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Invest Rs 95 and earn Rs 14 lakh. Method is as follows

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Post Office schemes offers you great return and are considered ideal for those who believe in guaranteed return schemes. One such Post Office scheme is the Post Office Gram Sumangal Rural Postal Life Insurance Scheme.

The Post Office Gram Sumangal Rural Postal Life Insurance Scheme is an endowment scheme, which provides money back as well as insurance cover to the people living in rural areas. There are two types of plans under this scheme –Postal Life Insurance and Rural Postal Life Insurance (RPLI).

Rural Postal Life Insurance was introduced in 1995 for rural people of India. The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas in particular and also to spread insurance awareness among the rural population.

Anticipated Endowment Assurance Gram Sumangal is a Money Back Policy, best suited to those who need periodical returns. Survival benefits are paid to the insurant periodically. Such payments will not be taken into consideration in the event of unexpected death of the insurant. In such cases, full sum assured with accrued bonus is payable to the assignee, nominee of legal heir.

These are some prime details regarding the Post Office Gram Sumangal Rural Postal Life Insurance Scheme

Policy term: 15 years and 20 years
Minimum age 19 years.
Maximum age at entry is 40 years for taking 20 years’ term policy.
Maximum age for taking 15 years’ term policy is 45 years.

Survival benefits paid periodically under the following options:

15 years Policy- 20% each on completion of 6 years, 9 years & 12 years and 40% with accrued bonus on maturity
20 years Policy- 20% each on completion of 8 years, 12 years & 16 years and 40% with accrued bonus on maturity

Rs 95 per month premium

Assuming, a 25-year-old person takes this policy for 20 years with a sum assured of Rs 7 lakh, he/she will have to pay a premium of Rs 2853 per month, i.e., about Rs 95 per day. Quarterly premium will be Rs 8449, half yearly premium will be Rs 16715 and annual premium will be Rs 32735.

Calculate Rs 14 lakh on maturity Thus

In the 8th, 12th and 16th year of the policy, a payment of Rs 1.4-1.4 lakh will be made @20 percent. In the 20th year, Rs 2.8 lakh will also be available as sum assured money. With an annual bonus per thousand @ Rs 48, the annual bonus is calculated to be Rs 3,3600 on the sum assured of Rs 7 lakh. Hence, the bonus for the entire policy period i.e. 20 years is calculated at Rs 6.72 lakh. In 20 years, the a total benefit is calculated @ Rs 13.72 lakh. Out of this, Rs 4.2 lakh will be given as money back in advance and Rs 9.52 lakh will be given simultaneously at maturity.

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Gold rate today May 8: Gold price goes up by Rs 5,100

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Gold prices once again saw an increase on Saturday, as it went up by Rs 5,100 per 100 gram, the Good Returns website showed. This comes a day after the yellow metal hit a two-month high on Friday, boosted by a weaker dollar and a pullback in Treasury yields.

On Saturday, the gold rate per 10 gram rose by Rs 510, following which 10 gram of 22-carat gold price in India is Rs 44,800 and the 100 gram 22-carat gold price is Rs 4,48,000.

On Friday, gold was priced at Rs 44,290 per 10 grams. Notably, gold has been witnessing a hike for the past few days. However, the precious metal is still down Rs 9,000 from August highs of Rs 56,200.

Gold rate in Delhi for 22-carat has remained at Rs. 45,910 and that of 24-carat gold is at Rs. 49,950 with Rs 310 hike and Rs. 210 hike on both the metals respectively.

In Chennai, the gold rate is at Rs 44,970 per ten grams of 22 carats with Rs. 470 hike and 24-carat gold are at Rs. 49,060 with Rs. 570 surge.

The gold rate in Kolkata is at Rs. 46,850 per 10 gram of 22 carats with Rs. 510 hike and the rate of ten grams of 24 carat is at Rs. 49,640 with Rs. 510 hike.

In Mumbai, the gold rates have been at Rs. 44,800 and Rs. 45,800 per ten grams of 22 carat and 24 carat with Rs. 510 hike.

The prices of gold and silver vary across the country owing to the excise duty, state taxes, and other levies. Gold prices also vary in jewellery shops.

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Bank customers alert! SBI, PNB, ICICI issue THIS important warning – Check here

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Know what Bank are sharing with their customers.

India is currently faced with the second wave of Covid-19 pandemic, which is far more ruthless than the first one. While Indians are already facing issues related to mental, physical or financial health, scamsters are cashing in on their plight with their dubious tactics that are hard to catch in the first place.

Even last year, many fraudsters milked the plight of many, sometimes in the name of help, sometimes in the name of treatment and sometimes in the name of giving help. To protect their customers from falling into the trap, three big banks of the country have issued alerts. The aim here is to make their customers aware of the ways thugs can cheat them.

 

READ MORE :  COVID 19- India records 4,187 deaths, 4,01,078 cases in single day

 

Here’s what SBI, PNB and ICICI Bank are sharing with their customers.

SBI :  Beware of QR code scams 

State Bank of India, the country’s largest bank, has cautioned its customers that you should not scan the QR code at all if you are receiving money because when you scan the QR code, you do not get the money. For this, SBI has also released a video.

PNB : Don’t fall for fake calls or SMS 

Similarly, the Punjab National Bank in the public sector warned the customers that if someone tries to call you or tries to mislead you in one or another way, do not fall for it. Do not get involved in any fake call or SMS. PNB has said that fraudsters have all the ways to mislead you.

ICICI Bank : Share with extra care

ICICI Bank has warned customers not to share banking or any financial information with anyone. ICICI Bank has said that its customers should always remember that bank employees do not ask for details of their account by calling or sending SMS. Only a fraudulent person tries to ask you for a bank detail by phone or by sending an SMS or any link.

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RBI announces loan moratorium to individuals, small borrowers – Check eligibility

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RBI on Wednesday allowed certain individual and small borrowers more time to repay debt and allowed banks to give priority loans to vaccine makers, hospitals and COVID-related health infrastructure as it announced support measures to cushion the pandemic’s blow on the economy.

The moratorium of up to two years will be available to individuals and small and medium enterprises that did not restructure their loans in 2020 and were classified as standard accounts till March 2021, RBI Governor Shaktikanta Das in an unscheduled address. This facility will be available to borrowers with a total exposure of Rs 25 crore.

RBI will give Rs 50,000 crore of liquidity support to banks for providing fresh lending “to a wide range of entities including vaccine manufacturers; importers/suppliers of vaccines and priority medical devices; hospitals/dispensaries; pathology labs; manufactures and suppliers of oxygen and ventilators; importers of vaccines and COVID related drugs; logistics firms and also patients for treatment,” he said.

These loans of up to 3 years tenor will be obtainable at repo rate and will be available till March 31, 2022. He also announced a calendar for bond-buying.

Just as the economy appeared to be inching back to normalcy, India was hit by a second wave of infections in early April, prompting states and cities to restrict public movements and impose lockdowns, which have hit some businesses hard.

India added 3,82,315 virus cases over the last 24 hours to reach a total of 2.06 crore, while death rose by a record 3,780 to 226,188, health ministry data showed.

RBI has been meeting with bankers and shadow lenders (NBFCs) in recent weeks to discuss the economic situation, possible stress to balance sheets and credit flow in the system.

Bankers had reportedly asked the RBI for a three-month moratorium, particularly for retail and small borrowers, as the world’s fastest rising pandemic curve began hurting businesses and jobs, with potential to inflate bad loans (defaults).

“The devastating speed with which the virus affects different regions of the country has to be matched by swift-footed and wide-ranging actions that are calibrated, sequenced and well-timed so as reach out to various sections of society and business, right down to the smallest and the most vulnerable,” Das said.

RBI will buy Rs 35,000 crore of bonds under ”Government Securities Acquisition Programme” (G-SAP) — India’s version of quantitative easing — on May 20. It has also allowed banks to dip into their floating provisions to set aside money for bad loans.

Das said the central bank sees outlook ”highly uncertain” and clouded with downside risks, but doesn’t see a major change to inflation forecast.

“As the financial year 2020-21 (April 2020 to March 2021) – the year of the pandemic – was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills of a strong recovery, having regained positive growth, but more importantly, having flattened the infection curve. In a few weeks since then, the situation has altered drastically,” he said.

While a battle is mounted to deal with the unprecedented crisis, shoring up livelihoods and restoring normalcy in access to workplaces, education and incomes has become an imperative, he said.

“As in the recent past, the RBI will continue to monitor the emerging situation and deploy all resources and instruments at its command in the service of the nation, especially for our citizens, business entities and institutions beleaguered by the second wave.”

On the economic outlook, the governor said the global economy is exhibiting incipient signs of recovery but activity remains uneven across countries and sectors.

In India, the record foodgrains production and buffer stocks in 2020-21 provide food security and support to other sectors of the economy in the form of rural demand, employment and agricultural inputs and supplies, including for exports. But aggregate demand conditions, particularly in contact-intensive services, are likely to see a temporary dip.

A normal south-west monsoon, as forecast by the IMD should help to contain food price pressures, especially in cereals and pulses, he said adding the inflation trajectory over the rest of the year will be shaped by the COVID-19 infections and the impact of localised containment measures on supply chains and logistics.

Das said under the Rs 50,000 crore term liquidity facility, banks are expected to create a COVID loan book under the scheme.

RBI will also conduct special three-year long-term repo operations (SLTRO) of Rs 10,000 crore at repo rate for small finance banks (SFBs) which will be deployed for fresh lending of up to Rs 10 lakh per borrower. This facility will be available till October 31, 2021.

Das also announced rationalisation of certain components of the extant KYC norms including extending the scope of video KYC for new categories of customers.

Other measures included relaxation in overdraft facility for state governments.

“The second wave, though debilitating, is not unsurmountable,” Das said. “At the RBI, we stand in battle readiness to ensure that financial conditions remain congenial and markets continue to work efficiently. We will work in close coordination with the government to ameliorate the extreme travails that our citizens are undergoing in this hour of distress.”

 

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Covid-19 Stats

11 May 2021, 4:33 AM (GMT)

Coronavirus Stats

22,991,927 Total Cases
250,025 Death Cases
19,021,207 Recovered Cases

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