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New Auto Payment Rules: Notification Required 24 Hours Before EMI Deduction

  The new rules will apply to all types of auto payments—such as OTT subscriptions, insurance premiums, bill payments, EMIs, etc.—that are processed via cards, UPI, or prepaid instruments. The RBI has implemented new regulations regarding e-mandates. The Reserve Bank of India (RBI) put its new guidelines concerning e-mandates into effect starting Tuesday. Under these new rules, customers are now required to complete a one-time registration process—involving an additional layer of verification—before initiating any form of online auto payment. Furthermore, the respective banks or financial institutions involved must provide a notification 24 hours in advance before deducting any amount from a customer's account. These new regulations cover all recurring auto payments—including OTT subscriptions, insurance premiums, bill payments, EMIs, and similar transactions—that are executed using cards, UPI, or prepaid payment instruments. The RBI has also clarified that customers will be ac...
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You can invest in PPF or ELSS till June 30 to get better returns with tax saving


You can invest in PPF or ELSS till June 30 to get better returns with tax saving




Due to Coronavirus, the government has extended the deadline for tax-savings investment till June 30. In such a situation, if you have not invested anywhere yet, then you can take advantage of tax exemption on investing in PPF or ELSS. If you choose the old tax system, then tax rebate of up to 1.5 lakh rupees can be taken under 80C through investment in these schemes. We are telling you about both these schemes.

Highlights of PPF

This scheme can be opened anywhere in the bank or post office. Apart from this, it can also be transferred to any bank or any post office. If it is opened, then it can only go from 100 rupees, but then later it is necessary to deposit 500 rupees at a time. Maximum 1.5 lakh rupees can be deposited in this account every year. This scheme is for 15 years, from which it cannot be withdrawn. But it can be extended for 5-5 years after 15 years. It cannot be closed before 15 years, but after 3 years, a loan can be taken against this account. If anyone wants, he can withdraw money from this account from 7th year under rules. The government reviews the interest rates every three months. These interest rates can be more or less. At present, the account is getting a 7.1 per cent interest.

Highlights of ELSS

There are 42 mutual fund companies in the country that run tax saving schemes. Every company has ELSS to save income tax. It can be purchased online at home or through an agent. In order to save income tax, if you have to invest at one time, then usually a minimum investment of Rs 5000 and if you have to invest every month, then usually a minimum investment of Rs 500 a month can be started. Although a maximum tax exemption of Rs 1.5 lakh can be taken, there is no limit to the maximum investment. Investment in this income tax saving scheme is locked in for 3 years. After this, the investor can withdraw this money if he wants. After three years, withdraw the entire amount if you want or withdraw as much money as you need and leave the remaining money in this ELSS for as long as you want. ELSS is only locked in for 3 years, but if the investor takes the option of dividend payout, then they will continue to get money in between. However, income tax-saving ELSS scheme cannot be withdrawn in between. In this, the market link returns instead of the interest rate on investment. In the last 10 years, the ELSS Mutual Fund category has given a return of about 8.46%.

Income tax can be saved by investing in both places. Apart from this, both schemes have their own specialities and drawbacks. In such a situation, if someone wants to take a little risk in saving income tax, ELSS is a better option for them. Money should be invested through SIP, which is invested every month. This reduces the risk of investment and also increases the chances of getting good returns. On the other hand, if you want to stay away from the risk of the market, then investing in PPF is right. Both are common in some of the best tax saving schemes. The first is that the maximum income tax can be saved by investing a maximum of Rs 1.5 lakh in both. Also, both schemes cannot be closed in between. It is a different matter that money in PPF can be withdrawn after 15 years, money in ELSS can be withdrawn only after 3 years.




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