EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
There are, however, a few aspects to factor in before considering G-Secs as an investment option, advises Bindisha Sarang.
Some of these plans will weigh on your pocket. The increase in premium could also be large as you grow older.
Every financial plan needs to be tweaked periodically.
A person in the 30% income tax bracket with a Rs 40 lakh home loan at 9% interest rate would, under the Rs 3.5 lakh interest exemption, will save Rs 105,000 in tax in the first year, against Rs 60,000 under the previous interest exemption of Rs 2 lakh.
K Ramalingam explains the three most powerful signals that indicate your mutual fund's performance
Kiran Kumar Kavikondala, Director, WealthRays Group will talk on investments in equity shares.
It is a toss-up between liquidity and higher returns; if the tenure is more than three years, FMPs score.
Kiran Kumar Kavikondala, Director, WealthRays Group will talk on investments in equity shares.
Banks and financial institutions provide 6-12 months of additional time, beyond which you need to negotiate.
Rebalance the portfolio at least once a year to ensure it remains in sync with the target asset allocation.
It is not advisable to touch retirement corpus if property is being purchased for investment.
Kiran Kumar Kavikondala, Director, WealthRays Group will talk on investments in equity shares.
Always avoid companies that promise assured returns that are too good to be true.
Hena Mehta will answer Your Questions on personal finance on a weekly basis. Please mail your questions to getahead@rediff.co.in with the subject line 'Personal Finance Query' along with your name and Hena will offer his helpful advice.
Take calculated, not blind risks, suggests Ramalingam K.
The EPFO launched one-page simplified forms for withdrawal.
Understanding how money works is the first step toward making your money work for you, says Harshad Chetanwala, co-founder MyWealthGrowth.
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
If your account is idle for over five years, there could be issues with acquiring EPF details.
Evaluate recurring investment products and do the numbers before making any investments.
Use credit cards with discretion and try to generate a net monthly surplus to avoid falling into a debt trap
For ageing parents it is crucial to make a water-tight will.
Cost of health care is rising at a fast clip.
Taxi booking, shopping and transfer of money will be easy.
There is no reason for a child with no dependents to have insurance because insurance is put in place to provide for the child in the event of a parent's untimely death and not the other way around, says Amar Pandit.
Resist the temptation to react to every move of the market and remain disciplined with your investments till you reach your financial goal.
For longer tenure products, they offer higher returns compared to other instruments. But for shorter tenures, things are getting tighter for investors.
Keep at least one family member in the know of all your investments
EPFO may start investing up to five per cent of its incremental corpus in the equity market.
Experts say it's better to transfer the amount to one's current EPFO account than opting for a withdrawal.
While proper financial planning is a subject in itself, in my experience, to increase levels of financial safety and security, a person needs to avoid a few basic mistakes, says Parag Raja
The curious thing is that savings instruments have not really kept pace with changing needs, although people have access to a wider variety than before.
There will be higher charges for bank account-holders.
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
Raise the amount of life cover you own if your liabilities and responsibilities have increased during the year, says Arvind A Rao.
An Aadhaar card can fast-track the KYC procedure for some instruments.
There will be tough periods in equity investing, but investors should not stop their SIP investments under any circumstance, advises Arnav Pandya.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
