The Reserve Bank of India’s 25 basis points repo rate cut to 6.25% has prompted banks like Canara Bank, PNB, and Union Bank to lower their repo-linked lending rates. This offers home loan borrowers the option to reduce their EMIs or shorten loan tenure, benefiting both new and existing borrowers. Banking Giants Revise Repo Linked …
The central government has launched the Pradhan Mantri Vidyalaxmi (PM Vidyalaxmi) education loan scheme to provide financial assistance to meritorious students seeking higher education. Approved by the Union Cabinet in November last year, this initiative aims to remove financial barriers for students admitted to 860 top Higher Educational Institutions (HEIs) in India. The scheme is …
The 8th Pay Commission is expected to begin its work in April of the financial year 2025-26, according to Expenditure Secretary Manoj Govil. Govil stated that the commission’s terms of reference (ToR) will need approval from the Union Cabinet before proceeding. No Immediate Financial Impact Expected Govil clarified that the government does not anticipate any …
The government has raised the Tax Deducted at Source (TDS) limit on fixed deposit (FD) interest for senior citizens from ₹50,000 to ₹1 lakh per year. This change, effective from April 1, 2025, aims to reduce the administrative burden on senior citizens. However, tax experts emphasise that this is only a procedural change, and senior …
Buying a home is a major financial decision, and choosing the right loan tenure can significantly impact your long-term finances. Should you opt for a 20-year home loan with higher EMIs but lower overall interest, or a 30-year tenure with smaller EMIs but nearly double the interest cost? Let’s break it down with a real-world …
The Universal Account Number (UAN) is a 12-digit unique identifier assigned by the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment, Government of India. The UAN remains constant throughout an employee’s career, ensuring that all provident fund (PF) accounts across different employers are linked under one unique number. This allows for …
If you want to check your Provident Fund (PF) balance, you’ll need a Universal Account Number (UAN), a registered mobile number, and an internet connection. Here are 5 ways to check your balance and account details. Check PF Balance Using the UMANG App The UMANG app, launched by the government, offers multiple government services, including …
When envisioning retirement, financial security and comfort take precedence. Throughout life, individuals work tirelessly, earn, and make financial sacrifices to secure a stable future. As income sources diminish during retirement, having a reliable corpus ensures independence, dignity, and the ability to maintain one’s lifestyle without financial stress. The question arises: how does one build such …
The Maharashtra government has declared over 5 lakh beneficiaries ineligible for the Ladki Bahin Scheme, citing violations of the eligibility criteria. The scheme, aimed at providing financial support to women from low-income families, has specific rules regarding income, vehicle ownership, and family background. Let’s take a look at the eligibility criteria and why these beneficiaries …
On January 16, 2025, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the creation of the 8th Pay Commission to review the salaries of nearly 50 lakh central government employees and allowances for 65 lakh pensioners. Recommendation by National Council The National Council of Joint Consultative Machinery (JCM) Staff Side has submitted its …
