Best Retirement Planning Books helps you to manage your Retirement life happily and hassle-free in India. Retirement is inevitable and will occur to everyone who has completed their career span of life. To make a retirement life without having financial troubles, everyone needs to plan out for the future and utilize the savings wisely.

To understand personal finance management for smooth retirement, we recommend you to check the below-listed bestsellers articles related to finance.

• 7 Best personal finance books
• 7 Best Credit repair Books
• 7 Best Money Management books by Indian Authors.

Financial planning for the future will be easy if you have the right tools. The Retirement planning books are the ultimate source of information to choose the right investment tools in India for a smooth retirement. Use the right book to fish out important guideposts needed for you to plan your retirement life.

Below is the list of the 7 best retirement planning books available in India to read in 2022 for a smooth retirement.

Book 1: Retire Reset:

The bestseller “Retire Reset” is one of the best retirement planners that let you know all the things your financial advisor may not be telling you about money management for your retirement.

Buy from Amazon: https://amzn.to/35StUSz

Book 2: Smart Couples Finish Rich:

The best retirement planning book “Smart Couples Finish Rich” is the ultimate guide consisting of 9 steps to creating a rich future for you and your partner and living happily.

Buy from Amazon: https://amzn.to/3slxnAu

Book 3: The Money Talk:

The Money Talk is one of the best retirement planning bestsellers especially for Indian Americans who looks for smooth retirement life. This is one of the best retirement planners for an Indian life culture.

Buy from Amazon: https://amzn.to/3optLfE

Book 4: Planning Your Retirement:

One of the best practical guides for turning your dreams into reality in any part of the world is the bestseller “Planning Your Retirement”. Just follow the tips shared in this book to help you to have a happy retirement.

Buy from Amazon: https://amzn.to/35Vp7jn

Book 5: Rolek Retirement Planning:

Rolek Retirement Planning is one of the easy retirement planning books consisting of 60-second assessments to improve your planning today in India.

Buy from Amazon:  https://amzn.to/3HtObMf

Book 6: Your Retirement GPS™:

If you need a road map to your dreamed retirement life, the bestseller “Your Retirement GPS” will be an ideal choice in India or any part of the world. These retirement planning books guide you to make a perfect road map for hassle-free retirement life.

Buy from Amazon:  https://amzn.to/3oryKN0

Book 7: How to Retire Happy:

For those who are on the edge of retirement life,  the retirement planning book “How to Retire Happy” is a perfect choice. This book will provide you with the 12 most important decisions you must make before you retire to India.

Buy from Amazon:  https://amzn.to/3shOvHx

Conclusion:

These listed retirement planning books offers inspirational advice on how to put retirement in a correct perspective, and how to enjoy a career life. These easy to read books are a friendly choice to read for every Indian for their successful retirement life.

• The above-listed retirement planning books help you to understand how to budget and manage your personal finance for happy retirement life.

Check the respective link of the international retirement planning book available in India and buy the best book from amazon, which you feels suit your needs. After reading and understanding don’t forget to plan and implement the strategies into your life now itself for your hassle-free retirement.

Thanks & Regards:

MyMoneyBooks

As there are millions of Investment books by Indian Authors on the topic ‘stock market investment’, for beginners it will be confused to select a suitable book.

It’s really important for a newcomer to understand the basics of the stock market and investment before entering to build a successful career in it. For newbie investors, lack of knowledge leads to a financial loss intern leads to a decline in morale and confidence.

For traders, we recommend checking the 7 best Indian Stock Market books by India Authors for Traders.

To help the newbie investors, In this article we are covering 7 Must Read Investment Books for Stock Market Investors by Indian Authors. Also please refer to the following list of best books.

• 7 best books for stock investors 
• 7 best books about Warren Buffett
• 7 best Personal Finance books

These Indian authors’ books are specifically for the Indian newbie investors and traders as it is written by Indian authors specific to Indian stock market. This article covers a brief introduction for each of the must-read books and about the Indian stock market Authors. Below is the list of Indian stock market Authors, who shared their knowledge for the newbie investors.

• Parag Parikh
• Prasenjit Paul
• Santosh Nair
• Rahul Sarogi
• Jitendra Gala
• Raghu Palat
• Ravi Patel

Most of the best books to read by Indian authors are based on the concept of Value Investing. The value investors find stocks that are undervalued and buy the stock and hold it for a longer-term profit booking.

These investment books from Indian Authors guide beginners around the world to strengthen their skills and knowledge in investments.

Book 1: Stocks to Riches

Author:

Mr. Parag Parikh was an Indian author, chairman of PPFAS Ltd, an Investment Advisory Firm, and a successful entrepreneur. Parag Parikh began his career as a stockbroker in BSE. Mr. Parikh holds Masters’s Degree in Commerce & Economics from the University of Bombay.

Overview:

Buy From Amazon: https://amzn.to/3wHXP8n

The Investment books by Indian Authors “Stocks to Riches” by Parag Parikh is simple and written in an easy-to-understand language that imparts sound thinking on the behavior and philosophy of investing. Readers will get, Mr. Parag Parikh’s years of experience, and knowledge which he gained through the study and analysis in the stock market. This book will cover the following.

• How one can find the right stock and strategy for investing?
• Time-tested and proven guidelines help the retail investor to make money.
• Personal experience of Mr. Parag which help the retail investors, broker and analyst

This is one of the best Investment books by Indian Authors every investor, both experienced and beginners, should read once in their life. Stocks to riches audiobooks are also now available.

Book 2: How to avoid loss and earn consistently in the stock market.

Author: 

Prasenjit Paul, an equity investor and well know the stock market author from India. He writes his books on the basis of his successful track record and on the basis of insight into the Indian stock market. Prasenjit Paul, is a SEBI registered equity research analyst in INDIA. He is the founding director of Paul Asset Consultant Pvt. Ltd. Which is an equity advisory company.

Overview:

Buy From Amazon: https://amzn.to/3wIghOa

The Investment books by Indian Authors “ How to avoid loss and earn consistently in the stock market by Prasenjit Paul explains to the investors the importance of Investing in high-quality stock( Business). Also explained about the need of picking the right stock at the right price and holding them for a reasonable period. This Investment book by Indian Authors, explains the basic concepts in an easy-to-understand and simple language and covers the following details.

• How to select fundamentally strong business(Stock).
• How to minimize the loss in the Indian stock market.
• Steps to pick up winning stocks and Mutual funds.
• How to avoid losses and earn consistently.
• How to evaluate management in the stock selection?
• Strategy to decide when to buy and sell.
• How to construct a successful portfolio?

How to avoid loss and earn consistently by Prasenjit Paul pdf are available online for download. The book teaches the investors and traders a simple message that “Life is not all about the stock market and money”.

Book 3: Bulls, Bears, and Other Beasts.

Author:

Santosh Nair is an Editor, and writing on the financial markets for over two decades. He worked previously with many financial organizations, and also with The Economic Times. He is the author of many books including his popular book about Indian markets, Bulls, Bears, and Other Beasts.

Overview:

Buy From Amazon: https://amzn.to/3gDdu3a

The book https://amzn.to/3gDdu3aBulls, Bears and Other Beasts by Santosh Nair narrates the history of the Indian stock market post-liberalization. This is a comprehensive book about the INDIA stock market over the last 25 years. This Investment book by Indian Authors covers money laundering, scams and crashes, Tech booms, and Tax evasion to banks and its influence on the investors. This book tells you about the following.

• What all policies that the government needs to revise.
• Sensational events that led to weakening the present-day stock-market operations.

Santosh Nair’s Bulls, Bears, and Other Beasts is a must-read Investment book by Indian Authors for all Indian investors and those who are interested in the financial health of the country.

Book 4: Investing in India.

Author:

The book “Investing in India” is written by Rahul Saraogi, one of the Indian value investing gurus. Rahul Saraogi manages the Atyant Capital India Fund and he is the managing director at Atyant Capital. In the Indian financial markets, Rahul Saraogi has experience of over fourteen years of investment management.

Overview: 

Buy From Amazon: https://amzn.to/3qdkJCm

Investing in India is an obvious opportunity for foreign investors due to India’s rapid economic growth. To make wise investing decisions it is necessary to have a deep knowledge of the country and its culture.

Investing in India is a practical, real-world guide for investors to invest in India. This Investment book by Indian Authors offers an on-the-ground perspective of one of the most successful value investors in India.

• This book helps the readers to understand the internal realities that impact India’s investment climate and which in turn help both outside and inside investors to find the facts that truly matter for any investment decision.
• This book features charts and other Indian economic indicators, which are helpful in the stocks market
• Basic details of best investment options and plans in India.
• Investing in Indiaby Rahul Saraogi help the investors to understand the real-world look at India’s politics, equity markets, the overall performance of the financial sector in the country, and the real estate market in India.

 Investing in India by Rahul Saraogi is one of the must-read Investment books by Indian Authors for foreign and Indian investors to understand the Indian market and learn how to start investing in the stock market in India.

Book 5: Guide To Indian Stock Market.

Author:

Mr. Jitendra Gala has vast experience in the Indian Stock Market and he has written more than 9 best-selling books Indian Stock Market. For the last two decades, he is working on educating Indian’s about Trading and Investing in Stock Market through his books. His books are based on his experience and cover all the aspects of the stock market.

Overview:

Buy From Amazon: https://amzn.to/3vHTvop

Investing in the stock market is a great way to create wealth for a small investor. The book “Guide to Indian stock market” by Jitendra gala is an ideal book for those who afraid of Losing money due to a lack of knowledge about the Indian stock market.

The Investment books by Indian Authors start with explaining the concepts of savings, concepts of investments, and then the importance of invest and various do’s and don’t of shock market investments.

The book Guide To Indian Stock Market by Jitendra gala is a perfect book that explains, how you can start trading or invest in the stock market for newbie investors. The book will also explain

• Advantages, Disadvantages, and salient features of various investing avenues.
• Technical analysis and fundamental analysis concepts of successful investment.
• How to learn share market trading and invest in the share market in India
• Various terminologies associated with the stock market.
• Various do’s and don’ts of stock market investing.
• Golden rules and strategies for making money and avoiding losses in the share market.
• Different investment principles, which followed by great investors.

The Investment books by Indian Authors is written in a simple and easy-to-understand language and it is good for anyone who wishes to make money from the stock market but does not know where to start and how to start. This is an ideal book for those who don’t know how to invest in stocks for beginners with little money in India.

Book 6: FUNDAMENTAL ANALYSIS FOR INVESTORS.

Author:

Raghu Palat author of Fundamental Analysis is a banker and also held senior positions with multinational banks in many countries in Europe, America, Asia, and Africa including India. He had written about 20 books for his reader’s topics covering investment, finance, and banking.

Overview:

Buy From Amazon: https://amzn.to/3q802aK

The book Fundamental Analysis for investors by Raghu Palat is an ideal book for those who are thinking about “How to make profits in the stock market.

Fundamental analysis is a core skill that needs to develop by an investor to make steady and consistent profit from the share market. Fundamental analysis is the process of evaluating a company on the basis of its track record in earnings, sales, dividends, assets, products, management, and directors. Raghu Palat’s book explains the process which helps you to master fundamental analysis before investing.

This investment books by Indian Authors, Fundamental Analysis for investors help to understand,

• A value-based approach to stock market investing.
• Prudent methods for generating handsome profits for the long-term investors.
• All the analytical tools of company analysis, including ratios and cash flow.
• How to judge a company’s management and its products.
• Important fundamental analysis ratios for long-term investment.
• What all things need to understand from company’s annual report.
• How to calculate the intrinsic value of a share and take an investment decision.

Fundamental analysis helps you make solid, consistent long-term profits like  Legendary like Warren Buffet. Guide to Indian stock market by Jitendra gala is the best book to learn investing in the stock market in India

Book 7: 31 Stock Market Trading Tips

Author:

The author of the book 31 Stock Market Trading Tips Ravi Patel was born in India and has been active in financial markets for many years.  Ravi Patel has graduated from Ahmedabad, Gujarat INDIA, and writes many articles in the stock market. He is visiting faculty member of many well-known Management Institutes in India. He also conducts courses and workshops in Technical Analysis.

Overview:

Buy From Amazon: https://amzn.to/2S9fp6a

31 Stock Market Trading Tips by Ravi Patel is an ideal book to read for all the newcomers into the stock market. This book consists of 31 simple and easy-to-understand Golden Rules which can follow in day to day life of a trader or an investor. By reading this investment book by an Indian Author and make it practical will help a trader to maximize the gains and minimize the losses in the stock market trading and investments.

• 31 Golden rules mentioned in the book are applicable to all sorts of newcomers and existing players of the share market.
• 31 Stock Market Trading Tips applicable to long term investments as well as traders like Intraday, delivery based and derivatives trade
• This book helps to develop their own Intraday trading tips for beginners.

This book narrates the basic principle that, A Tip in a Day of a month and helps to master your Stock Market within a Month. Each tip out of 31, you can read and practically implement in your trading each day. If it matches your trading and investment nature you can follow it to build your fortune like other great investors.

CONCLUSION

Here is a quick recap of 8 must Read Investors books by Indian Authors for beginners listed above. Share these best books by Indian authors with your friends who are entering the stock market or would need to get expertise.

1. Stocks to Riches by Parag Parikh.
2. How to avoid loss and earn consistently in the stock market by Prasenjit Paul.
3. Bulls, Bears, and Other Beasts by Santosh Nair.
4. Investing in India by Rahul Saraogi.
5. Guide To Indian Stock Market by Jitendra gala.
6. Fundamental Analysis for investors by Raghu Palat.
7. 31 Stock Market Trading Tips by Ravi Patel.

If you would like to learn more about stock market investment, we recommend you to read the 7 best books for stock investors.

For improving your financial literacy, we recommend you to read the 7 best books for personal financial literacy.

To understand more about Long term investment, I recommend checking the blog www.investwild.com: The right way to invest for a long-term blog.

Above listed books help to develop sufficient fundamental and technician knowledge about the Indian stock market and the investment basics, so don’t wait, just buy to read to enhance your money-making skills.

Thanks & Regards

MyMoneyBooks

Children are the vital part of any county who decide, how the future gonna be.

The government always gives the most priority to secure and good life of children in the county. In India, there are various well fair and investment programs initiated by the government for the development of children’s living standards. With these programs, the government is expecting on the same lines of a better future for the entire county.

Most of the child welfare programs are active since Independence. This social welfare program is designed to cover the basic necessity of the children of the county like housing, health care, costs of food, etc. These schemes for providing financial aid to children or the families of needy children in society.

There are many child welfare schemes in INDIA for the development of the economical, social and mental growth of the children in India. Below are the top listed welfare schemes which cover the entire citizen of India.

• ICDS – Integrated Child Development Services
• Scheme for the children of working mothers
• Child Health  and reproductive Programme
• Pulse Polio Immunization Programme
• Sarva Shiksha Abhiyan
• Kasturba Gandhi Balika Vidyalaya
• Mid-day Meal Scheme
• Integrated program for Street Children
• The National Rural Health Mission
• Beti Bachao Beti Padhao
• Balika Samriddhi Yojana
• CBSE Udaan Scheme
• National Scheme of Incentive to Girls for Secondary Education
• Dhanalakshmi Scheme

This blog post will cover the basic outline of the above-listed schemes and who is eligible for each scheme. More details of each program will be available in the respective government portals. If you are a needed person or a parent of the girl child, we recommend checking with the nearest municipality office for further details of the suitable scheme and the current eligibility for the enrollment.

ICDS – Integrated Child Development Services

Integrated Child Development Services program came into effect on 2nd October 1975. This program aimed at enhancing the health, nutrition, and learning opportunities of young children of age less than 6 years. Under this program, the government gives importance to 6 services to children under 6 years of age.

1. Supplementary Nutrition
2. Pre-school non-formal education
3. Nutrition & health education
4. Immunization
5. Health check-up and
6. Referral services

Who is Eligible:

• Children 0–6 years of age.
• Economically backward, Pregnant and lactating mothers up to 44 years of age.

National Creche Scheme – Scheme for the children of working mothers

The Ministry of Women and Child Development implemented The National Creche Scheme. The earlier name of this scheme is Rajiv Gandhi National Creche Scheme. The aim of this scheme is to provide daycare facilities to children of working mothers. Children of age 6 months to 6 years can enroll in this scheme. This scheme also covers the overall development of children, childhood protection, and preliminary education.

Who is Eligible:

• Children of working women between 6 months to 6 years of age.
• Mother employment will be in urban or rural areas, minimum of 15 days in a month, or 6 months in a year.

Child Health and reproductive Programme

Child Health (RCH) and Reproductive program is a comprehensive program of the Government of India’s (GoI) National Rural Health Mission (NRHM). The aim of this program is to reduce maternal and infant mortality in INDIA. In 1951 this scheme came into effect in INDIA. This scheme target to provide quality sustainable Primary Health Care Services to women in the reproductive age group. Also, this scheme gives a special focus on family planning and Immunization.

Who is Eligible:

• • Women in the reproductive age group.

Pulse Polio Immunization Programme

In the year 1995 Pulse Polio Immunization Programme came into effect with an immunization campaign against polio by the government of India. The aim of this scheme is to eradicate poliomyelitis (polio) from India by providing vaccinating drops to all children under the age of five years.

Who is Eligible:

• All children below 5 years of age group.

Sarva Shiksha Abhiyan

In the year 2001 Sarva Shiksha Abhiyan scheme came into effect in India. The aim of this scheme is to provide the guaranteed Education to all children in India. This scheme aims to provide primary schooling to all children who complete 5years. Also, this scheme provides the focus on elementary education and bridge the social category gaps from the primary stage of children.

Who is Eligible:

• All children under the 6-14 age group.

Kasturba Gandhi Balika Vidyalaya

In 2004, the Kasturba Gandhi Balika Vidyalaya scheme came into effect in INDIA. The aim of this scheme is to enhance the girl children of dis-advanced groups of society by providing quality education to them. The government set up residential schools and boarding facilities at the elementary level to enhance the girl children.

Who is Eligible:

• Girl children from dis-advanced society.

Mid-day Meal Scheme

In 1995 Mid-day Meal Scheme came into effect in India. The main aim of this scheme is to improve the nutritional status of children in classes 1 to 8. This scheme is operated in Government, Government aided schools, and other authorized educational centers. This scheme encouraged poor children to attend the class more regularly. Also, during summer vacation, in the drought-affected areas, this scheme provided nutritional support to children.

Who is Eligible:

Students in Primary and Upper Primary Classes in the following

• Government.
• Aided.
• Local Body.
• EGS and AIE Centres.
• Madarsa and Maqtabs supported under Sarva Shiksha Abhiyan
• NCLP Schools run by the Ministry of Labour.

Integrated program for Street Children

In 1993 Integrated program for Street Children scheme came into effect in India. The main aim of this scheme is to provide protection against exploitation and abuse to neglected and destitute street children. This scheme also has the provisions for providing the following for the street children,

• Nutrition.
• Shelter.
• Sanitation.
• Health care.
• Education.
• Safe drinking water.
• Recreational facilities.

Who is Eligible:

• Children without homes and family ties

The National Rural Health Mission

In 2005, The National Rural Health Mission scheme came into effect in INDIA. The main emphasis of this scheme is on the universal immunization of children and women in India. The Focus area of this scheme is the following.

• Reduce child and maternal mortality.
• Sanitation.
• Hygiene.
• Universal access to public services for nutrition.
• Universal access to public health care services.

Who is Eligible:

• children and women in rural areas.

Beti Bachao Beti Padhao

Beti Bachao Beti Padhao is a central government scheme for the enhancement of the girl children in INDIA. The prime objective of this scheme is to save the girl child from social ills. This scheme work to eradicate gender-biased abortions and the education of girl children in the country. In this scheme, direct cash transfer does not involve. This scheme achieves the objective by providing a primarily education-based initiative to change social attitudes.

Who is Eligible:

• All girl children’s in the country.

Balika Samriddhi Yojana

The Balika Samriddhi Yojana is a scholarship scheme in India. This scheme designed for those who are below the poverty line for providing financial support to young girls and their mothers. Through this scheme, a girl child can get an annual scholarship from the central government for Rs. 300 to Rs. 1000 till 10th class. The balance amount in the account withdrawal facility is available for the unmarried girl child who turns 18 years old.

The prime objective of the scheme is to improve the following

• Status in society,
• Increase the marriageable age of girls.
• Improve the enrollment as well as retention of girl children in schools.

Who is Eligible:

• Girl children belong to families under the poverty line.
• Maximum of 2 children in a family.

CBSE Udaan Scheme

The CBSE Udaan scheme focuses in to increase the enrollment of girls students in technical colleges and prestigious engineering colleges in India. Central Board of Secondary Education is administrating this scheme in India. This scheme helps to enrich the learning experience of the economically backward girl students of the society.

• The free course material for girl students in 11th and 12th standard.
• Virtual classes for girl students on weekends.
• Constant monitoring& Study helpline services for girl

Who is Eligible:

• Indian citizensGirls students with family income are less than Rs. 6,00,000 per annum.
• Girl students must be from government schools of any recognized Indian Board or CBSE- affiliated school background.
• 80% marks in Science and Mathematics and 70% marks in aggregate in class 10.

National Scheme of Incentive to Girls for Secondary Education

The National Scheme of Incentive to girls for secondary education is focused on the secondary education of backward classes girl students of India. This scheme is managed by the Department of School Education & Literacy under the Ministry of HRD. Once a girl student becomes eligible for this scheme, the government will deposit Rs. 3000 as a fixed deposit on student behalf in their account. Students can withdraw this amount with interest-only after the girl student becomes 18 years of age and passes the class 10th exam.

Who is Eligible:

• All SC/ST girls who have passed the class 8 examination or girl students passed from Kasturba Gandhi Balika Vidyalayas.
• The maximum age limit is 16 years.
• Girl students who are enrolled in any other scheme are not eligible for this scheme.

Dhanalakshmi Scheme

In March 2008 Dhanalakshmi Scheme was launched with the primary goal of providing cash incentives to low-income families with girl children to promote education and well-being of the girl child in India. This scheme especially covered the economically and educationally backward classes of the country. This scheme is promoted by the central government with conditional cash incentives but due to the availability of other schemes this scheme is now done away with.

Dhanalakshmi Scheme pilot project was implemented in states like Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Orissa, Punjab, Uttar Pradesh. These states are selected for the pilot project on the basis of their lower girl child sex ratio than the average ratio compared to the rest of India states.

Who is Eligible:

• Low-income families with girl children in the above-listed states.

CONCLUSION

Most of the schemes focused on providing elementary education for children. There are also many schemes available to taken care of the health of the kids in the country. The Central Government-sponsored schemes are administered by the central government and they can be availed by any children from any part of India. This list of top Child welfare programs in India is providing financial aid to the economically backward class of India.

In this article, we covered the different established well fair programs in the county which can be useful for a common citizen.

Thanks & Regards.

MyMoneyBooks.

Financial expenditure for children’s education and basic needs like marriage is a vital part of any family expenditure.

One of the biggest responsibilities of a parent is to provide adequate financial assistance to children until they reach a self earning stage.

For Parents, to guarantee the return and safeguard the hard earn money, it is advisable to diversify the investments among the below-mentioned investment options for the children. After understanding about different plans to choosing the right investment option, considering the fact of high financial expenditure for the kid’s future, paying small fees for guidance from a qualified financial adviser, who can guide to select a suitable investment option, will be worth it.

In this article, we are covering the 10 investment options for children’s future in India, which can be started at a younger age and provide adequate returns during the time of requirement. Most of the children’s investment plans can start very easily and provides tax benefits to the parents.

The top 10 investment options are listed below.

1. Direct Equity Investment.
2. Mutual Funds.
3. Gold Saving.
4. Bonds and Debt investments.
5. Fixed Deposit in Banks.
6. Life insurance plan for children.
7. Public Provident Fund(PPF).
8. Sukanya Samriddhi Account (SSA).
9. Privet child investment plans.
10. SIP – Systematic Investment Plan.

The best gift a parent can offer for a kid’s birthday is a promising a secure financial future by investing in suitable investment instruments during their younger age birthday. Foreseeing the inflection rate and expected financial needs of the kids in the future and identifying the suitable investment plans is the talent of a smart parent.

Only the Basic details of the different plan are covered in this article, if you would like to know the further details of each plan, click on the respective links below.

Equity Investment

Parents can open a Demat account for their children and start acquiring stocks and invest it for the children as in the long run equity market outperform any other investments. Equity investment in blue-chip companies is the best investment plan for higher returns for the children. In addition, if a parent doesn’t want to open a separate Demat account for the kids, they can start purchase the quality stocks and hold them in their account, and later they can transfer it to the children’s account as a gift to them.

• These stocks children can use for their financial needs in the future.
• It is advisable to have adequate knowledge in equity and share markets before considering it as a prime choice for a child’s future.

Mutual Funds

Mutual funds are one of the best investment options for a parent, who doesn’t have much knowledge in the equity market, for their kid’s investment as it provides a guaranteed return in long run. Early starting of a mutual fund helps parents to achieve future long-term goals like marriage, child’s education, etc.

• A parent can start investing monthly as small amount as Rs. 500 per month in SIP mode or as a lump-sum amount in the kid’s name.
• It is ideal to have hybrid mutual funds if it is for the children.

Gold Saving

Gold is a guaranteed return investment option for children’s future. A parent can invest in Gold either by purchasing the physical gold like coins or ornaments or electronic gold like Gold ETFs (Exchange Traded Funds) or SGB (Sovereign Gold Bond). It can be liquidated easily at any time, in the need of money.

• Considering the factor of safekeeping, it is ideal to purchase the electronic gold, if it is for the long term.
• A parent can purchase the electronics gold online through a trading account of a trade broker and store it in the Demat account.

Bonds and Debt investments

As Bonds and Debt provide the yearly guaranteed return, which will be higher than a bank FD, it is the best option for a parent to invest for the future of the children. A parent can buy the bonds through the trading account just like other equities and stores in the Demat account for the kid’s future. Parents can also use some of these investments for Tax exemption purposes.

• There are also tax-free government bonds available, which will provide the benefit of tax exemption for the parents.
• Investments in short-term debt funds are the ideal options to meets the child’s recurring expenses like school fees.
• Short-term funds are flexible as they can easily liquidate as and whenever required.

Fixed Deposit in Banks

In India, Bank Fixed Deposit is the most popular investment option for most parents for children as it offers a risk-free guaranteed fixed percentage of returns. Fixed deposits can start for any period of time and they can be broken at any time to meet the financial needs of the children. It is better to have multiple small amounts of FD than a single large amount of FD as it helps to break one or two of these small FD’s, instead of a single large one if any financial emergency comes in between and other small FD’s can continue smoothly.

• Parents can also start the Recurring deposit in the name of the children so that it will offer the corpus over the long run.
• There are also much tax exempted fixed deposits for 5-years, which will offer a guaranteed return to the children and tax exemption to the parents if the children are minor.
• On maturity of the FD (principal + interest), parents can easily renew it online or offline for long-term growth.

Life insurance plan for children

It is ideal for a parent to start a life insurance plan for the children as it provides insurance coverage for them along with the investment. Most of the children insurance plan provides a corpus for the child during the maturity, it can be used for their higher education and other financial needs. There are also have few dedicated investment plans available for child education in India. One-time investment plans for children in LIC is easy to start and invest in.

• An important factor that needs to consider during the selection of a plan is that an insurance policy needs to cover the financial needs of a child even in the absence of parents.
• Parents can start the insurance policy online in the LIC web-portal or through the portal of other private insurers or directly from their offices.
• Most of the insurance plan help to save tax to the parents under 80C of Income Tax act, if the kids are minor.

Public Provident Fund (PPF)

An easy and secure investment option for the long-term goals of the children is to start Public Provident Fund during the early age of the children. A parent can start the account at any age of the children and earns a fixed rate of interest (Yearly it very) which will be much higher than a Fixed Deposit can offer. The account can start through any nationalized bank or through the post office. PPF is one of the best child investment plans in the post office.

• The minimum lock-in period is 15 years and it can extend in blocks of 5 years.
• To maintain the account parent need to invest a minimum of Rs. 500 in an FY.
• Parents can also claim tax exemption under 80C if the child is a minor, maximum up to 1.5 lakh.

Sukanya Samriddhi Account (SSA) 

Sukanya Samriddhi Account (SSA) is one of the best choices for a parent who had a girl child under 10 years. It is the best child investment plans of the government for the girl child. It offers a guaranteed fixed return higher than a PPF account. A parent can start the SSA account in the name of the girl child through the authorized bank or through the post office. A girl child will be the primary account holder and a parent/legal guardian will be the joint account holder.

• The minimum deposit amount in a financial year is only Rs. 250.
• A parent can claim tax exemption for the deposited amount into the SSA account maximum of up to 1.5 lakhs in a financial year.
• SSA account has a minimum tenure of 15 years and needs to become 21 years of age.
• The amount can be withdrawn only if it is matured or for the financial need of the girl child like higher education or marriage.

Privet child investment plans.

There are many private companies like Bajaj, Birla, and banks like ICICI, SBI offers many child investment plans for the child’s higher education and other future financial needs. These investment schemes can start just like a mutual fund from the investment agencies. There is much one-time investment plan for newborn babies in India which will guarantee the financial needs for the higher education and marriage needs of the kids. Most of the investment brokers provide the child investment plan calculator on their website which will help to calculate the returns very easily.

• Most of the plans can start at any age of the children and even for a small period of 30 days.
• Most of the plans allow partial withdrawal even before the maturity period.
• Most of the plans have the premium payments in monthly or quarterly and the payments can be done through the standing instruction from the banks.

Few most popular child investment schemes in India.

• TATA AIA Super Achiever Plan.
• Max life Shiksha plus super plan.
• PND Metlife smart child plan.
• SBI Life – Smart Scholar.
• Canara HSBC Child plan.

SIP – Systematic Investment Plan

The best and easy way for parents to build a corpus for the children’s financial need is to start Systematic Investment Plans (SIPs) in the name of children. Debt or Hybrid Mutual fund SIPs can be a good option for parents for the kid’s education and marriage needs as they offer decent returns even when markets are down. If parents need higher returns from the SIP it is ideal to select equity mutual funds with a diversified portfolio.

• The advantage of SIP Investment is that it can be started with a small sum of Rs 500 in a month.
• As SIP investment works on the basis of Rupee cost averaging, parents need not worry about the market movements.
• The prime factor that needs to consider for selecting the fund for the SIP is the overhead other charges of the funds.

CONCLUSION

Start investing and saving for the children as early in life is the only way to build an adequate corpus for the future of the children. While a parent planning for an investment for the children it is important to make the right investment choices. To make the right investment choice, parents can get help from the financial advisers available with the fund managing companies.

The Parents need to give at most priority to secure and provide adequate financial support to children for their education and other basic needs. Proper financial planning and investments help parents to handle the financial needs of the children without compromising their financial current needs.

Currently, there are several investment plans that can be started for the children and provide considerable returns for their future. Well, the thought-out financial decision will offer a hassle-free future for the parents.

Thanks & Regards

Harry.

 Sukanya Samriddhi Yojna is a deposit scheme for girl children for their secure future. SSA is launched in the year 2015 as a part of the ‘Beti Bachao Beti Padhao’ campaign by Indian Prime Minister Narendra Modi. The accounts can be opened with any authorized commercial banks or with any India Post office. This post will cover the following queries about the SSA scheme.

What is Sukanya Yojana scheme?

What is the eligibility to open Sukanya Yojana scheme?

How many years need to pay for Sukanya Samriddhi Yojana?

Can Sukanya Samriddhi Account open online?

What is the benefit of the Sukanya Samriddhi scheme?

Is Sukanya samriddhi better than PPF?

How much money we can deposit in Sukanya Yojana?

Is it possible to check the Sukanya Samriddhi account balance online?

Can both parents claim Tax deficits for Sukanya Samriddhi Yojana?

Who can withdraw money from the Sukanya Samriddhi Account?

Can we deposit money in Sukanya Samriddhi Account online?

Is Aadhaar mandatory for Sukanya Samriddhi Yojana?

Is SSY a good investment?

Tax benifits for sukanya samriddhi yojana?

KEY POINTS:

• Sukanya Samriddhi Yojana Account is only for the Indian citizen girl children.
• The maximum age limit to start an account is 10 years.
• The maturity of the account is after 21 years.
• Need to deposit money into the account for 15 years.
• The minimum age for the account holder to withdraw the amount is 18 years.
• The amount deposited and corpus withdrawn is exempted from Tax.
• A parent can open a maximum of 2 accounts if they have 2 girl children and 3 accounts if they have girl twins.
• Once the account is opened it is not possible to change the guardian named in the account.
• Tax exemption under 80C can claim only for one guardian, whose name is provided in the account opening form.
• SSA provides the withdrawal option of up to 50% of the accumulated amount to meet the financial requirement of a girl’s children like marriage and higher education.
• No loan is provided against the amount in the SSY account.

What is Sukanya Yojana scheme?

Sukanya Samriddhi Yojana is a small deposit scheme exclusively for a girl child for their bright future. The scheme is launched with an intention to meet the education and marriage expenses of a girl child. The Sukanya Samriddhi Account offers a high-interest rate than FD and Tax benefits under 80c.  The investment in this scheme can do online or offline directly to banks and post-office.

Sukanya Samriddhi Yojana (SSY) account will mature only after 21 years from the date of its opening or up to the marriage of the girl. The minimum contribution for this scheme is Rs. 250, and parents will get tax benefits up to Rs. 1.5 lakh under section 80C of the Income-tax Act.

What is the eligibility to open Sukanya Yojana scheme?

As per the government guidelines following are the eligibility to open a Sukanya Yojana scheme.

• The age of the girl child should be less than 10 years.
• The account holder should be an Indian citizen and need to a resident in India at the time of account opening.
• To continue the account the account holder has to remain in India until maturity or closure of the account.

How many years need to pay for Sukanya Samriddhi Yojana?

Contributions to SSA need to continue for 15 years, however, SSA has a tenure of 21 years from the date of opening or up to the time of marriage of a girl who becomes a major. The account can be opened any time before the girl child becomes 10 years old

Can Sukanya samriddhi account open online?

Currently, Sukanya Samriddhi Yojana (SSY) account can’t open online. Need to visit the authorized bank branch or Post Office in person with the required documents and need to fill the form and submit there. Once the account is opened, the account holder or parents can set the standing instructions for the online payment. Need to deposit a minimum amount every year, to continue the account, otherwise, the account will come under the default list.

What is the benefit of the Sukanya Samriddhi scheme?

• It is a government secured and guaranteed investment instrument for the girl child and it gives a higher rate of returns than FD or PPF.
• This scheme provides significant Tax Savings for parents or legal guardians under Section 80C of the Income Tax Act 1961 for rupees.

Is Sukanya samriddhi better than PPF?

• The interest rate for SSY usually remains higher than PPF.
• SSY can open only in the name of the girl child, PPF can open for any Indian citizen.
• Both will have a payment period of 15 years.
• PPF will mature in 15 years but SSY needs to wait for 21 years.
• Both will give the TAX benefits under 80C.
• The minimum amount in a year for SSY is Rs 250 and for PPF is Rs 500.

How much money we can deposit in Sukanya Yojana?

• The minimum deposit rupees in a year is Rs 250 and a maximum of Rs 1.5 lakh.
• Deposit into the account can be done by the natural or legal guardian or any other person.
• When a girl’s child turns 10 years, she can operate the account herself.

Is it possible to check the Sukanya Samriddhi Account balance online?

SSY account balance can be checked in the account passbook which is available online and also can check offline. The entire transaction record will be available in the online portal.

Can both parents claim Tax deficits for Sukanya Samriddhi Yojana?

Tax exemption claims can be done only for one depositor under Section 80C of the Income Tax Act. Either a parent or a legal guardian is eligible for a tax exemption claims, not both. The parent or legal guardian can open a maximum of two Sukanya Samriddhi Accounts if they have two girl children and three for twin or triplet girl children.

Who can withdraw money from the Sukanya Samriddhi Account?

Withdrawal of up to 50% of the accumulated amount at the end of the preceding financial year is allowed, to meet the financial requirements of the account holder. Two reasons which account holders can declare for the withdrawal are higher education finance requirement and marriage of the account holder. Withdrawal is allowed only once the following conditions are met.

• The age of the account holder should be minimum of 18 years.
• The account holder needs to have completed the tenth standard.

Can we deposit money in the Sukanya Samriddhi account online?

Yes, the account holder or the guardians can deposits the money to the Sukanya Samriddhi account through online with the help of the Net Banking facility. Also, the Passbook details like deposit transactions can be monitored online. In general account, holders can deposit money to an account through cheque, demand draft, or through online banking.

Is Aadhaar mandatory for Sukanya samriddhi Yojana?

The account can be opened on the basis of submission of the other required documents like birth certificate, identity, and address proof parents/legal guardian. Aadhaar can use as one of the addresses proof documents to open the Sukanya Samriddhi account.

What are the documents required for SSY?

Documents required for the opening of the Sukanya Samriddhi Yojana is as below.

• Filled and signed SSY Account Opening form.
• Birth Certificate of the girl child, with name on it.
• Photograph of the parent/ legal guardian of the account holder.
• KYC Documents of the parent/ guardian- Identity & Address proof.

Can we take loan on Sukanya samriddhi Yojana?

Currently, no loans can be borrowed against the amount in the Sukanya Samriddhi Yojana account . As per the current rule investment made towards the Sukanya Samriddhi Yojana account cannot be held as security for a loan.

Is SSY a good investment?

Yes, Sukanya Samriddhi Yojana is a good investment as it gives a higher rate of interest than  PPF. As it is locked for very long without the facility of early withdrawal, the amount will be safe and secure for the future of the girl children. As the amount can be withdrawn by the girl once she becomes 18 years, it can be used for their future requirements.

Tax benifits for sukanya samriddhi yojana?

Investments made into the Sukanya Samriddhi Yojana account are eligible for deductions under Section 80C. The maximum subject to a cap of Rs 1.5 lakhs in a financial year. The interest which gets compounded annually is also exempted from tax. The corpus amount received upon maturity is also exempted from tax payment.

Tax benefits can claim by one parent or the legal guardian of the account holder.

CONCLUSION:

As Sukanya Samriddhi Yojana is a small deposit scheme exclusively for a girl child and account holder have the flexibility in varying the yearly deposit amount it is one of the best investment schemes for bright future of girl child. The scheme is launched with an intention to meet financial requirements for the education and marriage expenses of a girl child. Also, SSA provides the withdrawal option of up to 50% of the accumulated amount at the end of the preceding financial year, to meet the financial requirements of higher education and marriage of the matured girl who passed 10^th and completed 18 years of age. The SSY offers a high-interest rate than PPF and also provides tax benefits under 80c for the invested amount.

Please share with all parents who have a girl child and open the SSY account as soon an early possible for the kid’s bright future.

Thanks and regards.

Harry.

In 1968 government of India introduced Public Provident Fund (PPF). The objective of PPF is to encourage small savings in the form of investment, with a guaranteed return. PPF is a savings-cum-tax savings financial investment instrument, tax-saving comes under 80C. PPF help to save annual taxes and build a retirement corpus.

For newbie earners, PPF is an ideal and safe investment option, which provides the advantage of tax saving and guaranteed returns after the lock-in period of a minimum of 15 years. In this blog, we will cover the following questions in the mind of newbie earners.

1. What is a PPF account?
2. How to open a PPF account?
3. What is the interest rate on PPF?
4. Can I open 2 PPF account?
5. Essential features of PPF?
6. Is PPF interest the same in all banks?
7. Who is eligible to invest in PPF?
8. Loan against PPF?
9. PPF withdrawal period?
10. PPF withdrawal Procedure?
11. How many times PPF can be extended?
12. What are the tax benefits of investing in PPF?
13. Is PPF maturity amount taxable?
14. Comparison between PPF and NPS?
15. Comparison between PPF and RD?

1. What is a PPF account?

• Public Provident Fund (PPF) is a scheme introduced by the government of India for encouraging long-term investment among the newbie earners.
• Public Provident Fund (PPF) will offer an attractive rate of interest and guaranteed returns on the invested amount.
• The prime advantage of PPF is that the returns and interest earned are not taxable under Income Tax.
• One can open the PPF account through any Nationalized Bank or from the post office and easily start investing, with a minimum of 500 rupees and a maximum of up to 150000 rupees in a financial year.
• The maximum number of times of investments in a financial year is 12, hence it is ideal for investing monthly.
• After the maturity of the account, an investor can extend the tenure of the account in the blocks of five years.

2. How to open a PPF account?

Public Provident Fund account can be opened through any of the below institutions,

• Post Office.
• Any nationalized bank like SBI.
• Certainnationalized private banks like ICICI, HDFC…

Approach to a post office or a bank, who are authorized to provide PPF facility and submit the duly filled application form, along with the required KYC documents like address proof, identity proof, and signature proof.

The application form we can collect directly from their facility or download from online portals of authorized banks. Once submitted these documents, immediately you can deposit a prescribed amount as an investment.

3. What is the interest rate on PPF?

The interest rate of PPF will be decided by the Ministry of Finance, Government of India, year to year. The current interest rate is 7.1% as applicable from 1st January 2021. The interest is calculated on a monthly basis and credited into the account on March 31 of every year.

These interests will be compounded annually. The interest for every month is calculated on the basis of the lowest balance available in the PPF account during the 5th day and last day of every month. After the maturity period, i.e. 15 years, if the account is continuing, for balance amount also gets interested as long as the account is continuing.

4. Can I open 2 PPF account?

• As per the PPF rules, one can’t open more than one account.
• If someone opens a second account, the account holder will not be eligible for any tax-saving benefit or interest on the invested amount in the second account.
• The second account will have to be closed down, once it identified.

5. Essential features of PPF

Tenure: 

The minimum tenure is 15 years, and it can be extended in blocks of 5 years after completion of the 15 years.

Investment Limits: 

Maximum investment of Rs 150000 and a minimum of Rs 500 in a financial year, with a maximum of 12 installments.

Opening Balance: 

With Rs 100 one can open the account but need to invest a minimum of Rs 500 in a financial year to maintain the account.

Deposit Frequency: 

At least once a year for 15 years need to deposits into a PPF account, to maintain the account.

Tax Saving

Tax saving can claim under 80C for investments maximum up to Rs 1.5 lakh. PPF scheme comes under the EEE tax exemption category.

Mode of deposit: 

The deposit into a PPF account can be made either by online fund transfer or direct cash, cheque, DD to banks or post office.

Risk factor:

PPF is an Indian government-backed investment instrument hence it is a risk-free, guarantee returns investment. PPF will provide complete protection to capital invested and the interest earned.

Nomination: 

The nominee can be designate at the time of account opening or later. Joint account opening is not allowed in PPF.

Account closing:

PPF account cannot be closed permanently before the maturity period (15 years) unless the account holder’s demise. In the case of the demise of the account holder, the nominee can file for the closure of the account.

6. Is PPF interest the same in all banks?

As Public Provident Fund is a government scheme, the rate of interest is decided by the government and it will be the same in all banks or with the post office.

7. Who is eligible to invest in PPF?

• Any Indian citizen is eligible to open a Public Provident Fund account either in his own name or on behalf of a minor.
• A minor Indian citizen is also eligible to open the account, however, the tax-saving benefit will be based on the sum of the amount in the parent account and minor account maximum up to 1.5 lakhs.
• Hindu Undivided Families (HUFs) and Non-resident Indians (NRIs) are not eligible to open a Public Provident Fund account.

8. Loan against PPF?

• The PPF account holder is eligible to take a loan against PPF holding from 3rd year onwards.
• The maximum loan amount will be up to 25% of the 2nd year holding if applied on 3^rdyear, or 25% of the immediately preceding year.
• Once the first loan is repaid fully, the PPF account holder is eligible to take the second loan.

9. PPF withdrawal period?

• As per rule, after the completion of 15 years, only full amount withdrawal is allowed.
• In case of emergency, the scheme permits partial withdrawals after completion of the 6^th year.
• Withdrawals are permitted only one time in a financial year.
• Up to a maximum of 50% of the amount at the end of the 4th year or a maximum of 1.5 lakhs is permitted to withdraw prematurely at the time of emergency.

10. Procedure for withdrawal from PPF

Follow the following steps to partially or completely withdraw from PPF.

Step 1: Fill the withdrawal application with relevant information including the amount of money need to withdraw, account no, actual no of years completed, Bank details to which amount needed to credit.

Step 2: Submit the application to the bank or post office where the PPF account opened.

Step 3: Along with this application form enclose a copy of the PPF passbook to make the process easy.

Step 4: After the verification and approval, the amount will be credited to the mentioned bank account.

11. How many times PPF can be extended?

PPF account can be extended as a block of 5 years after the completion of 15 years. The investor is eligible for the interest for the balance amount accrues in the account as long as the account is continuing.

12. What are the tax benefits of investing in PPF?

• The amount deposited in a financial year under the PPF account will be claimed under section 80C tax exemption.
• PPF investment falls under the Exempt-Exempt-Exempt (EEE) category.
• At the time of withdrawal, interest and the accumulated amount are also be exempt from tax.

13. Is the PPF maturity amount taxable?

As PPF investment is EEE (Exempt-Exempt-Exempt ) category, the maturity amount is also not taxable.

14. Comparison between PPF and NPS?

• Both NPS (National Pension System) and PPF(Public Provident Fund) are government-backed investment vehicles.
• NPS is retirement specific and PPF is not a pension or retirement specific investment scheme.
• NPS is the higher return investment as a portion of it goes towards equity trading and for PPF it is fixed return investment.
• The Lock-in period for PPF is only for 15 years but for NPS it will be up to the time of retirement.
• Both NPS and PPF providing income tax saving benefits.
• NPS can start only between the age of 18 and 65 years, but PPF can start is any age.
• During the demises of PPF and NPS account holders, the corpus will be paid to nominees.

15. Comparison between PPF and RD

• PPF comes under EEE tax exemption, while forRD amount, interest is taxable and maturity amount is exempted from tax.
• The interest earned on RD or FD is lesser than PPF.
• Maturity time for FD and RD is flexible and very short compared to PPF.
• FD or RD can be stopped at any time, with small penalty charges.

CONCLUSION:

For newbie earners, PPF is the easiest and ideal investment option. Through PPF account they will get the advantage of tax saving and guaranteed returns. As it easy to open and had flexibility in the amount need to pay, it can be easily handled and continued. In case of emergency as the PPF scheme is allowing for partial withdrawal it is safe and convenient. As PPF is providing a higher interest rate than a normal bank FD or RD, it will give a higher return of the money.

As a reader, if you would like to share any points or information about PPF, please feel free to comment on the comment box, so that after the verification those contents can be added to the blog or edited in the blog to help other readers if it is beneficial.

Thanks & Regards.

Harry.

Debit and Credit are the 2 types of cards that banks are offered to the customers for easy payment transactions in online and money withdrawal. Debit cards allow customers to spend money that they have in the bank account. Credit cards allow consumers to borrow money for purchase items or withdraw cash from the issuer of the card up to a certain limit. Through this blog, you will understand the following.

• What is mean credit card?
• What is mean by Debit card?
• What is the difference between debit cards and credit cards?
• Features of credit and Debit card?
• What is credit card uses?
• How credit card companies make money?
• What are different types of credit cards?
• Top Credit cards providers in India?
• What is a credit card limit?
• Advantages and Disadvantages of credit cards?
• What is a Credit trap?
• Want to get out of the credit card debt trap?

What is mean credit card?

Credit cards are thin rectangular pieces of plastic or metal, which allow consumers to borrow money for purchase items or withdraw cash from the issuer of the card, up to a certain limit. A credit card is issued by a bank or financial services company. A credit card allows cardholders to borrow funds and pay against the purchase in merchants cash counter, where card payment is allowed and in online portals.

What is mean by Debit card?

A debit card is a payment card issued by a bank to deducts money directly from a user’s bank account to pay for a purchase in a merchant’s cash counter, where card payment is allowed. Debit cards eliminate the need to carry cash to make purchases. Using a Debit card, users can do purchase the maximum limit up to the balance in the bank account. The debit card also helps to withdraw money from the ATM mission.

What is the difference between debit cards and credit cards?

• Credit cards give credit to the user for payments up to a limit, but debit cards deduct money from the bank account for payments.
• Credit cards offer better consumer protections than debit cards.
• Credit card charges and fees will be costlier than a Debit card.
• Credit card transaction has a limit but the Debit card can use up to the last amount in the saving account.

Features of credit and Debit card?

Bill :

For credit cards, bills generated every month but no bill generated for debit cards, only an account statement will generate.

Linked to:

Credit card links to the issuing bank or financial institution that provides the card, but debit card link to the cardholder’s bank account.

Credit limit:

The credit limit of a credit card decided on the base of user eligibility on a monthly basis but for a debit card, cash withdrawal and POS daily limit decided by the government and bank. A debit card can use for transactions up to the last amount in a bank account.

Interest charged:

If the user not cleared the credit card bill on time, need to pay interest from the date of the transaction, but in the Debit card transaction as using the amount in a bank account, no interest need to pay.

Credit score :

If a customer clears the credit card bill within the due date, it helps to improve the credit score, else it affects negatively. As there is no credit taken using a debit card, it will not affect the credit score.

What is credit card uses?

• A credit card is a convenient financial product provided by banks or any other financial institution for easy payments.
• A credit card or debit card can be used for everyday purchases such as stationery, vegetables, groceries, and other goods and services.
• Credit cards help to build a good credit score if pay the bills on time.
• Credit cards help to earn rewards such as cashback.
• For online transaction credit card provide more protection against online

How credit card companies make money?

Three main sources of income for credit card companies are

• By collecting late and annual fees.
• Transaction % fees collected from merchants.
• Interest charges on non-repayment of bills.

Fees: Credit card companies charge annual fees for every card they provided to the customers and also they charge late fees if payments delayed.

Interest charges: If credit card users fail to pay off the due bills at the end of the due date, the bank charges interest on the borrowed amount from the date of borrow. The percentage of interest will be calculated on the annual base percentage for no deferred days.

Transaction charges: Credit card companies collect a fixed percentage of charge from merchants for each transaction, who accept card payments. These charges will be approximately 1.75% of each transaction, it will vary from card to card and bank to bank.

These three are the major source of income for credit card companies, in addition, some companies charge a small fee on the credit card account opening and processing.

What are different types of credit cards?

Basically, there are three types of credit card available for users:

• Bank-issued credit cards, such as Visa and MasterCard.
• Stores specific credit cards, such as Sears and Bay
• Travel/petrol/entertainment cards, such as Diners Club or American Express.

Top Credit cards in India?

There are many banks offers a credit cards in INDIA, few of them are listed below. Select the card on the basis of its advantages after considering our requirements. Few criteria need to consider such as fees and annual charges, reward points, interest for the late payments before finalizing the card.

• Yatra SBI Credit Card
• YES Prosperity Edge Credit Card
• HSBC Visa Platinum Credit Card
• ICICI Platinum Credit Card
• Citi Cashback Card
• Axis Bank Neo Credit Card
• Kotak PVR Gold Credit Card
• IndusInd Bank Platinum Credit Card
• IndianOil Citi Platinum Credit Card
• Axis Bank Neo Credit Card
• IndusInd Bank Platinum Aura Edge Credit Card
• HDFC Bank Diners Club Black Card
• HDFC Bank Diners ClubMiles Card
• Citi Rewards Credit Card

What is a credit card limit?

A credit limit is the maximum amount of money a consumer allowed to spend using a credit card in a billing cycle. The credit limits are determined by banks or credit card companies that provide the cards. Mostly credit limit is decided based on the income and credibility of the borrower.

Advantages and Disadvantages of credit cards?

A credit card is like a 2 sided sword, it has its own advantages and disadvantages. Credit card is beneficial to users if use it carefully like make sure of paying bills within the due date.

Advantages of using credit cards

There are many advantages to using a credit card, instead of cash for the purchase.

1. Proper use of credit card help to building credit history and help to improve credit score.
2. Source of quick money for emergency
3. Getting money on credit without interest within the due period.
4. Secured payment during the online transaction.
5. Most of the credit card provides payback points which we can redeem in some stores or online sites.

Disadvantages of using credit cards

There are several disadvantages along with the advantages of the credit card.

1. Credit score damage- Credit-worthiness will go down if customers defer the payment.
2. The temptation to overspend- Due to credit amount, customers mentally force for unnecessary purchases.
3. Interest charges- If customers not paid in full amount within due date, high-interest rates need to pay.
4. Annual fees of credit cards become an additional expense.
5. Need to pay late payments fees, for delayed payments.

What is a Credit trap?

A credit trap occurs due to a situation in which the borrower is unable to make payments on the loan principal due to the high amount of interest need to pay first. Due to the high rate of interest, once credit bills go to interest payments, most of the users find it difficult to afford to make the payments on the interest and principal. Once customers enter into the credit trap, the creditworthiness will go down and it will be a blocking factor for getting a better loan at lower interest rates.

How to get out of the credit trap?

Want to get out of the credit card debt trap?  Follow these smart step which helps to get out of the credit trap.

Step 1: Take a personal loan with a lower interest rate of 12-18%, and clear all credit card dues which have higher interest rates in the range of about 30-40% per year.

Step 2: For the new purchase requirements, select EMI options.

Step 3: Pay the loan amount first then think about other expenses, as now a personal loan having the highest interest rate need to pay.

Step 4: For new requirements make use of card holiday periods maximum so that users will get maximum credit time for the re-payments.

Step 5: Slowly finish all the due in the personal loan, before taking up big further expenses.

Conclusion:

A credit card is a 2 sided sword, which has advantages and disadvantages. Credit cards help the borrowers if it used effectively. Credit card is one of the easiest financial instrument which helps customers to meet the emergency financial needs. As it is the easiest financial instrument, it may lead to the temptation to overspend and end up in the credit trap.

A credit card is one of the important financial instruments to improve the credit score of the users. If a customer had a good credit score, it will help them to get other loans like personal, business loans easily. Before paying using the credit card, make sure that the borrower will have a source to pay back the amount before the due date.

Open Demat Account

Thanks & Regards

Harry

What defines a currency?

Currency is a medium to exchange goods or services. The currency of all countries is issued by the respective government in the form of paper or coins and generally accepted at its face value as a method of payment. Up to the 20th century, the currency is only in the form of coins or paper but now a new form of currency Is digital currency.

What is the currency of the world?

There is no currency declared as the world currency. There are reserve currencies that are used in transactions by governments, corporations, and central banks.  The world’s most widely used reserve currency is the U.S. dollar, in short USD. It is used because the U.S. financial system and economy are stable compare to any other economy.

Who invented the currency of all countries?

As people using some form of currency since 600 B.C, the inventor of currency of all countries can not be identified. Each county has different reserve currency’s and mostly using currencies is designed in the 20th Century.

Top 8 Strongest Currencies in the world than USD- 2021

Even though the world most used reserve currency is the U.S. dollar. There are many currencies that are stronger than USD.  The currency of all countries can be exchanged with USD. The currency exchange rate of these currencies is more than 100% with respect to USD. There are many currency converters is available online which will help to convert the currency of all countries to any other currencies like Dollar to INR, Dollar to Euro… The most commonly used converter is the Google currency converter. Below is the list of the top 8 Strongest Currencies in the world than USD- 2021

1. Kuwaiti Dinar  [ Abbreviation: KWD]
2. Bahraini Dinar  [ Abbreviation: BHD ]
3. Omani Rial  [Abbreviation: OMR ]
4. Jordanian Dinar  [Abbreviation: JOD ]
5. Pound Sterling  [Abbreviation: GBP ]
6. Cayman Islands Dollar  [Abbreviation: KYD ]
7. Euro  [Abbreviation: EUR ]
8. Swiss Franc  [Abbreviation: CHF ]

What is the world’s weakest currency in 2021

“Iranian rial” is the world’s weakest currency. The reason for the weakness of Iran’s currency is its significant economic downturn due to numerous restrictions on petroleum export. The income from petroleum was worth about 70% of the annual income of Iran. ”Venezuelan Sovereign Bolívar” is the other currency that is in the top weakest currency list.

What is the highest trading currency of all countries?

The U.S. dollar is the highest trading currency in the world. In the trading market, it is called the greenback. The currency of all countries can be traded using the trading account. It is the first and foremost currency used in the world of Forex trading. Other most popular Currencies used for Trading areas follow us.

• The Euro.
• The Japanese Yen.
• The Great British Pound.
• The Canadian Dollar.
• The Swiss Franc.

Different currency of all countries symbol

A currency symbol or currency sign is the graphic representation of the currency. Currency symbol used as a shorthand for a currency’s name. As there are many recognized and unrecognized currencies available in the world, it will be difficult to list the currency of all countries. Below is the list of top currencies used for exchange and their symbols.

• United States of America currency code is USD and the sign of the Dollar is $.
• Euro area countries currency code is EUR and the sign of the  Euro is €.
• United Kingdom currency code is GBP and the sign of the Pound is £.
• Russian currency code is RUB and the sign of ruble is ₽.
• The Japancurrency code is JPY & the sign of yen is ¥.
• The Indian rupee currency code is INR & the sign of the rupee is ₹.

The currency of India: Indian rupee

Britishers introduced paper money into India in the 19th century. The British Government gets the monopoly of a note issued throughout the vast expanse of British India through “The Paper Currency Act of 1861”. At the time of independence in 1947, India’s currency exchange rate for one rupee is a shilling and 6 pence, I.e. Rs 13.33 to the pound.on 15th August 1947 exchange rate of 1 dollar is equal to 1 rupee.

The origin of the word “Rupee” is from 2 Sanskrit words “Rupya” and “Raupya”.  “Rupya” means shaped, coin, stamped, impressed, and  “Raupya” means Silver. Ancient India used currency from the 6th Century BC.

Indian currency can be exchanged with the currency of all other countries.

Who is the father of the Indian rupee?

Mr. Sher Shah Suri is considered the father of the Indian rupee. Today, under the RBI Act 1934, the Reserve Bank of India issues and regulate the currency.

Conclusion:

Every county has its own currency in the form of coins and paper. Few counties are using the common currency for transactions if they don’t have the issued currency by the government. The value of the currency of all countries is directly proportional to the economic growth of the countries. The three main functions of currency are

1. The medium of exchange.
2. Store of value.
3. Unit of account.

If you would like to add any information about this article, please comment on the comment line, so that it can be reviewed and added to the content, if it feels relevant.

If you would like to know more about money-making skills, we recommend selecting one book among the list of the 7 best money-making books and read it.

Thanks & Regards.

Harry.

The objectives of personal finance learning for newbie earners are to get them basic financial knowledge and necessary tools that help them to build the life which they envision. This personal financial learning for newbie earners blog will cover the basics about the following 4 topics which are essential for all new earners to understand before getting the first salary in hand.

1. 10 easy Investment options for newbie earners.
2. What is Personal financial literacy?
3. What are Personal financial responsibilities?
4. How to excellent Personal financial literacy?

10 easy investment options for newbie earners.

Saving and investing our hard-earned money in the right options is one of the important financial decisions of newbie earners. Personal financial learning helps newbie earners to take suitable decisions in selecting investment options among low-risk, medium-risk, and high-risk investments.

In general, bank FD, RD, ULIP, PPF  NPS… are considered low-risk savings and investment options. Equity and market-linked investments like MF and direct equity investments are considered high-risk investments. A combination of market-linked investments and fixed return investments are considered as medium-risk investments.

10 easy investment options for newbie earners.

1. Bank FD-Fixed Deposit & RD- Recurring Deposit.

• In RD-Recurring deposit, investment is made at a fixed period regularly for the predefined time period.
• FD- Fixed deposit is the investment in which investment is done for one-time for a specific period of time.
• For both, the percentage interest rate for the invested amount will remain the same.

2. ULIP – Unit-linked Insurance Plan.

• Unit Linked Insurance Plans (ULIPs) is moderate risk, a goal-based financial instrument that offers benefits of protection and Investment for the long term.
• Unit linked Insurance Plan is linked directly to the equity market.
• It offers flexibility to invest units in debt funds or in equity depending upon our risk appetite.
• ULIPs provide long term capital gains and also offer a protection cover.

3. PPF- Public provident fund.

• The public provident fund scheme is a safe and low-risk financial instrument.
• PPF is mandated by the government and provides a fixed return.
• The minimum time period is for 15 years and it can be continued.
• The investment minimum amount is 500 rupees and a maximum of 1.5 Lakh annually.
• PPF provides the option to avail loan against the amount in the account.

4. MF- Mutual Funds.

• A mutual fund is a market-linked financial instrument that pools money from a group of investors and put it into a portfolio of financial instruments.
• The portfolio includes stocks, bonds, and government securities…
• Buying and selling shares in a mutual fund are doing as units of portfolio.
• The risk of Mutual fund investment, Is based on the financial instrument on with the units are invested.

5. NPS- National Pension Scheme.

• NPS is a government-sponsored pension scheme.
• During retirement, NPS allows investors to withdraw a part of the corpus and use the remaining corpus to buy an annuity of security.
• NPS helps investors to get a regular income after retirement.

6. Investment in Direct Equity.

• Direct equity investment is a high-risk investment that will ensure long term growth.
• Growth of our investment fund based on the way the price of a share of the company performs.
• Investors are eligible for getting the dividend as and when companies offer it to the shareholders.

7. Bonds come under RBI Regulations.

• Bonds are fixed-income instruments, hence it is a low-risk instrument.
• Bonds issued by government bodies or companies to raise capital from investors.
• During maturity, investors will get back the investment amount with interest.
• Bonds are available as Fixed-Rate Bonds and Floating-Rate Bonds

8. Gold / Gold ETF

• Gold-ETF (Exchange Traded Fund), is a commodity-based Mutual Fund investment.
• In Gold- ETF amount is invested in assets like gold.
• Gold ETF  investors will get the unit’s equivalent in cash instead of actual gold.

9. Post Office Saving Scheme.

• Most of the post office fixed deposit investment is for a period of 10 years.
• It is a low-risk investment and provides a higher return than normal bank FD.
• The annual interest of the deposit is credited to the investor’s savings account.

10. IPO – Initial Public Offerings.

• Through IPO shares of a private company are offered to the public.
• Once the IPO is realized, investors can apply through the Demat account and get it.
• IPOs help companies to obtain capital through the primary market.

Well thought out decision based on personal financial literacy is needed to select the suitable investment options, which help newbie earners to meet the Personal financial responsibilities.

What Is Personal Financial Literacy?

Personal Financial literacy is the capability to understand the financial principles, which help to manage money effectively and wisely. The essential part of personal financial literacy is knowing how to manage money. To become personal financial literate, newbie earners need to take a step to implement personal financial principles in life.

• Financial Literacy is important for newbie earners because a proper understanding of personal finance concepts helps them to manage the earning effectively.
• Money is easy to mismanage, it will lead to a financial struggle in the future.
• If newbie earners spend time to learn how to manage money and apply those skills in life, they can build wealth easily.

What Are The Benefits of Personal Financial Literacy?

The benefits of personal financial literacy are countless however here are a few important points to the lookout.

• Net worth will grow continually, irrespective of what you earn.
• Helps to avoid going into debt, even with lower earnings.
• Less Financial Struggle in the older ages, even if don’t have any income.
• Better Household Finances, even in the situation of increasing expense.

What are personal financial responsibilities?

Financial responsibility means having a lifestyle that meets the social standards within means, regardless of the level of income. To succeed in personal finances, newbie earners needs to have a close look at the financial situations, evaluate earning, and make adjustments in the spending habits to match it. As Financial responsibility had a big impact on the future, it is important to expertise on personal financial literacy from an early stage of earnings.

Key points of Personal Financial Responsibilities. 

• The management of personal finances effectively to meet the financial needs of individuals and family.
• Meeting the standard of lifestyle irrespective of economic, cultural, social, and technologies.
• Able to support yourself and family financially for at least six months irrespective of zero income and adverse circumstance.
• Having an organized plan for saving and spending money.
• Making the right decisions early in life to become financially independent and having a comfortable retirement life.
• Understanding the four basic components of finance, like income, Expenses, Assets, and Dept.
• Having a good understanding of the difference between a Good and Bad Debt

To get expertise in the subject of personal finance, one need to understand personal financial planning concepts and applications. Application of Personal finance includes cash in and outflow, net worth and asset, income taxes, insurance, and consumer debt… A Financially Responsible person avoids Debt and should meet the financial emergencies from the savings or investments.

How to excel in personal financial literacy?

People will spend years getting a degree to get a well-paid career. To manage the earnings from the career newbie earners need proper financial literacy. It doesn’t take years to get financial literacy for beginners. With a focused effort, anyone can become financially literate over the course of a few weeks.

To develop personal finance literacy, newbie financial learners have many options like,

• Take a paid or free courses online or offline from some experts,
• By reading a couple of personal finance for beginners books.
• Learning from YouTube, Blogs, or Articles from any search engine.

5 practical steps to excel in personal financial literacy.

In-spite of learning to become experts in the domain of financial literacy needs to practice the following 5 steps.

1. Track Your Income and Net Worth.

• The difference between assets and debt tells where newbie earners stand financially.
• Keep an eye on income and expense help to keep the track of the progress of financial literacy.
• Manage Money by Creating a personal investment portfolio help to increase the net worth, irrespective of earning.
• Newbie Earners need to focus on regulating expenses wisely to become Personal financial responsible in society.

2. Set a Budget, time Period.

• As part of Personal Financial Learning, all newbie Earners should prepare a checklist of expenses.
• The checklist helps to knockout unwanted expenses and meet the personal budget with within the income.
• This budgeting is the starting point of for financial goals in life.
• Proper budgeting help to spend judiciously and deal with surplus cash.

3. Take a Daily Money Minute

• It is important to spend at least one minute every day to check financial transactions.
• Now there are many online apps available to manage and monitor our daily expenses.
• Preparation of money minutes helps to identify overall expenses and keep track of financial goal progress.
• This also helps to set the spending tone for the rest of the days in the month.
• In money minutes it is important to add a personal balance sheet and tax paid.

4. Allocate at Least 20% for the future.

• Planning for Retirement should be one of the prime objectives of Personal financial responsibilities.
• Newbie earners need to priorities, their savings, and investments.
• First priority of fund allocation should for building up emergency savings and retirement funds.
• Managing the debt wisely will help to safeguard the money for the future.

5. Spend at least 10% of Your Income on Lifestyle and fun.

• Spending the money for lifestyle and fun is an important part of Personal financial learning for Newbie Earners.
• If we don’t spend the money for the fun, during our retirement age, we may have a corpus of the amount in our hand, however, it may lead to regret about not enjoying life at a younger age.
• Income for Lifestyle and fun should include movies, outing, travel… ideally anything that doesn’t cover under the basic life

Conclusion:

For newbie earners, it is essential to spend time developing Personal financial literacy. through that, they can meet Personal financial responsibilities. Making proper budgeting and tracking the expenses is the fundamental of Personal financial literacy. The goal of every newbie earner should be to have a hassle-free retirement life with financial freedom, as early as possible. Practicing the knowledge earned through financial literacy is an important factor to enhance the skills.

Thanks & Regards.

Harry.

Most of the youngsters are struggling to meet their monthly expenses even after they are getting a decent salary from their career. The only reason for it is the lack of financial learning in the early ages. The reason behind it is most of the parents are worried to discuss the income and expenses with their kids and unable to handhold them in handling personal finance. In this blog, I would like to share the following.

1. Advantages of financial education for students.
2. What should need to educate in the financial domain?
3. What parents need to do to become their kids financially literate.

Advantages of financial literacy for students.  

Personal financial literacy is knowing the basic principles of financial management and applying them in our day-to-day life. The advantages of financial education in the early ages are countless, however, below listed are a few of them.

• Financial education helps youngsters to become independent and self-sufficient in handling finance.
• Financial literacy empowers youngsters with basic knowledge in cash inflow and outflow management.
• Financial education helps to understand financial institutions, capital budgeting, investment options, etc…
• Financial literacy helps youngsters to foresee the risks involved in financial decisions.
• Financial education help to avoid many of the financial mistakes that lead to lifelong money struggles.
• Financial literacy help to distinguish the difference between wants and needs.
• Financial education helps to plan for retirement at an early age.

What should need to financially educate students?

It is important to know, what we should teach to our kids in the domain of finance, as it is a wide subject. Below are the few topics we can concentrate on and teach them, as it covers the fundamentals of financial literacy. These 10 important topics cover the basic needs of personal financial education for students.

1. Personal income and expense tracking.
2. How to manage cash inflow and outflow.
3. Household budgeting and its techniques.
4. Taxation system & tax slabs.
5. Loans and debt and Interest rate for it.
6. Elementary personal finance balance sheet.
7. Investments & Banking systems.
8. Asset management and basic accountancy.
9. Basic knowledge about financial institutions and stock markets.
10. Fundamentals of Financial Risk Management.

How to provide financial literacy to students?

Even if parents don’t have much insight into financial learning, it’s up to them to provide basic financially literate to their kids. As we are living in the digital age, we can get an abundant amount of information at our fingertips. Regularly collect it and frame it and transfer it to our kids for their future. Following are the few methods which we can try to get our self financially educated and transfer that knowledge to our kids.

• Financial online blogs.
• Financial videos on YouTube.
• Basic personal financial books.
• Interaction with financial experts and friends.
• Involving kids in household financial decisions.
• Allow kids to manage their finance and track it daily/weekly.
• Discuss with kids about family income and expenses.
• Make them aware of our financial mistakes.

Conclusion:

Knowing how to save money can help students to achieve financial independence faster and develop healthier spending habits as adults. The goal of every parent should be to provide proper financial education to their kids which helps them to become stronger in basic financial concepts. Personal financial education is the wealthiest asset that we can provide to our kids.

Thanks & Regards

Harry.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

To open a free Demat and Trading Account uses the following links with respective brokers.

UPSTOX ACCOUNT OPENING LINK :

https://upstox.com/open-demat-account/?f=EV

ANGEL BROKER. 

https://itrade.angelbroking.com/

Or please use referral code as ” HYYEP ” For

Opening DRA ( Digital referral Associate) Account please contact me over the comments, for me to refer. Easy & 100% Digital ( Online ) Account Opening in 5-10 minutes.

ICICI Direct 

https://secure.icicidirect.com/customer/accountopening?rfrlcode=8504558393

Documents required: PAN, Aadhar card, and Cancelled check / Bank account statement copy for uploading. 

NOTES: Account opening charges may vary from time to time on the basis of the broker’s decision.

Happy Investing.