Compare any five features of Monthly Income Scheme( MIS) and National Saving Certificate (NSC).
MIS | NSC |
In this scheme, an individual has to invest a fixed amount. | Any individual can purchase these certificates from the post office which are available there in the denomination of Rs 100,500, 1000,5000, and 10,000. |
This account can be opened singly or jointly. | These are issued for five and ten years. |
This account can be opened singly or jointly. | These are issued for five and ten years. |
For a single account, one can deposit a maximum of Rs.4.5 lakh while for a joint account the maximum deposit is Rs 9 Lakh. | Under this scheme, 8.5% compound interest per annum is payable at maturity (Rs 100 invested will yield |
An additional bonus of 10% is also given after completion of the maturity period, i.e 5 years. | The maximum limit on which tax rebate can be available is Rs. 1,50,000. |
Identify eight possible mistakes consumers make which may prevent them from filing a complaint in the consumer court.
Eight possible mistakes a consumer makes:
Suggest Sunil two ways of increasing his monthly income and convince him to record his monthly expenses. Suggest a suitable format for monthly record of his expenses.
Month | Name of things | 1st Week | 2nd Week | 3rd Week | 4th Week | Total Amount |
Feb | House Rent | |||||
Petrol | ||||||
Grocery | ||||||
Food | ||||||
Drink | ||||||
March | --- | --- | --- | --- | --- | --- |
Compare the features of LIC and National Saving Certificate (NSC).
S.No | Features | LIC | NSC |
(i) | Time period | May mature after death/longer period of investment. | Mature after 5 years and 10 years.Its shorter period of Investment |
(ii) | Maximum Limit | Investment limit according to the sum insured. | No limit of investment |
(iii) | Minimum limit | According to Policy | Rs. 100 |
(iv) | Loan | Available | Available |
(v) | Tax rebate | Available | Available |
(vi) | Premature Withdrawal | Not available | Not available |
(vii) | Interest Taxable or Tax-free rate of Interest w.e.f Apri,2014 | Low rate | Higher rate of Interest |
(viii) | When to Invest | Investment payment to be done periodically. Every year/quarterly. | Investment to be done once in a lump sum in the beginning. |