Bank Savings Account FAQ's

1. What is the rate of interest offered for general savings account?

   Most of the banks offer 4% per annum for a no-frills savings account and the interest will be credited to your account on a half-yearly basis. However, the interest rate may vary depending on the type of savings account.

2. When it comes to a savings account, what is nomination? Whom can I nominate?

   Bank accounts have a concept of nomination wherein in case of the unfortunate event of your death, the person appointed by you as nominee will take care of your assets. For singly and jointly held deposit accounts, there can be one nominee. A nominee can be a family member, friend or any trusted person who is above 18 years of age.

3. How can I access my savings account held with a particular bank?

   Most of the banks offer customers the flexibility to access their savings account through multiple channels like bank branches, web portal, ATMs and through phone, mobile banking if available.

4. If I enable internet banking facility for accessing my savings account, what advantages do I get?

   With internet banking, you can view your personal savings account from the comfort of your home. Also, you can view monthly statements, enquire balance, transfer funds, update contact information, enquire cheque status and open a recurring or fixed deposit without having to visit the bank branch.

5. What is the meaning of average monthly balance?

   The AMB or the average monthly balance is the average of closing credit of each day for a calendar month. If a customer does not meet the specified average monthly balance requirements, non-maintenance charges will be levied. Some banks also have average quarterly balance requirements.

6. What is BSBDA?

   Introduced by the RBI, Basic Savings Bank Deposit Account (BSBDA) requires minimal documentation (KYC Documents only) and has zero minimum balance conditions. Any resident Indian over 18 years of age can open a BSBDA account in a bank of their choice. The customers will be offered services like cash withdrawal, free ATM-cum-debit card and deposits.

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

Home Buyers Risks

• Movement in property prices: On an average, property prices have moved up by 30-50% from 2006-2008. In some areas, for example in suburbs of Delhi, such as Gurgaon, Noida and Faridabad, prices had doubled during the same period. This has exposed the buyers to new risks. If the reason for buying a home is to have an appreciating asset, buyer is likely to suffer from less-than-satisfactory appreciation in case the property prices go down. However, if a property is bought when the prices are down, then buyer is likely to get a satisfactory appreciation.
• Increased financial vulnerability: Housing finance institutions typically finance up to 85 per cent of the cost of the property. This means that buyer will have to arrange for the balance 15 per cent from his resources. In the backdrop of rising property prices and various associated costs (such as stamp duty payment, registration charges, maintenance charges, etc.), the buyer has to arrange for higher down payment besides taking on higher home loan liability.
• Rising home loan rates: The interest rate on housing loans had descended from 13-14% per annum in 2000 to touch a low of 7.5% in 2004. However, there was a reversal in the trend since then and, currently, the home loan rates are quoting at 9-10%. As interest rates are revised upwards by home loan providers, the number of equated monthly installments (EMIs) and the interest paid out by buyers during the tenure of the home loan increases.
• Hidden encumbrances on property: Some sellers may hide or may not mention the existing encumbrances in the �Agreement to Sell�. It is advisable to do a thorough check for any encumbrances that exist on the property and then ensure that these are mentioned in the �Agreement to Sell�, clearly stating who would be responsible to pay for these.
• Fraud sellers: A buyer runs the risk of getting into a fraud transaction where the property title papers are NOT complete or genuine, or where the same property is sold multiple times to different buyers. To avoid any future disputes or tensions, the title of property and the related documents needs a thorough check, especially if the property has passed multiple hands. So, ensure that all documentation for the selected property is complete and then get these documents verified by a practicing lawyer before you finalize the property transaction.
• Quality of construction: The quality of construction material used in the selected property is one of the most common risks faced by property buyer. It is advisable to scrutinize all related documents. You may hire services of a registered architect to ensure that the construction is as per the design plan and specifications.
• Land use issues: With too many irregularities and violations in the land use these days, the buyer may not know what he is getting into unless it�s too late. Most cities have master plans and some even have zonal plans that indicate the land use in respective areas. A quick verification of these basic documents by your lawyer can give a lot of information about the area/locality where you are buying a house.
• No completion certificate: The largest property misuse witnessed in most cases is with regard to the building bylaws and master plan norms. Many buildings do not have the completion certificate. You must ensure that you get a completion certificate for the house you are buying as it is an important part of the property paperwork. In case you are buying the property from a builder, then you should earmark an amount of purchase consideration to be paid against receipt of the completion certificate. In case you are constructing a house, then your architect would be responsible for getting the completion certificate.

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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What is Fuel Surcharge on Credit Card and how to get it waived off ?

With the wide acceptance of credit cards at almost all merchants, A lot of people today carry very less cash in their pockets. This provides convenience to you as there is no need not worry about carrying adequate cash for payments. What you may not know is that for providing you with this ease the merchants bear a cost for every transaction which is payable to the bank. This cost is different for every bank and the type of merchant.

Fuel Surcharge
Fuel is a necessary commodity and million of people pay for fuel everyday using their credit card. Now, there is an extra charge to be paid to banks for the use of credit cards to pay, but fuel companies never would want to bear this additional cost for credit/debit card transactions because fuel is a necessity and people will anyways buy fuel no matter what the payment mode is. So they ask their customer to pay the cost attached with making the payment through credit/debit card. which is called Fuel Surcharge and generally its around 2.5% and varies with respect to the relationship between point of sale terminal vendors and the bank of customer.

How to get Fuel Surcharge waived off ?
Opt for a fuel based credit card. Banks have found this as a very good space to target a special class of people who get their vehicles fueled frequently and hence most of the banks have launched credit and debit cards with special benefits."Fuel surcharge waiver" and additional benefits on filling fuel using these credit cards is being used as one of the major features. Bank tie-up with fuel companies to design special credit and debit cards with fuel benefits at specific fuel pumps. While other banks offer waiver on all fuel outlets.

Following are some of the fuel credit cards you can apply for and save on your fuel spends:

1. Standard Chartered Super Value Titanium:

• 5% cashback on fuel, telecom bills & utility bill payments & 1 reward point per Rs. 100 spent elsewhere.
• 1,000 bonus points on 5 or more transactions in the first 60 days.
• Redeem reward points 360° rewards catalogue by Standard Chartered Bank.
• Joining fee – Rs. 499 & Annual fee – Rs. 750 Year 2 onwards.

2. ICICI Bank HPCL Coral:

• Get 2.5% cashback & 2.5% surcharge waiver & 5 PAYBACK points per Rs. 100 spent at HPCL Pumps.
• 2 points per Rs. 100 spent elsewhere.
• Redeem points at PAYBACK, India's largest multi-brand loyalty program.
• 2 Free movie tickets per month at www.bookmyshow.com.
• Minimum 15% discount on dining through the Culinary Treats program.
• Joining fee – Rs. 199 & Annual fee – Rs. 199 Year 2 onwards.

3. IndianOil Citibank Platinum Card:

• 4 Turbo points per Rs. 150 spent at Indian Oil outlets & other featured partners & 2 points per Rs. 150 spent on grocery & supermarkets.
• 1 point per Rs. 150 spent elsewhere.
• Redeem points instantly for cashback or shopping, fuel , entertainment, travel & more.
• Redemption rate of 1 Turbo Point equivalent to Re. 1 of free fuel at IOC outlets
• 2.5% fuel surcharge waiver at Indian Oil outlets.
• Up to 20% discount on dining.
• Annual fee – Rs. 1,000. (Waived if annual spends cross Rs. 30,000).

There are many more banks and cards which provide a lot of savings on fuel spends and choosing the best one is really important, Rupeepower also helps you comparing cards from different banks.

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300