Navigating the maze of personal finance
Rahul Sukanya Samriddhi Yojna is a project introduced by Prime Minister Narendra Modi to ensure carefree education and marriage expense of a girl child under “Beti Parao Beti Bachao Aabhiyan.” It has a number of benefits over other small saving schemes: The rate of interest is 8.5% per annum which is higher than most small savings … Read more
In my blog titled “What you need to know about the Employee Provident Fund – EPF“ I have shared the basics of EPF. So how is the interest calculated on your Employees’ Provident Fund account? Every year, the EPF interest rate is decided by the central government in consultation with The Central Board of Trustees … Read more
You contribute 12% of your basic pay to EPF every month. Over the years this contribution can grow to be quite substantial. Here are four easy ways to keep a track of your EPF balance. You need to know your UAN (Universal Account Number) in order to access details of your EPF balance. UAN is … Read more
When I started working my employer asked me to fill this form and started deducting a part of my salary towards EPF. Little did I know the long term financial implications of such a deduction. So I decided to prod a little deeper. What is EPF? It is a social security scheme run by Employees … Read more
There is a perpetual dilemma with those servicing a home loan; whether to prepay or not. I was once in the same category. So I have created an excel calculator to show the impact that prepayment can have on: savings on the interest payment and the income tax deductions. The file has 3 main sections: … Read more
Electronic insurance or e-insurance (eIA) accounts have become mandatory since 1st October 2016. You need to have an account if you want to buy insurance from now on. What is an e-Insurance account? According to the IRDAI (Insurance Regulatory and Development Authority of India) “e-Insurance account is the portfolio of insurance policies of a policyholder … Read more
We Indians love our credit cards. According to Statista, in financial year 2021, nearly 62 million credit cards were in use in India. Credit cards have made life easier but carry high interest rates, anywhere between 12-18% per annum depending on the card you have. However, if used judiciously, you can actually earn money using … Read more
It is of paramount importance to know your expenses. Yes, you must be wondering why expenditure first and not earnings? The thing is that in today’s era with expenditures more so than earnings we need to know how much minimum amount we need to spend to maintain our lifestyle. This would include: · Regular bills … Read more
It is of paramount importance to know your expenses. Yes, you must be wondering why expenditure first and not earnings? The thing is that in today’s era with expenditures more so than earnings we need to know how much minimum amount we need to spend to maintain our lifestyle. This would include: · Regular bills … Read more