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Saturday, October 8, 2022
Thursday, October 6, 2022
Tax Planning Investment Options or Tax Savings Instruments & the Expenses that save tax--You can Save Tax Upto Rs. 83,945/-* more
Choose the Right Tax Saving Options
(1) EPF
(2) PPF
(3) Sukanya Samriddhi Deposit Account
(4) 5-yr Bank Deposit
(5) RGESS (Rajiv Gandhi Equity Savings Scheme)
Please note that This deduction stands withdrawn from FY 17-18(6) Sr. Citizen's Saving Scheme
(7) National Pension System
(8) Pension Plans
(9) ULIPS
(10) Endowment Money-Back Insurance
(11) ELSS
The cost is even lower if you go direct plans of these funds
(12) NSC
Expenses that Give Tax Benefits
Income Exempted and Chargeable under the Head "Salaries"
(1) Expenses - School Fees
(2) Expenses - Housing loan interest
(3) Expenses - Housing loan repayment
(4) Features - Medical Insurance
(5) Expenses - Education Loan interest payment
Wednesday, October 5, 2022
Small Savings Schemes Interest rates from Oct 2022 to Dec 2022: Government hikes interest rate
Small Savings Schemes Interest rates from Oct 2022 to Dec 2022: Government hikes interest rate
F.No.1/4/2019-NS
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 29.09.2022
Office Memorandum
Subject: Revision of interest rates for Small Savings Schemes – reg.
The rates of interest on various Small Savings Schemes for the third quarter of financial year 2022-23 starting from 1st October, 2022 and ending on 31st December, 2022 have been revised as detailed below
| Instrument | Rates of interest from 01.07.2022 to 30.09.2022 | Rates of interest from 01.10.2022 to 31.12.2022 |
|---|---|---|
| Savings Deposit | 4.0 | 4.0 |
| 1 Year Time Deposit | 5.5 | 5.5 |
| 2 Year Time Deposit | 5.5 | 5.7 |
| 3 Year Time Deposit | 5.5 | 5.8 |
| 5 Year Time Deposit | 6.7 | 6.7 |
| 5 Year Recurring Deposit | 5.8 | 5.8 |
| Senior Citizen Savings Scheme | 7.4 | 7.6 |
| Monthly Income Account Scheme | 6.6 | 6.7 |
| National Savings Certificate | 6.8 | 6.8 |
| Public Provident Fund Scheme | 7.1 | 7.1 |
| Kisan Vikas Patra | 6.9 (will mature in 124 months | 7.0 (will mature in 123 months) |
| Sukanya Samriddhi Account Scheme | 7.6 | 7.6 |
Annual Life Certificate can be submitted manually or digitally as per convenience of the pensioner – DOPPW O.M 30.09.2022
Annual Life Certificate can be submitted manually or digitally as per convenience of the pensioner – DOPPW O.M 30.09.2022
No. 1(8)/2021-P&PW(H)-7468
Government of India
Ministry of Personnel, Public Grievances and Pensions
Department of Pension and Pensioners’ Welfare
8th Floor, B-Wing, Janpath Bhawan
Janpath, New Delhi-1 10001
Dated the 30th September, 2022
OFFICE MEMORANDUM
Subject: Submission of Annual Life Certificate
Every Central Government pensioner has to submit Annual Life Certificate in the month of November for further continuation of pension. It has been observed that a large number of Central Government pensioners physically visit bank branches for this purpose.
2. As a measure to enable an additional exclusive window to very senior pensioners, this Department, vide its OM No. 1/20/2018-P&PW(E) dated 18.07.2019, has allowed the pensioners in the age group of 80 years and above, to submit Annual Life Certificate from 1st October onwards, instead of 1st November onwards, every year.
3. The different modes available to a pensioner for submission of Annual Life Certificate are once again summarized for Pensioners’ awareness. An Annual Life Certificate can be submitted manually or digitally as per convenience of the pensioner by following modes: –
- Life certificate can be recorded by Pension Disbursing Authorities (PDAs), if the pensioner physically appears before the PDA.
- Personal appearance of a pensioner will not be required, if the pensioner submits the life certificate form signed by any ‘designated official’. In accordance with para 14.3 of the Scheme Booklet issued by CPAO, a pensioner who produces a life certificate in the prescribed form, signed by persons specified, is exempted from personal appearance. A list of designated officials specified for signing the Life Certificate as per the scheme booklet of CPAO is attached as Annexure-I.
- Pensioners can submit Life Certificate online through Jeevan Pramaan Portal. The process of submission of Digital Life Certificate through “Jeevan Pramaan” may be seen at https://youtu.be/nNMIkTYqTF8. UIDAI has provided details of all biometric devices which are permissible for capturing biometrics of a person. Pensioners may visit the site www.uidal.gov.in to get information of all such devices.
- India Post Payments Bank (IPPB) of Department of Posts along with Meity have successfully launched the initiative of the Department of Pension & Pensioners’ Welfare: “Doorstep Service for submission of Digital Life Certificate through Postman” in November 2020. IPPB is utilizing its national network of more than 1,36,000 access points in Post Offices and more than 1,89,000 Postmen & Gramin Dak Sevaks with smart phones and biometric devices to provide Doorstep Banking Services for generation of Digital Life Certificates. For leveraging this facility through a mobile phone, a pensioner has to download “Postinfo APP” from Google Play store. The process of submission of Digital Life Certificate through Postmen/Gramin Dak Sevaks may be seen at https://youtu.be/cERWM_U7g54.
- Doorstep Banking is also available through the Alliance comprising 12 Public Sector Banks which do “Doorstep Banking” for its customers in 100 major cities of the country under Ease of Banking reforms. PSB Alliance has introduced the service for collection of Life Certificates under the umbrella of Doorstep Banking. DSB Agent shall visit the doorstep of Pensioner to render the service. Service can be booked by the pensioner through any of the 3 channels 1.e. Mobile App, Website or Toll – Free Number.
- Mobile App i.e “Doorstep Banking (DSB)” can be downloaded from Google Playstore.
- Pensioners can access through Web Browser ie https://doorstepbanks.com/&https://dsb.imfast.co.in/doorstep/login
- Through Toll free Number:- 18001213721,18001037188.
- Pensioners can also submit Life Certificates using the Face Authentication technology system bascd on UIDAI Aadhaar software whereby it is possible to generate a Digital Life Certificate from any Android based smart phone by capturing the live photograph of the pensioner for online submission on the Jeevan Pramaan mobile application. The process flow for generating DLCs through Face Authentication is available on DoPPW’’s Pensioners’ Portal > Jeevan Pramaan > Process flow of face authentication technique for DLC generation.
(https://pensionersportal.gov.in/Document/Face%20Authentication%20Process7/o200f%20Jeevan%o20Pramaan%20App%20.pdf).
4. All Pension Disbursing Authorities are requested to take note of this OM for compliance and give wide publicity of the same amongst pensioners.
5. This issues with the approval of the competent authority.
List of persons specified for signing the Life Certificate (para 14.3 of Scheme Booklet by CPAO)
- A person exercising the powers of a Magistrate under the Criminal Procedure code;
- A Registrar or Sub-Registrar appointed under Indian Registration Act;
- A Gazetted officer of the Government;
- A Police Officer not below the rank of Sub-Inspector in-charge of a Police Station;
- A Postmaster, a departmental Sub-Postmaster or an Inspector of Post Offices;
- A Class-I officer of the Reserve Bank of India, an officer (including Grade IJ officer) of the State Bank of India or of its subsidiary;
- A Justice of Peace;
- A Block Development Officer, Munsif, Tehsildar or Naib Tehsildar:
- A Head of Village Panchayat, Gram Panchayat, Gaon Panchayat or an
- Executive Committee of a Village;
- A Member of Parliament, of State legislatures or of legislatures of Union Territory Governments/Administrations;
- Treasury Officer.
RBI intervened to correct Rupee Depreciation by selling Dollars to stabilize Rupee.
Saturday, October 1, 2022
Expected DA for Bank Employees from November 2022
Expected DA for Bank Employees from November 2022
The Dearness Allowance (DA) for bankers for the period from November 2022 shall be based on CPI(IW) numbers from July 2022 to September 2022. The latest CPI(IW) data with the base year 2016 is as under.
Month | AICPIN/CPI(IW) |
July 2022 | 129.90 |
August 2022 | 130.20 |
September 2022 | To be declared on 31.10.20 |
If CPI (IW) remains at the same level during September 2022 as in August 2022, the DA to bank employees shall be payable for 550 DA slabs as against the existing 526 DA slabs i.e. an increase of 24 DA slabs.
Based on the above, the Expected DA for bank employees from November 2022 is 38.50%. The existing DA rate for the period of August 2022 to October 2022 is 36.82% Hence there shall be an increase of 1.68% in dearness allowance for the period from November 2022 to January 2023.
Please Speak for the Banking Workforce*
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