Author: Naresh Saini

Looking for a safe and reliable way to earn a regular income along with your investment? The Post Office Monthly Income Scheme (POMIS) is a government-backed option designed for people who want monthly returns. It not only offers safety but also guarantees income every month, making it a great choice for conservative investors. Managed by India Post, this scheme allows you to deposit money and receive monthly interest. The best part? It’s backed by the Government of India, making it a low-risk investment. Here’s what you need to know about POMIS. Who Can Open a POMIS Account? The Post Office…

The National Pension System (NPS), which was introduced on January 1, 2004, has revolutionized retirement planning for millions in India. Managed by the government and the Pension Fund Regulatory and Development Authority (PFRDA), it’s designed to help individuals build a financial cushion for life after retirement. Over the years, NPS has gained popularity, especially with its strong investment performance, growing to Rs 2.76 lakh crore in assets, backed by over 58 lakh non-government subscribers. In 2024, several key changes have been made to the NPS rules, each impacting contributors in different ways. Here’s a breakdown of these changes, simplified for…

The Narendra Modi government’s flagship housing initiative, Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U), has seen some recent updates aimed at improving its efficiency and outreach. According to Union Minister Manohar Lal Khattar, a significant change in the scheme is the mandatory contribution of state governments in this second phase. Previously, there was no such requirement. This move comes after facing challenges during the first phase of the housing scheme, prompting the central government to enforce this additional criterion to ensure smoother implementation. What is Pradhan Mantri Awas Yojana-Urban 2.0? In a move to provide affordable housing to urban poor and…

Planning to buy a new car, scooter, or motorcycle this festive season? The government has introduced the PM E-Drive Scheme, providing attractive subsidies on electric vehicles (EVs), making them more affordable. Launched in October 2024, this scheme aims to accelerate the adoption of electric vehicles across India. With a fund of Rs 10,900 crore set aside, the initiative will focus on making EVs accessible, setting up more charging infrastructure, and encouraging EV production within the country. Subsidies on Electric Vehicles Till 2026 The PM E-Drive Scheme will run from October 1, 2024, to March 31, 2026. During this period, buyers…

The Bijli Sakhi scheme, launched by the Uttar Pradesh government in May 2020, has emerged as a significant initiative aimed at empowering rural women by providing them with job opportunities and financial independence. This program enables women to collect electricity bills from households in villages and deposit them at nearby electricity offices, earning commissions for their efforts. Women across the state are finding a new source of income and improving their financial conditions. One such inspiring story is of Rajshree Shukla, a resident of Silauta village in Barabanki district. Through this scheme, Rajshree earns over Rs 50,000 monthly, and her…

The Central Government, under the leadership of Prime Minister Narendra Modi, is preparing to launch an internship scheme aimed at providing financial support to youth across the country. The scheme, which was proposed in the Union Budget, is expected to start by the end of October, giving lakhs of job-seeking youth a monthly allowance of Rs 5000. With Diwali around the corner, this scheme comes as a major boost for young people looking for career opportunities. Reports suggest that the Ministry of Corporate Affairs is actively working to finalize the guidelines for the scheme, which could be announced in the…

The Sukanya Samriddhi Yojana (SSY), one of the most popular savings schemes for securing the financial future of girls, has undergone a significant rule change. Effective from October 1, 2024, the Government of India has introduced a crucial modification that impacts who can open and manage these accounts. This change is especially important for families currently enrolled in the SSY scheme or those planning to open an account for their daughters. Let’s dive into what’s changed, how it affects you, and how to make sure your daughter’s future remains secure. What is Sukanya Samriddhi Yojana (SSY)? Sukanya Samriddhi Yojana is…

When it comes to choosing tax-saving investment options, two of the most popular choices are the Public Provident Fund (PPF) and Voluntary Provident Fund (VPF). Both schemes offer tax benefits, but they have distinct features that cater to different financial needs. In this article, we’ll break down the differences between PPF and VPF, and help you decide which option could be a better fit for your financial planning. What is PPF? The Public Provident Fund (PPF) is a government-backed savings scheme aimed at encouraging long-term savings among Indian citizens. It’s especially popular for individuals who are looking for a low-risk…

From October 1, 2024, new rules from the Insurance Regulatory and Development Authority of India (IRDAI) have come into effect, changing how life insurance policyholders can surrender their policies. The changes are designed to provide more benefits to policyholders, including a higher refund even if the policy is surrendered within the first year. Let’s take a closer look at what these new rules mean for policyholders. Guaranteed Refund from First Year Under the new guidelines, policyholders will now receive a guaranteed surrender value from the first year of paying their premiums. Previously, policyholders had to wait until the second year…

The government has introduced significant changes to the Public Provident Fund (PPF) scheme, with new rules coming into effect from October 1, 2024. These changes are aimed at making it easier to manage PPF accounts, especially for minors, multiple account holders, and non-resident Indians (NRIs). Let’s break down the key updates and how they may impact you. PPF Accounts for Minors: New Interest Rules One of the most important updates relates to PPF accounts opened in the name of minors. Under the new rules, these accounts will earn Post Office Savings Account (POSA) interest rates until the minor turns 18.…