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Best Car Insurance Companies in India 2022

Car insurance helps you in reducing financial bonds. They may arise as a result of a dire event. Car insurance companies provide a policy that protects you and your vehicle. They protect your vehicles against various damages and risks. The risks may result in financial losses. A car insurance policy is also a contract. An insurance firm and the car owner issue it. The car insurance company protects against various damages or financial losses. [B-01] Why Is It Important to Select the Best Insurance Companies? You want nothing but the best for yourself and your family. The same is true when it comes to picking an insurance company. You can find out what is best for your family by doing ample research. When you compare various insurers, you can make sound decisions. You get an in-depth view of many aspects of the company. To make sure they meet your needs. The research will pay off. You will know you and your loved ones are safe and secure, allowing you to relax. Best Car Insurance Companies in India 2022 National Insurance Company Ltd. (NIC): It is the best vehicle insurance company in India. Kolkata is the headquarters of this insurance company. The state owns a general insurance company. This firm was set up in 1972. It is now one of the most reliable and trusted providers of car insurance. This company serves the South Asian community. It is at the top of the list, you may choose this company for your auto insurance. ICICI Lombard Motor Insurance: This is a well-known company founded in 2001. It is one of India’s most well-known and renowned vehicle insurance firms. This car insurance company works with ICICI Bank, India’s second-largest bank. The insurance claim process is simple and quick. A variety of add-on scopes are there on its auto insurance policy. You can also register or renew your coverage online. Bajaj Allianz General Insurance: Bajaj Allianz General Insurance Company is fourth on the top auto insurance companies list. This was founded in 2001. It has its headquarters in Pune, India. You can select from many reputable and good auto insurance policies. It is also a reputable firm from which you can get a lot of data. The policyholder may receive a high level of service. The vehicle should be checked at the given workshops. Reliance General Insurance Company (H3) : It gives its customers the best insurance service. This car insurance company offers low-cost auto insurance to drivers. This firm also insures motorcycles. You can buy insurance by using a variety of payment methods. If your car is on the road, you may be able to collect your money. There are no added fees charged to the insurance holder. United India car insurance: The United India Insurance Company was created on February 18, 1938. On the Asian continent, this is one of the most well-known insurance firms. Download the app to ensure that your insurance policy is resumed on time. It operates in several Indian states and offers 24-hour customer service. There are options for quick insurance scope and cashless claims. Oriental Insurance Company Limited (OIC): Oriental Insurance Company Ltd., headquartered in Delhi. It is India’s best public-sector insurance company. This is a well-known vehicle insurance firm in India. You can renew or buy new plans from anywhere. You can do it at any time with the help of a customer service representative. You will always receive great insurance claim treatment. It has the best track record in this field. Kotak Mahindra Car Insurance: It is apportioned by Kotak General Insurance, which is part of the Kotak Mahindra Group. It is owned by Kotak Mahindra Bank, one of India’s most popular private-sector banks. IFFCO Tokyo General Insurance Co. Ltd.: It is a Japanese general insurance company. The car insurance company offers a one-of-a-kind Value Auto Coverage Insurance policy. It includes a variety of extra benefits. As a result, the policy acts as an add-on to your car insurance policy at very low premiums. [B-02] Conclusion Along with your new car, remember to look for the best car insurance provider. People who are not concerned about auto insurance are no longer among us. Everyone now looks for auto insurance after buying a car. People who don’t care or choose the wrong vehicle insurance provider face a slew of issues. Car insurance guards your vehicle at all times. If you are in an accident or lose your car, you can file a claim with your car insurance company for repayment. It is always a welcome relief.
08-11-2023
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Personal Loan

Reasons to Opt for a Personal Loan to Finance your Big-Ticket

Every second person nowadays has one or more basic financial needs. These needs range from medical to educational. Unfortunately, not everyone is financially strong enough to meet these needs. Here’s where an unsecured personal loan comes to the rescue. Most people in India belong to the lower and middle classes. They cannot afford to send their children to expensive colleges or universities because of their financial situation. Such people are unlikely to be able to keep any collateral or mortgage their jewellery or homes. Unsecured loans for personal use help them in such a hustle. [B-01] All about personal loans A personal loan is simply an unsecured loan to meet big or small financial needs. Such loans are unsecured and accessible. It means that no collateral is required to obtain such loans. They are easy to obtain. But their repayment can be quite challenging. This is usually because a personal loan or time loan comes with a higher interest rate too. Most people are compelled to use their entire savings to repay them. However, every loan facility has huge benefits, too, just like this one. Let’s quickly take a look at them. Why should one consider opting for personal loans? Education: Opting for a personal loan can help finance higher education. Most students in India aspire to study abroad. But they do not have the resources to fulfil this dream. Again, obtaining other loans may require a lot of paperwork. Some families can’t even afford to mortgage anything. That’s where a time loan, direct loan, or personal loan comes in handy. It is the best way to finance higher education for students. 2. Medical crisis: Medical emergencies do not ask for permission. People may encounter accidents or other health-related issues. Usually, hospital bills are very high. Everybody cannot bear treatment charges, medicine bills, ventilator and ICU charges, and so on. But no one can ignore them too. A personal loan is the ultimate solution to this problem. It takes no time to process. It is also the best way to save someone’s life. 3. Takes lesser time to sanction: Loans usually get sanctioned within 1 business day to 1 week. Also, they require a minimum number of documents to be submitted. A personal loan is less complicated and more convenient to obtain than other types of loans. Nobody wants to wait for days and months to get his loan approved! This is what makes such loans so beneficial. 4. Simple eligibility criteria: People aged 21-67 can easily avail of these loans. One does need to be an Indian resident to avail of them. However, one must have a minimum CIBIL score of 750 to avail of a personal loan. One should also work for an MNC (Transnational Corporation) or a private or public company. Possessing a good credit reputation would be ideal. 5. Purchasing necessities such as cell phones: Most people buy appliances like mobile phones, fridges, and desktops on EMI or in instalments. Most families prefer to go for expensive products despite having less money. Where would the money come from? The answer is personal loans. One can avail loans to buy the necessities of life too. The repayment would be done in instalments. This becomes an additional advantage. 6. Can be managed under the debt-consolidation scheme: Debt consolidation is the process of conglomerating or merging several loans to give birth to a new loan. The interest rate is fixed monthly. It generally gets lower on this loan. This saves the borrower from paying the EMIs on multiple debts. This process is generally employed when the loan’s interest rate has increased. 7. Wedding financing: Personal loans help manage big and small weddings. It is often seen that fathers spend a lot on the studies of their children and other household chores. This comes as a financial burden because marriage is also an essential concern in India. Again, personal loans come as saviours. This loan covers everything from the wedding to the reception. Quick approval is also a plus. 8. Enjoying a vacation: Unsecured loans can be obtained to enjoy dream holidays too. From the Maldives to Mauritius, these loans have a solution for everything. What is a personal loan not for? Investment-related activities are a big no-no Buying properties like land. In such a case, one can opt for construction loans For establishing businesses or startups Paying tuition fees Managing basic livelihood Issues with personal loans Personal loans have some issues, too, such as Higher interest rates: Most unsecured loans are disbursed at very high speeds. These also increase if the tenure is long. This can be harmful to the credit scores of the borrowers if they are unable to repay. Damage to the credit image: One may face serious sabotage to their credit image if they do not repay their loans quickly. Thus, it is essential to apply at own risk. A penalty by the lender: Lenders may impose serious penalties or give threats if the terms are not met. Unnecessary debt: Unsecured loans add to one’s debts. These can lead to stress and anxiety. If the amount is high, there is a chance one needs to pay off the debts with all their savings. [B-02] Conclusion One should try personal loans if one belongs to a lower-income family. It has many benefits. The most important is its quick disbursal. However, it has some potential risks, too. One should keep these in mind before applying. Also, visit Piramal Finance to read more blogs like this or to avail of financial help.
08-11-2023
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Banking

What Type of Bank Account is Good for Your Money?

You are introduced to the banking world when you want to start saving. You tend to opt for the safest choice to keep your hard-earned money. The Indian banking system is one of the finely operated machines. This article will provide insight into different types of bank accounts that serve different needs. Put your money wisely in your account. Wise decisions that are made once can give long-term benefits. In this way, you can get the most out of your bank. Smart decisions can reap a good Interest rate and minimum charges. You can also track your money easily. [B-01] Types of Bank Accounts and their Pros and Cons There are mainly 5 types of bank accounts. Out of these, you can choose the best one that suits your needs. Along with the types of bank accounts, pros and cons are given. Read on to find out more about the bank account. Types of Bank Accounts to Keep Your Money Savings Accounts Checking Accounts Money market Accounts Certificates of deposit (CDs) Retirement Accounts Savings Accounts Customers can save up for large purchases or emergencies with this sort of savings account. Your savings will gradually increase as time passes. This will be due to the interest you’ll earn on them. The first type of bank account most people get is a savings account. A child can learn to save by opening an account with a parent. A savings account is a great way to save money aside from your regular checking account so that you can use it for long-term financial objectives or in case of an unexpected expense. ProsConsUseful as either a first bank account for a child or teen or as savings account for an adult who needs a safe location to keep the money they might otherwise spend frivolously.A typical savings account’s interest rate is lower than that of money market accounts and certificates of deposits. Checking Accounts Everyday transactions are made with a checking account. Features such as a debit card for making purchases and withdrawals from ATMs, and the ability to write checks, are the main draws of this type of bank account. You can do things like pay bills and deposit money into the account. Online bill pays using checking accounts is a convenient option offered by most banks today. This type of bank account is vital for controlling your monthly cash flow. It is also the greatest place to keep money for short-term use. ProsCons Anyone who needs a location to deposit a paycheck or cash or make payments, anyone who keeps a reasonably small balance, and anyone who likes the ease of using a debit card.Checking accounts can be costly and inconvenient due to their lack of interest and the costs and limitations associated with them, such as monthly maintenance fees and minimum balance requirements. Money Market Accounts An individual can have the best of both worlds with a money market account. It gives both savings and a checking facility. Useful for both short- and long-term goals, they allow for a limited number of check withdrawals per month and earn interest at a rate that is higher than that of savings or checking accounts. You can earn more interest and have the convenience of writing checks with one of these bank accounts, which is ideal if you prefer to have a large sum in your checking account. Pros ConsThis account is for those who maintain sizable sums in their accounts. The customer seeking greater interest rates will benefit.The money market requires you to maintain a higher balance as compared to other bank account types.The withdrawal limit is set to six per month. Certificates of Deposit (CDs) For a specified period, a certificate of deposit (CD) acts as an interest-bearing savings account. The tenure can be 3- 5 years. It offers higher interest rates than the other options. You’ll need to leave your money in the CD until its maturity date or face a penalty. If you are saving for a specific purpose, then this is the best type of bank account. ProsConsFunds that don’t require immediate spending. Although longer-term CDs generate greater interest, shorter-term CDs are still an option.There is a downside in that there is a penalty to withdraw money before the term is over. A loss of earnings or even the initial deposit could result from this penalty. Savings Account for Old Age These are, as the name implies, savings vehicles for later in life. Individual retirement accounts (IRAs) are offered by major banks. Some even offer 401(k)s and other corporate old-age plans for smaller firms. Investing your retirement savings in the stock market will give you higher returns. 401(k) plans and individual retirement accounts (IRAs) are the finest types of bank accounts for saving for retirement. ProsConsThose who wish to put money aside for the future will benefit. Having a retirement account can make saving money easier (by reducing your tax bill) and may increase your savings in the long run.There are always strings associated with tax breaks. Learn the terms of your account by reading the agreement and talking to your banker (including rules for eligibility) [B-02] Conclusion You must always remember that you are not limited to a single type of bank account while selecting. Customers may open any type of bank account that suits their needs. Bank/NBFCs have updated their systems so that you can log in to your accounts from anywhere at any time. Nowadays, you don’t need to visit a bank to make deposits or take out money. All thanks to facilities like mobile and net banking, you can do banking online. To get further details on banking and finance, visit the Piramal Finance website .
08-11-2023
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Personal Loan

What Is A Flexi-Personal Loan And How Does It Work? 

Are you facing a financial crunch? Looking for an instant loan? Flexi-personal loans might be the solution. Flexi-personal loans, also known as flexible loans are meant for those with urgent money needs. Compared to a personal loan, these loans usually have lower rates of interest. Flexible loans also don’t require a very high credit score. Most lending institutions don’t offer flexible loans due to the high risk involved. However, there are a few lenders that offer them as an added service. Read on to learn more about how Flexi-personal loans work. [B-01] What Is A Flexi-Personal Loan? A Flexi-personal loan or a flexible loan is a type of loan that can be obtained at a short notice. Today, many lenders provide users with pre-approved cash limits based on their credit scores. You can withdraw cash at any time within the prescribed limit. Financial emergencies usually come without warning. In such cases, money is required urgently. Hence, there is little time to fill out application forms, submit paperwork, and talk to lenders. In such cases, a flexible loan can be of great assistance. Today, most lenders provide pre-approved cash limits to their customers. Based on your past transactions, banks evaluate your risk and offer you a fixed cash limit. You can withdraw the cash anytime as per your needs. How Does A Flexi-Personal Loan Work? With a flexible loan, you can borrow money on a month-to-month basis. Unlike traditional loans, you can repay a Flexi-personal loan anytime before maturity. There is no penalty for early repayment. However, there are certain things to keep in mind while applying for a flexible loan. You must be financially stable and have a good credit score. The amount of Flexi-personal loan you can avail of largely depends on your credit score. The interest rate on a flexible loan depends on two factors, the amount you borrow and the loan duration. The best part about a Flexi-personal loan is that the interest is charged only on the amount you use. Therefore, you can withdraw the loan in various trenches and avoid paying interest on the entire amount. Advantages Of A Flexible Loan Here are the benefits of a flexible loan: Flexible Terms: You can get a Flexi-personal loan until the loan’s maturity date, making it ideal for short-term funding. You can also get a lower rate of interest with a Flexi-personal loan. Does Not Require a High Credit Score: Compared to traditional loans, a Flexi-personal loan does not require a very high credit score. The lender will offer flexible loans based on your past financial history and the ability to repay. Easier to Obtain: Less paperwork is required to get a Flexi-personal loan than a traditional loan. Moreover, such Flexi-personal loans can be obtained over the phone, especially if the amount involved is small. Faster Funding: After applying, you can get money for a Flexi-personal loan within a day or two. Some lenders may also approve your loan immediately after the KYC is complete. It is very useful if you need money at short notice. However, the application processing time depends on your lender. No Asset Valuation: A Flexi-personal loan doesn’t require you to pledge your assets or value them as collateral. It is ideal for those who want to borrow money without showing their assets. No Income Verification: You don’t need to provide your income details or salary information when applying for a Flexi-personal loan. It is ideal for those in a financial crunch and who need quick cash. Things To Keep In Mind While Applying For A Flexible Loan A Flexi-personal loan is perfect for those who need short-term cash to tide over an emergency. However, you must keep a few things in mind before applying for a Flexi-personal loan: Be Financially Stable: You need to be financially stable and have a high credit score to get a Flexi-personal loan. Only Small Amounts: When it comes to a Flexi-personal loan, you can avail of only a small amount. This is because it requires minimal documentation. Also, the application process is short and quick. The lender does not wish to increase its risk. As a result, only small amounts are given as Flexi-personal loans. For large needs, one must consider traditional personal loans. Service Charges Involved: Borrowers may need to pay high service charges when availing of Flexi-personal loans. It is charged as a one-time fee by the lender or as a monthly amount during repayment. Documents Needed For A Flexi-Personal Loan Here are the documents required for a Flexi-personal loan: ID Card: Aadhaar/Driving license/Voter ID or any other government-issued photo identity card. PAN: The PAN card is your registration number with the income tax authorities. Additional Documents: In some cases, lenders may need additional documents during the KYC process. If you’re seeking a Flexi-personal loan online, you may also need to verify your phone number through a one-time password to confirm your identity. [B-02] Final Thoughts A Flexi-personal loan, as the name suggests, has flexible terms and conditions. It is ideal for those who need cash urgently. Unlike other loans, Flexible loans require minimal documentation and are processed quickly. To read more about Flexi-loans and related topics, head to the Piramal Finance website.
08-11-2023
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COVID-19

Myth vs Facts – RBI’s Covid-19 Moratorium

At the time of the Covid-19 virus, many people’s jobs were at risk. Many even lost their jobs. It’s been 2 years, but some of us have still not recovered from the loss. This loss can be in the form of money or life. During the peak time of Covid-19, paying off the monthly loans for cars and houses was difficult. And also the monthly instalments for other items. The Moratorium relieved many people as they had time to pay off their loans. The source of income for many people was affected at that time. [B-01] Concerning the credit facilities, the customers were given two options for the Moratorium facility- Opt-in The customers whose income was affected during the virus could choose this option. It could allow them to make delayed payments within the Moratorium period defined by RBI. Opt-out The customers whose income was unaffected even at the time of the virus could choose this option. These customers were requested to make all their payments on time. There was a myth that opting for a Moratorium was a good choice. People thought that delaying payments was a better option in those times. But indirectly, delaying payments was not helpful. It was increasing your interest as well as the principal amount. This, in turn, would lead to an increase in interest. So, if your income was not affected at the time of the virus, then the better option was to pay off all your loans and credits on time. This could save you from additional interest. Opting for a Moratorium was a choice for people The option of Moratorium was a choice for people. All the commercial, primary, and non-banking financial institutions were included. They had to allow the customers to take benefit from this facility. The customers could also increase or decrease the credit card limit as per their wish. The period of the Moratorium would also not affect the credit score if you pay off all the debts on time. Many people understood the benefits and correctly used that time. ■ Another myth that revolved in people’s minds was that a Moratorium is a kind of a break. They thought that they could delay payments as per their choice. But the fact was that delaying payments would lead to additional interest. Many people understood this at that time. ■ The Moratorium was offered for 3 months. It was not there to save you from the interest. On the other hand, it increased the loan amount. This happened because the amount was getting added to the principal amount. This amount was to be paid in the future. Hence, along with delaying payments, you were increasing the loan amount. However, if you did not opt for a Moratorium, you could maintain the perfect cash flow. But we cannot ignore the fact that it was needed for some people. The people whose income was affected opted in. So many people lost their jobs. They did not have any other source of income. This made it impossible for them to pay off loans during the lockdown. So it even proved to be helpful for some people. RBI had presented well-organized planning for this purpose. A proper resolution framework was developed. It divided the customers into two groups. This helped in further organization. First was the individual who has taken loans. The second group had small businesses. Easy payment options were given to them. Proper measures were taken to benefit everybody. The period and all the other things were decided based on the income sources. The maximum period for the Moratorium was decided to be 2 years. This period was from the date of putting the resolution into effect. Everything was planned to ease the difficulties of people. The financial institutes were advised to keep a proper record of everything. This would help them to change the given period. This was done to ease the difficulties of the customers. However, there were some conditions to increase or decrease the period of the Moratorium. This was according to the framework proposed by RBI. All the instructions are mentioned in it. Also, the financial institutes were allowed to take decisions. This allowed them to work according to their own rules and regulations. This was done to satisfy the financial institutes with their own rules. Hence, the framework was really helpful for everyone. The financial institutes had to prepare a report every 3 months. This report was required to include the financial statements of the borrowers. It also had to describe the period for each payment. This could make everything easier and clearer. The best thing was that the financial institutes had to present it yearly. By this, they could have enough time to look into matters. The credit score was to be structured again. This was to be done under the new rules at the time of Covid-19. This was also to be done according to the framework. All the accounts were also to be made again. This would provide some relief to the customers as well as to the financial institutes. You still needed to pay the loans even if you opt for more time under the Moratorium. It provided some comfort related to time, but the amount was still to be paid. [B-02] Conclusion In the end, the period under Moratorium was helpful. But the amount for interest was added to the principal loan amount. So many people who lost their job took benefit from it. After all, it was there to ease the problems of people. Also, a framework was prepared for the financial institutes. This made everything more clear to everyone. The people who took a Moratorium to save themselves from paying instalments for a few months suffered a lot. On the other hand, the people who planned everything benefited from it. Visit Piramal Finance to know more.
08-11-2023
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Personal Loan

5 Ideal Features To Look For In A Personal Loan Scheme

You may find yourself in a situation where you need extra cash to tide you over. You may need to start a business, make a large purchase, or you may need to consolidate some debts. Whatever your reasons for needing a personal loan scheme, you should look for one that suits your needs and gives you the best deal. However, with so many schemes on offer in the market, knowing which is perfect for you can take time. Let’s have a look at five crucial aspects to look for in a personal loan scheme. Keep reading to learn more! [B-01] Low-interest rates Many personal loan schemes are available in the market, each offering different features. One important feature to look for is the interest rate. Interest rates can impact the overall cost of the loan. They can make a big difference in whether or not the loan is affordable. For this reason, it is always worth looking for a personal loan with a low-interest rate. A low-interest rate personal loan scheme is always ideal, as it means: You will have to pay less interest over the life of the loan. Can save you significant money in the long run. Make repaying the loan more manageable. There are many personal loan schemes on the market. So be sure to shop around and compare interest rates before making a decision. Flexible Repayment Terms A key feature of personal loans is the ability to tailor the loan to the borrower’s specific needs and budget. One way to do this is to offer flexible repayment terms. A personal loan scheme with flexible repayment terms is an ideal feature to look for if you have difficulty making fixed monthly payments. With a flexible repayment schedule, you can: Choose how long you want to repay the loan. Postpone your repayments until you are in a better financial situation. Make smaller payments in the form of EMIs, which can help manage your cash flow. Make extra repayments on your loan without incurring any penalties. This can help you pay off your loan sooner and save on interest costs. Stay current on your loan schedule to avoid default. Repay the full amount at the end of the term without any financial issues. A personal loan scheme with flexible repayment terms may offer a lower interest rate than a traditional loan, making it more affordable for borrowers. No Hidden Fees or Charges A scheme with no hidden fees is one of the most crucial features to look for when applying for a personal loan. This is because hidden fees or charges can frequently add a significant amount to the overall cost of the loan. Thereby making repayment extremely difficult. A no-fee, no-charge personal loan scheme allows you to learn the true cost of your loan better. This can help you make better loan decisions and avoid surprises down the road. Furthermore, it can make the loan process more transparent and help build trust between you and the lender. Here are five hidden charges to watch for with personal loans: Origination Fees: This is a fee charged by the lender in return for originating the loan. Depending on the lender, personal loan origination fees typically range from 1% to 10%. Loan Processing Fee: The lender charges a fee for processing your loan. It is typically a percentage of the loan amount that varies depending on the loan provider and can range from 0% to 8%. Prepayment Penalty: Some lenders charge a penalty if you pay off your loan early. This is typically a percentage of the outstanding loan balance and can range up to 5%. Late Payment Fee: This is a fee for defaulting the payment of an EMI(equated monthly instalment) of your loan. The penalty is typically between 1% and 2% of the EMI. Duplicate Documentation Fee: This is a fee charged for reissuing loan-related documents. These can include statements, credit reports, NOCs, etc. This fee generally ranges between Rs. 50 and Rs.500. Speedy Application Process & Approval Times A personal loan can be a lifesaver during tough times. But the application process and approval times can be frustrating, when if you need the money urgently. That’s why a speedy application process and approval times are ideal when looking for a personal loan scheme. This is because it shortens the time required to complete the process and receive funds. This way, you will receive the funds you need quickly and without delays. However, getting your loan application approved quickly, on the other hand, is only sometimes a piece of cake. Here are a few helpful hints to remember for getting fast loan approvals: First and foremost, maintain a good credit score. Check the lender’s eligibility requirements in advance to ensure that you meet all of the criteria. Make sure to gather all of the necessary papers and details on hand before you start the process. Complete the application as accurately and truthfully as possible. And lastly, be prepared to explain why you are requesting the loan and how you plan to use the funds. Excellent Customer Service Customer service is one of the most vital factors to consider when looking for a personal loan scheme. This is because it can make a big difference in your loan experience. With excellent customer service, you can expect to be treated well throughout the entire loan process. From the initial application to the final repayment, you’ll receive quality service that meets your needs. This means having access to an informed customer service team. This team can answer your questions and help you navigate the loan process. So, make sure to ask about customer service when considering a personal loan scheme. In addition, try to find a lender with a good reputation for assistance to make your loan experience as smooth and stress-free as possible. [B-02] Conclusion Nowadays numerous personal loan schemes are available in the market today; however, not all are created equally. So, when looking for a personal loan scheme, remember these five key features to get the best value. Furthermore, Piramal Finance’s personal loan scheme offers all of these features and more, making it an ideal choice for you. To learn more, visit the Piramal Finance website today.
08-11-2023
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Guide

Which banks are best for FD?

Although there are multiple investment options like mutual funds, government bonds, and many others, they all come with a few inherent risks. As a result, most Indians still prefer to invest in fixed deposit schemes that give them decent returns without any risk of losing money. However, it would be best if you worked with the best banks for FD to get the best returns. In this article, we will show you a list of Indian banks that offers the best FD schemes in this country. Let’s dive in. [B-01] A Glance at the Banks with the Best Fixed Deposit Rates One of the most critical factors in determining the best bank for FD is to look at the bank’s FD interest rates. Here’s a table of banks and their current interest rates for both regular people and senior citizens: Bank NameFD Interest RatesSenior Citizen FD Interest RatesTenure of FD AccountAXIS Bank3.50% – 6.10% per annum3.50% – 6.85% per annum7 days – 10 yearsBank of Baroda3% – 5.65% per annum3.50% – 6.65% per annum7 days – 10 yearsBandhan Bank3% – 7.50% per annum3.75% – 8% per annum7 days – 10 yearsHDFC Bank3% – 5.50% per annum3.50% – 6.25% per annum33 – 99 monthsCanara Bank3.25% – 7% per annum3.25% – 7.50% per annum15 days – 10 yearsICICI Bank3% – 6% per annum3.50% – 6.60% per annum7 days – 10 yearsPunjab National Bank3% – 5.75% per annum3.50% – 6.25% per annum1 – 10 yearsKotak Mahindra Bank2.50% – 5.25% per annum3% – 5.75% per annum7 days – 10 yearsUnion Bank3% – 6.70% per annum3.50% – 7.20% per annum7 days – 10 yearsState Bank of India3% – 5.85% per annum3.50% – 6.65% per annum7 days – 10 years Which are the Best Banks to Open an FD? Now, let’s look at the five best banks for FD and what makes them an excellent choice for starting a fixed deposit with them. AXIS Bank AXIS bank is one of the most popular Indian banking and financial service company, and its headquarter is located in the city of Mumbai, Maharashtra. It holds a large share of the Indian banking sector and is the third-largest private bank in India. AXIS bank offers multiple fixed deposit schemes with different tenure and interest rates. This bank provides its customers with one of the highest fixed deposit interest rates, allowing them to earn more money on their deposited amount. Each fixed deposit scheme requires you to deposit a minimum amount of money indicated in their catalogue and website. And you won’t be able to withdraw your money until the fixed deposit account reaches maturity. Still, thanks to the generous interest rates and secure investment options, AXIS bank is known as one of the best banks for FD in India. Bank of Baroda Bank of Baroda is a public-sector bank, and most of its shares are owned by the government of India. This bank offers multiple financial services, including Treasury, Retail banking, Corporate banking, and more. Its banking services offer savings, current, fixed deposit accounts, and a few more to its regular and business customers. Bank of Baroda allows you to open a fixed deposit account with minimal effort and doesn’t require much paperwork. Senior citizens can get up to a 6.65% per annum interest rate on their fixed deposit, depending on the FD scheme. Its hassle-free and straightforward banking services make it one of the best banks for FD in this country. Bandhan Bank India’s 8th largest bank by market capitalization, Bandhan, is a public sector bank that formally commenced its banking operations in 2015. Apart from public banking, this bank also offers many other financial services, including, Corporate banking, Treasury, and retail banking. Bandhan Bank has many fixed deposit schemes that fulfil anyone’s FD investment needs. Its Standard Fixed Deposit scheme allows you to open an FD with an amount as low as Rs. 1,000. Meanwhile, it also offers the Premium Fixed Deposit scheme with a minimum deposit requirement of Rs. 2 crores. Most of its fixed deposits have monthly or quarterly interest payouts, allowing you to make partial withdrawals. Bandhan bank also enables you to get loans against your fixed deposit. All these features make it one of the best banks for FD. Canara Bank Canara bank offers tax saver FD schemes that allow you to receive tax benefits on your fixed deposit. However, they do come with a minimum lock-in period of 5 years. You can’t touch the money during these five years to receive the tax benefits. Canara bank offers excellent interest rates on its fixed deposit schemes, which can go up to 7.50% per year, depending on your chosen scheme. You will receive an interest deposit on your FD once every month or quarter. Undoubtedly, Canara bank is one of India’s best banks for FD investments. HDFC Bank HDFC bank allows you to open a fixed deposit account with an amount as low as Rs. 100, while the maximum deposit amount has no limit. They also offer tax-saving FD schemes with up to 5.50% per year interest rates for regular people and up to 6.25% per year interest rates. These FDs come with a 5-year lock-in period, and the bank deposits the interest earned twice yearly. If you’re looking for the best banks for tax-saver FD, HDFC bank is a fine choice. [B-02] Conclusion If you want a risk-free and secure investment option that offers decent returns, the fixed deposit is the way to go. You can open a fixed deposit account with any banking institution in India. To help you get the best FD deal possible, we have shared a list of banks with great fixed deposit schemes with high-interest rates and several other features like tax benefits. Evaluate your options carefully to find the best bank for FD. Are you worried about your immediate personal finance after depositing considerable money in FD? Check out the personal loan offers from Piramal Finance today!
08-11-2023
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Tax Savings

LIC Jeevan Umang Policy: Does it Offer any Tax Benefit?

LIC (Life Insurance Corporation) is a public company. The main office is in Mumbai. It was established in 1956. It is now India’s largest provider of life insurance. There are 25 crore subscribers to the LIC family. A LIC plan is always a benefit for the family. It’s a good long-term investment. LIC Jeevan Umang Policy is one of the various plans started by LIC. It was launched on February 1, 2020. The goal is to give security and money to your loved ones. Customers can also use loan facilities with this plan. It gives coverage for the insured person’s whole life. Even a maximum of 100 years. A final amount is given to the policyholder’s heir or chosen person. This is if they pass away during the term of the plan. [B-01] Characteristics Of Lic Jeevan Umang Policy The following are some of LIC Jeevan Umang Policy defining elements- The amount guaranteed begins at Rs. 2 lakhs. There is no upper limit. Policyholders are free to select any amount. It should be assured above the minimum. LIC offers a variety of high-quality payment alternatives. Policyholders may select any period. They do so by looking at their needs. The payment time can be 15 to 30 years. It depends on the person getting insurance. The term is determined by deducting the policyholder’s age from 100. LIC Jeevan Umang’s policy age of maturity is 100 years. The policy term will be 75 years if the policyholder takes the plan at the age of 25. Policyholders of LIC may deposit insurance contracts on terms. It can be monthly, quarterly, mid, or annual. Policyholders can only use the National Automated Clearing House (NACH) service to make monthly payments. The plan is deemed null if premiums are paid for less than three years. It will be void if the policyholder fails to pay the payment for the coming years. There is a 15-day free trial duration for LIC’s Jeevan Umang Policy. Policyholders may examine the policies and terms of the insurance throughout that time. Who Is Eligible For Lic Jeevan Umang Policy? The eligibility criteria for the policy are listed here: – The age requirement for entrance is 90 days. The entry age cap is 55 years old. The age of the policyholder at the end must be at least 30. A policyholder’s age at the end of the paying period may not exceed 70. The threat will start right away for policyholders older than 8 years. Risk will start for policyholders under the age of 8. This is after two years of uninterrupted insurance coverage. All The Benefits Of Lic Jeevan Umang Policy Death aid: If the policyholder passes away before the policy’s maturity date, the nominee will be given a pay-out based on the conditions listed below: Loss of life before the risk begins: The entire premiums will be paid. It excludes interest and any fees. It will be used to find the payout amount. The payment will include any extra fees assessed. It is for add-on riders or any underwriting judgement. After the risk has started. Some amounts will be paid at maturity if death strikes. Those are: 10 times the yearly premium. The basic sum is assured. The sum assured. The sum must be at least 105% of the total premiums paid. Life aid: Valid until the date of maturity. Even until the insurer passes away, an annual survival benefit equal to 8% will be paid to the policyholder. Valid only if the insured person lives to the conclusion of the paying term. Must pay all premiums to make the policy effective. Benefit at Maturity: If the policyholder lives to the date of maturity. Then a payout is made to him or her that consists of the basic sum assured. Also, bonuses and final extra bonuses. Loans are only available to insurers. For whom plans have developed a particular amount. This is during the policy period. Such loans are subject to interest rates and are periodically reviewed. A loan may be available if the policy premium has been paid for at least three years. The Effects Of LIC Jeevan Umang On Taxes: Tax Benefit The IT Department imposes some mandatory taxes. In accordance with the applicable tax legislation. The marginal rates can change depending on factors. The policyholder should pay all relevant taxes. It is fully on the basic policy and rider premiums. Tax relief is there for the paying members and holds the coverage. This is under Section 80C of the Income Tax Act of 1961. Policyholders can also claim tax advantages on the policy’s proceeds. How Can One Claim It? If you want to Claim this policy as the nominee or recipient, first notify the insurer. The policyholder must provide the company with a discharge form. Also, the needed information to take maturity benefits. The list of records that must be given in support of a death claim is provided below: claim form submitted, claim form submitted, medical records (if needed) Policing FIR (if needed) certificate of death report on the autopsy the claimant’s ID and proof of age. What Are Some Of The Exceptions Here There are two primary exceptions here- If the insurer dies by suicide before the policy has been in effect. The coverage will be void if it is 12 months since the risk began. All claims in these situations will be denied, except 80% of the premiums paid. A cash payout equal to or greater than 80% of the fees charged. This is only within a year following the date of reactivation. [B-02] Final Takeaway LIC Jeevan Umang Policy is a popular insurance plan. By choosing this policy, you can gain protection as well as build up a savings fund for the future. Other useful services provided by LIC Jeevan Umang Policy include loans and annual income benefits. Getting this insurance coverage has no negatives. Try using LIC Jeevan Umang Calculator to check if it is in your price range. For more details on insurance policies and their benefits, visit Piramal Finance. They have many articles and blogs to help you learn more about this topic.
08-11-2023
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Personal Loan

Features of Loans for Chartered Accountants in India

CAs may either join an existing firm or start their practice. Due to the rising number of experts in the chartered accountant field, several banks and banking firms have created unique loans for CAs alone. A CA’s job is to give advice, audit accounts, and generate reliable data and financial reports for its users. If the person intends to reach economies of scale, there is a demand for more working capital to expand the office, bring proper equipment and furnishings, and so on. These chartered accountant loans are intended to be issued with as little paperwork and processing as possible. Lending occurs on a digital platform, allowing for rapid loan payout. [B-01] Features of Chartered Accountants Loans The following are the primary features of loans made available to chartered accountants: Loan Process That Is Quick and Painless The whole lending process has been digitised and eased. Filling out a simple request form should take no more than 15 mins. You may also supply papers digitally. Personnel visit the client to verify the validity of the papers. Loan Without Collateral The profession of a chartered accountant is one of service; the underlying company cannot be pledged as collateral. Thus, the loans given here depend solely on your academic qualifications and credit score. These are unsecured loans. Yet, as contrasted to personal loans, they are handled faster. Also, interest rates are lower. Paperwork Is Minimal Although this is an unsecured loan, the paperwork needed is not extensive. You may submit the papers online, and banks and banking firms offer door-to-door checking. Flexible Repayment Choices You might set a proper payback time depending on the kind of loan obtained. These loans often have a term of one to five years. However, they adhere to the EMI (Equated Monthly Installment) payment plan. Most banking firms and banks levy a processing fee of roughly 2%; however, others may charge a modest fee for their online comfort. Most banking firms offer loans up to Rs. 35 Lakh or Rs. 50 Lakh. Banks have reduced the process to the point that the loan may be issued within 24 hours. The loan might also be in the form of a fixed-term overdraft facility. In such a circumstance, the borrower is only obligated to pay interest on the monies removed from this account and only for the withdrawal time. CA Loan Qualification Although various lenders have varying eligibility needs, below is a summary of basic CA loan eligibility needs for chartered accountants: After graduation, you must have a degree of practice and at least four years of work expertise. At the time of loan maturity, you must be at least 25 years old and no more than 65 years old. You must earn a minimum of Rs. 1 lakh each year. Your company must have made a profit in the previous two years. It would be best if you had a high CIBIL score. Chartered Accountants’ Loan Papers Before a loan for chartered accountants may be approved, you must provide certain papers. The following is a list of the papers that are needed. Person Identity Proof- PAN Card of the Company/Firm KYC papers include an Aadhaar card, a voter ID card, a passport, a driving licence, and a PAN card. Aadhaar Card/Voters ID Card/Passport/Driving License as Proof of Residence Last six months’ bank records The most recent ITR, cash flows, and profit and loss statement for the last two years, as verified by a CA. ITR / trade licence as proof of business Other papers that the lender may request Options for Chartered Accountants Loans Aside from the one described above, a slew of additional items are available, particularly for experts in this field. These customised items are classified as: Chartered Accountant Personal Loan These chartered accountant loans are related to the business loan offered, but their aim may not be to start a firm, and the interest rate may be much higher. Such loans are offered digitally, with reduced paperwork and sanctioning processes. Loan terms might vary from one to five years. Pre-approved loans are given to you with good credit and a lengthy history with the banking firm. These loans may also be expanded as Flexi-loans, with money made accessible as an overdraft facility. The loan sum might vary between Rs. 35 lakh and Rs. 50 lakhs. It varies from bank to bank. The rate of interest on these chartered accountant loans, which are only available to chartered accountants, will be lower than the interest rate on other types of loans. Chartered Accountant Business Loan These unsecured loans are granted based on an applicant’s academic record and creditworthiness. External security or surety are not needed. When contrasted with other business loans, these loans have cheaper interest rates. Chartered Accountants Can Get a Home Loan Chartered accountants are eligible for tailored home loans. The loan amount offered is up to Rs. 2 crores. This limit may differ from one lender to the next in certain cases. Tenure might vary between 10 and 30 years. To save on EMIs, the borrower might move from their current loan to a cheaper house loan. There are also add-on loans available. You may use value-added services like property search and dossier services. Chartered Accountants May Borrow Money Against Their Property These are secured loans intended solely for chartered accountants. They have different interest rates depending on the property that is pledged. Aside from the property pledged, the chartered accountant’s earnings from practice or salary would be viewed. In addition, credit score is vital in all forms of loans. If these factors are met, attractive loan terms may be arranged. [B-02] Conclusion CAs may profit from these chartered accountant loans in a variety of ways. However, to qualify for this loan, you must have prior experience and a professional degree in this industry. The alternative method needs just the bare minimum of documents and basic qualifying criteria, with no more action needed if you meet those standards. You may benefit from extremely cheap interest rates and large loan sums. If you want to know more about loans for chartered accountants, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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