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Financial food for thought
When it comes to investments, the majority of Indians prefer risk-free products that offer steady returns, irrespective of market conditions. To meet the investment objective of conservative investors, banks offer two unique investment products – fixed deposits (FD) and recurring deposits (RD).
Different financial goals require different savings approaches. Short-term savings are ideal when you are in need of liquidity as well as interest earnings. If your financial goals have extended deadlines, a long-term savings option could work perfectly.
Planning for your child’s future education is not a trivial thing to overlook. You may think you can “cross the bridge when you come to it”, but by that time you may realize that you don’t have enough funds to get your child admitted in his/her dream college.
Kisan Vikas Patra (KVP) is a post office saving certificate scheme which was launched in 1988. This saving plan does not have maximum ceiling of investment which makes it a lucrative option for risk-free investors.
Old age is the time to relax and enjoy life. Planning for a peaceful and joyful retirement is a smart move that you make when you are young. There are several saving schemes and insurance plans that can help you save money for old age. National Pension System (NPS) is one of the saving schemes that offers several benefits. NPS subscribers can avail an additional tax benefit of Rs. 50,000 under section 80CCD(1B) of the Income Tax Act. Are you interested to know more about the saving scheme? Read on!
Public Provident Fund (PPF) is so far the popular investment instrument that is largely sought after by Indians. Risk-free returns, tax benefits, loan facilities and higher interest rates make it an attractive option for many to choose this investment vehicle. But does it score high over investments such as mutual funds, insurance and stocks? Can you withdraw the PPF before that maturity period? Let us look in detail about its features and benefits.
When you are employed in an organisation - be it any - the employer would fix your salary after a discussion and your acknowledgment. You may have noticed that a small part of your salary is deducted each month. Have you ever wondered where that money goes mysteriously? This money is contributed toward Employee Provident Fund (EPF) which is maintained by the Employees’ Provident Fund Organisation (EPFO). If you have worked for so long, you must be curious as to how to check your EPF balance that may have accumulated until now.
Both Fixed Deposit (FD) and Recurring Deposit (RD) are safe investment avenues which are ideal for individuals who look for risk-free returns. Though all the banks offer the same rate of interest on both the investment schemes, many people find themselves in a confused state to make the best choice between the two.
The Employees’ Provident Fund (EPF) is a savings scheme introduced under the Employees’ Provident Fund and Miscellaneous Act, 1952. It is administered and managed by the Central Board of Trustees that consists of representatives from three parties, namely, the government, the employers and the employees. The Employees’ Provident Fund Organization (EPFO) assists this board in its activities. EPFO works under the direct jurisdiction of the government and is managed through the Ministry of Labour and Employment.
Pradhan Mantri Jan Dhan Yojana is a scheme that was launched by the Government of India to ensure the financial inclusion of all the Indian citizens who do not have a bank account in India. It was a nationwide scheme that was launched in August 2014. This particular scheme aims to provide access to financial services such as banking, saving accounts, deposits, credit, insurance and pensions in an accessible manner to all Indian citizens.
There have been several schemes launched in our country to empower women to become self-reliant and independent. You may have noticed that there are special conveniences offered to women such as separate seating arrangements in public transport, special coaches in trains, reservation in jobs, exclusive scholarships, interest rate concession in education loan schemes and special insurance schemes, etc.
The Pradhan Mantri Suraksha Bima Yojana and the Pradhan Mantri Jeevan Jyoti Bima Yojana are insurance schemes launched by the Indian government to ensure that even the poorer sections of our society have some kind of insurance in the face of adverse accidents to help them through financial adversities.
India is a vast country and in spite of all the efforts banking has not reached all corners of the country. At the same time, post offices or the India Post has spread its wings far and wide. There were close to 1,55,000 post offices, the largest number in the world as of 2014. These post offices not only pave way for communication for the people but also act as an avenue for holding savings schemes.
While it is good news for those looking for fixed deposits to be a short-term investment option, others might not be so lucky, it is widely expected that the lending rates too would go up, especially those with home loans would be required to pay more in the form of EMIs. The increase in the lending rate is to tighten the liquidity in the market.
Your life insurance policy should cover minimum and basic expenses of your family. Your dependents life should not significantly alter in your absence. If you are spending INR 15,000 per month for your family, your insurance should make sure that your family is able to get the same amount after your death. If necessary, a little extra amount should be taken to adjust for inflation.
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