The budget is a big day for a lot of us. It decides how we earn, save and invest in the upcoming year.
The finance minister announced a few big changes in the most recent budget.
So what changed, and how does it affect you?
1. You can deposit up to ₹9 lakhs compared to ₹4.5 lakhs before in the post office monthly income scheme. Right now, it pays an interest of 7.1%
2. The maximum deposit limit for senior citizens' savings scheme has gone up to ₹30 lakhs. The current interest rate is 8% which is a great investment for senior citizens in your house.
3. When you retire, your company will pay for all the paid leaves you did not take. Previously only ₹3 lakhs was tax-free for Leave encashment. Now it has been raised to ₹25 lakhs.
4. Mahila Samman Savings Certificate is a new small savings scheme for women. It offers a 7.5% interest rate for 2 years. You can deposit upto ₹2 lakhs and it also allows partial withdrawals.
5. Life insurance policies with premiums greater than ₹5 lakhs (except Ulips) are no longer tax-free. So before taking new policies, consider the pros and cons well.
Along with the changes in the new tax regime, these are some other significant changes.
The budget is a hit for some, and it completely missed the mark for others.
But there are a lot of schemes that can be good investments.
Make sure you take advantage of them!
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