BUSINESS
Money changes in January 2025: RBI’s new FD rules, quicker credit data updation, deadlines for tax-saver investment proofs, and more
January 2025 Money Changes: The New Year is set to bring in significant changes, from RBI’s revised rules for fixed deposits to modification in certain card-issuers’ credit card features. It is also the month when most employers ask their employees to submit proofs of tax-saver investments during the financial year.
BUSINESS
How to keep your credit card spending in check and maximise rewards this holiday season
Credit Card Rewards Tips: Manage your finances wisely this holiday season by assessing your financial position, creating a spending plan and utilising budgeting tools. Stay on top of your credit card bills and keep an eye on your financial goals.
BUSINESS
Yearender 2024: Of mules & phishing in the dark web — how scamsters played us
Do not share any information or take any action without triple-checking the bona fides of individuals or platforms.
BUSINESS
Year-ender 2024: No RBI repo rate cut, but borrowers get transparent charges structure, digital inclusion via UPI
2024 financial wrap: The year 2024, which draws to a close next week, saw the RBI introducing several key reforms aimed at promoting transparency and fairness in lending practices. These include better disclosures of loan charges, stricter rules for P2P lending and increased UPI transaction limits.
BUSINESS
Here is how your marriage can affect your credit score
Joint loan accounts with your spouse as the co-borrower, credit utilisation ratios and debt consolidation can impact your credit score. Here’s a guide to managing joint loan accounts for healthy credit scores
BUSINESS
Preparing a will online? Understand the process and its pitfalls
Online wills - pros and cons: These are convenient and affordable, but may not be suitable for complex estates or unique circumstances.
BUSINESS
Credit score over 800? You can secure your dream job, cheaper insurance premiums besides lower interest rates
A good credit score can not only help you get best the interest rates on home loans or easier access to premium credit cards, but also discounts on insurance premiums and easier pathway to jobs of your choice, particularly if you are looking for opportunities in the BFSI sector.
BUSINESS
RBI Repo Rate Unchanged: No change in home loan EMIs as RBI holds repo rate steady
Home Loan Interest Rate: Most home loans in India have floating interest rates. With no change in the repo rate, your EMIs are unlikely to rise for now. Economists expect a rate cut in February on improved inflation outlook in India.
BUSINESS
Can having multiple nominees in bank accounts reduce disputes, unclaimed deposits?
Proposed amendments to banking laws make room for two modes of multiple nomination —simultaneous and successive
BUSINESS
Can a rent ‘credit score’ help unlock better rental deals?
RentenPe's rent credit score system rewards tenants' timely rent payments, helping new-to-credit tenants build a credit profile to potentially access better rental agreement and loan terms. However, lack of enabling regulatory framework and limited choice of lenders are the key drawbacks
BUSINESS
December financial alert: RBI rate call, tax deadlines, and credit card updates
In December, watch out for RBI’s policy announcement. Then, update your Aadhaar for free, pay your advance tax and file belated tax returns to avoid penalties, among others.
BUSINESS
Top 10 forex cards to save you money while travelling abroad
Best Forex Cards in India: As more Indians travel abroad, managing foreign exchange has become crucial. Forex cards are a convenient and secure way to carry foreign currency. There are several options. Moneycontrol helps you choose what works the best for you
BUSINESS
NRI financial planning series | Moving abroad? Get your investment matters right
Best investment Strategies for NRIs: As two NRIs share their experiences of managing investments in India, experts highlight the importance of updating financial institutions about NRI status, evaluating existing investments, and exploring investment options like PPF, NPS, and mutual funds.
BUSINESS
Children's Day: How Indian parents are using bank accounts, e-commerce apps and board games to teach money skills to kids
Children’s Day Special: Parents and financial experts emphasise the importance of imparting money management skills to children early on. Interactive tools, workshops, and open conversations help kids develop financial literacy and responsible habits.
BUSINESS
Careful, NRIs: This is how to ensure your power of attorney is a tool, not a trap
The challenges NRIs, among others, face in managing their affairs in India can be addressed by granting a PoA but there are precautions one must take
BUSINESS
RBI’s UDGAM Portal: How to track unclaimed deposits on the platform
RBI’s UDGAM portal launched last year helps individuals access their unclaimed bank deposits. As long as you have details such as account holder's name, bank name, unclaimed deposit reference number and location, you can track your deposits. However, these deposits can only be claimed through respective banks.
BUSINESS
Banking for NRIs: How to manage your accounts while relocating abroad
Before relocating abroad, consider consolidating your Indian bank accounts to simplify financial management. Ensure your account is compatible with your investment platforms to facilitate efficient and uninterrupted stock or mutual fund transactions.
BUSINESS
Financial changes in November: SEBI’s insider trading norms, RBI’s new NBFC-P2P rules and ICICI Bank’s credit card revisions
November has several rules coming into force — SEBI has broadened the scope of insider trading norms and RBI has tightened regulations on escrow accounts for NBFC-P2P lending platforms, among others.
BUSINESS
Union Bank, Bank of Maharashtra among lenders that offer cheapest home loans
Home Loan Festive Offers: Diwali sparks new beginnings, and several banks are offering attractive home loan deals. Top 15 banks are offering interest rates ranging between 8.35% and 8.7% for a Rs 75-lakh loan for a 20-year tenure.
BUSINESS
Dhanteras 2024: Looking to buy gold coins? Here are smarter ways to invest
Buying gold coins from banks may not be a prudent decision because of inflated prices. The RBI rule stipulates that banks cannot buy back gold coins purchased from them. Instead, investors can consider buying alternative gold instruments such as gold ETFs, digital gold and sovereign gold bonds, investment advisors say.
BUSINESS
Wedding & Money: How to plan your honeymoon with a budget of Rs 1 lakh
Honeymoon packages under Rs 1 lakh: Budget constraints need not be a hurdle in the path to your dream honeymoon if you put a meticulous spending plan in place and adhere to it. Some tour operators are also promoting their honeymoon destination packages, but do watch out for the hidden costs before you sign up.
BUSINESS
Diwali Shopping Hacks: Save big, Spend smart
Diwali Shopping Tips: Rather than simply loosening the purse strings this festival, create a budget and prioritise essentials. Use cashbacks, compare prices across websites and leverage bank offers for exclusive discounts. And those buy now, pay later and no-cost EMI schemes could mean the road to debt.
BUSINESS
Funds locked post RBI’s new P2P lending rules, Lendbox investors seek recourse
Peer to Peer Lending: Lendbox's flexible withdrawal option was discontinued after RBI’s revised guidelines came into effect from August 16. Co-founder Bhuvan Rustagi sought to reassure investors, saying their funds were safe and merely subject to a changed withdrawal dynamic.
BUSINESS
Gadget Gluttons: Gen Z, millennials gobble up smartphones funded by personal loans
Consumer Durable Loans: The share of loans to fund smartphone and home appliance purchases has shot up from 1 percent in 2020 to 37 percent in 2024.
