Category: Financial

as per Indian Act “The Payment of Gratuity Act, 1972” (open the link in IE or refer to this page for quick brief) every employer in India shall pay gratuity to an employee at the rate of fifteen days’ wages based on the rate of wages last drawn by the employee concerned for every completed year of service or part thereof in excess of six months. Recently there has been amendment to the policy act (judged by Madras high Court) which states that employees who served a company for not less then 4 years and 8 months shall as well […]

To know how NSC is beneficial Refer to article National Saving Certificate (NSC) VIII Issue Post office NSC vs. Bank Tax Saving Fixed Deposit Here are the steps to follow: Reach nearest post office in person (or)  you can send any of your representative for this deposit There will be an Application form (that reads most of it in Hindi only) for Post Office National Saving Certificate (NSC) VIII Issue Each Application can issue a maximum of  Rs. 50,000 (you need to fill more number of forms if you want to invest amount more than 50K) Fill out the application […]

  Post office NSC Returns Calculations: Year Compound Interest Tenure (in 6 months) Principal Amount (in Rs.) 8% Interest compounded at Tenure period (in Rs) Overall Interest Earned by the end of Tenure (in Rs.) Overall Return at the end of Tenure (in Rs.) Actual (Yield) Interest Earned (in %) 1 1 100000 4000 4000 104000 4.00% 1 2 104000 4160 8160 108160 8.16% 2 3 108160 4326 12486 112486 12.49% 2 4 112486 4499 16986 116986 16.99% 3 5 116986 4679 21665 121665 21.67% 3 6 121665 4867 26532 126532 26.53% 4 7 126532 5061 31593 131593 31.59% 4 […]