Savings

Control lifestyle inflation and avoid excessive reliance on debt by automating savings, budgeting better, aligning investments to goals and tracking progress regularly

Luxury fades, habits don't: Nithin Kaushik suggests ways to ensure financial freedom

The announcement has triggered anxiety among account holders, many of whom depend on the bank for routine financial transactions. Experts advice to staying calm and keeping an eye on RBI guidelines

Until the full system enhancements are implemented, customers' consent for e-KYC and specimen signatures will be collected using physical forms

Announced during the Union Budget 2023-24 by Finance Minister Nirmala Sitharaman, the small savings scheme aimed at encouraging savings among women

With the share of physical assets rising, the responsibility to free up resources to fund corporate capex shifts to the government

Annual net SIP flows have doubled in the last three years, from Rs 0.96 lakh crore in FY21 to Rs 2 lakh crore in FY24

People older than 30 likely to save almost 25% of their monthly income and those younger save only 10-15%

Knowing you have a financial buffer allows you to focus on other important aspects of your life without worrying about money

Household savings are likely to rise in fiscal 2023-24, an arm of a domestic rating agency said on Tuesday. Crisil Market Intelligence and Analytics said there are "early indicators", which show that household savings would have revived in FY24, while growth in household liabilities would have moderated. "Proxy data suggest a rebound in the overall savings rate in FY24, with contribution from households," it said in a note, adding that household savings constitute 60 per cent of the total savings in the economy. It can be noted that official data released last year showed a dramatic fall in India's net financial household savings rate to a 47-year-low of 5.3 per cent from 7.3 per cent in FY22. The Crisil report explained that households have been borrowing at a faster pace than they have been saving since the pandemic, due to which the net household financial savings, which was arrived at by adjusting financial savings for liabilities. Factors like retail credit push by banks and

Government think tank NITI Aayog has pitched for tax reforms, mandatory saving plan, and housing plan for elderly in India, as the population of senior citizens is projected to reach 19.5 per cent of the country's population by 2050. In a report titled 'Senior Care Reforms in India - Reimagining the Senior Care Paradigm', NITI Aayog said a national portal for senior care must be developed for senior citizens to provide easy access of services to them. "Since the social security framework in India is limited, most seniors depend on the income generated from their savings. Variable interest rates result in the erosion of their income, sometimes even below sustenance levels. "Therefore, a regulatory mechanism is required to set a viable base rate for the interest accrued on senior citizen deposits," the report said. The report emphasised that giving a further concession to older women will contribute to their financial well-being. The elderly in India currently comprises a little ove

According to the 50/30/20 rule, you should allocate your post-tax income into three main categories: 50 per cent for basic needs, 30 per cent for wants, and 20 per cent for savings.

The household savings rate plummeted to a five-decade low in 2022-23 as people started spending after the restrictions on movement ended after the pandemic, the Reserve Bank of India said on Friday. Deputy Governor Michael Patra said the dip in net financial savings of households to 5.1 per cent of the Gross Domestic Product (GDP) in FY23 also includes an increase in liabilities, much of which are home loans that will show as investments in the next year. When asked if the decline in savings to a 47-year-low is indicative of over-leverage among the households, Patra reminded that historically, the average household savings rate was about 7.5 per cent but during the pandemic, it had gone up due to a variety of factors, including inability to spend due to the restrictions and also because of precaution savings. "as these movement restrictions were removed, people went out to spend and started to draw down those precaution savings. That is some of the phenomenon that we're seeing now,"

The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades

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The finance ministry on Thursday dismissed the criticism over the impact of declining household savings on the economy, saying people are investing in different financial products and "there is no distress". The statement posted on X by the ministry brushed aside critical voices raised with regard to the decadal fall in household savings and its overall effect on the economy. "Lately, critical voices have been raised w.r.t. to household savings and its overall effect on the economy. However, data indicates that changing consumer preference for different financial products is the real reason for the household savings and there is no distress as is being circulated in some circles," it said. Net household savings declined to a 47-year low of 5.1 per cent of gross domestic product in FY23 as compared to 7.2 per cent recorded in the previous year, as per the data released by the Reserve Bank in its latest monthly bulletin. At the same time, annual financial liabilities of households ro

Low household savings can create risks

India has projected gross market borrowing at 15.43 trn Indian rupees ($185.88 bn) for the fiscal year ending on March 31, of which it plans to borrow 8.88 trn rupees between April and Sept

FY23 interest rate is marginally higher than 8.1% for FY22. After the 8.15% payout, EPFO will be left with a surplus of Rs 663.91 cr

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