Personal Finance - Angel One - Page 154

The Unified Pension Scheme (UPS), effective from April 1, 2025, allows central government employees to switch from the NPS for assured pension payouts. It includes increased government contributions and new benefits. Central Govt Employees Can Switch to Unified Pension Scheme The Unified Pension Scheme (UPS) will be available to central government employees who are currently …

Senior citizens investing in fixed deposits for 5 years can earn up to 9.1% interest. Various banks like Suryoday and Unity Small Finance Bank are offering competitive rates. Learn more about FD tax benefits and available options. Best FD Interest Rates for Senior Citizens Senior citizens can earn up to 9.1% interest on fixed deposits …

The Employees’ Provident Fund Organisation (EPFO) has extended the deadline for Universal Account Number (UAN) activation and linking bank accounts with Aadhaar to February 15. This step is crucial for employees to avail of benefits under the EPFO’s Employment Linked Incentive (ELI) Scheme. What is the ELI Scheme? Introduced in the Union Budget for 2023-24, …

Unexpected expenses can arise at any time, and securing a personal loan is often the best way to manage financial needs without pledging collateral. Whether it is for medical bills, home renovation, or debt consolidation, understanding how to get a personal loan can help you access funds with ease. If you are looking for a …

The Reserve Bank of India’s 25 basis points repo rate cut to 6.25% has prompted banks like Canara Bank, PNB, and Union Bank to lower their repo-linked lending rates. This offers home loan borrowers the option to reduce their EMIs or shorten loan tenure, benefiting both new and existing borrowers. Banking Giants Revise Repo Linked …

The central government has launched the Pradhan Mantri Vidyalaxmi (PM Vidyalaxmi) education loan scheme to provide financial assistance to meritorious students seeking higher education.  Approved by the Union Cabinet in November last year, this initiative aims to remove financial barriers for students admitted to 860 top Higher Educational Institutions (HEIs) in India. The scheme is …

The 8th Pay Commission is expected to begin its work in April of the financial year 2025-26, according to Expenditure Secretary Manoj Govil.  Govil stated that the commission’s terms of reference (ToR) will need approval from the Union Cabinet before proceeding. No Immediate Financial Impact Expected Govil clarified that the government does not anticipate any …

The government has raised the Tax Deducted at Source (TDS) limit on fixed deposit (FD) interest for senior citizens from ₹50,000 to ₹1 lakh per year. This change, effective from April 1, 2025, aims to reduce the administrative burden on senior citizens. However, tax experts emphasise that this is only a procedural change, and senior …

Buying a home is a major financial decision, and choosing the right loan tenure can significantly impact your long-term finances. Should you opt for a 20-year home loan with higher EMIs but lower overall interest, or a 30-year tenure with smaller EMIs but nearly double the interest cost?  Let’s break it down with a real-world …

The Universal Account Number (UAN) is a 12-digit unique identifier assigned by the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment, Government of India. The UAN remains constant throughout an employee’s career, ensuring that all provident fund (PF) accounts across different employers are linked under one unique number. This allows for …