Avoid discontinuing your SIPs. Persist for at least 7-10 years.
'If you wish to make a big-ticket purchase on EMI without having to pay additional charges, no-cost EMI would be the right choice for you.'
If you pledge market-linked instruments and their value plummets, you will have to provide additional collateral, points out Sanjay Kumar Singh.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
A home loan is a long-term contract, so do shop around before signing on the dotted line, advises Sarbajeet K Sen.
Gold loan is currently the fastest-growing loan category (among the various types disbursed to individuals). On February 26, 2021, the outstanding loan against gold jewellery stood at Rs 56,596 crore. By February 25, 2022, it had risen to Rs 71,408 crore, a year-on-year growth of 26.2 per cent, according to the Reserve Bank of India's (RBI's) data. Several factors are driving the demand for gold loans.
'Stick to FDs of shorter tenures, preferably one-two years.'
A car that gives you a better resale value will reduce the cost of your next purchase, points out Bindisha Sarang.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
If your total EMI payments exceed 35-40 per cent of your monthly income, use these strategies to avoid a Squid Game like debt trap, suggests Bindisha Sarang.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
You can increase or reduce the sum assured of a term cover, depending on changes in your overall liability, advises Bindisha Sarang.
Their startup investments number 13 so far, compared to 17 deals in 2020.
When looking for alternatives, consider several parameters -- your investment horizon and liquidity requirement, post-tax returns, and risk.
There can be as many as six co-applicants in a joint loan.
Experts say this is a good time to buy a house for self-use, points out Sanjay Kumar Singh.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
Borrowers who were hoping for lower interest rates on their home or car loans might be in for some disappointment.
Maruti is not an online outlier, of course; other heavyweights have rolled out similar services. But as an analyst pointed out, Maruti's all-India roll-out has significant impact given that it accounts for over half of all cars sold, reports, reports Pavan Lall.
LIC is currently allowing customers to revive policies that have lapsed for more than two years.
If the nominations are not in place, the heirs need to go through a lengthy process to get access to the money cautions Bindisha Sarang.
The accumulated interest will increase the principal and you will have to pay a higher rate. Borrowers should take the restructuring plan only after they are convinced they have exhausted all other options.
While there is easy access to money, the flip side is the high interest rate and processing fees, points out Sarbajeet K Sen.
Unlike bank FDs that are considered risk-free investments, NCDs do carry a certain amount of risk, primary among them is the risk of default, either servicing the interest payment or meeting their principal repayment obligations.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
In DigiLocker, a user can get different government departments to issue documents in digital format. At present, there are 117 such issuers. You can get PAN, Aadhaar, vehicle fitness certificate, vehicle tax receipt, class ten and twelve mark sheets, driving licence, caste certificate, ration card, birth certificate, college degrees and diplomas, marriage certificate, and many more.
NSC scores high on all three parameters that conservative investors are seeking -- safety, tax-adjusted returns and liquidity.
It makes sense to shift to a home loan provider offering a lower interest rate or make occasional prepayments by using bonuses or other windfalls, says Sanjay Kumar Singh.
By evaluating their loan rate against the best available every year, borrowers can achieve considerable savings over the entire tenor, suggests Sanjay Kumar Singh.
The devastation caused by the current deluge has damaged hundreds and thousands of homes and vehicles.
A number of insurers offer health policies designed especially for senior citizens.
The move may release funds locked in government securities and add to liquidity. With inflation expectations lowered, this should not impact bond sentiment in the short run
Mutual funds, bonds, PPFs, equity and real estate are some options which offer varying rates of return.
Dahiya's first internet-based venture to sell insurance failed, but he was convinced digital was the future
Your entire contribution can go down the drain if policies are not renewed on time
Managing your money in January will set the trend for rest of the year, says Adhil Shetty.
