10 Money Tips for a Holiday Abroad
Mar 6th
So finally you’ve decided that you’re going to take that well deserved vacation — away from all the madness at work. I won’t get into why you need a holiday but instead provide you with money tips when planning a holiday. What if your credit card isn’t accepted and you aren’t getting a decent exchange rate for your native currency? Here’s the checklist:
1. Take along your major credit cards — make sure they are really credit cards and not just debit cards with a credit card company’s logo on them. Many locations require a credit card and will not accept a debit card, so they may have limited use on your travel.
2. Notify your credit card company of your trip before you leave. The unfamiliar spending patters might cause them to suspect that the card is being used fraudulently and delay your approvals. Further, they will explain many of the services that they can provide while you are on your trip. Continue reading “10 Money Tips for a Holiday Abroad” »
PayPal to resume local bank withdrawals to India
Feb 27th
Just received an email from PayPal stating RBI has allowed them to continue local bank withdrawals for settlements for exports of goods and services. Paypal anticipates that, as of Wednesday, March 3rd, customers will be able to use their bank withdrawal service. However, the bad news is — personal payments into India still stand suspended till further notice.
Below is the email I received from PayPal:
We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands of Indian businesses who depend on PayPal to sell their goods or services in the global marketplace. Continue reading “PayPal to resume local bank withdrawals to India” »
Online Money Transfer (NEFT) to become Faster
Feb 22nd
The National Electronic Funds Transfer (NEFT) system has been successfully handling significant volumes, ever since its launch in November 2005. More than 6 million transactions were processed by the system during the month of January 2010 alone. The coverage has also increased substantially with the participation of over 63,000 bank branches spread across the length and breadth of the country. Continue reading “Online Money Transfer (NEFT) to become Faster” »
Go Green, SMS the Money
Feb 21st
The State Bank of India is planning to quadrapule its branch network not by the conventional branch network manner but by using Mobile Banking. Yes, and the idea is to reach out to all those rural areas where it would be costlier to expand via the conventional branch network way. Continue reading “Go Green, SMS the Money” »
Payment of Interest on Savings Bank Account on a Daily Product Basis
Feb 20th
Well, the party is (almost) over for banks in India. Seriously, with the kind of interest calculation method being currently used for saving account holders it indeed is a party for the bank to enjoy such an enormous amount of free float at the cost of the janta.
Hopefully if the banks don’t make some lame excuses to push the deadline, come April 2010 the deposits in our savings account should earn us more by way of interest. That’s because the Reserve Bank of India has asked banks to start calculating interest rates on these accounts on daily basis from April 1, 2010. Continue reading “Payment of Interest on Savings Bank Account on a Daily Product Basis” »
5 Things to Know if You’re Interested in a Reverse Mortgage
Jan 30th
Photo courtesy: prakhar
What is a reverse mortgage?
A reverse mortgage, as the name suggests is opposite of normal housing loan (mortgage) and is available only to senior citizens.
How does it work?
Once you pledge your house for reverse mortgage, the bank after carrying out its due diligence will arrive at the value of the house. After creating the room for interest cost and price fluctuations, the bank will disburse the balance amount to you depending on the payment amount you choose. Continue reading “5 Things to Know if You’re Interested in a Reverse Mortgage” »
Pay your credit card bills online
Jan 23rd
Paying your credit card bill is now easy and convenient. You can now pay your bill online from the comfort of your home / office using any bank account of your choice.
Just pay in 3 simple steps:
1. Enter details of the Card number and the amount you wish to pay.
2. Choose the bank account you wish to debit.
3. Login to this account, verify details and confirm payment.
You can follow the links below depending on the credit card for which you wish to make a payment. Please note this is only for cards issued in India. Continue reading “Pay your credit card bills online” »
Home Loans: Joint ownership
Jan 17th
Photo by: kevindooley
Tax benefits on home loans have turned out to be an important aspect of home buying . Here is how you can benefit from the same.
Tax breaks
For self-occupied house property, the annual value of the house property is considered to be nil. Further, an individual could claim a deduction for the interest paid on the home loan (for purchase or construction) up to Rs 1.5 lakh, subject to certain conditions. This would result in a loss under the head house property of up to Rs 1.5 lakh, which could be set off against other income. If the property is let out, the actual amount of housing loan interest, without limit, could be claimed as deduction. Also, an individual can claim a deduction up to Rs 100,000 for re-payment of the principal amount U/S 80C of the Income Tax Act, 1961. Continue reading “Home Loans: Joint ownership” »
