Tag: India Post Payments Bank

  • EPFO: Pensioners can submit their life certificates on-line anytime of the 12 months

    Retirement fund physique Employees’ Provident Fund Organisation (EPFO) has introduced that Pensioners underneath the (EPFO) can submit their life certificates on-line at anytime of the 12 months.

    In a tweet, the EPFO mentioned,”EPS’95 Pensioners can now submit Life Certificate at any time which will be valid for 1 year from date of submission.” The EPS-95 got here into drive on 19 November 1995. The Employees’ Provident Fund Organization (EPFO) has facilitated a number of choices for EPS pensioners to submit their Digital Life Certificate(DLC), near their dwelling or at their doorstep. Jeevan Pramaan Patra (JPP) submitted via all these modes/businesses are equally legitimate.

     

    How to submit Digital Life Certificate(DLC): A Primer

    In addition to the 135 regional workplaces and 117 district workplaces of EPFO, EPS pensioners can now submit DLC at pension disbursing financial institution department and nearest put up workplaces. DLC will also be submitted at nation-wide community of over 3.65 lakh Common Services Centers (CSC). Apart from this, EPS pensioners may also submit DLC utilizing the UMANG app.

    India Post Payments Bank (IPPB) has launched the doorstep Digital Life Certificate (DLC) service for pensioners. EPS pensioners can now submit on-line request for availing doorstep DLC service on fee of a nominal payment. A postman from the closest Post Office will go to a pensioner and full the method of producing DLC on the dwelling of the pensioner solely.

    As per pointers, EPS pensioners can now submit DLC at any time throughout the 12 months, as per their comfort. The life certificates will stay legitimate for one 12 months from date of submission of DLC. The pensioners who’ve been issued Pension Payment Order (PPO) in 2020 needn’t add JPP until completion of 1 12 months. Earlier, all EPS pensioners had been required to submit the DLC within the month of November. This resulted in difficulties confronted by pensioners attributable to lengthy queues and generated rush for submission of Digital Life Certificate. 

    “The EPS, 1995 is a ‘Defined Contribution-Defined Benefit’ Social Security Scheme. The corpus of the Employees’ Pension Fund is made up of (i) contribution by the employer @ 8.33 per cent of wages; and (ii) contribution from Central Government through budgetary support @ 1.16 per cent of wages, up to an amount of Rs.15,000/- per month. All benefits under the scheme are paid out of such accumulations. The fund is valued annually as mandated under paragraph 32 of the EPS, 1995 and as per the valuation of the fund as of 31 March 2019, there is an actuarial deficit,” based on an announcement by the Union Ministry of Labour & Employment.

    “The provisions of the EPS-95 are reviewed from time to time based on the recommendations of the Expert Committee and the High Empowered Monitoring Committee as well as taking into account the actuarial evaluation of the Employees’ Pension Fund,” based on an announcement by the Union Ministry of Labour & Employment.

    Some of the vital amendments made in EPS-95 are as underneath:

    Increase in wage ceiling from Rs. 6500/- to Rs.15000 per 30 days from 01.09.2014.

    Provision of a minimal pension of Rs. 1000 per 30 days to the pensioners underneath EPS, 1995 from 1 September 2014 by offering further budgetary assist wherever the pension was falling in need of Rs.1000 as per pre-defined system for calculation of pension.

    Restoration of regular pension after completion of fifteen years from the date of such commutation, in respect of these members who availed the advantage of commutation of pension underneath the erstwhile paragraph 12A of the EPS, 1995, on or earlier than 25 September 2008 vide notification G.S.R.132(E) dated 20 February 2020.

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  • From automobile insurance coverage to SBI residence mortgage curiosity: What will get costlier from June 

    The month of June is nearly right here, as is the case every month, some adjustments or new guidelines will come into impact in June as nicely. If you’re a buyer of the State Bank of India (SBI), Axis Bank and India Post Payments Bank, then there are some finance associated adjustments that you’d kick in from June. one ought to pay attention to.  Apart from, financial institution clients, the third-party motor insurance coverage premium for varied classes of automobiles will enhance which can have a direct impression on the month-to-month finances of auto homeowners.

    Here is a take a look at the adjustments that can come into impact from June.

    Higher SBI residence mortgage rates of interest

    The State Bank of India (SBI) has elevated its residence mortgage exterior benchmark lending charge (EBLR) by 40 foundation factors to 7.05 p.c, to 7.05%, to External Benchmark Lending Rate (EBLR). According to SBI’s web site, the elevated rates of interest will take impact on June 1, 2022.

    Axis Bank service cost hike

    Axis Bank has hiked service expenses for wage and financial savings account holders. The financial institution has revised the common month-to-month stability (AMB) requirement to ₹25,000 from ₹15,000; however, the minimal service payment on non-maintenance of stability shall be zero.

    Motor insurance coverage premiums for two-wheelers

    The third-party motor insurance coverage premium for varied classes of automobiles will enhance, as introduced by the Union ministry of street transport and highways

    For two-wheelers with an engine capability of lower than 75cc, the price of third-party cowl shall be ₹538. Two-wheelers with engine capability exceeding 75cc however not exceeding 150cc, the price of the premium shall be ₹714. Two-wheelers with engine capability exceeding 150cc however not exceeding 350cc, the price of the premium shall be ₹1366. Two-wheelers with engine capacities above 350cc, the price of the premium shall be ₹2,804.

    Motor insurance coverage premiums for four-wheelers

    Third half charges for personal four-wheelers have additionally elevated. From 1 June, third-party premium for automotive with an engine capability of lower than 1000cc shall be ₹2,094. For a automotive with engine capability exceeding 1000cc however not exceeding 1500cc, the third-party premium shall be ₹3,416. For vehicles with an engine capability of greater than 1500cc, the third-party premium shall be ₹7,897. These charges have been final revised for the monetary yr 2019-20 and have been stored unchanged throughout the COVID-19 pandemic.

    India Post Payments Bank expenses for Aadhaar Enabled Payments

    India Post Payments Bank (IPPB) has launched Aadhaar Enabled Payment System service expenses (AePS). AePS Issuer transaction expenses shall be in impact from June 15, 2022.The first three AePS issuer transactions every month, comparable to money withdrawal, money deposit, and mini assertion, shall be freed from cost. Whereas, over the free transaction restrict, AePS issuer money withdrawals and money deposits shall be charged at ₹20 plus GST per transaction, and mini assertion transactions shall be charged at ₹5 plus GST per transaction.

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  • Come January 1, it’s good to pay for money deposit above 10,000 on this financial institution

    Come January 1, 2022, India Post Payments Bank (IPPB) account holders must pay extra for depositing money and making money withdrawals in the event that they exceed the prescribed restrict. 

    India Post Payments Bank (IPPB) affords 3 varieties of financial savings accounts with a number of advantages. All the three IPPB financial savings accounts provide some frequent options and advantages, together with. As per RBI guidelines, you may’t maintain greater than ₹ 1 lakh in all funds financial institution accounts however you may open a publish workplace checking account the place any quantity in extra of ₹ 1 lakh will likely be transferred.

    IPPB Basic Savings Account

    In the Basic Savings Account, the money deposit as much as any quantity will stay free. Cash withdrawal will stay free for as much as 4 transactions monthly and after that, the withdrawal cost will likely be 0.50% of the worth topic to a minimal of ₹25 per transaction. within the Basic Savings Account.

    IPPB Savings and Current accounts

    In the Savings (apart from Basic SA) and Current Accounts, the money deposits will likely be Free as much as Rs. 10,000 monthly and thereafter, a cost of 0.50% of the worth topic to a minimal of ₹25 per transaction will likely be levied.

    In the Savings (apart from Basic SA) and Current Accounts, the money withdrawal will likely be free as much as ₹25,000 monthly and thereafter, publish the free restrict, a cost of 0.50% of the worth topic to a minimal of ₹25 per transaction will likely be levied.

    “This is to tell all of the involved that fees of money deposit & money withdrawal transactions as talked about will likely be efficient from 01st January 2022. These costs are unique of GST/ CESS which will likely be levied on the relevant charges,” IPPB talked about on its web site.

    Earlier, India Post Payments Bank had revised its Doorstep banking fees efficient from 01st August 2021 which is ₹20 for every request per buyer.

     

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