Store your important documents in DIGILOCK in india which is free

Preface: Between your wallet and that locker in your house where you keep things safe (in theory; in practice you forget to put things in there safely, and then have a panic attack as you desperately search everywhere for your missing passport), how many government documents do you think you have? A quick check shows […]

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Revised Indian Post office interest rates w.e.f. 1.4.2015

Scheme Rate of interest 2015-16(%) Post office savings bank 4.0 1 year Time Deposit 8.4 2 year Time Deposit 8.4 3 year Time Deposit 8.4 5 year Time Deposit 8.5 5 year Recurring Deposit 8.4 5 year Sr. citizen scheme (SCS) 9.3 5 year Monthly income scheme(MI) 8.4 5 year National savings certificate(NSC) 8.5 10 […]

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Sukanya Samriddhi Yojana – Modi’s scheme for girl child

Narendra Modi’s slogan ‘Beti Bachao Beti Padao ‘ brought the above scheme in India by Indian govt. The main features of the scheme is as follows: It is a savings scheme for girl child to help her for her higher education and wedding. The contributions to this scheme are eligible for tax deduction under 80-C […]

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New Pension Scheme – Govt. of India

NPS (New Pension scheme) is a social security scheme for all especially for public from unorganized sector including self employed persons and professionals. Salient features The National Pension System (NPS) was launched on 1st January, 2004 with the objective of providing retirement income to all the citizens. Investors contribute defined monthly amounts towards NPS. This […]

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Pre-EMI or Full EMI – house under construction-income tax angle

As per income tax law, the interest paid during construction phase can be allowed in five equal instalments beginning from the year in which the construction is completed and completion certificate is given. So any interest paid as part of Pre-EMI or full EMI is not tax deductible during the construction phase. Once we get […]

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Credit Information Report – CIBIL

Now many banks ask for Credit Information Bureau (India) Limited (CIBIL) report for sanctioning loans to individuals/companies etc. This report will give credit score to the applicant based on his banking transactions in the past. In order to get the report , we have to do the following: For online applications We can access our […]

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Use your debit card for ATM – Applicable to certain banks only now

Banks like Yes Bank, Union Bank of India, Canara Bank, Andhra Bank have come together to allow inter-bank transfer of funds through their debit cards. So fund transfers among the above banks now made easy through ATM. For this, using the ATM of the above banks, after proper identification etc, then we have to punch […]

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