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Online Pension Calculator For Retirement Planning

Do you know how much money you’ll need for retirement? If not, it’s probably time to get a handle on the puzzle. Retirement planning is important because it will affect your lifestyle in the future. If you’re lucky enough, you might be able to retire at age 40 after a long career. But what if that’s too early, or you won’t have enough savings to support yourself once you retire? You can use online retirement planners and calculators to estimate how much money you’ll need for retirement and plan the same way. These tools can give you a clearer picture of your financial situation so that you know where to focus your efforts and make changes to achieve your goals sooner rather than later. [B-01] What is a retirement pension calculator? An online retirement pension calculator is a piece of software that allows you to calculate your lifetime retirement income. These calculators are often free but can cost money if they run on premium accounts. Other forms of the software include online budgeting tools and financial planning tools. They can be used for all types of personal finance matters, from saving for a vacation to building an emergency fund. Online retirement pension calculators are financial tools that can help you save for your golden years. With this tool, you can estimate how much money you will need to live comfortably in retirement. You can also find out the impact of variables such as inflation, taxes, and lifestyle changes on your income during retirement. There are two main types of online retirement pension calculators: online retirement savings calculators and lifetime income calculators. The first type is the NPS calculator, where NPS is the pension scheme run by the government. The second type will show you how much you will invest in yourself for your retirement. Manual Pension Calculator vs. Online Pension Calculator There are a lot of ways to calculate your retirement pension. But the two major ways are online and manual. Here is how to calculate it both ways: Manual Pension Calculator: If you want to know how much your pension will be, you can use a manual pension calculator. These calculators work by plugging in your current salary, your expected age at retirement, and your current age to estimate how much money you will get from your pension. Now let’s understand this with an example. Suppose you earn a monthly income of INR 50,000. You are presently 30 years old, and you want to retire at the age of 60. Here, we can expect an inflation rate of 6%. The Formula is RI = CI (1 + I)*T Here, RI = Retirement Income CI = Current Income I = Inflation Rate T = Time to Retirement (60-30=30 years) So, the retirement income you would need is RI = 50,000 (1 + 0.06)^30 = 2,87,174.5 Online Pension Calculator: One problem with using a manual pension calculator is that it takes time and effort. This is why there are online pension calculators. One of the easiest ways to calculate a pension is by using an online pension calculator or an NPS pension calculator. These tools allow you to input your income and other factors and then estimate how much you’ll have in retirement based on how much you put away each month. They can be a helpful way to estimate savings goals and see what kinds of returns you could expect from various types of investments. Though they are not designed to predict the future, they can provide a good starting point for evaluating different investment options. By combining all the numbers, you can get a sense of how much money you’ll have available in retirement and what kind of return that amount would be on average if you were investing in a traditional IRA. What are some of the best online calculators in India? Groww Retirement Calculator: Groww has one of the easiest online retirement calculators and an NPS calculator. To calculate the amount you will need in the future, you would have to put your current age, your monthly spending, the kind of retirement you want, and your saving plans. By filling these slots, you will get an estimate of the amount you will need in your golden years. Policy Bazaar pension calculator for retirement: Policy Bazaar is one of India’s most trusted financial institutions. It provides a pension calculation and an NPS pension calculator on its website. Not only this, but they also provide retirement investment plans for those who want to make separate funds for their retirement. To calculate the pension amount, you need to put in your current age, monthly expenses, your expected pension age, and the amount you will need in the future. Moneycontrol Retirement Planner: The Moneycontrol Retirement Planner is a complex calculator, but it provides the most accurate results. To calculate your pension, you need to put your current age and retirement age, your life expectancy, your monthly expenses, your current retirement corpus, your expected return on investment, or ROI, and your expense factor percentage. And you’ll get the results. [B-02] Bottom Line An online retirement calculator is the best way to calculate your retirement funds. You can set up a monthly investment plan based on the amount of money you need. Once you’re comfortable with the amount you’re investing each month, you can start adjusting your plan to ensure it’s still on track for your retirement savings goals. If you want to ensure you have enough money for retirement, that’s one thing. But there are also several other factors to consider, from how likely you are to live past the age of 60 to how much inflation will impact your income. An online retirement calculator can help you answer these questions and give you a sense of how much money you will need in your golden years.
08-11-2023
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Personal Loan

Plan your Personal Loan Repayment with an online EMI Calculator

Whether you need money for a luxury holiday or your tuition fees, personal loans are a one-stop solution for all your personal needs. Thanks to technology, you can get such loans in just a few hours through a digital, paperless process. However, this doesn’t mean that you should apply for a loan sight unseen. Check your options for the best deals and easy repayment. A personal loan calculator can help you choose the right loan amount and repayment plan. It helps you find out and plan monthly instalments. Read on to learn how a personal loan EMI calculator helps with loan repayment. [B-01] Importance of a Personal Loan EMI Calculator With an EMI calculator for personal loans, you can ensure that the calculations are in your favour. It also helps determine your target repayment date before taking a loan. Figure out the monthly instalment in your current budget plans. This is an important decision to make. So, before applying for a loan, know how much you can borrow and repay comfortably. With the easy-to-use personal loan calculator, you can choose the term. Decide on a long-term or short-term repayment period. Depending on your financial situation, change the main sum. To find a manageable EMI amount, adjust the value of the loan amount in the calculator. How to Use a Personal Loan EMI Calculator The personal loan EMI calculator can calculate the EMI amount based on the information you enter. Enter the following information first: Amount of Personal Loan– Your loan amount is the total sum you borrowed. Rate of Interest– In loans with fixed interest rates, the interest rate doesn’t change and stays the same for the duration of the loan. In other words, the EMIs will all be the same until the loan is repaid. However, the floating interest rate changes. So, the EMIs also fluctuate sometimes. The tenure of a personal loan– It is the period the borrower has set for the repayment of the loan. Almost all lenders offer flexible credit periods. The loan term, usually between 12 and 60 months, can therefore be chosen by the borrower. The Personal Loan EMI Calculator uses formulas to calculate the interest and EMI for personal loans. The formula for personal loan EMI calculation The following formula is used to determine your personal loan’s EMI: EMI = (P × R × (1+r) ^n)/((1+r) ^n-1) R = Interest Rate p = Principal amount N = Loan term/tenure Let’s Use An Example To Help Us Understand This – The borrowed sum is Rs. 6,00,000. (P) The annual interest rate imposed is 10.5%. The term is 48 months (n) The EMI that must be paid based on the formula above is then: (6,00,000 x 0.00875 x (1+0.00875)^48)/ [(1+0.00875)^48-1] = Rs. 15,362 Why Should You Use An Online EMI Calculator? It is crucial to understand how much money you need to pay monthly. Find out before applying for a loan whether it is a secured or unsecured advance. An EMI calculator helps a lot in such cases. You can use a credit EMI calculator to save time. You do not have to do complicated calculations by hand, which can take a lot of time. This way, you can calculate your EMI amount accurately and budget your money accordingly. You have the best chance of getting approved for a loan if you keep your debt-to-income ratio below 50%. There are very specific details for each type of loan. For example, a personal loan has a different EMI breakdown than a home loan. This way, any potential for error is eliminated, and you always get an accurate estimate. What is the Personal Loan Eligibility Calculator, and how does it work? Using the personal loan eligibility calculator, you can find out how much you can borrow based on your credit score. You can enter the required information in the online calculator to get a quick overview of the maximum personal loan amount you can apply for. The factors that determine your creditworthiness are interest rate, age, monthly income, unpaid instalments, and loan term. Use of the Personal Loan Eligibility Calculator An online instant estimate generator for your eligible personal loan that is simple to use is the personal loan eligibility calculator. Select your location. Specify your age. When you apply for a loan, you must be at least 21 years old, and you can only be between 62 and 70 years old when the loan matures, depending on the lender. Select your monthly net income. (or, if you’re self-employed, your annual profit after tax). Please remember that the money should be made after all tax deductions. Monthly EMI figures should be selected. The total of all instalments on your credit card, including those for which you are currently making payments, should equal this amount. On the right, you will see the total personal loan amount for which you qualify. The term and the interest rate are flexible and depend on you. A minimum credit score of 750 on a scale of 300 to 900 is needed to qualify for a loan. And that’s it! The personal loan eligibility calculator is a quick, simple, and easy-to-use tool. [B-02] Key Takeaway Use the Piramal Finance EMI calculator for personal loans. It is completely free of charge. Anyone can use it whenever they want and as often as they want. The online loan calculator is consistently 100% accurate. It is fast and gives an accurate estimate instantly. Piramal Finance offers other calculators besides the loan EMI calculator. Visit Piramal Finance’s website or click here to learn more about their services.
08-11-2023
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Stocks Markets

Share Buyback – Meaning and Impact

A share buyback, also known as a share repurchase, is a financial activity in which a company buys its shares. It leads to higher earnings per share and investment returns. Dividends and share buybacks are different in definition, journal entry recording, and intent. Because no surplus tax is on the proper selling process, the Stock buyback can be a way of capital return to owners. Also, it is helpful when the company wants to boost demand for already cheap stocks. The shares on the market are then moved to the secondary market, where the general public trades. Also for stock buyback, the Treasury Stock Method can reduce the number of shares. In this article, you will find out what Is Buy Back Of Shares and their features. [B-01] Share Buyback Characteristics The following are the characteristics of share buyback: Trading shares at an expensive amount. A computer application. The most straightforward way to take advantage of tax savings. There are several methods of application. It might impact people by showing them that the company has enough earnings to pay the owners. But a stock buyback may create a negative perception by spreading the idea that the firm lacks potential growth. Before starting, the firm needs to study and understand its risk capacity and needs. Also, this lowers the number of shares, increasing earnings and shareholder value. It enables the firm to transfer idle leftover cash to its owners on its financial accounts. Understand that payments and share buyback are two different ways of paying shareholders. In dividend and share buyback, the dividend provides a set tax return, whereas share buyback gives an efficient return. How Does A Share Repurchase Work? Below are three critical ways that the company’s share buyback plan can be put into action: Repurchase of open market shares Understand that the company buys its shares, and brokers handle everything. It usually occurs over a long period due to the large quantity of bought shares. The company is not required to complete the repurchase plan and may stop it at any moment. Direct bargaining The business approaches many shareholders to buy shares at a price that at least covers the fee. Though time-consuming, this plan can be cheap since the firm bargains the price with the owner. Tender at a Fixed Price In this, the company offers shareholders a tender offer for share buyback at a set rate and time. Then, interested shareholders offer their shares to the business for sale. It also includes a fee based on the most recent share price, ensuring a quick repurchase process. Tender Offer for Dutch Auction The firm makes a public offering to owners of prices with the least cost set above the market value. As a result, stockholders buy with their set number of stocks and last sale price. The firm studies the bids, calculates the demand curve, and chooses the best rate within the earlier-set price range. The Benefits of Share Buyback The following are the advantages of firm share buybacks: Counterbalancing A stock option plan increases the number of remaining shares, causing an equity loss. But the company can buy them back to avoid a fall in owner percentage for present owners. Increased Shareholder Participation Share buyback can lower the market supply by giving each owner a larger equity share than before. Also, a lone owner has limited capital limits and surplus capital growth relative to the last reporting period. Financial Statistics with Elegance The buyback plan is used when leaders and management feel it will raise costs for a cheap share. Also, it improves financial ratios such as EPS, ROA, ROE, and the price-to-earnings ratio. Tax advantages The share buyback process helps owners gain capital with no tax liability. As a result, they buy more shares without incurring more tax responsibilities. Stopping a takeover When a company fears a takeover, it can limit the number of stocks on the market by purchasing its own stock. It allows the firms to keep control while preventing a buyout that may overturn it. Control Consolidation Stock buyback allows firms to join their ownership of the company. It has a positive impact. The number of external owners decreases as the number of shares on the market decreases. That gives the firm’s owners more power over the company. Also, when the number of shares decreases, the owners can make decisions and lead the firm. Depending on the market situation, share buyback can be positive or negative. Also, they aid in developing capital by returning funds to those who choose to quit the market. But, it may produce a poor public image of the company due to its lack of development potential. What Impact Does A Stock Buyback Have? Stock buyback can influence a company since the money spent can be seen in the cash flow report and the statement of preserved earnings. Investors that do their due research before purchasing the business’s shares see this as a sign that the company is healthy. As a result of the stock buyback, the company’s yearly earnings are affected by a smaller number of outstanding shares. It immediately raises the company’s earnings per share (EPS). Earnings per share are vital factors when buying a company on the market. The company’s reputation improves as a result of the stock repurchase. It leads to opportunities for the firm, like growth, net income, and investments. A consistent EPS shows a company’s ability to make money and expand for its owners. As share buyback results in enhanced EPS, shareholders gain a strong presence in the share market and enjoy improved pricing. [B-02] In conclusion Stock buyback results in a lower number of stocks on the market while raising the amount of a company’s share ownership. Following the buyback, the stock price shoots up. In other words, a fall in the total number of outstanding stocks often favours a price increase. As a result, by causing a supply shock through share repurchase, the firm can cause a rise in its share value. Piramal Finance offers you accurate information on banking and financial services. Make sure your financial knowledge is up to date on essential services and products, such as personal loans and financial calculators, by reading the informative blogs on our website.
08-11-2023
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General Insurance

Calculate Your Term Insurance Premium Online

Term insurance is the purest form of life insurance. It only ensures financial protection in the event of the demise or disability of the insured person. Most insurance policies now are a blend of insurance and investment. Whether it’s ULIPs or other savings and guaranteed plans. But a term insurance plan does not involve an investment element. That is what makes it a preferred option for policyholders. But what are the benefits of term insurance plans? How can you know what the term insurance premium that you will need to pay will be? How can a term plan calculator help you decide on the right policy? Find out here! [B-01] Benefits of Term Insurance Plans Term insurance plans offer the following benefits that make them an ideal choice for policyholders: Affordable Premium: Term insurance plans are some of the most affordable plans. As they only offer insurance coverage, the premiums are quite low. This makes insurance accessible to a large section of society. Everyone can’t afford hefty insurance premiums. You can use the online term insurance premium calculator to calculate it. Huge Coverage: For term insurance, you can get a large coverage. Also, it has a relatively lower premium. The higher the sum assured, the safer your family is in case any unexpected event occurs. Tax Benefits: Term life insurance premiums are allowed as a deduction from your income. Under Section 80C of the Income Tax Act, 1961, term life insurance premiums up to INR 1.50 lakhs can be claimed as a deduction for each financial year. Suppose your income is INR 10 lakhs, and you pay a term life insurance premium of INR 80,000. So, you will have to pay income tax only on INR 9,20,000. Return of Premium: Return of premium is an option that some insurance companies offer for term life insurance. The insured event might not happen until the policy term expires. In such cases, policyholders are reimbursed for the premiums paid during the policy’s term. This also increases the benefit of term life insurance. What are the factors affecting life insurance premiums? Are you willing to buy a life insurance policy? Check these factors that can affect your life insurance premiums: Your Age: Your age determines the premium you need to pay. So, buy an insurance plan as early as possible. Because it is unlikely to have lifestyle disease or any chronic disorder when you are young. So, insurance companies charge lower premiums for younger people. As you age, your insurance premiums increase. Your Health: Your existing health condition impacts your life insurance premium directly. Healthy people pay relatively lower premiums. But if you already suffer from any disease or have any existing health conditions, you will have to pay a higher premium. Your Habits: Insurance companies inquire about your habits for life insurance coverage. If you have any bad habits like smoking, drinking, etc., then you will have to pay higher premiums. Since such habits can cause some threatening diseases in the future. Amount of Sum Insured: How much sum insured is enough to protect your family financially? You need to ask yourself this question before you buy a life insurance plan. Normally, your current age and your annual income are the bases upon which you decide your sum insured. Suppose you are 30 years old now. You have an annual income of INR 10 lakhs. You can work for the next 25 years. So, you need a life cover to protect your family for the next 25 years financially. It should also maintain the current lifestyle. So, a life cover of INR 2.5 crores will be sufficient (INR 10 lakhs * 25 years). This is just an example. Various other factors play a role in life insurance coverage. Add-ons: Life insurance plans offer add-ons to extend coverage. This gives all-around financial protection for your family. It can include accidental life insurance add-ons, disability add-ons, etc. Policy Term: The policy term you select impacts the premium you pay. The longer the tenure, the higher the premium. How do I calculate the term life insurance premium? It is easy to calculate. You can use the term insurance calculator to determine the insurance premium amount. Following are the inputs that you need to provide for using a term insurance premium calculator: Life Cover: How much life insurance coverage are you willing to buy? Your Age or Date of Birth: What is your date of birth? Habits: Do you consume tobacco or alcohol? Income: What is your annual income? The term plan calculator will then tell you the premium you need to pay for your desired coverage. Here are some of the key benefits of using a term insurance calculator: Faster: You just need to provide the inputs, and the calculator will calculate the premium in just a few seconds. Comparison: Term insurance premium calculator allows comparisons of various plans. It helps you select the best one that suits your needs. Financial Planning: Using a term insurance calculator assists you in your financial planning. It provides upfront information about the premium amount and helps you budget accordingly. [B-02] Conclusion Using a term insurance premium calculator has made it easier to make insurance decisions. You can easily know the insurance premium for different coverage amounts. Also, decide which one best suits your budget and insurance goals. While we aspire to grow, it is important to have a safety net. That is what life insurance does. For more useful information, visit Piramal Finance now!
08-11-2023
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Home Loan

Learn How to Calculate EMI for Home Loans

Everyone dreams of having their own home. It is a part of the holy trinity of Roti-Kapda-Makaan in India. Thanks to reasonable home loans, it is a feasible reality for Indians. You can get a home loan from a bank or financial lender. You can use it to buy/construct/renovate a house. Home loans can have an adjustable or fixed interest rate. You can repay the loan in feasible Equated Monthly Installments (EMI). You can calculate the EMI using a housing loan EMI calculator. The loan must be repaid within a fixed time called loan tenure/term. Until then, the property’s deed belongs to the bank or lender. [B-01] What is Equated Monthly Installment (EMI)? An EMI is the building block of loan repayment. It is a monthly amount paid by the borrower to the lender. Banks deduct this pre-decided amount from your chosen account every month. It is an automated way to repay your loan. You can also avail of tax benefits on home loan EMIs. However, the deduction does not stop even if you have financial problems. Even then, the bank will continue to deduct the amount. Banks deduct EMIs every month on a fixed date. They will continue to do this till the loan amount is repaid. The EMI consists of a percentage of the principal amount and interest. In the beginning, the interest amount is higher. Every year, the amount to pay will decrease. Towards the end of the tenure, the principal amount is lower. Regardless, the EMI remains constant throughout the tenure. However, you can pay more than the decided amount on EMIs in a month by discussing this facility with the bank. Most people prefer to do this when their income increases. The EMI can also change in exceptional cases. For example, when you repay a huge chunk of the loan. In such cases, the EMI decreases. What is a Housing Loan EMI Calculator? Thanks to the Digital India Campaign, banks have become digitalized. Banking has since bid farewell to manual calculations for loan EMI. A housing loan calculator is an online tool that calculates the monthly EMI. Most banks have such calculators on their official websites. However, the EMI figures are an estimate, not the final amount. You must use them as a general self-help planning tool. You will have to negotiate the exact terms with the bank. How to use a Housing Loan EMI Calculator? Every bank’s home loan calculator in India uses the following formula: EMI = [P x R x (1+R) ^N]/[(1+R) ^(N-1)] EMI: Equated Monthly Installment P: Principal/loan amount R: the monthly interest rate. You can find it using the bank’s annual interest rate. You have to divide the annual rate by 12 to get the monthly rate. N: Number of monthly installments or the loan tenure in months *This formula does not include the loan processing fee of the bank. Visit any bank’s website to use an online housing loan EMI calculator. You will need to input details such as the desired loan amount, loan tenure, and yearly interest rate. Instantly, the calculator displays your monthly EMI. It also displays the interest and total amount to pay. You can change the inputs to customize your home loan. This is a great way of planning your loan. Benefits of using a Home Loan EMI calculator The biggest benefit is finding out the EMI. Other benefits include: Learning whether your tenure should be long or short-term. The calculations are not prone to human error. You can plan your finances in advance. You can use them anywhere, anytime, at your ease. What is a Housing Loan eligibility calculator? You can know your loan eligibility with a few taps on the keyboard because banks now have digital banking products. Simply access the bank’s online home loan eligibility calculator. You need to input your income, i.e., your capacity to repay. Using these, you can determine the loan amount you are eligible for. This loan amount is necessary to determine the EMI. Other factors include age, credit score, financial history, etc. The loan amount will increase if you increase the tenure. It will also increase if you add an extra source of income. Minimum Home loan eligibility criteria Whether you are eligible for a home loan depends on the following: Your current age and for how many more years you can work. The age limit is as follows: Type of revenue streamAge Limit for loanSalaried Individuals18–70 years (depending on the bank)Self Employed18–70 years (depending on the bank) Your monthly salary or yearly business income. Type of revenue streamMinimum incomeSalaried Individuals₹10,000–₹40,000 per month (depending on the bank)Self Employed₹2 lac–₹6 lac per annum (depending on the bank) The time required to repay the loan or loan term. The duration of the loan term cannot exceed 30 years. The present and future income of loan applicant(s). It dictates the loan amount you can get. Timely credit repayment makes you more eligible. Credit Information Bureau of India Limited is India’s largest credit rating agency. A CIBIL score of 750 or higher improves the chances of loan approval. Existing liabilities such as a vehicle loan, credit debts, etc. [B-02] Conclusion House loan calculators are great tools for planning a loan. You must also use a housing loan eligibility calculator to know the loan amount. Improve your credit score and repay short-term debts to increase it. Use this amount and loan tenure to find out the EMI. Knowing your EMI is a must when planning finances. All these banking tools are available online and are easy to use. So go ahead and plan to get your dream home loan.
08-11-2023
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Other

How to Calculate Your Retirement Planning?

The retirement years are an important phase of life. It is the point at which you are finally free of worldly concerns. After childhood, it is retirement life, where you live a stressless life. But you need to be financially independent in those sunset years. You don’t want to be economically dependent during this time. So, how do you achieve that goal? It’s simple! A proper retirement plan can help you achieve that. Use a retirement calculator to plan. [B-01] Retirement Planning: The Gateway to Financial Freedom Do you want to lead a financially independent retirement life? Make decisions in advance of your retirement years. It helps you secure your retirement years financially. You can even help your loved ones during unfortunate events. A good retirement plan makes you financially free. You can even pursue your dreams during this time without worrying about money. Retirement Corpus: The Foundation of Retirement Planning The first step toward this is creating a retirement corpus. It is your total fund for your post-retirement life. Retirement corpus is the throne you can fall upon during later life. Whether it’s short vacations or medical emergencies, it helps you cover everything. So, how do you determine the amount you need for retirement planning? The answer is simple—by using the retirement calculator! The Retirement Calculator The retirement calculator helps you know the lump-sum amount you need during retirement. You can take the necessary steps before retiring to achieve this. First, fill in the necessary inputs. Then, it calculates your financial needs. You learn how much you need to maintain your lifestyle during retirement. The following are the benefits of using a retirement calculator: Clarifies how much income you need for post-retirement. Accounts for inflation and growth rates. You can change your inputs to get comparable results. For instance, you can change the ROI of assets, expenses, etc. It helps to determine the best possible scenario. The calculator helps you make a retirement plan. Follow it diligently. You will be free in your retirement life. The retirement calculator calculates based on your input. Let’s understand how it works. How to Use a Retirement Calculator First, you need to give inputs to the retirement calculator. Current Age: What is your current age? Add the time when using the retirement calculator. Desired Retirement Age: What is the age at which you will retire? Usually, many retire between 55 and 70 years of age. Life Expectancy: What is your life expectancy? In India, the normal life expectancy is usually around 75 years. Monthly Income Required in Retirement Years: How much do you need after you retire? Calculate based on your lifestyle. Add factors such as medical expenses, rent, etc. Expected Inflation Rate: Add the inflation rate. In India, it’s around 6–7% per year. Expected Return on Investment (ROI): How much ROI do you expect? It depends on the asset classes you invest in. You can divide this into pre-retirement and post-retirement returns. Usually, the risk appetite reduces after retiring. Because the capital invested is more important than the ROI. Also, the corpus lump sum becomes huge. So, a lower return rate offers good returns financially. Existing Savings and Investments for Retirement: Disclose any current retirement savings or investments. The whole amount will compound until you retire. So, this affects your investment options. You may not need to invest much to build a retirement fund. Avenues to Invest in Building Retirement Corpus We hope that you understand how a retirement calculator works. But you also need to know how asset classes help and work. This overall approach aids you in creating a retirement corpus. Stay disciplined in saving and investing. This is the only way to be financially independent during your retirement years. There are many options for asset classes. Some are stocks, MFs, NPS, and bonds. Do you have a less risky appetite? Then, invest in mutual funds or the National Pension Scheme (NPS). These help you grow your portfolio with less risk. Use the NPS or mutual fund calculator now. This helps you determine the return. The NPS calculator is like a retirement calculator. It has a lot of input fields. So, fill them in first. It calculates and gives you proper results in a moment. [B-02] To summarise You need to make and follow your retirement plan. Only then can you live a happy retirement life. Use utility tools, like the retirement calculator, NPS calculator, etc., to plan. Also, don’t forget to consider insurance. Life and medical insurances are something to check for. These would help you a lot. It adds to the corpus and secures your dependents. Before making a decision, research various policies. Start taking these small steps. Follow the right direction towards a carefree retirement with Piramal Finance.
08-11-2023
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Banking

6 Types of Bank Accounts in India You Need To Know

India’s banking system has been working to secure our money and help us reap benefits from it. We deposit money in the accounts and get interest; banks use that money to give loans and charge interest. That is how money circulates. There are many private and public banks in India offering several perks to their customers, and no matter what you do and how much money you make, you must have a bank account as per your need. In India, the banks offer various types of bank accounts with multiple perks that customers can avail. This article will discuss the 6 major types of bank accounts prevalent in India. [B-01] Types of Bank Accounts in India Savings Account If you are someone who wishes to accumulate some money and save it for the future, a savings account is the pick for you. It is the most famous type of bank account; almost every adult has a savings account. To open a savings account, you only need your passport-size photograph, ID proof (Aadhar Card primarily), and residence proof. You can keep a limited amount of money in your savings bank account and withdraw the same through ATMs, cheques or net banking as per the bank limit. These bank accounts mostly have a minimum balance to maintain, below which the bank charges a penalty to the user. However, there are a lot of banks that also offers zero balance accounts for which the user does not have to maintain a minimum balance. The interest rate on savings accounts offered by various banks starts from 2.70% per annum. Current Account Current Bank Accounts are used by businesses and companies to carry out business transactions. These accounts are most suitable for traders and business owners who must perform several financial transactions daily. These bank accounts do not have a deposit or withdrawal limit. These accounts must maintain a minimum balance, and the banks pay no interest on the amount deposited. But, these accounts have a perk of an overdraft facility. This means these accounts can withdraw money even if there is no money in their accounts. For the same, the bank charges a fee for these accounts. Salary Account Current accounts have been made for people in business and traders, and salary accounts have been created for employees. A significant portion of the Indian population belongs to salaried employees, and these bank accounts are made to benefit them. Employers usually provide salary accounts to their employees, but they can also open their salary accounts. The salaries of the employees are credited to these bank accounts. The bank accounts work like savings accounts, and the employees can also carry out personal transactions from these accounts. Also, these accounts are, by default, zero balance accounts, and employees can deposit or withdraw unlimited money in these accounts. The banks pay no rate of interest on these bank accounts. NRI Account Non-resident Indians, or NRI, can also open a bank account in India. These bank accounts are also known as “overseas accounts.” The NRI accounts can be savings, current, or fixed deposits. NRIs can deposit money in these accounts in any currency, but the accounts are managed in only the Indian Rupee as per the ongoing exchange rate. These accounts are not zero-balance accounts, and the NRIs must maintain a minimum balance as required by the banks. There is also no deposit and withdrawal limit to these bank accounts. The banks do not pay interest on NRI accounts, but the principal amount in these accounts are chargeable as per the provisions of the Income Tax Act, 1961. Fixed Deposits Also widely known as FD, a fixed deposit is India’s most famous saving tool. It is also the most traditional way to invest money and grow wealth. It is the safest way to invest and make more money. In an FD, you invest a fixed sum of money into your FD account with any bank for a set number of years at a fixed interest rate. After the completion of FD tenure, the investment amount and the interest amount are paid by the bank to the user. There is no limit to fixing the money in an FD, and you can also withdraw the money before the completion of the maturity period. The maturity period of an FD ranges from 7 days to 10 years. Currently, the interest rate offered by the banks on FD accounts ranges from 5.15% to 6.5% per annum. Both customers and banks benefit from these bank accounts. Recurring Deposits In recurring deposit bank accounts, also known as RDs, you invest a fixed amount of money every month to the RD account for a set number of months to make a principal amount. It is suitable for those who do not have a lump sum but can make small investments monthly. After the tenure of the investment, the user gets paid the principal amount and the interest paid by the bank. This is a great way to invest and save money simultaneously. You can invest a minimum of INR 1,000 monthly into an RD account. [B-02] Conclusion None of us can think of having a life without a bank account. You can choose among the several types of bank accounts offered by Indian banks and start your banking experience right now! Many banks in India can cater to your bank account needs and equip all age groups and classes to become financially enabled. You can get these bank accounts opened either online by visiting the website of your bank or in person, by visiting the bank. The official bank timings are 10 am to 5 pm, you can plan your visit as per that. Read more such informative blogs, especially about personal loans and financial products on the Piramal Finance website. Visit now!
08-11-2023
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Cards

How To Get All Bank Credit Card Customer Care Numbers?

Users who have credit cards often face certain issues or have some questions related to their cards that they may want to resolve. This is the role of the customer care team that comes to the front to resolve a customer’s doubts. Whenever you want any details about a credit card or need to start a service, you must dial the credit card customer care number. Always dial the customer care number from your registered mobile number for easy access. Banks support multiple options for contacting credit card customer care, such as email or chatbot. But without a doubt, most people prefer a telephone number for quick answers. For a seamless connection to customer care, you must have the credit card customer care number ready. But in some situations, you might not have the number with you and may not know where to find it. Different options are available to help you quickly get credit card customer care contact details in such situations. Read on to know more about getting all bank credit card customer care numbers. [B-01] Why Do You Need a Credit Card Customer Care Number? Credit card holders have different reasons for contacting their credit card customer care. Here are some of the reasons why you might need a credit card customer care number: – · To block or unblock a credit card · To increase the credit limit · When you need help with bill payments · When you want to start overseas usage · Request for an add-on card · Know more about the offers · Locate the nearest branch office · Need help with reward points · Update your contact details · Request for waiver of certain charges · Turn any purchase to an EMI · Details on an annual fee or other charges · Any other service How to Get a Credit Card Customer Care Number? It is important to note that different credit card companies have different customer care numbers. So, you must have the correct credit card customer care number to resolve your queries. Here are some methods through which you can get the credit card customer care number: – The Backside of a Credit Card This is the easiest and quickest way to access your credit card customer care number. All credit cards have some details on the backside. This is where the bank lists the customer care numbers as well. Moreover, many banks also list numbers for regional customer care teams for quick solutions to queries. If you have your credit card ready, this is a good way to note the customer care number. Official Website You can use this method to get the customer care number if you do not have a credit card. All credit card issuers have a website with a section to contact customer care. Just click on this link, and you will see local customer care and toll-free numbers. Before you call this number, make sure you have your credit card details to validate your identity. Many websites now also offer customer care functions through chatbots. Mobile App Most credit card companies have mobile apps which many customers install on their smartphones. If you have the mobile app for your credit card, it is easy to get the customer care number. Justtap on the credit card option in the mobile app, and you will see the details to contact the customer care team. Many apps support a direct calling option for the convenience of the customer. Having your credit card ready to verify the details as required is vital. Welcome Kit A welcome kit accompanies all credit cards. This kit includes all crucial details about credit card usage. It also includes the credit card customer care number. You can use this number to contact the customer care team with your questions or doubts. Most banks advise customers to keep the welcome kit safe as it includes many vital details. ATM/Branch This is an offline method to get your credit card customer care number. You can visit the nearest bank branch that has issued your credit card. Here you can contact any concerned person to get the details for the customer care team. Else, you can locate the nearest ATM of the bank and use the kiosk to get details related to the customer care team. Search Engine This is one more option that credit card holders use to get a credit card customer care number. You can simply type ‘xxxxx bank credit card customer care number,’ and the results will show at the top. But you must be cautious here as there are some chances of fraud. Do not trust the search engine result and verify the number before dialling. Else, you can get the customer care number through the official website. Credit Card Customer Care Numbers Here are the credit card customer care numbers for leading banks: – BankCustomer Care NumberAxis Bank Credit Card1800 419 5959SBI Credit Card1860 180 1290HDFC Credit Card1860 267 6161Yes Bank Credit Card1800 103 1212ICICI Bank Credit Card1860 120 7777BOB Credit Card1800 258 44 55Kotak Mahindra Credit Card1860 266 2666IndusInd Bank Credit Card1860 267 7777PNB Credit Card1800 180 2345IDBI Bank Credit Card1800 425 7600 [B-02] Conclusion Having the correct and updated credit card customer care number is extremely crucial for all credit card users. These numbers are regularly updated, so you must always have the current numbers available. If you are uncomfortable calling customer care, you can use the official email address to convey your queries. The mode of contact must be chosen based on the requirement. To get more information on credit cards and personal loans, visit Piramal Finance.
08-11-2023
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Banking

What Is Bank Account Statement: All You Need to Know

Are you looking to find out what a bank account statement is? In this article, you will find out how the bank account statement works and the perks of a bank statement. A bank statement has all the details about transactions in a depositor’s current or savings account. Bank statements are an easy way for account holders to check their finances. [B-01] What is a bank account statement? The bank statement is a document given by the bank to its customers every month that shows all the customer’s financial activities during that period. A monthly bank account summary includes all fund transfers, money deposits, and withdrawals made by the customer during the entire month. Each account’s balance at the start and end of the month is given in the bank statement. The contact details of the banks are also given in the bank statements. It records your bank account activity, and you can easily track your transactions through your bank account statement. Banks also give account statements to the account holders. These are great tools for keeping track of your expenses. Plan to save money by finding areas where you can lower spending your money by checking your monthly savings. Importance of account statements Giving your clients a summary of the goods and services billed to them is a great way to keep them informed. Also, the application status assists business owners in verifying the payments that clients have already made in one month. As it gives the business owner an idea of the customer’s regular spending, it can also be used as a tool for payment reminders. The summary report of the statement gives a business owner the ability to decide whether a client has paid his debts whenever there is an inconsistency in the company’s records. The business owner can also use the application status to confirm that the amount due includes the customer’s initial payments. The statement of accounts also gives business owners a precise record of the prices they have been charged by the banks for various banking services. This allows them to follow a user’s information and helps them spot issues. Why are bank statements used? A bank account statement shows account activity and verifies that the credit and debit balances match up correctly. The following benefits are available to account holders who choose to read their bank statements online: 1. Protects against financial fraud The monthly withdrawal and deposit amounts from an account are printed on bank statements. Banks use smart document processing systems to list details on these records, which aids users in finding out any anomalies or mismatches in quantities. Financial fraud can be detected by comparing the bank’s transaction records to yours. Records are correct and certified if there is no mismatch. 2. Lowers errors in accounting E-bank account statements and the application status are more valid than manual data entry of financial information since it is less prone to human error. Organizations use automated bank statement solutions to extract financial data, verify it, and input it into their records. Many banks use document AI software for this function, which is also quick, precise, and safe. 3. Displays settlements, fines, and account balances Users get an entire list of their transactions when they study their bank statements, which is one of the main perks. Users can check their account balance, fines, and charges to know better about the account’s money flow. Account holders get to know about the prohibited transactions so that they do not have to pay any hidden fees. How Do I Use a Bank Statement? Bank statements are simple bank documents that aid in everything related to your account, from expense monitoring to finding errors. You can get the below-mentioned things with a bank statement: Keep an eye on your spending: Review your monthly bank statement to keep track of your spending. Keep an eye on your bank balance: You can reduce overdraft costs by always having enough money to cover payments and ATM withdrawals. Check your bank account carefully for irregularities, duplicate charges, and inconsistencies. Apply for a loan: Whether you are applying for a personal loan or a mortgage, your lender may require bank statements to document your current financial situation. Rent an apartment: Before signing a lease, a landlord or rental company might ask to examine your bank statements. Finance your house: Financial institutions could ask to examine bank statements if you intend to refinance your home. When filing your tax return, you might need to look at your bank statement. Keeping records: You may need them later or at any time in the future, so store your statements safely. [B-02] Conclusion You can have a better understanding of where your money has come from and gone by learning how to read and use your bank account statement. Also, it can aid in account organization and prevent costly spending errors. You can now choose how you want to get your monthly bank statements from most banks. You can choose a paper statement or apply online to have an e-bank statement mailed to the email address you have on file. Are you looking for similar finance blogs? Visit the Piramal Finance website and help yourself to the knowledge of wide-ranging financial products and services, especially credit cards and personal loans.
08-11-2023
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