P Chadha - Fintistic

[How to] Check LIC Policy Details & Status Online, via SMS & Phone

A neighbor of mine bought an LIC policy last year to provide financial security for her family. But, she hadn't paid even the three instalments, when she had to go abroad for an urgent assignment for her company.

In all this hustle bustle of her professional life, she totally forgot her premium due dates and missed her grace periods. She came back to India after three months, remembered about her policy and went to her local office to deposit the due payments.

Her policy had lapsed and she had to pay extra charges to revive it back. Charges that could have been easily avoided.

Sounds familiar?

In fact, It's far too common for subscribers to forget their premium due dates. Many of them miss the grace periods too, and their policies end up lapsing. This can be easily avoided if you regularly check your lic status and keep a close tab on your due dates.

Earlier, getting these details meant you going to LIC branch office or getting in touch with your agent. You may have had to stand in a long queue as well.

But thankfully, LIC has changed all that...

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Tax Saving Fixed Deposits (FD) Guide – Plus the Best Interest Rates

A Fixed Deposit allows you to invest your money for a pre-determined period in return for a guaranteed interest rate on it.

Tax Saving FDs (also known as Tax Saver FDs) are no different but additionally they also allow you to save some taxes.

In this guide, I will cover all the key features and the most common questions about this popular investment option. I will also list the banks offering the best interest rates on these FDs.

So, let's get started...

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Tax Saving Fixed Deposits (FD) Guide – Plus the Best Interest RatesRead More »

Top 8 Best Investment options for NRIs in India [2018]

Recently, a friend of mine, an India-born who became a US citizen recently, was told that he is not allowed to invest by an Indian mutual fund company.

He really wanted to get that fund, but just went back to making investments in US thinking that there are no investment options for him in India anymore.

This is a situation that a lot of Non Resident Indians face...

They are doing great in their careers and want to invest in their home country. They view India as a great opportunity with good earning prospects and of course, there is an emotional gratification of staying connected with your country of origin.

But, there is a lot of confusion out there in terms of what's possible and what's not. And not all NRIs are aware about the multitude of investment options available in India.

So, what are the investment options that are available for NRIs? How about tax saving on these investments? And finally, which investments have the best returns?

I will try and answer these and many more related questions in this post...

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Top 8 Best Investment options for NRIs in India [2018]Read More »

List of Banks offering PPF accounts & online PPF services [2018]

Public Provident Fund has been a darling of long term investors for a long time. And that's for a good reason...

PPF is amongst very few investment options that are truly exempt exempt exempt i.e. the initial deposit, interest and the final maturity amount, all three are completely free of any tax liabilities. Also, PPF is as risk free as it gets as it's backed by the sovereign guarantee. Further, PPF returns and interest rates are amongst the highest in fixed income category.

Combine these three factors and no wonder that PPF is as popular as it is.

Now, when it comes to opening a new PPF account, the first place that probably pops up in your head is your local post office... or quite possibly, 'State Bank of India'.

No surprise there to be honest, as for the longest time, these were the only places to get a PPF account from.

Thankfully, things have changed...

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List of Banks offering PPF accounts & online PPF services [2018]Read More »

Post Office Small Savings Schemes: Details & Interest Rates [2018-19]

In Indian culture, savings are considered to be essential...

...in fact, the first thing you are taught once you start earning is to take some portion out of your monthly salary and invest it wisely.

Now there are many investment options out there (see: best short term investment options), but if you want assured returns without any market risk whatsoever, you should look at post office savings schemes.

Post office small saving schemes will not offer as high returns as market linked investment products (like mutual funds), but their return is guaranteed by the government of India and hence it's as risk-free as it gets.

Now, if you have ever gone to your local general post office, you have probably discovered that they have 9 different investment options.

What are these 9 options? And which one is actually suitable for you?

Let's see...

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Post Office Small Savings Schemes: Details & Interest Rates [2018-19]Read More »

House Rent Allowance 101 : HRA Rules & Calculations

Are you a salaried person?

Have you ever looked at your salary slip and wondered about the exact purpose of house rent allowance (HRA)? Do you know that HRA can help reduce your taxes if you stay in a rented accomodation?

Or may be you have some questions on your exemption limits or exact taxation rules that govern the HRA calculations.

Let’s see if I can help you with this…

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House Rent Allowance 101 : HRA Rules & CalculationsRead More »

Best Short term Investment Options in India [8 top options]

You have cash that’s just sitting there and not earning enough returns…

You are acutely aware of not letting your money sit idle as it is just loses its value over time due to inflation…

…but you also need this money in a short while.

And you are wondering if you know the best short term investment option that you can avail of for this short a duration.

Let’s see if I can help you…

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Best Short term Investment Options in India [8 top options]Read More »

Author name: P Chadha