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Eight major banks have joined the Account Aggregator (AA) network in order to share client bank data and to market to new customers via the AA system. You must consent to AA sharing your credit information if you are a client of any of the major banks, including SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Indusind Federal, and IDFC First Bank. Consider how it works for you. Platform for Information Exchange The Reserve Bank of India-licensed Account Aggregator acts as an intermediary or exchange platform for banks and institutions that share data and also use data from the system. The platform's role is to centralise all financial data and function as a data custodian for the consumer. Consider that each bank, insurance business, or mutual fund that shares data with AA will be permitted to access the data only through the system. Thus, your bank or financial institution must be a member of one of the active AAs in the market. There is no documentation or Know Your Customer requirements The procedure of exchanging data becomes simple once your bank or institution provider is registered, since the institution is connected to the AA system via APIs. You don't need to submit any paperwork for KYC if you need a new loan, want to acquire an insurance policy, or want to invest in a mutual fund, for example. All you have to do is give AA your permission to share your data with banks and organisations. The AA will digitally extract the information from your bank and send it to the bank or organisation where you are asking for a new loan or investment. Safety If you're concerned that your personal information may be exploited or abused by others, the AA framework contains very rigorous data privacy requirements. From your bank to the institution you're asking for a new loan or any other business for a financial product, the data supplied by the AA will be securely encrypted. You have Complete Knowledge about Information Sharing As a client, you will have complete choice over the quantity of data you want to disclose on an AA platform, as well as the time period during which the data will be available for any bank or financial institution to access. You can also choose to transmit only loan information or only credit card information, for example. Other information intermediaries, such as a credit bureau, are used by the lending institution to obtain extra information about you.

People are becoming more conscious of the importance of health insurance as a result of Covid-19. It's no longer a choice but a need. There were other limits shown by this pandemic: basic health insurance only covers inpatient expenditures and does not cover out-of-hospital expenses such as doctor's fees and diagnostic charges and homecare packages. During the pandemic, the exclusion of outpatient charges emerged as a serious problem for a country where over 60% of health spending is paid out of pocket for normal medical bills. Outpatient expenses including doctor's fees, diagnostic costs, and pharmacy charges are often not covered by most health insurance plans. While purchasing OPD plans, what should you keep in mind? Before purchasing an OPD plan, it is crucial to make sure that there are adequate network hospitals where the doctor can be consulted quickly. On top of all of this, OPD plans have a difficult time processing claims since they operate on a reimbursement model. Claimants are needed to fill out a form, provide invoices, and other paperwork in order to get the money. What should you do next? For obvious reasons, OPD plans are not widely used in India because of the expensive premiums and the difficulty of tracking them. As a result, most firms do not reimburse out-of-pocket expenses (OPD). OPD coverage can be purchased as part of more costly plans if a person desires comprehensive protection but is not concerned about paying a large premium for it. OPD coverage can be purchased as a stand-alone insurance or as an add-on to the standard policy. Before making a purchase, be sure to verify the policy's coverage, exclusions, and network of providers in your region.

Redeeming mutual funds used to be a time-consuming and stressful procedure. You had to visit a bank and fill out a lot of paperwork before you could get your money back. The procedure, on the other hand, has grown a lot more straightforward over time. Since monies may now be redeemed with the press of a button from the convenience of your own home, going to a branch is no longer necessary. Don't forget about SEBI and the Income Tax Department's regulations while you're rushing to redeem your mutual fund plan, which might have an influence on your investment. If you're aware of the restrictions ahead of time, you'll be able to make the most of your application and your investment. It's also important to remember that mutual fund investments should be goal-oriented. When the goal has been met, it's time to consider cashing out. Before you decide to cash out your mutual fund assets, here are somethings you should consider: How long was I invested in the company? Do you know that in addition to the type of the investment, the length of time you invested in mutual funds also affects the tax rate? It's crucial to know if you've retained the units for a lengthy or short amount of time before redeeming them. For starters, what is considered long-term in this context? A long-term investment in equity funds is defined as one that is redeemed after one year of allotment. Long-term capital gains are those that occur when a unit is kept for longer than a year (LTCG). Short-term capital gains, on the other hand, refer to a fund's return on investment within a year (STCG). When investing in debt funds, if you sell the units before 36 months, it is considered short term, and if you retain them for more than 36 months, it is long term investment. Equity fund short-term capital gains are taxed at a rate of 15%. It had previously been tax-free for long-term capital gains on equity mutual funds to the tune of Rs 1 lakh, but as of Budget 2018, that limit has been reduced to Rs 1 lakh. Those earning more than Rs 1 lakh are subject to a 10% tax rate without indexation. It is taxed at 20% for long-term capital gains on debt funds and foreign funds such as the United States, Japan, or Taiwan, which can be either Fund of Funds (FoF) or direct funds. Taxes are levied on short-term capital gains from debt funds based on the individual's income tax bracket. What time does it say? Do you know when the unit price or Net Asset Value (NAV) of an equity mutual fund may be retrieved? 3 p.m. is the current time. After 3 p.m., if you submit an order, it will be processed at the current NAV. After 3 p.m., transactions are executed at the following business day's NAV. Similarly, the cut-off time for liquid and overnight money was set at 1.30 p.m. If you sell it after 1:30 p.m., the NAV for the next day will be used. Consequently, if you want to sell the units before the cut-off period, you should do so to ensure that you earn the required NAV. Exactly what time of day is it now? In the case of equities mutual funds, the settlement cycle is T+3 days. Then then, do you know that it may take two extra days for your money to be sent into your account if you submit your application for redemption on Thursday or Friday? Due to the fact that it takes a trading day plus three days (T+3) for the cash to be deposited into your bank account if you redeem them. This does not cover weekends or public holidays. Because there is a weekend in between the settlement days, if you sell an equity fund plan on Thursday, the mutual fund firms will credit your account to the fullest extent possible by Tuesday. Monday's transaction will be processed on Thursday, if you make the identical purchase on Monday. As a result, submitting your application in the beginning of the week is highly recommended in order to ensure that your funds are deposited promptly. Make sure to remember that if there are any holidays between the settlement days, then that date will be shifted to the following working day instead. It takes an additional day for debt monies to settle. In the case of selling a debt fund plan on Friday, the settlement date is Monday. To get your money on Tuesday, you must redeem on Monday. As a result, you are aware of the impact that the day's selection can have on the arrival time of funds in your account. As a result, always inquire about the day of the week before pressing the "redeem" button. Exit load? Consider departure fees as a final consideration. If you depart equity funds inside the first year, you'll be charged 1% exit fees. Short-term funds like ultra-short duration and liquid funds have no exit load; however, low-liquidity products like credit risk funds may be subject to an exit fee.

You may find that a personal loan might help you get over a bad patch in your finances. According to the company, Long-term loans are available if you need additional time to pay back your loan, which normally range from one to five years. In contrast to a mortgage or car loan, a personal loan doesn't have a predetermined use. The following are some of the most prevalent types of personal loans that may be put to use: Modifications to the house: Is your kitchen in need of an overhaul, or are you looking to upgrade your home's furniture and patio? When making big changes to a property, renovations may be costly. A Home Renovation Loan is a straightforward solution for those who don't have the funds to accomplish a renovation on their own. . In addition to making your house more visually appealing, you'll also raise the value of your home for resale. A loan for long-term use by consumers: Banks also provide no-cost EMI consumer durable loans. Using this type of loan, you may buy everything from a phone to furnishings to a washing machine or microwave. Product costs are broken down into EMIs, which can be paid back over a predetermined length of time. Products with a deposit or processing charge may differ from those without. A loan to cover your retirement expenses: Retirees can take out loans of at least seven to ten times their pension to deal with any financial crisis. Loans for pensioners are often restricted to those who get their income from that bank. Loan for a Holiday: Without jeopardising your funds or investments, you may take out a travel loan to fund your vacation plans. The term "travel loan" is then used to describe this type of personal borrowing. To be eligible for this loan, you'll need to show proof of travel. To name a few examples: airline tickets, hotel bookings, passport or visa details for overseas trips, and so on. Because of a personal loan, you may take your family on a trip that won't strain your budget. A personal loan covers all of your travel expenditures, and the cash may be used at any time and in any location. A travel loan can be used to finance your vacation plans. Loans for Marriage: The purpose of this loan is to alleviate the financial burden of wedding planning for couples and their families. It can be used to pay for the venue, guest housing, jewellery, food, and decorating for your wedding. Interest rates on these loans tend to be higher during peak wedding season. It is possible to get a Personal Loan to pay for your ideal wedding. For all your financial needs and concerns, this is your one-stop shop.

To commemorate the occasion, on December 3rd, Edelweiss Mutual Fund will launch a new round of its Bharat Bond ETFs. There is still time to participate in the new fund offer (NFO), nonetheless. The Bharat Bond ETF, which has a maturity date of April 2032, will allow all investors to participate in the NFO. It is a government effort under the Department of Investment and Public Asset Management, and Edelweiss Mutual Fund has been given the authority to operate the fund. The ETF will have a maturity date of April 15, 2032, and a target issue size of Rs 1,000 crore. As of October 30th, 2021, the Bharat Bond ETF had a total AUM of Rs 36,359 crore. What is Exchange-traded fund (ETF) of Bharat Bonds ? As an ETF listed on the NSE, it invests in public sector bonds and is available to all investors. If you put money into the fund, you'll get your money back with interest at a pre-determined time. During the term of the fund, you can purchase or sell NSE units at any moment. Investing in the Bharat Bond ETF has a number of advantages. With the Bharat Bond ETF, you may invest in government bonds with a high AAA rating. The fund's annual management fee is about 0.0005 percent (maximum Re 1 for Rs 2,00,000 worth of investment). You should expect "reliable" and "steady" returns at maturity because it's a bond-like structure with a defined maturity. You can buy or sell the ETF at any time within the exchange's trading hours. Exactly how much money do I need to put down? You can invest as little as Rs 1,000 and up to multiples of Rs 1 afterwards in the fund. Investors may use online investing mechanisms like net banking and UPI to make their money work for them. In order to invest offline, you must provide a bank check and the completed application form. NEFT and RTGS payment options are also available. It will invest in AAA-rated bonds issued by CPSEs/CPSUs/CPFIs and other government entities. These bonds are selected such that their maturity matches the fund's maturity as precisely as feasible. Are there any contracts? Since the fund is open-ended, there is no time limit on when you can withdraw your money. You may purchase and sell ETF units using your trading and Demat account in the same way. A 0.10 per cent exit cost is imposed on investors who withdraw within 30 days of investing in the Fund of Funds (FOF). There is no exit load after 30 days. Risks? There are four primary risks associated with BHARAT Bond ETF - Price risk, Credit risk, Reinvestment risk and Liquidity risk As of October 30th, 2021, Edelweiss Mutual Fund estimates that the post-tax return on an investment of Rs 100,000 in the Bharat Bond ETF would be 6.37 percent, compared to the 3.98 percent post-tax return on any traditional investment.359 crore.

Travel insurance is a type of general insurance that protects you against a variety of difficulties that might occur while travelling or even before you depart. Travel insurance relieves the stress of travelling by offering a variety of medical and non-medical advantages, including as compensation for medical expenditures incurred due to illness or accident, as well as reimbursement for delayed baggage, missed flights, and other mishaps. However, due to unforeseen circumstances, we are occasionally obliged to cancel our travels. As a consequence, getting Travel Insurance coverage is an essential while planning a trip, especially if you want to travel internationally. Policy regarding cancellations Travel Insurance allows you to be compensated if you are unable to travel on your trip for a valid cause as established by the insurer, such as: A medical emergency, such as a family member's illness; work-related reasons, such as unapproved leave; or a natural disaster or terrorist attack in your vacation destination. A Travel Insurance Policy provides cancellation benefits based on the sum covered in the case of a trip cancellation to compensate for financial losses suffered due to a sudden cancellation. You can claim reimbursement for pre-paid and non-refundable expenses such as airline tickets and hotel reservations if your trip is cancelled before the scheduled departure date. Termination in its entirety The insurance provider can terminate the policy and reimburse the premium amount to the policyholder after subtracting the minimal expenses in the event of a total trip cancellation. Cancellation with some exceptions An insurer can terminate the existing plan and reissue the policy without any deductions in the event of partial cancellation, such as a change in travel duration. How do you make a claim on your insurance policy? How to File a Claim for Travel Insurance Insurance companies allow consumers to cancel their policies and obtain a refund within 10-20 days of purchase as long as the insurer has not gone on vacation or filed any claims. Proof of not travelling, on the other hand, is necessary. If you need to cancel your vacation, call your Travel Insurance Company's 24-hour customer service line for assistance. They'll help you through the steps of submitting a claim and gathering the relevant documentation. In most circumstances, you will be able to complete the claim process online. They will refund you after your claim has been examined and settled. When purchasing Travel Insurance, read your policy document carefully to ensure that you understand the terms and conditions, as well as the coverage's exclusions and restrictions. This will tell you what your insurance coverage covers. Also, keep in mind that, depending on how the Travel Insurance Policy is created, the actual Travel Insurance Plan may vary from policy to policy and insurer to insurer.

During the recent bull run, mutual funds have emerged as the go-to alternative for investors with excess cash looking to grow their wealth. While the present market conditions may cause some mutual fund investors to wonder if they should sell their shares and take their profits or continue with their existing SIPs, the market's bullish or negative attitude should never cause you to sell your investments. Rule of 15/15/15- A simple guideline that will help you determine three components of your mutual fund investment are: Savings required to meet your financial goals on a monthly basis, expressed as a dollar amount. How long you'd have to commit to making an investment. In order to accomplish a goal of Rs. 1 crore, you'd need to see your money increase at a certain rate. This is one of the most fundamental guidelines for becoming a millionaire as an investor. Investing Rs 15,000 monthly for 15 years in an investment capable of yielding 15% annual return will net you Rs 1,00,27,601 at the conclusion of the 15-year term, according to this calculation. Despite making a profit of 73 lakh rupees, you only invested 27 lakh rupees. Furthermore, your acquired wealth will skyrocket if you keep it going for another 15 years. The 15*15*30 rule now allows you to amass a whopping Rs. 10,38,49,194 (approximately) (more than Rs 10 crore). If you put in just Rs 27 lakh, you'll make Rs 9.84 crore.