Latest news with #NRIs
Mint
an hour ago
- Business
- Mint
6 government schemes that offer higher returns than FDs
Fixed deposits (FDs) are a great way to keep your money safe. With the rising cost of living, investing your money in low-yield schemes can reduce your purchasing power. Instead, you can turn to other government-backed schemes. These options are low-risk and can be aligned with specific goals like: Stable monthly income Securing a child's future Retirement savings And most importantly, some of them even offer interest rates higher than 5-year FD returns from all banks (excluding Small Finance Banks). Here are 6 such schemes that help you protect your capital and beat inflation: For those who want a stable only income without having to dip into their principal savings, POMIS is a reliable option. Current interest rate: 7.4% p.a. (revised quarterly) Interest payout: Monthly (starts a month after initial investment) Lock-in: 5 years Premature withdrawal: Allowed after 1 year with a penalty Minimum investment: ₹ 1,000 1,000 Investment cap: ₹ 9 lakh (single) or ₹ 15 lakh (joint) 9 lakh (single) or 15 lakh (joint) Taxation: Interest earned is taxable per the individual tax slab The interest earned is the monthly income. While your principal stays untouched until maturity. However, POMIS is only for adult Indian residents; NRIs are not eligible. Comparing this with the SBI Annuity Deposit Scheme (ADS): It pays both interest and principal monthly, which means your initial investment keeps shrinking, and as a result, so does your interest income. Additionally, SBI ADS currently offers around 6.5% p.a. POMIS beats that with higher stability and capital protection. For retired people (over 60 years of age) looking for a steady income, SCSS may be one of the best government-backed options, especially if your parents have received a lump sum amount, such as a retirement gratuity or final settlement. Current interest rate: 8.2% p.a. (revised quarterly) Interest payout: Quarterly Lock-in: 5 years (extendable for 3 more years) Premature withdrawal: Allowed with penalty Investment limit: ₹ 1,000 to ₹ 30 lakh 1,000 to 30 lakh Taxation: Interest earned is taxable per the individual tax slab It's simple, you invest once and get returns every quarter for 5-8 years. All the while, your principal stays untouched. However, even if you do not claim the quarterly interest, it does not earn any additional interest. Again, compare this with SBI ADS (for senior citizens), which returns part of your principal every month. As the principal shrinks, so does the interest income. Even at 7.5% p.a., the yield is lower over time. Meanwhile, SCSS keeps your money intact and your returns steady. As a parent to a girl child, you can use SSY to build a long-term financial cushion for her education and/or marriage. The scheme offers high interest and full tax exemption, making it one of the most rewarding options for goal-based savings. Current interest rate: 8.2% p.a. (compounded yearly; revised quarterly) Maturity: 21 years from the date of investment or when she gets married (after turning 18) Contribution period: 15 years Premature withdrawal: Allowed For the medical treatment of life-threatening diseases of the girl child In the event of the guardian's death Investment limit: ₹ 250 to ₹ 1.5 lakh p.a. (either lump sum or in multiple instalments) 250 to 1.5 lakh p.a. (either lump sum or in multiple instalments) Taxation: Completely tax-free You can open an account at any time before your daughter turns 10 years old, and you only need to contribute for the first 15 years. However, the account continues to earn interest until maturity. The returns are fully tax-free. In contrast, returns from minor FDs are taxed as per the guardian's slab. You can easily open it at your nearest Post Office, State Bank of India (SBI), or any public sector bank. Note: If you miss the minimum deposit in any financial year, the account will be treated as 'Account under Default'. It offers predictable growth without market risk. So, if you are an Indian individual over the age of 10 looking for a fixed-return investment option, NSC may be ideal for you. Current interest rate: 7.7% p.a. (compounded yearly; revised quarterly) Payout: At maturity Premature withdrawal: Not allowed except in case of the holder's death or under a court order. Minimum investment: ₹ 1,000 1,000 Where to invest: Post offices across India Taxation: Interest earned is taxable per the individual tax slab Unlike FDs, there's no TDS at maturity. Your full maturity value is received without deductions. Compared to 5-year bank FDs (currently lower yielding) and evenKisan Vikas Patra (KVP) at 7.5%, NSC delivers better returns. It can also be used as collateral for loans. For fixed income and capital safety, NSC is a clear step above traditional options. This is for the investors who want to grow their savings steadily, without worrying about market volatility. It offers guaranteed returns and your full principal back at maturity. Interest rate: 7.1% p.a. (compounded annually) Tenure: 15 years (extendable in 5-year blocks) Investment limit: ₹ 500 to ₹ 1.5 lakh per year 500 to 1.5 lakh per year Tax status: Fully tax-exempt (EEE) You can invest a small amount yearly (min. ₹ 500 or the account is discontinued), let it grow tax-free, and extend the account even after maturity. PPF does not require asset allocation or monitoring. It suits conservative investors who prefer simplicity and guaranteed returns over complexity and stock market risk. NPS is designed for long-term retirement planning. It helps you build a diversified portfolio across equity, corporate bonds, and government securities. Additionally, it helps you stay disciplined with regular contributions. Expected returns: 10–14% p.a. (market-linked) Lock-in: Until age 60 Minimum contribution: ₹ 1,000 per year 1,000 per year Who can invest: Indian citizens (residents and NRIs) aged 18–70 Investments are made across asset classes: Scheme E: Equity (maximum 75% exposure) Scheme C: Corporate bonds Scheme G: Government bonds Scheme A: Alternate assets At maturity, 60% of the corpus can be withdrawn as a lump sum (tax-free). The remaining 40% is used to buy an annuity that gives you post-retirement income (this is taxable as per the individual tax slab). Unlike PPF, NPS isn't tax-free when withdrawn. But it offers broader exposure and higher return potential if you can handle some market volatility. It works best for disciplined investors who want long-term growth, not just capital protection. Source: Finology When it comes to money, safety is paramount. However, it's not enough. You also need your money to grow. These 6 government-backed schemes offer both: capital protection and inflation-beating returns. Each serves a specific purpose: income generation, child-focused savings, or retirement planning. Choosing the right one depends on your goal and time frame. But when selected wisely, they offer a safer path to wealth preservation. However, for those aiming to grow beyond preservation, long-term wealth creation needs a different approach: Finology 30. It's a carefully curated list of high-quality businesses, selected after thoroughly researching their financial strength, governance, and long-term potential. Built for investors who want to stay ahead. Finology Research Desk advocates a practical approach: separate good and bad debt, restructure when needed, and stay still, if you are not sure where you stand? Try Finology Financial Health Check-up to assess your debt situation and start correcting course. Finology is a SEBI-registered investment advisor firm with registration number: INA000012218. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
India.com
4 hours ago
- Business
- India.com
Asia's richest village is located in THIS country, villagers hold Rs 7000 crore in bank deposits, their income comes from…, not in China, Korea or Japan, it is in…
Asia's richest village is located in THIS country, villagers hold Rs 7000 crore in bank deposits, their income comes from…, not in China, Korea or Japan, it is in… This village also has many bungalows, government and private schools, colleges, health centers, temples, and even lakes. The lifestyle and development here are better than many small towns in India. By Analiza Pathak Edited by Analiza Pathak Advertisement Asia's richest village is located in THIS country, villagers hold Rs 7000 crore in bank deposits, their income comes from..., not in China, Korea or Japan, it is in... Whenever we think of a village, a certain picture forms in our mind that includes mud houses, dusty roads, handpumps, bullock carts, and farmers working in the fields. We often imagine villages without electricity, far away from proper roads, with old men smoking hookah and women and children walking long distances to fetch water. But what if we told you that not all villages look like this anymore? Here we are talking about the richest village in Asia and you might be already guessing it is in China, Japan, or South Korea but no, it is right here in India. And it is not even in rich states like Delhi, Haryana, or Punjab but the village is in Gujarat and is located in the Bhuj district. Advertisement === Today, this village is nothing like the typical image we carry in our minds. It stands as a shining example of change and progress, breaking all the old ideas people have about what a village looks like. Let's find out what makes this village so special. The Village with Rs. 7000 crore in fixed deposits The village is called Madhapar, and it is known as Asia's richest village. Advertisement === With a population of around 32,000 people, Madhapar isn't just rich in culture it is rich in money too. The most surprising fact? This village has a whopping Rs. 7,000 crore in fixed deposits in various banks! Madhapar has around 20,000 houses, and most of the residents belong to the Patel community. What's even more impressive is the number of banks in this one village. You'll find branches of SBI, ICICI, HDFC, Punjab National Bank, Axis Bank, Union Bank, and more. In total, there are 15+ bank branches in this village alone. Many other banks across India, both government and private, are eager to open branches in Madhapar too. How Madhapar became the richest village in Asia Madhapar is known as Asia's richest village and a big reason behind this is its people living abroad. Around 65 per cent of the village's population are NRIs (Non-Resident Indians). These families send crores of rupees every year back to their hometown. Most of the money goes into local banks and post offices in Madhapar. Out of the 20,000 homes in the village, around 1,200 families live in foreign countries. Many of them are settled in African nations, where they have strong businesses, especially in construction. Others live in the U.S., U.K., Canada, Australia, and New Zealand. Even though they live abroad, they haven't forgotten their roots. They stay connected with the village and are constantly helping improve it in every way they can. According to a report in The Economic Times, Parulben Kara, head of the local district panchayat, said that these NRIs prefer keeping their savings in Madhapar's banks instead of foreign ones. They trust and value their village that much. Facilities that even cities envy The manager of a national bank branch in the village says that all this wealth from NRIs has made Madhapar rich. He shared that the village has clean water, proper roads, and excellent sanitation. Madhapar also has many bungalows, government and private schools, colleges, health centers, temples, and even lakes. The lifestyle and development here are better than many small towns in India. To stay connected with one another and promote their village's image abroad, people from Madhapar living in the U.K. even created a group called the Madhapar Village Association in London. It helps strengthen community ties and shares the pride of their home village with the world.
Time of India
4 hours ago
- Business
- Time of India
'Welcome to India': Redditor's post on Gurgaon vs Toronto real estate prices starts a 'NRIs or blackmoney' debate
A Reddit post comparing real estate prices in Gurgaon and Toronto has gone viral, stirring a debate on income disparity and property affordability. Posted by Mohit Yadavv, the viral post highlighted the shocking contrast: a 3 BHK in Gurgaon costs around ₹2.95 crore, while a similar property in Toronto is priced at ₹4.4 crore. Yet, India's per capita income is just $3,000 compared to Canada's $54,000 — an 18x difference. In contrast, real estate prices differ by only 1.5x. 'Those buying in Gurgaon either have one in Toronto too, or they're simply stretching themselves without reason,' one Redditor remarked. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 7 Things Changing for Seniors on Social Security in 2025 HealthyWallet Learn More Undo Another comment pointed fingers elsewhere: 'It's not just NRIs distorting the market. They're too few to create this kind of disparity. It's the black money in the system inflating these prices.' However, one person said the comparison is wrong. "Scarborough is not Toronto, it's part of GTA(Greater Toronto Area) and is historically a crime ridden bad neighbourhood. Actual Condo prices in actual Toronto suburbs or downtown would be upwards of 1 million easy. Go towards Mississauga and Brampton and you will find the same," he pointed out. Live Events Another said, "Canada population is 40 million and india population 1.45 billion see the population difference. GDP is divided by population. Many indian go to Canada for studies." Skyrocketing Gurgaon Property Prices According to a report by ANAROCK titled 'NCR Real Estate—A Beacon of Growth and Opportunity' , NRIs accounted for 15–25% of investments in newly launched residential projects across India's top seven cities — Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata — in 2024. The report further revealed that average property prices in New Gurgaon rose to ₹10,350 per sq. ft in 2024 — a 76% surge since 2019 and a 34% jump since last year. Overall, Gurgaon witnessed an 84% price hike, from ₹6,150 per sq. ft in early 2020 to ₹11,300 by March 2025. Residential prices along the Dwarka Expressway more than doubled in five years — from ₹5,360 per sq. ft in 2019 to ₹11,000 in 2025 — due to improved connectivity with Delhi and key Gurgaon locations like Golf Course Road and Old Gurgaon. Sohna Road, another hotspot in southern Gurgaon, recorded average prices of around ₹6,000 per sq. ft in 2024. The area is emerging as a go-to destination for affordable housing seekers, the report noted.
India Today
4 hours ago
- General
- India Today
Empty classrooms: No new enrolment for third year in Telangana government school
Is a school really a school if there are no students and no classes? That is the story of a government school in Telangana's Khammam district, where a once-thriving Zilla Parishad High School hasn't seen a single student enrolment this academic school in question is located in Astnagurthy village (also known as Asnagurthi), in Wyra Mandal, about 38 km from Khammam district headquarters. The school, which is about 193 km east-southeast of the capital Hyderabad, is now facing an existential crisis — the disturbing trend of no new enrolment since the past three years having three teachers, including a headmistress posted at the school last year, not one student showed up. Teachers would attend school daily, only to return without conducting a single class. Eventually, they were deputed to other schools while continuing to draw their salaries under the Astnagurthy school's payroll. This year, the situation remains unchanged. Over the past week, the three posted teachers have been regularly attending the school and returning home each day, even though no students are on the rolls. Their salaries range from Rs 80,000 to over Rs 90,000 per month, costing the government nearly Rs 3 lakh per month — and over Rs 40 lakh annually — to run a school without students.A ONCE-CROWDED SCHOOL NOW DESERTEDThis institution, established in 1976, once served as an educational hub for 10–15 surrounding villages. During the 1990s, more than 1,000 students studied here. In fact, gaining admission used to require recommendations due to high over the years, numbers dwindled drastically. Parents began favoring private schools, and the government itself promoted residential educational institutions like Gurukuls. These factors led to a dramatic fall in despite being equipped to teach students from classes 6 to 10, and requiring at least 11 teachers for full-fledged operations, the school is being run with just three teachers — and not a single SUPPORT SCHOOL BUT IN VAINIronically, several former students of the school have gone on to become government employees and NRIs. A few of them, nostalgic about their school days, donated 20 computers, a TV, and furniture to support the school's revival. But their goodwill has yet to attract a single villagers, including Hari Koteshwer Rao, expressed frustration, stating that the lack of adequate teaching staff in recent years pushed parents to send their children elsewhere. Anwar, a Hindi teacher, and Chandrashekar, a science teacher, echoed similar pointed out that earlier, the school had enough teachers to run all classes smoothly. But successive staff transfers and lack of fresh appointments led to a trust deficit among parents. As a result, the school fell into decline.
India.com
a day ago
- India.com
Indian Railways Ticketing rules: These passengers can book train tickets for 365 days in advance, condition is to...
Tatkal ticket booking rules- Image for representational purpose IRCTC ticket booking process: The Indian Railways recently made several changes to its tatkal ticket booking rules under which it made tatkal ticket booking a lot easier for common people of India. However, talking about advance reservation, the Indian Railways recently made significant change to its ticketing policy. As per the advance ticket booking rules, the IRCTC has reduced the advance reservation period (ARP) for train tickets from 120 days to now 60 days. However, do you know about the rule which allows commuters to book train tickets 120 days prior. As per the rules of IRCTC mentioned on the website, Foreign Tourists (including NRIs) holding valid passport can avail Foreign Tourist Quota facility to book railway tickets upto 365 days in advance online using IRCTC eTicketing website within the current Advance Reservation Period (ARP). Readers should note that within current Advance Reservation Period (ARP), berths are allocated at the time of booking and the users will be notified about berth allocation through International SMS facility. Available classes of travel for Foreign Citizens Available classes of travel under Foreign Tourist Quota are Executive Class (EC), 1st AC (1A) , 2nd AC (2A), 3rd AC(3A), AC Chair Car (CC), Sleeper(SL) and Second Sitting(2S). Update on Tatkal ticket booking process In a significant update in the Tatkal ticket booking process, the Indian Railways Catering Service announced new rules for the commuters who face difficulties in booking Tatkal tickets. 'With effect from 01.07.2025, tickets under tatkal scheme can be booked through the website of Indian Railways Catering and Tourism Corporation (IRCTC)/its app only by Aadhaar authenticated users. Subsequently, Aadhaar-based OTP authentication shall also be made compulsory for the tatkal booking from 15.07.2025,' reads the circular issued by the Railway Ministry on June 10. 'Tatkal tickets shall be available for booking through computerised PRS (passenger reservation system) counters of Indian Railways/authorised agents only after authentication of a system generated OTP which shall be sent through the system on the mobile number furnished by the user at the time of booking. This shall also be implemented by 15.07.2025,' said the circular further.
