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A systematic investment plan, which is popularly known as SIP, is a method through which you can invest a fixed amount in mutual funds of your choice regularly. Generally, the investment can be done daily, weekly, monthly, quarterly, or yearly. In SIP, some of the mutual funds also allow investors to start investing with a…
The Employee Pension Scheme (EPS) provides a monthly pension to employees after age 58, based on their salary and years of service. For a basic salary of Rs 68,000, the monthly pension would vary depending on the years of service. Let’s calculate the pension for 15, 28, and 32 years of service to understand the…
Gratuity serves as a reward for employees who have completed a minimum of 5 years of continuous service, acknowledging their loyalty and commitment to the organisation. Organisations employing 10 or more individuals over the past years and following the Payment of Gratuity Act, 1972, are required to pay gratuity. Any service period of 6 months…
EPF+NPS Retirement Corpus: Private sector employees can contribute to Employees’ Provident Fund (EPF) and National Pension System (NPS) to generate a retirement corpus and get a monthly pension. If you utilise these opportunities to a good investment limit, you may generate a combined corpus of Rs 8.33 crore by 60 years of age. Not just…
PPF is a government-backed plan with a lock-in period of 15 years. After 15 years, you can either withdraw the entire generated value or extend the account for another 5-year block. A Public Provident Fund allows a deposit of Rs 1.5 lakh annually that can help you save tax. Yet another reason why people are…
Investing in a Public Provident Fund (PPF) account offers attractive tax benefits. Contributions up to Rs 1.5 lakh in a year are eligible for tax deductions under Section 80C. Plus, the interest earned on your investment and the corpus are completely tax-free.PPF is a government-backed scheme in India that is currently offering an annualized return…
The Employee Pension Scheme (EPS) gives you a fixed income after retirement. You can start receiving a pension at 58 or opt for early pension at 50. If you leave your job 10 years before turning 58, you can withdraw the pension amount in one go at 58. Let’s calculate your monthly pension with a…
Retirement Planning: What can be the sources of income when you grow old. It can be the retirement corpus from schemes such as Employees’ Provident Fund (EPF) and National Pension System (NPS), it can be the rental income, or it can be return from long-term investment schemes such as fixed deposit (FD), National Savings Certificate…