For the ordinary middle class, savings and correct investment are the tools for a secured retired life. Among several options for retirement, the National Pension Scheme started by the government is a great option for those people who want to go for traditional method of investment.
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You can start saving a very little amount in National Pension System (NPS) and over a period of time, earn good benefits too.
Assuming, a person starts at a very early age (say a person who is 20 years old) and sets aside just Rs 74 per day and put it in the National Pension System , then the person can easily build a corpus of Rs 1 crore. Here is an assumptive plan for building the retirement corpus of Rs 1 crore. If a person starts at the age of 20 and invests Rs 74 per day (Rs 2230 per month), upon retirement (after 40 years) the person can build a total corpus of Rs 1.03 crore, at 9 percent rate of interest.
Check out this calculation:
Start of investment in NPS
Age: 20 years
Investment Rs 2230 per month
Investment Period 40 years
Estimated Return 9%
NPS bookkeeping records
Total invested 10.7 lakh rupees
Total Interest received Rs 92.40 Crore
Pension wealth 1.03 crores
Total tax saving Rs 3.21 lakh
You cannot withdraw the entire money at once, but only 60 percent of it. You will have to put the remaining 40 percent in an annuity plan, so that you get a pension every month. Suppose you put 40% of your money in annuity. So when you are 60 years old, you will be able to withdraw a lump sum of Rs 61.86 lakh and assuming that the interest is 8 percent, then every month pension will get around Rs 27500.
Pension account estimate
Annuity 40 percent
Estimated interest rate 8%
Lump sum amount of Rs 61.86 crore
Monthly pension Rs 27496
Since this is a market-linked product, the rate of returns may change in due course of time. Keep in mind that the mantra of any investment lies in investing at an early age
(Disclaimer: This is an assumptive calculation and in no manner intended to be of any financial advice. For further clarity you can check with your portfolio manager)
Old Is Gold! This 1 Rupee Note Bundle Now Worth Rs 45,000
Have you ever found an old note or a coin at our house? Well, mostly they are no longer in tender, meaning that don’t have any value as a currency. But now these old notes and coins are finding their real value as antiques and collectables on online platforms because “paisa sahi mein bolta hai”.
Many buyers of these platforms are happily shelling out thousands of rupees to collect old currency notes and coins. In one such case, a bundle of old Rs 1 is selling online at Rs 45,000.
Value of 1 Rupee note
On an online old currency trading platform Coinbazzar, a one rupee note bundle printed in 1957, signed by Former Union Finance Minister Hirubhai M. Patel and with jumbling number 123456 is selling at Rs 44,999.
“Extremely rare, For collectors, One rupee bundle 1957, Signed by H.M Patel, with jumbling number 123456,” the listing reads. The seller of the bundle is retailing it at Rs 49,999. However, Coinbazzar is offering a Rs 5,000 discount, which brings down the price of the bundle to Rs 44,999.
If you want to buy the bundle, then you need to visit the Coinbazzar website and head towards the shop section. Select “Note Bundles” category and find this listing, along with many other listings of valuable, collectable coins and notes. Besides the note mentioned above, you can also purchase old Indan currency, including old notes of Rs 50 at Rs 8,200, Rs 10, Rs 5 at Rs 2,999, Rs 2 at Rs 4,999, and Rs 100.
Gold rate today May 8: Gold price goes up by Rs 5,100
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.
Bank customers alert! SBI, PNB, ICICI issue THIS important warning – Check here
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.
SBI : Beware of QR code scams
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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