BUSINESS
Bullish on India: Average income of middle-class Indians triples from Rs 4.4 lakh in FY13 to Rs 13 lakh in FY22
An SBI Research Report based on income tax returns filed for FY11 to FY22 shows positive trends, such as rise in average income of the middle class and significant decline in the number of returns with zero tax liability.
BUSINESS
All you wanted to know about ESOPs
ESOPs give employees the option to buy the shares of their firm at a pre-determined price in the future, and forms part of their compensation package. While they can be an attractive proposition, they can also turn out to be a dud.
BUSINESS
Return to origin: Why NRIs return and why people with roots here are drawn to India
Moneycontrol spoke to three NRIs who returned to India and one US-born Indian-origin person who came here in the belief that the country has good growth opportunities. Read on to know what they had to say
BUSINESS
RBI MPC: Das calls for greater transparency in floating-rate loans
With the aim of bringing greater transparency in interest rate re-setting for floating rate loans, the RBI Governor has made a few proposals. These will require banks to clearly inform borrowers about any loan tenure or EMI-related changes, and other important information on their loans.
BUSINESS
What NRIs must keep in mind when investing their money
Experts suggest that NRIs take advantage of beneficial provisions under India’s tax treaties with certain countries to enjoy lower taxation. Dividing their corpus between India and overseas based on their financial goals and avoiding real estate purchases are other suggestions
BUSINESS
Got a job in a foreign country? Important personal finance matters that you must deal with | Simply Save
Before you pack your bags and move overseas for a job, you will have to put some personal finance matters in order. Starting with your bank accounts to your investments, insurance and taxation matters, there’s much that you will have to take care of. In a conversation with Moneycontrol, Sonali Pradhan, Head of Wealth Planning, Julius Baer India gives a simplified yet detailed overview of how to go about all this. Listen in
BUSINESS
Taking a car loan? How to choose between fixed and floating interest rates
If you are opting for a shorter-tenure car loan of say three years, a fixed-rate loan can be a good choice. For a longer tenure loan, your choice could depend on whether you want rate certainty or the flexibility of pre-payments.
BUSINESS
Where to invest Rs 10 lakh today? Avoid small caps; just stick to these 2 fund categories, says D Muthukrishnan
D Muthukrishnan, a Chennai-based mutual fund distributor and one of South India’s largest, says that the biggest mistake people make is that they keep chasing performance and don’t remain invested. He mainly recommends flexi cap and aggressive hybrid fund categories for investment.
BUSINESS
Higher fees, lower reward points: Axis Bank cuts back on Magnus, Reserve credit card benefits
After weeks of rumours, it’s official Axis Bank has made some big changes to these credit cards including raising the fee waiver threshold and lowering the reward point to partner point / air miles conversion ratio. The changes will be effective September 1.
BUSINESS
Five IPO terms you should know as companies gear up for their public issues
Read on to find out everything there is to know about book-built issues and offers for sale to ASBA and greenshoe options, among other things.
BUSINESS
Claiming car insurance: Why you should avoid it unless it’s for a big damage
If you file a claim, you will lose the no-claim bonus (NCB), a discount on your premium at the next policy renewal. This will matter especially so if you have had many claim-free years. The NCB goes up from 20% to 50% as you go from one claim-free year to five such consecutive years
BUSINESS
Six car insurance terms you must know this monsoon
Knowledge of key terms such as insured declared value and deductibles and add-ons such as zero depreciation and engine protect can come handy at the time of taking a car insurance policy.
BUSINESS
Axis Bank reduces benefits on Flipkart Axis Bank Credit Card
The revised features of Flipkart Axis Bank Credit Card nudges the cardholder to spend more to earn the annual fee waiver. It has also removed a host of spends that were earlier for a cashback, thereby making the card less attractive than before
PODCAST
Credit card devaluation – what banks give, they can take away too | Simply Save
There’s been much buzz on social media around Axis Magnus credit card which is supposedly going to be devalued. There has been no official confirmation from Axis Bank so far. In the meanwhile, in a conversation with Moneycontrol, Kashif Ansari, an Assistant Professor of Finance at O P Jindal Global University, talks about what is credit card devaluation and what bank customers can do about it.
BUSINESS
Single premium term plans – Should you opt for them?
Those with a regular income stream may be better off with regular premium term plans. But those with uncertain cash flows can opt for single or limited premium term plans.
BUSINESS
Updating nomination in jointly-held investments can be a pain; here’s what you need to do
The process can be done online by the primary holder of a jointly-held bank account. But for demat accounts and mutual fund folios, this requires the consent of all the joint holders and must be done via offline mode or physical submission of forms.
BUSINESS
Government flip flop on TCS confounds credit card holders
Experts interpret the new TCS rule, but cannot agree on whether it applies to international credit card transactions done from India
BUSINESS
TCS of 20% on credit cards put on hold, forex cards get Rs 7-lakh exemption
A higher tax deducted at source or TCS of 20% on certain categories of overseas spends will now come into force from October 1, 2023, the finance ministry has said. This will apply to debit cards and forex cards. But if you use your credit card overseas, you will escape the TCS for now, until banks are ready with their IT infrastructure.
BUSINESS
Do you exhaust your credit card limit often? Your credit score could come under pressure
Late or missed loan and credit card payments can impact your credit score adversely. Credit score checks by different banks while processing your loan application too, can have a temporary negative impact. But if you check your credit score, that will not have a negative impact.
BUSINESS
How much life insurance do you need?
One common benchmark to calculate the amount of life cover needed is annual salary. What matters is not how much you earn but how much you spend
BUSINESS
Want to take out a life insurance policy? Here are the term plans on offer
While increasing and decreasing term plans may have their uses, if you are not sure whether they are right for you, a level term plan will serve you just as well
BUSINESS
Forex cards or credit cards? Which one is better for foreign travel
Forex cards work like debit or charge cards that you can load up before you travel abroad. Every swipe deducts the amount from your card. On the other hand, your credit card gives you reward points at every swipe.
BUSINESS
Simply Save | Missing advance tax payments data in ITR forms complicates taxpayers' lives
Data on advance tax payments is missing in the pre-filled income tax return (ITR) forms. So, taxpayers are having to manually enter this data to file their returns. In a conversation with Moneycontrol, Khyati Dharamsi, an experienced personal finance writer, explains why this is happening and what it means for taxpayers.
BUSINESS
The charges lurking in your credit card you didn’t know about
Not all credit cards are free for life. What’s more, the annual fee is not all that your card issuer charges you. So it’s important to look under the hood of your card before you apply for one.
