Gold Monetization Scheme (GMS) updated
Edited and republished on 05.04.2021 On Monday (05.04.2021), the Reserve Bank of India updated several amendments made to the Gold Monetization scheme 2015 to date and advised all designated banks to give adequate publicity to the Scheme through their branches, websites, and other channels. As per present guidelines, nominated banks authorized to import gold by…
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How nominee/legal heirs can claim money from Post Office deposits?
Claim procedure on death of the depositors of Small Savings Schemes like SB, RD, TD, MIS, etc. To make the process of claiming money from the various post office small savings schemes such as Post Office Monthly Income Scheme (PO-MIS), Post Office Recurring Deposit, Term Deposits, and claim procedures of Public Provident Fund (PPF), National…
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What is the Prime Minister’s New 15-Point Programme for the Welfare of Minorities?
The “Prime Minister’s New 15-Point Programme for the Welfare of Minorities” is the revised guidelines of the earlier programme on Credit facilities to the minority community. The objective of the new programme is to ensure that the benefits of various government schemes for the underprivileged reach the disadvantaged sections of the minority communities which are…
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Government reverses yesterday’s order regarding huge cut on interest rates of small savings schemes from April.
Edited and republished on April 1,2021 Last evening, in a massive blow to middle-class depositors, on the last day of the financial year, the government had announced a huge cut in interest rates of small savings scheme such as PPF, NSC and other post office deposits up to110 basis point for the first quarter of…
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RBI extends the timeline for processing recurring online transactions.
The Reserve Bank of India today extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA). The framework mandated the use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of ₹2,000, since enhanced to ₹5,000),…
Who is a beneficial nominee for an insurance policy?
May be all of us know the meaning of a nominee of the life insurance policy. Nominees of insurance policies are merely designated trustees acting as receivers of insurance proceeds on behalf of the policyholder’s legal heirs. In the other words, while the insurance company has to hand over the death benefit to the nominee,…
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