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A Payment Bank, as the name suggests is like any other bank, which functions and operates on a smaller and restricted scale. The major point is of Credit Risk, as these banks can carry out certain baking operations but cannot advance loans or issue credit cards. The other activities include acceptance of deposits (up to Rs. 1 Lakh/individual), payment and remittance services, facilitate money transfer, internet banking etc. Major Objective The main objective behind these banks is to widen the spread of payment and financial services to small business, low-income households, migrant labour workforce in secured technology-driven environment. Nachiket Mor committee on Comprehensive Financial Services for Small Businesses and Low Income Households recommended the setting up of Payment Banks. Payment Banks were set up with the objective of providing financial services to the unbanked masses (small business, migrant labour etc.) and to expedite financial inclusion. Features of Payment Banks They are required to use the word “Payments Bank” in their names. The Payment Banks can only accept the deposits up to a maximum of Rs. 1 Lakh only. They are allowed to provide internet Banking and Mobile Banking. These Banks can issue ATM and Debit Cards but are not allowed to issue a Credit Card. They are not permitted to provide loans to customers. Both Savings and Current account can be opened. Like all other banks, they also need to maintain a Cash Reserve Ratio Availability of services like ECS, NEFT and RTGS They can engage in distribution of non-risk sharing simple financial products like mutual fund units and insurance products etc. Not allowed to accept NRI deposits They can provide the Facility of Utility Bill Payments to its customers and also general public. Airtel Payments Bank Easy accessibility with over 5 Lac banking points Annual interest rate of 2.5% Free personal accident insurance cover of Rs. 1 Lac No minimum balance requirement Virtual Debit Card Paytm Payments Bank - Savings No minimum balance requirement All digital transactions are free 2.75% Interest per annum on the money deposited in the Savings Account Up to 6.5% interest can be earned on using Fixed Deposit facility Free digital Debit Card on opening the Account Physical Debit Card will be available on reques Jio Payments Bank No Minimum Balance Requirement. Works With Any Telecom Operator. Quick Account Opening. Paperless Transaction. Recharge and Pay Bill. Benefits of Payment Banks Security to hard earned savings Better reach Low Cost of Operation Easy KYC Process Low Risk Profile Want to Earn more Interest than a Regular Savings Account ? Read more about SBI Savings Plus Account: https://www.myrupaya.in/post/sbi-savings-plus-account-earn-more-interest-than-a-regular-savings-account

The Permanent Account Number, or PAN, is a crucial financial document that is required for filing an income tax return (ITR), opening a bank account, applying for a credit or debit card, and conducting large-scale financial transactions, among other things. People frequently misplace or damage their PAN cards. In that situation, the income tax agency will allow you to download your e-PAN card right away. This service is also available on the new income tax website, incometax.gov.in. If you've lost or damaged your PAN card and can't remember your PAN number, you can still get an e-PAN without a PAN number by using your Aadhaar number from the new income tax website. Those who have linked their PAN with Aadhaar can use this option. A person can only use the instant PAN facility if the following conditions are met: He/she has never had a PAN assigned to them. His or her Aadhaar number is connected to his or her mobile number. The Aadhaar card has his or her entire date of birth. He or she must not be a minor at the time of applying for a PAN. You won't be able to download an e-PAN from the new income tax e-filing portal unless the Aadhaar PAN link is finalised. To obtain an immediate e-PAN through the new income tax portal, first log in and then select 'Our Services' from the drop-down menu on the far left. Then, to download e-PAN without a PAN card number, click on 'Instant E PAN' and follow the on-screen instructions. Step-by-step instructions for downloading e-PAN right away: Login at incometax.gov.in, the official new income tax website; Click 'Our Services' on the extreme left's lower side; Select 'Instant E PAN' from the drop-down menu; Select 'New E PAN' from the drop-down menu; Enter the number on your Aadhaar card. Read the terms and conditions thoroughly before clicking the 'Accept' button. On your registered mobile number, you will receive an OTP. Fill in the OTP; Check the information thoroughly, then input your e-mail address and click the 'Confirm' button. Your e-PAN will be delivered to the e-mail address you provide. Download the e-PAN PDF by logging into your e-mail account. The e-PAN function allows applicants who have a valid Aadhaar number to receive an Instant PAN (in near-real time). Applicants receive their PAN in PDF format, which is free of charge.

Usually, Insurance Policies don't consider our pet as a family member; thus, there is no cover available for them in the normal insurance plans. Pets are a significant part of our lives; they're just like any other member of our family. Wouldn't it be great if we could get insurance for them? So that everything ranging from the veterinarian fee to unfortunate accidents or illnesses, gets covered. Bajaj Allianz General Insurance Under their pet dog insurance plan, the insurance company provides coverage for medical expenses incurred due to surgeries (both Pre- and Post-Surgery expenses), hospitalization, treatment of specified diseases, and death caused by accidents or illnesses. Multiple benefits, such as a discount on RFID tagging, coverage for terminal diseases, i.e. cancer, kidney failure, coagulation disorders, cardiac dysfunctions, distemper, and leptospirosis, third party liability cover (covers the legal expenses, if any third person suffers an injury, dies or his/her property is ruined due to your pet), and regular vaccination are available. One of the highlights of the plan is theft/straying/lost cover, which allows the owner to claim the sum assured, in case his/her pet goes missing. Mortality benefit is paid in the form of a sum assured chosen by the owner during the time of purchasing the policy; this also amount for burial/cremation of the dog. There is a zero waiting period for an accident. The minimum entry age of a dog is three months; maximum is six years for giant breeds and ten years for small/medium/large breeds. New India Insurance New India insurance company provides dog insurance for dogs in the age group of 8 weeks – 8 years. In case of death, because of accident or disease during the policy period, full insurance cover is given to the owner, depending on certain terms and conditions of the insurance plan. Diseases, such as distemper, rabies, viral hepatitis, leptospirosis, and viral enteritis, are not covered if the dog's unvaccinated. A 15-day waiting period is there for diseases and other benefits The Premium amount is 5% of the sum assured during the time of buying the policy. United India Insurance The key feature is that it provides insurance against death because of natural calamities, like, flood or cyclone. There is a 15-day waiting period for diseases; therefore, if death occurs during the first 15 days of the policy term, no coverage will be given. Still, if death happens to post the waiting period, full coverage will be provided. For availing additional cover for permanent total disability, an extra premium is required to be paid. Exclusions under this policy are:- Partial disability Accidents occurred within 15 months of the policy period. Purposely killing the pet Death of the pet due to mistreatment. Oriental Insurance Death occurring due to diseases or accidents within the chosen policy term is covered under Dog insurance. The maximum age limit is eight years. Several extensions are available under this plan for which extra premium is to be paid, like, death by accident in transit by air, road, rail and water, death due to accidental poisoning, theft/lost cover, third party liability cover (up to INR 5000), and death during global transit. Diseases specified by the insurance company that is not covered under this plan are; Rabies, Canine Distemper and Leptospirosis. Vetina Healthcare LLP Vetina health care LLP, is a company based in Pune that deals in animal healthcare products. In 2020, it launched a scheme called 'Pawtect' that provides medical cover for Dogs. Pawinsure Myanmol is an insurance broking firm based in Bengaluru, which launched its own online business vertical, known as 'Pawinsure' The above list discusses insurance and medical covers available specifically for dogs. Other animals, such as Cats, Horses, Elephants, and Cattle, can also be insured.

Introduced in 1968, the sole aim of this scheme was to offer investors a way to save money and grow their wealth in time with high returns. Another benefit of the PPF is related to income tax returns. Any balance in PPF is not subjected to wealth and income tax! Read more about PPF : https://www.myrupaya.in/post/ppf-account-what-is-it-how-to-invest PPF for MINOR's - Eligibility An eligible Indian citizen can only have One PPF account. Natural or Legal Guardian can open a PPF account for the minor child. Only one of the guardians can open the account. Grandparents of the minor child cannot operate the account unless they are legal guardians after the death of the parents Registration of nominee is must while opening of the account Contribution is minimum of Rs. 500 and a maximum of Rs. 1.5 lakh to the PPF account of the minor, in a financial year (this should be the total contribution made by a family unit in a financial year) How to Open PPF Account For Minors It can be opened with a post office or a designated bank authorized to open the PPF accounts. Documents Required PPF account opening form. Account opening KYC documents of the guardian. Age proof of the minor. A cheque for initial contribution to the PPF account. Investment Details The minimum amount that has to be invested is Rs. 500 in a financial year. The upper limit of investment per year is Rs. 1.5 lakhs. Lock in Period is for term of 15 years. Later, minor can choose whether he/she wants to continue the PPF account after the 15-year maturity period. Other Points to remember As soon as the minor reaches 18 years of age, it is mandatory to submit an application for the transfer of account from the guardian to the minor. If the minor’s PPF account is having amount invested from the income of the parent/guardian, then that amount can be included under Section 80C of the Income Tax Act and will be eligible for tax benefits. Under certain specific conditions, minor's account can be closed by a parent or guardian prematurely. Partial Withdrawals can be done from the 7th year of opening of account. Request to close the account can only be made after lapse of 5 years from date of account opening. PPF vs NPS: Which will accumulate Rs 1 crore faster ? Read more at : https://www.myrupaya.in/post/ppf-vs-nps-which-will-accumulate-rs-1-crore-faster

Public Provident Fund (PPF) and National Pension System (NPS) have been two of the most popular retirement investment options recently. While PPF is exclusively debt-oriented funded by the government, NPS is a market-linked programme. While PPF gets a fixed rate of interest decided by the government every quarter, NPS returns are based on investment mix and market but the latter is strictly regulated. PPF is a completely debt-oriented programme guaranteed by the government and pays a floating rate of interest of 7.1 percent compounded on an annual basis. NPS consists of both debt and equity wherein the rewards are based on the market performance. The duration of the PPF account is 15 years and following the account maturity, one can either depart or ask for extension. On the other hand, in NPS, the period of investment is till superannuation or 60 years of age whichever is earlier. Which will accumulate Rs 1 crore faster: PPF: To earn Rs 1 crore from a PPF, investors must be patient and invest regularly for 25 years at the present interest rate of 7.1 percent. If a person invests Rs 1.5 lakh in a PPF account every year at a rate of 7.1 percent, it will take them 25 years to become a crorepati. This is due to the power of compounding, which may be used to make regular long-term investments in PPF. According to experts, the longer money is invested, the more it increases. If someone invests Rs 12,500 per month (the maximum monthly investment allowed in PPF) and keeps the account open for 15 years, they will have earned nearly Rs 43 lakh at maturity, providing the interest rate maintains at 7.1 percent. If the account is extended for another five years, the PPF account balance will be around Rs 73 lakh after investing Rs 1.5 lakh per year for 20 years at 7.1 percent (initial extension). If the investor continues to contribute Rs 1.5 lakh per year for another five years, the PPF account balance will be over Rs 1 crore after 25 years, provided interest remains constant at 7.1 percent during the investment period. NPS: If an investor spends Rs 12,500 per month or Rs 1.5 lakh per year (at the same rate as investor A) in NPS, it will take them approximately 13.5 years to build a corpus of Rs 1 crore. The NPS corpus will be Rs 1.67 crore after 25 years, compared to Rs 1.03 crore in PPF maturity value. It's worth noting, however, that in the case of NPS, the maturity payment is paid after superannuation or at the age of 60. In addition, PPF offers income tax benefits of up to Rs 1.5 lakh every financial year, as well as tax exemption on interest generated on the investment amount and the final maturity amount, which are not accessible in NPS. Another disadvantage of NPS is that at least 40% of the maturity value must be converted into annuities.

This new era belongs to women elevating to new heights. Women are leading approximately all industries across the globe. This led to an introduction to specific financial schemes & economic schemes specially designed for women. These schemes are offered for supporting the overall growth. One such grand scheme is uniquely designed car loan schemes. These car loans have a distinct presence in the banking institution for women borrowers. Special interest rates are provided to women borrowers. Additional, distinct benefits as per the customer requirement are also available. Usually, car loans are accessible for women at a lower-interest-rate compared to other loan borrowers. The critical condition for borrowing loans is in the women category; she needs to be the primary loan applicant. Additionally, women must have an authentic driving license. Besides, she needs to hold employment in a reputed firm with income proof. Below-depicted is the list of a few banks that facilitate distinct women-based car loan schemes. SBI Car Loan State Bank of India facilitates a much affordable car loan scheme. With SBI car loan schemes, women can have access to more flexible repayment options. Additionally, you get access to a convenient time period, no charges for foreclosure, option for life insurance cover & facility of overdraft with more relevant features. Andhra Bank Car Loan Andhra Bank facilitates women borrowers with loan schemes for four-wheeler vehicles. Borrowers are permitted to access joint applications. These applications ask to borrow in a joint way, husband and wife because it improves the overall eligibility criteria of income. To borrow this loan, you need to be a salaried individual with permanent employment. Additionally, you must have an authentic driving license, and then only you can apply for car loan schemes in Andhra Bank. The quantity of loan approved is 90 percent of the total car cost & repayments. You get permitted to pay with flexible tenures, which range from twelve months to seventy-two months. Besides, you can avail of zero processing charges. Punjab National Bank Car Loan Women can get sanctioned with car loans from Punjab National Bank. Applicants have permission to consider their spouses in place of co-borrowers. This allows for achieving better eligibility criteria. The maximum amount of loan which can be sanctioned by Punjab National Bank is Rs.100 lakhs. Additionally, this amount can be 25 times the monthly salary/ income of the applicant. What now? Applying for a car loan can be relatively easier as you will have to make minimal effort. The only tricky part is loan repayment. Thus, when you apply for a car loan, you are known with various eligibility criteria and the repayment terms and conditions. As per the eligibility criteria, opt for the best suited EMI option: ● Fixed EMI: With the fixed EMI option, you get access to regular loan-repayment. In this repayment option, interest rates are fixed. Additionally, it is calculated on an equal basis for the entire period. With this, you can avail of the lowest rate of interest. Apart from this, you get the facility to pay at the month beginning or in the end as per your convenience. ● Step-Up EMI: If you are not prepared to take financial stress and overhead, this will be the best suitable option. You will not have to take a lot of pressure within the 1sst year of car purchase. The EMI for a car loan is lowest within the very first year. Further, it keeps on increasing with every passing year, as per the increase in salary, your EMI increases. ● Balloon EMI: Its criteria are quite similar to the previous one. You avail the facility of paying a lump sum amount that is 20% of the principal amount that too at the end of the repayment time period. It helps in reducing the overall financial stress. ● Step-Down EMI: Its criteria are thoroughly opposite to Step-Up EMI. In this repayment option, higher interest rates are charged in the beginning and keep on decreasing.

It is a common perception we have towards women that they make a house feel like home but how often do we see women as owners of the house? The times are changing, though, which has caused a surge in the number of women buying a property in their own name. As per BankBazaar’s Moneymood 2020 data, Rs. 25.64 lacs was the average home loan ticket size for women as compared to Rs. 23.66 lacs for men. TransUnion CIBIL report of 2019, stated that there was a growth of 48% in the successful credit applications by women borrowers between 2015 and 2018 as compared to 35% growth amongst the male borrowers during the same period. The following are reasons attributable to this new trend: Financial independence amongst women The women of the house are no longer dependent on their male counterparts for finances. Financial independence has also caused a revolution in the mindsets of society. The patriarchy that had dominated India since centuries is losing its sheen with women becoming self-dependent. The modern woman strives to be independent in all walks of life, including buying and owning house property for her and the family. Rise in single women within higher income brackets: Women are not lagging when it comes to earning capacity, and a lot of young women who are single and well settled financially are fulfilling their aspirations of owning a house. The rise in the average age of marriage for women and increased divorce rates are also contributing to an increase in single women in the country. A plethora of benefits offered to women in securing credit for housing loans : Changed mindset and rising incomes amongst women are contributing to the rise of women property owners. Another very important factor is the various benefits that women enjoy in securing home loans. With real estate prices skyrocketing, it is virtually impossible to purchase property without taking assistance of credit in the form of home loans. These benefits to women home loan seekers are mainly provided to encourage women to come forward and fulfil their dreams of owning their own house. For young couples who are planning to go for a home loan, the following points enforce why it would be prudent for the wife to avail a home loan instead of the husband: a. Discounted interest rates for women borrowers Most of the banks offer special home loan interest rates for women. This discount is usually in the range of 0.05% to 0.1%. While in percentage terms these figures seem insignificant, in absolute terms, they do make a difference and can reduce your monthly instalments to some extent. b. Higher sanction amounts coupled with simpler eligibility criteria As per statistics, women default less in their payments as compared to men. Due to this fact, lenders are lenient in terms of eligibility criteria and sanction limits for women. c. Favorable repayment tenors Many lenders are offering longer tenors, up to 25 to 30 years or 70 years of age whichever is earlier to women borrowers to repay the home loan. The maximum tenor for male borrowers is usually capped at 20 years or up to 65 years of age whichever is earlier. This lowers the EMI burden and smoothens the financial planning, which can be diverted for other key purposes. Of course, women still have an option to prepay and foreclose the loan as per their convenience. d. Lower stamp duty for women property buyers Most of the state governments in India have relaxed stamp duty rates for property registered in a woman’s name. The relaxation varies from 1% to 2%, which again might seem minuscule as a percentage, however, is usually a sizable chunk of money in absolute terms considering the soaring prices of real estate. e. Government boost through schemes like PMAY PMAY stands for Pradhan Mantri Awas Yojana. It is a credit-linked subsidy scheme started by the government with the aim to provide “Housing for all”. This scheme offers an interest subsidy up to Rs. 2.67 lacs to women borrowers. The benefits under this scheme are applicable in accordance with the annual income of the family categorised under Economically Weaker Section, Lower Income Group and Middle-Income Group 1 & 2. This scheme has resulted in a 6% rise in the number of women applicants for a home loan in India. f. Equal tax exemptions for women home loan borrowers Along with all the above benefits, women also enjoy equal tax benefits as men. As per the Income-tax Act, a deduction of Rs. 1.5 lacs per annum is permissible on the principal repayment u/s 80C and Rs. 2 lacs per annum is permissible on the interest payments of home loans u/s 24 of the act. The government has extended section 80EEA of the act for FY 20-21, this section provides additional deduction of interest payment up to Rs. 150,000/- subject to fulfilment of given conditions. All women, at some point in their lives, would have wished to own a house with their nameplate on the door, which remained an unfulfilled dream for most. However, now is the perfect time for women to come ahead and purchase property in their name as the government and lenders are giving additional impetus to women borrowers. In light of these benefits, young couples looking to purchase property should weigh the plentiful pros of availing a home loan in the wife’s name in place of the husband.

The Employee Provident Fund (EPF) is a government-backed scheme. The employer's contribution is 12% and an equal contribution is also paid by the employee. From the employer’s share of contribution, 8.33% is contributed towards the Employees’ Pension Scheme and the remaining 3.67% is contributed to the EPF Scheme. Recently, EPFO made few changes and updates like allowing the subscribers to withdraw money from their Provident Fund (PF) accounts as non-refundable advance and extension of the deadline to link Aadhar EPF link. Non refundable advance Unemployed Members (for a month or more) can avail a non-refundable advance of up to 75% of amount available in their PF account. The tweet from their account read “Members who are no longer employed for one month or more can avail a non-refundable advance of up to 75 per cent of the amount available in their PF account.” This can be done without closing the PF account. Second COVID-19 Advance EPF account holder can obtain a Second COVID-19 advance from EPF balance up to 3 months of basic salary plus DA or 75% of the balance standing in the account, whichever is less. The same can be proceeded further by making an online application by using the applicant's EPFO credentials. Covid advance after leaving job An EPF account holder who has availed Covid advance in first wave is now eligible for second Covid advance from one's PF account. An EPFO member is eligible for Covid advance from one's EPF account even after leaving his/her job provided full and final PF withdrawal hasn't been claimed. EPF EDLI Scheme If an EPF account holder dies during the services then his/her family will get a maximum amount of Rs 7 lakh as part of the Employee’s Deposit Linked Insurance (EDLI) Scheme. The reason for the untimely death can be any including death related to Coronavirus. The maximum threshold was earlier fixed at Rs 6 lakh. Now, it has been increased to Rs 7 lakh. The minimum amount threshold has been kept at Rs 2.5 lakh. Aadhaar seeding The EPFO has made it mandatory for the EPF account holders to link their respective EPF account with Aadhaar card. Earlier the deadline for Aadhaar EPF link was 31st May 2021, which has been now extended Deadline for the same is 1st September 2021.