Small savings schemes will get more interest, tokenization system implemented for card payments; cylinder cheaper | Post office small savings schemes will get more interest, tokenization system implemented for card payment; cylinder cheap | NewsBust Small savings schemes will get more interest, tokenization system implemented for card payments; cylinder cheaper | Post office small savings schemes will get more interest, tokenization system implemented for card payment; cylinder cheap | NewsBust

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Small savings schemes will get more interest, tokenization system implemented for card payments; cylinder cheaper | Post office small savings schemes will get more interest, tokenization system implemented for card payment; cylinder cheap

By Amit - October 1, 2022

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  • Post Office Small Savings Schemes Will Get More Interest, Tokenization System Implemented For Card Payment; Cylinder Cheap

New Delhi17 minutes ago

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October 1 has brought with it many changes. Income tax payers will not be able to invest in Atal Pension Scheme from today. Apart from this, tokenization system has been implemented for card payments. Commercial gas cylinders have also become cheaper. Here we are telling you about 6 such changes which will have an effect on you.

1. Small Savings Schemes Will Get Higher Interest
The government has increased the interest available on many small savings schemes of the post office. The interest rate on 2-year time deposit has been increased from 5.5% to 5.7%. The interest rate on 3-year time deposit has been increased from 5.5% to 5.8%. The interest rate on Senior Citizen Savings Scheme has now increased from 7.4% to 7.6%. At the same time, the monthly income account scheme will now get 6.7% annual interest instead of 6.6%. Apart from this, the interest rate on Kisan Vikas Patra has increased from 6.9% to 7.0%.

Now how much interest is getting on which scheme?

scheme Interest Rate (in %)
Senior Citizen Saving Scheme 7.6
Sukanya Samriddhi Yojana 7.6
PPF 7.1
Kisan Vikas Patra 7.0
national savings certificate 6.8
time deposit 6.7
Monthly Income Scheme 6.7
recurring deposit 5.8
savings account 4.0

2. Income tax payers will not be able to invest in Atal Pension Scheme
From now on, those paying income tax will not be able to take the benefit of Atal Pension Yojana. According to the existing rules, any Indian citizen between the age of 18 years to 40 years can join this pension scheme of the government, irrespective of whether he pays income tax or not. Under this scheme, a monthly pension of up to Rs 5000 is given every month. Click here to know more about the scheme

3. Tokenization system will be implemented
Tokenization system has been implemented for card payments. Once implemented, merchants, payment aggregators and payment gateways will no longer be able to store customer card information. The purpose of implementing the tokenization system is to prevent online banking frauds. Tokenization is not mandatory, but it does make it easy to make repeated purchases from the same website or app.

4. People investing in mutual funds are required to give nomination details
From now on, it will be necessary for people investing in mutual funds to provide nomination details. Investors who fail to do so will have to fill in a declaration. Nomination facility will have to be declared in the declaration.

Asset Management Companies (AMCs) will have to provide the option of nomination form or declaration form in physical or online mode as per the requirement of the investor. Under the physical option, the form will have the investor’s signature, while in the online form, the investor will be able to use the e-sign facility.

5. Commercial Gas Cylinder Cheap
According to the price released by Indian Oil on October 1, 19 kg commercial cylinder has become cheaper. In the capital Delhi, its price has come down from Rs 1,885 to Rs 25.50 to Rs 1859.50. The price in Kolkata has been reduced by Rs 36.5 from Rs 1,995.50 to Rs 1959.00.

Similarly, its price has come down by Rs. 35.5 from Rs. 1,844 in Mumbai to Rs. 1811.50 and in Chennai it has come down by Rs. 36 from Rs. 2,045 to Rs. 2009. This is the sixth time in a row that the price has come down. The price of domestic LPG cylinder has not changed. The price of 14.2 kg gas cylinder in Delhi is Rs 1053.

6. Change in rules regarding demat account
From today, two-factor authentication has become mandatory for demat account holders. According to NSE, members will have to use biometric authentication as an authentication factor to login to their demat account. The second authentication could be a ‘knowledge factor’. This can be a password, PIN or any position factor, which is only known to the user.

There is more news…

Amit

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