BUSINESS
Children’s Day Special: Board games & bank accounts — how parents instill financial values in kids
Financial planners are resoundingly in favour of imparting financial literacy right from childhood, as that will make kids much more responsible with money as they grow into adults.
BUSINESS
Planning to buy a home this festive season? Here are six things to consider
This season, several financial institutions have announced a raft of offers to lure homebuyers’ interest. However, before you opt for a home, save enough for the down payment, conduct a thorough background check on the builder and check the project details on the RERA website, among other things more.
BUSINESS
Banks prefer to lend money to salaried, than self-employed, says a Paisabazaar study
A Paisabazaar report titled “Making India Credit Fit” says that awareness of credit has gone up sharply among young customers.
BUSINESS
AasaanWill launches gift cards for making wills and estate planning
AasaanWill, a digital Will writing platform, has launched gift cards for Will writing and estate planning services. Prices start at Rs 2,999.
BUSINESS
Google, FACE join hands to eliminate illegal lending apps: How borrowers will gain from this initiative
With this collaboration, FACE will support Google with market intelligence to detect predatory digital lending apps in India that are non-compliant with the Play Store’s policies, enabling swift action against them.
BUSINESS
Finfluencers exist because traditional financial organisations and setups left a gap: MF experts
It's extremely important to educate people on personal finance from the school, said Nilesh Shah of Kotak AMC at a panel discussion on financial literacy at IFTA 2023.
BUSINESS
Watch out for financial changes this November amid gold buying for Dhanteras and navigating festive offers
The month will see BSE raising derivatives transaction fees and banks will wind up special high-rate FD schemes while the reward multiplier scheme will end for Amex cardholders.
BUSINESS
Now, lenders to inform borrowers while reporting their loan defaults to credit bureaus
By demanding the appointment of nodal officers at every credit institution, assigning a financial penalty for delay in redress of customer grievances, and regular updates to the customers on access of their credit information reports, one can expect the industry to be more customer-friendly.
BUSINESS
FD rates: Public sector banks that offer up to 7.25% interest on 3-year deposits
FD investment in leading public sector banks and private banks comprises 76 percent of total bank deposits. Leading public sector banks such as Bank of Baroda, SBI, Union bank of India, among others are offering the best interest rates on three-year FDs.
BUSINESS
Festive season splurge: 5 smart tips to keep your budget on track
Before you indulge in shopping, prepare a budget and steer clear of debt traps like buy now, pay later or no-cost EMI schemes.
BUSINESS
Higher TCS on foreign spends: Credit cards exempt for now, book flights, hotels separately to minimise tax impact
The government has clarified that standalone purchases of foreign flights or hotel stays are not considered as a purchase of an overseas tour package; they are covered under LRS.
BUSINESS
Moneycontrol MF Summit: Rural markets, the new frontier for MFs
The mutual fund journey has just begun for a large part of rural India. Coming from a background of safe bank deposits, people will need to be given awareness about mutual funds and their advantages.
BUSINESS
Credit on UPI: Here’s how it works, and its benefits
Incorporating a credit line with one’s UPI app eliminates the need to carry multiple credit cards. It will be interesting to see if the banks offer reward points and other benefits typically offered to credit card holders.
TRENDS
RBI proposes card-on-file tokenisation: Tighter security, more convenience for customers
The card-on-file tokenisation facility directly at the issuer-bank level will give customers greater control over managing their card tokens, allowing them to add and delete tokens without going through the merchant website.
BUSINESS
Tax-saving FDs: These banks offer interest rates of up to 7.5%
Risk-averse investors and those in lower tax brackets can look at tax-saving fixed deposits.
TRENDS
World Financial Planning Day: Overseas travel, FIRE high on priority list, say advisors
After the pandemic, many Indians are looking forward to early retirement and, unsurprisingly, the frequency of overseas travel has increased.
BUSINESS
Fixed deposit: Top 10 banks where investors prefer to park their money
According to data released by the RBI, there are seven public sector banks and three private banks, which put together, have a 76 percent market share in bank fixed deposits.
BUSINESS
Five financial changes that may impact you this October
They include the new tax collected at source structure for foreign remittances, the way you spend during festival season, and tracking the RBI’s monetary policy announcement for any repo rate hike
BUSINESS
Investing in mutual funds just got easier: All you need is a Visa debit card
To begin with, this facility will be available only to Visa debit cards issued by Federal Bank and ICICI Bank. The service will soon be available to more Visa cardholders. MF houses AMCs that use the Razorpay payment platform will activate this service for investors.
BUSINESS
Have reported over 700 illegal digital lending apps for review, action: Fintech Association CEO
In the revised Code of Conduct, FACE has brought in additional good practices in each section to raise the bar of responsible lending, said Sugandh Saxena.
BUSINESS
FD rates: Banks that offer up to 8.6% interest on 3-year deposits
FD rates: The interest rates on FDs offered by leading public sector banks SBI, Union Bank of India, etc. are not as competitive as rates offered by small finance banks and private banks.
BUSINESS
People under 40 account for 80 percent of loans from digital lenders: FACE-Equifax study
Borrowers in the 31-40 age group account for the highest market share, followed by those in the 26-30 band, the report has found.
BUSINESS
Banks to pay Rs 5,000 a day for delay in returning property documents: RBI
The Reserve Bank of India said original property documents must be returned within 30 days of borrowers settling their personal loans.
BUSINESS
How to use QR codes and UPI AutoPay to make recurring payments
With UPI AutoPay on QR codes, merchants gain a steady, frictionless way to receive regular payments. This is a two-step process that takes under 30 seconds.
