Business

Stay Aware Of these New Charges Levied on Cash Transactions

The intent being made clear to promote the usage of a digital platform Pan India with cashless transactions earlier today the banks have come to consensus in order to put a ceiling for third party cash transactions at Rs. 25,000 per day. The decision was made to discourage customers not to engage in cash transactions. After four free cash transactions that include cash deposits and withdrawals every month this charge would be levied and also become applicable on both a savings as well as a salary account starting March While cash handling charges would be discontinued for the third party cash transactions that have been capped up to a limit. Up to a period of one month people can withdraw or deposit up to Rs. 2 lakh from their savings or salary accounts through their home branch. If the am...

Have You Started Your Financial Planning?

We all have dreams, be it owning a car, a house, child attending a prestigious college or building a healthy retirement corpus. But we seldom pen down these goals and work towards a plan for achieving them. These can be termed as your life goals. And that is where the importance of a financial plan comes into the picture.  Financial planning is a process of determining your financial goals with the help of  available resources in a period of time. Financial planning involves wealth management , tax planning , estate planning, retirement planning ,investment planning , insurance planning and cash flow planning.   Need For Financial Plan : A financial plan Helps you to make the right investment decisions which helps you to grow your money A financial plan gives you a clear picture of how muc...

Avoid These Mistakes To Help Money Grow Through SIP

Consistency, Perseverance and Patience are the three main objectives of investing in mutual funds – growing money through SIP. Systematic Investment Plan – Investing small amounts on a regular basis i.e. every week or every month. Instead of investing a lump-sum amount one can opt for SIP as another way of investing their amount and build wealth gradually Most people think mutual fund investment is one-time activity which is a wrong notion. Usually mutual fund investment (SIP) are made with a long term purpose in mind. In most cases, investors choose fund on the basis of risk profile, returns and tenure requirement. Investors have to assess the details, else there is a great chance of losing the capital invested into market. Mistakes that the investors should avoid while doing ...

Highlights of Budget 2017

Here are the key Features of Budget 2017-2018,  Total Budget of ₹ 21.47 Lakhs crores for 2017-2018  Micro-irrigation fund with Rs 5000 crore corpus  Prime Minister Gram Sadak Yojan – Rs19,000 crore allocated; along with states, Rs27,000 crore     will be spent in FY18  Pradhan Mantri Awas Yojana: Rs23,000 crore allocated  Fiscal Deficit pegged at 3.2% for the financial year 2017-18 and 3% for financial year 2018-2019  Cash transactions above 3 lakhs is not allowed  Transparency in political party funding – A political party cannot receive a sum exceeding Rs        2000 from an unknown source. They can receive money only through cheques, digital modes or    RBI El  The limit on donations to charitable institutions cut to Rs 2000.  Not many changes to excise duties since GST w...

Tips To Steer Through Budget 2017

The Finance Ministry is all set to present the Annual Budget on 1st February 2017. Everyone is eagerly awaiting the Finance Ministers speech and there has been a lot of speculations regarding the outcome of that speech. Demonetisation had caused Nifty to sink to 7900 points but the market has recovered since then. The fate of this recovery will again depend on the result of the budget. There is an expectation of a positive impact to counter the negative effect of demonetisation. Many investors alter their portfolio by speculating on what may be the possible outcome of the Finance ministers plan. This is not a wise thing to do as the fundamentals of financial planning and investing – Stick to a log-term plan. Since there are many speculations it is not a good decision to change positions in...

Why Should You Insure?

To insure is to protect or secure oneself from a possible contingency. The future is very unpredictable and unless you have a time machine or you can foretell future events like Nostradamus you cannot know what will happen tomorrow. The upcoming event may either be beneficial or it may unfavourable. While the favourable circumstances are always welcome, we cannot skip or escape the unfavourable event as there is no way to prognosticate its occurrence. The best thing we can do is be prepared for such loss bearing circumstances – Insure yourself. Insuring is the second step in the achievement financial self-sufficiency after saving – We save for a possible contingency. The money saved is used when the contingency arises. The concept of using one’s own money that was saved to cover a possible...

3 Tips To Grow Your Money In A Short Span Of Time

Tip 1: Spend less than what you earn – Always prefer setting up a limited budget. That is the secret to all successful businesses. The limitation on your budget forces you to work and sell harder for a larger cash inflow. The only point which will stop you is lack of money, so your primary initial effort would be on bringing cash rather than spending more. Tip 2: Never plan too much – Unless you enter the market, you wont realize mistakes you might come across and from those mistakes will you learn how to manage money better.goSpending too much time on over planning will lead to loss of time and a loss of managing skills which you may learn otherwise. Tip 3: Get workable as soon as possible – Never waste much time in having experts, focus groups, and long and expensive business plans. You ...

What Are The Various Schemes To Save Tax?

Paying excessive tax? Every individual wants to invest in funds that don’t extract much tax. Even though every salaried person needs to pay a fixed tax, there are exemptions on certain incomes. Are you aware of the number of schemes available through which you can pay less tax? Here are a few of them Through Mutual Funds: Income earned through mutual funds is exempted from any tax under SEBI. The best funds to invest in would be ELSS mutual funds. A good ELSS fund can build wealth for investors if held for a long term. Also, it has a potential of higher return. Also, you can get some of the investment back if you opt for the dividend option. Through Pension: National Pension Scheme is beneficial for individuals having risk volatility, looking to set aside money towards retirement. Maximum ...

Principles of SIP – Easy Investing!

So, what do you interpret by the term SYSTEMATIC INVESTMENT PLANNING? (SIP) Philosophically, just as little drops of water helps to form an ocean, in a very similar manner, SIP is that technique which helps you to invest money in small amounts which leads to forming a huge corpus gradually. How does an SIP work and how will it benefit you in the long run? If you are asked to let out Rs 75000 from your pocket monthly, you would be hesitant, but for the same target if you would be asked to let out Rs 5000 monthly, you would find that easier to opt. That’s exactly how SIP works! SIP works on the basic principle of investing money in short periods over a term to achieve your financial goals. You may not have an entire lumpsum to invest, therefore in such situations SIP works the best as you ar...

What Happens When You Don’t Pay Your Debts?

Debt payment is a very important trait that every individual should have as it reflects on your credit worthiness. Procrastinating your debts will prove worse in due course of time, and may restrict you from taking up additional loans if required. So what happens if you don’t pay your debts on time?? This is the story of Adam  Adam had taken up a loan to buy a new car for himself. He had been given due time of 2 months to pay the loan. Since the loan had been taken from a legal lender, he was quite relaxed and assumed that he will not be threatened.In due course of time, Adam quits his job for personal reasons and stays unemployed for 2 months. Gradually, with the problem of unemployment he also faces another difficulty  – loss of money to pay off his debt.What happens now is, he is ...

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