Provident Funds (PF) PF stands for Provident Fund, a mandatory savings scheme in India for employees and employers. It aims at ensuring financial security for employees after their retirement. It also includes contributions from both the employee and employer towards a dedicated provident fund account. Overview of the Public Provident Fund: Purpose:The primary goal of… Read More »
Mutual Funds Mutual funds are investment vehicles that pool money from multiple investors to invest in a diversified portfolio of securities such as stocks, bonds, money market instruments, and other assets. Overview of Mutual Funds: Structure: Mutual funds are managed by professional fund managers or management companies, who make investment decisions on behalf of the… Read More »
Bank Overdraft & Cash Credit Bank overdraft and cash credit facilities are both forms of short-term borrowing provided by financial institutions to individuals and businesses. Here’s a detailed explanation of each: 1. Bank Overdraft: i. An overdraft is a financial arrangement where a bank allows an account holder to withdraw funds from their account even… Read More »
Gold Loan A gold loan is a type of secure loan where gold jewelry or ornaments are pledged as collateral to obtain funds from a lender. Brief overview of Gold Loans (GL): 1. Collateral: Gold jewelry or ornaments are use as collateral for obtaining a GL. The lender evaluates both the quality and quantity of… Read More »
Kisan Vikas Patra (KVP) The Kisan Vikas Patra (KVP) serves as a modest savings program provided by the Government of India, with a core focus on encouraging long-term financial resilience among Indian populace, particularly in rural regions. Features of Kisan Vikas Patra (KVP): 1. Purpose: Kisan Vikas Patra was introduced with the aim of… Read More »
Recurring Deposit (RD) A recurring deposit (RD) is a type of term deposit offered by banks and financial institutions that allows individuals to save a fixed amount of money regularly over a predetermined period. Features of Recurring Deposits: 1. Regular Savings: RDs are ideal for individuals who want to save a fixed amount of money… Read More »
Public Provident Fund(PPF) The Public Provident Fund (PPF) is a long-term savings and investment scheme introduced by the Indian government. It is one of the most popular and tax-efficient savings options available to Indian residents. Overview of the Public Provident Fund: 1. Purpose: PPF is design to encourage small savings and long-term wealth… Read More »
Fixed Deposit Interest Rate A Fixed Deposit (FD) serves as a financial instrument offered by banks and various financial institutions, enabling individuals to invest a specified amount for a predetermined duration at a fixed interest rate. Fixed Deposits are known for their safety, stability, and guaranteed returns. Key Features of Fixed Deposits: 1. Interest Rates:… Read More »
Post Office MIS 1. Post Office Monthly Income Scheme (POMIS): POMIS is a savings scheme offered by India Post, the postal department of the Government of India. It provides a fixed monthly income to investors who deposit a lump sum amount for a fixed period. 2. Distinctive Benefits of the Post Office Monthly Income Scheme… Read More »
Sukanya Samriddhi Yojana (SSY) SSY / Sukanya Samriddhi Yojana: Sukanya Samriddhi Account is a government-supported savings initiative in India, specifically designed for the benefit of the girl child. The scheme was launched by the Government of India as part of the “Beti Bachao, Beti Padhao” campaign to promote the welfare of the girl child and encourage… Read More »