Guide to saving investment

GUIDEBOOK
TO
SAVING
&
INVESTMENT
1

+91-9903432255 www.elearnmarkets.com
Money doesn’t grow if kept idle at lockers in homes. There are financial institutions
which channelize savings into investments. Each financial institution has
products/instruments which help in growing money. This handbook discusses the
various financial instruments or products one can make use of to grow and safeguard
money.
This handbook covers a range of financial instruments like Savings Bank Accounts, Fixed
Deposit Account, Post Office Savings Account, Public Provident Fund Account, Mutual
Funds, Equities and many more. The book has been divided into 6 parts and each part
has a few sub-parts. Each sub-part is followed by ELM Mantra, a box which quickly helps
recapitulate the salient features of the instrument.
The content has been presented in a lucid manner with each instrument having basic
details about the return it offers, the risk involved, taxation, how to apply and so on.
Before investing money, a layman should be aware of the interest rates and the rate of
return one’s investment would fetch. Recently, schemes like Public Provident Fund,
Sukanya Samriddhi Yojna, Monthly Interest Scheme of Post offices etc. have become
more demandable because of an increase in interest rates offered by them. In the
Annual Budget of 2018, Long Term Capital Gains Tax on equities was introduced, after a
decade since it was removed. Before investing, the investors should be aware of these
affairs as well.
After reading this handbook, one would be aware of the different financial instruments
that exist wherein one can invest.
Happy Reading!
PREFACE
Guidebook To Saving & Investment

Banking 04
Post Office Schemes 11
Small Saving Schemes 16
Insurance 29
Pension 37
Other Investment Avenues 43
About Us 57
Kredent Academy 58
Elearnmarkets 59
StockEdge 60
Guidebook To Saving & Investment

Banking
Guidebook To Saving & Investment 4
Chapter 1

Chapter 1: Banking
A bank account is an account maintained by a banking institution, in which it records
financial transactions between the bank and the customer. In India, bank accounts are
primarily of four types- Savings Bank Account, Current Account, Recurring Deposit
Account and Fixed Deposit Account. Current Accounts don’t earn any interest hence they
haven’t been discussed here.
SAVINGS BANK ACCOUNT
A Savings Account is an interest-bearing bank account. The main idea of this account is
to promote the habit of savings within people. Benefits of a savings account include -
moderate interest on deposits, low risk, convenience, ease of use etc. At the time of
opening the account, the account holder gets a cheque book, a passbook and a Debit
cum ATM Card. This account has become popular because of its liquidity and low risk.
There is a cap on the number of withdrawals and deposits in this account. A Savings
Account channels idle household cash into savings.
Types of Savings Bank Account
1. Basic Savings Bank Deposit Accounts (BSBDA) or No-Frills Account:
It is a zero-balance account with no restrictions on minimum and average balance and
zero or no levies. This account does away with unnecessary services or frills. It is
mainly for the low-income groups. However, If the balance in a no-frills account
exceeds ₹50,000 or if the cumulative value of credit transactions exceeds ₹1 lakh in
any financial year, the account will no longer be treated as ‘no frills’. The Pradhan
Mantri Jan Dhan Account falls under this category.
2. Salary Account:
A Salary Account is one where the organization credits an employer’s monthly salary.
This is somewhat like a zero-balance account as there is no minimum balance
maintenance requirement. However, if salary is not credited for 3 consecutive
months, then it is treated as a Savings Account.
How to Open an Account
The following documents are required to open a Savings Bank account:
• Proof of identity - Passport, Driving license, Voter’s ID card, etc.
• Proof of address - Passport, Driving license, Voter’s ID card, etc.
• PAN card
• Form 16 (only if PAN card is not available)
• 2 latest passport size photographs

Guarantees
The interest rate in a savings bank is guaranteed up to the first ₹1 lakh balance in the
account. This rate varies across banks since the Reserve Bank of India deregulated the
savings bank deposit interest rate on October 25, 2011. Banks are now free to determine
the interest on the balance in a savings bank account, which has to be uniform for all
types of accounts up to ₹1 lakh in an account but varies for accounts with a higher
balance.
New Age Banking (e-banking & Mobile Banking)
These days, banks offer various facilities through net banking and mobile banking. Fund
transfer facilities like National Electronic Fund Transfer (NEFT), Real Time Gross
Settlement (RTGS), Unified Payment Interface (UPI) and Immediate Payment Service
(IMPS) are offered through net banking and mobile banking. IMPS can be done 24X7
whereas NEFT and RTGS operate with certain time restrictions and can be used only on
bank working days. NEFT can be done for any amount till ₹10 lakh, IMPS for ₹2 lakh.
The minimum amount for a RTGS transactions is ₹2 lakh and it does not have any upper
limit. These facilities attract nominal charges which differ from bank to bank. Funds can
be transferred from one account to another in a matter of seconds through these
facilities available on the Bank’s mobile app or through net banking. People can also
check their account balances by these ways without having to go the bank.
Tax Implications
Interest up to ₹10000 earned from savings bank account is exempted from tax under
Section 80TTA of the Income Tax law. This exemption can be claimed by both individuals
and HUF’s. However, any amount exceeding ₹10000 will be subject to taxation.
Risk associated with Savings Bank Account
The Deposit Insurance and Credit Guarantee Corporation Scheme of India (DICGC)
insures the balance in an account including bank interest up to ₹1 lakh. In case of a bank
winding up, or becoming insolvent, the bank is liable to pay a maximum of ₹1 lakh per
account. For example, suppose Sumit has ₹4 lakh in a savings account in XYZ Bank.
NEW AGE
BANKING
UPI
NEFT
IMPS
RTGS

One day XYZ Bank becomes insolvent. The maximum amount that the bank is liable to
give Sumit is ₹1 lakh.
Sumit would only receive ₹1 lakh out of his deposit of ₹4 lakh. Savings bank account is not inflation
protected. If inflation turns out to be higher than the nominal interest rate of the Savings Account,
there would be no real returns available.
ELM MANTRA
• A Savings Account is an interest bearing bank account.
• Funds can be transferred through facilities like National Electronic Fund Transfer
(NEFT), Real Time Gross Settlement (RTGS), Unified Payment Interface (UPI) and
Immediate Payment Service (IMPS) which are offered through net banking and
mobile banking.
• Interest rate in a savings bank is guaranteed up to the first ₹1 lakh balance in the
account.
• The Deposit Insurance and Credit Guarantee Corporation Scheme of India (DICGC)
insures the balance in an account including bank interest up to ₹1 lakh.
BANK FIXED DEPOSIT
A fixed deposit is an instrument which gives a higher rate of interest than a savings
account, but the deposit has to be for a specified time period, for example, 7 days, 1
year, 2 years and so on. In India, a Fixed Deposit can be made for a maximum of 10 years.
For fixed deposits greater than 1 year, interest is compounded quarterly. People are
attracted towards fixed deposits because they offer fixed returns. The interest rate is
fixed in the beginning as per the terms and conditions of a particular bank and is valid
till maturity of the fixed deposit.
Types of Bank Fixed Deposit
Depending on the need, one can opt for a normal fixed deposit wherein a certain deposit
is made at a fixed interest rate which holds till maturity, or one can opt for tax saver
fixed deposits wherein the deposit has a lock in period of 5 years. In case of a Tax Saver
FD, the deposit cannot be liquidated before 5 years. Senior Citizens are offered higher
interest rates as compared to normal individuals. A normal fixed deposit can be pre-
matured, but after paying a penalty.

How to Open a Fixed Deposit Account:
The following documents are required to open a Fixed Deposit account:
• Duly filled Application Form with a photograph
• Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
• PAN Card
• Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election
Card, Any other Certificate from Statutory Authority)
It is not necessary to have a savings account in the same bank where the FD has been
opened if it is booked in interest compounding mode. But it is required to have a savings
bank account in the same bank where one has booked a fixed deposit if one wants to
get interest payout credited in savings bank account. The Fixed Deposit can be opened
either by filling a form online or by visiting the bank branch.
Interest Rate Mechanism
For Fixed Deposits interest can be compounded monthly, quarterly or annually. The
present rate of interest is between 6.5% and 7.5%.
For example, we take the interest rate as 7.5% compounded quarterly. The following
table shows what would be the amount receivable at maturity if we invest ₹50000 for
different time periods:
Principal (In ₹) Time Period Amount at maturity (In ₹)
50000 1 year 53856
50000 5 years 72497
50000 10 years 105117
*Interest rates are subject to changes.
Tax Implications
The Principal of Tax Saver Fixed Deposit is eligible for deduction under Section 80C.
However, interest earned from them is taxable. If interest earned is greater than
₹10000, it would be liable to taxation. These days, if interest earned is greater than
₹10000, the tax is deducted at source (called TDS) and the rest of the amount is
transferred to the holder’s account.
Risk associated with Fixed Deposit
If linked to the savings bank account, the fixed deposits are counted as a part of savings
capital, hence, on the whole, the amount is protected up to ₹1 lakh by the Deposit
Insurance and Credit Guarantee Scheme of India (DICGC). If inflation turns out to be
higher than the nominal interest rate of the Fixed Deposit, there would be no real
returns available. Hence, it is not inflation protected.

ELM MANTRA
• A fixed deposit offers a higher rate of interest than a savings account but the deposit
has to be for a specified time period.
• Interest can be compounded monthly, quarterly or annually.
• The present rate of interest offered on Fixed Deposits is between 6.5% and 7.5%.
• The Principal of Tax Saver Fixed Deposit is eligible for deduction under Section 80C.
However, interest earned from them is taxable.
• If linked to the savings bank account, the fixed deposits are counted as a part of
savings capital, hence, on the whole, the amount is protected up to ₹1 lakh by the
Deposit Insurance and Credit Guarantee Scheme of India (DICGC).
RECURRING DEPOSIT ACCOUNT
It is an account wherein an individual can deposit any amount each month for a
predetermined period and earn a fixed interest on the deposits. A minimum period for
RD is 6 months and maximum is 10 years. The interest rate for recurring deposits is a bit
lesser than that offered to fixed deposits. A recurring deposit has a lock-in period, but,
it can be pre-matured after paying a penalty. Recurring Deposit is a good way to enable
forced saving.
How to Open a Recurring Deposit Account
The following documents are required to open a Recurring Deposit account:
• Duly filled Application Form with a photograph
• Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
• PAN Card
• Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election
Card, Any other Certificate from Statutory Authority)
It is not necessary to have a savings account in the same bank where the RD account has
been opened. But, it is beneficial to start a Recurring Deposit in the bank where one
holds a savings bank account. Then, the Recurring Deposit can be opened either by filling
a form online or by visiting the bank branch.
For Recurring Deposits, interest is compounded quarterly. The present rate of interest
is between 6% and 7.25% p.a. For senior citizens, the interest rate is between 6.75% and
7.75%. Recurring Deposit interest rates vary according to the tenure of deposit.
We see the table below for some comparisons:

Principal (in ₹)
(deposited every
month)
Tenure Rate of interest (%)
Amount at maturity
(in ₹)
3000 6 months 6.25 18331
3000 9 months 6.75 27771
3000 2 years 7.25 77698
3000 3 years 7.10 120680
3000 10 years 6 494096
* Interest rates are subject to changes.
Tax Implications
There is no tax relief for Recurring Deposits. If interest earned is greater than ₹10000,
the tax is deducted at source (called TDS) and the rest of the amount is transferred to
the holder’s account.
Risk associated with Recurring Deposit
If linked to the savings bank account, the recurring deposits are counted as a part of
savings capital, hence, on the whole, the amount is protected up to ₹1 lakh by the
Deposit Insurance and Credit Guarantee Scheme of India (DICGC). If inflation turns out
to be higher than the nominal interest rate of the Recurring Deposit, there would be no
real returns available. Hence, it is not inflation protected.
ELM MANTRA
• It is an account wherein an individual can deposit any amount each month for a
predetermined period and earn a fixed interest on the deposits.
• Minimum period for RD is 6 months and maximum is 10 years.
• Interest is compounded quarterly.
• The present rate of interest is between 6% and 7.25% p.a.
• If interest earned is greater than ₹10000, the tax is deducted at source (called TDS).
• If linked to the savings bank account, the recurring deposits are counted as a part
of savings capital, hence, on the whole, the amount is protected up to ₹1 lakh by
the Deposit Insurance and Credit Guarantee Scheme of India (DICGC).

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POST OFFICE
SCHEMES
Chapter 2

Chapter 2: POST OFFICE SCHEMES
POST OFFICE RECURRING DEPOSIT
It is an account wherein an individual can deposit any amount (minimum of ₹10) in
multiples of ₹5 each month for a minimum period of 60 months and earn a fixed interest
on the deposits. The account can be opened in any Post Office across India. A recurring
deposit has a lock-in period, but it can be pre-matured only after 1 year after paying a
penalty. One can also borrow from the recurring deposit.
How to Open a Post Office Recurring Deposit Account
• Fill the Post Office Recurring Deposit (RD) Account Opening Form.
• Furnish all details provided in the form like PAN details, address proof, nomination
details.
• One must carry the original PAN Card, Address Proof, and ID proof for the in-person
KYC verification purpose.
• Submit the same and start operating the account.
It is not necessary to have a savings account in the same post office where the RD
account has been opened. But it is beneficial to start a Recurring Deposit in the post
office where one holds a savings account to get the interest credited.
For Recurring Deposits, interest is compounded quarterly. Presently, the interest rate is
7.3% p.a. The interest rate is linked to G-Sec rates. The interest rate is subject to change
as and when G-Sec rates change, but once a Recurring Deposit is booked, the interest
rate prevailing at the time of booking the Recurring Deposit would hold till maturity.
The following table shows what would be the amount receivable at maturity if we invest
₹5000 monthly for different time periods:
Principal (In ₹) (Amount deposited
monthly)
Time Period Amount at maturity (In ₹)
5000 5 year 332952
5000 7 years 549387
5000 10 years 885213

Tax Implications
There is no tax relief for Recurring Deposits. The interest earned is subject to taxation.
TDS is not deducted from the interest earned. However, there is an exemption limit of
up to ₹50000 on the interest earned for senior citizens.
Risk associated with Post Office Recurring Deposit
There is no risk involved as these deposits are backed by the Government of India.
Principal and Interest are guaranteed. If inflation turns out to be higher than the nominal
interest rate of the Recurring Deposit, there would be no real returns available. Hence,
it is not inflation protected.
ELM MANTRA
• It is an account wherein an individual can deposit any amount (minimum of ₹10) in
multiples of ₹5 each month for a minimum period of 60 months and earn a fixed
interest on the deposits.
• Interest is compounded quarterly.
• The rate of interest offered is 7.3% p.a.
• There is no tax relief for Recurring Deposits.
• Principal and Interest are guaranteed as these deposits are backed by the
Government of India.
POST OFFICE TIME DEPOSIT
It is similar to a bank fixed deposit, but it gives a marginally higher rate of interest than
a bank fixed deposit. A post office FD can be made for a period ranging from 1 year to 5
years. The minimum amount for this FD is ₹200 and there is no maximum amount. The
interest rate is fixed at the beginning of the FD and holds till maturity. A Post Office
fixed deposit can be pre-matured, but after paying a penalty.
How to Open a Post Office Fixed Deposit Account
• A deposit opening form provided by the post office
• Address and identity proof such as copy of the Passport, PAN (permanent account
number) card or declaration in form No 60 or 61 as per the Income Tax Act 1961,
Driving license, Aadhaar Card, voter's ID or ration card
• One must carry original identity proof for verification at the time of account opening
• Choose a nominee and get a witness signature to complete the formalities to start
the deposit
It is not necessary to have a savings account in the same post office where the FD
account has been opened.

For Fixed Deposits interest is payable annually but calculated quarterly. The interest
rate ranges from 6.9%-7.8% p.a. for one year to five-year FD's. The interest rate is linked
to G-Sec rates. The interest rate is subject to change as and when G-Sec rates change,
but once a Fixed Deposit is booked, the interest rate prevailing at the time of booking
the Fixed Deposit would hold till maturity.
The following table shows what would be the amount receivable at maturity if we invest
₹50000 for different time periods:
Principal (In ₹) Time Period
Rate of
interest (%)
Amount at maturity (In ₹)
50000 1 year 6.9 53540
50000 2 years 7 57444
50000 3 years 7.2 61936
50000 5 years 7.8 73572
Tax Implications
The principal amount of a Five-Year Fixed Deposit is eligible for deduction Section 80C.
However, interest earned from the deposit is taxable. If interest earned is greater than
₹10000, it would be liable to taxation, meaning TDS will be deducted but there is an
exemption limit of up to ₹50000 on the interest earned for senior citizens.
Risk associated with Fixed Deposit
interest rate of the Fixed Deposit, there would be no real returns available. Hence, it is
not inflation protected.
ELM MANTRA
• It is similar to a bank fixed deposit, but it gives a marginally higher rate of interest
than a bank fixed deposit.
• Minimum deposit - ₹200; Maximum deposit – any amount.
• Interest is payable annually but calculated quarterly.
• The interest rate offered is between 6.9%-7.8% p.a. for one year to five-year FD's.
• The principal amount of a Five-Year Fixed Deposit is eligible for deduction Section
80C.

POST OFFICE MONTHLY INCOME SCHEME
This scheme offers a guaranteed return on investments made in post offices. Interest on
deposits is paid monthly to scheme holders. A minimum deposit of ₹1500 needs to be
made to avail this scheme. The maximum investment that one can make in this scheme
is ₹4.5 lakh singly or ₹9 lakh if held jointly. This account can be held either singly or
jointly. Pre-mature withdrawals can be made, but after paying a penalty.
How to Open a Monthly Income Scheme Account
• Fill the account opening form
• Two passport-size photographs.
• Address and identity proof – any of the following – Aadhaar card, driving license,
voter ID, passport, ration card, PAN card, or declaration in form 60 or 61 as per the
Income Tax Act.
• Choose a nominee
For MIS Scheme, interest is 7.7% p.a. payable monthly. The interest rate is linked to G-
Sec rates. The interest rate is subject to change as and when G-Sec rates change, but
once a MIS begins, the interest rate prevailing at the time of starting the MIS would hold
till maturity.
For example, if one deposits ₹50000, the person would receive a monthly interest
payout of ₹320 till maturity.
Tax Implications
There is no tax relief for Monthly Income Scheme account holders. The interest earned
is subject to taxation. TDS is not deducted from the interest earned.
Risk associated with Monthly Income Scheme
interest rate of the Scheme, there would be no real returns available. Hence, it is not
inflation protected.

ELM MANTRA
• This scheme offers a guaranteed return on investments made in post offices.
• Minimum deposit - ₹1500; Maximum deposit - ₹4.5 lakh if held singly or ₹9 lakh if
held jointly.
• The rate of interest offered is 7.7% payable monthly. It is linked to the G-Sec rates.
• There is no tax relief for Monthly Income Scheme account holders.

SMALL SAVINGS
SCHEMES

Chapter 3: SMALL SAVINGS SCHEMES
PUBLIC PROVIDENT FUND
Public Provident Fund (PPF) is a scheme wherein one can save for long term and enjoy
tax benefits on the principal as well as interest. This scheme aims to provide income
security to the self-employed and people working in the unorganised sector. It was
introduced by the National Savings Institute of the Ministry of Finance in 1968. There is
a lock-in period of 15 years before which the account cannot be closed or liquidated.
However, one can avail a loan from the own PPF account, 3 years after the
commencement of the account. Withdrawals, subject to various conditions are allowed
from the seventh year of the commencement of the account. After 15 years, the scheme
can be increased in blocks of 5 years.
How to Open a Public Provident Fund Account:
The following documents are required to open a Public Provident Fund account:
• Duly filled PPF account opening form
• Proof of identity. For example, driving license, Aadhaar Card, PAN card, Passport,
Voter’s ID Card
• Proof of residence or current address proof
• Couple of passport size photographs
This account can be opened in both, post offices as well as banks. It is not necessary to
have a savings account in the same financial institution where the Public Provident Fund
account has been opened.
For PPF Accounts, the interest rate is 8% p.a. compounded annually. The interest rate is
linked to G-Sec rates with a spread of 0.25%. The Government reviews the interest rates
quarterly and any changes in interest rates would be applied to old as well as new
deposits.
The following table gives a detailed description of interest earned from a PPF account
by making yearly deposits of ₹50000:

Tax Implications
The scheme has exempt-exempt-exempt (EEE) status, where the deposits, the interest
earned as well as the maturity amount are tax-free. The sum invested in the PPF account
is eligible for tax deduction under Section 80C subject to a maximum of ₹ 1.5 lakh in a
financial year. On maturity, the entire amount, including the interest, is tax free.
Risk associated with Public Provident Fund account
interest rate of the PPF, there would be no real returns available. Hence, it is not
inflation protected. A major benefit of PPF account is that it cannot be attached by Court
in respect of any debt or liability.
ELM MANTRA
• This scheme aims to provide income security to the self-employed and people
working in the unorganised sector.
• There is a lock-in period of 15 years before which the account cannot be closed or
liquidated.
• The present rate of interest is 8% p.a. compounded annually. It is linked to the G-
Sec rates with a spread of 0.25%.
• The scheme has exempt-exempt-exempt (EEE) status, where the deposits, the
interest earned as well as the maturity amount are tax-free.
YEAR
OPENING BALANCE
(in ₹)
YEARLY DEPOSIT
(in ₹)
INTEREST
(in ₹)
CLOSING BALANCE (in
₹)
1 0 50000 4000 54000
2 54000 50000 8320 112320
3 112320 50000 12986 175306
4 175306 50000 18024 243330
5 243330 50000 23466 316796
6 316796 50000 29344 396140
7 396140 50000 35691 481831
8 481831 50000 42547 574378
9 574378 50000 49950 674328
10 674328 50000 57946 782274
11 782274 50000 66582 898856
12 898856 50000 75909 1024765
13 1024765 50000 85981 1160746
14 1160746 50000 96860 1307606
15 1307606 50000 108608 1466214

SUKANYA SAMRIDDHI YOJANA
Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant
exclusively for the girl child and is launched as a part of Beti Bachao Beti Padhao
Campaign. The scheme is meant to meet the education and marriage expenses of a girl
child.
The minimum amount that needs to be invested is ₹1000 and a maximum of ₹ 1.5 lakh
can be deposited in a year. Parents or guardians of a girl who is 10 years or below can
open this account. Withdrawals cannot be made till the girl attains 18 years of age. A
depositor can open only one account in case of one girl and two different accounts in
the name of two different girls.
The scheme will mature after the completion of 21 years from the date of opening of
the account. According to the scheme rules, a depositor is required to make deposits
every year till the completion of 15 years from the date of opening of account. Between
the 15th year and 21st year, no deposits are required to be made. However, the
depositor will be earning interest on the earlier deposits made.
How to Open a Sukanya Samriddhi Yojana Account
The following documents are required to open a Sukanya Samriddhi Yojana account:
• Birth Certificate of the girl
• Proof of identity of the parent/guardian. For example, driving license, Aadhaar Card,
PAN Card, Passport, Voter’s ID Card
• Proof of residence or current address proof of the parent/guardian
This account can be opened in both, post offices as well as banks. It is not necessary to
have a savings account in the same financial institution where the Sukanya Samriddhi
Yojana account has been opened.
For Sukanya Samriddhi Yojana Account, the interest rate is 8.5% p.a. compounded
annually. The interest rate is linked to the government bond yield. The Government
reviews the interest rates quarterly and any changes in interest rates would be applied
to old as well as new deposits.
The following table gives a detailed description of interest earned by the father of a
daughter who has opened this account as his daughter completed 2 years of age. He
deposits ₹ 50000 yearly:

AGE OPENING BALANCE (in ₹)
YEARLY DEPOSIT (in
₹)
INTEREST EARNED
(in ₹)
CLOSING
BALANCE (in ₹)
1 0 50000 4250 54250
2 54250 50000 8861 113111
3 113111 50000 13864 176976
4 176976 50000 19293 246269
5 246269 50000 25183 321451
6 321451 50000 31573 403025
7 403025 50000 38507 491532
8 491532 50000 46030 587562
9 587562 50000 54193 691755
10 691755 50000 63049 804804
11 804804 50000 72658 927462
12 927462 50000 83084 1060547
13 1060547 50000 94396 1204943
14 1204943 50000 106670 1361613
15 1361613 115737 1477351
16 1477351 125575 1602925
17 1602925 136249 1739174
18 1739174 147830 1887004
19 1887004 160395 2047399
20 2047399 174029 2221428
21 2221428 188821 2410250
Tax Implications
The scheme has exempt-exempt-exempt (EEE) status, where the deposits, the interest
earned as well as the maturity amount are tax-free. The sum invested in this account is
eligible for tax deduction under Section 80C subject to a maximum of ₹ 1.5 lakh in a
financial year. On maturity, the entire amount, including the interest, is tax free.
Risk associated with Sukanya Samriddhi Yojana account
interest rate of the scheme, there would be no real returns available. Hence, it is not

ELM MANTRA
• The scheme is meant to meet the education and marriage expenses of a girl child.
• Minimum deposit - ₹1000 ; Maximum deposit - ₹1.5 lakh in a year. Parents or
guardians of a girl who is 10 years or below can open this account.
• The present rate of interest is 8.5% p.a. compounded annually. It is linked to the G-
Sec rates.
• The scheme has exempt-exempt-exempt (EEE) status, where the deposits, the
interest earned as well as the maturity amount are tax-free.

SENIOR CITIZEN SAVINGS SCHEME
The Senior Citizens Savings Scheme (SCSS), launched in 2004, is primarily for senior
citizens of India that offers regular income and is a risk-free tax saving investment.
Senior Citizens above the age of 60 can invest in this scheme. It has a five year lock-in
period. Minimum investment should be of ₹1000 and maximum investment can be ₹15
lakh. Premature closure of this account would attract a penalty.
How to Open a Senior Citizen Savings Scheme Account
The following documents are required to open a Senior Citizens Savings Scheme account:
• Form A has to be filled for opening SCSS Account.
• Identity proof like PAN card, Passport.
• Address proof such as Telephone bill, Aadhaar card.
• Age Proof Document like Passport, Senior Citizen Card, Birth certificate issued by
Corporation or registrar of births and death, Voter ID card, PAN card etc.
• 2 Passport size photographs.
This account can be opened in both, post offices, as well as select nationalised banks. It
is beneficial to have a savings account in the same financial institution where the Senior
Citizen Savings Scheme account has been opened to get the credit of interest every
quarter.
For SCSS Accounts, the interest rate is 8.7% p.a compounded quarterly. There is
quarterly payout of interest. The interest rate is linked to G-Sec rates with a spread of
1%. The Government reviews the interest rates quarterly but, once a Scheme is booked,
the interest rate prevailing at the time of booking would hold till maturity.
For example, if Mr. Jay, aged 61 years deposits ₹ 100000 for 5 years, the amount
receivable at maturity would be ₹ 153777.
Tax Implication
Only the principal amount up to ₹150000 invested under this scheme (on or after April
1, 2007) is exempted under Section 80C. Although maximum amount investible is ₹15
lakh (₹30 lakh jointly with spouse).

Risk associated with Senior Citizens Savings account
interest rate of the scheme, there would be no real returns available. Hence, it is not
ELM MANTRA
• It is primarily for senior citizens of India. This scheme offers regular income and is
a risk-free tax saving investment.
• It has a five year lock-in period.
• Minimum deposit - ₹1000 ; Maximum deposit - ₹15 lakh.
• The present rate of interest is 8.7% p.a. compounded quarterly. It is linked to the
G-Sec rates with a spread of 1%.
• Only the principal amount up to ₹150000 invested under this scheme (on or after
April 1, 2007) is exempted under Section 80C.
NATIONAL SAVINGS CERTIFICATE
The National Savings Certificate (NSC) is a tax saving instrument wherein one can invest
in small amounts. It is offered by the Department of Post and is available only in post
offices. Certificates are available in denominations of ₹10, ₹500, ₹1000, ₹5000 and
₹10000. It has a lock-in period of 5 years. It can be pre-matured only in case of death of
the certificate holder. NSC is transferable as well.
How to Apply for National Savings Certificate
The following documents are required to apply for National Savings Certificate:
• Duly filled Application form.
• Age Proof Document like a Passport, Senior Citizen Card, Birth certificate issued by
This certificate can be bought only from post offices. It is not necessary to have a savings
account in the same Post Office where the Certificate is being bought from.

For NSC, the interest rate is 8% p.a compounded annually for the 5 year option. The
interest rate is linked to G-Sec rates. The Government reviews the interest rates
quarterly but, once a Certificate is purchased, the interest rate prevailing at the time of
purchasing would hold till maturity.
For example, the maturity amount of a five year NSC of ₹100000 would be ₹146932.
Tax Implication
The principal amount along with accrued interest, up to ₹150000 invested under this
scheme (on or after April 1, 2007) is exempted under Section 80C. Interest earned on
existing certificates is deemed to be reinvested, hence it is exempted.
Risk associated with National Savings Certificate
There is no risk involved as these certificates are backed by the Government of India.
interest rate of the certificate, there would be no real returns available. Hence, it is not
ELM MANTRA
• It is a tax saving instrument wherein one can invest in small amounts. It is available
only in post offices.
• It has a lock-in period of 5 years.
• The present rate of interest is 8% p.a. compounded annually. It is linked to the G-
Sec rates.
• The principal amount along with interest up to ₹150000 invested under this scheme
(on or after April 1, 2007) is exempted under Section 80C.
KISAN VIKAS PATRA
The Kisan Vikas Patra (KVP) is a safe small-savings instrument that doubles the invested
money in 112 months. Minimum amount to be invested is ₹1000 and there is no cap on
the upper limit of deposit. There is a lock-in period of 30 months. Encashment is allowed
after 30 months after paying a penalty.

How to Apply for Kisan Vikas Patra
The following documents are required to apply for Kisan Vikas Patra:
• Age Proof Document like a Passport, Senior Citizen Card, a Birth certificate issued
by Corporation or registrar of births and death, Voter ID card, PAN card etc.
This certificate can be bought from post offices and some nationalised banks. It is not
necessary to have a savings account in the same Financial Institution where the
Certificate is being bought from.
For Kisan Vikas Patra, the interest rate is 7.7% p.a compounded annually. The interest
rate is linked to G-Sec rates. The Government reviews the interest rates quarterly but,
once invested, the interest rate prevailing at the time of investment would hold till
maturity.
Tax Implication
There is no tax exemption on the principal amount or the interest.
Risk associated with Kisan Vikas Patra
There is no risk involved as this scheme is backed by the Government of India. Principal
and Interest are guaranteed. If inflation turns out to be higher than the nominal interest
rate of the investment, there would be no real returns available. Hence, it is not inflation
protected.
ELM MANTRA
• The Kisan Vikas Patra (KVP) is a safe small-savings instrument that doubles the
invested money in 112 months.
• Minimum deposit - ₹1000 ; Maximum deposit – any amount.
• There is a lock-in period of 30 months.
• The present rate of interest is 7.7% p.a. compounded annually. It is linked to the G-
Sec rates.
• This scheme is not exempted from taxation.

PRADHAN MANTRI VAYA VANDANA YOJANA
It is a social security/pension scheme for senior citizens. The scheme guarantees an
interest rate of 8% payable monthly for a period of 10 years. It is like a fixed deposit
held with LIC. Minimum amount to be invested is ₹150000. Maximum amount that can
be invested is ₹1500000 subject to prescribed mode of holding. Premature exit is
allowed in case of critical illness wherein 98% of the deposit will be refunded. One can
also avail a loan up to 75% of the deposit made after completion of 3 policy years. On
completion of the policy term, the principal would also be returned along with the last
instalment.
How to Apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY)
The following documents are required to apply for Pradhan Mantri Vaya Vandana
Yojana:
• Age Proof Document like Passport, Senior Citizen Card, Birth certificate issued by
This scheme can be bought online from the Life Insurance Corporation of India (LIC)
website or offline by visiting any LIC office.
For Pradhan Mantri Vaya Vandana Yojana, the interest rate is 8% payable monthly.
For example, if one makes a one-time investment of ₹150000, the monthly pension
payout for 10 years would be ₹1000.
Tax Implication
The deposits made in this scheme are exempt from income tax under section 80C of
Income Tax Act, 1961. But, there is no tax exemption on the interest received.
Risk associated with Pradhan Mantri Vaya Vandana Yojana
There is no risk involved as this scheme is backed by the Government of India. Principal
protected.

ELM MANTRA
• It is a social security/pension scheme for senior citizens.
• Minimum deposit - ₹150000 ; Maximum deposit - ₹1500000 subject to prescribed
mode of holding.
• The present rate of interest is 8% p.a. payable monthly.
• The deposits made in this scheme are exempt from income tax under section 80C of
Income Tax Act, 1961.
RBI 7.75% SAVINGS BONDS
RBI 7.75% Bonds offer 7.75% interest rate over a tenure of 7 years. The minimum
investment has to be of ₹1000 and there is no cap on maximum investment. The
principal is locked in throughout the tenure of 7 years for people under the age of 60.
However, premature encashment is allowed for people above 60 years of age.
How to Apply for RBI 7.75% Savings Bonds
The following documents are required to apply for RBI 7.75% Savings Bonds:
• Age Proof Document Passport, Senior Citizen Card, a Birth certificate issued by
This bond can be bought from banks and Stock Holding Corporation of India Limited
(SHCIL) offices. It is not necessary to have a savings account in the same Financial
Institution where the Bond is being bought from.
For RBI 7.75% Savings Bonds, the interest rate is 7.75% in payout mode and if
compounded then the interest rate is effectively 7.90 % p.a. Compounding is done on a
half-yearly basis.
Tax Implication
There is no tax exemption on the principal amount or the interest.

Risk associated with RBI 7.75% Savings Bonds
There is no risk involved as this bond is backed by the Government of India. Principal
protected.
ELM MANTRA
• RBI 7.75% Bonds offer 7.75% interest rate over a tenure of 7 years.
• Minimum investment - ₹1000 ; Maximum investment – any amount.
• The present rate of interest is 7.75% in payout mode.
• This scheme is not exempted from taxation.
• Principal and Interest are guaranteed as these bonds are backed by the Government
of India.

INSURANCE
29Guidebook To Saving & Investment
Chapter4

Chapter 4: INSURANCE
HEALTH INSURANCE
Health Insurance provides cover to an individual against any medical or surgical
expenses. The expenses are either paid directly or reimbursed to the insured if he pays
the money himself. Everyone should buy a health insurance to mitigate the financial risk
of any unforeseen medical emergencies. A policy holder is required to pay premium
every year to keep the policy in force. The premium depends on the insured person's
age, state of health, policy type, sum assured etc. People aged between 18 and 65 years
can opt for health insurance policies. Some companies don't have a maximum age cap.
Children can also be covered under a policy as soon as they complete 91 days. Most of
the policies provide cover till the age of 85. However, some policies also provide lifetime
cover.
Types of Health Insurance Variants
HEALTH
INSURANCE
ACCIDENTAL
COVER
DEATH
PERMANENT
TOTAL
DISABILITY
PERMANENT
PARTIAL
DISABILITY
TEMPORARY
DISABILITY
HEALTH PLAN
INDIVIDUAL
HEALTH PLAN
FAMILY
FLOATER
SENIOR
CITIZEN
HEALTH PLAN
GROUP
HEALTH PLAN

Insurance Type - Accidental Cover
Constituents Salient Features
Death Lump sum payment in case of death due to
accident of the insured.
Permanent Total Disability Lump sum payment in case of bodily injury that
totally, irrecoverably and absolutely prevents
the insured from engaging in any kind of
occupation.
Permanent Partial Disability Lump sum payment in case of bodily injury that
results in total, irrevocable, absolute and
continuous loss of or impairment of a body part
or sensory organ, for example partial vision
loss.
Temporary Disability Lump sum payment in case of temporary
disability, for example – a fractured arm
Insurance Type – Health Plan
Constituents Salient Features
Individual Health Plan
The individual health insurance plan covers the
expenses incurred due to hospitalization,
doctor’s consultation, ambulance services,
treatment charges and pre and post-
hospitalization expenses subject to certain
limits as mentioned in the policy.
Family-Floater Plan
A family floater covers all the family members
under one single plan. The sum insured is fixed
and gets exhausted as and when any member
avails medical services and makes a claim.
Senior Citizen Health Plan It offers cover to people above 60 years of age.
Group Health Plan
This is designed for a group of employees in a
company.
Some other types of Insurances are as follows:
• Hospitalisation Cash Plan: In this plan, a fixed amount is paid as hospitalisation
expense each day till the insured is hospitalised.
• Critical Illness Plan: Critical Illness plan provides the insured a lump sum, in case
he/she gets diagnosed with a critical illness such as cancer, sclerosis, coma, heart
attack, paralysis, kidney failure, etc.

How to select a policy
Before buying a health insurance policy, one should look at what the policy covers, what
it doesn't cover and how easily the claim would be settled. Almost all the policies have
a No Claim/waiting period on pre-existing diseases wherein diseases that have been in
existence before the commencement of the policy are not covered even if one is
unaware of their existence. There is also a Cool-off period wherein no claims are
honoured if they arise within 30 days of commencement of the policy. These exclusions
are mentioned in a document known as “Policy Wording”. One should also check the
policy wording to see if there is any cover for eye related expenses, dental and cosmetic
surgeries, war injuries etc. Smokers have to pay an extra premium towards their policies.
One should also check if there is a cover for Ayurvedic and Unani medicines and
treatment. There may also be limits on hospital room rent, ICU charges and doctor's
fees.
One should also check if the insurance company has an in-house Third-Party
Administrator or it is outsourced. TPA or Third Party Administrator (TPA) is a
company/agency/organisation holding license from Insurance Regulatory Development
Authority (IRDA) to process claims - corporate and retail policies in addition to providing
cashless facilities as an outsourcing entity of an insurance company. If the insurance
company has an in house TPA, claims would be settled faster and the vice versa may
happen if this work is outsourced to another agency.
Portability
Portability allows policy holders to transfer their health insurance policies from one
insurer to another. The advantage of Portability is that insurers can transfer policies
without the fear of losing accrued benefits or credits in the erstwhile policy. A policy
can be ported only at the time of renewal. The existing company must be informed at
least 45 days before switching to a new policy.
How to buy a Health Insurance Policy
Address and Identity Proof. Aadhaar Card is mandatory to buy a policy.
One may have to undergo medical tests depending on age and or sum assured.
Insurance Policies can be brought from health insurance brokers or from the internet.
Tax Implications
• The premiums paid towards health insurance are tax deductible under Section 80(D)
of the Income Tax Act.
• Premium up to ₹25,000 for the assessee (and spouse and dependent children). It
also includes a maximum payment of ₹5,000 for a preventive health check-up.
• Additional deduction up to ₹50,000 on premium paid for parents.
• For senior citizens, premiums up to ₹50,000 are deductible.

Risk associated with Health Insurance Policies
The sum assured of the policy is guaranteed as per the terms and conditions of the policy
subject to timely payment of premiums. Health Insurance policies are not protected
from inflation. People can buy additional covers to stay at par or to beat medical
inflation. One should also understand that premiums can be hiked from time to time.
The policy cover is also subject to change.
ELM MANTRA
• Health Insurance provides cover to an individual against any medical or surgical
expenses.
• A policy holder is required to pay premium every year to keep the policy in force.
• Before buying a policy, one should check a document called “Policy Wording” to see
what expenses are covered by the policy.
• Portability allows policy holders to transfer their health insurance policies from one
insurer to another at the time of renewal.
• The sum assured of the policy is guaranteed as per the terms and conditions of the
policy subject to timely payment of premiums.
LIFE INSURANCE
Life Insurance offers protection to the dependants of the insured in case of his death. It
acts as a good source of finance for the dependants in case of the death of the insured.
People above the age of 18 can buy a life insurance. Usually, people up to the age of 80
can buy a life insurance, but the upper limit age varies from company to company. A
policy holder is required to pay premium every year to keep the policy in force. The
premium depends on the insured person's age, state of health, policy type, sum assured
etc. The policy can be held either singly or jointly. Life Insurance policies are usually
liquid except term life insurance.

Types of Policies
Policy Type Salient Features
Term Plan
In this policy, the nominee gets the sum assured back in case of
death of the insured during the policy term. However, once the
policy lapses, the nominee would receive no money in case of
the death of the insured.
Endowment Plan
In this policy, if the insured dies during the policy, the nominee
gets the sum assured along with some profits earned. In case of
the policy lapsing before the death of the insured, the insured
would get back the sum assured along with some profits earned.
Child Plan
This plan is somewhat similar to endowment plan and is used to
create a corpus for the child’s education or marriage.
Money Back Plan
It is a variant of the endowment plan in which a part of the sum
assured is returned to the policyholder at periodic intervals
throughout the policy tenure. The balance, along with profits
earned, is returned at the end of the tenure.
Whole Life Plan
It is a variant of the endowment plan which provides cover to
the policy holder throughout his lifetime.
Pension Plan
In a pension plan, one accumulates throughout his lifetime and
after retirement, receives a steady flow of income.
Annuity
An annuity is a contract aimed at generating steady income
during retirement, where in lump sum payment is made by an
individual to obtain certain amounts immediately or at some
point of future.
Unit Linked Insurance
Plan (ULIP)
ULIP is a combination of insurance and investment which aims
to deliver inflation beating returns. A small portion of the
premium is devoted to life insurance and the rest of the money
is invested just as in the case of mutual funds.
POLICIES
MONEY
BACK
WHOLE
LIFE
PENSION
ANNUITY
ULIP
TERM
PLAN
ENDOWM
ENT PLAN
CHILD
PLAN

Riders
A rider is an add-on to the primary policy, which offers benefits over and above the
policy subject to certain conditions. Some examples of riders are as follows:
• Critical Illness: The policyholder is entitled to receive a lump sum amount on being
diagnosed with a critical illness. This rider is added to life insurance policy. Critical
Illnesses that are covered are defined in the policy wording.
• Disability or dismemberment benefit: The policyholder receives an amount equal to
the sum assured of the base policy on being afflicted with a disability covered by
the rider.
• Waiver of Premium: This rider is added to a life insurance policy wherein the
policyholder is not required to pay future premiums on the policy in the event of an
accident or mishap as defined by the rider.
• Accidental Death Benefit Rider: This rider adds to the sum assured of a life insurance
policy in case the policy holder meets an accident leading to death.
There are other riders like level term cover, guaranteed insurability option, term rider
which have their own benefits.
How to buy a Life Insurance Policy
Fill the proposal form and provide:
• Date of birth and identity proof such as the Aadhaar card, passport, Driving license
or Voter ID card. However, Aadhar card is now mandatory.
• Income proof in case of high-value covers
• A medical-examination certificate depending on the age or the cover
• Nominee details
Life Insurance Policies can be bought from life insurance agents, some banks,
telemarketing, internet etc.
RIDERS
CRITICAL
ILLNESS
ACCIDENTAL
DEATH
BENEFIT
WAIVER
OF
PREMIUM
DISABILITY
BENEFIT

Tax Implication
Premiums paid towards a life insurance policy qualify for tax deductions under Section
80C up to a limit of ₹1.5 lakh in a financial year.
Risk associated with Life Insurance Policy
The sum assured of the policy is guaranteed as per the terms and conditions of the policy
subject to timely payment of premiums. Life Insurance policies are not protected from
inflation. People can buy additional covers to stay at par or to beat inflation. One should
also understand that premiums can be hiked from time to time. The policy cover is also
subject to change.
ELM MANTRA
• Life Insurance offers protection to the dependants of the insured in case of his
death.
• People above the age of 18 can buy a life insurance.
• One can buy riders to enhance the coverage of a policy.
• Premiums paid towards a life insurance policy qualify for tax deductions under
Section 80C up to a limit of ₹1.5 lakh in a financial year.
• The sum assured of the policy is guaranteed as per the terms and conditions of the
policy subject to timely payment of premiums.

PENSION
Chapter 5
Chapter5

Chapter 5: PENSION
PENSION AND ANNUITY
An annuity is a contract aimed at generating steady income during retirement, where in
lump sum payment is made by an individual to obtain certain amounts immediately or
at some point of future. There exist both Deferred Annuities as well as Immediate
Annuities. Annuities do not have exit options. In an Immediate annuity, the annuitant
begins to receive the payments as soon as he invests. It is ideal for a person who is
thinking about retirement in the near future. A deferred annuity is an insurance contract
where one can delay the annuity payouts till the time one wants.
How to Begin an Annuity
The following documents are required to start an annuity:
• Proof of identity. For example, driving license, Aadhaar Card, PAN card, passport,
Voter’s ID
• Proof of residence or current address proof
• Medical examination certificate if one includes an insurance cover with the annuity.
• Bank account details where the annuity payout would be deposited
Annuity plans can be bought from life insurance companies.
The interest rate for annuities ranges between 6.4%-7.5% p.a. depending on factors like
age of entry, prevailing interest rates in the country etc.
Tax Implications
The sum invested in annuities is eligible for tax deduction under Section 80C subject to
a maximum of ₹ 1.5 lakh in a financial year. On maturity, one third of the invested
amount can be withdrawn and exemption can be claimed under Section 10(10D), while
the remaining money can be paid out as annuity which is taxable.
Annuity Payout Options
The five payout options offered in an annuity are as follows:
1. Life annuity: Annuity for life
2. Life annuity with return of purchase price: Life annuity for the annuitant with return
of the originally paid amount on death of the annuitant to the beneficiary.
3. Joint life, last survivor without return of purchase price: The annuity is first paid to
the annuitant. After the death of the annuitant, the spouse receives a pension equal
to the annuity paid to the annuitant.

4. Joint life, last survivor with return of purchase price: The annuity is first paid to the
annuitant. After the death of the annuitant, the spouse receives a pension equal to
the annuity paid to the annuitant. After the death of the last survivor, the originally
paid amount is returned to the nominee.
5. Life annuity guaranteed for five/ten/fifteen years and thereafter: Guaranteed annuity
is paid for the chosen term (five, ten or fifteen years) even if the annuitant is not alive.
After that the annuity continues as long as the annuitant is alive.
Risk associated with Annuities
The annuity is governed by the terms and conditions of the annuity contract. Annuity
payout is guaranteed as per the terms of the policy. If inflation turns out to be higher
than the interest rate of the annuity, there would be no real returns available. Hence, it
is not inflation protected.
ELM MANTRA
• An annuity is a contract aimed at generating steady income during retirement.
• Annuities do not have exit options.
• The interest rate for annuities ranges between 6.4%-7.5% p.a. depending on factors
like age of entry, prevailing interest rates in the country etc.
• The sum invested in annuities is eligible for tax deduction under Section 80C subject
to a maximum of ₹ 1.5 lakh in a financial year.
• An annuity has five payout options.
• Annuity payout is guaranteed as per the terms of the policy.
NATIONAL PENSION SCHEME
It is a pension scheme by the Government of India which aims to provide old age income,
a reasonable market based return over long run and old age security to all its citizens.
It is mandatory for government employees to invest in this scheme while private sector
employees can choose between NPS and Employees' Provident Fund Organisation
(EPFO). NPS is regulated and managed by the Pension Fund Regulatory and Development
Authority (PFRDA). One can withdraw up to 25% of the contributions made after being
in the scheme for 3 years. However, these withdrawals are for certain defined expenses
like children's higher education or marriage or construction of the first house etc.
Types of NPS Accounts
NPS has two parts: Tier I and Tier II.
• Tier I: This is a mandatory no-withdrawal pension account and is eligible for tax
benefits. The annual minimum amount to be deposited in this account is ₹1000. If

one wishes to exit before the age of 60, 80% of the corpus should be used to buy an
annuity and the rest, 20% can be withdrawn which is subject to taxation as per one’s
income tax slab. For people retiring at the age of 60, 40% withdrawal from NPS is
tax-free. Out of the rest 60%, 40% of the money needs to be used to buy an annuity
and the rest can be withdrawn which is subject to taxation as per one’s income tax
slab.
• Tier II: It’s a voluntary-withdrawal savings account, from which individuals can
withdraw money anytime. It has no tax benefits. There is no annual minimum
deposition limit.
•
How to Open a National Pension Scheme Account
One needs to visit a Point-of-Presence (PoP) and fill out the prescribed form and submit
the required documents for KYC compliance. Alternatively, one can open an account
online at enps.nsdl.com and follow the steps mentioned therein.
Once registered, the Central Record Keeping Agency (CRA) will assign a Permanent
Retirement Account Number (PRAN), which is unique to all subscribers.
Select the amount to invest and the investment option.
List of Pension Fund Managers (PFMs)
Following is the list of NPS managers:
• HDFC Pension Management Company
• ICICI Prudential Life Insurance Company
• Kotak Mahindra Asset Management Company
• LIC Pension Fund
• Reliance Capital Asset Management Company
• SBI Pension Funds
For NPS Accounts, there is no guaranteed rate of interest. The rate of return would vary
according to the returns given by different asset classes. NPS offers different funds with
varying exposure to Equity, Corporate Debt and Government Securities. The following
Investment options are available:
• Active Choice Investment: An investor can choose the exposure to different asset
classes himself with maximum allocation towards equity being 50%.
• Auto Choice Investment: Here investment allocation is done based on the investor’s
age. In default version of this scheme, the equity portion is 50% till age 35, after
which it reduces by 2% per year until it becomes 10% by age 55. The corporate debt
portion is 30% till age 35, after which reduces by 1% per year until it becomes 10%
by age 55. Other options within auto-choice are the aggressive and conservative
life-cycle funds which begin with an equity allocation of 75% and 25% respectively.
These are reduced as the NPS subscriber’s age advances.

Tax Implications
Under NPS, one can avail tax deduction on investments up to ₹ 1.5 lakh under Section
80CCD and ₹50,000 under Section 80CCD(1B) in a financial year. 40% of the amount
received at the completion of the term is tax-free.
Risk associated with National Pension Scheme account
There is risk involved in this scheme as returns are linked to the market. If inflation turns
out to be higher than the return rate of the scheme, there would be no real returns
available. Since returns are market linked, the rate of return almost beats the inflation
rate or stays at par with it.
ELM MANTRA
• It is a pension scheme by the Government of India which aims to provide old age
income, a reasonable market based return over long run and old age security to all
its citizens.
• NPS is of types: Tier I and Tier II.
• NPS doesn’t offer any guaranteed rate of interest.
• Under NPS, one can avail tax deduction on investments up to ₹ 1.5 lakh under
Section 80CCD and ₹50,000 under Section 80CCD(1B) in a financial year.
• There is risk involved in this scheme as returns are linked to the market.
ATAL PENSION YOJANA
Atal Pension Yojana is a pension scheme for workers in the unorganized sector. The
minimum age of joining is 18 years and the maximum age is 40 years. One cannot exit
this scheme before completing 60 years of age.
How to Start Atal Pension Yojana
A bank account and an Aadhaar Card is needed to enroll in this pension scheme.
Pension Payout
Under the APY, subscribers receive a fixed pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or
₹5,000 per month at the age of 60 years, depending on their contributions.
Tax Implications
Tax is exempted on contributions and accumulation but chargeable on the maturity
amount.

Risk associated with Atal Pension Yojana
There is no risk involved as this scheme is backed by the Government of India. However,
the returns are not inflation protected.
ELM MANTRA
• Atal Pension Yojana is a pension scheme for workers in the unorganized sector.
• Tax is exempted on contributions and accumulation but chargeable on the maturity
amount.

OTHER
INVESTMENT
AVENUES
Chapter6

www.elearnmarkets.com+91-
Chapter 6 : OTHER INVESTMENT AVENUES
STOCKS AND EQUITY
A share is a unit of ownership of a company. Shareholders are a part of the ownership
of the company and if the company grows, they also grow. Shareholders are also entitled
to receive dividends. Dividend is a part of the company’s profit which is distributed by
it. The company may distribute the profit or it may retain it back for further expansion
of the company.
A shareholder earns Capital Gains or incurs Capital Losses. One earns capital gain by
selling the share at a higher price than what it was bought at. A person incurs capital
loss if he sells the share at a price lower than what he had bought it at.
The main motive behind investing in share markets is to make capital gains. Equity is the
most risky asset class but it offers the highest returns. One can either invest / trade in
the stock market directly by himself or indirectly through mutual funds.
Investing involves buying fundamentally sound companies for a long period of time.
Trading involves buying and selling of shares in a very short span of time so as to earn
quick profits. Trading is a risky activity. Investing in mutual fund entails less risk because
of a diversified portfolio.
How to start investing/trading in shares
Trading is done through stock exchanges. There are two stock exchanges in India –
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). One needs to open a
DEMAT account first. The Demat Account stores the shares in an electronic format.
There are two depositories in India – National Securities Depository Limited (NSDL) and
Central Depository Services Limited (CDSL).
One needs to visit a share broker and get the trading and demat account opened.
Documents such as Aadhaar Card, PAN Card, any other identity proof are required along
with passport size photographs to open trading and demat account with the broker. One
can opt for brokers like HDFC Securities, ICICI Securities, IIFL or any other company
depending on which broker suits them the best.
Tax Implications
There is a capital gains tax of 15% if one sells a stock within a year. There is a tax of 10%
on the gains exceeding ₹1 lakh if a stock is sold after holding it for more than a year.
Dividends earned from the stocks in a year are not taxable up to ₹10 lakh, in the hands
of the investor. Dividends above ₹10 lakh are taxable at the rate of 10%.

A 0.1% tax called STT (Security Transaction Tax) is imposed on the value of each stock in
case of delivery of shares (whether buying or selling). In case of intraday transactions,
0.025% tax is charged at the time of selling only. STT is deducted by the stockbroker.
Risk associated with equities
Capital is not protected when investing in the share market. The share market does not
give any guaranteed returns as well. However, stocks are capable of beating inflation if
one can hold the investment for a long term. Stocks are quite liquid as well. There is no
lock-in period. One can sell shares and get the money in 2 working days.
ELM MANTRA
• A share is a unit of ownership of a company.
• Shareholders are entitled to receive dividends.
• Equity is the most risky asset class but it offers the highest returns.
• One can either invest / trade in the stock market.
• Trading is done through stock exchanges.
• Demat Account stores the shares in an electronic format.
• Capital is not protected when investing in the share market.
MUTUAL FUNDS
A mutual fund pools the money of many investors and uses this money to invest in
market securities like equities, bonds etc. Asset Management Companies (AMCs) run
mutual funds. They have different mutual fund schemes. When investing in mutual
funds, retail investors need not worry about individual buying and selling of securities.
Each scheme has professional Fund Managers who manage the fund and take decisions
regarding buying and selling of securities. One can start investing in Mutual Funds with
an amount as low as ₹500 in urban areas and ₹100 in rural areas. The Securities Exchange
Board of India (SEBI) is the regulator of mutual fund houses in India.
Mutual Funds are liquid as well. However, liquidity depends on whether the scheme is
open-ended or close-ended. Open-ended funds are always available for buying and
selling at the current Net Asset Value (NAV). One usually receives money in 3 days after
redemption. Closed-ended funds have a lock in period. One can only invest in them at
the time of initial offer. These funds are then listed on stock exchange for buying and
selling. However, it is not wise to sell these funds after listing as one would have to sell
at a lower NAV. It is advisable to hold on to these funds till the lock-in period is over.

Types of Funds
The following tables show the various type of funds:
1.Equity Funds
Classification Definition
Large Cap Fund
SEBI requires this category of funds to hold at least 80% in large-cap
stocks. Large-cap is defined as the first 100 stocks in terms of market
cap.
Mid Cap Fund
SEBI requires a mid-cap fund to hold at least 65% of its assets in mid-cap
stocks. Midcap is defined as the 101st to 250th stock in terms of market
cap.
Small Cap Fund
SEBI requires a small-cap fund to hold at least 65% of its assets in small-
cap stocks.
Large and
Midcap Fund
SEBI requires a large and mid-cap fund to hold at least 35% of its assets
in mid-cap stocks large cap stocks each.
Multicap Fund
SEBI requires a multi-cap fund to hold at least 65% of its assets in equities
and there is no market-cap wise restriction
Dividend Yield
Fund
SEBI requires this fund to hold at least 65% of its assets in equities but
in dividend yielding stocks.
Value
Fund/Contra
Fund
SEBI requires both these funds to hold at least 65% of its assets in
equities. However a fund house can offer either Value Fund or Contra
Fund, but not both.
Focused Fund
SEBI requires this fund to hold at least 65% of its assets in equities, but
it can have a maximum of 30 stocks
Sectoral /
Thematic Fund
SEBI requires this fund to hold at least 80% of its assets in the chosen
sector stocks.
Equity Linked
Saving Scheme
(ELSS)
The minimum investment in equity should be 80% of total assets (in
accordance with Equity Linked Saving Scheme, 2005 notified by Ministry
of Finance)

2. Debt Funds
Overnight Fund Investment in overnight securities having maturity of 1 day
Liquid Fund Investment in Debt and money market securities with maturity of up to
91 days only
Ultra Short
Duration Fund
Investment in Debt & Money Market instruments such that the Macaulay
duration of the portfolio is between 3 months - 6 months
Low Duration
Fund
duration of the portfolio is between 6 months- 12 months
Money Market
Fund
Investment in Money Market instruments having maturity upto 1 year
Short Duration
Fund
duration of the portfolio is between 1 year – 3 years
Medium
Duration Fund
duration of the portfolio is between 3 years – 4 years
Medium to
Long Duration
Fund
duration of the portfolio is between 4 – 7 years
Long Duration
Fund
Investment in Debt & Money Market Instruments such that the Macaulay
duration of the portfolio is greater than 7 years
Dynamic Bond Investment across duration
Corporate
Bond Fund
Minimum investment in corporate bonds- 80% of total assets (only in
highest rated instruments)
Credit Risk
Fund
Minimum investment in corporate bonds- 65% of total assets (investment
in below highest rated instruments)
Banking and
PSU Fund
Minimum investment in Debt instruments of banks, Public Sector
Undertakings, Public Financial Institutions- 80% of total assets
Gilt Fund Minimum investment in G-Secs- 80% of total assets (across maturity)
Gilt Fund with
10 year
constant
duration
Minimum investment in G-Secs- 80% of total assets such that the
Macaulay duration of the portfolio is equal to 10 years
Floater Fund Minimum investment in floating rate instruments- 65% of total assets

Macaulay Duration - The Macaulay duration (named after Frederick Macaulay,
an economist who developed the concept in 1938) is a measure of a bond's sensitivity to
interest rate changes. Technically, duration is the weighted average number of years the
investor must hold a bond until the present value of the bond’s cash flows equals the
amount paid for the bond.
3. Hybrid Funds
Conservative
Hybrid Fund
Investment in equity & equity related instruments- between 10% and
25% of total assets; Investment in Debt instruments between 75% and
90% of total assets
Balanced Hybrid
Fund
Equity & Equity related instruments between 40% and 60% of total
assets; Debt instruments- between 40% and 60% of total assets. No
Arbitrage is permitted in this scheme
Aggressive Hybrid
Fund
Equity & Equity related instruments- between 65% and 80% of total
assets; Debt instruments- between 20% 35% of total assets
Dynamic Asset
Allocation or
Balanced
Advantage Fund
Investment in equity/ debt that is managed dynamically
Multi Asset
Allocation Fund
Invests in at least three asset classes with a minimum allocation of at
least 10% each in all three asset classes
Arbitrage Fund Scheme following arbitrage strategy. Minimum investment in equity &
equity related instruments- 65% of total assets
Equity Savings
Fund
Minimum investment in equity & equity related instruments- 65% of
total assets and minimum investment in debt- 10% of total assets
4. Solution Oriented Schemes
Retirement
Fund
Scheme having a lock-in for at least 5 years or till retirement age whichever is earlier
Children’s
Fund
Scheme having a lock-in for at least 5 years or till the child attains age of majority
whichever is earlier

5. Other Schemes
Index
Funds/ETF
Minimum investment in securities of a particular index (which is being
replicated/ tracked)- 95% of total assets
Fund of
Funds
Minimum investment in the underlying fund- 95% of total assets
How to invest in Mutual Funds
One can invest directly by contacting an Asset Management Company. These AMCs offer
direct plans which offer higher returns as they have a lower expense ratio. One can also
get in touch with intermediaries who sell schemes of mutual funds. A list of
intermediaries is mentioned on the Association of Mutual Funds of India (AMFI) website
www.AmfiIndia.com
One needs to complete the Know Your Customer (KYC) process by providing relevant
identity and address proofs.
“Systematic” Ways of Investing
Some systematic ways of investing and redeeming money from mutual funds are
mentioned below:
• Systematic Investment Plan (SIP): It is an investment strategy where one needs to
invest a fixed amount in a particular mutual fund at fixed intervals, for example,
monthly, quarterly etc. SIP helps to average out the price. If one starts a monthly
SIP, then each month an amount would be deducted from the investor’s bank
account and it would be used to buy units of a mutual fund scheme. The number of
units bought would depend on the Net Asset Value (NAV) of the scheme on that
day. SIP helps people solve the problem of timing the market. It is a good way for
capital appreciation in the future.
• Systematic Withdrawal Plan (SWP): This plan enables investors to withdraw a fixed
or variable amount from the mutual fund scheme on a pre-decided date be it
monthly, quarterly etc. SWP provides the investor with a regular income and
returns on the money that is still invested in the scheme.
• Systematic Transfer Plan (STP): This plan allows investors to periodically transfer a
certain amount / switch (redeem) certain units from one scheme and invest in
another scheme of the same mutual fund house. Thus at regular intervals an
amount/number of units that an individual chooses is transferred from one mutual
fund scheme to another of the individual’s choice. This facility thus helps in
deploying funds at regular intervals.

Benefits of Mutual Fund
Mutual Funds offer several benefits. Some of them are listed below:
• Mutual Funds spread money across a large number of investments hence reducing
the risk of a loss.
• Mutual Fund schemes are managed by professionals. They take care of buying and
selling of securities. Hence investors don’t need to worry about the buying and
selling themselves.
• There are different varieties of mutual funds that suit the needs of individuals.
• Both, investing as well as redemption from mutual funds is easy.
• Mutual Funds are tax efficient. If individuals keep buying and selling stocks, they
would have to pay taxes on each profitable transaction. However, that is not the
case in mutual Funds. The fund manager can keep buying and selling to maximise
profits. The individual will only have to pay a tax at the time of redemption of units.
• There is transparency in the operation of funds. The holdings and activities of each
scheme are published.
• Through mutual funds, people get to invest in such assets which is not possible if
they want to do it individually.
What is Load and How to exit from a Mutual Fund
Load is a fees charged by an AMC which is a small percentage of the investment made.
Usually funds charge 1% exit load when an individual redeems all unit before one year.
Load varies across different schemes.
One can exit from mutual funds either by completing the formalities online or offline. It
is quite easy to exit mutual funds.
Mutual Funds Vs Shares
For most investors, investing in equity mutual funds is more viable as they get the gains
of stock investing with less hard work. However mutual funds carry a fee and are subject
to certain constraints. Thus, investors who are willing to devote a reasonable amount of
time to analysing and evaluating stocks may find stock investing more suitable.
Tax Implications
Only investment in ELSS funds up to ₹150000 qualify for tax exemption under Section
80C.
For equity oriented schemes, there is a long term capital gains tax of10% on gains
exceeding ₹1 lakh. Long term capital gains apply to units held for more than 12 months.
There is a short term capital gains tax of 15%. Short term capital gains apply to units
held for less than 12 months.

For schemes other than equity oriented scheme, there is a long term capital gains tax of
20% and short term capital gains are taxed as per the individual’s tax slab. Here, long
term capital gains apply to units held for more than 36 months and short term capital
gains apply to units held for less than 36 months.
Risk associated with Mutual Funds
Capital protection is not guaranteed in mutual funds. Mutual funds invest in market
linked securities hence losses are not inevitable. However, one can beat inflation if
invested in good equity oriented schemes over a period of time.
ELM MANTRA
• A mutual fund pools the money of many investors and uses this money to invest in
market securities like equities, bonds etc.
• Asset Management Companies (AMCs) run mutual funds.
• One can start investing in Mutual Funds with an amount as low as ₹500 in urban
areas and ₹100 in rural areas.
• The Securities Exchange Board of India (SEBI) is the regulator of mutual fund houses
in India.
• SIP is the best way to invest in mutual funds.
• Usually 1% exit load is charged when an individual redeems all units before one
year.
• Capital protection is not guaranteed in mutual funds.
COMPANY DEPOSITS
Company deposits are deposits made by the public with companies. Just like in a Fixed
Deposit, people hold deposits with the bank, here deposits are held with Non-Banking
Finance Companies (NBFC). The Company pays a fixed rate of interest on the deposits.
The interest rate depends on the amount and tenure of the deposit. Interest can be paid
out monthly, quarterly, half-yearly or annually.
The company needs to get its credit rating done first from institutions like CRISIL, CARE
or ICRA. The better the rating, more will be the belief of people in the company. It would
also assure the people that they would get their money back. These deposits are
governed by Section 58A of the Companies Act.

How to invest in Company Fixed Deposits
Offers for investment are announced directly by the company. One can invest in them
either through brokers or directly, by applying online or offline. In order to invest, the
application form needs to be filled first and Xerox copies of some identity documents
need to be submitted.
Tax Implications
Principal and interest earned are fully taxable as per one’s income tax slab. There is no
exemption provided for these deposits. TDS (Tax deducted at source) is applicable if
interest exceeds ₹5000/- in a year.
Risk associated with Company Fixed Deposits
Getting back the principal along with interest rate is not guaranteed. Some companies
fail to service their debts. One should always make these deposits with companies which
have a high credit rating. Their chances of defaulting on payments is very low. The
interest rate offered by companies is not good enough if inflation rate turns out to be
higher than their rate. Hence, these deposits are not inflation protected.
These deposits are not highly liquid as well. Some companies do allow premature
withdrawal, after charging a high penalty.
ELM MANTRA
• Company deposits are deposits made by the public with companies.
• These deposits are governed by Section 58A of the Companies Act.
• The better the Credit rating of a company, more will be the belief of people in the
company.
• There is no exemption provided for these deposits.
• Getting back the principal along with interest rate is not guaranteed. Some
companies fail to service their debts.
CAPITAL GAINS TAX EXEMPTION BONDS OR 54 EC BONDS
54 EC bond grants the investor an exemption from the long-term capital gains (LTCG)
tax arising as a result from the sale of land, building, or both. The tenure of these bonds
is 5 years. One needs to buy minimum 1 bond priced at ₹10000. The Face Value of each
bond is ₹10000. One can buy maximum 500 bonds of ₹10000 each in a financial year.
This is a totally illiquid bond as it has a lock-in period of 5 years.
How to buy 54 EC Bonds
These bonds are issued by NHAI, REC and PFC. These bonds can be bought directly from
the issuers. Some banks are authorised to sell these bonds. One can also buy these bonds

from the banks. To buy this bond, one needs to fill the application form first. A Copy of
PAN Card along with some identity proof needs to be provided as well. These bonds can
be held either in physical form or in demat form.
The interest rate is 5.25% payable annually on March 31 every year. This interest rate
may vary across different bond issuer.
Tax Implications
To claim tax exemption with 54 EC bonds, the following conditions should be satisfied:
A long-term specified capital asset, i.e., land or building held by the assessee for more
than two years.
The amount invested in 54EC bonds needs to only be to the extent of the capital gains
on the asset and not net consideration received on the sale of the long-term capital
asset.
The amount exempted from tax under this section is the amount of capital gain or the
amount invested in capital gain bond, whichever is lower, up to a maximum of ₹50 lakh.
The capital gain should be invested in the capital-gain bond within six months from the
date of transfer or sale of the specified capital asset.
The interest income from 54EC bonds is added to one’s total income and taxed as per
the tax slab applicable.
Risk associated with 54 EC Bonds
There is no risk involved as these bonds are backed by the Government of India. Principal
rate of the Bond, there would be no real returns available. Hence, it is not inflation
protected.
ELM MANTRA
• 54 EC bond grants the investor an exemption from the long-term capital gains
(LTCG) tax arising as a result from the sale of land, building, or both.
• One can buy maximum 500 bonds of ₹10000 each in a financial year.
• It has a lock-in period of 5 years.
• The interest rate offered is 5.25% payable annually on March 31 every year.
• Principal and Interest are guaranteed as these bonds are backed by the Government
of India.

SOVEREIGN GOLD SCHEMES
This scheme covers Sovereign Gold Bonds, the Gold Monetisation Scheme and Indian
Gold Coins.
SOVEREIGN GOLD BOND SCHEME
This bond scheme provides gold like returns along with some interest. This scheme has
been launched by the Government of India. It was launched in tranches. The first tranche
was offered in November 2015, second tranche in January 2016, third tranche in October
2017.
Gold bonds are issued by the RBI on behalf of the Government. Under this scheme, gold
bonds are issued in multiples of 1 gram. The main objective of gold bond scheme is to
encourage people to hold gold in electronic form rather than in physical form. This
would eliminate the risk and cost of storage.
Gold bonds are held in demat form. One needs to buy a minimum of 1 gram of gold.
Maximum of 4 KG of gold can be subscribed by an individual in a financial year. One
needs to hold this bond for eight years. Exit options are available from the fifth year on
the stock exchange. These bonds are transferrable.
How to buy Sovereign Gold Bonds
These bonds can be bought from banks, post offices and Stock Holding Corporation of
India. One needs to provide identity documents and get the bond issued thereafter.
The interest rate is 2.5% payable semi-annually on the initial value of the investment.
But this interest rate can vary from particular issue to issue.
Tax Implications
The gains from redemption of this bond are exempted from tax if sold after completing
full tenure of 8 years. If the bond is sold before it completing 8 years then the seller has
to pay capital gains tax.
Risk associated with Sovereign Gold Bonds
There is no risk involved on the part of interest payouts as these bonds are backed by
the Government of India. Capital protection is however not guaranteed as the price of
this bond is linked to real gold prices. If inflation turns out to be higher than the nominal
interest rate of the Bond, there would be no real returns available. Hence, it is not


GOLD MONETISATION SCHEME
This scheme allows a person to earn interest on the gold one owns. To avail this scheme,
one needs to deposit gold in physical form. Interest is earned on gold weight. One can
get back the gold either in equivalence of 995 fineness gold or INR. Method of
redemption needs to be mentioned at the time of making the deposit. The banks lend
out this deposited gold to jewellers at some interest rate which is a bit higher than the
interest paid to the customers. As little as 30 grams of gold can be deposited in this
scheme. On can opt for this scheme for either 1-3 years, or 5-7 years, or 12-15 years.
How to avail this Scheme
One first needs to get the gold tested for purity in a gold collection and purity testing
centre. A certificate of gold purity and gold content would be provided which needs to
be produced in the bank. This gold will be melted and one would not get back the gold
in the same form in which it had been deposited.
The interest paid is valued in terms of gold.
For example, 1% rate of interest on 100 grams of gold would be 1 gram.
Tax Implications
The gains from this scheme is exempted from tax.
INDIAN GOLD COIN
Indian Gold Coin is a part of the Gold Monetisation Program. It is the only BIS hallmarked
gold coin in India. It has the national emblem of Ashok Chakra engraved on one side and
a picture of Mahatma Gandhi on the other. The Indian Gold Coin is available in both,
coin form with denominations of 5 gram or 10 gram and in bars of 20 grams. These bars
and coins are tamper proof, of advanced security and of the purest form.

ELM MANTRA
• Sovereign Gold bond scheme provides gold like returns along with some interest.
• Gold bonds are held in demat form.
• The interest rate is 2.5% payable semi-annually on the initial value of investment.
• Gold Monetisation scheme allows a person to earn interest on the gold one owns.
To avail this scheme, one needs to deposit gold in physical form.
• The interest paid is valued in terms of gold.
• Indian Gold Coin is a part of the Gold Monetisation Program.
• It is the only BIS hallmarked gold coin in India.
• Principal and Interest (wherever applicable) are guaranteed as these schemes are
backed by the Government of India.

About Us

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