Navigating the maze of personal finance
Rahul What is it ?A term insurance plan ensures that in the event of your death your family does not face financial difficulties, by paying them a lump sum amount that you were insured for (and paid premium towards while you were alive). To make this happen first you have to choose:a) amount to be insured … Read more
What is DigiLocker?DigiLocker stands for digital locker, a key initiative under the Digital India program of the Indian government. It allows Indian citizens to store all their important documents like property papers, insurance certificates, PAN card, passport, tax papers, birth and/or marriage certificates, etc. in digital format. Currently DigiLocker gives 1 GB of free space … Read more
Hello friends I am writing this blog after almost a month as I was not well. When I was not writing I was thinking and thinking deep, wondering where to park money so that it grows leaps and bounds. I had my ‘epiphany’ moment when I realized that amidst all the ‘ho halla’ about managing … Read more
eKYC stands for electronic know your customer (KYC). It is a paperless Aadhaar-based process for fulfilling your KYC requirements. What is KYC?As per RBI guidelines, banks and other financial institutions must obtain the information about their customers’ identity and address. The process for obtaining and verifying this information is called ‘Know Your Customer’ or KYC. … Read more
What is it?ULIP is a financial product providing both insurance and investment at the same time. How does it work? A part of the premium is diverted to provide life insurance to the policy holder. In case of death of the policy holder either the sum assured or the fund value, whichever is higher is … Read more
Are you are thinking of investing in a mutual fund using the systematic investment plan route, commonly called as SIP? How can you calculate the monthly amount that you need to invest in order to meet a particular financial goal? For example, if you want to fund your next overseas vacation (costing Rs. 5 lakhs … Read more
Did you deposit your old 500 and 1000 rupee notes during demonetization? The Income Tax Department (ITD) has used big data analytics to compare of demonetisation data with information in ITD databases to identify taxpayers wherein the cash transactions do not appear to be in line with the taxpayer’s profile. ITD has enabled online verification … Read more
What is it?A mutual fund that provides you tax benefit under section 80C.ELSS stands for equity linked saving schemes. Maximum limit of investmentThere is no upper limit on investments in ELSS. However, investments of only up to Rs.1.5 lakh per year are tax deductible. Lock in period36 months or 3 years from date of contribution. … Read more
The income tax we pay is based on our gross total income and the income tax slabs announced by the government in the budget at the beginning of every year. The tax slabs have been changed for the financial year(FY) 2017-2018. The union finance minister Arun Jaitely has announced lower income tax rates for individuals … Read more
There are two ways to invest in a mutual fund: invest with the fund house directly (using direct plans) or investing through an advisor, broker or distributor (using normal plans). The expense ratio of normal plans is higher than that of a direct plan since you go through an intermediary who is paid a commission … Read more