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Isn't it interesting to learn that 68% of small companies have separate bank accounts for their personal and corporate finances? A current account is an absolute need for businesses, who deal with large sums of money on a regular basis. As a result, this blog post is for you if you're thinking about opening a current account for your small business or home operation. A current account can be set up for a small business or a home-run operation by reading on. What are the benefits of having a current account for your business? A current account is preferable to a savings account because of the amount of business transactions. You can better organise your company's money by creating a current account. In addition, a current account makes it simple to evaluate a company's profit or loss. You may even set up separate accounts to minimise overspending and to submit your taxes, if desired. Having a current account is another reason why a firm should have one. If you're thinking about getting a loan in the future, having a business account will assist you get approved. However, the numerous advantages you'll enjoy in the long term depend on your choice of a reliable bank. To open a current account, where do you begin? Any bank, makes it simple to open a current account. It's as simple as going to the bank's website, selecting Current Accounts, and clicking on the button that says "Apply Now" for the account type you want to open. A Bank Employee will come to your home to help you setup a digital account using an app. With this service, you won't have to worry about arranging scans of papers, as 68 percent of small companies maintain separate bank accounts for their personal and commercial dealings! A current account is an absolute need for businesses, who deal with large sums of money on a regular basis.  If you're thinking about opening a current account for your small business or home operation. A current account can be set up for a small business or a home-run operation by reading on. What are the benefits of having a current account for your business? A current account is preferable to a savings account because of the amount of business transactions. You can better organise your company's money by creating a current account. In addition, a current account makes it simple to evaluate a company's profit or loss. You may even set up separate accounts to minimise overspending and to submit your taxes, if desired. Having a current account is another reason why a firm should have one. If you're thinking about getting a loan in the future, having a business account will assist you get approved. However, the numerous advantages you'll enjoy in the long term depend on your choice of a reliable bank. To open a current account, where do you begin? Any bank makes it simple to open a current account. It's as simple as going to the bank's website, selecting Current Accounts, and clicking on the button that says "Apply Now" for the account type you want to open. A Bank Employee will come to your home to help you setup a digital account using an app. So you don't have to worry about making scan copies of papers or getting numerous signatures on the account creation form, and you can start using your new account right away. This account is great for small/startup firms because it is simple to open.

For the past decade or so, medical inflation has been on the increase, and it shows no indications of slowing down. As a result, the condition of middle-class Indians has worsened when it comes to managing health-care costs, whether for medical emergencies that necessitate hospitalisation or for minor procedures. Health insurance demand has also grown, while it is still insufficient. This raises the question of how it impacts high-cost health insurance policies, such as senior citizen coverage. As one's parents get older, they become more prone to illnesses, which raises the likelihood of hospitalizations and medical interventions. In any case, it would be foolish to rely only on your funds to cover these costs. A robust health insurance policy - albeit with higher premiums - can help you avoid exhausting your life savings in this case as well. As a result of the epidemic, new health concerns for the elderly have emerged, necessitating more coverage. Investing in comprehensive health insurance can ensure that you are protected in the event of a medical emergency and that the quality of your treatments is not compromised. If you haven't yet purchased health insurance for your parents and are intending to do so, there are a few things to consider. In-Depth Understanding of Policy Inclusions and Exclusions Because of the additional health risks that an elderly person faces, senior citizen health insurance comes with a variety of conditions and exclusions. This is why it's critical to read the coverage specifics thoroughly before deciding whether or not to buy it. Make sure you've read the policy paperwork thoroughly, especially if your parents have a specific ailment that needs to be covered. Many procedures have set waiting periods, so make sure you are aware of these facts if you have something planned. Many procedures have set waiting periods, so make sure you are aware of these facts if you have something planned. Sublimits and Coverage Cappings Should Be Recognized Understanding the sub-limits is one of the most important considerations to make when purchasing health insurance. A monetary cap in the form of a claim amount limit for particular medical treatments or charges is known as a sub-limit. Sub-limits can help you save money on your premiums, but they can also influence the amount of your claim. Most health insurance policies, for example, include a room rent cap of 1-2 percent of the Sum Insured. All of this will come in helpful when submitting a claim, allowing you to divide your expenditures between what you'll have to pay out of cash and what your insurance would cover. Recognize the Various Waiting Periods Depending on the plan and health circumstances, every insurance plan includes a waiting time. This waiting time might be anything from one month to four or five years. Aside from the first cooling-off period, which is normally between 30 and 90 days, there is a separate waiting time of 1 to 4 years for pre-existing conditions. There are also varying waiting times for scheduled operations, such as cataract surgery, knee replacement surgery, and so on. There are other zero-waiting-period policies available these days, however the premiums are fairly hefty. However, because to the health risks connected with the elderly, it is preferable to get a day one policy. Recognize the importance of a mix of individual and top-up plans. Recognize the importance of a mix of individual and top-up plans. Each insurance provider has its own set of plans. With medical costs rising all the time, obtaining an insurance with a large amount of coverage (say, above 20-25 lakh) is essential. This is especially true for your parents, who are at a higher risk of serious hospitalisation. We understand that you would already be paying a lot more due of your age, so adding extra coverage would just make things worse for you. To address this, consider a combination of policies with varying sums insured, as well as top-up plans, to ensure that you are covered for everything. Understand How Pre-Existing Diseases Are Covered Pre-existing or chronic diseases are typically not covered by family floaters or individual health insurance. Pre-existing conditions insurance is a type of health insurance that solely covers the insured person (the one with a pre-existing condition). Premiums are substantially higher for these insurance, as are waiting periods, which can range from one to four years. Even yet, due to the double health risks connected with the chronic disease combined with the age, the insurer may decline to grant coverage. Even yet, due to the double health risks connected with the chronic disease combined with the age, the insurer may decline to grant coverage. If your parents do not have any chronic illnesses, it is critical that you cover them right away. If they are diagnosed with one of the chronic diseases, such as diabetes, they can simply be covered under the existing coverage. Recognize the need of health-record transparency. Your parents' chances of being admitted to the hospital grow as they become older. As a result, you must ensure that you supply the insurance provider with as much information about your parents' health as possible. When it comes time to make a claim, this will prevent any misunderstanding and denial. Before purchasing health insurance for your parents, make an informed selection. Today's insuretech platforms provide personalised health plans depending on your healthcare demands as well as your financial situation. They also provide personalised assistance and have significantly enhanced the consumer experience. In today's world, a standard health insurance coverage may not be sufficient to cover all of your medical costs. It is critical to have health insurance that covers hospitalisation, as well as primary and recuperative treatment. You must ensure that you are protected throughout the whole of your healthcare journey, not just for key occasions. Health insurance protects you and your loved ones from harm. They're like a beacon of light that you may turn to when you need help right away. So, if you haven't already, get one now.

Are you looking for a new credit card or a loan? Then make sure your CIBIL score is in good shape. A CIBIL score is a three-digit figure that reflects your creditworthiness for readers unfamiliar with loan language. Your credit application will be approved if you have a decent credit score. If it isn't, it may be turned down. The credit score is significant since it is one of the many qualifying criteria used by lenders. Credit Information Bureau (India) Ltd, currently known as TransUnion CIBIL, is the country's leading CIC (Credit Information Company), which keeps track of people's credit ratings. Experian, Equifax, and CRIF Highmark are the others. The term CIBIL has become associated with credit score since it is the oldest and has the largest market share. Each firm, on the other hand, creates its own score, which lenders can check with one or more of the four agencies, depending on their choice. Your borrowing and repayment practises account for a big part of your credit score. A higher credit score is earned when payments are made on time and without default. Despite lenders' and the CIC's best efforts, faults can occasionally slip into the system. If you believe your credit report has been harmed by inaccurate information, you can file a dispute. It's critical to understand the procedures for resolving such a dispute. If you don't, your ability to get a loan or a credit card in the future may be threatened. In CIC reports, there are two main types of disagreements: Individual Disputes (A) Your credit report may contain mistakes or inaccuracies as a consequence of incorrect personal information. For instance, the name Rahul Mehta is misspelt as Rahul Mehra. An inaccurate entry might be caused by an improper firm name, PAN number, address, or payment status. There may even be account duplication. As a result, a single loan may appear on a person's credit record twice. As a result, the borrower's entire credit score may suffer as a result. You must fill out a dispute form with the CIC to settle these issues. B. Business Conflicts When differences in a company's credit report develop, several sorts of disputes happen. These might be the consequence of a duplicate account or data errors, much as individual disputes. A disagreement between a firm and its authorised signatory should be filed using a dispute form. However, corporate disagreements over a member's name, enquiry date, account number, or control number will not be resolved. What is the procedure for filing a CIBIL dispute? The procedures for filing a dispute may range significantly from one CIC to the next. Consider the case of CIBIL. To remedy concerns with a CIBIL report or a company's credit report, a CIBIL dispute resolution request can be submitted. If you've previously registered with CIBIL, you can file a complaint by following these steps: • Log into'myCIBIL' • Select the 'Raise a Dispute' page • Select the area you want to dispute • Select your account • For a duplicate information or ownership dispute, select the specific option under 'Dispute Type' and input the dispute details. • If a disagreement arises as a result of incorrect data, enter the exact value for the relevant field and then click 'Submit.' If you don't have an account, you can fill out the CIBIL online dispute resolution form, which is accessible via different URLs for individual and business issues. Although online dispute resolutions are the most efficient way to resolve CIBIL report discrepancies, you can also write to CIBIL's Mumbai office at: TransUnion CIBIL Limited, One World Centre, 19th Floor, Tower 2A and 2B, 841, Jupiter Textile Mill Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013. The mechanism for resolving disputes If any mistakes or inconsistencies are discovered under examination after you file a CIBIL challenge, they are labelled as "under dispute." Following that, CIBIL will contact the lender in question and get the errors addressed. In the meanwhile, CIBIL will send you an email every week with the progress of your dispute. You will receive an SMS notice once the report has been rectified. Finally, keep in mind that this process might take up to 30 days because CIBIL only makes changes to your report after receiving authorization from the financial body.

The Employees' Deposit Linked Insurance Policy 1976 (EDLI Scheme) is a life insurance scheme for all employees who are members of the government-sponsored Employees' Provident Funds (EPF) Scheme, which was established in 1952. Employers contribute a minimal amount of 0.5 percent of monthly earnings, up to a maximum pay limit of Rs 15,000, to the EDLI Scheme. Employees are not required to contribute anything in order to receive insurance coverage under this scheme. What is the size of the claim, who is eligible for EDLI benefits, and how do they apply? Employees do not need to sign up for EDLI individually. Any employee who participates in the EPF plan is automatically enrolled in the EDLI scheme. Apart from the provident fund, a portion of employer payments goes to the Employee Pension Scheme (EPS) and another portion to the EDLI. The EDLI insurance provides a maximum benefit of Rs 7 lakh. The minimum benefit is Rs 2.50 lakh, regardless of earnings. The scheme's contribution is made by the employer. The EDLI Scheme provides insurance benefits to qualifying family members of a deceased member who has worked for a continuous period of more than twelve months, regardless of whether the person worked for the same company or transferred jobs during the twelve months prior to his or her death. A nominee, a family member, or an individual can profit from the EDLI plan. The EDLI Scheme allows nominees or heirs of a dead member to receive a maximum benefit of Rs 7 lakh. If an individual has worked consistently for 12 months, the minimum insurance payout under the plan is Rs 2.50 lakh, regardless of salary. The insurance payout is computed using the following formula, as per the latest amendment: Average monthly salaries for the previous 12 months x 35 + 50% of the average PF balance for the previous 12 months, subject to a ceiling of Rs 1,75,000; where average wages refers to basic pay plus dearness allowance, and monthly wages are capped at Rs 15,000 The minimal benefit, regardless of the calculation, will not be less than Rs 2,50,000. Who is eligible to get insurance benefits? The benefits under the programme will be paid to the employee's nominated beneficiary. The nomination process for the EPF programme will also apply to the EDLI scheme. His spouse, unmarried daughters, and minor boys will be beneficiaries if no nomination is made. The following members of your family are not eligible for the benefit: Sons who have reached the age of majority Sons who have reached the age of majority and are the sons of a deceased son Daughters who are married yet whose husbands are still living Daughters of a deceased son who are married to living husbands How can I make a claim for an insurance benefit? The nominee or beneficiary must complete Form 5 IF in order to obtain the insurance payout in the event of the member's death. The employer's signature should be on the claim form. The commissioner must receive an attested copy of the application form as well as all supporting papers. The Commissioner will sanction the EDLI claim amount after verifying the application form and accompanying papers. The amount of the benefit will be deposited immediately to the beneficiary's account.

There are always mixed feelings during retirement parties, ranging from happiness and nostalgia to fear about the future. We can't wait to see our friends and family again. The question of what to do next and how to have a steady income after retirement is also a cause of stress for us. If you're 60 or older, you can definitely relate to this, but if you're not, you should better plan your future by arranging your money well in advance and ensuring an independent and stress-free existence, because you're not one of us. Furthermore, no one like taking chances at this point in their lives. As a result, we all seek for the most risk-averse financial possibilities. Some risk-free investments for the elderly are as follows: Fixed Deposits: If you want to keep your money in the bank for an extended length of time, you can use this deposit product. As a result, banks will pay you interest on the money you've deposited. This interest rate is set in stone and does not fluctuate in response to changes in the market. As a result, your earnings are safe. You may also start a Fixed Deposit account  by depositing just INR 1,000. In the event of an emergency, the sum can be withdrawn at any time. Securing a fixed deposit as a senior person provides significant advantages. You don't have to pay taxes on your profits, you earn more interest, and you may avoid tax payments by filling out numerous forms like 15G, 15H, etc. with a tax-saving Fixed Deposit. Investing in a retirement savings plan for the Seniors: Savings accounts with high interest rates are available through this programme. You may deposit as little as INR 500 to as much as INR 15 lakh, therefore there is no minimum deposit amount. This plan has no risk and is extremely simple to implement. Tax-Free Bonds: Government bonds are another viable investment choice. These bonds can be purchased by seniors, who will earn interest on them. These bonds are tax-free and have the lowest risk because the government will have to pay them back. You may put up a maximum of INR 10 lakhs here for a period of two years. Pension Schemes: A pension plan can provide you with monthly income, but deciding whether or not to obtain one is up to you; if you haven't decided on a pension plan yet, you should. Using this, you may either deposit all of your money at once or deposit a modest amount at a time, as you like. The amount you deposit will be used to calculate your pension. EPF and PPFs are examples of pension programmes. After a few years of contributing a portion of your pay to these accounts, you are eligible to withdraw the benefits you've accrued. Post-office Monthly Income Scheme/National Savings Certificate: If you participate in this programme, you can earn interest on your savings by depositing them in a post office account. These certificates may be purchased in multiples of INR 100 per month for five years and earn interest on it. You're protected against market fluctuations with this plan, which is similar to a fixed deposit. However, your profits would be taxed under this plan.

Aditya Birla is a businessman and philanthropist Sun Life Insurance (ABSLI) has announced a 15% decrease in premium prices for the ABSLI DigiShield Plan. ABSLI DigiShield is a term insurance policy that may be tailored to meet particular protection requirements. Unlike standard term plans, the ABSLI Digishield plan's Survival Benefit Option allows customers to start receiving a guaranteed recurring income at the age of 60. It also gives clients the option of reducing the sum insured at a pre-determined retirement age, allowing them to tailor their coverage to their outstanding liabilities and life stage. ABSLI DigiShield Plan provides great flexibility to meet one's diverse protection needs across life phases by providing several plan options, joint life protection, critical illness cover, and rider options to tailor-make a unique protection solution for clients and their loved ones. To meet client needs, this plan offers a variety of premium payment arrangements, policy tenures, and death benefit pay-out alternatives.

Making purchases has never been easier thanks to debit cards. Debit cards have made it easier for us to get our hands on money. Additionally, these cards may be used to make online purchases at domestic and foreign shopping websites. There are several advantages to carrying this card in your wallet. Banks give debit cards to customers who have savings accounts with them. Corporate entities are also given debit cards. They are connected to a checking or savings account. When you use your debit card to make a purchase, the money is taken directly out of your bank account. Debit cards come in a variety of shapes and sizes. Understanding the qualities of each card is vital. Using this method can help you get the most from your credit card. Knowing about the various financial products on the market is also beneficial. Debit cards types available in India: Debit cards in India are classified according to the sort of payment platform they are attached to. Debit cards issued by several Indian financial institutions include the following. Rupay Debit Cards: The National Payments Corporation of India (NPCI) issues several sorts of debit cards under a domestic debit card programme. . The RuPay debit card may be used for a wide range of domestic transactions, including online and retail purchases, utility bill payments, and other such things. For those who live in more rural areas, these debit cards provide a convenient way to access their bank accounts. All major public and private sector banks issue RuPay debit cards. Due to its low transaction fees and wide availability, RuPay is a viable payment option even for those living in remote places. Contactless Debit Cards: Paying with a debit card without swiping it is possible with contactless debit cards. You can pay by just waving this card in front of the payment terminal. The transaction will be handled automatically. Faster cashless transactions are made possible by the use of these debit cards. NFC (Near Field Communications) or RFID (Radio Frequency Identification) is the technology behind these debit cards. The PoS terminal is linked to the card via these methods. For electronic payments, debit cards like these are a safe and secure way to go. The cashier does not need to see your credit card. As a result, your debit card information cannot be duplicated or stored by the cashier. There are contactless cards issued by major Indian banks including SBI, Axis Bank, and HDFC Bank. Visa debit cards: As far as online and electronic transactions go, Visa debit cards are the most widely accepted. Banks who have partnered with the Visa Payment System network issue these sorts of debit cards. A secure payment mechanism known as Verified by Visa is used to process online purchases securely. An overdraft option is available to cardholders as well. You'll find many Vis Debit cards on the market. Visa Classic Debit Card, Visa Gold Debit Card, Visa Platinum Debit Card, Visa Signature Debit Card, and Visa Infinite Debit Card are the most often issued cards by banks. There are differences between each card. VISA ATMs may be found all throughout the world, including in India Visa Electron Debit Cards: With the exception of no overdraft facility, Visa Electron debit cards are virtually identical to Visa debit cards. In order to avoid overspending, you can use debit cards like this one. At local and foreign ATMs, these debit cards are accepted. Withdrawing cash with a Visa Electron debit card incurs no interest charges. All sorts of transactions can be made at a PoS terminal. However, Visa Electron debit cards are not accepted in Australia, Canada, the United States of America, and the Republic of Ireland. Please be aware of this. Offline payments using a Visa Electron debit card are not possible due to the PoS terminal's inability to check if funds have been sent in real time. Visa Electron debit cards are issued by the majority of Indian banks, including Syndicate Bank, Bank of India, and Bank of Maharashtra.

Savings Account: A savings account is one in which you deposit money and receive interest on it Individuals can only create a savings account for their own personal purposes. A short-term account is typically used to save money for trips, purchase large and little items, etc. In order for your savings account to be active, you must maintain a minimum balance of a certain amount. Savings account holders can earn interest on their money. Current Account: Current account is one in which you deposit money to conduct business operations. Companies that want to execute numerous bank transactions in accordance with their business requirements might create a current account. The minimum balance required for a savings account is lower than it is for a current account. Banks typically do not pay interest on deposits in current accounts since the money deposited has to be utilized for business activities.

Small Finance Banks are a type of bank established by the Reserve Bank of India (RBI) under the direction of the Indian government with the goal of promoting financial inclusion by providing basic banking services to underserved and unserved segments such as small businesses, small and marginal farmers, micro and small industries, and unorganized entities. These banks, like other commercial banks, can engage in all fundamental banking activities, such as lending and accepting deposits. RBI published Small Finance Bank rules in November 2014, after the announcement of the Union Budget for the year 2014-15. On November 24, 2014, 72 organizations from various segments applied for the license, but only 10 were granted it. Savings Account, Current Account, Locker, ATM, Fixed Deposit, Recurring Deposit, and all forms of asset-backed loans including Vehicle Finance, MSME loans, and SME loans are available at these Bank.

Individuals seeking insurance should be aware that the Life Insurance Corporation of India (LIC) has launched the new Dhan Rekha plan, which will take effect on December 13, 2021. This plan provides complete coverage for all benefits. Individuals who are interested might visit LIC's official website at licindia.in. Plan Dhan Rekha The Dhan Rekha Life Insurance Plan from LIC is a non-linked, non-participating, individual savings life insurance plan that offers an appealing combination of protection and savings. This plan offers financial assistance to the policyholder's family in the event of the policyholder's untimely death during the policy term. Customers should be aware that monthly payments will be payable on the policyholder's survival at predetermined intervals over the policy term, as well as guaranteed lumpsum payments to the surviving policyholder at maturity. This strategy also includes a lending facility to meet liquidity requirements. Amount guaranteed Individuals who are interested should be aware that the plan's minimum basic sum insured is Rs 2,00,000. The maximum quantity is unrestricted. Maturity has many advantages. The policyholders should be aware that if they live to the prescribed maturity date while the policy is in existence, the "Sum Assured on Maturity" plus accumulated guaranteed additions would be paid, where "Sum Assured on Maturity" equals Basic Sum Assured. Benefits of Survival A specific proportion of the Basic Sum Assured will be paid if the life assured survives for each of the stated durations during the policy period, providing the policy is in effect. The following is the fixed percentage for several policy terms: After 20 years, 10% of the Basic Sum Assured is paid out at the conclusion of each of the 10th and 15th policy years. 30 years - At the conclusion of each of the 15th, 20th, and 25th policy years, 15% of the Basic Sum Assured is paid out. At the conclusion of each of the 20th, 25th, 30th, and 35th policy years, 20% of the Basic Sum Assured is paid out. Benefits after death The death benefit payable on death after the onset of risk throughout the insurance period will be "Sum Assured on Death" plus Accrued Guaranteed Additions. "Sum Assured on Death" is now defined as 125 percent of Basic Sum Assured for single premium payments. "Sum Assured on Death" is defined as the higher of 125 percent of Basic Sum Assured or 7 times annualised premium for restricted premium payment. The Death Benefit under Limited Premium Payment will not be less than 105 percent of all premiums paid as of the date of death, minus any additional premiums, rider premiums, if any, and taxes. LIC's official website, licindia.in, is a good place to go if you have any questions or need more information.

ICICI Prudential Life Insurance unveiled a new term plan that offers a 105 percent return on premiums paid at the age of 60 or 70 or at policy maturity, as the policy automatically modifies the life cover based on the insured's shifting life stages. The new insurance, ICICI Pru iProtect return of premium, also provides coverage for 64 severe diseases, according to a statement from the life insurer. The new insurance guarantees a 105 percent return of the premium paid on survival, as well as cover against 64 catastrophic diseases, which the company claims is one of the highest in the business. The new insurance also comes in two flavours: life stage and level coverage. The life-stage cover has a function that automatically modifies the amount guaranteed or life cover based on the customer's life stage, allowing them to raise their life cover when it counts most, as their obligations develop in the early stages. In addition, when duties decrease in later life stages, the life cover automatically decreases. However, the premium remains consistent throughout the policy's term, making it appropriate for individuals looking for adequate life insurance at all phases of their lives. Aside from that, it gives clients the option of receiving 105 percent of their premiums returned at a young age of 60 or 70 years, with ongoing protection until the conclusion of the insurance term or maturity, whichever comes first, according to the insurer. According to the insurer the new policy was created in response to the increased number of occurrences of lifestyle-related illnesses such as cancer and heart disease, which necessitate a critical sickness benefit.

As part of its endeavour to improve its digital presence, India's Life Insurance Corporation (LIC) has launched a 'Digi Zone.' "LIC will provide information about its products and services through kiosks situated in the premises, with the goal of becoming a tech-driven life insurer," the insurer said in a statement on Wednesday. Customers can utilise the LIC's Digi Zone to purchase insurance, pay premiums, and access other services. LIC intends to embark on the next phase of digital transformation in order to reap the benefits of increased growth, increased client happiness, and increased intermediary productivity and loyalty, according to the company.