What is Bitcoin and How it makes money: Know the full details

What is Bitcoin?

 Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.  The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies.

  

There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that along with all Bitcoin transactions are verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.

 

Understand Bitcoin

 Bitcoin is a collection of computers, or nodes, that all run Bitcoin's code and store its blockchain. A blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Because all these computers running the blockchain have the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system. Anyone, whether they run a Bitcoin "node" or not, can see these transactions occurring live. To achieve a nefarious act, a bad actor would need to operate 51% of the computing power that makes up Bitcoin. Bitcoin has around 47,000 nodes as of May 2020 and this number is growing, making such an attack quite unlikely.



In the event that an attack was to happen, the Bitcoin nodes, or the people who take part in the Bitcoin network with their computer, would likely fork to a new blockchain making the effort the bad actor put forth to achieve the attack a waste.

 

Bitcoin is a type of cryptocurrency. Balances of Bitcoin tokens are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Bitcoin keys should not be confused with a Bitcoin wallet, which is a physical or digital device which facilitates the trading of Bitcoin and allows users to track ownership of coins. The term "wallet" is a bit misleading, as Bitcoin's decentralized nature means that it is never stored "in" a wallet, but rather decentrally on a blockchain.

 

How Bitcoin works?

 Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, are comprised of nodes or miners. "Miners," or the people who process the transactions on the blockchain, are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. As of July 2020, there are roughly 3 million bitcoins which have yet to be mined. In this way, Bitcoin (and any cryptocurrency generated through a similar process) operates differently from fiat currency; in centralized banking systems, currency is released at a rate matching the growth in goods in an attempt to maintain price stability, while a decentralized system like Bitcoin sets the release rate ahead of time and according to an algorithm.

 

Bitcoin mining is the process by which bitcoins are released into circulation. Generally, mining requires the solving of computationally difficult puzzles to discover a new block, which is added to the blockchain. In contributing to the blockchain, mining adds and verifies transaction records across the network. For adding blocks to the blockchain, miners receive a reward in the form of a few bitcoins; the reward is halved every 210,000 blocks. The block reward was 50 new bitcoins in 2009 and is currently 12.5. On May 11th, 2020 the third halving occurred, bringing the reward for each block discovery down to 6.25 bitcoins.⁵ A variety of hardware can be used to mine bitcoin but some yield higher rewards than others. Certain computer chips called Application-Specific Integrated Circuits (ASIC) and more advanced processing units like Graphic Processing Units (GPUs) can achieve more rewards. These elaborate mining processors are known as "mining rigs."

 

One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi.⁶ If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places.

 

Invention of Bitcoin!

 Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "Who is Guard Protected," meaning the identity of the person who registered it is not public information.

 Oct. 31, 2008: A person or group using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. This now-famous whitepaper published on bitcoin.org, entitled "Bitcoin: A Peer-to-Peer Electronic Cash System," would become the Magna Carta for how Bitcoin operates today.

 Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.⁷

Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.

 Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.

 

Who Invented Bitcoin?

 No one knows who invented Bitcoin, or at least not conclusively. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. In the years since that time, many individuals have either claimed to be or have been suggested as the real-life people behind the pseudonym, but as of May 2020, the true identity (or identities) behind Satoshi remains obscured.

  

Before Satoshi

Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not typically happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin whitepaper itself cites Hashcash and b-money, as well as various other works spanning several research fields. Perhaps unsurprisingly, many of the individuals behind the other projects named above have been speculated to have also had a part in creating Bitcoin.

Receiving Bitcoins As Payment

Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers credit cards, PayPal, etc.

 

Working For Bitcoins

Those who are self-employed can get paid for a job in bitcoins. There are a number of ways to achieve this such as creating any internet service and adding your bitcoin wallet address to the site as a form of payment. There are several websites/job boards which are dedicated to the digital currency:

Cryptogrind brings together work seekers and prospective employers through its website

 

Coinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as other cryptocurrencies like Dogecoin and Litecoin

 

Jobs4Bitcoins, part of reddit.com

 

BitGigs

 

Bitwage offers a way to choose a percentage of your work paycheck to be converted into bitcoin and sent to your bitcoin address

 

Look on Bitcoin

 Launched in 2009, Bitcoin is the world's largest cryptocurrency by market cap.

Unlike fiat currency, Bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system known as a blockchain. 

Bitcoin's history as a store of value has been turbulent; the cryptocurrency skyrocketed up to roughly $20,000 per coin in 2017, but as of two years later, is currency trading for less than half of that. 

As the earliest cryptocurrency to meet widespread popularity and success, Bitcoin has inspired a host of other projects in the blockchain space.

 

PPF(Public Provident Fund)account and its benefit

 

What is PPF account?

The Public Provident Fund (PPF) Scheme, 2019 is a tax-free savings avenue that was introduced by the Ministry of Finance (MoF) in India in the year 1968 and revised on 2019. Interest earned on deposits in the PPF account is not taxable. Deposits made towards PPF accounts may be claimed for tax exemptions. This makes the PPF Scheme one of the most tax efficient instruments in India. It was launched to encourage savings among Indians in general, especially to encourage them to create a retirement corpus.

 

What is the eligibility for PPF account?

·   Only individuals in their own name as well as on behalf of a minor can open the account at all the Branches of our bank.

·         As per extant instructions, opening of PPF accounts in the name of Hindu Undivided Family is not permitted since 13th May 2005. However, accounts opened prior to 13.05.2005 in the name of HUF may continue subscription till the date of maturity. However, the account cannot be extended further.

·         W.e.f. 25.07.2003, Non-Residents are not eligible for opening of PPF account.

How many PPF accounts can be opened by an Individual?

Only one account can be opened in one name across the Banking industry as well as Post Offices. An individual can open only one PPF account in his/her name. This account may be opened in a Post Office or State Bank of India or any other authorized bank. However more than one account is permissible if the account has been opened in the name of the minor children by their natural guardian.

 

Whether PPF can be opened by jointly?

 

A PPF account cannot be opened in joint names of two or more persons.

 

Whether PPF account can be opened in the name of minor?

 

Accounts can be opened for minors. Minors are those below the age of 18 years. However, the maximum limit of Rs.1.5 lakhs per year applies to deposits made in the minor and the major’s/guardian’s account, collectively. Grandparents cannot open an account in the names of their minor grandchildren.

 

What is the investment limit in PPF account?

 

A minimum of Rs.500/- subject to a maximum of Rs.1.50 lac per annum may be deposited. The subscriber should not deposit more than Rs.1.50 lac per annum as the excess amount will neither earn any interest nor will be eligible for rebate under Income Tax Act.The amount can be deposited in lump sum or in multiple installments per year in multiple of Rs.50/-.

 

What the duration of the PPF account?

 

The duration of the scheme is 15 years excluding the FY, in which the account has been opened. Accordingly all PPF Account opened during the FY will fall matured on 1st April after completion of complete 15 Financial Years However, if the subscriber wishes to continue beyond 15 years he/she can give an application in Form-4 (Annexure-), where it canbe extended for 1 or more blocks of 5 years each. However, the option can be exercised during the same FY, in which the account has got matured. Thereafter, depositor cannot get their account extended and the account will not be available for further subscription. However, he will continue to earn interest till the date of closure of the account.

 

What is the Rate of Interest of the PPF account?

 

Rate of Interest is fixed based on notification of Government of India in their official gazette on quarterly basis and the same will be uniformly applicable to all the accounts for that quarter mentioned in the gazette. Interest will be paid annually on the last working day of each Financial Year and compounded annually. Interest is calculated on the minimum balance available in the account between 5th day and end of the month.

 

What is the Tax benefit of the PPF account?

 

Amount deposited in PPF Account may be claimed as exemption under Section 80C of IT Act. Interest accrued in PPF Account is fully exempted under Section 10 (11) of IT Act. Amount outstanding to the credit is fully exempted from Wealth Tax also.

 

Can I make nomination in the PPF account?

 

Nomination can be made by an eligible PPF subscriber in favour of any number of nominees without any restriction on the number of nominees. However, the shares of nominees may be specified by the subscriber.

 

 Nomination facility is not available for the PPF accounts held in the name of minors.

 A subscriber cannot nominate trust as nominee.

 A subscriber can modify/cancel the existing nomination at any time.

 If the nominee is a minor, the subscriber of the PPF Account may appoint any person to receive the amount due under the account in the event of death of the subscriber during the minority of the nominee.

 

Is PPF account transferable?

 

The PPF account can be transferred among the branches/ other banks or Post Offices and vice versa upon receiving the request. The service is free of charges. In such case, all the properties of the erstwhile transferred PPF account will remain same except the service provider. As the date of opening of account, maturity date, applicability of Loan and Withdrawal facility will remain unchanged.

 

What are the withdrawal rules in PPF account?

 

Partial withdrawals are permitted after the expiry of five years from end of the year in which initial subscription was made. The subscriber may apply for withdrawal in Form-2.The subscriber can withdraw up to 50% of account balance held at the end of 4th year immediately preceding the year when withdrawal request is made, or balance on last year, whichever is lower.

 

When we can close the PPF account?

 

Any time after expiry of 15 years from the end of the year in which the initial subscription was made, a subscriber, if he/she so desires, may apply in Form-3, together with his Passbook, for withdrawal of the entire balance with interest up to the last month.

 

Whether premature closure of PPF account is allowed?

 

A subscriber will be allowed for premature closure of PPF account, only if:

 

 The subscriber dies before the account runs its full tenure. In such event the nominee/legal heirs of the account holder can apply for premature closure of account.

 

 In case, the subscriber himself or herself wants to close the account prematurely, he or she can do so only if the money is required for treatment of a life threatening ailment of subscriber himself/herself or his/her spouse or dependent children or parents. For such closure medical documents from a competent medical authority are mandatory.

 

 The account can also be closed prematurely for covering expenses for higher education of account holder. For high education, it is mandatory to submit fee bills and documents confirming admission to a recognized college/university in India/abroad.

 

 Premature account closure attracts a penalty of 1% being deducted from the interest earned on the deposits that have been made in the account from the date of opening till premature closure except in case of death.

 

 

Provided that such premature closure shall be allowed only after the account has completed five financial years except in case of death of the depositors.

 

Can we take loan against the amount deposited in PPF account?

 

Any time after expiry of one year, from the end of the year in which the initial subscription was made but before expiry of 5 years from the end of the year in which the initial subscription was made, a subscriber may apply in Form-2, together with his Passbook for obtaining a loan not exceeding 25% of the amount that stood to his credit at the end of second year immediately preceding the year in which the loan is applied for.

 

How to repay the loan against PPF?

 

·         The Principal amount of the loan under the scheme shall be repaid by the subscriber before the expiry of 36 months. The repayment may be made in lump sum or in installments within the period of 36 months. After the principal is fully repaid, the interest can be paid in two monthly installments.

 

·         After the principal of the loan is fully repaid, the subscriber shall pay interest thereon in not more than two monthly installments at the rate of 1% per annum of the principal for the period commencing from the first day of the month following the month in which the loan is drawn up to the last day of the month in which the last installment of the loan is repaid.

 

·   Provided that where the loan is repaid, only in part within the prescribed period of thirty six months, interest on the amount of loan outstanding shall be charged at 6% per annum instead of 1% per annum from the first day of the month following the month in which the loan was obtained to the last day of the month in which the loan is finally repaid.

 

 

How to protect yourself from online Banking Fraud

The Banks are going to introduce significant changes from 30^th September that will provide debit and credit card users better protection against digital frauds by allowing them to exercise greater control over these instruments.

Your bank might have already activated these risk mitigation features. If not, it will do soon. These changes will empower customers and make their cards more secure.

What will be the new features?

Enable features: These rules apply to existing cards, new ones and to those that have been renewed recently. When cards are issued, you will only be able use them at point of sale (POS) and ATMs within India. You will have to manually enable online, international, and contactless transaction. These facilities can be activated via mobile, Internet Banking, ATMs or bank branches. While all this might seem like pointless burden, remember that these new features will enhance security of card transactions.

Further the existing cards that have never been used for online, contactless, or international transaction will be disables for such transactions. For the rest of the card’s banks have been allowed to exercise their discretion on whether to disable them for such transaction based on their risk perception.

Cardholders who require the functionalities of online. Contactless or international transaction can reactivate them through the mobile app, internet banking, by vesting bank branches and ATMs or by contacting the customer care numbers.

Set Limits: You will be able to set and modify transaction limits on your cards for all types of transaction, both domestic and international, including PoS, online transactions and ATM a withdrawal. These limits can be within the one set by the issuer.

On/Off switch: The card holder s will have the option to switch on and off their debit and credit card for any facility like ATM or online transaction.

The incidence of Cyber fraud s has been rising during the pandemic and senior citizen have been impacted most. With these tools at your command, even if you become victim of cyber or TAM fraud, the damage will be zero or low if the usage has been switched off or the limit has been set low.

Imagine the peace of mind you will have when you can switch of the non-requisite facilities temporarily and set a limit for those that you use.

Register your active mobile number and email ID in your Bank account for using all these facilities.

For using the online banking or banking app, your mobile and email Id must be linked to your account and registered for WAP uses.

• Now Download you Bank’s app and follow the steps required for logging in.
• Go to the card section or manage card
• You will get the option of debit card and credit card
• Choose the appropriate card and go to the usage option: international or domestic, choose one
• Next you can disable, set limit, and switch on/off the following options: ATM withdrawal, Online transaction, and PoS.
• You can also set your own spending limits on your debit or credit cards.

 

 

 

 

 

 

 

 

Do you wish to own a House? Things to be verified before purchasing an under-construction House!

Hello Friends,

Everybody dreams of own House. We put lot of our effort to make our dream comes true. It takes several years to make our mind to purchase a dream house.

We do lot of research and see several properties to come into a final decision. We generally investigate the location of property, quality of construction, Property cost, amenities available, loan availability on the property and builder reputation etc.

In cities like Delhi, Mumbai, and Bangalore many salaried persons live in rented house, they are doing jobs far from their native places. They purchase under construction flat, take loan from Banks, and repay EMIs regularly.

In case of under construction flat/house, generally builder promises to give possession within one or two year, however it is observed that builder could not deliver it on promised time.

In cities like Noida, Gurgaon, Ghaziabad there are many projects which are running late and after passing more than 10 years, handover of the flat or house could not be done. In some cases, construction work is stopped due to some litigation or court order.

Although the handover of the flat is not done but the purchaser is paying EMIs as well as rent which put lot of financial pressure on the buyer.

Here in this situation, many times the buyer blames on the Bank who financed the buyer for purchasing of the property since the buyer relied upon the Bank for project approval. However, the Bank does not take any responsibility of such delay by the builder.

Since the buyer approached the Bank for loan and Bank consider the loan based on the eligibility of the buyer not on the promoters, hence buyer should not totally rely upon the Bank’s approval and must do his own investigation.

Here I mention you some steps to follow before finalizing any under construction flat or house for purchasing.

Location of Property:

Location of property is very important aspect to look upon. Generally, you choose the location which is convenient for you to travel and all amenities are available nearby. But here I am discussing a different aspect of the location.

You should check under which jurisdiction/local body the property comes in. Whether it is coming under Gram Panchayat, Municipal Corporation or Development Authority.

In case of Gram Panchayat: Please ensure that construction is not on agriculture land, conversion of land has been done and the necessary approval of the construction of the building has been taken. You can ask for the copy of the relevant documents from the builder and can check it.

In case of Municipal Corporation: The necessary approval for the construction of the building has been taken and construction is being done as per approved layout/Map. Also ensure that builder has paid all the taxes. You can ask for the copy of the relevant documents from the builder and can check it.

In case of Development Authority: You can check the information about the project in the website of the Development Authority. Please ensure Layout/Map is approved and construction is being done as per approved Map. The builder is not coming the defaulter list of authority.

Check the RERA registration: Please get the RERA registration and check it on RERA website. See the time schedule for completion of the project.

Enquiry about the Promoters/Builders: Please obtain the name of the Promoters and builder of the project and check that name of any of the promoter and builder is not appearing in the RBI defaulter list. You can check it on the website of RBI.

Project is financed by the Bank or Not: Please enquire whether the project is financed any bank or not? If Yes, please enquire that loan is not in default.

Project is approved by any Nationalized Bank: Also check that project is approved by any nationalized Bank.

It will take few days to ascertain the above, but before investing you hard earned money, you must do the above investigation to safeguard your interest.

Sukanya Smariddhi Yojana (SSY)- Know the features and benefits of the scheme

 Hello Friends

You are welcome in my blog “Banker for You”.

Friends in this article I am discussing about the features and benefits of one of the Government Saving Scheme.  Please read the full article to know the scheme and get the befit of this scheme.

The name of the scheme is “Sukanya Samridhhi Yojana (SSY).

Sukanya Samriddhi Yojana was launched as a part of the “Beti Bachao Beti Padao” campaign. Focus on gender equality and opportunities for the girl child are the main themes of the yojana. Sukanya Samriddhi Scheme facilitates small deposit account for girl child, with yearly interest at the rate announced by the Government and provides income tax exemption under section 80C of the Income Tax Act, 1961. Account can be opened in Post Offices or any notified branch of the commercial Bank particularly PSBs.

Salient Features of Sukanya Samriddhi Account:

1.Account can be opened in the name of a girl child till she attains the age of 10 years.

2. Only one account can be opened in the name of a girl child.

3. Account can be opened in Post Offices and notified branches of Commercial Banks.

4. Birth certificate of a girl child in whose name the account is opened shall be submitted.

5. Account can be opened with a minimum of Rs.1000/- and thereafter any amount in multiple of Rs.100/- can be deposited. 6. A minimum of Rs.1000/- must be deposited in a financial year.

7. Maximum of Rs.1,50,000/- can be deposited in a Financial Year.

8. Interest on balance [at rate notified by the government from time to time] will be calculated on yearly compounded basis and credited to the account.

9. One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education/marriage expenses {to the tune of 50% of the balance at the credit of preceding financial year}.

10. The account can be transferred anywhere in India from one post office/Bank to another.

11. Eligible girl child shall be resident Indian citizen.

12. The account shall mature after 21 years from the date of opening or on marriage of girl child under whose name the account is opened whichever is earlier.

13. Documents required for opening Sukanya Samriddhi account are: -

·         Birth certificate of girl child

·         Address proof

·         Identity proof

 

14. One Girl One Account- Depositor cannot open multiple or more than one account in the name of a girl child.

15. Maximum two girls – Natural or legal guardian of a girl child allowed to open one account each for two girl children.

16. Account opening for third girl – Under this scheme natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the First birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.

17. No Fixed Interest Rate- Under this scheme Interest rate is not fixed and Government will declare on yearly basis.

18. Term Period – Deposits can be made till completion of fourteen years from the date of opening of the account. The maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years. In other words No Deposit for the period from 15th to 21st Year of account.

 

Benefits of Sukanya Samriddhi Account Scheme:

1. Higher Interest Rate

2. Tax Benefit under Section 80C

3. Payment on maturity to girl child.

 4. Interest Payment even after Maturity if account is not closed.

5. Flexibility in Deposits- any number of times amount can be deposited in multiples of Rs.100 subject to maximum limit of Rs.1.50 Lakh per year.

6. Transferable Anywhere in India.

7. Even girl child can operate the account after she attains the Age of 10 Years.

Note: The date of realization of Cheque/demand draft/credit through NEFT/ payment of Cash shall be the date of deposit.

 

Pradhan Mantri Jivan Jyoti Bima Yojana

1. Nature of the scheme

This scheme will provide one year cover which will have to be renewed every year. This insurance scheme will provide life insurance cover in case of death due to any reason. 

2.Eligible participating

All savings bank account holders in the age group of 18 to 50 years of the bank will be entitled to join it. Here the primary KYC will be for opening an Aadhaar bank account. Till the age of 55, the member will get the facility of life insurance, provided it is renewed by that year. (However, entry after the age of 50 is not possible.)

The account holder can avail insurance for himself and other family members. 

3. Premium

Rs. 330 Annual per member / share payer This premium will be deducted from the account holder's bank account by the debit process itself. Members will also have to give an ordinance to this effect once every year for the scheme to be effective. 

4. Risk Coverage:

 In case of death due to any reason, the nominee of the contribution is Rs. 2 lakh will be paid.

 

Pradhan Mantri Jivan Jyoti Bima Yojana:

1. योजना की प्रकृति 

यह योजना एक वर्ष का कवर प्रदान करेगी जिसका हर वर्ष नवीकरण करवाना होगा। यह बीमा योजना किसी भी कारण से मृत्यु की स्तिथि में जीवन बीमा कवर प्रदान करेगा। 

2. पात्र प्रतिभागी

बैंक के 18 से 50 वर्ष के आयु समूह के सभी बचत बैंक खाता धारक इसमें शामिल होने के हकदार होंगे। यहाँ आधार बैंक खाता खोलने हेतु प्राथमिक के वाई सी होगा। 55 वर्ष की आयु होने तक सदस्य को जीवन पर बीमा की सुविधा प्राप्त होगा बसर्ते उस वर्ष तक इसका नवीकरण करवाया गया हो। (तथापि, 50 वर्ष की आयु के बाद  प्रविष्टि संभव नहीं है।) 

खाताधारक स्वयं और अपने परिवार के अन्य सदस्यों के लिए बीमा ले सकता है। 

3. प्रीमियम

रु. 330 वार्षिक प्रति सदस्य/ अंश दाता यह प्रीमियम स्वयं नामे की प्रकिया द्वारा खाताधारक के बैंक खाते  से कट जाएगा। सदस्यों को भी योजना के प्रभावी रहने कि प्रति वर्ष  स्वयं  नामे के लिए  एक बार इस आशय का अध्यादेश देना पड़ेगा। 

4. जोखिम कवरेज

किसी भी कारण से मृत्यु होने पर अंशदान के नामनी को रु. 2 लाख का भुगतान किया जाएगा।

 

How to apply for PM SVANidhi- Prime Minister Street Vendor AtmaNirbhar NIdhi

 Hello Friends

Welcome in my blog " Banker For You".

Friends, Prime Minister Street Vendor AtmaNirbhar Nidhi is one of the Scheme which is launched during the COVID-19 pandemic to help the urban street vednor to come out from the stress faced by them due to lockdown. It is one of the scheme of AtmaNirbhar plan of the Indian Government.

Under this scheme till date 13 lakhs application have been received by the Bank and approx 4.5 lakhs applications have been sanctioned .

I have already discussed about the scheme and its benefit in my previous blog. you can click in this link to read the full details: https://www.bankerforyou.com/2020/09/prime-minister-street-vendors.html

Now read the below details to know how to apply for the PM SVNidhi through Web.

Open the link https://pmsvanidhi.mohua.gov.in/Login. Once you open the link below page will be open.

Here you need to enter mobile number and check the box "i am not robot". than click on submit.

you will receive an OTP, after entering the OTP, click on verify OTP.

After successfully verifying the OTP following screen will open:

Here you will find the four option to select that are A,B C and D, the details are as below. The vendors are classified in four categories and as per their category they need to proceed for application:

Category	Eligibility	Documents
A	Street Vendor identified in survey and in possession of certificate of vending (CoV)/identity card issued by Urban Local Bodies	Survey Reference No (SRN) CoV/ID Card
B	Street Vendors who have been identified in the survey but have not been issued CoV/ID Card	Survey Reference No (SRN) Provisional CoV to be generated on portal
C	Street Vendor left out of the ULB led identification survey or who have started vending after completion of the survey, two subcategories are   there.
	C1: Street Vendor has been issued letter of recommendation (LOR) by ULB/TVC	LoR to be uploaded
	C2: Street Vendor has not been issued LoR by ULB/TVC	Lender online request for LoR to ULB
D	Street vendor of surrounding development /Peri Urban/rural areas /vending in the geographical limits of the ULBs (Not covered in survey, Two subcategories are there:
	D1: Street Vendor has been issued letter of Recommendation	LoR to be uploaded
	C2:Street Vendor	Lender online request LoR for ULB

After selection of appropriate category, you will be redirected to Aadhar validation. Once Aadhar is validated, you will need to fill the application form and uploading of documents.