Know your CTS Cheque

As per RBI Guidelines on 'Standardisation and Enhancement of Security Features in Cheque Forms' banks have been advised to issue only 'CTS 2010 Standard' cheques to their account holders. 

Reserve bank of India standardize and increase the security features of the cheque book. This is called CTS 2010Standard Cheques. This include quality of paper, ink, bank logo and pantograph etc. If the cheques you currently hold have the following features, they will be valid after the given date.

As per the circular dated 14.12.2012 received from RBI, the CTS 2010 standard Cheques will now be mandatory from 01.04.2013 

   

  How to identify a CTS '2010' compliant cheque ?

Way to Finance Education fees

Ways to Pay Education Fees from Borrowed Funds:- 

1. Education loan, 
2. Personal loan 
3. Credit card. 


Interest rates

Be Aware of Money Frauds ans Scams

Check that your money goes directly to investment

When using a financial adviser to invest your money, you must be sure that the investment you choose – such as a unit trust or money market fund – is recognised by the Security Exchange Board of India  and that your money goes directly into your chosen fund and not into your adviser’s bank account.

Check your Credit Card Statements regularly

Recent widespread scams have involved small, unauthorized charges on credit cards that are easily overlooked by cardholders.“Scammers hope that consumers will overlook the small charge on their monthly statements or not review the statements at all,

Consumers should closely review their monthly credit card statements. If you find an unauthorized charge on your statement, immediately contact your financial provider (using the number on the back of the credit card) to report the fraud and to request a new card.

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Retirement Planning for the Self Employed

 your retirement date is not the end-point for your financial planning. With 

increased life expectancy, Indians are expected to live an average of 20 

years beyond retirement.

For self-employed individuals, the biggest challenge that comes to hinder retirement planning is the inconsistent income flow. As the income is not constant, it is more difficult for a self-employed individual to find out how much can he/ she should contribute to the retirement plan on a regular basis. The way out here is to invest either as a lump sum or invest in those plans that give you more flexibility as compared to others.

Tool to Financial Success- Record Keeping

Case Study :

Ram's’s bike, which was parked on the road, was hit accidentally by a tanker. It got damaged and Ram  found that repairing it would cost a lot of money. So he thought of claiming insurance to lessen his financial burden in repairing the damaged bike. He had bought the vehicle three years back. He then got so busy with his job that he just forgot where the insurance policy papers were. Then one weekend, he searched his entire room and finally discovered the insurance papers, only to find that the insurance policy has lapsed as he had not paid the premium on last year. A simple negligence, cost Ram  his half month’s pay.

Financial Planning Process

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Save your Money from Ponzi Schemes

“People often compare a Ponzi scheme to building a house of cards. It must collapse eventually. “

 Charles Ponzi was an early 20th century Italian immigrant to the United States. Ponzi invited people to invest in International Postal Reply Coupons. He promised extremely high returns. All he really did was take investors' money and deal out small payments to earlier investors. All told, Ponzi cheated his victims of $10 million

Money Management Process

The Savings Mantra - Start NOW! Save First! Save Regularly!

Start saving NOW: There is no better time to start saving (if you are not already saving) than NOW. ‘Time is Money’ and certainly so. The earlier you start saving and get into the habit of saving, the stronger your chances are to face uncertainties and the changing demands of life.

Save First: The surest way to save is to make ‘saving’ your first and most important expense. Set aside a portion of your income as soon as you get your paycheck.

Save Regularly: The commitment of saving regularly, month after month, would enable building a healthy savings from smaller incomes as well.

An up to date record keeping will enable you to:

1.   Track your money— income (where it comes from) and expenses (where it goes)

2.   Provide you an easy reference of your wealth—assets (savings, investment, insurance etc) and liabilities (credit card debt, home loan, educational/ vehicle loan).

3.   Organize financial activities like budgeting, saving/investment, tax-paying.

4.   Provide an evidence of a financial transaction—repayment of loan, depositing money in bank account, purchase of an asset, etc. This is especially important in case any discrepancy arises over it.

5.   Simplify the claim process in case of an emergency (insurance) or damaged good (warranty card).

6.  Provide evidence for your entitlement to an after-sales service or other benefits.

7.   Keep some faithful person informed about your financial transactions

Do not forget to do Wealth Succession Planning – Have a Will

“If you want to provide your best for your loved ones after you pass away, a will is a most necessary document.  if you need insurance, you also need a will.” Your Laziness should not cause  inconvenience to your loved ones.

we are too busy slogging and switching jobs for fatter pay cheques. We spend all of our time planning real estate purchases and creating wealth through stocks and gold. Isn't all of these efforts partly aimed at leaving behind a rich legacy for our loved ones ?

What is Will :