Senior Citizen Savings Scheme or SCSS is a fixed income investment scheme that you can open with an authorized bank or a post office.
Investment: Minimum amount is ₹1,000 and maximum limit is ₹15 Lakhs.
Eligibility: Senior citizens of India aged 60 years or above, Retirees who have opted for the Voluntary Retirement Scheme (VRS) or Superannuation in the age bracket of 55-60, Retired defense personnel with a minimum age of 50 years. HUFs and NRIs are not allowed to invest in this scheme.
Maturity: 5 years with an option to extend it for another 3 years.
Withdrawal: Premature withdrawals are allowed only after 1 year of account opening. If the closure happens after one year but before the end of 2 years, 1.5% of the deposit is deducted as premature withdrawal charges. If closure happens after 2 years an amount equal to 1% of the deposit shall be deducted.
Taxation: Tax deduction up to ₹150,000 under Section 80C. The interest received under the scheme is taxable in the hands of the depositors. For premature withdrawal, the principal amount withdrawn, along with the interest paid in the year of withdrawal is added to the individual's gross total income in the year of the withdrawal.
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It's amazing to see how having faith in yourself and taking big leaps forward can bring upon exciting and unexpected changes. 2.5 weeks ago I did something I couldn't do for so long - leaving a job I was miserable at, and to find a job in my field. Fast forward to today, just TWO DAYS after leaving that nightmare, I've been hired for a job in my field as a dietitian 🎉 I feel so blessed that I had my friends to support me and encourage me to follow what my heart was telling me to do, and for their support to help me prep for an interview with such short notice. I was looking forward to some time off over Christmas, and I still will have time, but it's also exciting to start preparing for a new job!!! This job is based in a rural place, so I will be moving, and thus, budget changes!!! #budget #budgeting #budgetplanner #budgetbinder #frugal #finances #money #savings #debt #debtfree #debtfreecommunity #debtfreejourney #debtfreecommunitycanada #studentloans #babysteps #money #savings
Self Directed IRA's
Jones Kimball Law Firm PC will help you with your self-directed IRAs, investments, and strategies. Self Directed IRAs and other self-directed tax-deferred vehicles such as 529 plans, medical savings accounts, and 401k can be used to fund short-term mortgages for the purchase of real estate.
These types of mortgage-backed investments often have a return of 10% or higher and return the IRA owner’s investment and gain in less than 18 months. Where can you find a safe, secure 10% or greater return on your retirement or tax-deferred vehicle? In most cases, the IRA owner will only need to complete a few short forms with their current IRA custodian and incur fees of $75 or less.
SELF DIRECTED IRA – PERMITTED INVESTMENTS
Allowable investments include the following:
Residential real estate—including apartments, single family homes, and duplexes
Commercial real estate
Undeveloped or raw land
Real estate notes (mortgages and deeds of trusts)
Private limited partnerships, limited liability companies, and C corporations
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Coming in 2019 the New UltraFICO Score system will be available. If you have not heard of this and are looking to buy a car next year you should look into it. This program is to help the under served credit customers (lower credit score and less or no credit individuals). In short it looks at behaviors like how do you pay your utilities or how many times have you over drafted your checking account. It won't be free there will be a charge to it. But this could be a great way to be a first time car buyer and boost your credit by 20 points. #credit #fico #cars #buyingcars #newcar #usedcar #deal #ultra #news #savings
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No matter how much we save, it doesn't matter if we don't invest. But no matter how much we want to invest, it doesn't matter if we didn't save. Building wealth is more about doing things right than just doing the right things. It goes in a particular order. 🚝
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