Money Saving Tips

Right time to take Home or Auto Loans https://www.fundstiger.com/home-auto-loans/ Buying a home or car is one of the most important financial decisions for the salaried class. A major part of their disposable income goes towards Equated Monthly Installments (EMIs), if they decided to opt for home or auto loans. So, it becomes very important to get a lower interest rate. The Reserve Bank of India, recently, brought a cheer for people planning to buy a home or automobile by reducing the interest rates for the fifth time this year. The rate cut came as part of RBI’s efforts to kickstart the languishing economy as it slashed the GDP growth projection for financial year 2019-20 to 6.1 per cent from the earlier forecast of 6.9 per cent. In the latest meeting of six-member monetary policy committee (MPC) the repo rate was cut by 25 basis points to 5.15 per cent. The reverse repo rate was reduced to 4.9%. This is the fifth consecutive rate cut. This was in addition to a cumulative 110 ba...

How Mutual Funds are taxed in India? https://www.fundstiger.com/mutual-funds-taxation-india/ Mutual Funds can provide earnings in two forms- Capital Gains and Dividends. While capital gains are taxable at the hands of investors, the tax on mutual funds dividends, called Dividend Distribution Tax (DDT) is paid by the fund house (Asset Management Company) on behalf of the investors. Mutual funds can be an ideal investment option for wealth creation. Whether it is about capital gains or earning a regular income, investors can choose from a wide variety of funds available in the market. Also, the capital gains from your investment are taxable as per the holding period and prevailing income tax laws. Let us have an in-depth look at the various aspects of the taxation of mutual fund investments. What are capital gains and how are these classified as per the holding period? Capital gains relate to the difference between the price at which you buy the units of a mutual fund and the ...

Money Management tips for this Festive Season https://www.fundstiger.com/money-management-tips-festive-season/ The festive season is almost here and you must be excited to celebrate this auspicious period with your family and friends. Diwali is a festival which is celebrated in across India with full enthusiasm and happiness. But are you really prepared financially for this festive season? Have you planned your budget for this occasion? It is easy to get carried away by big billion sales and massive discount offers that fill your newspapers or online space. We often rush into our purchases courtesy some aggressive advertising during the festival season. However, how you spend money can play a crucial role as you buckle-up to celebrate various upcoming festivals like Dussehra, Dhanteras and Diwali. As such, you also need to gear up with the money management strategies if you really want to enjoy the festive time to the fullest. It’s important to understand there would be many fina...

Reasons to Pay more than the Minimum Amount Due on Credit Cards https://www.fundstiger.com/minimum-amount-due-credit-cards/ Paying the ‘minimum amount due’ on your credit card bill every month will help you completely set-off your credit card bill within few months. Making the ‘minimum amount due’ payment on your credit card will reduce the outstanding balance of the current month but repeatedly making only minimum amount due payment will not lower your debt (outstanding amount). Why You Should Pay More Credit cards bring financial ease and freedom on spending by postponing ones debts to a later date. They are now widely used across India to make both small and big purchases due to the convenience and security in payments that they come with. However, when it comes to paying the bills, people choose to act on it differently. Some choose to pay as much of the outstanding amount as possible, while others choose to just pay the minimum amount due on the card. In fact, paying m...

Small Savings Schemes rate cut is expected https://www.fundstiger.com/small-savings-schemes-interest-rate/ The government is likely to announce today interest rates of small savings schemes like PPF (Public Provident Fund), Sukanya Samriddhi account, and Senior Citizens Savings Scheme for the October to December quarter. And in most likelihood, there could be a downward revision due to a general decline in interest rates. The interest rate of small savings schemes, including that of PPF, and girl child savings scheme Sukanya Samriddhi account, are revised every quarter, depending on government bond yields. Earlier, for the July-September quarter, the government had lowered interest rates of PPF and other small savings schemes by 10 basis points. Banks have been lowering their fixed deposit interest rates, with overall interest rates on a downward trajectory. For the current quarter July-September quarter, PPF and National Savings Certificate (NSC) are yielding 7.9% annual int...

PAN-Aadhaar linking Deadline-Sept 30 https://www.fundstiger.com/pan-aadhaar-linking-deadline/ Only two days are left for the end of PAN-Aadhaar linking deadline. PAN not linked with Aadhaar in the next two days may become useless from next month. There is, however, no need to worry for those who have already linked their PAN with Aadhaar. On 31st March this year, Central Board of Direct Taxes (CBDT) of Ministry of Finance had issued a notification clarifying that the deadline for PAN-Aadhaar linking was extended till September 30, 2019. The CBDT statement said, “It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter has been considered by the Central Government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted. ” The Income Tax Department has on its website –  incometaxindia.gov.in  – listed ...

Home Loan Balance Transfer https://www.fundstiger.com/home-loans-balance-transfer/ Home Loan Balance Transfer refers to transferring your existing Home Loan/ Mortgage Loan from one bank/NBFC to another. The interest rate of an existing home loan and the flexibility the financing institution offers determines whether one continues with the same loan or thinks of a switch. For a lower interest rate and/or other advantages, customers can transfer the outstanding balance to another financial institution or bank. The new finance company pays the old lender the outstanding principal due on the loan. Benefits of Home Loan Balance Transfer Reduction in interest rate from high rate to as low as 8.05% per annum Reduction in monthly EMI by upto 5% depending upon the rate difference, balance tenure and EMI Option to avail top up loan at same rate as home loan rate (8.05% to 8.8%) subject to eligibility conditions and loan to value ratio Lower interest rates and other discounts like ...