September 22, 2021

How to claim Insurance Benefits under PMJJBY & PMSBY Govt Insurance Schemes?

Aug 24, 2021

For those who might already be contemplating term insurance plans, it is important to note that the Indian government already has certain setups and schemes in place, targeting the sudden demise of the insurer.

Better segregated as PMJJBY and PMSBY schemes these govt.-backed facilities allow you to insure your family against untoward mishaps and that too at highly affordable rates. In the subsequent sections, we shall talk about the best ways to approach and achieve insurance benefits, under the mentioned schemes.

More about the PMSBY Scheme

Here is a reliable government-backed insurance scheme that covers you for disability and even accidental death. Plus, any individual between 18-70 years can opt for this insurance scheme, which attracts a yearly premium of Rs. 12. When it comes to the insurance benefits, the family of the insured would get Rs. 2 Lakhs, as an immediate death or accidental-induced permanent disability benefit.

Also, in case of a partial disability, the insured gets Rs. 1 Lakhs as the PMSBY insurance benefit.

More about the PMJJBY Scheme

Getting the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits is a bit more straightforward as compared to the PMSBY. While the yearly premium is still on the lower side at Rs. 300, it is more of a strict life insurance policy and not an accidental scheme, like the PMSBY. This means, even if the insured dies of a natural cause, the family will still get Rs. 2 Lakhs, as a benefit.

Also, the age limit for the same is slightly lower as compared to the PMSBY as the upper age limit is set at 50 years.

How to Enroll for the Schemes?

In case you want to reap the benefits of the mentioned term insurance schemes, offered and nurtured by the government, it is necessary to take note of certain factors.

Firstly, the premium will be directly debited from your savings account, provided your bank accommodates the same. Also, even if you have multiple savings accounts in place, these plans can only be linked with one. This means, one insurer can only procure this benefit one time.

Also, each plan automatically terminates once the maximum expiration age is attained. Not just that, the premiums you pay for the schemes are also eligible for tax benefits. Plus, the best thing about Pradhan Mantri Jeevan Jyoti Bima Yojana and even the PMSBY scheme is that neither of the policies lapses if the holder cannot pay certain premiums. The schemes can be reinstated instantly upon payment of the pending premium dues.

Final Words

You can search for the PMJJBY and PMSBY schemes by heading over to the Finserv MARKETS. However, if you want a term plan that offers a bigger sum to the beneficiary, this platform also lets you compare and contrast the existing choices.

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Can an NRI open a joint account with a resident of India?

Aug 19, 2021

Non-Resident Indians are those persons who are Indian citizens but are living abroad due to various reasons. Most NRIs have families or relatives back home who partly manage their financial affairs in India. For example, if Mr Khanna is employed in Dubai, but his wife and children are living in India, then his wife will be in a better position to manage finances on the Indian side like paying or receiving rent, withdrawing funds, operating bank accounts etc.

Therefore, the question arises, is it possible for an NRI like Mr Khanna to hold a joint account in India with an Indian resident, who in this case is his wife? Up until 2011, this was not possible.

However, now an NRI can open joint residential savings account with an Indian resident on an ‘either-or survivor’ basis, under certain conditions. A joint account with an NRI can also be an NRO account.

As far as an NRI holding an Indian bank account on his own is concerned, it is still not allowed and attracts a penalty.

Joint Residential Savings Account with an NRI

So how does a joint account with an NRI and resident Indian work? Given below are the conditions in which this is possible.

– A joint residential savings account can be opened between an NRI and an Indian resident, provided that the Indian resident is a relative. A relative, in this case, can mean parents, siblings, siblings’ spouses, children, own spouse, children’s spouses, grandparents, grandchildren and spouses of grandchildren.

– All the rules and regulations applicable to a normal savings bank account in India will be applicable to such a joint account as well.

– The bank keeps all the relevant documentation with them, including a record for the need of a joint account. A signed declaration is also taken from the NRI indicating that they will not use the funds in the account in violation of the FEMA Act and will be responsible for the repercussions in case a violation does occur.

– The NRI account holder cannot deposit any money in the form of cash, cheque, remittances or direct credit into such an account.

– The money from this joint account is not repatriable, which means it cannot be transferred outside India.

– The resident Indian will be the primary account holder of the joint account. The NRI will remain the secondary holder.

– Such a joint account can be used to make payments by the resident account holder.

– In case the resident account holder passes away, then the NRI will become the sole holder of the account, but the account will be converted into an NRO account.

Joint NRO with an NRI

An NRI can also jointly hold an NRO or Non-Resident Ordinary account with a resident in India. However, such an account can only be opened on the ‘former or survivor’ basis.

Final Word

Thus, an NRI can hold a joint account along with a resident relative if the above conditions are met. This can either be a normal residential savings account or an NRO account as well. If an NRI wishes to hold an account in India as a sole account holder, then there are other options like an NRO account, NRE account or an FCNR account.

To open a joint savings account with an NRI, the account holders can visit the concerned bank along with relevant documentation and declaration as required by the bank and follow the bank’s protocol.

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All about PMAY (Pradhan Mantri Awas Yojana) – Key Benefits & Features

Aug 19, 2021

Dedicated to providing housing for Indians in both rural and urban areas, the Pradhan Mantri Awas Yojana (PMAY) was launched by Prime Minister Narendra Modi in June 2015. Pradhan Mantri Awas Yojana is a housing scheme where the beneficiary can get a home loan interest rate subsidy if he/she wishes to extend, construct or purchase a house. This credit-linked subsidy scheme is aimed at providing affordable housing for all by 2022. In case you are planning to buy a home, it is important to know the features and benefits of the PMAY scheme in order to boost your investment decision.

Features of PMAY

  • Pradhan Mantri Awas Yojana is categorised into two parts – Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Gramin)
  • To avail the benefit under this scheme, the beneficiary should not own a ‘pucca’ or concrete house.
  • The beneficiary family would include husband, wife and unmarried sons and daughters.
  • The applicant family would have to provide their Aadhaar number while applying for the home loan under this scheme to avoid duplication.
  • The applicant can apply for a home loan under PMAY through any lending institution like banks, non-banking financial companies, rural banks, housing financing companies, etc.
  • The subsidy available under this scheme is up to 6.50% of the loan amount for a tenure of up to 20 years.
  • The benefit of the scheme can be availed across all urban areas in 4041 statutory towns in India.
  • Under this scheme, the houses are being constructed using eco-friendly raw materials. Moreover, they are designed to withstand natural calamities.
  • The interest subsidy is available for people belonging to categories of Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle Income Group (MIG – I & II).

The credit-linked subsidy scheme for the different categories is tabulated below –

Category Annual income Rate of interest subsidy Maximum loan amount Carpet Area of the house
Economically Weaker Sections (EWS) Rs 3 Lakh 6.50% Rs 6 lakh 30 Sq. Mtr.
Lower Income Group(LIG) Rs 3 lakh – 6 lakh 6.50% Rs 6 lakh 60 Sq. Mtr.
Middle Income Group –I (MIG) Rs 6 lakh –  12 lakh 4% Rs 9 lakh 160 Sq. Mtr
Middle Income Group – II Rs. 9 lakh – Rs 18 lakh 3% Rs 12 lakh 200 Sq. Mtr.

Benefits of PMAY

  • Women empowerment

PMAY scheme aims to help women participate in the financial decision-making of the family. To avail this scheme, it is mandatory for a family to have a woman as the owner or co-owner of the house.

  • Housing for all

The housing scheme is for people living in both rural and urban areas of the country. Moreover, there are preferential provisions for salaried women, disabled individuals, minorities like scheduled castes and scheduled tribes, widows, transgender people etc. In addition, if you are a senior citizen you can also expect to get ground floor accommodation under this scheme. PMAY also aims at accelerating slum rehabilitation by providing affordable housing and eco-friendly homes to first time home buyers.

PMAY is a positive approach of the Government to provide affordable housing for all. It will not only help people with low purchasing capacity to live with dignity in their own homes, but also contribute to slum rehabilitation. If you have been planning to buy a house, this could be the best time to do so under the PMAY scheme. Make sure to check your eligibility for PMAY and apply for a home loan today!

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4 mistakes to avoid while taking a loan in Singapore

Aug 16, 2021

Taking a loan in Singapore has become a way of financial management for most of the people nowadays to ease their financial woes. And to make matters easy for you, there are several moneylenders in Singapore who offer a low interest loan at attractive terms and also work out the best possible payment terms for you. If all goes well, you can get a fast loan in Singapore without any collateral as long as your credit score is good.

 

A good credit score is very important while applying for an instant loan in Singapore. It indicates that you have a stable financial life and a good repayment track record. A high credit score is a key factor for obtaining a loan in Singapore and licensed moneylenders or banks might even reject your application for cash loans if you have a poor credit score. Credit score not only helps in assuring moneylenders that you would repay the loan on time, but also in helping you get the best low interest loan.

Honestly, chances of you getting that urgent loan can be few if you don’t get the right guidance on time.  In this article, let’s now take a look at the 4 mistakes to avoid while taking a loan in Singapore:

Not paying your existing loans and credit cards on time: Failure to repay your loan EMIs or credit card payments on time is bound to affect your credit score adversely. This might cause an obstacle when you apply for a loan in Singapore. Similarly, not repaying your credit card dues on time will also cause a problem while applying for money loans.

A very high debt-to-income ratio: One of the most important elements of maintaining good financial health is to keep track of one’s debt-to-income ratio.  The calculation is easy and you just need to divide your monthly EMIs and debt repayments by your monthly take-home-salary. The lower the number obtained is, the better it is. For instance, if you have a monthly loan burden of $1000 and a salary of $5000, your debt-to-income ratio would be 0.2, and if your loan burden is $2000 then the ratio would be 0.4.

A common mistake that many people make is to take more money loans or make more purchases through credit card as soon as they get a higher credit limit or their income increases after a promotion. This leads to a rise in their debt burden and the debt-to-income ratio which might make it difficult to get another loan in Singapore.

The ideal scenario is to ensure that your EMIs for money loans don’t exceed 10% of your net monthly income. Cut down on excessive borrowings and live within your means to avoid taking loans for lifestyle needs. This will help you in keeping the debt-to-income ratio low and make it easier to obtain a fast loan in Singapore when needed.

Not doing research: When you apply for a loan in Singapore, you must do a thorough search about the lender and the money loans on offer. This will help you find a low interest loan. You can easily search for an online loan from a reputed moneylender nowadays. Further, you must find out the finer details about the loan before taking an instant loan in Singapore. You should find out what are the penalties, processing fees, interest rates, late payment charges and if there are any other hidden or variable costs. This research can let you compare different options and take the best fast loan in Singapore.

Applying for too many money loans: Last, but not the least, a lot of people apply for multiple loans as they need urgent funds for their pressing needs. This need for instant loan in Singapore might make the person apply to several moneylenders at the same time. Each of the loan requests is going to reflect on the applicant’s credit score, and if too many requests come simultaneously then it can lead to a negative impact on your credit score. Taking a loan in Singapore is not a bad thing at all, but you must be aware of these pitfalls and apply for an online loan smartly after doing all your research and calculations.

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Bajaj Finserv Login Portal for all your EMI Card needs

Aug 13, 2021

The Bajaj Finserv EMI Card is a payment strategy. This Bajaj EMI card has an already approved loan ranging from Rs 30K to Rs 3 lakhs in it. The amount of loan for you entirely depends on your credit appraisal. You can spend up to 3 lakh using your card and pay flexible EMI within 2 years. After you get yourself an bajaj EMI card you can use it to purchase anything as per your requirements.

The entire transaction would be transparent and there are no hidden cards on the EMI card. The processing fee varies depending on categories of purchase. However, you can not use your card everywhere. There are 60,000 stores and 1300 cities that have a partnership and where you can use the card. Not only offline shopping but also you can use this card for online shopping from Pepperfry, Amazon, MakemyTrip, Flipkart etc. There is a given eligibility criteria which you have to meet in order to get yourself a Bajaj EMI card and enjoy its perks.

Bajaj Finserv Network Card Login Portal

To get all access to all your details of your Bajaj EMI Card, Bajaj Finserv has for you The Bajaj Finserv Network Card login portal. This bajaj finserv login portal is a one-stop portal by which you track and manage all your monetary transactions. Besides, you can also look after your Bajaj EMI card very effectively. This Bajaj customer login can be used from any corner and at any time as per your convenience. Just by using the right credentials of your Bajaj EMI card you can log in and look into your transactions through the bajaj finserv login.

Steps For Bajaj EMI Card Login

To log in to the bajaj customer portal is easy and time-saving. All you have to do is follow some simple steps and work after your bajaj finserv login. The following are the steps for Bajaj EMI card login:

  • Go to the official website of Bajaj finserv
  • Find the bajaj customer portal to log in
  • Enter the required mobile number
  • You will receive an OTP on the given number
  • Provide the OTP in the bajaj customer portal and you can successfully sign in

Uses Of Bajaj EMI Card Customer Portal

Bajaj EMI card customer portal can help you to track and manage all your financial transactions. After you sign in using your bajaj EMI login credentials you can check the following fields:

  • The EMI status of the card
  • The utilisation limit of the credit card
  • The EMI expiration facts
  • Status of loan
  • Paid EMIs
  • In queue EMIs
  • Spending limit of the EMI card
  • Details of the dealer
  • Details of down payment due date and outstanding amount detail

The Bajaj Customer Portal helps you in managing and knowing all the facets related to investment on an EMI card. Also, it can help you to see and avail of various exclusive benefits and offers from Bajaj EMI Card.

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