resources for development projects in the country. Let s take a deep dive into these schemes.
Be an early bird to save on taxes
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The earlier the better it is for investing in tax-saving instruments
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The earlier the better it is for investing in tax-saving instruments
You would be thinking, we just got over one tax ‘season’ viz. March 2021. Why talk of the next season right now? Well, the earlier the better. You get more time to plan, execute and revise your plan.
It is a mindset that when we have a deadline for, say, submission of a form or filing a tax return, we take the last date as ‘the’ date for doing it. The fact is, time is up to the last date and delay is not desirable unless there is a reason.
April 17, 2021
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To further improve the economic condition of senior citizens, the report recommended giving full tax rebate on the interest amount up to a threshold level on the Senior Citizens Savings Scheme (SCSS).
Post-Office savings deposits are negatively correlated to per capita income while bank deposits are positively correlated with per capita income, according to State Bank of India’s (SBI) economic research report “Ecowrap”.
This indicate that poor people are more reliant on post-offices for their savings and when the income increase they shift to bank deposits first and not to financial products,as per the report put together by SBI’s Economic Research Department.
Senior Citizens Savings Scheme (SCSS) is offering an interest rate of 7.4%, which is around 1.2% higher than the rates offered by banks on FDs targeted at senior citizens