Navigating the maze of personal finance
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
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