In November 2018, he attended a financial planning workshop organised by his organisation. He learnt that contingency fund is an amount of money set aside specifically for emergencies – temporary job loss, any uninsured medical conditions, etc. As a software developer, Prashant is quite familiar with frequent job losses that have plagued the sector for years. So, as a thumb rule, he has now kept aside three months’ worth of basic living-expenses from the Rs 4 lakh parked in fixed deposits. He has built a contingency fund by investing in liquid and ultra-short term mutual fund schemes. … [Read more...] about Got your first job? Follow these steps to have a balanced money life
Ncdc provides financial assistance
Basic Services Demat Account (BSDA): Unlike Normal Demat Account, this one offers limited services to investors at lower costs. A BSDA Demat account is mainly intended for small investors who don't or can't invest regularly in stocks, bonds, ETFs etc. A criterion for BSDA is that you need to have only one single Demat account i.e the BSDA needs to be your only Demat account across all depositories. SEBI (Securities and Exchange Board of India) felt that the majority of Demat account holders don’t really use their accounts as much as they should or for multiple purposes and are still ending up paying high maintenance fees. So, to help out such investors it came up with this account type. The Annual Maintenance Charges (AMC) structure for BSDA Demat accounts shall be on a slab basis on the value of the holding, which shall be determined by the DPs (HDFC Bank in this case) based on the daily closing price or NAV of the securities or units of mutual funds. If the value of holding in … [Read more...] about HDFC demat account: Its charges, account opening process, etc.
If you want to exit the Smart EMI during the tenure of the loan, the bank and leasing company provide you with two options. The first is buying the car by paying the outstanding loan value. The amount is stated in the contract agreement. Or, you can surrender your car to the leasing company. The difference between the market value of the car and outstanding loan value needs to be paid by you. While closing the scheme, prepaid insurance (if any) and dues (if any) will be recovered from you. … [Read more...] about ICICI Bank’s Smart EMI: Only for those who compulsively change car models frequently
In case a P2P lending platform still is in process of applying for a NBFC-P2P licence from the RBI, but decides to shut the operations, there is a substantial risk that you will not get all of your money back. Also, there are some P2P platforms not registered with the RBI and claim guaranteed returns on lending in advertisements or their websites. … [Read more...] about RBI allows lenders to finance larger amounts on P2P platforms
"This enables them to uncover valuable spend data, simplify processes, and make smart decisions. Using our joint solution, organisations can make strategic decisions based on insights unique to their business and gain a consolidated view of their budget, drive control on how employees spend money, automate payments to speed up processing, and ensure compliance and data accuracy," Chowhan said. … [Read more...] about HDFC Bank, Mastercard, SAP Concor join hands to manage spending in corporate sector