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Fixed deposit tips for indians

admin — Thu, 24 Feb 2011 16:39:21 +0000

Financial investment is very important to secure your future. Almost every bank offers the facility of fixed deposit but you should know that its amount of interest is fixed.You can get higher interest on fixed deposit in many ways.

If you have an FD in any bank then you shouldn’t break it before its proper time period to get higher rate.
You can add your surplus funds in your FD to get higher rate of interest.
You should choose correct and best financial institution for better fixed deposit rate.
If the investor deposit finance for long time then the financial institution offers higher rates. Sometimes several banks provide various facilities of higher interest for senior citizens as well employees. So always be alert about these facilities and would taken the benefit.
You can also reduce your tax in many ways. If you separate your deposit in various banks then you can reduce your taxes. RBI bonds are tax saving bonds that provides the facility to investor to save on tax. ICICI and IBI also provide the benefit of tax saving.

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Financial planning for kids

admin — Thu, 24 Feb 2011 15:53:11 +0000

All the parents are worry about their kids future. Parents always ready to sacrifice for their kids. It is very important to make a financial planning because the prices of products and services increasing day by day. The parents should make a financial planning in such a way that if sometimes the budget is tight and income is limited then the parents will have not face any heavy burden and the children should easily choose their carrier.You can start your financial planning even after the birth of your child. You can invest your money in PPF account. In India PPF protects your money through guarantee. It is better if you should have to opened a account for your kid and every month you should transferred some surplus amount to this account.

You should try to make a habbit to teach your kids about money saving. If your child is a girl then this investment helps you in her ring ceremony and marriage.Financial investment makes your kids future peaceful and comfortable. It also gives you a less burden.

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How to invest after retirement

admin — Mon, 21 Feb 2011 11:24:26 +0000

After retirement you organize a great party to your friends,relatives and it is a great day for you and your family. If a person has active and strong buisness before retirement then it is difficult for him to live the same lifestyle.But if you take off heavy loss in your buisness and lost all the money then that time you need your invested money.

Today there are many retired people burdened with debts. So you should invest your money and get provident fund dues. If you don’t want to be dependent on someone else after you retire then it is very important at present time to invest your money as more as you make possible. Also employment increased day by day.You can live the same life style as you are currently used with the right planning. If you have big dreams like tasting wines,go into exotic places then retirement plans make your dreams possible.If you want that your family would not be dependent in your absense then you should make financial plans.

There are many pension and retirement plans that you can. In the Senior Citizen Scheme you can invest up to 15 lakhs in this scheme.
If the person has completed the age of 60 years then he can open a senior citizen account with the post office and state bank of india. In post office monthly income plan you can invest upto 4.50 lakh per and 9lakh at 8% p.a.There is not any particular age and there is no income tax.
There are many pension plans. You should choose one of the best.Pension plan offers many tax benefits.You should enjoy these tax benefits. You should make a habbit to reading about saving money and get knowledge about new policies and plans.

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Reliance energy bill payment – How to pay reliance energy bill

admin — Tue, 03 Nov 2009 08:05:52 +0000

You can pay your Reliance Energy bill instantly with the help of a credit card or through your Reliance India Mobile (RIM)

Use any valid Visa, Mastercard / American Express or Diners Credit Card, or pay through your Net Banking account with Citibank, IDBI Bank, HDFC Bank, State Bank of India or Punjab National Bank, ABN AMRO, Bank of India, Indusind Bank, Union Bank of India and AXIS Bank. More banks will be added shortly. You can also pay your bill through ITZ Cash Card.
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Receive online confirmation and a Transaction Reference Number.

0r you can use REL Bill Pay ?

REL Bill Pay is a new bill payment facility to add further convenience to our valued customers. Now you can pay your bill from just any where and any time through your Reliance India Mobile (RIM) phone using ITZ Cash Card.

Following are the advantages for opting for REL Bill Pay.

* By registering for this service, you will be able to view and pay your bills over your RIM phone using ITZ Cash Cards.
* You can avail the service by a simple Registration procedure on R-World.
* If you are an ITZ Cash Card holder, you need not access the internet to make your bill Payment, you can pay by “Bas button dabao” using your RIM phone.

Helpful links:

http://www.rel.co.in/Rel/Paymentoptions/paybillsonline.jsp

http://www.rel.co.in/Rel/Paymentoptions/rimbill.jsp

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Planning for retirement in india – Financial Planning steps & tips for retirement

admin — Sat, 24 Oct 2009 13:26:34 +0000

Financial planning requires a full proof strategy because this is the question of your hard earned money which you have deposited over 20-30 years of your working period. Planning for your retirement is not a difficult task but main challenge lies in implementing the plan with discipline.

Caution:

Your money should be safe
Side by side it generates a steady income.monthly

You have to keep these main points in mind:

Making a will

If you have will. You will definitely achieve your target.

Start early
Do not delay in planning for your retirement. It should be on your mind regularly if you want to leave your life peacefully after retiremnt,

Take this simple example :
Start saving at young age 24-25, so that even if you wish to retire by 60, you have an investment horizon of 35-36years.. If at the age of 25, you start investing Rs 1,000 per month at the rate of 6% compounding then the maturity amount (when you are 60 years of age) will be Rs 1,380,290; alternatively if you commence the same investment at the age of 35, then the maturity value at the age of 60 will be Rs 679,580.With a 10 year lag, the retirement savings at 60 years is more than halved!

Asses your goals after retirement :

Save money for travel and medical expenditure Make a list of things you want to own e.g. a luxury car or beautiful house.Allocate your resources towards necessary ends like children’s education and marriage that you will incur in the course of time.

Help from financial advisor –

If you are confused then take the help of financial advisor which will suggest you the number of alternatives to achive your goals. Choose any plan based on your current personal financial situation.

Monitor your plan –

Regular track your plans to make sure you are on target to meet your objectives.Also consider the changing market scenario.

Don’t touch your retirement savings
If you spend money from your retirement savings to fulfill your present needs, you will lose out big in the long run.

Be careful

Unregulatred, unrated schemes are best avoided.

“Also to generate a tax-efficient income, one should put a judicious mix of investments of both long term investments beating inflation and investments with monthly cash-flow.”

Only put a share of your total wealth in fixed-income instruments that generate frequent interest income equal to your monthly bills. You can use the remaining amount for some longer term commitments.

Though interest rates on small savings schemes are low, they still make sense as an investment option. These are guaranteed by the sovereign and there is little scope for default.

One can also consider the bonds and fixed deposits floated by the public sector undertakings.

Joint holdings in all financial transactions is one of the simplest steps that help at the operational level. One should also ensure that the nominations are in place and in favour of the persons of one’s choice to ensure smooth transfer of ownership.

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