PPF scheme update: The date of April 5 is very important for those investing in Public Provident Fund. If you invest till April 5, you may suffer a loss of lakhs.
PPF scheme update: If you have also invested in PPF Account, then this is useful news for you. The date of April 5 is very important for those investing in Public Provident Fund. If you invest till April 5, you may suffer a loss of lakhs. In such a situation, if you are depositing the money in lump sum, then take special care that you deposit Rs 1.5 lakh before the 5th. Let us explain to you what the complete calculation is-
Interest in PPF account is calculated on the 5th of every month. If PPF investors are making lump sum payment for the financial year, then to earn more, they should deposit this money before April 5. With this, investors will get the benefit of interest for the entire month.
You will get interest of Rs 18.18 lakh on investment before 5th.
At present, PPF is getting 7.1% interest annually for the quarter April-June 2024. This interest rate remains for the tenure of 15 years of PPF account. A person will get interest of Rs 18.18 lakh by depositing Rs 1.5 lakh every year on or before April 5 for the next 15 years.
Loss of Rs 2.69 lakh on investment after 5th
At the same time, if the PPF account holder deposits after April 5, he will get interest of Rs 15.84 lakh. Therefore, if the lump sum amount is invested after April 5, the PPF account holder will suffer a loss of Rs 2.69 lakh over a period of 15 years.
There will be no interest on this money in April
Suppose a PPF account holder deposits money in the PPF account on 15th April. As per PPF account rules, its monthly interest will be calculated on the lowest balance between April 5 and April 30. You will not get the benefit of interest in the month of April on the amount deposited on 15th April.
Currently getting 7.1 percent interest
Let us tell you that at present interest is being given in PPF at the rate of 7.1 percent. Whatever minimum balance remains between the 5th of the month and the last date of the month, interest is added on it in the same month. Whatever money you deposit after the 5th, you will get interest on it from the next month.
Whenever we join a new company, we read the offer letter very carefully. In the offer letter, the company gives information about CTC, Home Rent Allowance (HRA), Basic Salary and many other facilities.
Among these facilities, there is another facility which many people do not pay attention to.
We are talking about gratuity. Gratuity is also a kind of allowance. Please note that the amount of gratuity is deducted from your salary. This information is given by the company along with the offer letter.
You will get information about the amount of gratuity deducted from your salary in the offer letter. Let us know the answers to these questions in this article.
What is the amount of gratuity?
- The company tells in the offer letter itself what is the share of gratuity in CTC (Cost To Company). Whenever an employee gets salary, the amount of gratuity is already deducted from it. Actually, many companies give 4.81 percent of basic salary as gratuity.
- The government has also made a Gratuity Act for the employees. According to the Gratuity Act 1972, 4.81 percent of the basic salary is deducted every month for gratuity.
- For example, if a person’s annual income is Rs 5 lakh, the share of gratuity will be 4.81 percent. That means Rs 24,050 will be deposited in the gratuity fund annually. This means that the company deducts Rs 2,000 from the person’s salary every month as gratuity.
- Although it is the responsibility of the company to pay gratuity, the company deducts this amount from the employee’s salary.
When is the gratuity amount received?
According to the Gratuity Act 1972, the company is required to keep gratuity provision for its employees. For this reason, the amount of gratuity is deducted from the employee’s salary every month.
When an employee works in the same company for 5 consecutive years then he gets the benefit of gratuity. If he leaves the job or changes the company before 5 years, he will not get the benefit of gratuity.
