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Govt Schemes

29 Topics 55 Posts

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  • 2 Topics
    7 Posts
    R

    As an NRI, you can not open a new PPF account. But if you had already opened your PPF account when you were an Indian resident, you can continue investing in it until its maturity. You can deposit up to ₹1.5 lakh per year, and withdrawals are allowed as per PPF rules.
    And once your PPF account completes 15 years, you cannot extend it further. Extensions beyond 15 years are not allowed for NRIs.

  • 7 Topics
    14 Posts
    R

    For NPS retirement, invest in equity funds early for growth, then switch to debt funds in your late 40s for safety. PPF's 80C benefit is gone in the new tax regime. Your best option depends on your goals and risk appetite.

  • 3 Topics
    6 Posts
    S

    The gold and silver market is very volatile, so diversifying bonds is a very good idea for risk reduction, but over-diversifying can reduce fixed income stability and will increase complexity. Before investing, keep these things in mind:

    Bonds offer a fixed interest rate, but gold and silver won't (unless you invest in SGBs).

    Gold is still a safe option, but silver's price fluctuates a lot because of industrial demands. This all will create more price fluctuations in your overall portfolio.

    When you sell gold and silver, there is a capital gains tax, which is different from the bond taxation system.

    If your primary goal is stability and income, then you should rethink investing this much in gold and silver. I suggest you invest in Sovereign Gold Bonds (SGBs) as they are more tax-efficient.

  • 4 Topics
    8 Posts
    R

    Yes, through RBI Retail Direct and NSE goBID, you can directly invest in Treasury Bills. These platforms are very easy to use, and you can access them online. The minimum investment amount is ₹10,000.

  • 12 Topics
    17 Posts
    R

    The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), launched in 2015, offers affordable life insurance. This scheme aims to provide financial security to the poor and middle class, ensuring that every household has a safety net against uncertainties.

    What Exactly is PMJJBY?

    PMJJBY is a one-year renewable term life insurance scheme. It focuses solely on mortality risk without investment components. The scheme offers low premiums, making it attractive to many individuals.

    PMJJBY.png

    Current Data Total enrolments in PMJJBY exceed 23.6 crore since its inception. Claims settled amount to approximately ₹18,398 crore, benefiting over 9 lakh families. Eligibility Criteria Age limit: Participants must be aged 18 to 50; coverage ends at 55. Eligible accounts: Only holders of participating bank or post office accounts can join, linked to Aadhaar. Auto-debit consent: Subscribers must consent to auto-debit for premium payments. One policy rule: Individuals can only enroll through one account; duplicates are restricted to ₹2 lakh. Joint accounts: All joint account holders may join if they meet the criteria and pay premiums. NRIs eligible: Non-Resident Indians can join with an Indian bank account; claims are paid in INR. No medical exam: No medical examination is required for insurance purchase. Joining later: Eligible individuals can join or rejoin in subsequent years by paying premiums.

    First-time enrollees or rejoining individuals have a 30-day lien period without death coverage, excluding accidents.

    How do I apply for PMJJBY?

    To apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), you can follow these steps:

    Visit a bank or post office to apply for PMJJBY. Use digital banking for the application if available. Fill out the PMJJBY application form in your preferred language. Provide the necessary documents: Aadhaar, PAN card, photo, signature, and mobile number. Give consent for the auto-debit of the annual premium of ₹436. Submit the completed application form to the bank. Receive confirmation via SMS or email after policy activation.
    Insurance coverage starts upon premium auto-debit; a 30-day lien period applies for new enrollees.

    You can apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) at any bank or post office where you have an individual account.

    Final Thoughts

    The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers affordable life insurance for Indians. The scheme eliminates complex paperwork and medical exams, making it accessible through bank or post office accounts with auto-debit options. It reflects the government's dedication to providing financial security for poor and middle-class families, helping them cope with unexpected events without facing financial hardship.

    Don't wait; secure your family's future today with PMJJBY – a small step for you, a giant leap for their security.