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Tax Savings

10 Ways To Save Income Tax This Financial Year 2022

The amount of savings is actually how much people earn. Every taxpayer tries to evade taxes in several ways. However, there are some legal tax-saving options to gain financial savings. The Indian income tax regime offers multiple ways for taxpayers to save on taxes. Working-class people can invest money in various tax-saving schemes to reduce their net taxable income. There are also multiple expenses they can incur to help income tax savings. One must note that the income tax regime has various deductions and exemptions to save income tax based on various income slabs. One must choose the correct tax saving options as per their income slab. This article explains the top 10 ways to save income tax and manage finances with utmost ease. [B-01] Choosing the best tax-saving options Many people find it disheartening to spend a huge portion of their income on paying taxes. It is important to be aware of the productive income tax saving options per the new income tax rules. The 10 ways t save on income tax are as follows: 1. Availing of a home loan – If individuals take a home loan and fulfil all the required conditions of section 80C deduction, they can claim a deduction of a maximum of ₹1,50,000 under this section. It must be noted that this limit of ₹1,50,000 is only applicable for the repayment of the principal amount. The provision for saving tax on payment of interest falls under section 24 and is titled ‘House Property’. This allowed deduction is for up to ₹2,00,000. Furthermore, if an individual takes a joint home loan, each joint holder can avail of these deductions. Other popular investment options under section 80C are: • National Pension Scheme • Public Provident Fund • Fixed Deposit for 5 years • Children’s Tuition Fees • National Savings Certificate 2. Loan taken for educational purposes – The amount of interest on a loan taken for educational purposes is completely allowed as a deduction under section 80E. The government has not specified an upper limit on the deduction applicable to date. 3. Health Insurance Premium – The provisions of section 80D of the income tax state the deduction of health insurance premiums. The premium paid on a person’s health insurance and his/her family helps them save tax. The deduction limit is ₹25000 and an additional ₹25000 for the parents’ health insurance. If any individual is a senior citizen, the deduction amount is ₹50000 instead of ₹25000. 4. Treatment of dependent disabled – As per section 80DD, one can claim a flat deduction of ₹75000 for the treatment of a dependent disabled with 40%–80% of disability. In case of more than 80% disability, they can claim a flat deduction of ₹1,00,000. For this, individuals must provide a valid disability certificate to avail of the benefits of this deduction. 5. Treatment of specific diseases – Section 80DDB provides the benefit of saving taxes on expenses incurred for the treatment of specific diseases. This tax-saving option applies to diseases like cancer, dementia, AIDS, etc. One can claim a deduction of up to ₹40,000 under this section. In the case of the treatment of a senior citizen, the amount of deduction is up to ₹1,00,000. 6. Donation to charity – Section 80G of the income tax act allows deduction on the amount donated for charitable purposes. People can donate their money to charitable institutions or relief funds. They have to submit a valid certificate obtained from the institution to avail of the deduction. Certain donations fall under the deduction of the entire 100% donated amount, while others fall under the category of 50% donated amount. It must be noted that donations in kind, such as food, clothes, etc., are not applied as deductions under this section. 7. Donations to a political party – People can also donate to a political party for tax savings. Section 80GGC allows the entire amount donated to a political party as a deduction. The entire 100% amount is allowed as a deduction. However, it must be noted that the donation made in cash is not eligible for deduction under this section. 8. Donation for scientific research or rural development – Section 80GGA allows the deduction of 100% amount donated for scientific research or rural development. It must be noted that one must not have any income from a business or profession to avail of this tax-saving option. 9. House Rent Allowance – Section 10(13A) allows house rent allowance for salaried individuals. One can avail of this exemption if one lives in a rented home. The limit of exemption is the least of the following • Actual HRA received • 40% of the amount of HRA if residing in a non-metro city and 50% in case of a metro city (Delhi, Chennai, Kolkata, and Mumbai) • Rent paid – 10% of the annual salary 10. Voluntary Retirement Scheme – Many individuals apply for the voluntary retirement scheme and take their entire payout. The amount received for voluntary retirement is not taxable until it is above ₹5,00,000. [B-02] Final Thoughts Tax saving schemes prove to be the most effective way to minimise the tax burden. As per the new income tax rules, there are various deductions or exemptions that people can claim and forego. Also, one must carefully study all the deductions and take the benefits of only those schemes that suit their financial needs. They must be clear with their goals for saving income tax. We hope that this article has explained several tax saving schemes. Taxpayers can also consult the experts at Piramal Finance for other financial assistance like business loans and solutions.
08-11-2023
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Other

Low-investment Business Ideas in India

Most of you want to start a small business of your own rather than work for a boss. You think starting a business enables you to make huge profits. You always associate a business with large capital investments, many employees, and many resources. Today, there are many businesses that you can start with a small capital investment. In this digital age, there are many professions you can pursue from the comfort of your home. This article outlines various low-investment business ideas that are available in India. You can also become self-sufficient in a short time. [B-01] Some of the best business ideas in India include the following: Wedding planner: Indians love to celebrate weddings. Wedding planning is a big industry in India. You can build a lot of contacts and also become successful in a short time. You can develop very good creative and planning skills in this profession. You may need to invest a small amount of capital to start with. Freelance computer programmer: India is fast becoming digital. Computer programmer jobs are also outsourced to India from abroad. If you have good knowledge as a computer programmer, you can succeed in this profession. You need to invest in a computer programming course. Once you build your credibility, you can get many freelance jobs online. You can earn anywhere between Rs 3 lakhs p.a. and Rs 20 lakhs p.a. Your pay scales will depend on your skill levels. Breakfast joint/tea and coffee centre: You can rent the premises. You can start serving a small number of dishes. You can always expand your selection of food items as you grow. There is a lot of potential for this business in cities and metros. Tailoring and embroidery shops: Shopping centres and eCommerce stores are growing. Still, custom–made clothes are in high demand. If you are good at designing, tailoring, and embroidery, this niche is just for you. You can begin by renting a small space and hiring a few tailors. Online services: If you are active in providing online services or on social media, this is tailor-made for you. The jobs include those of social media influencers, YouTubers, SEO experts, website designers, and developers. For this job, you must have a good internet connection, a laptop or mobile device, and the correct software. This is one of the business ideas in India that you can pursue. Online classes: You can conduct online classes to teach any skill you are good at. Cooking, painting, academic subjects, and coding are some classes that you can take. Online classes are very popular in small cities and metros. Everyone can access the internet on their mobile phones. During the COVID pandemic, many students pursued online classes from their homes. This form of teaching remains popular even today. This is a low-investment business idea, that is remunerative. Photographer: People celebrate many occasions with their families and friends. This includes birthdays, parties, and weddings. Photography can provide a good source of income. You need to invest in a good-quality camera, a tripod stand, and a video camera. Salon/Beauty parlour: If you know the art of grooming and providing beautician services, this can be a good career option. All office workers and college students like to look good. This provides a steady flow of business. There is more demand during the wedding season and other festive occasions. You can provide these services and create a good business. This is one of the best business ideas in India for metros and Tier II cities. Ice cream parlour: You can buy the franchise of any good ice cream brand. This can help you start an ice cream parlour. If the ice cream brand has a specialty that sets it apart from other brands, you can make money with this low-investment business idea. Setting up an eCommerce website: This can cost anywhere between Rs 1 lakh and Rs 10 lakh. You can sell jewellery, groceries, clothes, and footwear. You can differentiate your eCommerce store from others using unique features. You can also sell specialty goods. Blogging: This requires an investment of up to Rs 50,000 in a good-quality laptop and internet connection. You can earn a considerable sum by blogging online. If your articles are in a specific field, companies that specialise in that field may advertise on your blog. Consulting services: If you are retired and you are a subject matter expert in any field, you can join the consulting field. You can consult if you have several years of experience in any particular field. It can be in IT, HR, finance, marketing, or any other field. Food catering business: You may have several people at home who are skilled in cooking. Catering services are in high demand if you serve good quality, home-cooked food. This is a low-investment business idea with the potential for big returns. Interior designing: There is always demand for good interior designers due to the growing real estate market. If you have good ideas that create an aesthetic interior, then this low-investment business idea will suit you very well. Organic farming: With the price of vegetables and fruits rising, many people in cities have taken to organic farming. They convert balconies in their flats into mini gardens and grow vegetables. Hydroponic gardening for growing vegetables is very popular. This technique does not require a lot of water for your garden. This is a profitable business. Home-based chocolates and cakes: Celebrating birthdays with a well-decorated cake is becoming popular. You can take baking and chocolate-making lessons. You can become an expert baker and make lovely cakes for your customers. Specialized cakes sell for a hefty price. Insurance agency: If you have a good personality and are a good communicator, you can become an insurance agent. You must first acquire some knowledge of financial products and insurance. You can develop a strong network and sell insurance products on behalf of different insurance companies. [B-02] Key Takeaways If you do not wish to continue in a job but want to start a successful business, you can adopt any of the low-investment business ideas in India discussed above. You can become successful with these business ideas in India. If you liked reading this article, visit Piramal Finance for more. https://www.piramalfinance.com/ If you need financial help to pursue your business idea, visit Piramal Finance and find out more about business loans. For more information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on their website!
08-11-2023
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Electronics

Things To Know About Refrigerators Before Buying

Refrigerators are now part and parcel of our daily needs. We hardly know any house that does not have a fridge. But still, buying the best refrigerator is important. Earlier, buying a fridge used to be quite easy as there were just a few choices in the market. Well, times are different now. So, you can choose a fridge with a wide range of innovative smart features. A good refrigerator can completely change your kitchen. You now have many colour and design choices. You need to be aware of a few things before you wander off to that electronics store to look at refrigerators. For instance, a fridge is more than just its colour and door design. You must be aware that refrigerators are available in many different sizes, designs, and finishes. Not just the typical ones you find at those electronics stores. Popular choices of fridges, including LG fridges and Haier fridges, are available in various models and ranges. So, let us go over some factors you should think about before you even start buying. The following are a few things that you need to keep in mind before buying any type of refrigerator. [B-01] Things to know before buying a refrigerator Capacity Before buying a new fridge, you must first check its capacity. You should consider how much space your fridge will need before choosing the model that best suits your needs. A refrigerator should always be as big as your home can accommodate. Haier fridges have a huge capacity, for example, as do some models of other popular brands, making them the perfect pick for your home. Power Saving One of the most crucial details to keep in mind when buying a fridge is the energy rating or power-saving rating. Check the energy ratings of all the refrigerators, and choose the one with the highest rating. To have a better understanding of how much electricity you can save, you should look into this feature first. Model You may choose whatever fridge model you wish. You have many choices in this regard, including single-door, double-door, and maybe multi-door refrigerators. You may also take notice of or consider the refrigerator’s size, shape, colour, and overall look. Price Before going shopping, you should also be aware of your spending limit. Your choices should be based once your budget has been established, and that is when you can make a wise decision. The price range of fridges varies a lot and mainly depends on the brand, model, feature, and many other factors. Frost free Although the older models of fridges do not have such functions, this is one of the latest features that are present in almost every refrigerator. The frost-free setting prevents the entire freezer from becoming frozen. Style Even though refrigerators are huge containers, they are not all one solid piece. They are available in various sizes, shapes, and patterns. Each style has its pros and cons. Some fridge models tend to be less pricey yet give few fancy features. Others frequently come with all the newest bells and whistles, a hefty price tag, and a sizable size. Buying the incorrect style of equipment might become a trouble. You can be forced to settle with an extra charge, absolutely no extras, or something that won’t fit where you want it to. Things to Remember There are some factors you might remember to skip when buying a fridge, but there are many that you must have. Read to know them: Movable shelves have many benefits. By moving the shelves, you may modify the interior’s capacity to keep larger containers. Sleek shelves with a spill-proof feature are important. So that whatever you spill on them won’t leak into the other parts of the fridge. You can store more big containers if you have deep door pockets and shelves. A high energy rating will also enable you to save money and electricity. Another useful feature is a cool pad. This gel-filled pad will maintain the fridge’s temperature even during power cuts, keeping your food fresher for longer. If the electricity situation in your neighbourhood is not particularly steady, get a voltage stabilizer. Today’s fridges include built-in surge protection, but they may also be more expensive. A stabilizer will be quite useful if you don’t want to spend extra money on it. A good extended warranty program that will cover any future service or repairs. [B-02] The Bottom Line A fridge has now become a crucial part of our homes. Those who do not own a fridge are looking to buy one, and those who own one are looking to upgrade it. Thus, it is right to say that a kitchen is not complete without a fridge. Now that you are aware of the crucial factors to take into account when buying a fridge, you are all set to go shopping. LG refrigerators and Haier fridges are popular among customers. Many LG fridge models give almost all of the above-listed things which should be in a fridge for household use. Before you buy a refrigerator, always keep the following factors into account choose the kind, verify the refrigerator’s size and the space you have in your house for it, and also the use of electricity, capacity, and budget. If you keep these things in mind then you are ready to buy your ideal and best fridge. Choosing the best refrigerator will be easy if you get the right guidance. To get detailed information on buying and financing options, visit the official website of Piramal Finance. With their easy financing solutions such as EMI, personal loans, and credit cards, you can choose the refrigerator of your preference. Budgets would not be a concern anymore. Read more informative articles on their products and services and other topics related to finance.
08-11-2023
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Bonds

Benefits of Buying Government Bonds

Long-term investments are a proven way to get wealthy. But they have their advantages and disadvantages. For example, equity provides high returns at high risks, and FDs offer a lower interest rate. Government bonds are better than both of these. They offer low to zero risk and regular returns. Bonds are for regular income and long-term investment. Further, they provide higher fund security and many other benefits. Banks generally can not offer it. Hence they attract investors from all sections to buy government bonds. In this article, we will discuss government bonds and their benefits. We will also mention the types of bonds issued by the government of India. [B-01] What are Government Bonds? Government bonds are investment tools issued by central governments to raise funds. It helps the government with development and administrative costs. Bonds are an excellent investment option for those who want guaranteed returns. There are different types of bonds based on their terms and benefits. See below: Treasury Bills Cash Management Bills Fixed Rate Bonds Inflation-Indexed or Capital Indexed Bonds Floating Rate Bonds Sovereign Gold Bonds (SGB) 7.75% GOI Savings Bond Bonds with Call or Put Option Zero-Coupon Bonds Government bonds provide several benefits based on their types. They include long-time durations and high-interest rates. Further, they are also risk-free. So people prefer them based on their needs. People can also buy government bonds for portfolio diversification. They can invest in equities and other options along with this instrument. Thus they can ensure the safety of their fund and get a good return. Benefits of investing in Government Bonds Here are some benefits retail investors get when they invest in government bonds. Long-term investment with good returns Bonds issued by the government allow long-term investment and returns. They are better than bank deposits, which offer low rates and short maturity periods. Hence many retail investors in India prefer them. The 7.75% GOI Savings Bond is a good example of a government bond. It offers higher interest than an FD. These government bond rates are more attractive than other options. Also, they allow a 7-year maturity period. So retail investors often go for this bond type. Another example is Sovereign Gold Bonds (SGB). It is a long-term bond with an attractive interest rate. The term of SGB is for 8 years. And it offers a 2.5% yearly return. But the investor can sell it after 5 years and get the current market price of gold. So those looking for a better option to own gold can invest in SGB. Lower to zero risk and high stability of funds The investors get a guarantee from the government on their bonds. But it depends on the type of the bond and its terms. It involves very low or no risk compared to the equity market. Investments in stocks have high risks due to market factors. But government bond rates stay fixed. So those who prefer safe funds and fixed interest rates can choose to buy government bonds. Also, it is a good option for investors who want to lower the risk in their portfolios. They can go for Inflation-Indexed bonds, Floating-Rate bonds, or Sovereign Gold bonds. They will have far lower risk than equity or mutual funds. On the other hand, stock prices go up and down based on market conditions. Government bonds provide regular income Government issues bonds with guaranteed returns. And it pays interest every six months or year. So it is a good investment for retail investors expecting a regular income. Also, it provides high safety for their fund. Bank FD or deposits generally pay a low rate of interest. But, government bond rates are higher and allow a long maturity period. So the investors can hold a bond for 7 to 8 years, depending on the type and earn regular income. GOI Savings Bond is such a type that gives a high-interest rate. SGB is another bond that offers around a 2.5% interest rate and the market price of gold on maturity. Both allow long-term and stable income with the safety of the investment. Buying government bonds creates a diversified portfolio Market prices affect investments in stocks, mutual funds, and unit-linked insurance. But government bonds are safe against market-related risks. Hence many investors consider it a balancing tool. They diversify their portfolio by investing their money in different stocks and bonds. It helps balance the risk other investments may pose due to price fluctuations. The market may go down due to many factors. But the government bonds are still safe and ensure a return. By investing in government bonds, they give money to the state. They are contributing to the country’s economic growth. Their funds help develop and improve the economy. Thus they enjoy good returns from the equities in a diversified portfolio. They also get safe and regular income from bonds. Provides liquidity like equity Government-issued bonds provide liquidity. It is because banks are also involved in the market. So retail investors can buy and sell bonds like equity in the market. Hence they can enjoy the liquidity and safety of their funds together. The market may go down at any time due to any situation. In this case, people may need their funds for emergency use. Hence investors diversify their funds in many investments. And they select government bonds to ensure that a part of their fund is free to use. Thus they can sell it out and get their money on hand whenever needed. [B-02] Conclusion Bonds issued by the government provide many advantages. They provide the highest security of funds and surety of returns. We have discussed the main benefits of buying government bonds. So they can invest in them based on their present and future needs. Looking for easy and sustainable banking information for better financial prosperity? Visit Piramal Finance for more informational blogs. Check out our website for other financial services like housing or MSME loans, personal loans, etc. Best wishes for your financial success!
08-11-2023
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Tax

All You Need to Know About Tax Audits in India

Do you file your taxes in India? Do you prepare your tax returns, or do you have someone else do it for you? If you make any errors while filing your taxes, then you could receive a letter from the government. They may ask you to show the details of your taxes and other financial information. What happens in these audits varies, depending on where and how much money is involved. Let us attempt to know what is involved in the process of tax audit in India so that you don’t end up owing more than expected. [B-01] What is a Tax Audit? A tax audit is a process conducted by the authorities to determine whether you’re correctly reporting your income and paying the requisite taxes. The provisions of Section 44AB deal with the class of taxpayers whose accounts need to be audited by a chartered accountant (CA). The audit under Section 44AB is designed to ensure compliance with various income tax slabs and other requirements. The Objective of a Tax Audit in India A tax audit is an examination of your books, papers, and related records by a government auditor. A tax audit is carried out to accomplish the following objectives: Ensure that taxes are paid on all taxable income as per the income tax slab. To determine whether a taxpayer is complying with tax laws. To verify the accuracy of financial reporting by taxpayers. Types of Tax Audits in India As per the Indian government, there are three types of tax audits. We will discuss all of them below. Field Audits: A field audit is when a tax auditor comes to your house or office and takes a look at your reports or financials. It can happen at any time. But it’s not common for them to come unannounced. Office Audit: An office audit is when a tax auditor comes to your place of business. They take a look at your business’ financials or reports. Correspondence Audits: A correspondence audit is when you receive a letter from the Indian Revenue Service (IRS), asking for certain documentation. Who Conducts Tax Audits? The Indian Income Tax Department conducts tax audits. This department collects income tax and keeps track of taxpayers’ records. While you may only be familiar with paying taxes, a tax auditor, or CA, is responsible for ensuring that you are filing your taxes correctly. They also make sure that your company has filed its taxes correctly as per the income tax slab. At times, there may be some discrepancy between what you report on your personal tax return and what was reported by your employer. A CA investigates these issues and determines whether any action needs to be taken. Who Needs a Tax Audit in India? The Income Tax Department has set rules for who is supposed to have a tax audit. Certain taxpayers have to file their tax audit report every year, according to the Income Tax Act of 1961. These include professionals like doctors, lawyers, accountants, and business owners whose annual income exceeds Rs. 50 lakh. Additionally, if a taxpayer’s assets are worth more than Rs. 10 crore or their annual turnover is greater than Rs. 2 crore, they will be subject to a tax audit as well. Calculate Taxable Income for the Taxpayer One of the easiest ways you can mishandle your tax filing is by incorrectly calculating your taxable income. It’s one of those things that sounds really easy. But it has a lot of moving parts. What is the best way to do it? Hire an accountant. If you don’t want or can’t afford one, here are some tips for how to calculate taxable income on your own while keeping in mind the income tax slab: First, you need to know what business expenses are deductible. That means knowing what expenses are considered ordinary and necessary for your industry. As far as business expenses go, there are two kinds: direct costs and indirect costs. Direct costs are pretty self-explanatory. They’re just your actual expenditures on things like supplies or payroll. Indirect costs are a little trickier. How to Perform Tax Audits in India The entire purpose of conducting tax audits is to determine whether taxpayers have reported their income accurately and whether they’ve paid the requisite amount of tax. In other words, if your taxes are lower than what you’re supposed to pay according to what you report, you’ll be served underpayment penalties. There are the most common tax audits required in India: Form 3CA: Professionals and businesses that require an annual audit need to fill this form out. Form 3CB: For companies that are not required to be audited. Form 3CD: This form includes all transactions and important details about a company. Form 3CE: This form is for foreign companies or NRIs that receive royalties from Indian companies. Penalties For Not Getting Accounts Audited If individuals fail to obtain an audit of their accounts or do not obtain a certificate as required under Section 44AB, they shall be punished with a fine that may extend up to Rs. 1.5 lakh or 0.5% of total sales. [B-02] Conclusion There is no doubt that a tax audit is a major stressor. The anxiety of thinking you owe money or might be at risk of getting audited can make you feel pretty down and out. Before you let your imagination take center stage, consider these points: Most people get audited because they forgot or missed one line on their income tax return. In all likelihood, there’s nothing to worry about if you have your documentation ready. Piramal Finance offers you accurate information on such concerns and other banking and financial services. Make sure your financial knowledge is up to date on essential services and products, such as audits, personal loans, and financial calculators, by reading the informative blogs on their website.
08-11-2023
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General Insurance

Compare and Calculate your Term Insurance Before Buying

Are you one of those people who constantly feel anxious about life’s uncertainties? If so, it might be time to think about term insurance. Term insurance is a type of insurance that provides protection against a range of events that could happen during the period you have coverage, typically ranging from 10 to 30 years. And guess what? You can compare and calculate your term insurance rates online right now! [B-01] What is term insurance? Term insurance is a policy that provides temporary coverage for a set period, typically three years. The policy pays out a fixed amount each month, regardless of whether you are insured or not. It can help you afford to replace income if you’re unable to work due to an illness or injury. You can compare term insurance policies online using our simple term insurance calculator. Just enter your required information, and we will show you the best options based on your needs. How does term insurance work? Term insurance works like this: You purchase a policy that will pay out a certain amount if you die before a set date. The payout is calculated on the age at the time of death, not how long you have been alive. Understand how the term plan calculator payout works. If you are younger than the specific policy age limit, your payout will be smaller than if you are older. Term insurance does not protect you from expensive medical bills or lost income. It only pays out if you die before the policy expiration date. Make sure you understand the policy exclusions. These are specific situations in which your policy will not pay out, such as if you die of a natural cause or if the policy is cancelled. Types of term insurance Many term insurance policies are available, and each of them offers different benefits and protections. Therefore, before deciding which policy to buy, it is ideal to compare and calculate your term insurance options. One way to compare term insurance policies is to think about how much coverage you need. Most term policies offer a range of total annual premiums, so you can find one that is affordable for your needs. To figure out the coverage amount you need to multiply your age by the premium for the policy that is closest to your age, or you can even use a term plan premium calculator or term insurance calculator to calculate. Once you have an idea of the amount of coverage you need, you can look at the specific benefits and protections offered by each policy. Some policies offer lifelong protection while others only cover a certain period (for example, up to 10 years). You’ll also want to consider whether the policy has a deductible or co-payments associated with it. How to compare term insurance plans? When you are ready to buy term insurance, compare and calculate your options to find the best policy for you. Age is the most important factor to consider when buying term insurance. The older you are, the higher your risk of health problems and death. Some plans have lower premiums for people over 65, while others have higher premiums for younger individuals. Ensure that the policy you choose covers the types of risks that are likely to affect you the most, such as heart disease and cancer. Health status is another important factor. Some plans have higher premiums for people with pre-existing conditions, while others have lower premiums regardless of your health history. Ensure that the policy you choose covers the types of risks that are likely to affect you the most, such as health problems. Your needs are also important when comparing term insurance plans. Some plans have lower premiums for people who want to cover a certain number of days per year, while others have higher premiums for people who want to cover a certain amount of money per day. Ensure that the policy you choose covers the types of risks that are likely to affect you the most, such as accidental death and disability. How to calculate your term insurance quote? When buying term insurance, it is necessary to get a quote from several providers so you can compare pricing and coverage. There are a few steps you need to take to get a quote: Find the policy type that best fits your needs. There are three types of term insurance: whole life, universal life, and variable life. Each has its benefits and drawbacks. A term insurance premium calculator will give you a complete breakdown of the pricing for a better understanding. Decide on the term length of coverage you require. Term lengths range from three months to 10 years. The longer the term, the more expensive the policy will be. Calculate your risk factors. It includes your age, health history, occupation, and marital status. These factors will affect how much coverage you need and how much premiums you will pay per month for that coverage. Compare prices based on these risk factors and the term length of coverage required. Remember to add in any applicable taxes and surcharges that may apply to your state or province. Once you have completed these four steps, you are ready to get a term insurance quote. You can even use the term plan calculator to compare all quotes to make more informed decisions. When it comes to term life insurance, comparing rates can be a daunting task. It is especially true if you have a policy with multiple companies. To make the comparison process easier, use a term plan premium calculator. The tool will help you determine how much your policy would cost with each company, and which one might be the best for you. [B-02] Conclusion Before you buy term insurance, it is important to compare and calculate your coverage using a term plan calculator. This way, you can ensure that the policy offers the right amount of protection for your needs. Additionally, be sure to read the fine print so that you are aware of any exclusions or limitations that may apply to your policy. To read more such articles, visit the Piramal Finance website.
08-11-2023
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Other

Is it possible to generate an ATM pin on mobile?

Just receive a new ATM card? Want to learn how to generate an ATM PIN? This guide is for you. We cannot imagine a life without an ATM card today. But to use a new ATM, we need to do the process of pin generation. Some years ago, banks sent you your first ATM pin. It was printed on a letter. The letter came along with the ATM card. Part of the letter had to be torn to reveal the 4-digit pin. The paper was then destroyed so that no one else could see it. Users could then change the ATM pin to personalise it. There was no need to generate the ATM pin. However, there was always a risk of someone else seeing the letter. [B-01] Green ATM Pin With advanced technology, the above problem no longer exists. Now banks provide paperless or green pin generation options. They don’t send it in printed format anymore. This is done to ensure your PIN does not fall into the wrong hands. You can use net banking or mobile banking to generate an ATM pin. Why do we need an ATM pin? The ATM pin is a security measure to ensure your money is safe. You cannot withdraw money from an ATM without a pin. You also cannot swipe your card without the pin. Hence, anyone who knows the PIN can transact money using your card. So, be smart and never share your PIN with anyone. ATM pins ensure that no one can transfer money using your card if it is lost/stolen. Can we set an ATM pin for the first time using our mobile? Yes, it is possible. To do this, please note your bank must have your KYC details. This means your mobile number is registered with your bank account. This is important because banks use OTP confirmation in the pin generation process. Here are the ways by which you can generate an ATM pin using your phone: Via Net Banking portal: Every bank provides a Net Banking facility these days. It is also known as Internet Banking. It is an easy process that uses the internet to do an online money transfer. You can choose to activate this facility at any time. However, most banks provide it when opening an account with them. The bank will provide you with a username and a login password. Using these, you can access the bank’s net banking website. You can use net banking to transfer money to anyone. The transfer happens and is recorded in real-time. Follow these steps to do pin generation using net banking: Log in to the net banking portal. Use the username and password provided by the bank. Choose the account that the account holder wishes to generate the ATM PIN for. Then choose the “ATM Card Services” option. You will find an option like “Change/Reset/Generate Pin” for your card Enter the desired ATM PIN. It must be strong and secure. Make sure that your pin is not easy to guess. Avoid birthdays, car numbers, etc. An OTP will be sent to the mobile number for verification. You will get a confirmation message on your registered mobile number. The account holder will now be able to use the new ATM PIN. However, you must note an important point here. The net banking password expires after a certain period. But you can quickly generate a new login password. Just click on the “forgot password” button. You must remember the old password to set a new one. Via mobile banking apps:Almost all banks have their separate mobile banking apps these days. The login details for the app are usually the same as net banking. Mobile apps are better than net banking portals. Using mobile apps, you do not need a computer to do internet banking. Here is how you can generate an ATM pin using the mobile banking app: Open the mobile banking App and login into it. Use the details provided by the bank. Browse through the app so that you can select the card which you need to manage. You will find a sub-section that deals with managing the ATM pin of the account. Same as in net banking, set a strong and secure ATM pin. Click on ‘Generate OTP’ for mobile verification. Type in OTP that you receive on the mobile. Click on ‘Submit’. Your ATM pin will now be set. Via Interactive Voice Response (IVR)/Call Centre: Most banks also provide this facility. You can call their helpline number for pin generation. An automated voice or service assistant will help you on the phone. Call Customer Care from your registered mobile number. Select the option which helps you with your banking account. Further, interact till you hear an option that says ‘Generate PIN’. Then they will ask you for details. Enter the details as requested. They might ask for more information like the 16-digit card number, CVV, your name, and date of birth. After entering those details, you will receive an OTP. Enter the OTP, and then they will ask you to enter a 4-digit PIN. Select the Submit option after entering the PIN. Your ATM pin is now set. Some banks might only provide an OTP. This OTP is valid for 24-48 hours. You must go to your nearest ATM to generate the PIN using the OTP. [B-02] Conclusion It is simple to generate your ATM pin using a mobile. However, some banks recommend going to an ATM after pin generation. They recommend changing the pin within 48 hours after you have generated it. This is done to ensure that your pin stays cyber-secure. You can also generate the ATM pin using SMS. In that case, you will get an OTP. Then you must go to the bank’s ATM and use the OTP to set up a pin.
08-11-2023
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FD

Calculate Fixed Deposit Returns & Interest Online

Using an FD calculator online lets you know how much your fixed deposit will be in value at maturity, given the interest, you will get and how often you compound it. In this piece, we will know the best way for computing FD Returns using FD Interest Rates Calculator. One safe investment option that can be useful in balancing your money is a fixed deposit, often known as an FD or a term deposit. The FD Calculator is a great tool to know how much and for how long to put in an FD. [B-01] What is a Fixed Deposit? Almost all the banks and NBFCs in India treat fixed deposit accounts as a kind of term investment. The rate of interest on these deposits is higher than the average, but only in special cases. These deposits keep your money safe for a set time between 7 days and 10 years. Using an FD calculator, you can know the total amount of interest you will earn and get when the FD matures. Easily usable via the Piramal homepage, it is a user-friendly tool. How is the FD Interest calculated? Interest on deposits with banks is computed using the simple interest method and the no. of days in the term if it is less than six months. The rate of return on FDs for a term of six months or longer is calculated by doing a sum of profits from each quarter to the initial money invested and then dividing the total by four. For the monthly interest payout option, an interest rate is used that is less than the ongoing market rate. If you have picked a quarterly interest payment, then the interest will be calculated and paid to you every three months. The FD maturity amount calculator works with this formula: A = P(1+r/n)^n*t where, A = the principal amount due at maturity P = the initial principal payment. r = interest rate, t = time in years, and n = how often interest is to be compounded. What is the FD Calculator? An FD calculator can help an investor know the value of their fixed deposit at maturity. A Fixed Deposit calculator can also help you to get an idea of your interest profits before you invest. A principal amount, interest rate, and the number of years are to be input into the FD calculator. In the end, you will have more money than you started and also a maturity value. The computed value given by the fixed deposit interest rates calculator is an estimate and the real returns may differ. With Piramal’s easy and quick online FD calculator, you can find out when your FD is likely to mature. To what end does using an FD calculator help you? Knowing the FD maturity amount might be a tricky and time-consuming task. If done manually, there are chances of wrong calculation and thus, errors in results. To avoid such errors, you should use an FD calculator. There are many things to consider when calculating FD maturity. By an easy inputting your details into a fixed deposit calculator, you may quickly and easily get the results you need. It reduces a lot of time spent on these tough computations. Fixed Deposit Interest calculator can check the various FDs available from many banks and compare the money you will get on maturity of the FD and also the interest rates. When you have access to all the data, you can make a good choice for sure. Perks of knowing the FD Interest & Rates using an FD Calculator As per your needs, you may choose a fixed deposit of any term from 7 days to 10 years. You can tweak the settings on the calculator to know which FD term will get you to your chosen goal. This tool is easy to use, accurate, and quick, and the best thing is it can be used free of cost. Also, you can use this tool as many times as you want with different inputs. You can also change the payout time of the FD or the compounding period. The interest on an FD is compounded, so you will need to choose a payout term that fits with the proper compounding period. Once you have chosen a sum to invest, you can calculate your returns on investment and your net worth. When you have a target amount in mind, you are looking at things backwards. The money to be invested is the result of inputting the maturity money at the end of the FD term. [B-02] The Bottom Line In India, an FD is a widely used and safe form of saving and investment. It gives fixed returns for sure and can be held for varying periods. Also, an FD is a great way to grow your wealth with the least risk of loss. Almost all banks and financial companies give this service, which can help you to get a stable and safe financial future. A smart public needs a smart tool! You can know when your FD will mature and how much interest you will earn by using Fixed Deposit Interest Calculator. You can use a fixed deposit calculator to measure the rate of interest given by different banks’ FDs. Piramal gives an easy yet useful online FD calculator to help you to make your investment choice.
08-11-2023
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Top 5 Best Dressing Table Design Ideas In 2022

The market offers a wide range of options for dressing tables. There are so many alternatives to choose from that it might be challenging to choose one. If you are looking to buy a modern dressing table, the options can overwhelm you. When a place to sleep has all the necessary furniture, it is called a bedroom. Before, dressing tables were part of the women’s room for jewellery and the like. Yet, the same furniture is not far behind in tidying up men’s rooms. People should be careful when buying a table since it is a personal choice for cosmetic needs and necessary furniture for the house. Let’s do a deep dive into them! [B-01] Dressing Table Design Ideas Minimal design Wooden Dressing Table Modern dressing tables should not be extra, especially if people have a small collection. Consider this ultra-simple and excellent dressing table new design. It accompanies a large mirror that may be placed in the centre of the room. The modern grey drawer and chair enhance the beauty of this modern dressing table. Buy an elegant makeup vanity that is classy in design to conserve space in the dressing room. Elegant Dressers with a Golden Flair A functional dresser isn’t complete until it has a long, elegant mirror. Consider buying a basic dresser with a framed mirror as an option. An Instagram-worthy dressing table is something a little different than the usual new wooden dressing table style, combining this with a beautiful Victorian-style chair. Wooden Dressing Table with Compartments If you are looking for something unique, dressing tables made from wood might add charm to the room. A robust wood dressing table new design is a timeless piece of furniture. The most frequent wooden table designs for bedrooms are wood cabinets with circular mirrors. People might use oak frames with an entire mirror for a more distinctive look. Use studio-style lights or white bathroom lights to illuminate the dresser. Entranceway Style Wooden Dressing Tables Make the most of the room’s nooks. Install a built-in shelf in the bathroom to organise the cosmetics. So that folks can enjoy the sunshine! Use a soft-focus light while putting on makeup in the evening. A small stool beneath the table provides more care and enough space. They can turn the modern dressing table ideas for the bedroom into a pleasant setting with more space. This mirror has a lush backdrop that pairs well with cushioned walls. Beautiful Personal Dressing Table Having a dresser in one’s room isn’t for everyone because many have limited space or a small bedroom. Add a dresser to the bathroom for more storage. Place cabinets on either side of the mirror to keep the makeup tidy. A wooden cupboard can also be a dressing table, and people can hang anything in front of the cabinet. Tips For Choosing A Modern Dressing Table That You Should Know Here are some buying recommendations for dressing tables: Table with a mirror of appropriate size: While many designs have a table and storage, the modern dressing table with mirrors is gaining popularity due to its appearance. Determine the corner where the furniture unit will sit, and then look for something that is the right size. This first step must be completed for furniture to fit in the room. Measure the length of the table without including the mirror height to ensure it is neither too tiny nor too tall. Choose storage over appearance: In an overcrowded bedroom, the necessity for storage is obvious. A makeup table with more space would be better than one with an eye-catching style. There must be ample room for people to deal with accessories, cosmetics, and other items. Buy a dressing table with plenty of storage space to keep items separately. Drawers and cabinets may store accessories and valuables. Examine the locker: Make a provision on the dressing table to protect jewellery. Look for a layout with cupboards with lockable doors where you can keep valuables, such as jewellery, papers, and other vital items. Check for several keys so that if one is lost, you may use the alternative key instead of breaking the lock. Remember to include the budget: Budgeting is vital whether purchasing something significant or little. Sort the dressing table new design by the price willing to pay. Online, you can find a wide range of low-cost dressing tables. People choose a material from wood, plastic, or metal that fits their budget. The Benefits Of Having A Dressing Table For A Bedroom The right type of dressing table can assist you in getting rid of all those purse searches. Reduces stress: Many people struggle to find things because they are unorganised, so dressing tables can help people become more organized. Interiors are better: A vanity in the room or a modern dressing table design gives style to a home and creates a location where people can relax and recharge. There’s no doubt that a vanity table adds a fashionable touch to a house. Uses other furniture pieces: If there is a place in the room for furniture, like the dressing table new design in wood and a cabinet, this is an alternative. Makeup, hairstyles, skincare products, and jewellery may all be in the cabinet, which helps keep a room neat. [B-02] Conclusion Every woman desires a lovely makeup vanity in her room, which is very understandable. Piramal Finance is a fantastic personal loan choice for purchasers seeking a loan. This not only organises make-up, accessories, and jewellery but also provides the courage to confront problems. With a stylish modern dressing table, people may combine grace and function in the home. If you are wondering how to finance this new purchase within your budget, a financial expert like Piramal Finance can help. Know how you can apply for easy financial solutions like personal loans and manage your personal finances swiftly.
08-11-2023
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