Wealth

Avoid generic money advice, prioritise as per your need

What determines our priorities and choices? It would seem that our fears play too much on our subconscious minds, and that is what drives our attitudes and priorities. Financial freedom is the magic potion that holds the power to overcome these fears.

9 money deadlines on Sep 30: Which have been extended?

Personal finance deadlines: Many financial deadlines were extended by their respective departments in September. Here is a list of deadlines that have been extended, and a few that have not been extended.

Income tax audit deadline is now over; pay penalty

Income tax department has not extended the deadline for income tax audit under section 44AB. This means that now individuals with business or professional incomes above a specified turnover must pay the penalty for not submitting audit report and then file the ITR by October 31.

What is the last date to exchange or deposit Rs 2K notes?

Rs 2,000 exchange deadline: Members of the public can exchange Rs 2000 banknotes up to to a limit of Rs 20,000 at a time.

2 new debit, credit card rules applicable from Oct 1

Debit card, credit card rules: At the moment, when you apply for a debit or credit card, the network provider is normally determined by the card issuer. The regulator intends to alter this procedure.

Last date to exchange Rs 2000 bank notes extended

The Reserve Bank of India has extended the deadline to exchange, deposit Rs 2000 deadline from September 30, 2023.

This new MF SIP mandate rule will kick in from Oct 1

Earlier, perpetual SIP had no end date. This will be effective from October 1, 2023. This is as per a circular issued by the National Automated Clearing House on August 18, 2023.

RBI clarifies Rs 2K note status after Oct 7 deadline

The Reserve Bank of India (RBI) has now clarified what will happen to Rs 200 currency notes when new deadline of October 7, 2023 expires.

Was PPF interest rate hiked for Oct-Dec quarter?

The government raised the interest rate on just one small savings scheme for the quarter ending December 31, 2023.

20% TCS on foreign investments from Oct: How to reduce impact

​​TCS on foreign remittances from October 1, 2023: The Budget 2023 hiked TCS on foreign remittances of more than Rs 7 lakh through the LRS to 20% for investments in overseas assets, real estate, bonds, foreign company stocks, etc. The higher rate comes into effect on October 1, 2023. If you directly invest in international stocks, you should know how the new TCS rule is going to impact your investment from tomorrow.

Rs 18 lakh cash in bank locker destroyed by termites

The RBI announced the new locker guidelines via a notification on August 18, 2021. The RBI has set a deadline of December 31, 2023 for the execution of updated locker agreements. Let us take a look at what one can keep in their bank locker.

Can bank remove contents from locker due to non-payment of rent?

The bank has been mandated to recover the rent and any other cost incurred by it and debit the customer account.

Planning to close bank a/c? Check these 4 factors first

It is not uncommon to have multiple bank account and sometime people can not operate all of them and hence may need to close one. However, you may get a surprise if the bank turns down your request to close your savings bank account citing many pending issues. Therefore it is better to check these factors before going for closing your saving bank account.

PPF, SCSS interest rates for Dec qtr out

Post office savings schemes interest rates: Here is a look at the interest rates on various small savings schemes for the third quarter of FY 2023-24.

6 mid-cap funds with up to 37% returns in 3 yrs

Quant Mid Cap FundValue Research Fund Rating: ****Net Assets: Rs 2,788.80 cr3-Month Returns: 15.65%6-Month Returns: 31.04%1-Year Returns: 19.04%3-Year Returns: 36.61%5-Year Returns: 22.92%Expense Ratio: 1.95%

8.98% in Bengaluru: Know returns you'll get from house

At 9.94%, 10-year returns from housing is the highest at Kochi among 10 urban cities, as per the data by BankBazaar.com. Is buying a house an investment or a living expense? If it is an investment, how much return can you expect from your property? Find out here

You will not get tax refund if you got this notice

The income tax department will not disburse the income tax refund either in full or part if they have served an individual with a section 245 notice. Section 245 gives power to the income tax department to adjust past year's income tax liability with the present year's income tax refund.

How to exchange Rs 2K notes, limits, charges

Deposits into bank accounts can be made normally, that is, without limits and in accordance with current directives and other relevant RBI guidelines.

What the world can learn from India's P2P lending model

Here are the reasons that makes the Indian P2P lending space unique and relatively safe for investors.

Punjab & Sindh's new FD schemes with higher rates

The bank has also introduced new FD schemes with higher interest rates for limited period. The new rates will be effective from September 1, 2023, according to the bank's official website.

5 right reasons to invest in gold

Investing in gold: Do keep in that you investment in gold (in all its forms) should not exceed 5-10% of your total portfolio.

Six big money changes in October you should know

Here is a list of eight money changes in October 2023 that can have an impact on your financial matters.

What happens to PPF a/c if Aadhaar not submitted by Sep 30

How to get a credit card without income proof

Is it possible to get a credit card if you are not employed — what if you are, say, a student, a retired person or a homemaker? Proof of income is not the only way to understand the repayment capability of a credit card applicant. Banks have multiple ways to check the credibility of a customer who does not have salary-account statements or payslips. Find out how you can get a credit card without income proof.

These pensioners can submit life certificate from Oct 1

Digital life certificate: It is advised that all banks make use of the various platforms. Banks are advised to facilitate bed-ridden/hospitalized pensioners for submission of life certificate by deputing Doorstep banking executives.

Mutual fund nomination deadline extended to this date

If the deadline for giving MF nominations hadn’t been extended the investor’s folio would have gotten frozen for debits.

Can you deposit/exchange Rs 2000 notes after Sept 30?

The Reserve Bank of India, in its notification dated May 19, 2023, announced the withdrawal of Rs 2,000 note from circulation. The RBI asked the public to deposits and/or exchange the Rs 2000 currency notes by September 30, 2023. However, the notification did not clarified what will happen if an individual is not able to deposit or exchange Rs 2000 note by September 30. Do note that Rs 2000 note continues to remain legal tender.

It is a bank holiday in these states today

Eid-E-Milad bank holiday: Banks will be closed on the following dates in September. Banks will be closed in different states depending on the state, depending on the RBI calendar.

Rs 10L penalty for not reporting foreign shares in ITR

Filing of schedule FA is mandatory if an individual is owner of any foreign asset like foreign stocks, foreign mutual funds, other foreign assets. Failing to file schedule FA along with ITR would mean violation of Black Money Act which would mean a flat penalty of Rs 10 lakh for each defaulting year.

Are you ready to buy a house? Find out

Up to 8.7% interest: How to choose corporate FDs for max returns

Corporate FDs or Company FDs: AAA-and-AA-rated FDs are considered the safest among corporate FDs and they usually pay 0.75% to 1.5% higher interest than bank FDs. High returns come with higher risks. Corporate FDs carry higher risks than bank FDs as they are typically unsecured and uninsured. Find out how to reduce your risks in corporate FDs and choose the right one from the myriad of options for optimal returns.

Has last date to add nominee to MFs been extended?

Note that if the nomination is not registered within the timeframes, transactions such as Redemptions, SWP, Switch, STP will be frozen in the corresponding folios.

What is the new trading account nomination rule?

With respect to demat accounts, it has been decided to extend the last date for submission of ‘choice of nomination’ to December 31, 2023

Gold buying: 6 ways to buy and invest in gold

Gold buying and investing: You can buy and invest in gold via various routes. Here is a look at six ways you can buy and invest in the yellow metal.

Trading account nominee rule changed; check here

Demat account nominee rule update: SEBI on September 26 extended the deadline for existing demat account holders to provide choice of nomination by another three months to December 31, 2023. Further, the regulator has also changed the nomination rule for trading accounts. All you need to know