The most immediate benefit of a fixed income is its contribution to effective budgeting. With a predictable paycheck, Gen Z can allocate funds for essential expenses like rent, utilities, groceries, and transportation. This allows them to plan their spending more effectively, ensuring they can meet their basic needs without living paycheck to paycheck. Additionally, knowing …
My retirement is about 8 years from now and, so far, I have ₹52 lakh invested in mutual funds and stocks, ₹25 lakh in a Public Provident Fund (PPF), and roughly ₹26 lakh in my Employees’ Provident Fund (EPF). My monthly expenses amount to around ₹1 lakh, with savings of ₹62,000 per month. This year, …
As the financial year draws to a close, various income tax-saving investment avenues, such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) necessitate minimum contributions to maintain their active status. Therefore, if you hold an account in any of these schemes and haven’t made any deposits for the …
If you want to save income tax for the investments made in this financial year (2023-24), do not forget to invest before March 31 this year. With only a few days remaining in this financial year, taxpayers are urged to invest as soon as they can. Meanwhile, RBI has told all agency banks dealing with …
Retail investors are usually in the lookout for investing options that are safe and secure. One such safe and secure option is ‘small savings scheme’ which are government-run investment schemes and provide safe investing options to retail investors. These schemes offer guaranteed returns at regular intervals compounded monthly, quarterly or annually as the case may …
Insurance and retirement planning are key components, ensuring financial security in the long run. Understanding tax implications and continuous learning about financial matters contribute to a solid foundation. Personal finance empowers individuals to make informed choices, build wealth, and achieve a secure financial future. In the dynamic landscape of personal finance, navigating the complex terrain …
Parents can start investing for these long-term goals immediately after childbirth. They can do so using their own bank accounts or start a new one for the child. These days, many parents prefer to open separate accounts for their children and invest in them—investments that can be accessed by the children after they turn 18 …
Retirement planning is crucial for financial security and a fulfilling post-work life. In India, the National Pension Scheme (NPS) tier 1 account has emerged as a popular option for building a retirement corpus. If you’re considering this scheme, this blog post will delve into its details, helping you make an informed decision. What is an …
Considering the tax implications is essential when making investment decisions. Failing to grasp the tax ramifications of your investments can have a substantial impact on your overall financial health. This clarifies why certain investors opt for placing their funds in equity-linked savings schemes (ELSS) to not just build wealth but also benefit from tax savings. …
The government has relaxed the norms for various small savings schemes. These include the Public Provident Fund (PPF), Senior Citizen’s Savings Scheme (SCSS), and Time Deposit Scheme. These norms were relaxed as per a gazette notification dated November 9, news agency PTI reported. Currently, the government offers nine types of small saving schemes. New PPF …