Demonetization proved to be a boom for mobile wallets. Cashless is the new buzzword in India. It will not be an exaggeration that mobile wallets are one of the synonyms to become Cashless. In my post, Cashless Payments - 15 ways to become a cashless person i shared that mobile wallets are one of the convenient ways to go cashless. To be very honest with the readers, till date i have not come across a single post discussing mobile wallets and income tax angle. Though it might not be relevant in all the cases that we will discuss later in the post. I thought of sharing my views on the same ... Read More
How to Transfer PPF Account?
Not many people are aware that they can transfer PPF account from Post Office to Bank and vice versa. In fact, you can transfer PPF from one bank to another. In short, there is complete portability of Public Provident Fund (PPF) between RBI Authorized Banks and Post Office. In my post on Public Provident Fund (PPF), i highlighted the benefits of PPF Account. PPF is the only tax savings tool, which is popular among people who are investing only for retirement planning. They don't avail tax benefits u/s 80C but open PPF account because of inherent features and high interest rate. Though process ... Read More
Should i invest in Kisan Vikas Patra ?
Kisan Vikas Patra was initially launched in the year 1988. Kisan Vikas Patra was one of the most popular and successful small savings scheme in India till it was withdrawn in 2011. The reason for withdrawal was laundering of Black money through this small savings scheme. "Double your Money in 5 and a half year" was USP of Kisan Vikas Patra during 90's. The investment discussion between my parents revolved around only 3 saving schemes i.e. NSC (National Savings Certificate), PPF (Public Provident Fund) or Kisan Vikas Patra. To be honest, not many options were available during those days. When i ... Read More
Convert Physical Insurance Policy to e-insurance
e-insurance is one of the most revolutionary step taken by IRDA (Insurance Regulator and Development Authority). In recent past, Insurance sector has undergone many changes. e-insurance is one such step for the benefit of customers. After Stocks, Mutual Funds, Bonds, NCD's, ETF's, Derivatives etc now you can store Physical Insurance Policy in paperless Electronic format also known as e-insurance or Electronic insurance. IRDA has issued licenses to five insurance repositories. These insurance repositories are authorized to digitise Physical Insurance Policy to e-insurance & store ... Read More