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Author Archives: wealth18

Check your current Cheque book – Is it valid (new CTS) ?

Last updated : 23rd April, 2014RBI has implemented the new Cheque Truncating system (CTS) and from 1st January 2013, only the new CTS complaint cheques will be honored. Update: The timeline has been extended mnay times from 31-Mar-2013 to 31-Jul-2013 to 31-Dec-2013 Received the following SMS from bank, “Dear Customer, please deposit CTS compliant cheques(i.e cheques with CTS India watermark) for your credit card repayments from 31 December, 2013 to avoid delayed clearance and late payment fees. Non CTS compliant cheques ( cheques not compliant to the cheque truncation system(CTS) 2010 standards) will be cleared thrice a week only, until 30 ... Read More »

8.75% Interest on PF for 2013-2014

Last updated : 7th October, 2016 The Employees’ Provident Fund Organisation’s apex decision making body – Central Board of Trustees (CBT) – met on Monday to decide on the PF interest rate for this fiscal. Labour and employment minister Oscar Fernandes said – Retirement fund body EPFO on Monday raised the PF interest rate from 8.5 percent to 8.75 per cent for 2013-14. The EPFO’s Central Board of Trustees met on Monday and approved the interest rate that will now be forwarded to the finance ministry for notification. The EPFO, which is estimated to have an income of Rs 20,796.96 ... Read More »

Rules to check before making annual Tax / Investment Declaration to employer

Last updated : 25th April, 2014 In January, most employers ask their employees to submit the investment declaration along with the proof every year.  If you do not submit this declaration, the employer may deduct higher TDS amount. What needs to be declared? Employees should declare the tax saving investments and other deductions which they intend to claim in current financial year.   What will happen if the declaration & proofs are not submitted? If you fail to submit the investment details & proof, the employer will not give you tax benefit for such investments and will deduct higher TDS ... Read More »

IRFC Tax Free Bonds – Jan 2014 – Details

Last updated : 8th April, 2014 IRFC is offering tax-free secured redeemable non convertible bonds to raise Rs 1500 crore, with an option to retain oversubscription upto Rs 8663 crore. The issue will be open during 06-Jan-2014 to 20-Jan-2014 (extended to 7-Feb-2014) Indian Railway Finance Corporation  (IRFC)  Tax Free Bonds  Details Series I Series II Tenor 10 Years 15 years Interest Paid Annual Annual Coupon Rate 8.48% 8.65% Effective Pre-Tax Yield (30% tax slab) 12.27% 12.52% Effective Pre-Tax Yield (20% tax slab) 10.68% 10.89% Effective Pre-Tax Yield (10% tax slab) 9.45% 9.64% Minimum Application Rs 5000 Maximum Application Rs 10 ... Read More »

Where should I invest my money?

Last updated : 28th April, 2014  There is a famous saying in financial world that you will become rich by “Investing” not only “Saving”. Well, Isn’t Investing & Saving is the same thing? Actually No, when you save money, you put it in extremely safe, liquid option like Bank Account, Fixed deposit etc. Saving is mainly to keep pace with Inflation or short term goals or for emergency. When you want to invest, you look around for various available options which can grow your wealth. Based on the goal horizon & risk appetite, you can invest your money in options ... Read More »

Personal Finance resolutions for New Year

Last updated : 23rd April, 2014 Happy New Year !!! January is the month of resolutions. Most people make New Year’s resolutions focussing on physical fitness. At the same time, keeping eye on your financial health is very important. So here are financial resolutions you should make for this new year. 1. I will prepare a master list of all my financial assets Prepare a list of all your investments (shares, mutual funds, NSCs, bank FDs, bonds etc), DMAT accounts, insurance (LIC policies, ULIP, health insurance etc), loans, etc. To start with, write down all these data into an excel ... Read More »

NRI – How to claim Income Tax refund

Last updated : 23rd April, 2014 Any interest earned in NRO Account is taxable and TDS of 30% flat is deducted by the Bank. There are few ways by which you can reduce this tax amount. 1) Check for DTAA – If the DTAA between India and country of your residence allows a lower rate of TDS India has Double Taxation Avoidance Agreement (DTAA) with many countries under which a lower rate of tax is deducted. For e.g. if you are residing in US or UK, a concessional rate of 15%  will de deducted (instead of 30%) provided you complete ... Read More »

Type of Life Insurance Policies – You must know

Last updated : 25th April, 2014 Objective of this article To briefly explain the Life Insurance in India and Insurance companies available To briefly  explain the type of insurance policies available and their key features Should you take a Life Insurance Policy? Have you secured your family in case something happens to you? If not, you should consider taking a Life Insurance Policy. What is Life Insurance? Life insurance is a policy which helps beneficiaries financially after the policyholder dies. It is a contract between the policy holder (you) and the life insurance company, which assures the paying out of ... Read More »

Top 10 Reasons to Invest via Mutual Funds

Last updated : 25th April, 2014 Mutual funds are one of the best options available to small retail investors to diversify their investment and earn superior returns.  Through Mutual Funds, you can invest in various types of products – for e.g.  Equities, Bonds, Fixd Income, Gold, Commodities companies, Index etc. In this post, I have tried to list some major benefits of investment in mutual funds   1) Professional Expertise As we can’t be experts in everything, so it is better to leave certain things with professionals.  Fund managers are highly qualified & experienced, track the market activities closely, speak ... Read More »

How to use Sweep-in facility in HDFC bank via netbanking?

Last updated : 9th April, 2014 In my other post,I explained How you can earn upto 9% on your savings bank account using Auto sweep / sweep-in facility (Read Full Post). In this post, I have provided step-by-step guide to use the sweep-in facility in your HDFC Bank Account via NetBanking. HDFC Bank provides this facility to all its customers who have NetBanking facility. (holding pattern should be SINGLE & not Joint). I have savings account with HDFC bank and it is very simple to use this facility. Step 1:  Go to “Fixed Deposit” Section – Open Fixed deposit Enter ... Read More »

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