Navigating the maze of personal finance
Rahul You will be surprised by the large number of options available in India for making payments – both offline and online. I have created an image that catalogues the different ways of making payments so that anyone interested can find what they need and use what suits them best. NEFT: National Electronic Funds TransferRTGS: Real-time … Read more
Going digital is the need of the hour. Though net banking and credit cards have been in market for quite some time now, they have been limited to people who have access to net and are tech-savvy. With the digital push by Indian Government new modes and methods of payments are being developed to ease … Read more
Both Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) are saving instruments that provide deductions under section 80C of the Income Tax Act. But like other investors you might have the question – Should I invest in SSY or PPF? The first thing that you need to keep in mind is that the purpose … Read more
What is Aadhar enabled payment system (AEPS)? It is an Aadhaar based banking solution enabling you to operate Aadhaar linked bank accounts and carry out transactions using nothing but Aadhaar number and authentication through fingerprints. It provides interoperability between customers and bank at point of sale (PoS) – for example a grocery shop- and ensures … Read more
Aadhaar is a proof of identity provided by the Government of India. It is not a proof of citizenship. After due information provided at specified centers a Unique number (UID) is provided to the person (basic demographic and biometric information). How and where should you enroll for an Aadhaar card?One desirous of enrolling should visit … Read more
There are a number of Indian sites that provide great personal finance advice. I have complied a list of the top 75 personal finance sites based on the ranking provided by Alexa. Please note that the statistics and the associated ranking provided by Alexa are an estimate but in general are a good indication of … Read more
In a blog I had written earlier I mentioned the criteria you need to use in order to select a mobile wallet. In this post, I will list the steps you need to take in order to download a mobile wallet app, register and add money to it. Step 1: Click on Google playstore and … Read more
You do not need an internet connection to transfer money to an account using your mobile phone. You can use NUUP, short for National Unified USSD Platform. NUUP is a mobile banking service provided by NPCI (National Payment Cooperation of India) which works on USSD (Unstructured Supplementary Service Data) technology. USSD technology, which is unique … Read more
Mobile wallets are a relatively new phenomenon in India. Even so with the growing usage of smartphones, robust mobile internet penetration, growth of e-commerce sector and increasing disposable incomes, mobile wallet (m-wallet) use has been growing in India at a healthy clip. According to a recent report by Assocham ‘The Indian m-wallet market in FY … Read more
What is it? It is a 15 year account designed as an instrument of long term savings. It helps to inculcate a habit of savings and build a retirement corpus. PPF is easy to open and operate and transferable between different banks, branches or post office. The maturity proceeds are tax free. Who can open … Read more