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Indian Cryptocurrency Market is growing tremendously. The Indian crypto market is one place that has seen a lot of buzz despite a global economic slowdown. The credit to this goes to the country's apex judicial body, The Supreme Court of India, who overturned the Reserve Bank of India (RBI's) decision and lifted the ban on banks dealing with cryptocurrency exchanges. This decision's effect on the Indian population can be observed by the surge in the buyer's and traders' activities and the cryptocurrency exchanges in India. The exchanges from outside the country recognize the potential gain as a positive boost to business and industry. The local, domestic exchanges or traders are also joining the bandwagon to ensure they don't get left out with a smaller part of the pie. Either way, for an investor, this seems like an opportunistic situation to be in. Check this graph, which shows that India's total cryptocurrency trading has soared to an all high. A Digital Currency Exchange (DCE) or a Cryptocurrency Exchange is a business or platform through which traders and investors can buy, sell or trade their cryptocurrencies in exchange for other assets like cash or other digital currencies. You can choose one from the list below based on the level of functionality and security they offer and the user-experience you prefer. Be sure to check the credibility of the exchange and the transaction fees before opting for it. Here are some of the top cryptocurrency exchanges in India: Top cryptocurrency exchanges in India: WazirX: WazirX is a Mumbai-based cryptocurrency exchange that has been in the news because of its underdog nature. Considered one of the best exchanges in the country due to the variety of coins it offers, WazirX is a well-known name in the industry. In its pursuit to expand geographically, WazirX has recently acquired Binance Holdings, which is the world's largest exchange. WazirX also offers its coin, WazirX (WRX), that traders can buy at discounted prices on their website. Unocoin: Founded in 2013, this Bengaluru-based exchange has the reputation of being one of India's oldest cryptocurrency exchanges. It deals with Bitcoin, Ether, and Tether. Unocoin offers benefits like Over The Counter (OTC) and Systematic Investment Plan (SIP) to its investors for trading ease. It also allows buying and selling in INR while matching the Bitcoin orders with other users, which is a significant advantage for the Indian traders. Zebpay: Zebpay is among the largest and oldest cryptocurrency exchanges in the country. It developed its platform in 2015 and has been claimed to serve over 3 million users over the years. The platform is designed using a clutter-free approach. Users with little or no experience in crypto trading could also operate it with ease. It also boasts of multi-level security protocols with Omnitrix firewall protection, protecting users' privacy and data on its platform. Coinswitch: Coinswitch offers its users a variety of 100+ cryptocurrencies and thousands of trading pairs to choose from and trade from. Traders can use several fiat currencies and even use their credit/debit cards to complete their transactions with ease on this exchange. It has also partnered with some of the leading cryptocurrency exchanges like Binance, Garuda, Coinomi, and more to ensure their customers get the most services under one roof. CoinDCX: One of the most versatile crypto exchanges, CoinDCX, gives you the benefit to trade in over 200 coins with the highest liquidity. Headquartered in Mumbai, Maharashtra, CoinDCX provides its users with a wide range of financial services backed by robust insurance protection. It also offers an integrated suite that allows the users to buy different cryptocurrencies in one place with the Indian fiat. Some of the additional features provided by CoinDCX are price conversions, unlimited trading with a nearly limitless order book, and attractive interest rates on lending for its users. BuyUcoin: BuyUcoin amassed immense popularity among cryptocurrency enthusiasts because it was among the peer-to-peer transaction model pioneers for its investors. This, coupled with the multi-cryptocurrencies available to choose from, making it a hit in the domestic cryptocurrency exchange markets. BuyUCoin also does not charge any money from the users for the withdrawal of INR from the wallet. Since its inception in 2016, BuyUcoin has conducted over USD 50 million in trade and continues to grow. Colodax: Colodax was created to speed up the user transactions and trade executions while trading in cryptocurrencies. It is developed by the same team that made CrypDates; the emphasis on robust security systems has been one of their top priorities. All the user data is protected using elastic, multi-stage wallet strategies that allow cold storage of data spread across the country. The transaction speed is maintained by an automated monitoring platform that expedites transactions and helps the users in fast deposits and fast withdrawals. Conclusion: With the increasing competition in the cryptocurrency exchanges in India, the investors and crypto enthusiasts see this as a golden opportunity for them. The hype has amplified with the foreign exchanges either coming to India or partnering with the domestic players in the crypto market. It opens up the country's industry and will also give a much-needed push to the Indian crypto market compared to the fast advancing global markets. Suppose you are still considering which exchange, to begin with. In that case, you can even read up their blogs, and most of these crypto exchanges have investor education articles to help their users make the right choice.

A loan above your borrowed loan amount- that's the top-up loan Now and again, you need another assistance to satisfy your fantasies. How great would it be if somebody comprehends your financial goals and is consistently there to support you? One such item that satisfies the models is a top-up credit/loan facility. The top-up credit is budgetary assistance given by banks or lodging account organizations so you can, without much of a stretch, satisfy your fantasies with a little extra financial help. To defeat any budgetary crunch, individuals can apply for a top-up advance on the current home/auto/individual creditor can take another individual advance. While these credits are effectively accessible, borrowers should choose the fitting advances according to the requirements. If your incomes have been influenced by the pandemic and searching for credit, you can think about a top-up home advance as the principal alternative. It is a beneficial decision compared with different choices, for example, individual credit, advance against property, or some other resource upheld advance, mainly if the sum you are looking for is huge. What is a top-up home loan? In simple terms, a top-up loan means an additional borrowed sum upon the principle of the earlier existing home loan. Such top-up loans extend the payable years and reduce the EMIs over some time. Whenever a debtor has a pre-existing loan for his home payable in 6 years, and aiming at a singular renovation or remodelling, seeking a top-up loan from the already existing loan provider shall get him a better deal with much lesser interest rates than getting a new loan altogether. The deal will be more feasible than a personal loan for house renovation. How to take a top-up loan? A top-up credit advance is a loan given by the bank well beyond your already existing home loan. It is much the same as you top-up your mobile internet pack or talks time schemes in case of a balance shortfall. Just the same way, banks also give an additional sum over and above your existing loan balance. It may have expanded your interest to find out about the item. The extra bit of leeway that accompanies top-up credit is that it usually doesn't expect borrowers to give new documentation as of now with their current moneylender. Eligibility for getting a top-up home loan: The top-up credit isn't accessible to every individual who has profited a home advance from a bank. A few elements are contemplated before giving the top-up advance. Banks check the reimbursement capacity and past histories corresponding to the reimbursement of the past home advance. On the off chance that the credit report is good, the banks award the top-up advance by charging some processing expenses. At times, banks even defer the handling expense. Banks request a declaration of loan repayment history since top-up advance is additionally delegated a home advance on their books. The self-revelation is an administrative technique. If a borrower expresses that the purpose behind the top-up advance is other than remodelling, fix, or augmentation of the house, a few banks charge them a higher rate proportional to credit against a property. NBFCs and Banks permit the borrower to take a top-up a year after the home advance payment, given the borrower has the ownership of the house. The budgetary organization additionally takes a gander at the reimbursement history of the borrower. The advance is allowed if there has been customary reimbursement for in any event a year. If you have opted for their moratorium feature, NBFCs and Banks could decide to deny you the top-up advance. Other Highlights of Top-Up Home loans: ● Lower Interest Rates: A top-up home loan, to some extent, attracts a higher interest rate than your base home loan principal. This rate is, however, too modest compared with the personal loan interest rates. On the off chance that a bank is eager to surrender you a top home-loan of somewhere in the range of 8% and 9.25% interest, the IR against a new home or gold loan would be higher by at any rate one rate point. However, availing personal loans are much more costly. Top up home loans of some reputed banks. ● Duration: The top-up advances are either given for the remaining time of the current home loan or for a time of 10 years—the duration changes from bank to bank. Indeed, even the tenure for a top-up home advance is longer, bringing about a lower compared to regularly scheduled payment (EMI). Normally, the residency of a top-up credit relies upon the current home advance. Most banks and non-banking budgetary organizations (NBFCs) choose the top-up advance residency in such a way that it completes alongside your progressing home advance. Suppose the staying residency on your current home credit is 10 years. In that case, the financial institution may give the top-up for the respective period. Check the below illustration to compare the different parameters. ● Use: You can use a top-up home credit for reasons for adjustment or development of your home or meet your home furnishing aspirations etc. However, it is not possible to use a top-up loan facility for speculative reasons and goals. The greatest top-up credit a borrower can benefit from varies from one bank to another. It additionally relies upon the initial principal sum, duration of the same, EMI, interest rate, etc.

Gold has always been an important metal in Indian families—the maximum amount of gold bought in any family is during a wedding. According to a few reports, it has been found that Indian households have over 20,000 tons of gold lying idle. The Reserve Bank of India has an excellent idea to use this idol gold into a productive asset. The government of India launched this scheme called the Gold Monetization Scheme. This scheme's primary purpose is to mobilize the gold and help reduce India's dependency on foreign countries for gold import. GMS compilation of previously existing schemes called the gold deposit scheme and the gold metal loan. So let's understand what the gold monetization scheme is. GMS is a scheme where the user can deposit the gold they have into their GMS account. It would let you earn interest as the prices of the gold rise. It has multiple benefits of depositing gold. 1) Mobilize idle gold: Indian families have made this mistake by keeping the gold idle in their household. But according to the record, the price of gold has always been increasing. So by depositing the gold, it will help stabilize the national market and further help the jewellers and the Indian jewellery sector a lot. It will create an excellent opportunity for gold and help in exporting works, drinking, and much revenue in the country. 2) Earn interest: the gold lying in your house or the locker becomes more of a liability to you. Using it as an asset and earning money from it is the wise move anyone can make. Storing it in the house or the locker creates a sense of anxiety as a constant worry of its safety will trouble you. Thus, by investing in the gold monetization scheme, one will earn money from it and need not worry about its safety. 3) Safely stored: as discussed in the previous point, the storage of gold in one's house or the locker can create a sense of anxiety. And this calls for more investment into the safety devices of the house. To save a great deal of money and keep the gold safe, the scheme is the best place to invest. It is doing to help you deal with the problem. 4) Tax benefits: according to the policy, the amount earned from the gold deposited in the scheme does not fall under any taxation norms. Thus, the money earned is transferred to the recipient's bank account. The interest earned on the gold is also not included in the capital gain taxation policy. The scheme is available at all branches of all the banks. Usually, all the gold collections are done at a dedicated place called the Collection and Purity Testing Center. The depositor will start earning interest from the day the gold is converted into pure gold bars or, more precisely, 30 days after the receipt of gold. There is also an eligibility criterion for being able to deposit gold under the Gold Monetization Scheme. Those are: 1) The Depositor should be a resident of the country. 2) Any Proprietorship and partnership firms 3) Central Government and State Government of any institute owned by them. These also include the charitable trust and the Mutual fund registered under SEBI. The Good Monetisation Scheme has three main types of deposit scheme under it. They are: Short Term Gold Deposit This deposition policy has a tenure of one to three years. It has a minimum gold deposit amount of thirty grams. In this policy, the interest rates are decided by the respective bank. The lock-in period is decided by the banks too. But one interesting thing is that the amount returned is in the form of gold. The gold deposited in this policy is usually given to the jewellers as a loan. Medium Term Gold Deposit This deposition policy has a tenure of five to seven years. It has a similar minimum gold deposit amount of thirty grams. In this policy, the interest rate is 2.25% per annum. The lock-in period is for three years. The interest earned is transferred in terms of currency and not in the form of gold. It is better as the money could be used to invest in other places. Long Term Gold Deposit It is exactly like the second deposition policy. Still, the tenure ranges from twelve years to fifteen years, and the interest rate increases to 2.5% per annum. The lock-in period is five years in this case. Thus, under GMS, the mobilization of gold through the lending of gold to the jewellers helps balance the economy and reduce the dependency on foreign countries for importing gold. Many would-be wondering about the existence of Gold Metal Loan. In this matter, the RBI has stated clearly that the two schemes would be running parallel to each other. Banks offering Gold Monetization Schemes: SBI Gold Loan: Most reputed public sector bank, SBI provides gold loans at a low-interest rate. The loan is especially beneficial for people looking for loans for agricultural purposes. It gives a lower interest rate for agriculture purpose gold loans. ● Interest Rate: 7.50% ● Loan Amount: INR 20000- INR 20 L HDFC Gold Loan: A reputed private sector bank, HDFC provides gold loans starting from 9.90% for up to 2 years. They also offer a lower interest rate for agriculture loans against gold. ● Interest Rate: 9.90% ● Loan Amount: INR 25000- INR 50L ICICI Gold Loan: ICICI offers gold loan at varying interest rates for different purpose. The loan amount is decided by the purity of gold and other essential parameters. ● Interest Rate: 10.00% ● Loan Amount: INR 10000- 15 L PNB Gold Loan: Being the second-largest bank in India, PNB offers gold loan at a modest rate for % ● Interest Rate: up to 12 month ● Loan Amount: INR – INR 10 L Axis Bank Gold Loan: They offer a gold loan for a period of 2 years at zero prepayment charges. ● Interest Rate: 13% ● Loan Amount: INR 25000- INR 20L Benefits: India houses a significant proportion of its gold reserves at homes. It is a valuable commodity that can be liquidated quickly. In situations like a crisis, gold loans can help you meet your everyday needs at a low-interest rate. From this article, we would like the readers to understand the importance of using the house stored serviceable gold as an asset and earn an extra income from it. It is an excellent way of earning more in today's world of inflation and hiked up the prices.

Hedge for your Child's Education Expenses Even though a necessity, education is fast becoming a luxury for the middle class and the poor. Following a steeply rising curve every year, it has become a daunting task to ensure your child gets a proper education. It has forced people to start pre-planning and look for instruments to provide a safer, more secure tomorrow for their children. If you surf across the available options, most of them either suffer from low returns or aren't secure enough for us to trust them. The majority of them are also tax-inefficient, further curtailing the feasible options to invest. When nothing goes your way, a PPF (Public Protection Fund) account for minors can suffice you. As per official records, the government added 78,58,394 accounts, out of which 88,550 were minor accounts in 2019-20. This article discusses eligibility and why you should deliberate about getting a PPF account for minors ASAP. Who is eligible for opening a PPF account for a minor? A resident individual, a minor's legal guardian or natural guardian, can open a PPF account on behalf of the minor. Both parents can open a single account for the child, and they cannot operate multiple of them for the same individual under any circumstances. You cannot open a PPF account for a minor in joint names. The individual must apply for a change of ownership after attaining 18 years of age. Benefits offered Here is why opening a PPF account for minors is beneficial for your family – Helps save for the future – A PPF account for minors is one of the most secure ways to start saving for your child's future. Tax benefit - The government allows a deduction to the tune of INR 1.50 lakh per annum under Section 80C of Chapter VIA. If the parent already has a PPF account, the total deduction cannot exceed INR 1.50 lakh. No age bar – There is no restriction on the age limit to open a PPF account for minors. Exemption on interest – PPF falls under the EEE category, i.e., the investment amount is exempt to a certain extent. The interest is tax-exempt, and there is no tax on withdrawals. Information required to open a PPF for minors account You can open a PPF account for minors with any designated bank branch or post office with the authority to create them. The parent has to provide the following details alongside the account opening form – Age proof of the minor KYC documents of the parent along with his photograph Initial cheque containing the amount that he/she wants to deposit (must be INR 500 or above) A filled-up account opening form Name of the nominee Investment size Irrespective of whether the guardian has his/her PPF account, he/she can invest a maximum of INR 1.50 lakh per annum in the PPF account for minors. The minimum contribution is INR 500. Even if you invest higher than INR 1.50 lakh, you are not eligible for interest on the exceeding amount. Withdrawal facility Starting from the seventh year, the depositor has the right to make partial withdrawals from the PPF account. If it is made from the minor's account, the guardian must submit a declaration that the withdrawal will only be used for the minor's benefit. For extended PPF accounts (post 15 years lock-in period), the account holders can withdraw money once in a fiscal year. The amount of withdrawal depends on the option that you have chosen while availing extension – with or without contribution. For without contribution accounts, the holder can take out the entire money at once. If you have chosen the other scheme, he can withdraw a maximum of 60 percent of the fund's balance at the beginning of the year for the next five years. Can parents seek closure of the account before the minor turns 18? In some specific cases, the parent can request premature closure of the account. Such appeal will only be heard after completion of five years of opening the account. The bank or the post office will only abide by it if the money is utilized for higher education or medical treatment of the minor. In the latter case, the guardian will have to submit supporting documents from a competent medical authority. Rate of Return People invest in PPF, not for returns, for security. But it offers higher-than-average returns too, making it a beneficial investment. Currently, the maximum interest rate that you can generate from PPF is 7.1 percent for the current quarter. It is far better than the paltry savings account rates, but not as good as mutual fund returns. The interest rate fluctuates every quarter but do you care about returns about safeguarding your child's future? Wrap up It is always advisable to get a PPF account for minors to cater to your child's future. There can be some who may find the 15-years lock-in cumbersome, but there are reasons behind it. Once the period is over, you can inform the requisite authority to encash the funds or extend it for five years. If there are no immediate needs, an extension is a better option as you get to withdraw some funds every year as per your child's requirement.

What are Corporate Deposits - Safe Bet for Individual Investors? The corporate FDs are issued without any collateral. It is an unsecured form of investment, that is why the rate of interest is higher in comparison to bank fixed deposits. All those who were investing in the Corporate Fixed Deposits should decide after checking the credit rating and present market position of the company. The credit rating helps in determining how safe a bet it is. Diligence is required not only at the time of investing but even after that. It is a must to keep track of the financial performance of the company by checking its quarterly results frequently. The moment you realise that the company’s performance is declining, take an exit from the company immediately. Steps to Follow While Choosing a Right Corporate Fixed Deposit Scheme ● Properly evaluate the credit rating of the company by taking the help of the credit rating agencies such as ICRA, CARE, and CRISIL. ● Compare for the interest rates offered by various corporates as it will help in choosing the best corporate fixed deposit scheme. ● Every company sets a maximum and minimum amount for fixed deposits. In case you are willing to make a Corporate FD of amount 25000, but the corporate you have chosen has a minimum FD amount of 50,000. So better to check it before. ● Invest only in AAA accredited corporates to ensure the safety of the capital. Who can all apply for Corporate deposits? ● Individuals ● NRIs ● Senior Citizen Documents required: ● PAN ● Aadhaar ● Passport Age criteria: ● Above 18 years ● A Guardian can open a minor account under their supervision Know About the Interest Rates Applied to Corporate Fixed Deposits The interest rate applied to Corporate Deposits is both on a cumulative & non-cumulative basis. The customer can go with any of the schemes as per its choice. Any individual who is willing to get income on a quarterly, monthly, or yearly basis should always go with non-cumulative schemes. Any individual who is looking for long-term savings should go with cumulative schemes. It is imperative to understand that in both cases, the interest rate is subject to change based on the financial position of the company at present. At present, the interest rate offered on Corporate FDs falls between 6-8 percent based on the investment tenure. Know About the TDS Deductions Applied to Corporate Deposits If the interest amount earned in Corporate deposits exceeds 5000 a year, in that case, you are liable for tax deduction at source @10%. In case the depositor falls under the category of nil tax slab, then he or she is required to submit Form 15H in advance during the starting of each financial year. How Corporate FDs are Different from Bank FDs Investing in Corporate fixed is not much more different from bank Fixed deposit. When you apply for a Corporate Fixed deposit, you need to visit the website of the company or approach the company by making a personal visit. The risk associated with corporate deposits is much higher. It is known as a default risk that you may not be able to get the invested amount on maturity in case the company is facing a loss or has gone bankrupt. Here is a table that helps you in understanding well the difference between Corporate deposits and bank deposits. For Whom Corporate FDs are good? It is considered a better option for Senior citizens who are looking for a regular source of income post their retirement. The interest rate offered to senior citizens is slightly 0.25 percent more as compared to the standard corporate deposit rates offered. Who Should Not Invest in Corporate FDs? ● If you are a conservative nature of investor, then it is not a wise decision to invest in Corporate Fixed deposits. The reason is that it bears default risks; the corporate may not return the money invested by you for varied reasons. When you are going for Corporate FDs means you are concentrating funds into a specific corporate, that may prove to be a risky portfolio. ● If you are not much sure about the company prospects, then it is best to invest in short term deposits. The tenure of corporate deposit usually ranges from 1-3 years. ● You should never make Corporate FDs in one company, diversify your funds in multiple companies to reduce the risk to some extent. Here is the List of the Top Corporate Fixed Deposits of India: ● Ansal housing and construction ● ICICI Home Finance Limited ● HDFC limited ● Surya Roshni Ltd ● Jindal Stainless Ltd ● Shri Ram Conclusion If you are willing to achieve a financial goal within a tenure range from 1-5 years, then Corporate Fixed Deposits prove to be the best fixed-income instrument to get a higher return on your investments. Only a financially savvy person who is ready to take higher risks understands and estimates the corporate FDs well. The risk associated with these investments reflects the issuer’s strength. If you leave aside the insurance amount, which is minimal, you are getting higher returns on Corporate FDs.

A well-organised travel plan is incomplete without travel insurance. Whether you are travelling for business purposes or going for a personal vacation, insurance will ensure peace of mind and your health. You can focus on the core task if it's a professional tour and enjoy it to the fullest if it is a family vacation. What does Travel Insurance Mean? Travel insurance covers any unexpected losses that the traveller might experience during the journey. There are various types of travel insurance that you may avail, such as domestic travel insurance, student travel insurance, overseas travel insurance, senior citizen, group travel, and family travel insurance. You may choose the type of insurance accordingly. Be thorough while reading the terms and conditions of the policy. Disclose genuine information required by the company and purchase the plan that best suits your travel needs. The cost of insurance depends on various factors like age, type of travel; it also differs for different companies. Damages Covered in Travel Insurance - Financial losses - It includes any loss or theft of the passport or baggage. In case of any misplaced luggage or loss because of negligence, you will get everything covered in the policy. Medical emergency - It covers the emergency medical expenses that may occur during the tour. You need not worry about the hospital expenses that will be very well taken care of by the insurance company. Cancellation or delay - There is always a slight chance of ticket cancellation due to various reasons. Missing the flight, health issues, and family concerns like death or accident of any family member are some of those reasons. Emergency flight situations - By any chance, if the flight is hijacked or the flight returns due to natural disasters, the insurance company covers the loss. Damage of personal property - Loss of personal stuff because of any urgent situation is also a part of insurance policy coverage. The policy also covers the injury that may occur to a third person while travelling. Significance of Travel Insurance - Safety matters - No matter how well you plan for your trip, there are always uncertainties that may spoil the tour. Safeguard yourself from the financial or personal loss that can occur because of any unforeseen event. Instant medical help - The policy covers medical emergency issues due to illness, accident, or injury of any kind. The cashless admission in the hospital is a predominant aspect of the travel insurance policy. You don't need anyone for any medical emergency conditions. The customer care executive will contact the medical centres directly to help you out. A friend in need - If you are in an unknown city or country and you need urgent assistance of any kind, then travel insurance can be your best friend. Not only the personal losses are covered, but also the emergencies can be managed effectively. Rules of different countries differ - In a few countries, it is mandatory to have a travel insurance policy like the USA, Russia, Cuba, Qatar, Turkey, Antarctica, and The United Arab of Emirates. If you do not get insured and fail to show the documents necessary for the completion of the immigration process, then you might not be allowed to enter these countries. So quick research on this might smoothen your travel. Mental peace - Any personal loss, theft, accident, medical emergency, or baggage misplacement can be highly stressful in an unfamiliar place. Free yourself from all the worries that might entangle during your journey. Insurance of your tour will ensure a hassle-free travel experience. Additional Advantages of Availing Travel Insurance - Convenient process - With varied types of policies, the traveller will get the insurance that is aligned with their travel needs. Few people are frequent travellers and are vulnerable to a mishap that would hopefully not disrupt their tour. If any disruption happens, the customised travel insurance will get it covered. All-round protection- From financial, property, or baggage loss to medical emergency needs, the policy covers all kinds of mishaps that might interfere in your joyful tour. The quick response of the insurance team will further ease the process of the claim. Who All Can Avail the Travel Insurance - The insurance companies design customer-centric policies in a way that is advantageous to distinct groups of people travelling for various purposes. Every traveller needs protection against all-natural calamities and other unfortunate occurrences during the travel. These policies are essential for senior citizens. They can get medical services instantly, as they are more vulnerable to various illnesses. Student travel policies provide medical safety to students who travel abroad to seek further education. Suppose you are travelling with your family and you are anxious about financially safeguarding them from any unfortunate accident or injury. In that case, you as a policyholder can purchase the insurance policy for your family. Hence all kinds of travellers can avail of the insurance policies and travel without the baggage of worries. Conclusion Pick the best company and policy that perfectly suits your requirements. A little research can go a long way in protecting you from any kind of adversity. Compare the prices online, read the essential features of the policy, and then decide on buying the optimum policy of your choice.

Get a debit card by pledging your securities/MF The secret of making wealth is not saving money, but making more money. With such unpredictable times and fluctuations in the global economy, every country is anxious to boost its GDP and ready to take steps in its favour. In a significant move towards making India 'Atma Nirbhar', the Reserve Bank Of India gives a green signal to banks for providing digital debit cards to personnel using overdraft facilities. These debit cards will be a game-changer in providing easy and upgraded payment experience against all your assets when the market is about to restart since the pandemic. Read the complete article to get all the updated news and information on getting a debit card by pledging the securities. What is Loan Against Securities(LAS)? The Loan Against Securities is an overdraft facility provided to ensure better lending of funds and also pledging equivalent collateral in case of any mishappening. The only twist in availing a personal loan and loan against securities is that the security is your assets in the latter. The Securities in an overdraft facility include demat shares, savings bonds, and mutual fund units, etc. The main benefit of choosing loans against securities is that they are available at fewer interest rates than unsecured loans like personal loans. The New Facility As per the latest guidelines by the Reserve Bank Of India on loan against securities, ICICI bank has initiated providing debit card facility to those who are availing a loan against securities. The card is available on the Visa platform providing payment options on all merchant establishments like e-commerce and POS transactions. The sanctioned amount of the loan against securities is the limit to which funds can be overdraft and has a lesser interest rate than unsecured loans. The main highlight of this digital card is that the value of the sanctioned amount automatically updates as the value of the asset (security) is updated. How to Avail the Facility The latest directives from RBI include the issuance of new debit cards to all the new customers availing the loan against securities. The card will get automatically renewed on renewing the LAS account. The card will be functional across all the online payment platforms. The existing customers of the loan against securities will get a debit card too. Now that we have seen how to avail the benefits, let's look at the eligibility to avail the benefits: The applicant must be 21 to 75 years of age with a valid email ID and mobile number. Demat Shares: Only Individuals can apply. [Hindu Undivided Families (HUFs), Companies, Partnerships, Sole Proprietors-are specifically excluded] Loans are granted only against the list of approved scripts, as determined by ICICI Bank. For Equity oriented funds – Only Individuals can apply. [Hindu Undivided Families (HUFs), Companies, Partnerships, Sole Proprietors are specifically excluded.] For Debt Funds/FMP/ETF – Individuals, Hindu Undivided Families (HUFs), Companies, Partnerships, and Sole Proprietors can apply. Loans are granted only against the list of approved Mutual Funds/ schemes, as determined by ICICI Bank. Features of the new facility Get a debit card worth the amount equivalent to your assets. Pay lower interest rates. Get a digital debit card issued in one business day that is functional across any payment platform. Get a physical card issued in seven business days. Enjoy uninterrupted and hassle-free services with auto-renewal. Mobile banking and internet banking facilities. Benefits of pledging securities for loan The debit card authorises payment of INR 3L each on POS and online transactions daily. The digital card is generated in one business day on the app and can be used readily for online purchases. The debit card will automatically renew on renewing the account. Impact on the Economy The latest measures being taken by the RBI in boosting the Indian economy enlists many reforms that are successfully functioning. The issuance of debit cards on loan against securities aims at simplifying the process of evaluation of assets and getting a loan worth the amount. The debit cards will help many MSMEs, businesses, and personnel with assets to leverage their value. The flow of funds across various sectors will revive the dying businesses, and also the assets will get the proper value. With small steps at a time, cashflow will regain its natural momentum, and the asset will increase in its value. With this, the LAS card will also get updated with the latest value of the asset. Conclusion The best countermeasures for a pandemic are also failing to revive the dying global market, and the economies have been devising new methods to counter barriers. The latest policies and reforms include methods that give easy access to funds and also ways to resurface assets that can be valued to get better results. You can now get a valuable debit card against your loan as securities or mutual funds which makes everyday life comfortable and secure. The loan against securities aims to provide the best value of the assets at a lesser rate of interest. The policy of issuing debit cards on the overdraft amount will surely attract buyers and sellers to use their asset's value to sustain and grow their businesses. ICICI Bank is the first to launch the facility, and it aims at easy accessibility to sanctioned amounts and a greater generation of value.

Top Five Automatic Wealth Advisors in India Robo-advisors have gained immense popularity over the past few decades, thanks to constant advancement in technology. These digital platforms use Machine learning models and Artificial Intelligence for developing tools and advanced features that aid the investor in making informed decisions about their investment. Robo-advisory, when compared to a traditional advisory, is inexpensive as there is no human labor involved and requires low to moderate capital to get started. Moreover, it is accessible round-the-clock and is highly efficient. Robo-advisors are the best alternatives available to amateur investors as they are user-friendly. In India, assets under management (AUM) within the Robo-advisors segment amounts to USD 42 million (Statista Report, 2019). It’s evident from the growing popularity of this sector that it will continue to thrive in the coming future. The following list provides brief information about the most popular automatic wealth advisors operating in India; Scripbox: Scripbox.com is a Bangalore based asset management group founded in 2012. It is the parent company of another financial advisory platform, Upwardly. It has accomplished success by becoming the fastest growing financial advisory company in the last few years. The company provides complimentary Robo-advisory service to users planning to invest in mutual funds. They help them pick the best portfolio plan from the available options. Furthermore, a brief description of the return on investment and benefits is available. No registration or sign up required to use these services. Goalwise: Goalwise, founded in 2015, is one of the most popular automated wealth advisors in India with over 14000+ users across 400+ cities. In addition to suggesting best mutual fund plans to its users, Goalwise’s Robo-advisor does portfolio rebalancing, risk profiling, advanced goal planning, and goal tracking for the investor. However, to use these facilities, an investor needs to register on the company’s website as well as complete the online KYC process. Tools like calculators are available to use for free. Goalwise also provides Zero-Commission direct plans to the investors for free. 5paisa: 5paisa is one of the top ten discount brokers in India with an extensive user base. The website provides access to risk profiling free of cost, and for assessing other features, one needs to buy the available subscription plans. 5paisa helps the investor in building investment portfolios through its Smart Investor feature. This feature involves portfolio modeling and other advanced research tools which help the investor in knowledge-based decision-making. Another feature introduced by 5paisa is the Portfolio analyzer, that helps in calculating the true market value of the portfolio, checks the DVM (Durability, Valuation, Momentum) score, performs decision analysis that helps in making decisions about buying, holding, or selling of the stock and gives information about how diverse the portfolio is. It also provides details about the valuation trend by calculating the P/E ratio, which is a crucial part of the fundamental analysis. Invezta: Invezta’s Robo-advisory service provides various advanced tools free of charge, which helps the investor in making informed decisions about their investment. The following are the tools provided by Invezta; 1. SIP Calculator 2. Hybrid Portfolio Analyzer 3. Fund picker 4. Return Analyzer 5. Fund Card 6. Scheme Rolling Returns 7. Fund Manager Details 8. Portfolio Overlap 9. AMC dashboard 10.Sector Wise Holdings. All these tools or features serve as a guide for the investor so that his investment decisions are purely based on facts and detailed analysis. Invezta has a user-specified goal-oriented interface. Invezta provides quality advice to the people backed with high-tech research. It offers three plans to the investor; Starter: All the investments up to INR 50,000 are free. Basic: To avail of the benefits of this plan, INR 79 per month is to be paid. Premium: Under a premium subscription, INR 109 is to be paid per month. All the features provided under the basic plan plus other features, such as portfolio rebalancing, exclusive funds selection, and personalized allocation, are available. Orowealth: Orowealth is a financial advisor company based in Mumbai. It was launched in 2016 and has performed competently ever since. Its Trademark, OroAssist, helps in rebalancing the investment portfolio through constant scanning of the investor’s portfolio and helps in selling, buying, or switching the multiple funds concurrently with just one click. Another feature provided by Orowealth involves automated tracking of the portfolio, which can be easily done by linking the Gmail account of the investor and is free of charge. Their website provides various SIP calculators that are easy and free to use. In 2018, the company got an award from HDFC Mutual Funds for being one of the wisest advisors in India. It currently has a user base of 2 lakh+ users. These were the top five automatic wealth advisors in India, but the list doesn’t end here; there are many more such advisors; Angel Broking AQR, Arthayantra, 5nance, Bodhik, FundsIndia, Upwardly, Groww, Fisdom, etc. The Robo-advisory sector is gaining momentum in India despite its small market size. Due to its scientific research-based approach towards providing investment-related advice to investors, especially to novice investors, many broking firms and fintech companies have recognized the need for Robo-advisory. Thus, they are innovating their products in a way so as to give accurate as well as wholly automated wealth advisory to the Investors.

Rakshak Policy We all are well aware of the threat that has put the world in danger. . The spread of COVID-19, a respiratory infection caused by the new coronavirus SARS-CoV-2, is declared a global pandemic and has changed everybody’s life in every aspect. India has reported more than 73 lakh cases.While the government and health workers are doing their best to curb the virus, it is important for us to take safety measures too. ? Along with social distancing and hygiene, this year has also laid emphasis on the importance of having health insurance. What is Corona Rakshak Policy? The Indian Insurance Regulatory Authority (IRDAI) has exclusively made it mandatory for all insurance companies to have a policy to cover for COVID-19. One such plan is the Corona Rakshak, a short-tenure policy that can cover all your expenses in case you test positive for the coronavirus disease. According to this policy, a one-time payment of 100% of the insured amount is provided in case of a positive COVID diagnosis. The coverage is provided when the diagnosis is made by a state-accredited diagnostic centre and for hospital stay of at least 72 hours. After payment of the insured amount, the policy is closed, and there is no possibility of renewal. You also do not have the option to migrate or transfer the policy from one insurance company to another. Main features of Corona Rakshak Policy:- ● Eligibility Anyone between the ages of 18 and 65. ● Sum Insured The minimum sum insured is ₹ 50,000, and the maximum is ₹ 2.5 lakh. ● Lump-sum Payment 100% benefit for a positive COVID diagnosis by an authorised government centre. ● Scope of Coverage 100% of the insured amount if the diagnosis confirms the presence of COVID-19 and requires hospitalisation for 72 hours in a row. (All India coverage) ● Waiting period Fifteen days. ● Policy tenure Individual policy for 3 ½ months, 6 ½ months, and 9 ½ months (No Annual policy term). What is included in the policy? ● Hospitalisation Expenses Costs for nursing, hospitalisation, room charge, costs for masks, PPE equipment, oxygen, gloves, ventilator costs, and diagnostic tests are covered by this plan. ● ICU Facility The amount of insurance coverage also includes the cost of ICU. ● Ambulance Service Ambulance expenses are also compensated up to a limit of ₹2,000. ● Home Treatment If the patient needs home care for up to 14 days, the insurer will reimburse him/her. ● Pre and Post Hospitalisation The policy also covers medical costs incurred before 15 days of hospitalisation and after 30 days of discharge, including diagnostic expenses. ● AYUSH The plan also covers AYUSH treatment guided for COVID-19 patients by the government. What is not covered? ● Treatment outside India. ● Any diagnosis unrelated to Covid-19. ● Hospitalisation costs for diagnostic and evaluative purposes. ● Cost of testing at an unknown diagnostic centre. ● Treatment for an existing disease. ● Any request for treatment with Covid-19 before or during the waiting period. Benefits of Corona Rakshak Policy over a Normal Health Insurance Regular health insurance does not cover expenses towards PPE kits, masks, gloves, etc. while the cost of these products is covered under the Corona Rakshak policy. Normal health insurance may not cover AYUSH treatment and home care facilities. Usually, health insurance comes with the plan of monthly, quarterly, and yearly payment methods while it’s a one-time payment (single-premium plan) under Corona Rakshak Policy. FAQs Related To Corona Rakshak Policy ● Is a pre-medical examination (PPMC) required to purchase this policy? No, you don’t need any PPMC. ● What are the benefits of this Corona Rakshak Policy? Corona Rakshak Policy promises to provide a one-time payment equal to 100% of the chosen insured amount if the insured’s test for COVID-19 is positive and requires hospitalisation for at least 72 hours without interruption. ● Can I get this policy for my parents? The policy can be used by an individual and the following family members: Wife/husband Parents and in-laws Children ● Do I have to wait for the Corona Rakshak Policy to be applicable? Yes, the initial waiting time is 15 days from the start of the Corona Rakshak Policy. ● Is there a limit to stay in the hospital? There is no limit to the number of days. The maximum coverage available is up to the sum insured. ● Are there any additional benefits covered under the Corona Rakshak Policy? No, Corona Rakshak Policy does not offer any additional benefits or coverage. ● Can the Corona Rakshak Policy get cancelled? The company can cancel the policy at any time due to false statements, non-disclosure of relevant facts, fraud by means of 7 days written notice. In case of cancellation due to a false declaration, the insurance premium is not refundable. ● Is this insurance good for you? The Novel Coronavirus has infected millions of people worldwide. And the infection shows no signs of declining. Therefore, it is best to have their own Corona Rakshak health insurance to be financially secure in the event of a COVID-19 medical emergency. For maximum benefits, this comprehensive health insurance that protects against a wide variety of diseases, including the coronavirus, is best suited for an individual.

Top 5 Expense Tracker Apps In India Meeting financial goals is now easier with the advent of amazingly efficient apps that can transform the way you spend. Your money is managed in just one click. Smartphones have provided smart ways to deal with your everyday finances. Tracking expenses can have many more benefits than one can ever expect. Maslow’s hierarchy of needs strongly commands financial security as a significant need for human beings. Digitalization has invoked new ways of financial management to help ease the burden of handling your expenses. Given below are the five highly effective apps that can simplify the way of tracking expenses- WALNUT APP –The dry fruit walnut is considered as the brain tonic; likewise, the app walnut provides mental peace by managing your money. With more than 5 million downloads, it is one of the highly liked apps which is among the top 25 most popular applications on the Google Play store. Some of the awesome benefits that you can avail from this app are – ● You can categorize your expenses in different sections such as food, entertainment, shopping, etc. ● Transferring money to friends and split spends are made simpler through this app as you can send or request money for free without any requirement of IFSC code or bank account number. ● Bill reminders are designed to remind important payments on time. ● You can pay your credit card bills directly from the app. ● One of the most demanding features of this app is the ATM with cash feature, which helps searching for working ATMs near you. FINART APP - Develop the art of managing money tactfully with this easy to use the app. As the founder of this app, Dinesh Garg believes that managing finance is an art and can provide a more relaxed and blissful life when managed effectively. It is keeping the privacy mode as a significant feature in this app. It provides high-end security features to the users. Some of its advantageous features are given below- ● The app uses artificial intelligence to provide flawless tracking of expenses by recognizing SMSs related to expenses. ● The machine learning system can track and record accurate data on the amount of expense, date, category of spending money, and due date of bills. ● You can quickly know your account balance which is represented in a visually attractive manner. It helps in tracking expenses just by a glance. ● Everything is done automatically; no manual filling of data. ● You have to pay a nominal amount of Rs. 499/year for the subscription. ● This user-friendly app is providing great customer satisfaction, and would reach the list of highly subscribed apps in the coming years. MONEY VIEW APP – Money viewing experience is transformed with this effective money managing app. With more than 10 million downloads Puneet, the founder of the app aims to provide complete financial management to the users in a simplified manner. You can organize your finances in a better and more efficient way with this app. The name of the app signifies a “Single view” of money for all your expenses. Several features that can help you manage your budget with this app like – ● You can get a complete view of all your expenses which is automatically categorized through tracking SMSs in a secured manner. ● With the budget tracking feature, you can easily prepare yourself for the unforeseen future and enjoy valuable savings that you can plan to organize later in a better way. ● No matter how busy you are, you will always pay the bills on time with the payment reminder option. ● Moreover, you can get an instant loan by a hassle-free way of uploading documents. ● “A money saved is money earned” keeping this proverb in mind it has partnered with ICICI prudential mutual fund and launched the green account platform offering products like savings+ and TaxSaver+ to encourage users to save more. YNAB APP – With more than 1 million downloads, the app runs on a strong money management philosophy that has an only a one-time fee. YNAB (You Need a Budget) encourages users to have complete control of their money. The app has been in service since 2004; hence you can assume its high-end features that can well manage personal and business budgets. With this app, you can ensure less extra spending, and design and develop good habits for expenditures. Some of the features that you can look for are – ● It prevents overspending of money by sharing real-time information on the finances from any device, at any time. ● It gives you the option to sync all your bank accounts in a single place and stay updated with all the details of your transactions. ● You can set goals with the ‘Goal Setter’ feature and follow up on the same till you meet your financial objective. ● The tremendous graphical representation of reports helps in measuring improvement in the financial target. ● This app can be a good idea for you if you are looking for something different from what apps like Mint or other budgeting apps provide. Unlike other apps, this app is all about shaping your budget more constructively. ET MONEY APP - This highly rated app, the most popular among all; its simple user interface makes it a more productive app in financial management. This can be your one-stop destination for all your financial needs. The app encourages users to make informed decisions about their finances. Look at some these features of the app that can add yield to your money – ● The app automatically manages all the spending categorically. ● Get billing alerts and sort out your bill payments quickly; all your account balances are in one screen to give you a total view of all the expenses. ● You can track your spending behaviour and improve accordingly. ● With ET’s smart deposit feature, you can invest in a mutual fund that gives a higher return opportunity rather than keeping your money in a bank account. ● There are insurance features that provide a suitable plan for you without the need of any agent. Manage your money digitally with smart apps that are intelligent enough to understand the importance of money. Explore the innovative features to achieve a well-organized target of money management which is now more convenient with these useful apps.

Leasing a Car- FAQ Leasing a car has become a very popular option. Instead of buying, you can lease a car and pay regular rentals on it. It becomes a cost-effective option for those who need a car but do not have enough funds to buy it. Leasing a car would not result in the transfer of ownership of the car. If you need a car for a very long time, Buying would be the best option. But for the time being, you can lease a car and make use of the flexible policies that come with it. ● Why should you lease a car? Leasing a car is a very cost-effective option. The cost to lease a car is much lesser than the cost involved in buying one. Also, leasing a car would need you to pay little or no down payments depending on the service provider you choose. Also, the monthly payments towards your car lease are calculated by factoring in expenses like depreciation. You generally pay only these expenses when you lease a car. Also, leasing a car gives you the flexibility to change your vehicle frequently. With a car lease, you never have to take the pain of selling the vehicle. Also, this would not require you to borrow money or take a loan from the bank. ● What are the options available if I decide to lease a car? Various car leasing companies have different curated offers for different needs. You can opt for any one depending on your budget and needs. Also, various factors would decide the company you choose to go with. The availability of return policy Availability of Lease Extension Availability of the purchase option in case you want to keep the car Renewing of lease Availability of trading off the car lease with someone else You should lease a car keeping these lease features on your radar. ● Will I get a new car if I decide to lease it? Yes, you might get a new car on a lease, depending on your provider. Various car companies are now providing brand new cars on lease. You can lease a new car for 6-60 months, depending on your requirements. Car companies do so to reduce inventories and stock surplus lying with them. Some companies do not even take any down payments for these vehicles. ● Can I buy the same car which I had taken on a lease? Yes, you can buy the same car once your lease ends. This option comes in handy if you don't want to get rid of the car you had taken on lease. Also, buying a car which you had leased from a lessor will bring down your costs to a great extent. The amount at which you can buy the leased car is pre-decided and presented to you when signing the car lease. You can then arrange the necessary financing for purchasing the car. Before buying, make the calculations on the amount you will have to pay and the amount you are already paying towards your lease. ● Can I exchange the car which I take on a lease? Yes, you can exchange a car on lease to get a new car on lease. This would depend on the clauses of your leasing contract. This exchange would come at a cost. The cost would be decided by considering various factors like the early termination of the previous lease, cost of the new vehicle, paperwork and legal charges, etc. Study these factors carefully before making an exchange decision. ● What are the benefits of leasing a car? Leasing a car comes with multiple benefits. Some of these benefits are: This option is easier on your pocket as you have to pay a very less or no down payment when you lease a car. The car rent is much lower than the EMI payments, which have to be made when you buy a new car. You can exchange the old lease and get a new car in return. This way you can use different cars. You can return your vehicle with ease if you don't need it. The residual expenses have to be paid off before you close the lease. The car's future value won't affect you in any way as you do not have to bear the burden of selling the car. You can also buy the leased car after the expiration of the lease. You don't have to take loans as paying the amount towards your loan is not that expensive. Also, various significant expenses like the maintenance of the vehicle, etc. are borne by the lessor. ● If I lease a car, who will bear the maintenance and the insurance charges attached to a car? In most cases, the lessor bears the maintenance and insurance expenses associated with a car on lease. This brings down the cost of the lease payments. Also, car insurances have to be renewed from time to time. This is taken care of by the lessor. ● What happens in case the car I get on lease gets damaged? The lessee would have to pay the lessor the amount required for damage control. Some companies charge a surprisingly high amount because of excessive wear and tear in case of a damaged car. It is better to keep your car safe. Returning the car in a stable condition is mandatory. The lessee pays residual damages. ● Is leasing a car a cost-efficient option? It has two sides to it. Leasing a car comes with a rent which is much lower than EMIs charged when you purchase a car. Also, the primary insurance and maintenance charges are borne by the lessor, which makes it an attractive offer. However, in case of any damages, you have to pay a heavy price. Also, early termination charges of the lease are quite high. At the end of the lease, the ownership of it is not passed on to you. ● Can I opt-out of a car lease? Yes, you can opt-out of a car lease. Early termination charges would be applicable in case you decide to lease a car.