-
FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Search Results for: savings account details
Cherry-picking your SB a/c for benefits!
e, etc. and charges for such services according to its norms. The charges and offers by some of the prominent banks for Regular Savings bank account are as follows: REGULAR SAVINGS BANK ACCOUNT (URBAN AND METRO CITIES) DETAILS SBI Bank ICICI Bank IDBI Bank HDFC Bank AXIS Bank Savings Bank Account Interest Rate 4% 4% 4% 4% 4% Minimum Account Balance NIL Minimum Monthly Average Balance (MAB) of Rs. 10,000 in Metro Average quarterly b…
Read more »
Posted in Budget & Savings, How To, Money management, Savings, creating wealth
Leave a comment
What do I need to open a bank account?
employee of the bank. This introduction is currently not mandatory in case of savings bank account. In case of joint accounts the identity proofs of the joint holder of the account may also be asked. In case of salary account details regarding the employer also need to be submitted. …
Read more »
Posted in Articles, Glossary
Leave a comment
How safe is your money at banks?
hat would exceed the insurance limit of Rs. 1, 00,000. And in case you have deposits with many banks, the deposit insurance coverage limit would be applied separately to the deposits in each bank. The table below gives the details about deposits insurance in different accounts. Savings A/C Current A/C FD A/C Total Deposits Deposits Insured upto Shri S. K. Pandit (Individual) 17,200 22,000 80,000 1,19,200 1,00,000 Shri S. K. Pa…
Read more »
Posted in Banks, Money management
Leave a comment
Financial planning for a working couple
The Rameshs currently are saving/investing only about 14% of their total income. This is way below the national average of 28%. They need to create a budget tracker and enter details on a regular basis to find where they are spending more. They need to start this immediately as they will face a severe cash crunch from increased expenses, once their baby is on the way. Ramesh (27 years) and Sathya (26 years) are a couple working in Bangalore. T…
Read more »
Posted in Goals, Money management, Savings, Tax, Tax strategies
Leave a comment
Investment avenues, Public Provident Fund
…y post office and selected State Bank of India will serve the investor. The purpose of the provident funds is to help people in their retirement periods. Hence the EPF and PPF are for long term savings. Let us look at the details of the fund now. Current income The returns form the fund is in the form of interest paid. The interest rate currently is 8% compounded annually. The interest however is not paid out but is compounded (like a ban…
Read more »
Posted in Money management, Tax strategies
3 Comments
Start your tax planning now!
…itutions/ Banks such as IDBI, ICICI, REC, PFC, etc. Pension scheme of LIC of India or any other insurance company. Fixed Deposit with Banks having a lock-in period of 5 Years This article, in 2 parts, will discuss the details of all the above plans. Life Insurance Premiums An amount up to Rs.1 L, that you pay towards your life insurance premium for yourself, your spouse or your children can be included in Section 80C deduction. An amoun…
Read more »
Posted in Money management, Savings, Tax, Tax strategies
Leave a comment
Filing tax returns? Avoid these error traps!
…mission of ITR-V rather than date of uploading the return. In effect it means that unless the ITR-V has been submitted, uploading your returns online will be treated as equal to non filing of returns. Specify accurate bank details The bank account number and the MICR code provided should be accurate so as to receive refunds without any hassles. In case of an error, you will have to submit a cancelled cheque showing correct particulars. File…
Read more »
Posted in Filing tax returns, Tax, Tax strategies
3 Comments
Tax evasion and its implications!
…, Form 16 among other things to check if there is any mismatch in tax liability assessed by the individual and the actual tax liability. The income tax officer will request all bank account statements, credit card statements, details of all family members, Form 16 and other relevant documents as part of the scrutiny process. In most cases, if a return is picked up for scrutiny, a scrutiny notice will be served within a period of one year from the…
Read more »
Posted in Filing tax returns, Tax
Leave a comment
Ways to Maximize the Advantages of Your Credit Card
…his is only going to land you into a gigantic financial mess. However, if you play your cards wisely, these cards can offer several benefits to you, enriching your experience. Some all-important tips are: Retain relevant card details with you at all times, mainly the card number, name of the card holder, date and period of validity, besides important helpline numbers. Make backup copies and preserve them as they can prove useful when a card is lo…
Read more »
Posted in Articles, directory specials
Leave a comment
Ways to Maximize the Advantages of Your Credit Card
…nt and payment towards them can be quite a challenge. However, if you play your cards wisely, these cards can offer several benefits to you, enriching your experience. Some all-important tips are: a) Retain relevant card details with you at all times, mainly the card number, name of the card holder, date and period of validity, besides important helpline numbers. Make backup copies and preserve them as they can prove useful when a card is lo…
Read more »
Posted in Articles, directory specials
Leave a comment
