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7 Popular Government Schemes That You Must Be Aware Of

IndianMoney.com Research Team | Posted On Monday, March 18,2019, 06:07 PM

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7 Popular Government Schemes That You Must Be Aware Of

 

 

The Government of India had identified certain grey areas in the economy that required a major transformation. The ruling government has introduced certain schemes which would help India grow faster. In the endeavor of the government to make India comparable to other major economies of the World, they have implemented multiple schemes that not only empower Indian citizens, but also ensure that India steps into the digital age.

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7 Government Schemes That You Must Be Aware Of

The Indian Railways Insurance

This scheme has been launched by the Indian railways, to provide travel insurance to passengers. This scheme has made travel safer and easier for passengers. The scheme was launched on 1st September 2016 for confirmed or RAC passengers, who book tickets through the official website of Indian Railways. This is an optional scheme and the passengers can avail this by paying Rs 0.92 per passenger along with the ticket charges.

Advantages of Indian Railways Insurance scheme:

  • This scheme provides insurance cover during your travel on Indian Railways.
  • In case of any accident (death/ injury) the sum assured will be given to the victim/ family / legal heir of the victim
  • The scheme also promotes cashless transactions as the insurance is provided to all confirmed/ RAC railway passengers for booking online tickets from the IRCTC portal.
  • In case of death in a rail accident, sum assured is Rs 10 Lakhs.
  • In case of permanent disability sum assured is Rs 10 Lakhs.
  • In case of partial disability sum assured is up to Rs 7.5 Lakhs.
  • In case of hospitalization Rs 2 Lakh is offered for covering hospital expenses.

SEE ALSO:  Government Schemes

Stand-up India:

Prime Minister Narendra Modi has launched the Stand-Up India initiative on 5th April 2016. The main objective of this scheme is to promote entrepreneurship among women, especially the SC and ST communities. Stand-Up India Scheme facilitates bank loans ranging from Rs 10 Lakh to Rs 1 Crore to Scheduled Caste (SC) or Scheduled Tribes (ST) borrowers.

This enterprise may be in manufacturing, services or the trading sector. The loans are granted to at least one woman borrower per bank branch. The scheme aims to empower every Indian citizen and promotes woman entrepreneurship among the scheduled castes and scheduled tribes.

The Mission of Stand-up India scheme:

  • The main objective of stand up India scheme is to promote entrepreneurship with access to easy loans.
  • The scheme aims to provide funds to the SC and ST categories for non-farm businesses. The quantum of loan provided ranges from Rs 10 Lakh to Rs 1 crores.
  • The scheme aims to cover 2.5 Lakh young aspirants’ entrepreneurs across marginalized communities.
  • Every bank branch is given a directive that an SC/ST woman will be given loans under this scheme.

SEE ALSO: Objectives of Stand-up India scheme

DigiLocker:

DigiLocker is a secure cloud based platform for storing, sharing and verifying documents and certificates. DigiLocker targets the idea of paperless governance, eliminating the need for physical documents.

Individuals and organizations who register with Digi Locker can upload copies of important documents and certificates into their respective DigiLocker accounts. Individuals registering with DigiLocker get a cloud storage space by linking accounts with Aadhaar number.

Key features of DigiLocker accounts:

DigiLocker helps users carry important documents in the form of soft copies while travelling or during admission procedures. Listed below are some of the key features of the DigiLocker platform:

  1. It provides an online account containing up to 1 GB of storage space.
  2. Individuals and organizations can register with DigiLocker system and upload and store important documents.
  3. This platform makes it easier to validate and authenticate documents.
  4. Self uploaded documents can be digitally signed using the e-sign facility.
  5. It is convenient and time saving and minimizes the need for carrying documents and the use of paper.
  6. E-documents can be shared by residents with government or other registered organizations.
  7.  

Sukanya Samriddhi:

Sukanya Samriddhi Scheme is a Government of India backed small saving scheme, exclusively for the girl child. As per the scheme, a parent or legal guardian can open an account in the name of the girl child until she attains 10 years of age.

Highlights of Sukanya Samriddhi Scheme:

  • The SSY scheme offers high interest rate of 8.1% a year.
  • Minimum deposit required in SSY account is Rs 1000 which makes the scheme accessible to all sections of society.
  • The maximum amount that can be deposited within a year is Rs 1.5 Lakh per account.
  • An annual deposit of Rs 1.5 Lakh, qualifies for tax benefits under Section 80C of the Income Tax Act.
  • You can continue to make deposits in the SSY account up to 14 years starting from the date of opening the account.
  • The account matures after the child attains the age of 21 years. The balance in SSY account along with the interest earned is paid on furnishing proper identification documents.

POMIS:

The post office monthly income scheme or POMIS is a scheme where money invested earns a fixed interest each month. The scheme is offered by the Indian postal services and is backed by the government of India. Any resident Indian can invest in this scheme. It is a small saving scheme that allows the investor set aside a specific amount every month and guarantees returns at 7.7% a year in the form of fixed monthly income.

Features of Post Office Monthly Income Scheme:

The key features of the POMIS scheme are mentioned below:

  1. The POMIS account can be held jointly or individually.
  2. The minimum amount required to open the account is Rs 1500. You can opt to invest higher amounts which must be in multiples of Rs 1500.
  3. The maturity period of this scheme is 5 years from the date of opening the account.
  4. The account holder can also add a nominee.
  5. The POMIS account can be freely transferred across post offices.
  6. There is no specified limit on the number of POMIS accounts held singly or jointly. The accounts are subject to maximum cumulative balance criteria. Cumulative maximum balance for individual account is Rs 4.5 Lakhs and jointly held accounts are Rs 9 Lakhs.
  7. The credit proceeds directly to the post office savings account on a monthly basis.
  8. The POMIS scheme continues to earn interest after the maturity period if the amount is not withdrawn by the account holder.

Pradhan Mantri MUDRA Yojana:

The Mudra loan is a Government Scheme that was launched on 8th April 2015, with the aim of providing adequate funds to micro units.  The scheme was introduced to support micro, small and medium business units, MSMEs. The scheme has been designed keeping in mind the stages of growth and funding requirements of the beneficiary micro units and is categorized under three stages. They are:

  • Shishu: Covering loans up to Rs 50,000.
  • Kishore: Covering loans up to 5,00,000.
  • Tarun: Covering loans up to 10,00,000.

Important objectives of Pradhan Mantri MUDRA Yojana:

The Mudra loan was designed to finance small and medium enterprises. The main objectives of this scheme are:

  • For making policies and guidelines for financing small business enterprises.
  • To encourage growth and prosperity of small business units.
  • For assisting low income groups to expand business.
  • Providing opportunities and easy access to funds for SC/ST citizens.
  • To regulate micro financing institutions. MFIs.
  • To promote banking and help individuals access funds easily.

BHIM:

The BHIM Aadhaar pay app enables merchants receive payments from customers via Aadhaar authentication. It is a payment interface that allows merchants receive payments digitally.  The payment made by the customer, reaches the merchant’s account directly in real time. It is a step towards cashless payments. You only need to link Aadhaar with bank account.

Advantages of BHIM app:

The BHIM Aadhaar pay is easier than card swiping or payments through cash. A customer can easily pay for the services availed by providing finger print scan. This reduces the hassles of going with card swiping and entering the PIN. This is a more secure method of payment, as the customer no longer requires cash.

This app is also beneficial for merchants to receive payments. Previously, they had to apply for point of sale (POS) machines to receive payment which involved expenditure as well as time and effort.

But, BHIM app saves money and effort as it is compatible with smart phones. The merchants can download the app and its services free of cost.

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