Why Is Post Office Exempt?

Employees of the Postal Service are exempt from requirements made for federal employees because they are not considered federal employees.

Are postal employees exempt?

While the original assertion that postal workers were exempt from the vaccine mandate did come from a Washington Post reporter, that’s false. Postal workers will be required to abide by the rules from the Department of Labor’s Occupational Safety and Health Administration.

Why is the USPS exempt?

“USPS is not included in the executive order requiring vaccination of federal employees. USPS has a separate statutory scheme and is traditionally independent of federal personnel actions like

How much do postal workers make?

  • Administrative Assistance. How much should you be earning? Tell us about you and get an estimated calculation of how much you should be earning and insight into your career options.
  • Management
  • Customer Service. How much does United States Postal Service in the United States pay?
  • Is the post office considered federal?

    We are considered to be a federal agency due to our predecessor, USPOD. That was a cabinet department from 1872 thru 1971. The Post Office Act of 1872 gave USPOD the cabinet status. From there, the Postal Reorg Act made us an independent postal service that is regulated by the Postal Regulatory Commission.

    Why investors love PPF as a tax saving investment – ​Exempt-exempt-exempt tax status

    1st week of February, 2022, 06:47 PM IST1

    ​Exempt-exempt-exempt tax status

    • In the case of the Public Provident Fund (PPF), the fund is free from income tax on three separate occasions.
    • Few other investments have this benefit.
    • You are excluded from paying taxes at the time of investment, accrual, and distribution.
    • Section 80C of the Income-tax Act, 1961, allows for a deduction of up to Rs 1.5 lakh on investments made in a single financial year, with a maximum deduction of Rs 1.5 lakh.

    The interest that is earned each year is likewise free from taxation.Finally, the cumulative corpus that you withdraw upon maturity is likewise exempt from taxation, resulting in tax-free income for the duration of the maturity period.iStock2/7

    ​A very high interest earner in the fixed income category

    • Although the Employees’ Provident Fund (EPF) now offers the highest interest rate, the Public Provident Fund (PPF) interest rate isn’t too far behind in terms of yield.
    • As of the present, EPF is giving 8.5 percent.
    • This investing option, on the other hand, is solely available to salaried workers.
    • PPF, on the other hand, is a product in which anybody, even self-employed individuals, may make an investment.

    The current interest rate on the PPF is 7.1 percent, which is greater than the interest rate given on other modest savings plans such as the National Savings Certificate, the Post Office 5-year Time Deposit, and other similar products.In addition, check out the interest rates on post office deposit programs.iStock3/7

    ​Suitable in a low interest rate regime

    • The fact that the PPF is linked to a variable rate is one of the numerous reasons why it outperforms products such as the 5-year tax-saving bank FD.
    • While fixed deposits have an interest rate that is constant for the whole investment period, PPFs have a floating interest rate that can fluctuate every quarter, as opposed to fixed deposits.
    • The interest rate on PPF will climb in unison with the general rate of interest in the economy once the general rate of interest begins to rise, and your investment will begin to provide larger returns.
    • iStock4/7

    ​Tax haven for the risk-averse

    • If you are a cautious investor seeking to decrease your tax liability while still receiving guaranteed profits and investment security, then a PPF is one of your best alternatives.
    • Most banks are now giving interest rates on their 5-year tax-saving FDs that are lower than the rates given by PPF, which is a significant advantage.
    • In spite of the fact that modest savings plans such as the Sukanya Samriddhi Yojana (SSY) and the Senior Citizen Savings Scheme (SCSS) provide greater interest rates, they are limited in scope and can only be invested in by a restricted group of individuals.
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    ​Enjoys the benefit of compounding

    • If you have a long period of time before reaching your objectives or if you are still young, the power of compounding may work wonders for your financial future.
    • A PPF account has a maturity period of 15 years.
    • After the account reaches maturity, you have the option of either withdrawing the whole sum and closing the account or extending it for a further five years with or without making additional contributions.
    • Even this extension in five-year chunks might be carried out forever, according to the terms of the agreement.

    Check out these other articles: 10 Things Every Investor Should Know About PPFiStock6/7

    ​Even aggressive investors can leverage it

    • A portion of debt products can also be retained by investors with high risk appetites as a means of diversifying their investment portfolios.
    • If the investment is for a long-term objective, the PPF is an excellent choice since it provides the needed stability and returns in the debt component of the portfolio, which is important for long-term goals.
    • As a result, it can assist to mitigate the negative impact of the equity part over the long run.
    • You may also be interested in: When comparing the two choices, the VPF interest rate is higher than the PPF interest rate.

    iStock Most taxpayers in the highest income tax bracket may not be eligible for the Section 80C benefit since they have other tax-saving opportunities available to them, such as EPF, children’s school fees, house loan debt, term insurance premium, and so on.Despite this, PPF returns are tax-free, which makes it a particularly appealing investment option for those whose income is subject to tax at a rate of 30% or more.With PFF, it is possible to accumulate a totally tax-free corpus.iStock

    Post Office Fixed Deposits: FD Features, Rates 2022 & Benefits for Senior Citizens

    • The post office fixed deposit (POFD), often known as the ‘post office timedeposit,’ is a handy alternative to the fixed deposits offered by financial institutions such as banks and credit unions.
    • An individual can receive a guaranteed return on their money by participating in this fixed deposit program given by the Indian Postal Services for a specified length of time.
    • The most recent revision The Reserve Bank of India has issued a new regulation that would apply to unclaimed, matured FD accounts.
    • That is, assets held in an unclaimed, matured FD account will earn interest at the rate applicable to the savings account or at the contractual rate of the matured FD, whichever is the lowest of the two.

    The most recent update is as follows: For the benefit of qualified elderly persons, the CBDT issues Form 12BBA, which is a declaration form that must be presented to the designated banks in order to be exempted from submitting the ITR.The outcome of the Union Budget for 2021 is as follows: Pension income and interest income are the only sources of income for older individuals, and it has been advocated that they be exempted from submitting income tax returns in this situation.Section 194P has been added to the tax code in order to require banks to withhold tax on the pension and interest income received from the bank received by senior people over the age of 75 years.

    How to invest in Post Office Fixed Deposits?

    Term deposits or FDs at the Post Office can be opened using either the online or offline methods.

    Mobile Banking Method

    • Step 1: Go to the Google Play Store and download the India Post Mobile Banking application on your smartphone.
    • Using your login credentials, log into the app in step 2.
    • In order to create a POFD account, go to the ‘Requests’ button on the home screen and click on it.
    • Step 4: To open the account, provide the necessary information, such as the deposit amount, the term, the account from which you wish to deposit the money, a nominee, and other relevant information.

    Offline Method

    • Step 1: Complete the application form with all of the necessary information.
    • The form is also accessible on the United States Postal Service’s website.
    • Step 2: Attach all of the necessary supporting papers to the application form as well.
    • Step 3: Go to the branch of the United States Postal Service where you previously had your savings account.

    If you don’t already have a bank account, visit your local branch to get one.Step 4: Submit the required papers to the appropriate person at the branch to complete the account opening process.

    Why You Should Opt for POFD?

    • When compared to bank fixed deposit plans, the use of post office fixed deposits has been more prevalent in rural regions than in urban ones.
    • For a POFD, you have the option of selecting a duration ranging from one to five years.
    • Keep in mind that the interest rate increases in direct proportion to the length of time you choose to borrow for.
    • At times, the interest rates given on post office fixed deposits might be greater than the interest rates offered on bank fixed deposits.

    It is likely that the interest rate on your Post Office Fixed Deposit will fall somewhere in the middle of a bank FD rate and a firm FD rate.People who are extremely conservative when it comes to the safety and risk of their investments will benefit the most from investing in POFD.At times, the interest rates given on postoffice fixed deposits might be greater than the interest rates offered on bank fixed deposits.It is likely that the interest rate on your Post Office FixedDeposit will fall somewhere in the middle of a bank FD rate and a corporate FD rate.

    Who can invest in POFDs?

    • Individuals can open a fixed deposit at the post office using cash or a check, whichever they like.
    • The date of realization of the check will be recorded in the government’s records as the date of opening the account, unless otherwise specified.
    • Non-resident Indians (NRIs) are unable to open a fixed deposit account at the post office.
    • POFD is best suited for persons who are extremely cautious when it comes to their financial investments..

    Ideal candidates include low-risk individuals seeking a consistent income as well as capital protection – such as retirees or those on the verge of retiring – as well as those who are nearing retirement.You may use our Fixed Deposit calculator to find out how much you can anticipate to earn from a Post Office Fixed Deposit plan if you are unclear about your expectations.

    Features & benefits of Post Office Fixed Deposits

    • Flexibility To create a POFD account, you must deposit a minimum of Rs.1000 and there is no maximum amount to deposit.
    • You have the option of converting your POFD account from a single to a joint account, and the other way around.
    • There is no limit to the number of FD accounts that can be opened at the post office by a single individual.
    • The account can even be opened in the name of a juvenile, and the account will be managed by the child’s parent or legal guardian, if applicable.

    In addition, you have the option of switching an FD account from one post office to another if necessary.Nomination When establishing a POFD account, you may even designate a specific individual.Furthermore, the person you nominate has the ability to nominate another person, even if that person already has a POFD account.Interest Additionally, the person gets interest on the return during the period of time between the return and maturity.

    The interest rate on POFD accounts is highly competitive, with certain accounts yielding a greater rate of interest than a bank FD account.When it comes to maturity Once the account has reached its maturity date, you have the option of withdrawing funds or renewing the account for the same duration.Withdrawal Before the Due Date You may withdraw the amount of your deposit even before it reaches maturity, according to the restrictions and circumstances set out by the post office.

    • Implications for Taxation According to Section 80C of the Income Tax Act of India, 1961, you can claim an income tax deduction on the deposit you have placed in the 5-year fixed deposit account, if you meet certain criteria.
    • TDS If the interest you earn on your FD account exceeds Rs.40,000 each financial year for regular customers, the Post Office may withhold the tax from your earnings at the point of collection (source deduction).
    • Invest in mutual funds that are managed directly by the fund manager.
    • Tax savings of up to Rs 46,800 and a 0% commission are possible.

    Tax benefit for senior citizens

    Remember that, starting on April 1, 2018, any interest received by senior persons from deposits in the PostOffice would be tax-free up to Rs 50,000 under Section 80TTB of the Indian Income Tax Act.

    Interest rates of Post Office Fixed Deposits (Effective 1 July 2021)

    The rate of interest on POFD is revised by the government at the beginning of each quarter of the final year. Government bond yields are taken into consideration while calculating this rate. Interest Rates on Term Deposits at the Post Office

    Period Interest Rate for Q2 of FY 2021-22*
    1 year 5.5%
    2 years 5.5%
    3 years 5.5%
    5 years 6.7%

    The interest rates on Post Office TermDeposits remain the same for both regular customers and elderly people, please keep in mind. In only 7 minutes, you may file your income tax return for free. It’s completely free, easy, and accurate. Developed by tax professionals

    Customs forms for sending abroad

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      The regulations on sending to the EU are changing. From 1 July 2021 items sold to EU destinations valuing €22 or less are no longer exempt from VAT chevron-right icon

    What is a customs form for?

    • When exporting things overseas, you must ensure that the items comply with the shipping regulations of the country to which they are being shipped.
    • Customs forms enable local customs officials to determine whether or not the items are permitted to be imported and to calculate whether or not charges or taxes must be paid.
    • Customs paperwork must be affixed to the outside of your goods and filled out completely in all applicable fields.
    • You are responsible for ensuring that your item is shipped with a Customs Form that is completely filled out.

    Items with incomplete or missing customs paperwork will almost certainly be returned to the sender, so it’s critical that you do it right the first time.The check icon, the cross icon, the chevron-right icon, and the down-arrow icon are all related.

    Do I need a customs form?

    • It is mandatory to complete a customs form if you are sending goods or gifts from England, Wales, or Scotland to any destination outside of the United Kingdom
    • you are sending goods or gifts from Northern Ireland to any non-EU destination (other than the United Kingdom)
    • you are sending goods or gifts from Northern Ireland to any non-EU destination (other than the United Kingdom).
    • If you are sending goods within the United Kingdom
    • if you are sending from Northern Ireland to EU destinations
    • if you are sending letters or large letters that contain only correspondence, commercial invoices, or shipping documents
    • or if you are sending letters or large letters that contain only correspondence, commercial invoices, or shipping documents, you do not need to complete a customs form.
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    See also:  How To Ship A Package To The Post Office For Pick Up?

    Information you will need for completing the customs form

    • If you do not complete all of the required fields below, it is probable that your item will be returned or will be delivered late. When filling out customs papers, pay close attention to the details and make sure you include all of the essential information that pertains to you and your merchandise. If you have any questions, you may always consult with a member of the branch staff. The name and address of the sender are required
    • Type of Contents and an accurate description of the material are required
    • The value, quantity, and weight of each item are all required
    • The total amount, the quantity, and the weight are required
    • Customers who are companies only must provide an HS Tariff number (which may be found here) as well as a GB EORI number or VAT registered number, which is necessary for businesses only.
    • If you’re using a CN23, you must provide the following information: the recipient’s name and address (this is necessary)
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    Guides for filling out all customs forms

    Sending items valued under £270 via Royal Mail

    • A CN22 customs form will be required for all goods and presents shipped internationally via Royal Mail international services that are priced less than £270.
    • A CN22B will be required if you are sending things via Royal Mail International Economy or International Standard services.
    • (Only available in branch) If you want to mail things internationally using Royal Mail International Tracking and Signature services, you’ll need a CN22A.

    Sending items valued over £270 via Royal Mail

    Goods and presents shipped internationally via Royal Mail services that are valued at more than £270 will be required to include a customs declaration form, known as a CN23.

    Sending internationally via Parcelforce Worldwide

      Goods and gifts sent with Parcelforce Worldwide services will require a customs declaration form called a CP72 Customs Despatch Pack. This is regardless of the item value. plus icon minus icon chevron-right icon

    Customs form FAQs

      Why do I need to fill out a customs form? Why can’t I fill all the form types out online? Can I still download a form to fill in by hand? Why don’t I need to fill in a customs form if I’m sending from Northern Ireland to EU destinations? I have bought my postage online  – do I still need to include a customs form? Why can’t I use an electronic signature? What if I don’t have a printer at home? When do I need to complete a CN22B customs form? chevron-right icon Useful links, extra information and related mails services.

    How to open PPF account in Post Office

    • It was the Government of India (GoI) that developed a series of savings programmes, which were principally issued through India Post offices.
    • These programs were established with the goal of encouraging residents to save money for a variety of purposes, including retirement, children’s education, and the future of young girls, among others.
    • The majority of these plans provide tax advantages in addition to compound interest on the deposits made.
    • Since the introduction of these programs by the government, there has been a sense of security.

    Later on, commercial and public banks began to offer the plans for sale as well as distribution.The Public Provident Fund is an example of such a program (PPF).The program is well-known for the tax benefits it provides as well as the long-term financial returns it generates.Find out more about PPF by visiting this site.

    What is a PPF account?

    • The Public Provident Fund (PPF) program is one of the most popular long-term retirement saving-cumulative investing schemes because it provides assured, set returns as well as tax savings.
    • The Public Provident Fund (PPF) was established in 1968 by the National Savings Institute of the Finance Ministry.
    • Because of the account’s lengthy term, which is 15 years, most investors consider PPF to be a good retirement savings vehicle for them.
    • A minimum of one deposit into the account every financial year is required to maintain the account’s status as ″active.″ Additionally, you have the option of extending the account in five-year increments when it reaches maturity.

    The extension can be requested as many times as you like, and it can be completed with or without additional cash depending on your preferences.A quarterly interest rate is determined by the government and is paid to the account holder.When compared to the majority of its competitors, the returns from PPF are significantly higher.Your investment in the account is tax-exempt under Section 80C of the Income Tax Act, as is the interest earned on the account and the maturity amount.

    The interest earned on the account and the maturity amount are both tax-exempt.

    Eligibility criteria for opening a PPF account in a post office

    • Anyone who works for a private company, is a pensioner, is self-employed, or falls into any other group is eligible to create a PPF account at their local post office.
    • A maximum of one PPF account can be created per person per year. If you open more than one account, only the principle amount will be repaid from the second account, and the account will be cancelled
    • if you open more than one account, only the main amount will be refunded from the second account, and the account will be closed
    • A PPF account in the name of a child can be opened by either the father or the mother (but not both at the same time). In the event of the death of either the father or the mother, the minor will be unable to continue with the account
    • the account will be canceled and the money repaid
    • A PPF account cannot be opened by an NRI. If he or she started one while resident in India, he or she can keep it open for a total of 15 years, or until the account reaches its maturity.

    Documents required to open a PPF account in a post office

    • ID proof
    • Voter’s ID
    • Passport
    • Driving license
    • Aadhaar Card
    • Proof of addressVoter’s identification
    • passport
    • ration card
    • Aadhaar card
    • PAN card

    The process of opening a PPF account in a post office

    • The procedure of creating a PPF account at a post office is straightforward and may be accomplished in four steps: In order to apply, you must first get an application form from your local post office or from the sub-post office in your region.
    • The application form is also available for download on the internet.
    • (ii) Complete the form and send it together with the necessary KYC papers and a passport-sized photograph.
    • (iii) The minimum initial deposit necessary to start a post office PPF account is Rs.500, and the maximum amount that may be deposited is Rs.70,000 at the outset.

    However, the maximum amount of money that may be deposited in a year is Rs.1.5 lakh.(iv) Once all of the required documentation and the initial deposit have been received, the applicant will be given a passbook for the PPF account.The passbook will have all of the necessary information, such as the account holder’s name, PPF account number, branch name, and so on.An investment in a PPF is an excellent choice if you are concerned about risk and do not want to expose your money to the whims of the market.

    It is a useful channel of saving because of the simplicity of its functioning and the convenience with which it can be operated online.Not to mention that the sum received at maturity is free from taxes.

    How to open a PPF account in SBI online

    • Step 1: Go to the SBI’s internet banking portal at http://www.sbi.co.in/.
    • Step 2: On the left-hand side menu, select ‘New PPF Accounts’ to continue.
    • Step 3: You will be sent to the ‘New PPF Account’ page, where your name, address, CIF number, and PAN data will be pre-filled with your information.
    • Step 4: Input the account number and branch code of the bank from which you wish to make the payment for the PPF account in question.

    To obtain the branch name, press the ‘Get Branch Name’ button.During Step 5, your personal information and nomination information will be presented for verification purposes.Once you’ve finished, click on the ‘Proceed’ button.Step 6: Your PPF account will be formed in a matter of seconds, and the account number will be shown on your computer screen.

    How to open a PPF account in HDFC Bank?

    • Step 1: Go to the HDFC Bank internet banking interface and sign in using your credentials.
    • Step 2: Select the ‘PPF Accounts’ option from the drop-down menu under ‘Public Provident Fund’.
    • Step 3: Select ‘Open Now’ from the drop-down menu.
    • Step 4: Enter the bank account information from which you wish to make payments to your PPF account, as well as your PAN number.

    Step 5: Double-check that all of the information you’ve provided is right before clicking on the ‘Proceed’ button.Step 6: Verify the Aadhaar number you have.If your bank account is already connected to your Aadhaar, you may just click on the ‘Generate OTP’ button; otherwise, you will need to go to the Aadhaar website and update your information.E-signatures using the Aadhar OTP are also available as an alternative method of authentication.

    7.Your PPF account will be established instantaneously, and the account number will be presented on the screen.

    How to open a PPF account online?

    • Step 1: Log in to your bank account using the internet banking or mobile banking platform of your choosing.
    • Step 2: Select the ‘Open a PPF Account’ option from the drop-down menu.
    • Step 3: Select ‘Self Account’ from the drop-down menu if the account is for personal use.
    • Choosing the ‘Minor Account’ option will allow you to open the account on behalf of a child under the age of 18.

    Step 4: Fill out the application form with all of the necessary information.5.Enter the total amount you wish to put into the account for each financial year in the box provided.Step 6: Complete and submit the application form.

    An OTP will be issued to the cellphone number that has been registered.Fill up the blanks with the appropriate information.After you complete Step 7, your PPF account will be created immediately.

    • The account number associated with your PPF will be shown on the screen.
    • An email will be sent to your registered email address with all of the necessary information to validate your registration.

    Who can open a PPF account?

    A PPF account can be opened by any Indian adult who resides in the country. For minors or those who are mentally incapacitated, a legal guardian can create the account on their behalf if they are under the age of majority.

    How to withdraw money from a PPF account?

    Step 1: Complete Form C with all of the necessary information. You may get this via the website of your bank or the Post Office, or you can pick it up in person at the branch. Submit the completed form to the bank or Post Office branch where your PPF account is housed in the second step.

    How to close a PPF account?

    • According to the laws governing PPF accounts, you can only fully withdraw your PPF account balance when the account’s 15-year term has been completed.
    • If you choose to end your account before the 15-year period is over, you can view your whole account balance, withdraw it in full, and close the account.
    • You will not be able to withdraw the entire account amount at any time before the account’s full term has been completed under any circumstances.
    • Early withdrawal of up to 50% of the account balance is permitted once the account has been open for five years.

    There are very specific conditions under which this is authorized.

    How to transfer a PPF account?

    • You have the option of transferring your PPF account to another branch of the bank or Post Office, switching from one bank to another Post Office, or switching from one Post Office to another branch of the bank.
    • Here’s how to go about it.
    • 1st step: Go to the bank or Post Office branch where you have your PPF account.
    • Step 2: Request a copy of the application form for the transfer of the PPF account and complete it with the necessary information.

    Step 3: The branch representative will process your application and deliver it to the new branch, together with the certified copy of the account, nomination form, account opening application, specimen signature, and a check or demand draft for the outstanding balance in the PPF account.In Step 4, once you have submitted your application and accompanying documentation to the new branch, you will be required to submit a new PPF account opening application together with the passbook from the former PPF account.You have the option to modify your nomination at this moment.Upon successful completion of this application, your PPF account will be successfully moved to the new branch.

    How to link an SBI PPF account to an SBI account online?

    • It is not necessary to link a PPF account kept with SBI to a savings account owned with SBI.
    • When you create a PPF account, whether online or in person, you will be required to furnish the bank with the number of your current savings account.
    • This implies that your new PPF account will be created under the same customer ID as your old account.
    • Your PPF account will be automatically connected to your savings account by default.

    Therefore, you may enter into online banking with the same login credentials and access both your savings account and PPF account information from a single platform.

    How to know your PPF account number?

    • You will be given a passbook if you open a PPF account through a financial institution or the Post Office.
    • In addition to the PPF account number, bank/post office branch details, account balance, transactions made in the account, and other pertinent information, the passbook also provides all of the required information regarding the PPF account.
    • You may get the passbook updated on a regular basis so that you have access to the most recent information.
    • If you prefer to use the online banking interface, you may log into your account there as well.

    Choosing the PPF account from the main page will display the account data, including the account number, account balance, recent transactions, and other information.

    Where to open a PPF account?

    • You can open a PPF account at the Post Office branch that is closest to you or at a partnering bank branch that is most convenient for you, depending on your preference. The list of participating banks that provide a PPF account is provided in the following section. Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, State Bank of India, Bank of India, Union Bank of India, Oriental Bank of Commerce, IDBI Bank, Punjab National Bank, Central Bank of India, Bank of Maharashtra, Dena Bank, and others

    How to link Aadhaar with a PPF account online?

    • The first step is to log into your online banking account.
    • Step 2: Select the ‘Registration of Aadhaar Number in Internet Banking’ option from the drop-down menu.
    • Step 3: Input your 12-digit Aadhaar number and click on the ‘Confirm’ button to complete the process.
    • To link a PPF account to an Aadhaar number, follow the steps outlined in Step 4 above.

    Step 5: From the webpage, select the ‘Inquiry’ option to see if the Aadhaar linking request has been successfully performed.

    How to open a PPF account in a Post Office?

    • Step 1: Pick up an application form from your local post office or download one from the internet.
    • Step 2: Complete the form and send it together with the necessary KYC papers and a passport-sized photograph.
    • To start a post office PPF account, you must first make the first deposit needed by the post office.
    • The sum might range from Rs.500 to Rs.1.5 lakh every financial year, depending on the circumstances.

    Step 4: After your application has been approved, you will be provided with a passbook for the PPF account that has been created.

    How to check PPF account balance online?

    The first step is to log into your online banking account. Step 2: Open the PPF account information in order to view the most recent PPF balance as well as the most recent transaction data.

    What is a PPF account? What are its benefits?

    • In India, the Public Provident Fund (PPF) is a retirement savings system established by the government with the goal of providing everyone with a secure post-retirement life after retirement. The least amount of money you must deposit into the account each financial year is Rs.500, and the maximum amount you may deposit is Rs.1.5 lakh. The account not only provides retirement savings, but it also allows you to claim income tax deductions on the amount of money that you put into the account. The following are some of the advantages of having a PPF account. Returns that are not affected by market volatility are referred to as risk-free returns.
    • Interest compounded on a daily basis
    • 80C of the Income Tax Act, 1961 provides for a deduction for income tax.
    • 15-year investment in a long-term strategy
    • Loans and advances against the balance of a PPF account
    • Rs. 500 is a little sum of money to invest
    • Upon maturity, the PPF account has the option of being extended indefinitely in blocks of five years.
    • From the sixth financial year forward, there is a partial withdrawal facility.

    How many years a PPF account can be extended?

    After 15 years from the date of creating the account, a PPF account can be extended in blocks of five years an unlimited number of times. This is known as the maturity option for the account.

    How to withdraw money from a PPF account before maturity?

    • Step 1: Determine if you are qualified for a premature withdrawal from the program.
    • Step 2: If you are qualified, obtain Form C from your bank or the Post Office and complete it with the necessary information.
    • The third step will be to provide a written declaration that the money you are withdrawing is for the benefit of the minor and confirms that the minor is still alive.
    • If the account is in the name of a minor, you will be required to provide an additional declaration that the money you are withdrawing is for the benefit of the minor.

    Step 4: Take the completed form, as well as any accompanying documentation, to your local bank or Post Office location.If all of the information and papers you have supplied are suitable, the bank or PO will process your request and release the funds.

    Which bank is the best for a PPF account?

    • PPF accounts are given by the Government of India and are not tied to a specific bank or financial institution.
    • Furthermore, when you create a PPF account, all banks offer the identical set of options and incentives to all customers.
    • PPF accounts earn interest at a rate established by the government, which remains constant regardless of where the account is stored.
    • As a result, there isn’t a single top bank that provides a PPF account.

    When to deposit money in a PPF account?

    • While there is no precise deadline for depositing funds in your pension fund, you should do it as soon as possible.
    • Depositing money between the first and fifth of April of a financial year, on the other hand, is advantageous for you.
    • Even if it is not feasible for you to make the full year’s deposit at the beginning of the year, you may make monthly installments by the 5th of the month in order to reap the greatest benefits of the program.

    How many times a PPF account can be extended?

    The PPF account can be expanded an unlimited number of times without incurring any penalties.

    How many PPF accounts can be opened

    An individual can only have one PPF account, which can be opened in either a bank or a Post Office, anywhere in the country.

    How much money can be withdrawn from a PPF account?

    Partially withdrawing the money is possible once five years have passed since the account was opened, but only in small amounts. At the conclusion of the fourth year after the date of account establishment, however, you will only be able to withdraw up to 50% of the total amount of your account.

    How to convert a minor PPF account to a major?

    • To change the status of a minor PPF account holder from minor to major, you must submit an updated application form along with the relevant documentation confirming that the account owner has reached the age of majority (18 years old) in order to alter the status of the account from minor to major.
    • As an attestation, the guardian can submit the application together with the account holder’s signature on the application form, which will serve as an official record.

    How to close a PPF account in a Post Office?

    • It is possible to cancel a PPF account after 15 years have elapsed since the account was opened.
    • The steps to take are outlined below.
    • Step 1: Complete Form C with all of the necessary information and attach your PPF passbook to it.
    • Step 2: Take this to the Post Office branch where the account is stored and turn it in.

    Step 3: Your application will be completed, and the account will be canceled as soon as possible.The payment will be sent into your savings account, which is connected to your PPF account.

    What is the minimum lock-in period for a PPF account?

    The minimum lock-in term for a PPF account is 15 years, which corresponds to the account’s real tenure in the market.

    How does the PPF account work?

    • It is possible for an adult to create a PPF account for himself or herself or on behalf of a minor.
    • The account has a 15-year term, with a 15-year lock-in period.
    • The account is not transferable.
    • Deposits into a PPF account can range from Rs.500 to Rs.1.5 lakh every financial year, depending on the amount of money you want to put in.

    The deposit can be made in a single lump payment or in several installments over time.In relation to the number of payments each financial year, there are no restrictions.Each financial year throughout the tenure, deposits are required to be made; however, such deposits are excluded from income tax under Section 80C.The account must be maintained by making a minimum deposit of Rs.500 every financial year in order for it to remain operational.

    If you do not make this deposit, your account will be terminated without notice.To reactivate your account, you will need to pay a Rs.50 penalty on top of the Rs.500 required as a minimum initial deposit.To the deposit, an interest rate of 7.1 percent per annum (as of Q2 FY22) is applied, with interest compounded annually.

    • On the remaining amount of the PPF, a borrowing facility is provided.
    • Additionally, you have the option to make partial and premature withdrawals from your PPF account, subject to specific restrictions.
    • You have the option of extending the account’s tenure with or without making further contributions at the conclusion of the tenure period.
    • You also have the option of terminating your account.

    How to activate an inactive PPF account?

    • To revive a PPF account that has been dormant for a period of time, perform the procedures outlined below: 1st step: Send a written letter to the bank or PO branch requesting that the account be reactivated.
    • Step 2: Pay a minimum of Rs.500 for each year in which you have failed to make any contributions, as well as a Rs.50 penalty for each year in which you have failed to make any contributions.
    • Step 3: Your request will be processed by the bank or PO, and the account will be reinstated.

    Related Articles

    Opening a PPF Account with the State Bank of India The process of opening a PPF account with HDFC Is it possible to open a PPF account with ICICI? Portal for the Internal Revenue Service Invest in mutual funds that are managed directly by the fund manager. Tax savings of up to Rs 46,800 and a 0% commission are possible.

    Post Office Sukanya Samriddhi Yojana – Key Features & Benefits

    • The Post Office Sukanya Samriddhi Yojana is a savings plan endorsed by the Government of India that is specifically created for the female child in a family.
    • It is a component of the ″Beti Bachao – Beti Padhao Yojana,″ which was established to instill the habit of saving in the parents/guardians of female children in order to develop a corpus to cover the costs of her future education and marriage.
    • It can only be opened by a female child’s parent or legal guardian until she reaches the age of 10 years.
    • The Sukanya Samriddhi, a government initiative to encourage female children to pursue higher education and save for their future, has gotten an overwhelmingly positive reaction and is extremely respectable in its efforts.

    Key Features of Post Office Sukanya Samriddhi Account

    • It is possible to have a maximum of two Post Office Sukanya Yojana accounts per family. It may be possible to open three accounts in the event of the birth of twins or triplets. It is possible for parents or legal guardians to create an account on behalf of a girl child until she reaches the age of ten years old.
    • An account in the Sukanya Samriddhi Yojana can be created at the Post Office with a minimum deposit of Rs. 250 per year and a maximum deposit of Rs.1.5 lakh per year, both in Indian rupees. It is possible to deposit money into an SSY account using cash or a check
    • the account will be active for 21 years or until the female child marries after the age of 18. Depending on when the account was opened, it can be maintained active for up to 21 years from the date of account opening. Once this term has expired, the Post Office Sukanya Samriddhi account ceases to collect income. This plan is only available to Indian citizens who have a female child under the age of 18. A female child with non-resident Indian status is not permitted to open an SSY account in her name
    • however, the ASukanya Samriddhi Yojana in the Post Office allows for partial withdrawals until the girl child reaches the age of eighteen years (as of January 1, 2014). Following that, monies can be taken from the Post Office Sukanya Samriddhi account for the purpose of higher study or marriage
    • but, as previously stated, a minimum deposit of Rs. 250 each year is necessary to keep the account in an active form for at least 14 years. After one year, if this criteria is not satisfied, the account will be deleted, and it may only be reopened by paying a Rs.50 charge in addition to the required minimum deposit amount.

    Read more about SSY and use the Groww SSY Calculator to figure out your potential profits.

    How to open a Sukanya Samriddhi Yojana account in Post Office?

    When it comes to creating an SSY account, the Post Office makes it simple and hassle-free. The following documentation must be submitted in order to create an SSY account for those who do not already have one with the Post Office:

    How to fill Post Office SSY Application Form?

    • Applicants are required to supply certain important information about the girl kid. Additionally, information on the parent or guardian who will be creating the account and making deposits on her behalf is necessary. The following are the most important informational elements that appear on the SSY Application Form: Name of the girl child (Primary Account Holder)
    • Name of the biological parent/guardian who opened the account (Joint Account Holder)
    • Initial deposit amount
    • Cheque/Demand Draft Number and Date (used for an initial deposit)
    • Date of birth of the girl child (Primary Account Holder)
    • Date of birth of the biological parent/guardian who opened the account (Joint Account Holder)
    • Date of birth of the biological parent/guardian who opened the account (Joint Account Holder
    • Detailed information about a girl child’s birth certificate (birth certificate number, date of issue, etc.)
    • photo and address proof information about her parent or guardian (driver’s license, Aadhaar, etc.)
    • present as well as permanent address (as shown on the ID document of her parent or guardian)
    • any other KYC documentation information (such as PAN, voter ID card, and so on)
    • and any other information about the girl child.

    Stepwise Process to open an SSY account

    • You may either pick up the account opening form at the post office or download it from the Indian Post Office’s website. Other Post Office Sukanya Yojana data may be found on their website as well:
    • Fill up the necessary information and provide the appropriate documents along with photographs.
    • Make a deposit of the bare minimum
    • Cash, checks, and demand drafts are all acceptable methods of deposit after the account has been opened.

    Benefits of Sukanya Samriddhi Account with Post Office

    • Because of the numerous benefits that a Post Office Sukanya Samriddhi Yojana account provides, it has grown to become one of the most popular savings plans in the country.
    • In the fiscal year 2020-2021, a compounded annual interest rate of 7.6 percent will be applied to the account and credited to it once a year
    • If the money is not withdrawn by the end of the 21-year maturity term, the interest will continue to accumulate at the current rate.
    • The Post Office SSY Account can be transferred to another person. In the event that the depositor chooses to relocate. The account can be moved to any other approved post office in the new location, and additional actions can be taken on the account.
    • According to Section 80C of the Income Tax Act, the amounts placed into this account are eligible for a tax deduction.

    Post Office Sukanya Samriddhi Account – Frequently Asked Questions

    Is there a loan facility available through SSY?Ans.Loans are not available through the Post Office Sukanya Samriddhi Yojana account, therefore this is not an option.Question: Is it permissible to close the Sukanya Samriddhi Yojana account before the end of the financial year?Yes, it is correct.

    • Although premature closure of the Sukanya account is permitted, it is subject to a number of restrictions.
    • This may include circumstances such as the premature death of the principal account holder or any other circumstances in which they are unable to maintain the account, such as financial hardship.
    • To conduct the closure and settlement of the account, however, sufficient authorisation from the authorized authority must first be acquired from the designated authority.
    • In response to the question: Is the interest generated on SSY taxable?

    No, there isn’t.Because SSY is a 100% tax-free investment, the principle amount, the interest generated, and the maturity amount will all be excluded from federal and state income taxes.Ques.Is it possible to make a partial withdrawal from a Post Office SSY account?

    • In certain cases it is possible, but only once the account holder (a girl kid) reaches the age of eighteen.
    • Upon reaching the age of eighteen, a partial withdrawal of up to fifty percent of the account balance is permitted in order to cover educational or marriage-related expenditures.

    How to open Sukanya Samriddhi Yojana account with the Post Office


    Sukanya Samriddhi Yojana investments are eligible for deductions under Section 80C of the Income Tax Act, 1961, up to a maximum of Rs 1,50,000. In addition, the interest earned, and the amount received at maturity of this scheme are tax-free.

    • Sukanya Samriddhi Yojana (SSY) is a modest deposit plan that falls within the ‘Beti Bachao Beti Padhao’ campaign and is exempt-exempt-exempt (EEE) from income tax. It is funded by the government of India and is available to all citizens. This implies that the investment amount, interest generated, and maturity amount are all free from federal and state income taxes. There is a limit of one account per girl kid and a maximum of two accounts in the names of two distinct girl children that can be opened by parents or legal guardians. The maturity amount is due at the end of the 21-year period of the loan agreement. The failure to deposit the bare minimum amount necessary within a single financial year will result in a penalty being imposed. Currently, the Sukanya Samriddhi Yojana is earning an interest rate of 7.6 percent for the quarter spanning January to March 2022. Sukanya Samriddhi Yojana accounts are available to everyone who meets the eligibility requirements. The age of the female kid should not be more than ten years old
    • she should be an Indian citizen who resides in the country.
    • In a single household, no more than two female children can be registered for a bank account. If a female gives birth to twins or triplets, more than one account can be established for each of the daughters.
    • Documentation is necessary. Evidence of identification
    • proof of residence
    • photographs of the female kid and her parent/guardian together
    • Birth certificate
    • the Aadhaar card is quite important in this regard.

    Other options for opening an SSY account include banks and the post office.Opening a Sukanya Samriddhi account at a post office is explained here.According to the India Post website, the following steps must be followed in order to register an SSY account: Step 1: Go to your local post office and fill out an application.Step 2: Complete the account opening form at the post office.Step 3: Fill in the necessary information, such as the applicant’s address, and attach the applicant’s image.

    • Step 4: Fill out the information for the first deposit.
    • Step 5: Fill out the nomination information Send the completed form, together with any supporting documentation, to your local post office branch.
    • Advantages in terms of taxation Investments in the Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act, 1961, up to a maximum of Rs.1,50,000 in total investment.
    • Furthermore, the interest generated, as well as the sum paid at the end of the term, are both exempt from taxation.

    Withdrawal When a girl child reaches the age of 18 or has passed the tenth grade, she is eligible to withdraw funds from her account for any reason.A withdrawal of up to 50 percent of the amount available at the conclusion of the prior fiscal year is permitted.To comply with SSY laws, withdrawals can be made as a single lump amount or in yearly instalments up to one per year for a maximum of five years, subject to the given ceiling and real fee/other charge requirements, as well as the stipulated ceiling and real fee/other charge requirements.Upon application and submission of a declaration duly signed on non-judicial stamp paper attested by a notary public, along with proof of age, an account may be closed before the account holder reaches the age of twenty-one years.

    • The declaration must confirm that the applicant will not be under the age of eighteen on the date of marriage.
    • It is understood, however, that no account closure will be authorized until the account user achieves the age of twenty-one (21 years).
    • (This article was first published on February 10, 2022.) (This is your legal guide on estate planning, inheritance, wills, and other legal issues.) How to save money on taxes for the fiscal years 2020-21.) Using The Economic Times News App, you may obtain daily market updates as well as real-time business information.
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    Masih Alinejad is an Iranian journalist, author, and fighter for women’s rights who lives in the United States.She is the host of ″Tablet,″ a conversation program broadcast on the Persian service of Voice of America.Five years ago, on the day following President Donald Trump’s inauguration, I took part in the greatest single-day protest in United States history: the 2017 Women’s March in Washington, D.C.This was my first protest in my new nation, and it was really moving.One of the most astounding aspects of the experience was what didn’t happen.

    • No one was able to get the better of us.
    • No one came to take us into custody.
    • No one pulled a gun on anyone.
    • However, I am concerned that other Americans may be setting precedents that may limit our ability to express ourselves freely.

    The Combating International Islamophobia Act was enacted by the House of Representatives in December by a vote of 219 to 212.The legislation, which was presented by Rep.Ilhan Omar (D-Minn.), calls for the establishment of a State Department office dedicated to combating Islamophobia around the world, as well as the inclusion of statistics on occurrences of Islamophobia in the State Department’s annual human rights reports.(So far, the State Department has not responded to the measure, despite the White House’s support for it in a statement released earlier this week.) In the instance of the Uyghurs in China or the Rohingya in Myanmar, there is no doubt that the United States government should intervene to safeguard Muslims wherever they are being targeted by the government of the host country.

    • However, the United States government currently performs these functions, and it does so without the need for a new position of the type that Omar is advocating for.
    • The greater danger is that establishing a mandate to oversee Islamophobia carries with it its own set of dangers.
    • No specific definition of Islamophobia is provided in the Act, and there is no obvious attempt made to exclude the crimes committed by Islamist regimes against their own citizens from its reach.
    • Is it possible to criticize the Taliban without being accused of Islamophobia?
    • What do you think of those who criticize the Islamic Republic of Iran?
    • Has it ever been possible to label Hamas or Hezbollah as terrorist organizations?

    The office of Representative Ilhan Omar replied by accusing me of ″rehashing…racist Republican talking lines″ when I inquired about it.″It is the definition of bad faith to assume that a State Department envoy charged with monitoring and combating acts of official Islamophobia, which have in some cases amounted to genocide, would also condemn countries for their criticisms of oppressive regimes or terrorists,″ the statement continued.

    I should make it obvious that I have no personal animosity against Omar.I, too, have numerous relatives who are devout Muslims whom I like and respect, just as she does.I identify as a feminist in the same way that she does.Contrary to the claims of those who have attempted to discredit me, I am far from being a Republican political operation; human rights is a nonpartisan concern for me.In countries where Islamist ideologies are promoted by governments, such as those in Iran, Turkey, or Saudi Arabia, governments have armies of well-paid consultants and lobbyists who can use the liberties and rights afforded to citizens in this country to undermine the principles that protect those liberties.Because of this, I am concerned that the law proposed by Omar may play into the hands of those who desire to restrict open debate and criticism.

    1. (According to the website Govtrack, which tracks the passage of legislation, the bill’s chances of passing the Senate are now considered to be remote.) According to the Merriam-Webster dictionary, ″phobia″ is defined as ″an excessive dread″ or ″an intolerance or dislike to anything.″ Nevertheless, many women who live in countries such as Iran, Taliban-controlled Afghanistan, or Saudi Arabia are justified in their concern about sharia law.
    2. It is not Islamophobia to raise attention to laws that treat women as second-class citizens.
    3. I’ve written about my personal experiences with sharia rules in the past, particularly the difficulties I’ve had and continue to face with my own family.
    4. My mother is a devoted Muslim who adheres to the Islamic dress code, which she does all of the time.
    5. On the other side, I used my journalism to resist clerical government in Iran until I was expelled from the country.
    6. I started a campaign against the mandatory hijab, arguing that Iranian women should be allowed the option to choose their own fate.

    I was successful.Is it possible that such criticism of the mandatory hijab would be seen as Islamophobia?Several Iranian dissidents were already feeling the pressure from social media sites in the United States to tone down their critiques of Iran and the Taliban even before this law was announced.Some activists have had their social media posts deleted and their accounts terminated as a result of their activism.When you criticize the heinous behaviors of Islamists, you will almost always receive a demerit.

    As a result, if you criticize some feature of Islam, you will receive death threats from the religious extremists—as well as censorship and cancellation from well-meaning liberals who do not want to hurt anyone.I went out to several of the Women’s March organizers a few weeks after the event to ask for their assistance with my campaign against obligatory hijab.I discovered that few people were prepared to support my campaign for fear of being accused of spreading Islamophobia, which I believed to be absurd.Women in the Middle East are capable of speaking for themselves.Recently, I initiated a social media campaign using the hashtag #LetUsTalk to encourage people to speak up.

    I just put up two images, which are as follows: One depicted me as a youngster wearing a headscarf.The other depicted me as I am now, as an adult with the ability to choose how I want to conduct my life.My call to action was to encourage women from the Middle East and Afghanistan to share their own experiences of how sharia rules restrict and hurt women and girls.Hundreds of people have already shared their personal tales.

    We should not place more restrictions on their capacity to do so.

    The Beginners Guide to Exempt vs Non-exempt Employees

    In the United States, there are two sorts of employees: exempt and non-exempt.Businesses that fail to accurately categorize their personnel might face major compliance concerns and perhaps fines as a result of their failure.You’ve come to the correct spot if you’re having trouble understanding the distinction between exempt and non-exempt employees.If you want to categorize your employees correctly so that you may pay them correctly and remain compliant, this book will teach you all you need to know.

    What Are Exempt and Non-Exempt Employees?

    • All companies must categorize their employees as either exempt or non-exempt in order to comply with the law. The following factors are often taken into consideration: the amount of money an employee is paid
    • the number of years the employee has worked
    • and the number of years the employee has been employed.
    • The method through which an employee is compensated (salary vs. hourly rates)
    • The kind of the work performed by an employee

    In this case, ″exempt″ refers to overtime, and it is the most straightforward way to grasp the distinction between these two classes. Exempt personnel are given a wage and do not have the right to be paid overtime for their work. Non-exempt employees are compensated on an hourly basis and are eligible to overtime compensation.

    The Basics of Exempt vs. Non-Exempt Employees

    While the fundamental ideas of exempt and non-exempt workers are obvious, you must be aware of a variety of other considerations. The next section will compare and contrast the essential characteristics of exempt and non-exempt employees.

    Fair Labor Standards Act (FLSA)

    The Fair Labor Standards Act (FLSA) is a piece of United States labor legislation that was first published in 1938.In order to safeguard employees and the way they are compensated, it establishes the federal minimum wage, overtime restrictions, child labor rules, and other labor requirements.Employees in the United States must be paid a minimum of $7.25 per hour, according to the Fair Labor Standards Act.Federal minimum wage is referred to as the federal minimum wage, and an employee can be paid this amount or any number in excess of it.Exemptions from overtime pay are granted to non-exempt employees who work more than 40 hours per week at a rate equal to or greater than one and a half times their usual compensation.

    • The workweek is defined by the Fair Labor Standards Act as seven consecutive 24-hour periods.
    • The workweek can begin at any time of day or on any day of the week, as long as it is set and routinely repeated for a total of 168 consecutive hours.
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