TBP This is our attempt to make your hard earned money work hard for you, while you sit back and enjoy the fruitful returns.
PFS (Personal Finance Simplified) will simplify information on the latest happenings in the personal finance world, ranging from financial instruments like Mutual Funds, Fixed Deposit (FD), Recurring Deposit (RD), Insurance, National Pension System (NPS), Initial public offering (IPO), Income Tax, Government securities and bonds to Gold & all other investment / money saving options. The first step
31/05/2021
Automation at its best
If you want to book appointment for vaccine then chrome extension is available
Everything including captcha is automated
CoWIN Bot A faster way to get your vaccine slot in India
30/12/2020
टैक्स रिटर्न भरने का समय बढ़ा: अब 10 जनवरी तक फाइल कर सकते हैं ITR , पहले 31 दिसंबर थी आखिरी तारीख साल में एक करोड़ या ज्यादा रकम बैंक में चालू खाते में जमा करने वालों को ITR फाइल करना जरूरी,अगर आप सालाना 2 लाख रुपए से ज.....
30/06/2020
भारतीय यूजर्स के पास चीन के हर प्रतिबंधित ऐप का विकल्प मौजूद; 59 ऐप्स के रिप्लेसमेंट की पूरी लिस् सरकार ने जिन 59 ऐप्स पर बैन लगाया, उनमें सबसे ज्यादा 18 ऐप्स यूटिलिटी कैटेगरी के हैंयूजर्स अब इन ऐप्स पर मौजूद अपने फो.....
31/03/2020
Govt cuts interest rates on Small Savings schemes by 70-140 bps after a year of pause.
Source - MoneyControl
30/03/2020
All your queries answered here. Plz share it with your friends and family.
Frequently Asked Questions (FAQs)
Now let us look at some of the frequently asked questions on this loan EMI deferment.
1) Which bank and financial institution is eligible to provide this 3 months relief?
RBI indicated that all commercial banks, which includes regional rural banks, small finance banks, co-operative banks and all NBFCs which includes housing finance companies and micro finance enterprises can provide this relief to their customers.
2) What loans are eligible for this 3 month deferment of loan EMIs?
Specified loans that are taken on or prior to 1st March, 2020 are eligible for this deferment for the period of 3 months.
3) How do I know whether I am eligible for 3 month loan deferment?
RBI proposed this relief, however it is at the discretion of the bank or financial institution to provide a moratorium to its customers. They need to first discuss internally within the board of such bank or institution and then would be communicated to you. You need to wait for the communication from the bank.
4) If my bank provides 3 months relief, am I automatically covered?
No. You are not automatically covered. First bank would discuss internally. Second, they would communicate to you if you are eligible for such relief. Third, you need to accept if you want this 3 month moratorium. Fourth they would confirm once they accept your proposal.
5) If I opt for a 3 month moratorium, would it affect my Cibil Score?
No. RBI indicated clearly that due to this deferment, no credit score would get affected.
6) Is this 3 month deferment applies to credit card payments too?
Yes. Though initially there is no clarity, RBI has clarified. This 3 month deferment is also applicable for credit card payments too. Means you need not pay credit card dues for next 3 months provided your bank provides such relief and you accept such relief.
7) Would there be any interest charged for this 3 month period?
If you are opting for 3 months loan EMI deferment, your bank or financial institution WOULD charge interest for this 3 month period on the outstanding loan amount.
8) Would there be interest if I use this relief on credit card outstanding?
Yes, your bank would charge interest for this 3 month period at applicable rates.
9) What happens after this 3 month moratorium period?
Principal+interest whatever is due for this 3 month period needs to be paid immediately after this 3 months moratorium period.
10) Is there 3 months relief for business loans?
Businesses would have taken working capital loans for their day to day running the operations. They can defer the payment of interest on such loans for this 3 month period, which applies to all loans outstanding as on 1st March, 2020. This would not bring down the asset classification downgrade.
Also Read: Who would benefit from recent Repo Rate Cut and other measures from RBI?
Do I need to take advantage of RBI 3 month moratorium on loan EMI?
Here are few ways to handle this situation. One should note that you should be able to view this not just 3 months, but at least between 3 months to 6 months crisis.
i) If you are salaried employee or the businessman and you are still able to get fixed / regular income, then pay your EMIs in a regular way.
ii) Can you pay your EMI’s with your emergency money or investments without disrupting your existing expenses, then go head pay your EMIs in the normal way.
iii) If you feel that your income is going to be disrupted due to corona virus situation for next 3 months, you should opt for this 3 month moratorium.
iv) If you get an indication that you would lose a job or sense layoffs, opting for this 3 month moratorium can benefit you so that you can join another job or find alternative ways of paying off such dues. However, you need to pay interest + entire loan EMIs after 3 months period.
v) While home loan EMIs can be deferred, personal loans or credit card payment deferment should be avoided. Interest on credit card outstanding or on personal loans are generally very high compared home loan. Hence, after this 3 month moratorium, you would see huge interest to be paid on such loans. Check if you can avoid them.
Do I need to take advantage of RBI 3 month moratorium on loan EMI? In this article, we would provide some of the frequently asked questions about RBI 3 month moratorium and indicate whether one need to take advantage of such deferment of loan EMIs
✨✨*Thumb Rule of Financial planning.*✨✨
1. 30 % of your income must be used for *monthly living expenses.*
2. 30% of your income must be used for *Liabilities repayments*, if any..
3. 30% of your income must be *SAVED* and *INVESTED* for your future LIVING.
4. 10% of your income must be spared for *entertainments, vacations*
5. 6 months expenses must be available for *emergency fund* (should be invested in LIQUID FUND, FD Etc)
6. *Home loan* must be registered and apply on both *husband and wife name.* (Both can get benefits on Home loan Tax benefits)
7. Buying *second house for investment is not advisable* ( _Survey reports - it will fetch you only around 3% return_)
8. After 45 years of age, *not supposed to enter into any BIG LIABILITIES* (Higher education of children and wedding of children will happen around 45 to 50 only, so plan now for the same.)
9. Have joint account @ Bank savings account.
10. Property must be *registered on both Husband and wife name*. (As per legal act – after husband first legal heir is wife, after wife it will go to children only)
11. Regular check on *Nominations at all financial instruments.* if not nominated, do it now..
12. Only in insurance policy, Claims payable to Nominee. In other financial instruments legal heirs certificate is must to get back the settlement
13. Must have *Term Insurance and Other Saving Insurance Policies Compulsorily* to financially secure future of your dependants..
14. *Don’t take any financial investment decisions EMOTIONALLY*, and also Avoid last minute tax saving investment decisions, plan well in advance..
15. *MEDICLAIM is must* (in spite of Group mediclaim coverage given at office) (After retirement there is no mediclaim coverage, after 50-55 years of age, it's very tough and costly to enter into mediclaim)
16. For your *jewelry LOCKER*, Only one lakh is payable by bank, if theft or fire happen at bank. Provided insurance done.
17. Like same way *Government guaranteed only one lakh for your FD* also. (Fixed deposits with Banks upto Rs. 1 lakh only are backed by deposit insurance)
For Insurance with LIC only full Amount is Guaranteed by Central Govt.
18. Must know all *Tax implications.* You cannot avoid paying tax. But you can minimize by way of tax planning and investments..
19. All *financial documents must be kept safely* and keep family members informed of the same..
20. *Financial investments* must be followed through *personal financial advisor..*
21. *Review your portfolio at every six month..*
These are my suggestions, personal Finance and investment decisions depends upon case to case 😊🙏🏻
04/12/2019
Salaried persons alert! Massive middle-class income tax relief? This big good news may come soon from Modi government Massive relief may come soon for you right from the Modi government.
28/10/2019
पोस्ट ऑफिस की स्कीम्स में करें निवेश, बढ़िया रिटर्न और सरकार की गारंटी देश में केवल पोस्ट ऑफिस ही ऐसी जगह हैं जहां पर निवेश की सुरक्षा की गारंटी भारत सरकार देती है
06/09/2019
How will borrowers' EMIs be reset after RBI decision to link loans to external benchmarks? From October 1, 2019, any loan taken will be linked to any one of the 4 external benchmarks specified by RBI.
06/06/2019
https://www.bhaskar.com/national/news/rbi-on-rtgs-neft-online-transactions-01563109.html?ref=ht
आरबीआई ने आरटीजीएस और एनईएफटी से फंड ट्रांसफर पर शुल्क खत्म किया डिजिटल ट्रांजेक्शन को बढ़ावा देने के लिए रिजर्व बैंक ने यह फैसला लिया एसबीआई ऑनलाइन फंड ट्रांसफर पर 1 रुपए से 51 रुप.....
04/06/2019
Travelling abroad? 7 typical ways you could get robbed of your money Tourists are easy targets for scamsters in foreign countries. Find out how to sense danger and fortify yourself against cheating during an overseas trip.