Personal finance News

Mutual funds hold an inherent advantage as investments because they provide a diverse range of products tailored to investors' preferences. These include equity schemes and traditional debt options. For those with a more risk-tolerant approach, there are hybrid schemes, whereas index funds and ETFs offer more aggressive investment options. Nonetheless, it's important to note that all these investment options carry a degree of risk since they are influenced by the market, making them somewhat less predictable.

Health insurance is indispensable in the modern age as it offers financial security during medical emergencies. Insurers often provide specialised health insurance policies tailored for senior citizens, typically catering to individuals aged 60 years and older. These plans encompass extensive coverage for hospitalisation in planned medical situations or emergencies, including pre-existing conditions and critical illnesses.However, the premiums for these policies tend to be comparatively higher, as seniors are more likely to suffer from chronic diseases and other ailments.

While the purpose of investing is to grow your money, where you invest depends on the time horizon and specific goal. While equity investments are a great option for long term goals which are at least 5-7 years away, for a shorter duration of one year or less, investing in equity can be risky, as it will be exposed to the vagaries of the market.If you require the amount in a year or less, and do not want to keep your money parked in a savings account, then you need to choose your investments wisely. We take a look.

If you've fully repaid your home but are experiencing delays from banks in providing your mortgaged property documents, there is good news for you. The Reserve Bank of India (RBI) recently issued a directive instructing banks and other financial institutions to release the original property documents within 30 days following the complete repayment and closure of the loan account. For any delay the bank or financial institution has to pay ₹5,000 per day to the borrower.

A gold loan is a secured loan where borrowers pledge their gold jewellery as collateral. It offers quick approval, minimal documentation, no credit checks, competitive interest rates, and flexible loan amounts based on the gold's value.Since a gold loan is a secured loan, the interest rates are lower than unsecured loans like personal loans. Interest rates on gold loans can vary between 8.5% to 11% per annum or more in some cases.

Ahmedabad-based Neeraj Patel who has a health insurance cover of ₹10 lakh, was admitted to a hospital a few months ago for a surgery. While the hospitalisation was cashless, Patel had to pay ₹35,000 out of the final bill of ₹1,60,000. On analysing his bill he figured out certain expenses were not covered under the policy.Like Neeraj, you may also be caught unawares by a substantial bill even after having a surgery under a health insurance.

Scary as it may sound, with climate change now a reality, all our cities are likely to experience devastating floods. We have seen it in Mumbai, in Chennai, in Bangalore, and very recently in Himachal and Uttarakhand. Let us take the case of Mumbai. Studies suggest that high rainfall, rising sea levels and sinking land expose more people to the risk of floods. Moreover, there are other natural calamities that may occur too and add to that the risk of theft and burglary.This makes home insurance very essential for anyone who owns a property, or even those who stay in rented accommodation where one can insure the contents of the house against various risks.

Experts advise investors to remain strong on gold and buy on dips. The Indian government has released its second tranche of 2023’s sovereign gold bonds at a price of ₹5,873 per gram (effective after ₹50 digital payment discount) with an eight year tenure. For those intending to go long on gold, this is a good opportunity, say analysts, as Monday’s prices hovered at around ₹60,000 per 10 gms.

India has recently launched Unified Payments Interface or UPI-based cash withdrawal from ATMs, after the Reserve Bank of India governor made the announcement in the last monetary policy briefing. Check out the various ways in which you can withdraw cash without using a debit card next time you are at an ATM.

Any individual who is looking to take on a loan needs to factor in ways to mitigate the risks that come with it. A term insurance policy provides a financial safety net for your family in case of your untimely demise during the tenure of the home loan. It is crucial to match the insurance policy's term with your home loan tenure.

The process of revising a tax return involves making necessary updates and corrections to a previously submitted tax return. This is done to ensure that the financial information provided is accurate and complies with the relevant tax regulations. Whether it's correcting errors or including omitted details, a revised tax return allows taxpayers to rectify any inaccuracies and provide a more precise representation of their financial situation to the tax authorities.

A credit score is an individual’s credit report card and it determines not only eligibility but also the rate of interest you pay. It helps the lender gauge whether you can repay it or not. Lenders check your credit score and your credit report before deciding anything. Oftentimes, a loan that has been closed can also reflect on the credit report and sometimes a dispute with a lender can also affect your credit score. Consumers should monitor their scores and rectify errors say financial experts.

The new and revamped income tax portal is here and a visit shows a completely new look design which is easy on the eyes, user friendly and clutter-free. It is noteworthy that this is not a website to file your taxes but the official website of the Income Tax Department. We look at five ways in which the new income tax portal is different and how it can benefit you.

Reserve Bank of India on Friday said regulated entities (REs) have the freedom and they must offer all categories of retail loans either on a fixed or floating interest rates basis.

The Reserve Bank of India (RBI) has launched a centralised portal, UDGAM (Unclaimed Deposits – Gateway to Access information) to help customers find unclaimed deposits in bank accounts. The portal has been launched to help citizens easily find their unclaimed deposits across multiple banks, without having to contact each bank separately. At present, the bank has data from seven banks and the rest of the banks are expected to be added by October 15.

Utpal Sheth teamed up with Rakesh Jhunjhunwala in the 1990s to build Rare Enterprises. He has been in Jhunjhunwala's shadows for over 25 years, but the Big Bull did not refrain from complimenting him in public. A former i-banker, Sheth was the perfect foil to Jhunjhunwala, with the Big Bull calling him his 1+1=11 partner.

Financial planner Jovan Johnson says it's important to think about what you'll do with your free time, especially since your peers will be working.

The Reserve Bank of India keeping lending (repo) rates unchanged is nothing but good news for aspiring home buyers, especially for those in the middle income categories who aspire to buy a home. Affordable home buyers were at the receiving end of rate hikes for more than a year before the RBI paused hiking rates. Now, the third successive pause gives buyers a better planning window, especially as economists don’t expect further hikes till the end of the year.

Retirement is a non-negotiable phase in one’s life – one where the absence of financial planning can lead to distress. To understand the seriousness of retirement planning, let us delve into these five pivotal aspects. Thus far, the government owing to the increased population has been forced to change their pension policy from guaranteed benefits to market linked benefits.

Moonlighting is the act of engaging in a secondary job or additional work alongside one's primary employment to generate additional income. This typically involves two categories of workers: those who work part-time during evenings or weekends, and those who offer freelance services as independent contractors while holding a regular job.

Student travel insurance provides benefits specifically tailored to students, including coverage for study interruptions. Un...

Financial services firm Charles Schwab surveyed 1,000 American 401(k) plan participants about their saving goals for retirement.