Money Saving Tips

  3 ways Covid-19 will change our Investments Over the past six months, the wealth management industry has had to respond at several levels to fairly tectonic shifts in the way we do business due to covid-19. This period was characterized by responses at two levels—to ensure that business continued as usual and to manage client expectations as markets turned extremely volatile and unpredictable. We now need to start looking ahead, towards the opportunities and challenges that covid have presented us. As I do some crystal-gazing, I believe wealth practitioners will have to respond to three key themes. One, the shift to advisory services from distribution for a segment of the population. Two, changing investment patterns that reflect lower cost of investing for clients. Three, themes around sustainability and greater dependence on technology and digitization by wealth management firms. Shift to Advisory According to a recent study published by McKinsey & Co., Asia accounts for $3...

  Ugly outcomes of the govt’s waiver of interest on interest The Indian government is willing to bear the cost of the waiver of interest on interest charges on loans in the wake of the distress due to the pandemic. The proposal seems well thought and middle class borrowers would rejoice the move if the Supreme Court rules in favour of this waiver. The apex court is scheduled to hear the case today. But as there are no free lunches, there are no equal borrowers either. The upsides of the proposal itself pose a difficult endgame to credit discipline. We take a look at what the proposal means in five points: Saving the Banks The government has kept the benefit of the waiver limited to loans of up to ₹2 crore and said it wants to support only the small borrowers who are the most vulnerable. But this limit is borne more out of necessity to protect banks than to help small borrowers. If the compound interest calculated during the six-month moratorium period was waived off for all borrowe...

Prime Ministers Employment Generation Programme (PMEGP) The Prime Minister Employment Generation Programme is a Government of India-backed credit linked subsidy scheme. Under this scheme, beneficiaries can get a subsidy amounting to 15-35% of the project cost from the government. PMEGP is an initiative of the Ministry of Micro, Small and Medium Enterprises and is implemented at a national level by Khadi and Village Industries Commission (KVIC). As an entrepreneur, PMEGP can give you the financial assistance required to set up a new project. Read on to know more about the PMEGP scheme. Objectives 1. To produce employment opportunities in both urban and rural areas in India through the establishment of new self-employment projects, micro-enterprises and ventures. 2. To facilitate self-employment opportunities for widely dispersed traditional artisans/ unemployed rural and urban youth to the degree feasible, at their location. 3. To generate sustainable and continuous employment to rural ...

  Pradhan Mantri Jan-Dhan Yojana (PMJDY) “Pradhan Mantri Jan-Dhan Yojana (PMJDY)” under the National Mission for Financial Inclusion was launched initially for a period of 4 years (in two phases) on 28th August 2014. It envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. PMJDY has provided a platform for the three social security schemes viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY). The Government has decided to extend the comprehensive PMJDY program beyond 28.8.2018 with the change in focus on opening accounts from “every household” to “every adult”, with following modification:     (i) Existing Over Draft (OD) limit of Rs. 5,000 revised to Rs. 10,000.     (ii) No conditions attached for active PMJDY accounts availing OD upto ...

  8 Things to keep in mind while opting for a pre-used Car Loan While the lockdown slowly lifts, the threat of the pandemic still looms large. In this situation many buyers with limited budgets are opting to buy a used car instead of a new car. By using their own vehicle to commute, they feel safer. However, there are several things that one needs to keep in mind while buying a used car. 1. Type of Car The first step is to identify the type of car you would like to purchase and its availability. If the car you want fits in your budget, you should also visit the dealership and physically check the internal and external condition of the car. 2. Availability of Finance Once you are sure you can afford the car, and then you can start looking for finance. Lots of financing options are available for used cars. Banks and other non-banking financial institutions cater to individuals looking to buy used cars. Online car aggregator platforms also have partnerships with various fintechs &...

  Beginners Guide to Investing in Gold With the stock markets swinging in the extremes this year due to the economic impact of the pandemic, most investors were prompted to find ways to hedge their portfolios. During this period, one asset started gaining traction Gold. If you have been considering investing in gold but are unsure about how to begin, here is a quick guide to acquaint you with gold investing in India. Why Should You Consider Investing in Gold? While people in India have brought gold over for various reasons, usually cultural or religious, it has found appeal as an investment option as well. Here are a few things that work in favor of gold: 1. Long-term store of value For centuries, gold has been the best store of value for the long-term (store of value is an asset that maintains its value without depreciating). The fact that it can play the role of money adds to its superiority and its outperformance of the currency value makes it attractive. 2. It will always have ...

  5 Money Mistakes to avoid during Covid-19 Covid-19 has affected countries, global markets and individuals on varying levels. Many measures have been taken by regulators and governments in response to this crisis to ensure that their respective economies survive. With the weight of sustaining livelihood becoming more critical as compared to reducing the pace of COVID-19 spread, governments across the globe are now heading towards gradual unlocking of the economies. Unprecedented situations like these can lead to hasty decision making, some of which might yield sub-optimal results, and hence investors should try to avoid the following mistakes: 1. Inadequate rainy day Fund The importance of having an emergency fund is critical during the current pandemic situation with a lot of uncertainties relating to businesses and job continuity. It is advisable to keep at least 3 to 6 months of your expenses as an emergency fund and putting those funds in highly liquid instruments such as liqu...

  ICICI Bank latest Fixed Deposit rates ICICI Bank has slashed interest rates on fixed deposits (FDs) on selected tenures. The bank offers fixed deposits ranging from 7 days to 10 years. After the latest revision, ICICI Bank gives 2.5% interest on deposits maturing in 7 days to 29 days, 3% for 30 days to 90 days, 3.5% for FDs maturing in 91 days to 184 days. On deposits maturing in 185 days to less than less than 1 year, ICICI Bank gives an interest rate of 4.40%. The bank has cut the interest rate on deposits maturing in one year to two years. After the latest revision, these deposits will 10 basis points (bps) lower interest rates. Term deposits maturing in 1 year to less than 18 months will fetch an interest rate of 4.9%. Now, FDs with tenure of 18 months to 2 years will give you 5% interest. Term deposits maturing in 2 years to 3 years will give 5.15%, 3 years to 5 years 5.35%, and 5 years to 10 years 5.50%. These rates are applicable from 21 October. ICICI Bank latest FD inter...

  Should you opt for auto-renewal option in Fixed Deposits? In case you invest in multiple Fixed Deposits (FDs) and are not able to keep track of them, you may opt for the auto-renewal option offered by banks where the maturity proceeds are reinvested in the fixed deposit at the time of maturity. Using this option, depositors can save on the interest that they might lose in case they don’t renew the FD and the money lies in their savings bank account. In case of online FDs, the maturity proceeds are directly credited to the savings bank account of the depositor. However, experts say that you may not get the best interest rate in case you opt for the auto-renewal option of FD, especially in the current falling interest rate scenario. Therefore, it will be better to do it manually for greater flexibility. The policies for auto-renewal vary across banks. While some may renew for the same period as the original FD, others may have a policy for renewing only for a specific period, say o...

  PFRDA likely to finalise guaranteed return product under NPS by fiscal end Pension Fund Regulatory and Development Authority (PFRDA) on Thursday said it expects to finalise the assured return product under the National Pension System (NPS) by the end of this fiscal. The regulator’s Chairman Supratim Bandyopadhyay said talks were already held last year on the minimum assured return product. NPS is a market linked insurance product and it has been generating returns close to 10 per cent in the last ten years. Addressing a news conference, Bandyopadhyay said that whatever guaranteed products were there in the insurance sector, they were slowly withdrawn as it was felt that they were not feasible for a long period for the organisations. Even market regulator Sebi does not encourage any guaranteed products. “It is part of our Act (to offer guaranteed product), we have to do it. The moment you give a guaranteed product, the capital adequacy requirement for the fund managers goes up. Cu...

  Aadhaar PVC Card – Step by Step Guide Let us see the online procedure to order, apply online for the Aadhar and the step by step guide. Visit the Official Portal of UIDAI. And select “Order Aadhaar PVC Card In the newly opened page, enter the Aadhaar Number, Virtual ID, or EID. Enter the generated OTP in the given field. Verify the details entered and click on Submit Button. Next comes the payment page where Rs 50 will charged with more payments options After the payment then displays the preview of the Aadhar Card to be printed. You can order the PVC Card once after the payment is made. FundsTiger  can arrange loans from all above mentioned banks you can apply for an attractive offer with best possible Rate of Interest and Terms for  Personal Loan ,  Business Loan ,  Home Loan  and  Car Refinance Loan . FundsTiger  is an Online Lending Marketplace where you can avail fast and easy Home, Business and Personal Loans via 30+ Banks and NBFCs at bes...