SAVINGS SCHEME

A zero-balance account is a type of financial account that is designed to help you track your spending and save money at the same time. It’s based on the principle of “pay zero, save zero” which means that you only deposit money into the account when you have a surplus, and you withdraw money only […]

Deferred compensation refers to a type of compensation arrangement in which payment is delayed or deferred until a later date. This is typically offered as a benefit to attract and retain high-performing employees. Key features of deferred compensation: Examples of deferred compensation: Advantages: Disadvantages: Overall, deferred compensation can be a valuable tool for employers to […]

The Senior Citizens Saving Scheme (SCSS) is a specific savings scheme offered by the Indian government to encourage senior citizens to save money and accumulate wealth. Launched in 2004, it has been a successful scheme in attracting senior citizens to save and grow their savings. Key features of SCSS: Benefits: Eligibility: Additional features: Overall, the […]

Quality of life (QoL) is a multifaceted concept that encompasses various aspects of an individual’s well-being. It is often measured through subjective well-being indicators such as happiness, satisfaction, and overall life satisfaction. Various factors influence QoL, including: Biological factors: Health status, genetics, physical environment, and access to healthcare. Psychological factors: Mental well-being, self-esteem, resilience, and […]

Caveat Emptor Caveat emptor is a Latin phrase that translates to “let the buyer beware.” It is a warning to buyers that they are responsible for their own actions and should inspect the goods carefully before making a purchase. Meaning: Caveat emptor: Let the buyer beware. Emptor: Buyer. Caveat: Warning. Explanation: In common law, caveat […]

Social Commerce Social commerce is a type of e-commerce that takes place on social media platforms. It involves businesses using social media channels to connect with customers, showcase their products, and drive sales. Key Features of Social Commerce: Integration with Social Media Platforms: Social commerce platforms integrate with popular social media platforms, such as Facebook, […]

Joint Account A joint account is a type of bank account that is owned by two or more people. Each owner has an equal ownership in the account, and all owners have the power to deposit, withdraw, and transfer money from the account. Key Features of Joint Accounts: Shared ownership: Two or more owners have […]

Savings Rate The savings rate is a measure of how much a country, a company, or an individual saves as a percentage of their disposable income. It is a key indicator of economic health and the potential for future economic growth. Formula: Savings Rate = Savings / Disposable Income * 100% Where: Savings: Total amount […]

An automatic savings plan is a tool that allows you to save money without even thinking about it. Here’s how it works: Setting up the plan: Choose a savings goal: You might want to save for a down payment on a house, a new car, a specific emergency fund, or anything else. Select the amount: […]

A sweep account is a type of account that automatically transfers money from one account to another when the first account reaches a certain balance. This is often used to save money for a specific goal or to streamline the process of moving money between accounts. Here are the key features of a sweep account: […]