In recent past, I shared a post on payments bank with the readers of this blog. I shared 7 Benefits of Payments Bank that you should know. I concluded that payments bank is best suited for monthly online payment. At the macro level, payments bank are also positioning as a digital bank. From last 3 months, I am using one of the payments bank accounts but I came across multiple operational limitations that I will share later in the post. After extensive usage, my personal conclusion is that payments bank account is a mini digital bank with certain limitations. On the contrary, my personal ... Read More
7 Benefits of Payments Bank Account That You Should Know
Payments bank account is the new buzzword in the town after UPI and demonetization. The personal finance space is overloaded with information in last one year or so :). It is good for me as i have a lot to share with the readers of this blog. The readers complain that i take the time to share my views. The simple reason is that i try not to share what you already know. You may find large no of posts on payments bank account but unfortunately, all are one and the same. Let's check the payments bank account from a different perspective. The first reaction of most of the people reg payments bank ... Read More
5 Reasons Why I Prefer Credit Card Payment over Debit Card
Circa 2004, when i received my first credit card the most worried person was my father. I was fresh out of college in my first job. Moreover, during those days it was very easy to avail credit card. My father believed that it's too early for me to use a credit card. Though back of the mind his key concern was that if i will spend more on credit card beyond repayment capacity then the bill will be on him :) . Though from day 1, i ensured credit card payment or usage within my means to avoid Debt Trap. There was a study done by FMCG company on the shopping behavior of buyers. The same buyer ... Read More
CIBIL Score is not Affected by these 5 Factors
CIBIL Score is the most important score of your life. It is more imp than your graduation score :). There are a lot of misconceptions around CIBIL Score. The banks and financial institutions have created psychological fear among borrowers. Let me clarify that through this post, i am not advocating to default on payments. The objective of this post to clarify some misconceptions around CIBIL Score. As a good citizen, you should make all your payments on time. At the same time, you should not lose your sleep over misconceptions around CIBIL Score. As i keep mentioning that there is no proper ... Read More
How the changes in TDS Rules will impact you?
There is a change in TDS Rules for RD (Recurring Deposit) and FD (Fixed Deposit) from 1st June, 2015. Not many people are aware of the change in TDS rules. It's a biggest misconception in India that if the TDS (Tax Deducted at Source) is not deducted then the tax liability is NIL. It's a huge tax leakage for Income Tax Department. The second misconception is contrary to 1st i.e. if the TDS is deducted then there is no further tax liability. This is true for taxpayers in 10% income tax bracket but not for taxpayers in 20% and 30% tax bracket. The third misconception is that interest from Fixed ... Read More
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana is a Personal Accident Insurance Scheme launched by Prime Minister Sh. Narendra Modi. It will offer protection against death or disability due to the accident. This post is last in the series of 3 Social Security Schemes launched recently. To know more about Atal Pension Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana, you may click on the respective link. Every year in India, approx 4 lakh people die because of accidents. Out of which, approx 1.37 lakh deaths are due to road accidents. The common perception is that Personal Accident Insurance and Life ... Read More