Tax-Free Income in India 2026: 10 Ways to Earn Tax-Free Income

Earning tax-free income means you can save big on your taxes. Did you know that multiple means help you do just that? From gratuity to income from agriculture, you can wisely safeguard such hard-earned money and use it for all of life’s upgrades and emergencies. 

Keep reading to know more about these lucrative tax-free sources of income in India.

10 Sources of Earning Tax-Free Income in 2024

If you are wondering what tax-free income sources in India, here is a list you can consult. 

1. Income from Agriculture

Under Section 10(1) of the Income Tax Act, any earnings you get through agricultural land or activities are exempt from taxation. An income is considered agricultural when it is:

  • Generated through the purchase or sale of agricultural property
  • Rent received for properties used for agricultural purposes
  • Distribution, production and procession of agricultural products

2. Profit from Partnership Firm

  • As per Section 10(2), your share of revenue is non-taxable income if you partner with a partnership firm or LLP 
  • This is only applicable to profit share and not interest on capital or remuneration

3. Earnings from Public Provident Fund

  • PPF is one of the investment options under the EEE category, so the investment amount, interest and maturity amount are tax-free
  • According to Section 10, the interest income you get from the PPF is exempt from income tax 
  • Any amount you get from the maturity of PPF is also tax-free, provided the contributions were made for 5 consecutive years

4. Maturity Amount from Insurance

  • If you are a policyholder or a nominee of a life insurance policy, the amount you get from the insurance company, including bonuses, is tax-free in India 
  • This only applies to certain insurance and its provisions are defined under Section 10(10D) 

5. Payments from a Hindu Undivided Family (HUF)

  • Income received as a HUF member is free of any tax liability
  • However, this benefit is only applicable if the HUF has undergone a separate tax assessment 

6. Amount Received as Gratuity

  • Any gratuity upon retirement or death is fully exempt from tax if you are a government employee as per Section 10(10)(i)
  • If you work in the private sector, the gratuity amount you get upon retirement or termination is exempt to up to ₹20 lakhs as per Section 10(10)(ii) 

7. Tax-Free Pension Income 

  • As a government employee, any pension that is owed to you instead of a monthly pension is exempt from tax
  • As a private employee, you can get a lump-sum pension with either a standard deduction of ₹15,000 or a third of the pension amount, whichever is lower
  • However, remember that this is only applicable if you receive gratuity along with the pension amount 

8. Compensation from the Employer

  • Any allowance or compensation you get over and above your salary from the company you are working in is also exempt from tax as per certain provisions 
  • This includes leaving travel allowance, conveyance allowance, uniform allowance and more
  • Even children’s allowances related to education are exempt up to certain limits 

9. Gifts from Friends and Family

  • You do not need to pay tax on gifts, including property, vehicles, jewellery, etc.
  • However, if you get these gifts from someone other than your relative, the exemption limit is ₹50,000
  • There is an exception to this rule when you get a gift on your marriage; it becomes fully tax-free, regardless of whether it’s from a friend or a relative

10. Income from Awards or Scholarships

  • As per Section 10 (17A), when the government, be it state or central, awards a monetary payment to you, you do not need to pay tax on it 
  • This includes cash prizes received along with state honours like the Bharat Ratna
  • If you are awarded a scholarship for education from the government or even through non-government institutes, it is tax-free

Armed with this information on what is tax-free income and its various sources in India, make the best use of your finances. If you fall short of funds, whether during tax season or any other time, you can apply for an Instant Personal Loan from Fibe. Get up to ₹5 lakhs with a simple online application in just 2 minutes. To get started, download our Personal Loan App or log in to our website.

FAQs on Tax-Free Sources of Income

Which income is not taxable in India?

Tax-free income in India includes the following:

  • Income from agriculture 
  • Provident fund
  • Certain capital gains
  • Pension
  • Gratuity
  • The maturity amount from certain insurance 

What income is tax-free?

It is the income on which you do not need to pay tax. This includes earnings from the following:

  • PPF
  • The amount you get as gratuity and pension
  • Gifts from friends and relatives

How much is tax-free income in India?

Check the following details to know about tax exemption details in India:

  • Under the Old Tax Regime, you do not need to pay any tax on income up to ₹2.5 lakhs
  • The tax exemption limit is ₹3 lakhs for those who have opted for the New Tax Regime
  • You can use rebates, deductions as well as exemptions to pay no tax even if your income is up to ₹5 lakhs and ₹7 lakhs under old and new tax regimes, respectively 

What is taxable income in India?

Taxable income refers to the income after exemptions and deductions on which you need to pay the income tax. 

How is ₹7 lakhs income tax-free?

In India, you do not need to pay tax if your annual income is ₹7 lakhs as per the tax rebates and the stipulations in the new regime. 

Which income does not attract any tax?

Income from these sources doesn’t attract any tax in India:

  • Agriculture 
  • Share from HUF
  • Compensation from employees
  • Provident fund 
  • Certain types of capital gains
  • Pension
  • Gratuity

Best Tax Saving Investment Options In India

To save on taxes, you can explore various tax saving investments. These avenues can offer deductions under the Income Tax Act of 1961. You can choose from several schemes under the following sections:

  • 10D
  • 80C
  • 80D
  • 80CCD (1B)
  • 24(b)
  • 80TTA/ 80TTB

To know more about these tax saving instruments, read on.    

Top 5 Investments for Tax Savings in India

Here are some tax saving investments you can rely on: 

Unit-Linked Insurance Plans (ULIPs)

  • These plans allow you to get exemptions of up to ₹1.5 lakhs under Sections 80D and 80C
  • ULIPs have a lock-in period of 5 years
  • Withdrawing or getting maturity amounts is also free from taxes
  • ULIPs offer you the probability of earning good returns by investing your corpus across debt and equity
  • You can also reduce your exposure to risk by allowing you to choose between fixed-income and equity funds
  • You can also take advantage of riders related to critical illness and accidents

Also Read Tax-Free Allowances

National Savings Certificate (NSC)

  • NSC is beneficial for debt investments with tax benefits
  • This scheme is considered to be the best for small-income as well as mid-income investors
  • This bond investment also allows you to save up to ₹1.5 lakhs of income tax under Section 80C, while offering a fixed-income return
  • The current interest rate for NSC is 7.7% per annum
  • You can start investing with ₹1,000 and for a fixed duration of 5 years

Tax-Saving Fixed Deposit

  • These are a popular choice for risk-averse investors because they are not influenced by market conditions
  • You can enjoy deductions of up to ₹1.5 lakhs under Section 80C
  • The investment horizon is fixed for a 5-year period, just like NSC
  • The rate of interest on these FDs ranges between 5.5% – 7.75% p.a. depending on the institutions
  • Most FD issuers also offer higher rates to senior citizens

Also Read SBI FD rates 2023

Equity-Linked Savings Scheme (ELSS)

  • These are investments with maximum exposure toward equity-based securities
  • These have a lock-in of 3 years
  • You can invest a lump sum amount or through a systematic investment plan (SIP) in an ELSS fund
  • You can claim exemptions of up to ₹1.5 lakhs on your taxable income u/s 80C
  • The returns on this scheme are market-linked and can fluctuate regularly 
  • You also have the option to earn high returns in comparison to fixed-income options

Public Provident Fund (PPF)

  • This is a government-backed small savings scheme to help you save tax
  • It is a debt scheme with a tenure of 15 years
  • You earn fixed returns and the government revises the rates every quarter 
  • It allows you to claim tax deductions of up to ₹1.5 lakhs in a financial year
  • The interest that you earn on your PPF investment is entirely free from taxation

Comparison of Various Tax Saving Instruments

Check out this table for a quick comparison of various tax-saving investments:

InstrumentLock-in/Maturity PeriodTax ExemptionReturn on Investment
Unit-Linked Insurance Plans (ULIPs)5 years₹1.5 lakhs on principal and premium Fixed (depends upon the interest set by the government)
National Savings Certificate (NSC)5 years₹1.5 lakhs on principalFixed (depends upon the interest set by the government)
Tax-Saving Fixed Deposits5 years₹1.5 lakhs on principalFixed (depends upon the interest set by the concerned financial institution)
Equity-linked Savings Scheme (ELSS)3 years₹1.5 lakhs on principal Depends on the market 
Public Provident Fund (PPF)15 years₹1.5 lakhs on principalFixed (depends upon the interest set by the government)

Want to upgrade your lifestyle but have funds tied up in tax saving investments? Think before you withdraw from such schemes. After all, your future is as important as your present.

Also Read: How to save income tax on salary

Fibe can help you cover additional expenses with an Instant Personal Loan of up to ₹5 lakhs easily and affordably. So, you can keep your investment secure without compromising on your needs. Get the loan at affordable rates in minutes by downloading our Personal Loan App or by logging in to our website. 

FAQs on Tax-Saving Investment Options

Where to invest for tax savings?

You have multiple options if you wish to park your funds in tax saving investments. These include: 

  • NPS
  • Tax-Saving FDs
  • NSC
  • ELSS
  • PPF
  • ULIPs

How to save taxes in India?

Investing in tax-saving options allows you to avail of tax deductions under:

  • 80C
  • 80D
  • 80CCD (1B)
  • 24(b)
  • 80TTA/ 80TTB
  • 10 (10D) 

How much investment is needed to save tax?

The minimum investment depends on the scheme you choose. For instance, you need to invest at least ₹500 in NPS and PPF.

How can I save 100% income tax?

Here is how you can save cent percent of your tax liabilities:

  • If your earnings are up to ₹2.5 lakhs or ₹3 lakhs a year, you do not have to pay any tax under the old and new tax regimes, respectively
  • You can also get a tax rebate if your annual income is up to ₹5 lakhs or ₹7 lakhs under old and new tax regimes, respectively
  • You can use the standard deduction as well as deductions under 80C, 80CCD, 80D and 24(b) to save 100% on taxes if your income is higher

What is an 80D tax-saving plan?

You can claim deductions u/s 80D of the IT Act on:

  • Medical bill payments
  • Payment of health insurance premiums

Here are the maximum deductions:

  • Up to ₹25,000 paid for spouse, dependent children, self or parents
  • Up to ₹50,000 if family or parents are senior citizens

Sources:
https://www.nsiindia.gov.in/

Account Payee Cheque: How to Write & How to Deposit in 2026

An account payee cheque is also known as a crossed check, which has two parallel lines mentioned on the top left. Between the two lines, you need to write ‘A/C payee’. Irrespective of many digital options, cheques are one of the popular ways of making financial transactions.

One of the main reasons for choosing cheques as a payment option is because of the security and the simplicity. If you are not aware of what is a payee cheque, read on to know all its key features and benefits.

What is an Account Payee Cheque?

An account payee cheque is different from a regular one due to the reason that you cannot withdraw cash through it. Also, nobody else can deposit it other than the recipient of the funds. 

The following includes the 3 main elements of payee cheque:

  • Drawer: The account holder who writes the cheque or the debtor 
  • Drawee: The bank to which you write the cheque with the instruction from the drawer to debit the account
  • Payee: The recipient to whom the drawer transfers money and the person the cheque is addressed 

Account Payee Cheque Key Features

Below listed are some of the key features of AC payee cheques.

  • One of the most essential features is the two parallel lines drawn on the left corner of the cheque. These lines provide a clear indication that you cannot cash it, and the amount is added to your account. It is one of the added security measures that help prevent fraud or misuse of the cheque. 
  • It is specified in the name of a particular payee so only the receiver can get funds
  • Someone else cannot transfer the amount other than the receiver 
  • The amount mentioned in the cheque is debited from the former’s account into the receiver’s account after releasing
  • Until the cheque successfully reaches the payee, the drawer has total control of it 
  • The encashment can only be received in the payee’s bank account through the banking system

How to Write an Account Payee Cheque?

Creating an account payee cheque is simple. Just follow the steps mentioned below.

  1. Write the date correctly on the cheque
  2. Mention the name of the payee in the ‘Pay’ section
  3. Provide the cheque amount in the numeral form and words
  4. Draw two parallel lines on the top left corner of your cheque
  5. Sign the cheque on the bottom in the required area
  6. Make sure to enter the details accurately, as any mistake can delay the process. 

How to Deposit an Account Payee Cheque?

You can deposit the cheque by following this process:

  1. Sign on the back of the cheque  
  2. Visit the bank with your ID, cheque and account number
  3. Fill in the details on a deposit slip mentioning your account number and cheque amount
  4. Submit the cheque with the deposit slip to the bank representative
  5. After the clearance of the cheque, the amount is credited to the account

If the drawer has funds available in the account, it may not take up to 4 days for the cheque to get cleared with accurate details.

What is the Significance of a Payee Cheque?

This type of cheque is secured as the bank initiates payment only in the account of the payee. As a payee, you cannot entrust anyone else to receive funds, and this feature works to boost safety. It is important to note that the check is only valid for a total of 90 days.

This type of cheque can be used easily to ensure hassle-free transactions. It helps easily clear your credit card bills or pay loan EMIs. Moreover, you can use it to send and receive funds from anyone. 

If you are searching for affordable personal loan offers to meet your financial needs, look no further than Fibe. We offer Instant Personal loans from ₹5,000 to up to ₹5 lakhs at pocket-friendly rates. All you need to do is download our Personal Loan App or register on the Fibe website to get funds quickly and easily. 

FAQs on Account Payee Cheques

How to make a cheque as an account payee?

You can make a cheque as an account payee by drawing two parallel lines on the left top of a cheque.

How do I encash an account payee cheque?

You can encash the cheque by following the process mentioned below:

  • Fill in the encashment form by providing the required details
  • Attach this form along with the cheque and your ID proof
  • Receive the amount in your bank account after clearance

Wherever the cheque has been issued, and the drawer holds an account, it is necessary to visit that bank branch.

Can you cash a cheque that says account payee only?

No. A crossed cheque does not allow you to cash it. The meaning of a crossed check means that it can only be deposited within a bank account.

Can an account payee cheque be encashed by any person?

No, these cheques are highly secure and cannot be encashed by anyone. The amount will be deposited in the recipient’s bank account only.

Who is a payee in a cheque?

A payee is the recipient who receives the amount for a particular transaction.

What is the validity of an account payee cheque?

The validity of the cheque is 3 months or 90 days.

How long does it take for an account payee cheque to clear?

If it belongs to the same bank as yours, account payee cheque clearance time can be within the same day. If the cheque is from a different bank, it takes up to 3 working days for clearance.

What is a Cross Cheque?

It means that the following cheque can only be deposited into a bank account where the bank cannot instantly cash the cheque amount.

What is the limit of the account payee cheque?

There is no such limit for the account payee cheque. Meanwhile, the account payee cheques are drawn by banks for credit solutions customers. 

Can I deposit an account payee cheque in any branch?

Yes. In most of the cases, you can deposit a payee cheque in any bank branch. However, you need to write the words ‘Payable at Par’ on the cheque.

What is RTGS: Full Form, Benefits, Charges & Timings

The RTGS full form in banking is Real-Time Gross Settlement. RTGS is a way to transfer money from one bank account to another instantly, without waiting. If you have ever wondered what is RTGS and when you should use it, think of situations where speed really matters. Maybe a property payment. Maybe a business transfer. RTGS is designed exactly for such high-value, urgent transactions.

Keep reading to learn more on RTGS full form, RTGS limit and how to fill RTGS form.

What is RTGS?

The RTGS full form is Real-Time Gross Settlement. RTGS is a payment system introduced by the Reserve Bank of India in 2004 to make large fund transfers faster and safer. The RTGS meaning is quite simple. ‘Real time’ means the money moves as soon as you place the request. ‘Gross settlement’ means each transfer is processed on its own, not grouped with other transactions. 

As per RBI rules, banks are required to process RTGS transfers within 30 minutes. And since December 2020, you can use RTGS whenever you need to. It works 24×7, even on weekends and bank holidays. So you are no longer restricted by banking hours.

RTGS Features 

These RTGS features explain why people use it for large transfers:

  • Money moves almost immediately
  • Each transaction is handled one by one
  • Best suited for high-value payments
  • Regulated by the RBI, so it is secure
  • No maximum limit set by the RBI

How Real-Time Gross Settlement (RTGS) Works?

Here is how an RTGS transfer works:

Step 1: Start the transfer

You begin the process through net banking, mobile banking or by visiting your bank branch

Step 2: Details get checked

Your bank quickly checks your account balance and verifies the beneficiary details

Step 3: Request moves to RBI

The transfer request is sent to the Reserve Bank of India RTGS system for processing

Step 4: Money gets credited

The amount is directly transferred to the beneficiary’s bank account

Step 5: Settled instantly

The transaction is completed in real time, so the money reaches without any delay

[Source: RTGS system – RBI]

RTGS Example

Let’s say you need to send ₹8 lakhs for a property payment. With RTGS, the entire amount reaches the seller quickly, without worrying about any RTGS limit or long waiting times. This is why RTGS is commonly used for property and business payments. For certain high-value business transactions, banks may also ask for a Legal Entity Identifier (LEI) to verify the companies involved.

How to Do RTGS Online?

Just follow these steps to make online RTGS transfers:

Step 1: Just log in to your bank’s net banking or mobile app using your usual credentials

Step 2: Then, add the beneficiary by entering the correct account number and IFSC code

Step 3: Choose RTGS as the transfer option

Step 4: Finally, enter the amount you want to send and confirm the transfer

How to Do RTGS Offline?

You can follow these simple steps to make RTGS transactions offline: 

Step 1: Visit your bank branch

Step 2: Fill out the RTGS form

Step 3: Submit the form along with cash or RTGS cheque

Step 4: The bank processes the transfer for you

The RTGS form asks for basic details like your account number, the beneficiary’s name, IFSC code and the amount. It’s always a good idea to take a moment to double-check everything before you submit it.

How to Fill a Cheque for RTGS Transactions?

Here’s how you can fill an RTGS cheque:

Step 1: Fill in the RTGS form

Step 2: Write the date clearly on the cheque

Step 3: Mention the beneficiary’s name

Step 4: Write the amount in numbers and words

Step 5: Sign the RTGS cheque

Step 6: Submit it at the bank counter

RTGS Transaction Fees in Banking in India

Receiving money through RTGS is free. Charges apply only when you are sending money. The RBI has even capped these charges, but the exact amount may vary slightly from bank to bank. 

Transfer amountMaximum charges
₹2 lakhs to ₹5 lakhs₹25 plus GST
Above ₹5 lakhs₹50 plus GST

RTGS Transaction Timings

Here is a quick look at RTGS timings in India:

Transaction TypeTimings
Online RTGS (Net banking and mobile banking)Available 24×7, including weekends and bank holidays
Branch RTGS (Bank counter)Usually during bank working hours, typically 9:00 AM to 4:30 PM on working days
Interbank settlementContinuous, real-time processing throughout the day

[Source: RTGS system – RBI]

Limitations of RTGS

RTGS is fast and reliable, but here are a few things to keep in mind:

  • You cannot transfer less than ₹2 lakhs, as this is the minimum RTGS limit
  • Banks may set their own maximum RTGS limits for online transfers
  • Once processed, the transaction cannot be reversed
  • Charges may apply for outward transfers

Important Considerations for Initiating an RTGS Transaction

Before you go ahead with an RTGS transfer, always take a moment to check a few details. Since the transaction happens instantly, fixing errors later can be difficult.

  • Verify beneficiary details: Carefully review the account number and IFSC code to avoid sending money to the wrong account
  • Ensure sufficient balance: Make sure your account has enough funds, including any applicable charges, before you initiate the transfer
  • Check network availability: Ensure both your bank and the beneficiary’s bank are part of the RTGS network so the transfer can be processed without issues
  • Understand bank limits: Different banks may have their own minimum and maximum limits for RTGS, especially on online channels
  • Save transaction proof: Keep the confirmation receipt or reference number handy in case you need to track or raise a query

RTGS works well when you are transferring money that is already in your account. But what if you need funds before that? In such moments, short-term lending options can help. With Fibe, you can apply online for an Instant Cash Loan through the app or website. Get easy access to funds up to ₹10 lakhs through a simple, quick application process!

FAQs on RTGS

Can RTGS be cancelled?

No. Once an RTGS transfer is processed, it cannot be cancelled or reversed.

What types of transactions are typically done using RTGS?

RTGS is commonly used for property purchases, business payments, vendor settlements and other high-value transfers.

Can RTGS be done without an RTGS cheque?

Yes. You can use net banking or mobile banking to do RTGS without submitting a cheque.

What should I do if I accidentally enter incorrect beneficiary details for an RTGS transfer?

If you notice the mistake immediately, contact your bank right away and share the transaction details. Since RTGS transfers are processed instantly, reversal is not guaranteed, but your bank can help initiate a request with the receiving bank.

Can I send money via RTGS at any time, even on weekends and holidays in 2026?

Yes, RTGS is available 24×7 for online transactions, including weekends and bank holidays. However, if you are using the branch route, the timings will depend on your bank’s working hours.

AMC Full Form: Annual Maintenance Charge

AMC or Annual Maintenance Charges are fees banks levy to cover the costs of managing your debit card, including customer support, fraud protection, and infrastructure maintenance. Some banks offer free debit cards with no AMC, but many others charge annually, depending on the card’s features and privileges.   
 
This space explains AMC charges meaning, how these charges work, which cards usually have AMC and share tips and tricks to avoid paying unnecessary fees.   

What are ATM ACM Charges?   

As mentioned, it means the annual charges levied by the bank to maintain your debit card as well as other related services. These charges are not fixed and vary across all banks. Whether you have to pay high charges or not also depends on the type of debit card you have.   

For example, one bank may charge ₹100 for a standard debit card but ₹150 for upgraded cards. Generally, these charges are mentioned on the bank’s website for you to review before opening the bank account. However, you can also confirm the cost at the bank with a representative while choosing your card. There are some banks that waive their ATM card AMC charges for the first year or even for a lifetime.   

How is Debit Card or ATM Card AMC Calculated? 

The Annual Maintenance Charge (AMC) for a debit card or ATM card is determined by the bank based on the type of card and the range of services and benefits associated with it. Banks decide these charges at their discretion according to the facilities they provide to customers. 

Generally, the AMC depends on whether you have: 

  • A standard debit card – These cards provide basic banking services such as ATM cash withdrawals, balance checks, online transactions, and fund transfers. Since the features are limited, the AMC is usually lower. 
  • A value-added or premium debit card – These cards come with additional benefits such as higher withdrawal limits, cashback offers, reward points, airport lounge access, insurance coverage, and exclusive lifestyle privileges. Because of these extra features, the AMC for premium cards is generally higher. 

Banks may calculate the AMC based on several factors, including: 

  • The type of debit card (Classic, Platinum, Signature, etc.) 
  • The card network (Visa, Mastercard, RuPay, etc.) 
  • Benefits and offers linked to the card 
  • Security and technology features 
  • Account type and banking relationship 

The AMC is usually deducted automatically from the customer’s bank account once every year. The charges vary from bank to bank and are mentioned in the bank’s schedule of fees and charges. 

A Real-Life Example 

Suppose Rahul has a basic RuPay debit card linked to his savings account. His bank charges an AMC of ₹150 per year for maintaining the card and providing regular ATM and online transaction services. 

On the other hand, Priya uses a premium Visa Platinum debit card that offers airport lounge access, cashback on shopping, and complimentary insurance coverage. Since this card provides additional benefits, her bank charges a higher AMC of ₹599 per year. 

This shows that the more features and privileges a debit card offers, the higher the annual maintenance charge is likely to be. 

Also Read: Auto Debit Facility  

Different AMC Charges in Bank 

Here’s an overview of Different cards AMC charges levied on ATM cards:  

Bank ATM card AMC 
State Bank of India From ₹200 up to ₹425 + GST applicable from second year  
Axis Bank From ₹150 up to ₹1,500 + GST 
HDFC Bank From ₹150 up to ₹850 + GST 
ICICI Bank From ₹599 up to ₹4,999 + GST 
Union Bank of India From ₹200 up to ₹400 + GST 
IndusInd Bank From ₹499 up to ₹10,000 + GST 
Punjab National Bank From ₹150 up to ₹750 + GST 

Disclaimer: The above ATM AMC charges are subject to change at the bank’s discretion.   

Apply For Fibe Axis Bank Credit Card Online  

How to Pay ATM Card AMC?   

Most banks auto-debit this fee along with other annual charges from your bank account. This is a convenient way to ensure your card stays active for your usage. If your bank does not auto-debit this, you can pay ATM pending AMC using UPI through the mobile or net banking option.   

Also Read: Credit Card Vs Debit Card   

How to Avoid AMC Charges on ATM Cards?   

Below listed are a few key tips to avoid AMC charges on an ATM card:  

  • Choose banks that offer debit cards with no Annual Maintenance Charges (AMC), especially digital or basic savings accounts.  
  • Grab zero-AMC cards during bank promos—often around festivals or new customer drives.  
  • Many salary or premium accounts come with free debit cards and waived AMCs.  
  • Banks may still charge for:  
  • Exceeding free ATM transactions  
  • Card replacement  
  • Issuance fees (in some cases)  
  • Review your bank’s schedule of charges regularly to avoid hidden fees.  

Your debit card is a financial instrument that you can rely on to access funds, and you should know the charges applicable to it. Another instrument that offers access to funds is a personal loan. With the Fibe Instant Personal Loan, you can get up to ₹10 lakhs at competitive rates and flexible repayment plans.   

Moreover, you need to upload only a few basic documents to complete your application. Download our Instant Loan App or visit the website for an entirely digital process and hassle-free and immediate access to funds.   

FAQs on ATM Card AMC  

What are the charges for AMC?   

AMC stands for annual maintenance charges and financial institutions levy this for various purposes. For instance, AMC is applicable on a debit card as well as on a demat account. These charges vary depending on the financial institution and are levied annually.   

How do I check ATM card AMC for various banks?  

You can check the AMC on your bank’s website, look at their charges list or just call customer care to know the exact fee.  

Is the AMC directly deducted from the bank account?  

Yes, the bank usually deducts the AMC straight from your account once a year. There is no need to make a separate payment. 

Will I be notified before AMC is deducted from my debit card? 

Yes, you may receive a notification or alert from the bank before the Annual Maintenance Charges (AMC) are deducted from your debit card account. The timing and mode of communication may vary depending on your bank’s policies and registered contact details. 

Will I be charged with AMC if I don’t use my debit card? 

Yes, AMC is generally charged for maintaining the debit card service, regardless of whether the card is actively used or not. The charges depend on your card type and the bank’s applicable fee structure. 

EPF Interest Rate 2026: Current Rates and How to Calculate

The Employee Provident Fund or EPF, is a simple way for salaried individuals to build a retirement fund over time. For the Financial Year 2025-26, the Employees’ Provident Fund Organisation (EPFO) has set the interest rate at 8.25% p.a.

Read on to know more about this EPF rate and its calculation.

[Source: Declaration of EPF ROI – Official EPFO website]

Overview of the Current EPF Interest Rate (FY 2025-26)

Here are some key points you should know: 

  • Latest interest rate: The EPFO has retained the interest rate at 8.25% for the Financial Year 2025-26
  • Applicable period: This rate was applicable from 1 April 2025 up to 31 March 2026
  • How interest is calculated: Interest is calculated every month on the closing balance
  • When interest is credited: The total interest is credited to your EPF account once a year by EPFO
  • Inactive accounts: No interest is paid if there has been no contribution to the account for the last 36 months

How to Calculate the EPF Interest?

EPF interest may sound complex, but it is quite simple once you break it down. The interest is calculated every month on your closing balance and then added to your account at the end of the financial year.

To calculate your EPF interest, here are the key details you need to understand:

  • Current EPF balance: This is the total amount already saved in your EPF account. Every month, interest is calculated on this balance, so a higher balance means more interest earned.
  • Monthly salary: Your EPF contribution is based on your basic salary and dearness allowance. These 2 components decide how much goes into your EPF every month.
  • Contribution share: Both you and your employer usually contribute 12% of your basic salary and DA. A part of your employer’s contribution is also allocated to the pension scheme. And the rest goes into your EPF balance.
  • Age and retirement timeline: While this is not used in the formula directly, it helps you estimate how much your EPF savings can grow over time. The earlier you start and the longer you stay invested, the bigger your final corpus can be.

Here’s an example:

ParticularsAmount
Interest rate8.25%/12 = 0.6875%
First-month interest on the EPF contributionNil
EPF balance at the end of the first month₹10,750
EPF contribution for the second month₹10,750
Total amount accumulated after two months₹21,500
Interest accrued by the end of the second month₹147.81 (₹21,500 × 0.6875%)
EPF contribution for the third month₹10,750
Amount accumulated by the end of the third month₹32,250
Interest accrued₹221.72 (₹32,250 × 0.6875%)

*Please note that the actual interest may vary slightly based on your monthly contributions and total balance.

This process continues every month. Interest is calculated on the updated balance and then added together for the full year. And if you find this manual calculation confusing, you can always use an EPF calculator to get a quick estimate.

Here are a couple of important things to remember:

  • Salary limit: EPF contributions are generally calculated on a salary limit of ₹15,000
  • Higher salary case: If your salary is above this limit, your employer may still choose to contribute only up to this ceiling

Over time, your regular contributions and the interest earned help you build a steady retirement fund without needing active effort every month.

[Source: EPF calculation – ClearTax]

Also Read: How To Invest Your EPF Savings?

Tabulation of EPF Rates for the Past 20 Years

Here is a table of the interest rates provided under this scheme during the last 20 years:

Financial YearAnnual Interest Rate (%)
2025-268.25%
2024-258.25%
2023-248.15%
2022-238.15%
2021-228.10%
2020-218.50%
2019-208.50%
2018-198.65%
2017-188.55%
2016-178.65%
2015-168.80%
2014-158.75%
2013-148.75%
2012-138.50%
2011-128.25%
2010-119.50%
2009-108.50%
2008-098.50%
2007-088.50%
2006-078.50%

[Source: EPFO interest rates – EPFO website]

EPF Withdrawal Process

You can withdraw your EPF amount online. Here’s how the process works:

  • Check eligibility: Make sure you meet the withdrawal conditions, such as retirement, unemployment or specific needs like medical or education
  • Link KYC details: Ensure your Aadhaar, PAN and bank account are linked and verified with your UAN
  • Visit EPFO portal: Go to the official EPFO member portal and log in using your UAN and password
  • Select claim option: Click on ‘Online Services’ and choose ‘Claim (Form 31, 19 or 10C)’ based on your requirement
  • Verify details: Check your personal, employment and bank details before proceeding
  • Submit claim: Enter the required details, select the withdrawal reason and submit your claim request
  • OTP verification: Authenticate your request using the OTP sent to your registered mobile number
  • Track status: You can track your claim status online through the EPFO portal
  • Receive funds: Once approved, the amount is credited directly to your bank account within a few days

The process is fully online, so you can complete it easily from the comfort of your home. 

[Source: EPFO Withdrawal – ClearTax]

It is also important to note that you generally can’t withdraw from an EPF account unless for the reasons outlined by the organisation. Thankfully, with Fibe’s Instant Personal Loans, you don’t have to worry about it. You can get up to ₹10 lakhs for your urgent or planned needs at affordable interest rates. 

You can get these funds with ease because the eligibility criteria are simple and the documents required are basic. Download our Personal Loan App or visit our website to get funds in minutes. 

FAQs on the EPF Rate of Interest

How to calculate the EPF interest?

Follow these steps to compute returns on an Employee’s Provident Fund account:

  • Add the monthly balances 
  • Multiply the amount with the applicable interest rate 
  • Divide it by 12 to know the monthly interest amount 

You can also use an EPF interest calculator for quick and accurate estimates. The tool is free and you just need to enter the contribution details.

Which is better, an EPF or FD?

Fixed deposits are more flexible and much easier to manage, so you can plan them based on your needs. EPF does have some restrictions and you may face penalties if you withdraw early. That said, EPF is meant for the long term and helps you build a retirement fund over time. So it really comes down to what works better for you and what you are planning for.

What is the highest EPF interest rate?

The highest rate was 12%, which was applicable from 1989 to June 2001.

How is EPF calculated on salary?

Here is how the Employee’s Provident Fund on salary: 

  • It is calculated on salary with the employee’s and employer’s contributions as 12% 
  • An employee’s contribution includes their basic pay along with DA
  • The employer’s contribution is split as 8.33% to the Employee Pension Plan and 3.67% is added to the Provident Fund

How much is the PF deduction from salary?

A total of 12% of the basic pay and DA is deducted from an employee’s salary.

What is the interest rate of EPF in the last 10 years?

Here is a tabular overview of Employee Provident Fund rates for the past decade: 

Financial YearInterest (% p.a.)
2025-20268.25%
2024-20258.25%
2023-20248.15%
2022-20238.15%
2021-20228.10%
2020-20218.50%
2019-20208.50%
2018-20198.65%
2017-20188.55%
2016-20178.65%

What is 12% of PF?

It simply means 12% of your basic salary and dearness allowance is deducted every month and added to your EPF account. Your employer also contributes 12%. But a part of it goes to the pension fund and the rest is added to your EPF.

Is 100% withdrawal of PF amount withdrawable?

Yes, you can withdraw your full EPF amount, but only in certain situations like retirement or if you are unemployed for more than 2 months. For other needs like medical or education, you can withdraw only a part of the amount.

Fixed Deposit Interest Rates at SBI

Knowing the current SBI FD interest rates will help you invest smartly and ensure maximum returns. The interest rates depend on:

  • The deposit amount
  • The investment term
  • The type of deposit

Staying informed about the rates will give you insight into which terms best suit your goals, enabling you to make the most of your funds. Read on to know the current rates and other key details.

Latest Fixed Deposit Interest Rates of SBI

SBI offers numerous fixed deposit options, including:

  • Callable FDs
  • Non-callable FDs
  • FDs for NRO and NREs
  • FCNR FDs

Here are the rates of some popular SBI FD schemes:

  • For Callable Deposits Under ₹2 crores
Tenure FD rates for regular investors (%p.a.)FD rates for senior-citizen investors (%p.a.)
7 days to 45 days3.50% 4.00% 
46 days to 179 days4.75% 5.25% 
180 days to 210 days5.75% 6.25% 
211 days to less than 1 year6.00% 6.50% 
1 Year to less than 2 years6.80% 7.30% 
400 days (Amrit Kalash)7.10% 7.60% 
2 years to less than 3 years7.00% 7.50% 
3 years to less than 5 years6.75% 7.25% 
5 years and up to 10 years6.50% 7.50% 
  • For Non-Callable (Sarvottam) Deposits Under ₹2 crores
TenureFD rates for regular investorsFD rates for senior citizen investors
1 year7.10% per annum7.60% per annum
2 years7.40% per annum7.90% per annum
  • For NR0, NRE and FCNR Deposits

For NRE Deposits

TenuresDeposits under ₹2 crores (p.a.)Deposits above ₹2 crores (p.a.)
1 year to less than 2 years6.80%6.80%
400 Days (Amrit Kalash)7.10%–
2 years to less than 3 years7.00%6.75%
3 years to less than 5 years6.75%6.25%
5 years to 10 years6.50%6.00%

For NRO Deposits

TenuresDeposits under ₹2 crores (p.a.)Deposits above ₹2 crores (p.a.)
7 days to 45 days3.00%5.00%
46 days to 179 days4.75%5.75%
180 days to 210 days5.75%6.50%
211 days to less than 1 year6.00%6.75%
1 year to less than 2 years6.80%6.80%
400 Days (Amrit Kalash)7.10%–
2 years to less than 3 years7.00%6.75%
3 years to less than 5 years6.75%6.25%
5 years and up to 10 years6.50%6.00%

For FCNR Deposits

 Currency and interest rates per annum:

Tenure (in years)USDGBPEUROCADAUDJPY
15.555.104.004.504.500.05
<1 to >25.555.104.004.504.500.05
2 to >34.255.001.504.104.400.05
3 to >43.954.001.503.854.300.05
4 to >53.854.001.503.904.200.05
53.903.901.503.954.100.05

The above interest rates for all schemes are current as of February 2024 and are subject to change at the bank’s discretion.

Also Read: Sbi Bank Statement Download Online

Reasons to Invest in Fixed Deposits

Investing in FDs offers various benefits. Some of these are:

  • Helps diversify your investment portfolio and mitigate risks
  • Enables you to secure financial growth with minimal risks, as an FD is not linked to market fluctuations
  • Allows you to tailor your investment to your needs with multiple FD options
  • Ensures that your investment is secure with the DICGC insurance cover on bank FDs
  • Helps maximise your returns with attractive rates on various schemes 
  • Allows you to invest as per your current finances and future goals due to the flexibility in investment mode, amount and tenure 

In addition to the above, you can pledge your fixed deposits as collateral and get immediate funding. Many issuers offer up to 90% of your FD as a loan at affordable interest rates, ensuring you don’t put your financial growth at risk. 

If you don’t have an FD or don’t want to use it as collateral but need urgent funds, you can get a collateral-free Personal Loan of up to ₹5 lakhs from Fibe. You enjoy flexibility in repayment with a choice of tenures, zero pre-closure charges and more.

Download our Instant Loan App or register on our website for a hassle-free and entirely digital application process! 

FAQs on Fixed Deposit Interest Rates at SBI

What is the FD rate for ₹1 lakh in SBI?

The SBI FD rates depend on the chosen tenure, which ranges from 7 days to 10 years. So, your rates may be as follows:

  • Between 3.50% to 7.10% per annum if you are a regular (non-senior citizen) investor
  • Between 4.00% to 7.60% per annum if you are a senior citizen investor

Which is the best FD scheme in SBI?

The best FD scheme depends on:

  • Investment purpose
  • Investment horizon 

If you’re planning on not making premature withdrawals, opt for the Sarvottam FD since it offers slightly higher returns. Other schemes offered by the bank include: 

  • Retail term deposits
  • NRE/NRO deposits
  • FCNR deposits

What is the new FD interest rate in SBI in 2024?

SBI FD rates as of February 2024 are as follows:

  • Regular citizens: 3.50% to 7.10% per annum
  • Senior citizens: 4.00% to 7.60% per annum

What is the FD rate for senior citizens in SBI?

Senior citizens get an additional 0.50% hike in FD rates, so their rates range from 4.00% to 7.60% per annum. 

Is SBI safe for fixed deposits?

Yes, SBI is safe since your deposits are insured under DICGC.

What Is A Cheque Leaf How To Fill A Cheque

A cheque leaf is a primary financial instrument for all account holders and banks provide a chequebook when you open an account. Understanding the cheque leaf meaning is essential to using it. It is necessary to know the validity of a cheque leaf, the process of filling it out and more to make the best use of it.  

Before digitisation in the financial industry, cheque leaf was a popular and convenient way to make non-cash transactions. Many still prefer to transact through this method. This is especially common in rental payments.  

Read on to learn how to fill a cheque leaf, its types and other pertinent information and how to write a cancelled cheque?  

What is a Cheque Leaf? 

A cheque leaf is a single cheque in your chequebook. Understanding the meaning of the cheque leaf can help you use it effectively. You can use it to: 

  • Withdraw cash from an account 
  • Deposit funds to an account 
  • Transfer funds from one account to another 

When you write a cheque, the bank instructs you to debit your account and credit the payee’s account mentioned in the cheque. 

The Purpose of a Cheque Leaf 

A cheque leaf serves multiple critical purposes in financial transactions. Understanding its purpose can help you make the most out of this financial instrument: 

  • Payment of Goods and Services: Cheques can also be paid for goods or services. This is particularly beneficial for business transactions involving high values and cashless transfers. 
  • Funds Transfer: Transfers funds from one bank account to another bank. Cheques are secure ways of doing it, whether the transferring bank is the same or elsewhere. 
  • Withdrawal of Cash: The cheque serves as a medium from your bank account for withdrawing cash. A person might find money at an ATM under certain denominations, of which he may not find one of his requirements in such machines, but he wants to withdraw some specific amount. 
  • Proof of Payment: Cheques present a paper trail and act as proof of payment. No record keeping should be done for situations where proof of transaction is needed for accounting or legal matters. 
  • Post-dated Payments: Post-dated cheques allow the creation of checks that are done ahead of schedule for a date in the future. It will enable a person to take advantage of cash flow and schedule payments for all utility, rental or other repeat expenses for whatever period. 

The purpose of a cheque leaf is important to understand as it enhances the efficiency of your financial transactions. 

Here are a few Essential Elements of a Cheque: 

  • Date and bearer clause 
  • Amount to be written in words and numerals 
  • Signature of the drawer or the person writing the cheque 
  • A 6-digit cheque number in a cheque present at the bottom left 
  • A 9-digit MICR code following the cheque number 
  • The bank name in whose favour the cheque has been drawn 
  • Account number from which the amount will be deducted 

Read about: Best banks for saving accounts in 2023 

The Main Parties to a Cheque 
Understanding the key roles involved in issuing, processing and receiving a cheque ensures clarity and smooth financial transactions. 

  • Drawer – The individual or entity who issues the cheque. They hold the bank account and are responsible for signing the cheque and authorizing the payment. 
  • Drawee – The bank or financial institution where the drawer holds their account. This party is responsible for processing the cheque and releasing the funds upon verification. 
  • Payee – The person, business, or organization to whom the cheque is made payable. This party receives the funds once the cheque is cleared and processed. 

How to Write a Cheque? 

Follow this process to fill a cheque leaf: 

  • Step 1: Write the date on the top right of a cheque in the prescribed format 
  • Step 2: Mention the name of the payee 
  • Step 3: Write the amount in words and then in the numeral form  
  • Step 4: Sign the cheque at the bottom right space 
  • Step 5: Verify the details and submit it 

Do’s and Don’ts While Writing a Cheque 
 

Category Do’s ✅ Don’ts ❌ 
Payee Name Write the full and correct name of the payee clearly. Avoid leaving the payee name blank or writing incomplete/incorrect names. 
Amount (Numbers) Mention the exact amount in figures, close to the “₹” symbol to prevent tampering. Don’t leave spaces before or after the amount that could allow alteration. 
Amount (Words) Write the amount in words accurately and add “only” at the end (e.g., “Ten Thousand Rupees Only”). Don’t mismatch the amount in words and figures. This can invalidate the cheque. 
Date Use the correct date in DD/MM/YYYY format and ensure it’s current or post-dated as needed. Don’t write outdated (stale) cheques or incorrect formats. 
Signature Sign the cheque exactly as per your bank records. Avoid using mismatched or inconsistent signatures. 
Crossing the Cheque Cross the cheque (draw two parallel lines) for added security if it’s an account payee cheque. Don’t leave high-value cheques uncrossed if not necessary. 
Use of Ink Use a permanent blue or black ink pen for clarity and authenticity. Don’t use pencils, erasable ink, or multiple ink colors. 
Overwriting If needed, make corrections carefully and countersign them. Avoid overwriting or frequent corrections—it may lead to rejection. 
Filling All Fields Ensure all fields (date, name, amount, signature) are filled completely. Don’t leave any essential field blank, especially payee name or amount. 
Cheque Condition Keep the cheque neat, clean, and undamaged. Don’t use torn, stained, or folded cheques. 
Bearer vs Account Payee Specify “A/C Payee” for safer transactions when transferring to a specific account. Don’t issue bearer cheques unless absolutely necessary—they are riskier. 
Record Keeping Maintain a record or stub of issued cheques for tracking. Don’t issue cheques without keeping a record for future reference. 

Types of Cheques Available in India 

Different types of cheques you should know about are mentioned below. Remember that each has its format and various purposes for which it is used. 

  • Self-cheque means withdrawing money from a bank account because the payee is the account’s owner. 
  • Bearer Cheque: An uncrossed cheque that does not require any endorsements to perform transactions. 
  • Account Payee Cheque: This means that the bank will have to credit the payee’s amount to the person’s account whose name is mentioned in the cheque. 
  • Banker’s Cheque: Cheques or drafts guaranteed by the bank cannot bounce. 
  • Post-dated cheque: This comes with a date in the future due to which it will be paid. The validity of a cheque leaf is 3 months. 
  • Crossed Cheque: A bearer cheque crossed twice for security and is cashable only by a payee. 
  • Traveller’s Cheque: This is meant to withdraw money more securely during travel. 

How to Cancel a Cheque Leaf? 

How to write a cancelled cheque? To cancel a cheque leaf: 

  • Step 1: Sign the cheque and draw two parallel lines across the cheque 
  • Step 2: Write the word ‘CANCELLED’ in block letters within these lines without striking off essential details such as your name, account number, etc.  

Ensure you do not overwrite a cheque, as the bank may consider the same invalid. Handling a cheque carefully and using the correct signature when you write one is also essential.  

You can use a cheque to pay your loan EMIs, credit card bills, etc. If you want immediate funds at affordable interest rates, you can apply for a Instant Personal Loan from Fibe.  

We offer amounts ranging up to ₹10 lakhs at a starting interest rate of 2% per month and tenure going up to 36 months. Download our Personal Loan App or visit our website and apply online with minimal formalities and instant access to funds! 

FAQs on Cheque Leaf 

How to find the cheque number in a cheque? 

The cheque number is mentioned at the bottom left of every cheque leaf. It’s the first 6 digits usually mentioned before the 9-digit MICR code. 

How to get a cancelled cheque online? 

You cannot write a cancelled cheque online; you must take a cheque leaf from your book. That said, you can cancel check leaf online by contacting your bank. 

How do you write an amount on the cheque? 

Add the same amount in numerals in the respective box on the right side of the cheque. After writing the amount in numerals, write it in words in the designated line available next to the word ‘Rupees.’ When writing in words, start from the extreme left side and add ‘only’ after completing the amount.  

Can banks issue cheque leaves? 

Yes. Banks are authorised to provide chequebooks containing cheque leaves to their customers after opening accounts. However, banks will not issue individual cheque leaves to customers.  

Can I get a chequebook online? 

You can get a chequebook online by placing an online request on the bank’s net banking portal or the app. However, you will not get individual cheque leaves online. 

Does a cheque leaf expire? 

Cheque leaves don’t come with an expiry date. The validity of a cheque leaf starts from the date it is drawn and is generally 3 months. 

What is the difference between a cheque and a cheque leaf? 

Both are similar and there is no difference. A single cheque from your chequebook is known as a cheque leaf. 

₹20,000 Loan on PAN Card – Check Eligibility & Apply Now!

If you’ve been wondering ‘Can I get a pan card loan 20000 instantly?’, the good news is—yes, you absolutely can. With digital lending becoming faster and more convenient, accessing funds when you need them has become extremely simple. An instant personal loan on PAN card verification lets you borrow ₹20,000 without heavy paperwork or collateral, and the money gets transferred directly to your bank account.
Before you apply, here’s everything you should know about getting a PAN card loan 20000, the benefits it offers and how it can help you build your financial future. 

How to Get an Instant Personal Loan of ₹20,000 from Fibe? 

Getting a ₹20,000 instant loan on PAN card through Fibe is quick, simple and completely digital. Here’s how the process works: 

Step 1: Visit the Fibe website or download the Instant Loan App
Step 2: Register using your basic details and PAN card number
Step 3: Check your eligibility and select the loan amount and tenure
Step 4: Upload your KYC documents (PAN + Aadhaar)
Step 5: Submit proof of income such as: 

  • Latest 3 months’ salary slips 
  • Bank statements showing salary credits 
  • Form 16 (if required) 

Step 6: Provide proof of residence/contact proof, which may include: 

  • Aadhaar 
  • Utility bill 
  • Rental agreement 
  • Passport 

Step 7: Wait for approval, usually just a few minutes
Step 8: Receive funds instantly in your bank account

You can get ₹20,000 or even higher loan amounts up to ₹10 lakhs through this easy process. 

Eligibility Criteria for a Loan of ₹20,000 Using a PAN Card for KYC 

While your PAN card helps with instant digital verification, lenders still check a few basic eligibility factors to ensure a smooth approval: 

  • You must be a resident of India 
  • Age between 19 and 55 years 
  • Minimum in-hand salary of ₹20,000 per month 
  • Stable employment with a recognised organisation 
  • A valid PAN card + Aadhaar card for KYC 
  • Proof of income: Salary slips, 3 months bank statements or Form 16 
  • Proof of residence/contact: Aadhaar, utility bill or rental agreement 
  • A good credit score (usually 600 and above) improves your chances of approval and may help you get better interest rates 

Lenders check your credit score and repayment history to understand your creditworthiness. A strong credit profile may lead to quicker approval, higher loan amounts and lower interest rates. 

Documents Required to Apply for a Personal Loan with a PAN Card

Before you apply, it helps to keep your documents ready for a smooth and quick process. You’ll need:

  • KYC documents: PAN card and Aadhaar card for identity and verification
  • Income proof: Latest salary slips (at least 3 months), bank statements or Form 16 to show your earnings
  • Address proof: Aadhaar, utility bill, rental agreement or passport
  • Employment details: Basic information about your employer and job role
  • Bank account details: Active bank account for loan disbursal

Most lenders, including Fibe, keep the process digital so you can upload these documents online without any hassle.

[Source: Documents required to apply for a personal loan using PAN – India.com]

₹20,000 Loan on PAN Card: Features and Benefits 

Here’s why taking a ₹20,000 instant personal loan with a PAN card is a smart move: 

  • Access funds instantly without collateral 
  • Flexible repayment tenure: 3 to 36 months 
  • Digital application with minimal paperwork 
  • Quick and secure disbursal to your bank account 
  • Attractive interest rates 
  • Funds can be used freely, with no restrictions 
  • Transparent repayment with no hidden charges 
  • Pre-close anytime without extra fees 

How a ₹20,000 Loan Can Improve Your Credit Score? 

Even small loans like ₹20,000 can boost your credit profile: 

  • Timely repayments are reported to credit bureaus 
  • Establishes repayment discipline 
  • Helps you qualify for bigger loans with better interest rates 

FAQs on Getting a Loan of ₹20,000 Using a PAN Card 

Is a credit check mandatory for obtaining the loan? 

Yes. Lenders check your credit score and repayment history to approve the loan and determine interest rates. 

What is the limit of a PAN card loan? 

You can get a personal loan of up to ₹5 lakhs on Fibe with your PAN card.

What is the minimum and maximum loan amount on a PAN Card?

You can usually get loan amounts starting from around ₹50,000 and they can go up to ₹5 lakhs based on your eligibility. How much you qualify for mainly depends on your income, credit score and how well you’ve managed repayments in the past.

[Source: Documents required to apply for a personal loan using PAN – India.com]

What documents are required to apply for a ₹20,000 loan on a PAN card?

You will need a few basic documents to apply. This includes your PAN card and Aadhaar card for KYC, along with income proof like salary slips or bank statements. In some cases, lenders may also ask for your address proof and job details to complete the verification.

How to save money: Tips you can follow for a brighter financial future

Knowing how to save money each month or even every day is the key to a bright financial future. After all, savings help you invest for the long term and address emergencies along the way. 

But it is easier said than done, right? 

Don’t worry, because the tips to save money are actually quite simple and easy to follow. By making a habit of saving and practicing saving tips, you can build a large corpus and invest smartly – not only in the future and also in yourself. 

Read on to learn about some of these saving strategies and choose the best way to save money for yourself. 

How to save money: Tips to follow

  • Draw up a monthly budget 

The first thing to do when you create a monthly budget is to be practical. When you go to extremes to save up, you will likely not be able to stick to your budget and then lose motivation to follow it. Instead, ensure your budget is based on realities. 

Factor in your rent, utilities, EMIs, credit card usage, medical needs and more. Add in what you plan to save and invest and then consider what you earn. It is also vital to list your goals, such as buying a car or a home, and the timeline for achieving them. This way, you can re-evaluate your spending patterns and reduce excesses. 

  • Wait, pause and think before you buy 

Getting those emails and notifications about new smartphones, clothing, electronics and more? The best way to save money is to not act impulsively. Experts recommend following the 30-day rule, which states that it is best to wait for this length of time before you buy something you want but don’t need. Apply this rule to ensure you do not spend recklessly. 

  • Learn all about money-saving credit cards and e-wallets

The right credit card can help you save money by offering discounts, cashback and reward points that you can redeem for other purchases. Do a little research to find the right credit card that helps you save as you swipe. 

Another clever way to save money is to consider digital payment apps and e-wallets that help you save when you pay. You can get cashback on utility payments, movie ticket bookings and more when you use them. Applying for credit card and digital wallet can actually help you save an ample amount! 

  • Draw the line on food, drink and entertainment 

Some of the most expensive things on your list may be dining out, ordering out, getting drinks at cafés, as well as going to the movies or other activities for entertainment. If this sounds like you, ensure you bring down this cost. By planning get-togethers at home, either cooking on your own or employing a cook and making your own cold coffees and ice teas, you can save up a large sum. 

  • Do not let peer pressure get to you

Last but not least, do not spend on designer clothes, watches or drinks just because others are doing so. While it is wonderful to indulge yourself once in a while, trying to keep up with others can send you into a financial spiral of debt. Follow your budget and do not overspend due to peer pressure. 

Now that you know how to save money each month, you can work towards fulfilling your goals. If you need funds in the interim, you can rely on Fibe. Get up to ₹5 lakhs as an Instant Personal Loan and enjoy benefits like quick disbursal, flexible tenure to repay and zero pre-closure charges! Download our Personal Loan App or register on our website to get started.

FAQs on Tips to Save Money

What is the smartest way to save money? 

While there are lots of ways to save money, one of the most popular money-saving tips is to cut down on your expenses. Make a budget and spend less to save more. Use these savings to invest in fixed-income securities and other avenues. 

How to save ₹1,000 in 30 days?

It can be quite simple to save 1k in 30 days, based on what you regularly spend. Some ways to do so are by reducing your food delivery orders, paying utility bills and grocery shopping on apps or digital wallets to get discounts and using local transport instead of taxis or rideshare apps. 

How can I save daily?

Some of the tips to save money every day include using a credit card that offers fuel surcharge waivers, using digital wallets to make payments for their discounts and cashback, purchasing in bulk and during sales, reducing your mobile and internet bills by choosing a more affordable plan and spending on a budget.

How can I grow my money?

The best way to grow your wealth is to invest diligently. Consider options like SIPs that begin with just  ₹100 per month or start a recurring deposit or a fixed deposit. If you begin to invest at a young age, you can have a ready corpus that can help you become financially secure in the future. Use clever ways to save money so you can build a corpus of funds to invest.