BUSINESS
Top financial changes in August: New UPI rules, RBI repo rate decision and revision in bank credit cards terms
There are a host of changes coming to the country's financial landscape, from the digital payments system being tweaked, an RBI decision on interest rates, an overhaul of the mutual fund industry and a looming deadline to verify income tax returns.
BUSINESS
Smart festive shopping: Don’t let FOMO derail your budget
Navigate festive sales wisely by prioritising needs, budgeting, maintaining a healthy EMI-to-income ratio, avoiding multiple loans and leveraging cashback platforms to ensure financial stability and maximise savings.
BUSINESS
Building credit history: A guide for new-to-credit borrowers
New to credit? Start with a credit card or secured card, use it responsibly, and repay on time. Monitor your report and avoid common mistakes to build a strong credit score
BUSINESS
Wish to exclude legal heirs from inheritance? Follow these steps for a watertight will
Draft your will with clear intent, ensure proper execution, and attestation and registration to minimise potential disputes later.
BUSINESS
Drafting a will online? Watch out for these common errors
Creating an online will can be convenient and cost-effective, but it's crucial to ensure legal validity and review regularly to reflect changing circumstances.
BUSINESS
TCS layoffs: How emergency fund, insurance coverage and robust financial plan can cushion the blow
An adequate emergency fund can help you meet your EMI commitments during such crises. You can also re-evaluate and pause your systematic investment plans (SIPs) until cashflows are back on track.
BUSINESS
Gold loan interest rates start at just 8%: Here are best offers from banks and NBFCs
Indian Bank, Punjab National Bank, and Canara Bank are offering gold loans at interest rates between 8 percent and 8.80 percent per annum.
BUSINESS
Rate Race: PSBs take the lead, drive interest on home loans below 7.5%
Lowest home loan interest rate: Private banks are yet to pass on the full benefit of RBI’s 100-bps repo rate cut to their home loan customers.
BUSINESS
Stolen identities, frozen dreams: How to survive credit frauds
It is important to monitor one’s credit report frequently to ensure there is no fraud
BUSINESS
Need quick cash for financial emergencies? Consider taking a loan against your car
Loans against cars allow you to tap into your asset to ensure liquidity in times of crises, but lack of diligence in repaying the loan will have consequences.
BUSINESS
Major financial changes in July: Revision of bank charges, new PAN rules, & ITR deadline extension
Aadhaar is now mandatory for new PAN cards, and you now have time till September 15 to file your income tax returns. That apart, SBI Card, HDFC Bank, and ICICI Bank have introduced a slew of changes. Read on.
BUSINESS
Uncovered: Air accident insurance benefits that credit cards offer
Most credit cards offer complimentary air accident insurance, providing financial protection to primary cardholders in case of death due to air accidents, with varying coverage and terms.
BUSINESS
Avoiding property demolition: Smart tips for homebuyers to ensure a secure purchase
Recently, numerous residential projects across various locations have faced demolition due to unauthorised construction. Buyers should research developers, check RERA records, verify property details, and understand land tenure to avoid similar situations.
BUSINESS
Home loan dilemma: Should you prepay or invest after repo rate cut?
Home Loan Prepayment Vs. Investment: RBI's 100 bps repo rate cut this calendar year benefits home loan borrowers with lower interest rates. Existing borrowers must decide between prepaying loans at lower rates or investing savings in equities, considering their financial goals and risk appetite
BUSINESS
RBI eases KYC norms: Simplifies update process, extends deadline for low-risk customers
The RBI said it has noted a significant backlog in periodic KYC updates, including in accounts opened for receiving Direct Benefit Transfers or Electronic Benefit Transfers for various government schemes.
BUSINESS
Tighter RBI rules for gold loan collaterals: Here’s what you need to know
RBI’s New Gold Loan Rules: The objective is to mitigate volatility risk inherent to such products. However, excluding gold bars, gold and silver ETFs and mutual fund units as collateral may limit options for investors, say experts.
BUSINESS
RBI repo rate cut: Depositors need to brace for lower FD rates, rethink savings strategy
The RBI's 50 basis-point repo rate cut to 5.5% may lead to lower fixed deposit rates, prompting depositors to adopt strategies like laddering and consider alternatives for better returns.
BUSINESS
RBI monetary policy: Relief for borrowers as home loan interest rates set to fall significantly
The central bank cut the repo rate by 50 basis points to 5.5%, paving the way for lower home loan interest rates, benefiting existing and new borrowers with reduced EMIs and interest payouts.
BUSINESS
Home loan rates may fall below 7.75% if RBI cuts repo rate on June 6
The RBI's monetary policy announcement on June 6 is expected to include a 25-50 bps cut in the repo rate, aligning with economists' expectations. This potential cut could lower home loan rates below 7.75%, benefiting both existing and new borrowers.
BUSINESS
School fees are on the rise. Can a bridge loan be a help or a hazard?
Many parents are facing financial strain due to incessant school fee hikes, but an option like loans for school fees can ease their financial burden. However, failure to repay monthly instalments may result in the school withholding your child's report card, as per terms.
BUSINESS
Top financial changes in June: Revised cut-off timings for overnight MF deals, changes in credit card terms and a possible rate cut
Money changes from June: Sebi's revised cutoff timings for overnight funds will come into effect, RBI may cut repo rate for the third consecutive time this year, credit card customers of Axis Bank and Kotak Mahindra Bank will have to brace up for changes in terms.
BUSINESS
Job loss? Don't panic, there are financial strategies to keep you going
Financial strategies: Layoffs leave many financially strained. Financial experts advise building emergency funds, cutting expenses, managing debt, and prioritising essential expenses to navigate uncertain times effectively
BUSINESS
Axis Bank credit card terms revised: Magnus, Burgundy see benefit downgrades, boost for Select and Privilege
Some popular Axis Bank credit cards like Magnus for Burgundy and Flipkart will see significant downgrades, while other cards, such as Select and Privilege will see enhancement in benefits
BUSINESS
Union Bank of India offers a health insurance policy with its FD: Should you go for it?
The Union Wellness Deposit scheme combines a 6.75% interest rate FD with a complimentary Rs 5-lakh super top-up health insurance cover for deposits of over Rs 10 lakh.
