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How to Calculate Your Retirement Planning?

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

08-11-2023

Banking

6 Types of Bank Accounts in India You Need To Know

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

08-11-2023

Cards

How To Get All Bank Credit Card Customer Care Numbers?

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

08-11-2023

Banking

What Is Bank Account Statement: All You Need to Know

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

08-11-2023

Other

What is APR, and How is APR Calculated?

The annual percentage rate, or APR, makes it easier for consumers to compare the costs of different credit products, such as home loans, personal loans, mortgages, etc. By law, the APR must be disclosed to consumers before they enter a loan agreement with the lender. [B-01] What is APR? An APR is a comprehensive measure of the cost of borrowing money from a financial institution. It’s not just the interest rate; it also considers any additional fees or charges that may apply. Hence, it is a “true” reflection of the cost of borrowing money. With this rate, you can compare the total cost of loans with different interest rates and fees. For example, a loan with an annual percentage rate of 10% would have a higher total cost than one with an APR of 5%, even if the interest rate is lower. What Is Included in the APR? There are a few things to remember when considering the annual percentage rate on a loan. First, it’s essential to understand that the APR is not the same as your interest rate. The interest rate is the cost of borrowing money, while the APR includes the interest rate plus other fees and costs associated with taking out the loan. These can include: Application Fees The lender charges these to cover the cost of processing your loan application. Origination Fees These charges help the lender cover the cost of originating the loan. Private Mortgage Insurance (PMI) This type of insurance is required for some home loans with a down payment of less than 20%. Prepayment Penalties Some lenders may even charge a fee if the borrower pays off the loan early. How is the annual percentage rate calculated? With an accurate calculation of the annual percentage rate, you will get a complete idea of the accumulated interest rate and other charges applicable to your loan for an entire year. To calculate this amount, you can follow the formula given below: APR= [{(Fees + Interest)/ Principal}/ n]x365x100 Here, interest refers to the total interest amount paid throughout the loan term, and the principal is the loan amount. Similarly, ‘n’ is the days included in the loan term. Let’s understand this with an example now. Arun needs a loan amount of 10 lakhs that he can repay over five years. Now, consider the interest rate as 12% with a processing fee of 2% and an insurance cost of INR 5,000. In this case, the APR will be calculated as follows: Processing fee= INR 20,000 Insurance = 5000 Interest cost = 600000 APR = [{(25000+600000)/1000000}/1825] 365 100 = 12.5% So, the annual cost of the loan would be 12.5% for the stipulated tenure. Also, remember that it is 0.5% higher than the nominal rate quoted by Arun’s bank. Though the annual percentage rate works as a standard measure to calculate the exact amount of interest charged by lenders, it may not work well when comparing short-term loans. That’s because it offers only the base number without considering the time when applying for credit card loans. Similarly, calculating this figure for a savings account may not show the complete picture of interest earned over the years. How Can You Lower the APR on an Existing Credit? If you have already taken a personal loan but want to reduce your repayment amount, you can try to minimise the annual percentage rate payable on it. Here are some tips to help you secure a lower APR: Repay your loan on time. Sometimes, a borrower’s credibility can help a bank or lender reduce their EMI. In most cases, the lending institutions determine your credibility according to your repayment records. With efficient credit management and timely repayments, you can prove that you are a sincere and disciplined borrower who settles their bills on time. This gives you negotiating power to ask your lender to reduce the APR. Keep Track of Your Credit Rating The credit score or rating is a significant factor when calculating APRs. Hence, check your records before approaching a lender. If your credit score is low, your lender will not consider reducing the APR. Improving this score can give you a fair chance at the negotiation table. Transfer your loan For some borrowers, transferring it to another bank is also a rational way to reduce their annual interest rate. All you have to do is find a bank willing to offer a lower rate than your existing lender. A processing fee may apply to this process, but you can find a bank that does not charge anything to process balance loan transfers. Apply for a New, Low-Interest Loan Another option to reduce your annual percentage rate is to pay off your current loan with new, low-interest credit. In this case, you can compare the quotes from different banks and choose the lowest one. Pay off your other debts with this new loan and save a lot on the interest rate and monthly payments. What Is a Good APR? The APR you qualify for will depend on several factors, including your credit score, income, and debts. In general, the lower your annual percentage rate, the better. However, there is no magic number that all lenders use to determine whether a loan is good or bad. The best way to find out what kind of APR you can expect is to shop around and compare offers from multiple lenders. This will give you a good idea of where you stand in the market and what kind of terms you can expect to receive. [B-02] Conclusion The annual percentage rate can be helpful when comparing different offers, but it’s important to remember that the interest rate is only one factor in choosing a loan. Before deciding, you must consider the loan amount, repayment terms, and your financial situation. Hence, it is better to seek help from a financial expert instead of making rash decisions on your own. Contact the personal loan or home loan experts at Piramal Finance to learn about your loan’s APR and choose a credit option with the lowest rate.

08-11-2023

Other

Forex Trading In India: All You Need To Know

Do you wish to trade in foreign currencies at any time of the day? With forex trading in India, you can make this happen. Foreign Exchange or Forex Trading is the trading and exchange of foreign currencies. Simply put, a person buys a currency by exchanging another currency as per the ongoing currency rate. Here, a single currency is considered a market, like the INR or USD market. Over-the-counter, trading is done, which means both parties trade with each other without needing an agent or intermediary. Continue reading to learn more about the forex trading domain. [B-01] Sections Of Forex Trading Markets In India There are two market sections for forex trading in India: Interbank Forex Trading Market: This is a group of banks and companies doing currency trading. Interbank transfers make up most of the forex market. This trading helps the most to keep the exchange rates stable. Retail Forex Trading Market: This section has many traders that engage in forex trading in India. However, their transactions are not as high as those on the interbank market. Types of Forex Trading Market Spot Market: This market is the most active in forex trading. It eases quick currency transactions. Forward Market: This market helps two parties to agree to buy or sell a currency at a future fixed date. On the date of trading, there is no exchange. Most traders use it to hedge their forex trading transactions. Objectives of the Forex Trading Market The two objectives with which traders enter currency trading in India are listed below: To protect investors from market volatility, currency trading acts as a vast hedging tool. It allows fixing a specific rate at which one can enter the contract and then honor the same, not considering the market rates at that time. Many traders enjoy investing in the forex market as they make huge profits based on their estimates or guesses about the currency trading markets. They try to use market volatility for their profits. Forex trading also has a high risk, so it is better to be cautious while trading in this market. Forex Trading Strategies It is always better to have a strategy in place when dealing with currency trading in India. The different types of trading involved in forex trading in India are listed below: Scalp trading: It is done during the busiest time of the day and with very liquid currency pairs. This type of trading involves profiting from small changes in the price. So, scalp trading provides more profit. Day trading: It needs proper knowledge and technical analysis skills as the traders exit the trading within the same day. Swing trading: It lasts for more than a day, even weeks. In this type of trading, traders take the currency changes into account. Position trading: It is done for months or even years. Here, basic analysis is a must for the trader to keep the holdings for a long period. Start Forex Trading Today Follow these simple steps to start forex trading: Gain insight about Forex: If you are new to currency trading in India, you must know properly about it. This form of trading has a high risk involved. Thus, poor research or knowledge can land you in trouble or at a loss. Open a brokerage account: Open a forex trading account with a broker to start trading. The brokers here do not charge commissions of any sort. The capital needs of the brokerage account can be changed. Choose a trading strategy: Different traders can have different trading strategies. So, choosing the right trading way is vital after a depth analysis. Keep a check: As a trader, it is vital to have an idea of your positions and holdings at the end of the day. Since the forex market works 24 hours daily, trading can be done anytime. Do not get emotionally driven: A beginner in Forex Trading may get to see many ups and downs due to volatility. You should not lose hope and keep trying with more effort and research. Forex Trading Regulations in India The firms in India follow the Foreign Exchange Management Act of 1999. These firms are managed by the Securities and Exchange Board of India (SEBI), and the transactions are monitored and regulated by the Reserve Bank of India (RBI). A broker must be registered with SEBI. However, trading on contracts for differences and binary trading is not allowed in India. [B-02] Final Thoughts Forex trading is a high-risk, high-return marketplace. Due to severe fluctuations in the exchange rates, foreign trade can either give good returns or cause monetary losses. Currency trading in India can be done on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and Metropolitan Stock Exchange. Forex markets allow the use of leverage and, with that, provide good profits. This will also help people who do not have much to provide as capital. This market is one of the most liquid in the world, with meager transaction costs. However, choosing a good and safe broker is a vital part that is to be kept in mind. To expand your knowledge by reading more such articles, visit Piramal Finance. Learn more about easy business and personal loan solutions and other financial services with us.

08-11-2023

Cards

Types of Credit Card Fraud You Must be Aware of

People have been talking a lot about credit card fraud lately. If you use credit cards, you need to know about the scams around you. Credit card fraud must have been in the news or happened to one of your friends or family members at some point. Banks are trying to figure out how to fix the problem, but scammers always devise new ways to take your money. Do you want to know how to stay alert to prevent things like these from happening? In this article, we’ll talk about credit card scams you need to know about and how to avoid them. [B-01] Credit Card Fraud: Types & Avoiding Them Fraudsters can get their hands on your personal information in several ways, such as by getting your CVV, credit card number, one-time password, and so on. This makes it easy for someone to trick you. Here are some ways to spot these scams and stay away from them. Skimming Your credit card information may be fraudulently obtained by a practice known as “skimming,” using a “skimmer.” This term refers to a tiny electronic device that is connected to point-of-sale (POS) machines. Therefore, when you swipe your credit card through a POS machine, the skimmer reads the credit card’s data and then stores them. After the skimming device has stolen all the information from the credit card, a nearby hidden camera will record the PIN you enter while completing the transaction. This makes it easier for fraudsters to get all of your credit card information and scam you of your money. This scam frequently occurs in crowded situations where you are often in a hurry, like gas stations. It can also happen when people use ATMs. Before you swipe your credit card, you should always check the POS to see if it has a skimming device attached If you think there might be some device attached to the ATM, don’t use it Cover the keypad with your other hand while typing the PIN so that fraudsters can’t use your credit card information without the PIN If someone stole your credit card information, you should immediately call the credit card company and have your card blocked. This will stop scammers from being able to make transactions Phishing Phishing is a kind of credit card fraud in which cardholders get an email from what seems to be a trustworthy financial institution. After they open the email, they are instructed to click on a link, and when they do, they are sent to a fake website. They are asked to provide their personal information on that website. The majority of individuals fall for phishing scams in this way. Financial institutions will never ask for your personal information in an email If you get such emails, call your bank or the company that gave you the card immediately If the email looks strange, don’t click the link Confirm the URL before you enter any personal information Malware Attacks Malware Attacks are a type of credit card scam in which people are tricked into downloading malicious software. When you type your credit card information into your device, hackers can see what you do with your card and steal the information. In return, these hackers use your credit card information to make purchases online. No matter what, you should always use licensed software Install antivirus software on your device to prevent this kind of credit card scam Do not give out private information on websites that are not encrypted. Check if the URL starts with HTTPS or HTTP to see if a site is secure. Also, if HTTP is red instead of green, it means the site is not safe Never click on links from sources you don’t trust Card Fraud Department In this kind of credit card fraud, a fraudster calls you and says they are from the credit card company. These scammers know some things about you, like your name, where you work, and where you live. They use these details to win your trust. Then they tell you about the unauthorized transactions made on your credit cards. They say that you will be responsible for these transactions if you don’t give them your card details. This is how many individuals end up falling for the scam. You can always check your online banking to see if any of these kinds of transactions have been made with your card Always remember that a credit card company will never call you and ask for your credit card information You can always call customer service or go to your bank to see if a call like this has been made by them Free Wi-Fi If you are connected to unsecured public Wi-Fi, there is a chance that a scammer is also connected to the same Wi-Fi. With some work and research, the scammer can see what you do on the internet. If you transact or log into your online banking portal while connected to the Wi-Fi, the scammer will get all of your information. This is how you may get caught up in credit card fraud. Always ensure that a public Wi-Fi network is safe before using it Never make a purchase or log into your online banking portal using public Wi-Fi [B-02] Final Thoughts After reading this article, you should be able to better understand the different kinds of credit card fraud and how to avoid them. If you don’t understand something or have questions, visit your bank or call customer service immediately. Piramal Finance is an outstanding financing option for people who are seeking ways to protect themselves from being scammed through credit card transactions. Visit our website for other financial services like housing or MSME loans, personal loans, etc.

08-11-2023

Lifestyle

Planning to Buy a Bike? Calculate your EMI with Bike EMI Calculator

Everyone is familiar with the concept of loans or EMI. When a product is purchased by taking a loan, or EMI, one needs to repay the same in instalments. Particular interest is also charged with it. So, while buying a two-wheeler on loan, one must calculate EMI. To do so, one can use the Two-Wheeler Loan Calculator. Many online calculators can be used these days. The borrower needs to fill in the details. The calculator will do the math for them. With this, they get a clear idea about the expense before making a purchase. [B-01] Factors for bike loans One’s liability every month depends on three things. Principal amount: It is the total sum of money one needs to borrow. The larger the amount, the more EMI one needs to pay. One must try to finance as much as possible from their pocket. This keeps the EMI in check. Interest: Besides repaying the original amount, one also needs to pay interest on it. The interest rate is the percentage that the bank charges on a loan. A higher interest rate means the loan cost increases. Try comparing company loans by using a Bike Loan EMI Calculator. Time: This means the length of period one is trying to avail of the loan for. The longer the time one opts for, the higher the EMI will get. One should clear the dues fast if one wants to avoid paying a lot and one can find that out with the formula for the calculation of EMI. If anyone wants to do it on pen and paper, they can. However, using a Bike EMI Calculator is a lot simpler. EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1] In the above formula: P = Principal amount R = interest/100 N = time in months Advantages of Two-Wheeler Loan Calculator Hassle-free and quick The manual way of calculating the EMI is a lengthy process. It has a lot of steps and takes up too much time. It might also give wrong results if not done properly. Conversely, a calculator will yield results in a few seconds. Easy to operate The interface of such calculators is easy to follow. The process of using it is also simple. One needs to put in the details, and it will do the math. Accuracy While calculating it manually, one is always dubious about the results. A minor mistake in the calculation will give a bad result. Such risks can be avoided if one uses Bike Loan EMI Calculator. Know the value of EMI By using these calculators, one gets to know the exact amount payable. Getting to know the amount will help them make a precise decision. Helps in selecting tenure Selecting an ideal tenure can be tricky. By using a Bike Loan Calculator one can easily select the perfect tenure. They get to compare the periods and decide as per their needs and choice. The cost breakdown is provided One will also get the breakdown of their expenses. They will get to know the charges required for processing fees and interest. Comparison If someone has multiple options, then using a calculator is best. They know which loan provider is giving them the maximum value for money. Hence in return, they get to decide better. Negotiation Once someone has a clear idea of their bike loan, they can negotiate it. The key factors are easily negotiable with the bank. They need to have well-established ground. Documents Required for the Loan One needs to provide certain documents to take a loan or avail of EMI facilities. After knowing the details of their EMI using a Bike, or EMI Calculator, one needs to arrange the required documents. The documents that one needs are different for a salaried and self-employed person. Salaried Individual ID proof of any kind: PAN card, Aadhaar card, passport, voter’s card, etc. Address proof of any kind: Voter ID, driving license, Aadhaar card, passport, etc. Proof of signature: One needs to provide signature proof. It will authorize the purchase of their bike. Income proof: salary slip and also the statement of the bank account. Self-employed person ID proof of any kind: PAN card, Aadhaar card, passport, voter’s card, etc. Address proof of any kind- Voter ID, driving license, Aadhaar card, passport, etc. Proof of signature: One needs to provide signature proof. It will authorize the purchase of their bike. Income proof: Last two years’ income tax return, profit and loss statement, and business’s audited balance sheet. One must keep these documents ready before availing of the bike loan. Besides using a Bike Loan EMI Calculator keeping the required documents handy will give one a smooth experience. This will ensure a faster process. Tax Benefits of Bike Loan One is eligible for tax exemption on their bike loan. However, this can be claimed if the bike is used for business purposes. So, if someone is a salaried individual, they cannot avail of this facility. Self-employed persons can experience few tax benefits if they get the two-wheeler for business purposes. As a business expense, they can save interest: A tax deduction can be claimed. It can be claimed on the yearly interest payment of the bike loan. They can do so by including the amount in their business expense. Transportation cost: All fuel expenses on the bike can be applied as tax-free expenses. Depreciation Cost: Tax deduction can also be claimed on maintenance costs. The amount one spends on keeping their bike in proper condition is known as maintenance cost. [B-02] Conclusion So, from the above article, it is clear that if someone is taking a loan, they must use a Bike Loan Calculator. It will give them a clear idea of how much they must pay monthly and for how long. This hassle-free process will save one a lot of time and confusion. Two-Wheeler Loan Calculator has several benefits, as discussed. If someone is looking for a good personal loan option, they can check out Piramal Finance. They have nice blogs that can be read. One can also check out their different services and products.

08-11-2023

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How to Invest in US Markets from India

Many global giants like Facebook, General Motors, Apple, etc. trade on the stock market in the US and are among the greatest in the world. Investing in such stocks exposes you to opportunities to grow your wealth outside India’s stock market. If you want to know how to invest in US stocks from India, there are a wide variety of options, as there are no limits on where you can trade. [B-01] How can Indians participate in the American stock market? You can buy US stocks from India if you are thinking about how to invest in the US stock market. From India, you can have access to the US stock market in two ways: 1. Stocks bought outright. 2. Invest in a pool of stocks through a mutual or exchange-traded fund. Let us discuss these two options in detail. Investments Made Directly Before choosing the best app to invest in US stocks from India, you must check the fees involved. Using a US Broker to Trade Abroad Partnerships between Indian brokers and American brokers can be seen in the industry. These third parties help with global trading. With any of these brokers, you can set up an account to trade in foreign markets. You may need to provide proof of identity and address when you open this account. Investing can be quite pricey when you check the trading fees and the cost to convert currencies. So, before opening an account, ensure you know well about all the fees to be paid. Applying to a Foreign Broker for an Overseas Trading Account An overseas broker having offices in India is one more option for setting up a trading account abroad. Charles Schwab, Ameritrade, Interactive Brokers, etc. are a few examples of such brokers. Before you open an account, be sure you fully grasp all of the costs. To invest successfully in US stocks from India, you should know well about all of your broker options. Funding Invested Indirectly It is viable to buy US stocks indirectly without actually buying any shares, just as it is possible with local stocks. We offer you ways to do this: Mutual Funds Mutual funds are a well-known way to invest in stocks and bonds in the United States. Unlike some brokers who offer direct foreign investments, no minimum deposit is required, nor is an overseas trading account required. ETFs (exchange-traded funds) Investment in exchange-traded funds (ETFs) is one more way to get access to the US stock market. You can get ETF in two ways: directly and indirectly. Directly investing in US ETFs through an Indian or foreign broker is the first option. Investing in an Indian ETF tracking global indices is another option. Investing in Cutting-Edge Apps Since the rise of start-ups offering mobile apps for a variety of services, several apps have been made to aid Indian investors in trading on the US stock market. Some apps might not allow intraday trading on the US market from India because of some legal restrictions. Now that we have got to know the steps to invest in the US market from India, let us know the costs and perks of buying US stocks. How Much do the Various Fees Add Up to for Buying US Stocks? Direct Taxation Under the RBI’s Liberalized Remittance Scheme, a 5% TCS is to be paid on any fund transfer over Rs 70,00,000. This only applies to the part of the bill that is more than Rs 70 Lakhs. Once you file your income tax return, you can get a refund of the TCS. Income Tax on Capital Gains and Dividends Indian citizens pay a 25% tax rate on dividends earned in the US. A DTAA lets the investor claim a credit for foreign taxes paid in the past to offset future tax bills. In the US, such profits are not subject to taxation. But you must pay tax in India on any profits made from selling assets. Fees Assessed by Financial Institutions There is an extra fee for making a transfer or converting currency at a bank. A one-time fee for creating an account is also possible. When you buy or sell shares, the broker will charge you a commission. Rate of Foreign Trade Prices and assigned units may fluctuate depending on the foreign exchange rate at the time of purchase or withdrawal. What Attracts Indians to Invest in US Stocks? In general, US stock market indices have been less volatile than Indian stock market indices over time. The US is home to the headquarters of most multinational firms, giving you access to a wider range of investments. The US stock market has performed better than the Indian stock market over the past decade. The US is a world leader in innovation, making it an ideal place to launch a new business. Considerations Before Buying US Stocks If you have the resources to study the US economy and market, you may be ready to open a trading account in a foreign country. Investing can save you money compared to day trading on the US stock exchanges. This is because significant fees can reduce traders’ ability to turn a profit. You can still earn good profits after fees if you invest for the long term. Consider any tax obligations that may arise per US and Indian regulations. You should invest modestly at first and then expand your stake as your knowledge of the US markets grows. [B-02] In conclusion You can diversify your stocks by US stock trading from India and investing in overseas markets. Now more than ever before, it is easy to do a brief research on firms and assess their stock performance with the wealth of data at our disposal. However, bear in mind that both perks and risks are going to be associated with investing in stocks on a global scale. That is why it is crucial to consider everything and tailor your investment strategy to your specific needs and risk tolerance. For more information on investing in US stock markets, contact the financial experts at Piramal Finance. Get yourself acquainted with wide-ranging financial products and services, especially credit cards and personal loans.

08-11-2023