To make the process of claiming money from the various post office small savings schemes such as Post Office Monthly Income Scheme (PO-MIS), Public Provident Fund (PPF), National Savings Certificate (NSC) etc. easier, the government has made certain amendments in the process. The process was streamlined via a circular dated August 28, 2020. Here’s a look at what the circular states. Basis for settlement of death claim As per the circular, the settlement of death claim can be made either based on nomination, legal evidence or without the production of legal evidence at the discretion of the concerned authority for…
Author: Miley Selena
Many insurance companies have rolled out their Corona Kavach and Corona Rakshak policies on the basis of guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). These standard health insurance policies will cover the treatment cost of the coronavirus disease. These policies are issued for very short-term and was supposed to remain valid until March 31, 2021. Irdai has now allowed insurers to offer and renew these Covid-19 specific health policies up to September 30.Currently, the policies are issued for three and half months, six and half months, and nine and half months including waiting period.Read on…
By Dr. Neelam Rani and Samarth Saxena Try and remember the first time you opened a fixed deposit with your bank. Among the many details that your banker would have requested you for, you would have also been asked to give the details of a ‘nominee’. Many people opening bank accounts or starting to invest don’t really understand the concept of nomination. They often consider it to be a simple arrangement wherein post their death, the nominee Read more: EconomicTimes
When a Hindu male dies intestate (that is, without a will) his assets will get divided among his legal heirs according to the rules of the Hindu Succession Act, 1956. Under the Act, class-I legal heirs have the first right on the assets such as property, money held in bank accounts, fixed deposits, mutual fund and shares, gold etc. Read on to find out who are classified as class-1 legal heirs of a Hindu male and how the assets will get divided Read more: EconomicTimes
A will, by far, is one of the most complex documents that can be drafted, says Bijal Ajinkya, Partner, Khaitan & Co. And it is this complex nature of the will that has led to many family feuds. When making a will, an important thing to be ensured is that after one’s death the will is not contested by family members and that there is no dispute within the family regarding the division of assets. ET Wealth online spoke to lawyers to understand Read more: EconomicTimes
When a Hindu male dies intestate (that is, without a will), his assets will be transferred to the immediate legal heirs. In the case of a married Hindu male, the assets (such as property, mutual funds, bank accounts etc.) will be given to his widow, his children, and other immediate legal heirs in such manner as provided in the Hindu Succession Act, 1956 . Other than the widow and children, in the eyes of the law, who are considered as legal Read more: EconomicTimes
The Employees’ Provident Fund (EPF) scheme rules allow you to withdraw from your EPF account for various reasons. You can withdraw money from your EPF account upon retirement after attainting the age of 55 years. You can also withdraw money from your EPF account for various purposes before retirement. These include purchasing/constructing a house, child’s wedding and education, and funding financial emergencies caused due to the coronavirus-induced lockdown. You are also allowed to file a claim due to job loss or after you leave your job. Before filing an EPF claim, you should make sure that the prescribed conditions under…
In case of death of one of the holders of an asset such as shares, bank fixed deposits, bank accounts and mutual fund units, would the asset be transferred to the joint holder or the nominee? In case of single holding of shares, fixed deposits (FDs), bank accounts and mutual funds (MFs) it is clear that if there is a nomination registered, then the money will be given to the nominee(s) after the death of the asset holder. If no nomination is Read more: EconomicTimes
The government announced back in March 2020 that an individual can withdraw a certain sum from their Employees’ Provident Fund (EPF) account, if he/she is facing financial problems due to the coronavirus-related lockdown. The government has notified amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. According to the amended rules, a member can withdraw an amount equal to three months of basic salary and dearness allowance (DA) or 75 per cent of the credit balance in the account, whichever is lower for them. Here’s how to withdraw from your…
Even though fixed deposit (FD) rates have been on the lower side for a couple years now, there are still certain banks that are offering better rates for various tenors. For instance, IndusInd Bank and RBL Bank are offering 6% interest rate on one-year FDs. RBL Bank, on its three- and five-year FDs, is offering 6.3%. Among the big name private sector banks, Axis Bank is offering the highest FD rate for five-year tenure — 5.75%.Top 5 bank fixed deposit interest ratesTenure: 1 yearBank NameInterest rate (%) Compounded qtrlyWhat Rs 10,000 will grow intoIndusind Bank6.0010613.64RBL Bank6.0010613.64DCB Bank5.5510566.66Bandhan Bank5.5010561.45IDFC First Bank5.2510535.43Tenure:…