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rpcapitals · 2 years ago

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How to Choose the Best Share Market App 2023

Investing in the share market can be a daunting task for beginners. How to Choose the Best Share Market App 2023 With the rise of technology, investing in the stock market has become more accessible than ever with share market apps. However, with so many apps available in the market, it can be challenging to choose the right one. How to Choose the Best Share Market App 2023 In this article, we…

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#A Beginner&039;s Guide to Reading Share Market Charts 2023 #Advantages and Disadvantages of Investing #How can R P Capitals One financial planning tool help?#How to Choose the Best Share Market App 2023 #Making the Most of Your Money with the Senior Citizen Savings Scheme #What does a comprehensive financial plan include?

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news365times · 1 month ago

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[ad_1] Fixed Deposits (FDs) remain one of the most preferred investment options, especially for risk-averse individuals seeking a stable return. The guaranteed returns, relatively higher interest rates compared to a regular savings account, and flexibility in tenure make FDs a popular choice for many. However, with a wide variety of banks and financial institutions offering FD accounts, it's essential to know how to open FD account with attractive interest rates to maximise your returns.In this article, we will explore the steps to open an FD account, discuss what to look for when selecting an FD, and highlight ways to secure the best FD interest rate for your investment.Understanding Fixed Deposits Before diving into how to open FD account, it's crucial to understand what a Fixed Deposit is. FDs are term deposits offered by banks and non-banking financial companies (NBFCs). You deposit a lump sum amount for a fixed tenure, and the bank offers a predetermined FD interest rate for that period. At the end of the tenure, you receive your principal along with the accrued interest.The interest rate on FDs varies depending on the bank or financial institution, the tenure, and the type of FD (cumulative or non-cumulative). Some institutions may offer senior citizens and existing customers preferential interest rates.Steps to open FD account Opening an FD account is relatively simple and can be done through both online and offline channels. Heres a detailed guide on how to open FD account.1. Choose the Right Financial Institution The first and most crucial step is to choose the right bank or NBFC. Different banks offer varying FD interest rates based on the deposit amount and tenure. Its essential to compare interest rates from multiple institutions to find the most attractive offer. While banks are considered safer, NBFCs often offer higher interest rates but come with slightly higher risk. Ensure the institution is reputed and offers secure services.2. Determine the Investment Amount Once you've selected a financial institution, the next step is to decide how much you want to invest. The minimum deposit required for an FD account can vary between institutions, ranging from as low as â¹1,000 to higher amounts for special schemes. Decide your investment based on your financial goals, liquidity requirements, and the FD interest rate offered.3. Select the Tenure FDs come with varying tenures, ranging from seven days to ten years. You can select a short-term or long-term FD based on your financial needs. Usually, longer tenures offer better interest rates, but it's crucial to evaluate your liquidity needs before locking in your money for an extended period. If you are looking for attractive returns, opt for a tenure that offers a higher FD interest rate without compromising your financial flexibility.4. Choose Between Cumulative and Non-Cumulative FD When opening an FD account, you need to decide between cumulative and non-cumulative options. In a cumulative FD, interest is compounded and paid at the end of the tenure, offering a higher return. A non-cumulative FD pays interest at regular intervals (monthly, quarterly, or annually). If youre looking for regular income, a non-cumulative FD might be better, while a cumulative FD is ideal if youre focused on long-term wealth building.5. Apply to open FD account Once youve finalised the institution, amount, tenure, and type of FD, the next step is to apply to open FD account. This can be done online or by visiting a bank branch. If you are an existing customer of the bank, opening an FD online is straightforward and quick.For offline account opening, visit the nearest branch of the bank or NBFC with the required documents, including proof of identity, proof of address, and passport-sized photographs. Complete the application form and submit the documents to the bank representative. Once your application is processed, your FD account will be opened.6. Monitor the FD Interest Rates Interest rates fluctuate depending on market conditions and the policies of financial institutions.

To secure the best FD interest rate, keep an eye on the current rates before opening your FD account. Some institutions also offer promotional interest rates during specific periods, which can help you earn higher returns. Regular monitoring of interest rates ensures that you open your FD at the best possible time.Securing Attractive FD Interest Rates When opening an FD account, your primary goal is to maximise the FD interest rate to grow your wealth effectively. Here are some strategies to secure attractive interest rates:1. Compare Rates Across Banks and NBFCs Interest rates on FDs vary significantly between institutions. It's essential to compare rates across different banks and NBFCs to find the best option. Some financial institutions offer higher rates for specific tenures or during promotional periods. Additionally, NBFCs generally offer better rates than banks, although they may carry slightly higher risk.2. Opt for Special FD Schemes Many banks offer special FD schemes with higher interest rates for specific tenures or deposit amounts. These schemes are often available for limited periods, and they can provide a substantial boost to your returns. Keep an eye out for these offers when you decide to open FD account.3. Look for Senior Citizen Benefits If you're a senior citizen, you can take advantage of preferential interest rates offered by most banks and NBFCs. Typically, senior citizens receive an additional 0.25% to 0.50% interest on top of the standard rates. This can significantly enhance your returns.4. Consider Long-Term FDs Longer-term FDs generally offer higher interest rates than short-term ones. If you can afford to lock your funds for an extended period, consider choosing a long-term FD with a higher FD interest rate. However, ensure you dont require liquidity during the tenure, as premature withdrawals may lead to penalties and lower interest earnings.The Impact of FD Interest Rates on Your Returns The FD interest rate plays a crucial role in determining the returns on your investment. A higher interest rate ensures that your deposit grows faster. To understand the impact of interest rates, consider using an FD calculator. This tool helps you calculate your estimated earnings based on the deposit amount, tenure, and interest rate, allowing you to choose the best option for your needs.Before opening an FD account, also take into account the frequency of interest compounding (monthly, quarterly, or annually) as it can affect your total returns. Compounding at shorter intervals leads to higher returns.Conclusion Opening an FD account with attractive FD interest rates requires careful planning and research. Begin by comparing the interest rates offered by various banks and NBFCs, and choose a tenure and type of FD that aligns with your financial goals. Whether youre looking for long-term wealth accumulation or regular income, FDs can be a reliable investment option. Always keep an eye on promotional rates and special schemes that can help you earn higher returns.Check more details at www.bajajfinserv.in/investments/fixed-deposit With the right strategy and timely decisions, you can open FD account that maximises your savings and secures your financial future. By selecting a bank or NBFC that offers attractive interest rates, opting for tax-saving FDs, and monitoring market trends, you can ensure your fixed deposit yields optimal results. [ad_2] Source link

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worldelderabuseawarenessday · 6 months ago

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Let's continue to investigate and prosecute bad actors who seek to exploit and harm older adults.

In observance of World Elder Abuse Awareness Day, U.S. Attorney Timothy M. O’Shea has joined with the Justice Department to condemn elder abuse, and vowed to continue to investigate and prosecute bad actors who seek to exploit and harm older adults.

Each year, June 15th is recognized as World Elder Abuse Awareness Day. This day provides an opportunity to raise awareness of the abuse, neglect, and fraud schemes committed against older Americans.

“Unfortunately, seniors are a frequent target for criminals,” U.S. Attorney O’Shea said. “The U.S. Attorney’s Office will continue to work closely with our federal, state, and local law enforcement partners to prosecute those who prey on senior citizens in the Western District of Wisconsin.”

Each year, millions of seniors fall victim to some type of financial fraud or confidence scheme. Seniors are often targeted because they tend to be trusting and polite. They also usually have financial savings, own a home, and have good credit—all of which make them attractive to scammers.

Additionally, seniors may be less inclined to report fraud because they don’t know how, or they may be too ashamed of having been scammed. They might also be concerned that their relatives will lose confidence in their abilities to manage their own financial affairs. And when an elderly victim does report a crime, they may be unable to supply detailed information to investigators.

U.S. Attorney O’Shea urged seniors to be aware of common scams, so they can protect themselves. U.S. Attorney O’Shea also urged younger family members to discuss the increasing prevalence of these schemes with parents and grandparents.

Some of the most common scams targeting older Americans include:

Romance scam: Criminals pose as interested romantic partners on social media or dating websites to obtain money from the victim. Romance scammers profess love quickly; claim to need money for a new business, taxes, hospital bills, or travel; and say they plan to visit but never do because of various emergencies.

Tech support scam: Criminals pose as technology support representatives and offer to fix non-existent computer issues, such as computer viruses or hacked accounts.

Grandparent scam: Criminals pose as a relative, usually a child or grandchild, claiming to be in immediate financial need.

Governmental impersonation scam: Criminals pose as government employees and threaten to arrest or prosecute victims unless they agree to pay.

These tips could prevent you or someone you know from becoming a victim:

Resist the pressure to act quickly. Criminals create a sense of urgency to instill fear and the need for immediate action. Slow down. Talk to a trusted family member or friend to see if it raises concerns with them.

Be cautious of unsolicited phone calls, mailings, and door-to-door service offers.

Never give money to a new love interest you have only met online.

Do not open emails or click on attachments or links you do not recognize or were not expecting.

Be suspicious of anyone who contacts you and asks you to pay government fees or taxes by wire transfer, prepaid gift cards, cash, or cryptocurrency.

Research online and social media advertisements before purchase to determine if a product or company is legitimate.

If you suspect you might be talking to a scammer, stop communication.

If a person tells you to lie to your financial institution about the purpose of the funds you are withdrawing or sending, you should notify your financial institution and the police.

Be careful what you post and make public online. Scammers can use details shared on social media and dating sites to better understand and target you.

Reporting the fraud:

If you believe you or someone you know may have been a victim of elder fraud, contact your local police, local FBI field office, or submit a tip online. You can also file a complaint with the FBI’s Internet Crime Complaint Center.

OFFICE OF U.S. ATTORNEY TIMOTHY M. O’SHEA WESTERN DISTRICT OF WISCONSIN U.S. DEPARTMENT OF JUSTICE

#u.s. department of justice #world elder abuse awareness day #15 june #elder abuse #survivors of elder abuse #emotional abuse #physical and psychological abuse #victim of elder fraud #OFFICE OF U.S. ATTORNEY #united states

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joeyrapace · 9 months ago

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Beyond 80C and 80D: Tax Saving for Long-term Saving

Tax planning and saving is a critical element of financial planning. It helps you maximise your savings, reduce your annual tax liability and utilise the money for other important financial goals you may have in life. Under the Indian Income Tax Act of 1969, you can use different sections to save your taxes.

Section 80 C and Section 80 D are the most popular sections under which people avail tax benefits. But the tax deduction you can avail under sections are capped to a certain limit. For example, the tax benefit available under Section 80C is limited to Rs. 1.5 lakhs in a financial year.

As a smart investor, you would know the importance of tax planning, and therefore, you must look to explore the different tax-saving opportunities. The good news is that there are different sections other than Section 80C and 80D. In this blog, we look at these sections:

Section 80 TTA

Under Section 80 TTA of the Indian Income Tax Act, you can claim a deduction of up to Rs. 10,000 on the interest earned from the savings account you maintain with any bank, post office or cooperative society.

Section 80GG

If you are a salaried individual and do not receive HRA (Housing Rent Allowance) from your employer, you can claim a deduction on the house rent under this section under certain conditions. The maximum tax benefit you can get under this section can be lesser of the following:

Rent minus 10% of the adjusted gross total income

A fixed amount of Rs. 5000 per month

25% of the adjusted total income

Section 80 EE

As a first-time homeowner, you can save your taxes on the home loan interest payment under Section 80EE. You can claim a maximum deduction of Rs. 50,000 in a financial year. This deduction you get is over and above the tax benefit under Section 80C on repaying the principal amount of the home loan.

Section 80CCG

If you are an Indian resident, and your total annual income is less than Rs. 12 Lakh, you can claim a deduction on 50% of the investment in the shares of Rajiv Gandhi Equity Savings Scheme (RGESS) or a fixed amount of Rs. 25,000 for three successive assessment years under this section. However, to claim the tax benefit, you must meet the following conditions:

You are a retail investor as per the notified scheme requirements.

The investment is listed as per the notified scheme requirements.

You must invest in the scheme with a minimum lock-in period of three years as per the notified scheme.

Section 80U

Section 80U of the Indian Income Tax Act is related to the physical disabilities. It allows you to claim a tax benefit of up to Rs. 75,000 and if you have a severe disability, you can claim a deduction of up to Rs. 1.25 Lakh. Please note that this deduction is available only for resident Indian citizens.

Section 80G

Under this section, you can enjoy tax benefits on the donations you make to different social causes. You can get a deduction of up to 50% or even up to 100% based on the list of the charitable institutions you are donating to.

Some of the popular non-profit organisations that are eligible for tax deductions, include: Prime Minister’s National Relief Fund, National Children’s Fund, Jawaharlal Nehru Memorial Fund, Swachh Bharat Kosh, etc.

Section 80TTB

This section of the Indian Income Tax Act is specifically meant for senior citizens only. If you are a senior citizen, you can claim a deduction of up to Rs. 50,000 on the interest earned from the deposits.

Section 80GGC

As an individual, you may support certain political ideologies or parties. If you truly believe in the party’s cause, you can make a financial contribution to the political party or electoral trust through any mode other than cash payments. You can claim tax benefits on the contributions you make under this section.

Conclusion

Now that you know the different tax benefits available to you under different sections of the Income Tax Act, the tax advantage of these benefits available to you. This will help you reduce your overall tax liability and maximise your savings.

#tax planning #financial planning #personal finance

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educationalinstitutesindia · 1 year ago

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When A Fixed Deposit Is As Good As a Debt Fund

Before getting into when a fixed deposit functions as effectively as a debt mutual fund, it is imperative to first understand these two financial products. Both are handy saving scheme in India which can help you earn higher returns. Debt Mutual Funds are those which primarily invest the money of the investors in a particular portfolio comprising of fixed income or debt securities including government securities, treasury bills, money market instruments, corporate bonds and other debt securities that have varying durations. Debt funds usually pay out fixed interest rates and have fixed periods for maturity. Fixed Deposits, on the other hand, do not come with any market risks. They are financial instruments where investors can create a separate account and invest a particular sum of money for a fixed time period and at a fixed rate of interest. Fixed deposits offer higher interest rates as compared to savings accounts and hence they are regarded as the best investment schemes by most investors, particularly for the safety quotient. Many, however, argue that debt funds are also good saving schemes. In this context, it can be said that there are only three scenarios where a bank fixed deposit or debt fund are similarly effective, depending upon which is more convenient for you. These are the following scenario to understand about fixed deposit and debt fund: ● The total investment is lower than Rs.1.2 lakh- In case you are not thinking of investing a sum of money that exceeds Rs.1.2 lakh, the annual interest (7.5-8%) will anyway be lower than Rs.10,000 and you will not have to fork out any TDS for the FD interest. ● Your income does not fall in taxable threshold- In case your income, after accounting for all exemptions, does not reach the taxable threshold, you can consider investing in an FD since it will be as effective as a debt fund. The tax benefits arising from debt funds will not be needed here. The amount invested in the fixed deposit can surpass Rs.1.2 lakh too but you will have to submit the Form 15G/15H (applicable for senior citizens) in order to keep the financial institution from deducting TDS. ● You cannot make an investment in debt funds- Whenever you cannot invest any money in debt funds due to lack of access or confusion about the right funds to invest in, you can always consider investing in a Fixed Deposit which will help you earn safe and steady returns on your investment. Read the full article

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informationalblogs · 1 year ago

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Tax Planning for Small Businesses: Strategies to Maximizing Deductions, Minimize Liabilities

Tax law compliance is essential. An effective tax planning strategy can significantly increase the value of your company. In order to avoid making early mistakes that could have a lasting negative effect, it is advised to seek tax advice at the earliest possible phases of the development of your company. Taxation is a crucial factor in the success and financial health of your organization. Companies should be aware of the tax-related issues and effective tax planning can have many benefits for your business like lower tax liability, Improve cash flow, Increase Profitability, Better compliance, Reduce risk, and Greater flexibility. You can prevent fines by seeking expert advice as part of your tax planning. As the Best Tax Consultants in Kochi, Kerala, we will help you to provide the solution that right for your firm.

Strategies To Maximize Deductions

Taxpayers are required to file an income tax return with the government, often once per year, in order to reveal their earnings, deductions, and tax liabilities. You can compute the amount of tax that is owed to the government or the potential tax refund from investments that save you money on taxes by filing an ITR. Tax deductions reduce the amount of tax you owe by deducting them from your taxable income.

Various Types Of Tax Deductions Include as:

Life Insurance Premiums: According to section 80C of the Indian Income Tax Act of 1961, you can deduct the cost of life insurance premiums for yourself, your spouse, and your children from your income tax.

Bank Fixed Deposits (FDs) : According to section 80C of the Indian Income Tax Act of 1961, you can receive a tax deduction for investments in fixed deposits with a 5-year term. In India, many banks provide fixed deposits that are tax-saving. However, interest accumulated on FDs is taxed.

Senior Citizen Savings Scheme (SCSS): Seniors who invest in the Senior Citizen Savings Scheme that banks offer can receive tax deductions. Under Section 80C of the same Act, these schemes are deductible from taxes. These schemes’ interest earnings are wholly subject to taxation.

Home Loan EMIs: Under Section 80C of the same Act, equated monthly payments made to pay off the loan’s principal are tax deductible on your income.

Tax returns require a great deal of effort and expertise. You can rely on the professionals at VBV & Associates to handle all of your small business’s tax needs.

How To Minimize Liability?

A firm can be destroyed by excessive liabilities. It is simple to overlook leaving too many obligations left to, but in order to manage a profitable firm, you must be careful. Any number of things could lead to a lawsuit being filed against your company, which would put your time, money, and reputation at risk.

Insurance: Buying the kind of company insurance that best fits your circumstances will give you a safety net to fall back on in the event that you are ever sued.

Identify The Risk: Identifying risks is the most important thing, consider your business strategies, check the mechanism of how you’re handling the clients, take the action points to reduce the complaints and all.

Create Processes For Risk Management:

You may start addressing your company’s professional liability debts once you’ve determined what they are. For instance, you might establish a review procedure to assist in identifying errors in your work before it is delivered to the client. Alternatively, you might design a sample contract that outlines to your clients your fees and anticipated completion dates.

These are some of the ways to minimize liabilities for your firm. The best strategy to reduce tax burden and ensure thorough financial goal planning is through tax planning. Tax planning is done to choose the best tax incentives, exemptions, and refunds to reduce tax obligations each fiscal year. VBV & Associates, we offer the Best Income Tax Advisory Services in Kochi, Kerala to get the right solution related to all queries regarding your tax concerns.

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digitalbankingindia · 1 year ago

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Common questions about the Fixed Deposit interest calculator answered

Fixed Deposits are the market's safest and most profitable investment options. FDs let you invest money for a fixed interest over a certain period. Upon maturity, you receive a lumpsum amount. This amount involves the principle and the interest rate accumulated over that period.

You should consider using the FD interest calculator to maximise your investments. This calculator determines the interest amount and the final lump sum amount you can get from the investments. It is a handy tool and is freely accessible online. Furthermore, the calculator lets you compare interest rates and the investment duration to maximise your investments.

Use of the FD calculator

The projection of your returns is an important aspect of your financial planning. It assists in making better investment and purchasing decisions. This is where an FD calculator helps. Calculating the amount you will get upon maturity manually may be complex. You might make some errors and get confused. This only leads to unnecessarily devoting a lot of your time to it. However, this can be avoided by using an FD interest calculator.

How are FD returns calculated?

Calculating the FD interest through an FD calculator online is a simple and quick process. The steps involve:

Firstly, select the category of citizen you fall under. For instance, the category could be a senior citizen or an adult.

Secondly, you choose the type of FD you want to open. The types usually include Cumulative or Non-Cumulative FD.

Thirdly, decide between the amount and duration of the Fixed Deposit.

Lastly, input additional details as needed by the FD calculator. You should also thoroughly check your details once you fill them in the calculator.

The FD calculator displays the desired interest amount and the total amount you can expect to receive once the tenure ends.

Benefits of FD calculator

There are numerous benefits of using an FD calculator while comparing interest rates across multiple banks to plan your investments and reach your financial goals. These FD calculator benefits include:

Simplifies investment calculations

Assist in creating a profitable financial plan

Allows comparison of FD schemes

Provides analysis of current FD rates

Time-saving and hassle-free

Evaluates the associated risk

Assists in making an informed decision

Takeaway

If you are determined to open an FD Account over the bank portal or a Banking app and are struggling to find the right FD plan, use the FD calculator to ease your financial decisions.

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ultima354 · 2 years ago

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Top Ten Elder Fraud Prevention Methods

We all want to protect our loved ones from danger, but it's impossible to be with them every moment of the day. And unfortunate as it is, scam artists see your aging Mom or Dad as an easy target, knowing full well that elderly individuals are more likely to fall for their scams. Elder fraud often goes unreported, but it's estimated that over $40 billion is stolen from America's seniors every year (according to Fraud.org), and, due to a lack of proper senior citizen fraud protection in place, this figure is increasing. Families and friends are fighting back and providing their loved ones with senior citizen fraud protection tips and tools to combat these elder fraud scam artists.

'If it's too good to be true, then it probably is' rings true in many instances. Law enforcement agencies often remark on just how difficult it is to bring elder fraud perpetrators to justice - once an investigator has begun looking into the scheme, the scammers are already moving on to another ploy. There's just no way to catch them all, which means it's up to you to help your parents understand and implement senior citizen fraud protection tactics and be on the lookout for people who wish to do them, their property, or their savings significant harm.

How can you help your parents fight back against elder fraud? Aside from a quick lesson in senior citizen fraud protection, a handy cheat sheet by all the phones or computers in the home is often the best way to avoid these common elder fraud tricks, which include the following top ten ways to beat the bad guys.

What to Include on Your Senior Citizen Fraud Protection Cheat Sheet

Avoid sending money or providing personal financial information. Be cautious who you disclose your bank account, credit card, and social security numbers to. Suspicious, but realistic looking checks made out for a considerable amount of money should be an elder fraud red flag. Your parents should know that if they weren't expecting a check, it could be a fake. Tell your loved ones if they have concerns related to this type of senior citizen fraud that protection comes from asking someone they trust for help. Checks such as these are usually accompanied with directions instructing the recipient to call a phone number. The message tells the caller to send taxes on the money he or she just received through a wire transfer service. The scam, of course, is that once the recipient sends the money, their check bounces.

Do not speak at length with people who are unfamiliar to you - tell your parents to decline answering questions of a private matter over the phone, Internet, or at the door. Above all, the key to senior citizen fraud protection is caution. If a telemarketer who is pushing a product begins asking for too much information, tell your loved one to request the name of his or her employer, the address, and a phone number. If a caller asks to speak to the man of the house and there isn't one, tell your mother never to indicate that she lives alone.

Do not sign any documents without reviewing them carefully. Your loved one can often be signed up for something he or she may not be interested in and begin receiving phone calls that solicit other products. If anything appears suspect, tell your loved one to contact his or her lawyer or a trusted friend immediately. Many elder fraud con artists will pose as door-to-door salesmen and try to sell your loved one something on the spot, introducing multiple new products and a whirl of paperwork that needs to be signed now and paid for to 'secure' it. This potential elder fraud ploy is dangerous, because the friendly salesman is no longer some distant threat with no face; he appears to be knowledgeable and trustworthy. Tell your parents one of the most important senior citizen fraud protection tools available to them is not to allow anyone into the home they don't know.

Make sure to verify all claims. One of the newest elder fraud alerts is related to home construction or improvement, and much like any other industry, scams abound. The best senior citizen fraud protection tip in this instance is to use a well-known contractor in the area. Tell your parents to request references and contact the Better Business Bureau or the National Fraud Information Center if they're unsure. Create a contract and make sure the work is carried out to the letter; a fly-by-night scheme will probably try to talk down the contract, but if it's in writing, your loved one ultimately has more recourse. And if the contractor wants the money upfront, tell your loved one to move on to the next choice.

Reach out for help before investing or spending considerable amounts of money. Tell your loved one to call you with questions about any investment that involves a significant transfer of money or shares. In many cases, the American Association of Retired Persons can be a lifesaver; this organization regularly sends out information on the latest elder fraud schemes and offers senior citizen fraud protection tips as well as financial planning assistance and consumer rights, all of which can help your parents judiciously decide on various offers and purchases.

Shred all bills, notices, and personal mail before throwing them away. Information regarding your loved one's financial situation is often retrieved by con artists from discarded mail that is not shredded (also known as 'dumpster diving'). It's all too easy for elder fraud scammers to get bank account and credit card numbers from statements as well as details on safe deposit boxes, ATM cards, addresses, phone numbers, social security numbers, and more. Remind your loved one that one of the most important senior citizen fraud protection tips is to tear up all mail before throwing it away. Or, better yet, give him or her the gift of a paper shredder ultima betrug !

Recognize predatory lending practices. This senior financial abuse and elder fraud practice, also known as loan fraud, is often perpetrated by mortgage brokers, appraisers, and home contractors looking for a quick buck. Seniors approach these seemingly knowledgeable individuals looking to refinance their homes, but are bombarded by fast-talking scammers who incorporate a must-act clause into the deal. In the end, your loved one will walk away with a high-cost loan with exorbitant fees totaling more than 5% of the entire amount. When talking with your loved one about predatory lending and senior citizen fraud protection tips, remind him or her that other tricks include pre-payment penalties, 'flipping' (when a loan is refinanced to generate fee income without providing any net tangible benefit to the borrower), mandatory arbitration, and other unnecessary additions. Don't let your parents make this decision alone; help them be more informed consumers.

Avoid health insurance scams by identifying the red flags. Many lower income seniors rely on their Medicare health insurance, which is why many elder fraud scams originate here. Often, less-than-reputable medical equipment companies target seniors, offering free supplies in return for their Medicare numbers. Tell your loved one that the doctor must order and sign for all equipment and products before Medicare will pay for it. Remind your parents of the most important senior citizen fraud protection tips when it comes to health insurance, including never signing blank insurance claim forms, never providing unchecked medical authorization for billing purposes, always reviewing Medicare's payment terms closely, never giving out their Medicare numbers to someone they don't know, and verifying with their physician if they are unsure of a product or equipment that's been ordered.

Bypass the 'Sucker List' altogether. Many seniors are eager to win something and often enter numerous sweepstakes, sign up for free magazines, or register for contests. Companies with elder fraud scam artists will keep records of these submissions, meaning your loved ones could end up on what is called the 'Sucker List,' making your parents that much more of an elder fraud target. This list usually contains not only people who the scammers believe to be a good target, but have already been successfully targeted before.

Just hang up. Scammers know that senior citizens are more polite, more trusting, and a lot less likely to hang up when the call becomes personal; unfortunately, elder fraud con artists take full advantage of this fact. Tell your loved one that if he or she doesn't know the caller and questions regarding financial or personal matters come up, they can simply hang up on the caller with no questions asked. Hanging up is one of the simplest senior citizen fraud protection methods.

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fintrain · 2 years ago

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Get Acquainted with Saving Schemes and RD calculator

Senior citizen savings scheme

Senior Citizen Savings Scheme (SCSS) is a great option for a 35-years old individual to pay for term insurance premium and investing in fixed deposits, recurring deposits and other saving schemes. This scheme takes into account the financial needs of the elderly in providing them with better returns than other saving schemes. This scheme is highly beneficial as it takes care of both investments and term plan needs at the same time while providing its subscribers with attractive return sums on their investments with competitive rates when compared to other saving schemes available in the market.

Fintra is a best finance platform provide suggestions and calculators, you can personalize your financial needs. Senior citizen savings scheme calculator computes the interest gained on your investment and the final maturity amount.

Byaj calculator

The Byaj Calculator by Fintra.co.in is a great tool for anyone looking to take out a loan or calculate their monthly payments. It allows you to input the rate number, the total number of times it's compounded per year, and the principal amount, along with the total time period of your loan. The calculator then takes this information to calculate your simple interest rate and give you a final principal balance after all interest payments have been made. This is a great tool for when you need to calculate regular interest payments and take into account compounding interest. Compounding occurs more frequently than annual interest, and can have an effect on the total amount that you will earn over time.

Fintra.Co.In's Byaj Calculator is a great tool for managing money principal and calculating your earned interest, taking into account simple and compound interest rates. It takes the sum of your original principal, time period, annual interest rate, and compounded more frequently rate to give you a final principal balance after all payments have been made

Post Office RD Calculator

Fintra.Co.In's Post Office Rd Calculator is a free web-based tool that helps users calculate deposit returns and maturity amounts on their deposits with the post office bank or national savings. It allows users to enter their deposit amount and the type of plan they have chosen, such as savings recurring deposit, fixed deposit, etc. The calculator then provides an estimate of the returns and maturity amount based on current interest rate. This enables users to assess their maturity amount more accurately before investing in any type of deposit account with the post office or bank. The calculator is easy to use and helps users quickly make calculations without having to manually compute interest rates and other factors related to their deposits.

Post Office Rd Calculator By Fintra.Co.In helps you get the most out of your savings by providing great returns, so you don't have to request a bank for this purpose.

#nsc calculator

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sejalkumar-blog · 2 years ago

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What Is A Recurring Deposit Calculator?

A recurring deposit is a type of savings scheme that allows you to make a regular monthly investment for a long period of time. It is on the investor to choose the monthly investment amount and the tenure of the deposit. Recurring deposits are popularly known as RDs, much like FDs. Typically, you have to open an RD account in a bank account or any financial institution. To invest in RDs, you have to give a standing instruction to debit the money from your savings account and credit it into the RD account.

RD investments can be seen as SIP investments as it inculcates the habit of regularly saving money.

The formula used in recurring deposit calculator is M = R[(1+i)^n-1]/(1-(1+i)^(-1/3)].

In this formula, M stands for maturity value, R stands for monthly instalment amount, N is the number of quarters and I is the rate of interest / 400.

So let’s say your monthly investment is INR 5000, the investment tenure is one year and the rate of interest is 8% then the RD calculator will give the value of M as INR 62,647.

The benefits of RD are as follows:

1. A recurring deposit can be used as collateral while availing of loans. In most cases, you get up to 80 or 90% of the total RD value.

2. There’s no lock-in period in RD accounts. You can set your tenure and even prematurely withdraw your investment. You will have to pay a small penalty but it is still an option.

3. The rate of interest offered on RD is slightly higher for senior citizens. Typically, it is 0.5% higher than the rate of interest offered to everyone else. Therefore, RD is a good investment option for senior citizens. If you are using the RD calculator online, do choose the senior citizen option to get accurate calculations.

4. In RDs, you get the flexibility to choose a tenure of your choice. From 7 days to 10 years, you have complete freedom. That’s why, RDs are preferred by short-term investors as well as long-term investors.

5. The best part about RDs is that there are no minimum investment criteria. You can invest as low as Rs. 10 in your RD account.

6. RDs also have tax benefits. The RD maturity amount is eligible for 10% TDS in one financial year. However, interest up to Rs. 10,000 is exempt.

There are many RD calculators online that you can choose from. While using the RD calculator, you will have to input the monthly investment amount, the number of months, and the RD interest rate. Within seconds, the recurring deposit calculator will give you the total deposited amount, total interest, and finally the maturity value.

When you use the RD calculator online, you will realize the returns are lesser than market-linked investments. This is because the risk involved is low and comes with assured returns. To know more about recurring deposit calculators, reach out to the experts of investments – Motilal Oswal.

#recurringdepositcalculator

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emedicareguidemedicareplang · 3 years ago

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Getting End To End Medicare Insurance Coverage

Medical bills could make one deplete all their savings in the US. The US healthcare services are highly expensive. Without the right healthcare insurance, you are likely to spend a lot of money year after year. If you have reached the age of 65, you will become eligible for Medicare which offers you decent protection against medical expenses.

While as a senior citizen, you could be happy with Medicare and the peace of mind it offers, we can still improve the situation by going for Medicare supplement insurance. The supplemental plans offer you almost end-to-end coverage. You do not have to worry about huge out of the pocket expenses because the supplemental plans extend additional coverage for expenses that are not covered by your original Medicare insurance.

If you want to enjoy the most comprehensive coverage, you may have to incur additional expenses in the form of monthly premiums. One might wonder whether buying Medicare supplement plan g and paying monthly premium will be financially beneficial. It may look initially that you are incurring additional expenses but what you need to understand is that when compared to the huge out of the pocket expenses, the premium will be just a fraction of the total expenses that you are likely to incur towards your uncovered aspects of your medical bill.

Medicare supplemental insurance plans come in ten parts and you will not be eligible to enroll for some of them now because they are closed for fresh enrolments. Those who have already enrolled can retain those policies by renewing them annually and continue to enjoy those benefits. For example, you will not be able to enroll for supplement plan F any longer if you have your 65th birthday after 1 Jan 2020. In such cases, to get the most comprehensive plans, you must look for equally good alternative supplemental insurance schemes such as part g.

If you already have some experience and knowledge about Medicare supplemental plans, it would be relatively easier to find the right policies. In case you are totally new to this field, you should identify the most dependable insurance agents who could help you through the selection process. Delaying your purchase does not help as far as Medicare supplemental insurance is concerned. You need to act immediately once the enrollment window opens for you just to minimize the risks involved in not having the adequate coverage.

#medicare supplement plans #medicare supplemental insurance #medicare supplement insurance #medicare plan g #medicare supplement plan g #medicare part g

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scottydd · 4 years ago

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**By piling pressure on the chancellor and Treasury mandarins, the former PM engineered nine meetings to lobby for Greensill**

David Cameron resigned as prime minister and left No 10 in July 2016. But when the pandemic tore through Downing Street almost four years later, it was as if he had never been away.

On April 3 last year, as Boris Johnson was in quarantine, Cameron emailed an old colleague in Downing Street with an extraordinary demand. He explained that the chancellor’s emergency loan scheme to help big businesses, in its current form, seemed “nuts”. The former prime minister told an ex-aide: “What we need most is for Rishi \[Sunak\] to have a good look at this and ask officials to find a way of making it work.”

Cameron’s wanted the programme redesigned to include Greensill Capital: a privately owned financial services firm that was in trouble. Having met its founder — Lex Greensill, the son of Australian sugar cane farmers, while in No 10 — Cameron was working as an adviser to the company. He held share options worth tens of millions of pounds. A personal fortune was on the line.

The Treasury had written to Greensill that day rejecting the idea of giving the company special help: the Covid Corporate Financing Facility (CCFF) was a way for the state to lend money to blue-chip companies, not to a financial services start-up. Charles Roxburgh, the Treasury’s second most senior official, spoke for Sunak, having “obtained a view” directly from the chancellor. The conclusion was firm: “We cannot consider your request further.”

However, Cameron would not take no for an answer. He began a lobbying campaign that soon secured Greensill special access to the Treasury’s most senior officials. The financier was able to pitch his ideas and exert his charms at the highest levels of government for months.

[Greensill Capital](https://www.thetimes.co.uk/article/david-cameron-lobbied-no-10-and-hancock-for-greensill-nht3x2c5z) later became an accredited lender under a separate scheme, granting taxpayer-backed loans worth almost half a billion pounds.

A year on, Greensill Capital is in administration having imploded under the weight of its debts. Cameron’s share options are worthless. The company’s collapse threatens 55,000 jobs globally, including 5,000 in Britain. Johnson has not ruled out bailing out Britain’s third biggest steel business, Liberty, which faces bankruptcy as a direct consequence of Greensill’s disintegration.

### Questions for Cameron

For these reasons the list of questions about Cameron’s conduct keeps growing. Was it proper for the former prime minister to lobby ex-colleagues directly on behalf of a toxic firm in which he had a financial interest? How was a private citizen able to bend Whitehall to his will?

Cameron has refused to comment on the affair. A “friend” suggested on Friday that he regretted texting the chancellor. But today, emails leaked to The Sunday Times reveal in Cameron’s own words further attempts to lobby insiders . They also pose questions for the chancellor.

It all began at 2.23pm on April 3, 11 days after the start of the first lockdown, when Roxburgh sent his rejection letter to Greensill, saying helping his company would create an unhelpful “precedent” for the Treasury. The department’s scepticism made sense.

The CCFF scheme was designed to give temporary taxpayer-funded loans to the biggest companies in Britain: retailers, construction giants or manufacturers which, in their own right, were deemed to make a big contribution to the economy and had to be saved at all costs.

In contrast, Greensill, a plucky finance start-up, wanted to do something entirely different: use taxpayers’ money to issue its own loans to small and medium businesses left vulnerable to late payments or a lack of cash due to the pandemic.

Sunak was not unsympathetic to such concerns: the Treasury, though, was designing other schemes to address them. To give Greensill a role under CCFF, the Bank of England would have to change its “market notice” — the rules set for the financing scheme.

Cameron was undeterred. His first port of call was an impressive young MP who entered parliament in 2015, only to disappoint him by backing Brexit the next year: Sunak himself. Perhaps the chancellor would have better news for his old master now. Cameron texted him asking to talk. The response was polite: “I am stuck back to back on calls but will try you later this evening and if it gets too late, first thing tomorrow.”

Cameron looked elsewhere. He contacted two MPs who had served under him and were now ministers in Sunak’s team, John Glen and Jesse Norman.

He also rang Sheridan Westlake: a veteran special adviser whose No 10 career encompassed Cameron, May and Johnson’s tenures, and whose focus, business, made him the ideal contact for the moment. He got through and the pair spoke.

At 5.28pm, Cameron sent a follow-up email, telling Westlake it was “great to talk” and putting his cards on the table, saying he needed to “find a way of making it work”. The former prime minister added: “It seems nuts to exclude supply chain finance \[Greensill’s speciality\]. We all know that the banks will struggle to get these loans out the door — and so other methods of extending credit to firms become even more important.”

Cameron attached a detailed list of bullet points outlining what Greensill wanted and why, explaining that the company had the “scale, technology, UK-based staff and capability” to make a real difference.

They at once exhibited confidence and desperation, with one stating: “Surely HMG \[Her Majesty’s Government\] should be seen to be supporting UK Fintechs \[financial technology groups\].”

There was also a warning: failure to help Greensill would “almost certainly” mean that businesses across the country would not get the help they needed.

Cameron signed off the memo: “All good wishes, DC.”

### Treasury changed stance after ex-PM’s lobbying

Like many ideas put forward by Greensill, who liked to speak in language about “democratising finance”, it was never said explicitly who the real winners were likely to be: not the taxpayer or businesses people but his own company.

There was scant mention of the company’s core business model either: paying a company’s invoices upfront in exchange for a fee.

In any case, the official is understood to have forwarded Cameron’s request on to the Treasury. What happened next is unclear. But within days of Cameron’s lobbying, the Treasury’s outright “no” suddenly turned into a “maybe”. Even though Johnson was now in intensive care, and his ministers were grappling with the biggest postwar crisis, Sunak’s officials were made to find the time to hold Zoom meetings with Greensill to hear more about its ideas.

On April 7, Tom Scholar, the Treasury permanent secretary and Roxburgh held a virtual meeting with Greensill representatives, who “had been thinking hard about how they could propose something that fits with the purpose of the CCFF” and would not require the market notice to be changed. If the official view was that their original plan did not work, then the Australian financier would happily work up something else that did.

The Treasury considered Greensill’s revised ideas and appeared willing to be flexible. On April 15, Roxburgh wrote, saying Greensill’s tweaked plan still “doesn’t address our central problem” — but that an alternative he had proposed on the phone might work. “We and the Bank \[of England\] would be happy to discuss the details of this approach and could move ahead quickly on this basis.”

###

#greensill #2021 #david cameron #risi sunak #fraud #uk

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educationalinstitutesindia · 1 year ago

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When A Fixed Deposit Is As Good As a Debt Fund

Before getting into when a fixed deposit functions as effectively as a debt mutual fund, it is imperative to first understand these two financial products. Both are handy saving scheme in India which can help you earn higher returns. Debt Mutual Funds are those which primarily invest the money of the investors in a particular portfolio comprising of fixed income or debt securities including government securities, treasury bills, money market instruments, corporate bonds and other debt securities that have varying durations. Debt funds usually pay out fixed interest rates and have fixed periods for maturity. Fixed Deposits, on the other hand, do not come with any market risks. They are financial instruments where investors can create a separate account and invest a particular sum of money for a fixed time period and at a fixed rate of interest. Fixed deposits offer higher interest rates as compared to savings accounts and hence they are regarded as the best investment schemes by most investors, particularly for the safety quotient. Many, however, argue that debt funds are also good saving schemes. In this context, it can be said that there are only three scenarios where a bank fixed deposit or debt fund are similarly effective, depending upon which is more convenient for you. These are the following scenario to understand about fixed deposit and debt fund: ● The total investment is lower than Rs.1.2 lakh- In case you are not thinking of investing a sum of money that exceeds Rs.1.2 lakh, the annual interest (7.5-8%) will anyway be lower than Rs.10,000 and you will not have to fork out any TDS for the FD interest. ● Your income does not fall in taxable threshold- In case your income, after accounting for all exemptions, does not reach the taxable threshold, you can consider investing in an FD since it will be as effective as a debt fund. The tax benefits arising from debt funds will not be needed here. The amount invested in the fixed deposit can surpass Rs.1.2 lakh too but you will have to submit the Form 15G/15H (applicable for senior citizens) in order to keep the financial institution from deducting TDS. ● You cannot make an investment in debt funds- Whenever you cannot invest any money in debt funds due to lack of access or confusion about the right funds to invest in, you can always consider investing in a Fixed Deposit which will help you earn safe and steady returns on your investment. Read the full article

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meghapn · 4 years ago

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Can Senior Citizens Buy a Term Insurance Plan?

Overview

Old age is the time to savour the pleasures of life that you might have missed out on while planning for your family and yourself. Being a senior citizen is a time in life when you can simply sit back and enjoy the fruits of your labour. Pensions, retirement benefits, and fixed deposits were once the only financial instruments available to senior citizens for savings. Term insurance is still one of the most common investment options for senior citizens looking to protect their financial future. It's a piece of cake to buy an endowment plan or a money-back plan.

Nowadays, senior citizens do not want to be a burden on their families. They are the ones who want to provide financial support for their families even though they are not present. As a result, insurance providers have created tailored insurance policies for their elderly clients, including term insurance, to meet their needs.

Term insurance was once primarily regarded as an income replacement mechanism for the income lost after the death of the breadwinner. However, term insurance policies are now more well-known for the pure financial security they provide to people of all ages. In the past, term plans were tailored exclusively for younger age groups, offering a higher sum guaranteed for a lower premium. Term insurance plans used to be mostly focused on promoting the scheme to the younger generation and protecting the financial needs of their families. However, financial stability is a requirement not only for families of the younger generation, but also for senior citizens.

Financial protection is a vital part of old age, and you might be shocked to learn that buying term insurance once you turn sixty has many advantages:

The term insurance policy, like all life insurance plans, guarantees that your loved ones, such as your spouse, children, or beneficiaries, are not left in financial distress. Purchasing a term insurance policy will guarantee that your spouse or children will be financially covered in the event of a financial emergency. Keep in mind that your children will be financially dependent on you. They may be studying or wishing to pursue higher education. In cases like these, your untimely death will be the most devastating—both emotionally and financially.

If you have any outstanding debts or loans that you might have taken out in the later years of your life due to unforeseen circumstances, purchasing a term insurance policy would be the best choice you have ever made. It will assist you in reducing the loan balance because the death payout from term insurance will cover both outstanding loans and debts. So, if you want your loved ones to enjoy a financially secure life, you can purchase a term insurance policy right away with the aid of a term insurance calculator online..

Purchasing a term insurance policy will assist you in making a positive impact on the lives of your loved ones. This is because, in the event of your death, you will leave a substantial sum of money to your relatives and children in your absence, ensuring that you leave the greatest possible legacy. Senior citizens who purchase term insurance for themselves gain a sense of stability, dignity, and self-respect not only in their own eyes, but also in the eyes of their family members, as they protect their future.

Wrapping Up

Old age is not the end of life; rather, it is the golden years of your life, which you must enjoy completely. Even though age is just a number, having a stable financial future is extremely important. As a result, make sure you're adequately insured to live a financially stress-free life. It is critical that you prepare efficiently and begin early in order to achieve this. If you are late, however, don't worry; there are several plans available in the market for late starters. At Finserv MARKETS, you can choose the right coverage for you from the comfort of your own home, compare quotes and plans from different insurance providers, and purchase the best-suited term insurance online.