Search Results

An ELSS, or equity-linked savings strategy, has the lowest lock-in time of all the alternatives accessible to an investor. Although the ELSS mutual fund offers significant returns, it also has a larger risk than other investment options like as PPFs and life insurance policies. Here are some smart strategies to invest in ELSS mutual funds while lowering your risk. Take advantage of the sip opportunity. Don't put all of your money into ELSS at the end of the year. These are equity programmes, and the best way to invest in them is through monthly SIPs. However, if you begin in January, you will only be able to complete 2-3 SIPs before the end of the fiscal year. A taxpayer should start an SIP in an ELSS fund from April through the whole financial year so that he does not get worried by the volatility Examine long-term results Don't be swayed by a scheme's short-term results. Before you invest, look at the track record over a lengthy period of time. Investors should consider not only a scheme's performance over the last 5-7 years, but also how long the fund manager has been in charge. Examine the qualities of your portfolio. ELSS funds aren't all the same. Some portfolios are heavily weighted toward large-cap stocks, while others include a fair balance of large, mid, and small-caps. The risk and profit for investors are also determined by the portfolio mix. The best ELSS funds are divided into three categories. Select a fund that matches your risk tolerance. Do not choose the dividend option. In the last two years, the tax rules have altered. Dividends and long-term capital gains over Rs 1 lakh are now taxable. While capital gains tax can be managed and adjusted, dividends are added to income and taxed at regular rates. So, in your ELSS fund, don't choose the dividend option. Continue to keep an eye on your results. While holding stock funds for a long time is a solid approach for long-term wealth accumulation, investors must also keep an eye on their portfolios. Some of Roshan Aswani's ELSS funds have underperformed the market. Long-term underperformers HDFC Taxsaver and SBI Long-Term Equity should have been abandoned years ago. Which ELSS fund should you invest in? ELSS funds depends on risk exposure. Choose the one that best suits your preferences. Significant Risk : These funds can be very profitable in bullish times because they invest over 40% of their assets in mid- and small-cap firms. However, be wary of the volatility. High-risk: These funds are also exposed to mid- and small-cap stocks to the tune of 30-35 percent. They'll be less volatile, but they can be just as profitable in rising markets. Moderate risk: Because these funds invest 75-80% of their assets in large-cap equities, they will be less volatile. Returns, on the other hand, will also be modest

In the country, the number of Unified Payment Interface (UPI) transactions is increasing. For the financial year 2021-22, the payment service, which was introduced in 2016, surpassed the $1 trillion mark in transaction values. Furthermore, in March 2022, UPI transactions surpassed the 5-billion mark for the first time. Because this method of payment can be used by different financial institutions and stakeholders, an increasing number of people are electing to use it. However, as the number of people using UPI grows, so does the possibility of becoming a victim of fraud. Several UPI-related frauds have grabbed the news in recent years. However, there are various safeguards that a user can take to protect oneself from such scams. Here are five pointers to bear in mind when using UPI to send or receive payments: Unknown numbers and users should be avoided. An unknown phone number or user should be regarded with suspicion. It is best to avoid any talk if you are unsure about something. Numbers shared on open web sources should be avoided at all costs. To get money, never input your PIN. A handful of consumers have reported being scammed after receiving a message or email asking them to give their PIN. To receive money, your bank will never ask for your PIN. Scammers posing as money senders employ this tactic. Do not fall into these traps. Payment Request Unknown The spam filter in most UPI apps tracks payment requests from specific UPI IDs. If a user encounters such identification, they will be alerted. Only complete a transaction if you are certain that the person on the other end is not a fraudster. Apps that seem like UPI but aren't A number of UPI apps have been discovered that attempt to obtain a person's information under the guise of making or receiving a payment via UPI. They appear to be identical to the original bank apps, so read up on them for more information. If you download and install a bogus app by accident, it will share your personal information with fraudsters, allowing them to steal money from your account. Keep these fundamentals in mind. - Never give out your PIN to anyone you don't know. - Your phones should have anti-virus and biometric recognition software installed. - Never click on links or emails from unknown senders. - Keep your bank informed of any changes to your personal information. - Make sure you're connected to a secure WiFi network that you can rely on. - Keep track of your financial transactions and account information.

UTI Nifty Midcap 150 Quality 50 Index Fund - Direct-Growth The UTI Mutual Fund, an asset management firm, has launched this NFO. It began on March 28, 2022, and will end on April 5, 2022. The plan will be available for subscription and redemption on a continuous basis beginning April 15. The Nifty Midcap 150 Quality 50 Total Return Index is tracked by this open-ended equity programme (TRI). The minimum amount to invest in this NFO is Rs 5000, with a SIP investment of Rs 500. The scheme will be managed by Sharwan Kumar Goyal, vice president and fund manager of UTI AMC Ltd's domestic Equity Division. Tata Nifty India Digital ETF is an exchange-traded fund (ETF) Invests in Direct-Growth FoF The Tata Mutual Fund has introduced an open-ended exchange traded fund (ETF) that tracks the Nifty India Digital Index. The NFO will open on March 25, 2022, and close on April 8, 2022. This fund's allotment date is April 13, 2022. The stock exchange will be used for Unit Purchase, Additional Purchase, and Redemption. The minimum investment amount for this fund is Rs 5000, with a minimum SIP investment of Rs 500. The fund manager is Meeta Shetty. She has 15 years of expertise in the field. The scheme's investment goal is to deliver returns that are equal to the total returns of the stocks represented by the Nifty India Digital Index, minus tracking error. The fund follows the Nifty India Digital Index, which gives exposure to India's rapidly rising digital space.

One of the most crucial identifying documents is the Aadhaar card. This card, which is issued by the Unique Identification Authority of India (UIDAI), is required to complete the majority of your vital tasks. It is required practically everywhere, from opening a bank account to opening a demat account. It may be difficult to utilise your Aadhaar card for these crucial functions if you make mistakes on it. As a result, it's critical to repair any errors or update your Aadhaar card as soon as possible. Let us remind you that you can update your Aadhaar card online at the UIDAI website or at the Aadhaar Centre. If you don't speak English, you can update your Aadhaar card in your native language by going online and following a few simple steps. Visit the UIDAI's official website at https://uidai.gov.in/. Under the 'Aadhaar service section,' select the 'Self-service update' option. Here you must provide your 12-digit Aadhaar number. Fill in the security code and all other required information. To use the generated OTP, simply click on it. After entering the OTP, you will be redirected to a new page. The 'update data button' must be clicked here. After selecting the regional language, you can now update the details. You will receive the OTP once more, which you must enter here. You must tick and then hit the proceed button after you see an announcement. You'll also have to pay Rs 50 to change your information. You can change any information in your local language by following these instructions. To make the desired modifications, you will need your cellphone number as well as your Aadhaar number. If you prefer not to update your Aadhaar card online, you can go to a UIDAI centre near you. You must fill out a form and submit all of the information that you want to update on your Aadhaar card. Your Aadhaar card will be updated within two to three days after you pay the cost.

For decades, life insurance policies have been a mainstay of Indian households. Individuals purchase such plans in order to protect their families' future. And, with the onset of the Covid epidemic in 2020, one is compelled to rethink fundamentals, such as life insurance. If you're thinking of buying a life insurance policy, keep these crucial points in mind. 1. The insurer's track record Before purchasing a life insurance policy, always check to see if the company pays claims on time or has a poor customer service record. When evaluating different insurance companies and their policies, it's crucial to do your homework on the insurer's track record. 2. The Ratio of Claim Settlement (CSR) You should also look into the life insurance company's Claim Settlement Ratio (CSR). It's a proportion of the number of claims paid to consumers by an insurance company to the total number of claims received by the company. The higher the number, the better. Every year, the Insurance Regulatory and Development Authority of India (IRDA) releases the CSR report for life insurance businesses. (Total claims authorised and paid)/(Total claims received by the insurer)x 100 = Claim Settlement Ratio 3. The firm's capabilities According to a poll performed by the Life Insurance Council, mistrust and unethical sales techniques are two of the most significant barriers to consumers investing in insurance. To make an informed decision, one should seek advice from financially aware friends and read online evaluations. 4. A focus on the customer Insurance companies provide a variety of policies, which can be confusing to consumers. As a result, a business should improve its communication with customers in order to make them feel more safe about their insurance purchase. It is critical for the customer to be able to distinguish between his or her true demands and the numerous insurance company offers. 5. The ability to provide service Explaining crucial steps in the claim process, offering the correct policy for the consumer, providing as much information as possible to assist the consumer, and so on are all examples of service competence. It is critical for you to assess these parameters as a customer in order to make an informed and fair selection.

SBI clients who wish to buy will be pleased to learn that the state-owned bank is providing up to a 70% discount on online purchases. If you want to shop for the summer season, you can do it using SBI's banking app YONO and save a lot of money. Please spread the word about this opportunity. According to the bank, if a consumer orders using the YONO app, he or she will receive a variety of discounts on top fashion labels, depending on the brand. Here's how you can take advantage of the offer: Step 1: Go to the Google Play Store and download this app. Step 2: After that, you must register with your cell phone number. Step 3: From this app, you'll be able to shop for companies such as Titan, Lifestyle, Trends, Azio, and Biba. You can order and purchase with zeal because Trends are on sale for up to 70% off. In the meantime, the country's largest lender, State Bank of India (SBI), has increased the MCLR by 10 basis points (bps) across all tenors, effective April 15, 2022. All forms of loans, including home, auto, and other, will become more expensive as a result of this.

Partial Payment To cover the EMI, you can make a partial prepayment during your term. Making a partial prepayment helps you distribute a portion of the entire loan amount, lowering the EMI. Prepayments can be made using simple techniques such as conserving additional money. Tenure You can minimise your EMI burden by extending your term. If someone has a large loan, this is the most effective approach to pay it off. Rates are either fixed or floating. Fixed-rate mortgages cost 1-2 percent more than variable-rate mortgages. As a result, choosing a floating rate loan from the start is an excellent idea. If you've already accepted a fixed-rate loan, you can move to variable rates in the meantime, but you'll need authorization from your lender. If your lender offers this option, keep an eye on the floating rates and make adjustments as needed. Transfer of a loan The majority of lenders and financial institutions allow borrowers to transfer their loans to different banks or lenders. After obtaining the loan amount, the borrower should continue to compare loan offers from several lenders. It's critical that you keep an eye on other interest rates throughout the term and move your loan to that lender if necessary.

Many consumers rely on mobile banking and online banking for their transactions, whether it's transferring money between accounts or buying, as the world becomes more digital. Post Office Internet Banking can help users transfer funds between their own and third-party Post Office Savings Accounts, as well as between their own and third-party Post Office Savings Accounts. The following are the requirements for using India Post Internet Banking :- An active single or joint "B" Savings account at a CBS Sub Post Office or Head Post Office that is valid. Internet banking is not available for accounts that are held at a branch post office. If you haven't previously done so, provide the relevant KYC documents. How to amass Rs 1 crore through PPF investments A valid and unique mobile phone number Name and email address PAN (Personal Identification Number) Registration and activation for India Post internet banking are as follows: Step 1: Go to your local Post Office and fill out the application (You will receive an SMS alert to your registered mobile number within 48 hours). Step 2: Once you've received the SMS, go to the DOP Internet banking portal's home page and click the "New User Activation" option. Step 3: Fill in the Customer ID and Account ID fields (the Customer ID is the CIF ID found on the first page of the Passbook for the savings account). The Account ID is your savings account number). Step 4: Complete the form and create your Internet Banking login and transaction passwords. Step 5: Create your security questions and answers, as well as your password. These steps must be followed in order for the online banking user ID to be activated properly. How to get started with mobile banking: Complete and submit the mobile banking application. After registering for DoP Mobile Banking, go to the Google Play Store and download the India Post mobile banking app. Select the option Activate mobile banking and follow the pre-defined instructions after 24 hours. The default username is the CIF ID, which is listed on the first page of your passbook. In online banking, go to the Update channel login ID option under My Profile and modify your mobile banking channel login credentials. Step 1: Go to the Google Play Store and download the Mobile Banking App. Step 2: Select the 'Activate Mobile Banking' option from the drop-down menu. Step 3: Enter the security credentials and the OTP (one-time password). Step 4: You'll be required to enter your four-digit MPIN when your activation has been verified. Step 5: Select "Submit" from the drop-down menu. You can now use the DOP mobile banking app to log in. Users can use mobile banking to get the following services: Savings, RD, LARD, TD, PPF, Loan Against PPF, and NSC account balances and details Savings, RD, TD, PPF, Loan Against PPF, NSC Transaction History Savings and PPF Transactions Mini Statement Within DOP, funds can be transferred between Own Savings Accounts and Other Users Savings Accounts. Transferring funds from a savings account to an Own/Linked RD or Own/Linked LARD account Transferring money from a savings account to a PPF (Subscription and Loan on PPF) account that you own or are linked to

Customers may have a complaint against a bank or NBFC, but they are unsure how to handle it. The Reserve Bank of India (RBI), India's central bank, has implemented a complaint management system (CMS) through which consumers can file complaints against all financial service firms regulated by the RBI. "Lodge complaint against any bank, NBFC, or payment system participant on https://cms.rbi.org.in under the RB-Integrated Ombudsman Scheme," the RBI has started sending notifications to inform people about the situation. More information is available by calling 14440 –RBI." Here's how to use the RBI's "complaint management system" to file a complaint: Step 1: Go to https://cms.rbi.org.in and select "File a Complaint." Step 2: Type the captcha code into the box. Step 3: Type the complainant's name and phone number into the form. 'Get OTP' will appear when you click on it. Step 4: After entering the OTP, validate the information. Step 5: Select additional information from the drop-down menu, such as an email address and a complainant category. Include the details of the entity against which you want to file a complaint. Step 6: Click Next after selecting the radio buttons that correspond to the various inquiries. Step 7: Verify whether you've submitted a written complaint with the regulated entity. Step 8: Fill in the complaint date and upload the file from your device. Step 9: Select the proper option buttons for entity queries as well as dispute details such as transaction amount and date. Step 10: Click 'Authorisation' and tick the declaration if you have any papers to support your transaction. Step 11: Select Review & Submit from the drop-down menu.

The majority of us are aware that if we live in rented housing and receive HRA from our employers as part of our income, we can claim a deduction equal to the least of the following: 1. The actual rent that was paid 2. Basic wage less a ten percent rent payment 3. If you stay in a metro, you will receive 50% of your pay; if you stay in a non-metro, you will receive 40% of your salary. However, many of us are unaware that we can also pay rent to our parents and spouse and claim tax benefits under the income tax laws. Wife's rent payment: The Delhi-based Income Tax Appellate Tribunal has held that the House Rent Allowance (HRA) exemption under the Income Tax (I-T) Act, 1961, cannot be disallowed because the assessee paid rent to his spouse. According to the judgement, the wife is a doctor with sufficient financial capabilities to purchase a home, as evidenced by her income tax return. If a person's wife earns and the house is wholly owned by her, he is eligible for HRA exemption if he pays rent monthly and keeps receipts. However, if his wife does not work, he will be unable to claim this benefit because the husband and wife's salaries would be combined. Taking care of your parents' rent: Individuals who live with their parents and pay rent can also claim an HRA deduction. You must pay the rent by check or transfer the funds (rent) to their bank account in order to do so. You must, however, ensure that this property is owned by your parents. Because you can't claim tax exemption on rent paid to yourself, you can't be a co-owner or owner of this property. Furthermore, you must engage into a rent agreement with your parents and obtain monthly rent receipts. For parents, the HRA claimed is taxed. Your parents are responsible for paying the tax on the rent money you have paid. It will be shown as income from dwelling property on their tax return. They can, however, deduct property taxes as well as a standard deduction of 30% on rental income.

With international flights fully resuming operations and also the summer season has approached, the demand for travel will further rise. In the past two years, the whole travel insurance industry has come to a halt. We expect to be able to resume normal operations soon. In fact, we have seen a marked increase in the enquiries for travel insurance coverage. Now that the situation is improving in India and internationally, with covid induced restrictions gradually being eased and people being allowed to travel, we will see a significant surge in demand for travel insurance cover within the next few months. A good travel insurance policy functions as a cover that can safeguard you from financial hardships while travelling to foreign countries. The benefits of travel insurance include trip cancellation and interruption coverage, reimbursement for expenses incurred due to substantial travel delays, missing connections, emergency money, and baggage concerns, and it also provides coverage for medical emergencies. The travel insurance products available in the market today are fairly comprehensive in terms of coverage available. In terms of premiums, we do not anticipate any industry wide increase in the near future although some companies might choose to do so depending on their individual experience. The Covid-19 outbreak has increased the importance of travel insurance, with people taking a more proactive approach to purchase insurance to secure their future. We have noticed a shift in people's travel insurance purchasing behaviour, with them now viewing travel insurance coverage as an essential safety net rather than a discretionary expense. People are also choosing comprehensive policies with broad coverage in light of global uncertainty. It is imperative to know the cover that a plan offers. It should be noted that most companies offer several variants of travel insurance products in terms of the geographies/ countries being covered. Hence, it is important to ensure that the travel plan selected meets your requirements. Also, make sure that you choose the adequate amount for the sum insured under the policy, which is appropriate to suffice any medical emergency in the destination country you will be visiting since medical costs vary significantly. Choosing a proper travel insurance plan is entirely dependent on the purpose of travel. What are the key benefits of SBI General's travel insurance products? SBI General’s travel insurance plans cover medical expenses incurred abroad as a result of hospitalisation due to illness, sickness or disease. Apart from this, a host of other benefits, including Personal Accident, Loss of Passport, trip cancellation/delay, delay of checked baggage, Home Burglary Insurance and others are also offered. Worldwide protection, easy claims settlement, single/multi-trip and round the clock assistance are some of the other highlights of the policy.

For the advantage of pensioners and superannuated older persons, the government has announced the creation of a single-window portal. Union Minister Jitendra Singh, speaking at the 32nd Meeting of the Standing Committee of Voluntary Agencies (SCOVA) for Review and Rationalisation of Pension Rules, i.e. (CCS) (Pension) Rules, 2021, said the Portal will not only enable constant contact with pensioners and their associations across the country, but will also receive their inputs, suggestions, and grievances on a regular basis for a prompt response. According to Jitendra Singh, Minister of State for Personnel, Public Issues and Pensions, the goal of the Common Pension Portal is to establish a one window digital system for retirees to express their grievances and have them resolved without having to go to different agencies in person. All Ministries responsible for processing, sanctioning, or disbursing pension dues are linked to this system, and grievances are submitted to the appropriate Ministry/Department for resolution after being assessed. According to a statement released by the Personnel Ministry, pensioners and Nodal officers can view the status of their grievances online until they are resolved in the system. SCOVA is a valuable venue for dialogues with stakeholders, such as retirees and their associations, as well as relevant ministries and departments. It allows associations to bring their concerns about retirees' welfare and other issues directly to the attention of the relevant ministries and agencies. Since the commencement of the Doorstep Service for submitting Digital Life Certificates (DLC) by Postman in November 2020, more than 3,08,625 Life Certificates have been processed through India Post Payments Bank (IPPB), according to the minister. In November 2014, the Prime Minister introduced the Jeevan Pramaan Portal, which allows people to submit life certificates online. Minister further stated that Public Sector Banks have established doorstep banking for the collection of Life Certificates in 100 cities, with 4253 Life Certificates issued through Banking Agents.