You must have heard about the snowball effect – when you start something small and overtime it builds into a significantly larger size. The concept is borrowed from the way we built snowballs as kids; Rolled them on the ground giving it enough momentum which resulted in a big sized ball. Some people argue that the Snowball method of debt management is the least logical and most expensive way to pay off your debt…
Traditionally Banks have argued that any customer data belonged to them and access was given to that data only to customers. This changed in 2016 with the advent of regulations like PSD2 (Payment Services Directive 2) which is part of the larger Open Banking reforms. It was emphasized that customers need to have the control on their data and should be able to share it with any regulated third parties for their own benefit.…
Here is a summary of the key aspects of the Union Budget 2020 from India which would impact individuals who are Resident Indians or Non Residents Indians as per their tax jurisdiction. Personal Income Tax The Union Budget for 2020 has introduced an optional simplified personal income tax regime which can be used when you do not avail any deductions and exemptions available in the Income Tax rules. Tax payers can however continue to use…
An emergency fund is simply a pot of money that you keep specifically for emergencies. It’s not nice to think about the chances of you falling ill, having an accident, or being unemployed, but unfortunately, it’s necessary to think about it if you’ll need to pay any bills or have anyone who relies on your income. Peace of mind and reduced stress The stress we tend to feel when we lose our jobs or fall…
We’ve all heard of them, seen their florescent cards, admired their ads on the tube: App-Based Banks. They don’t have branches, if you need to speak to customer services, just open a chat on the app. These banks can be fantastic. They give you live spending notifications, round up your purchases to save up, and help you create a budget. Live Notifications One of my biggest issues with banking, while I was at University, was…
With the rise in ‘new-fashioned’ banking, switching banks can be quite tempting. There are plenty of incentives out there – from interest rates and overdrafts, to cold hard cash. But should you do it? Let’s take a look at the advantages and disadvantages. Advantages Cash Incentives Cash incentives are one of the best ways for banks to pull people in – they will often require you to perform a full switch (not just open…
Generally speaking, a credit card is used to make purchases with money you don’t actually have. This isn’t necessarily a bad thing – you may be using it as a loan to bridge you to payday, or to spread the cost of something expensive. What is the APR? All credit cards will have an APR – Annual Percentage Rate. This is the rate at which you will accrue interest on the card. The lower the…
In the month of August, gold breached the $1500 per ounce ceiling in the first time in over six years. With the breach of this critical psychological barrier, the sky seems to be the limit for the precious metal. Amid the rising clamour of an economic slowdown and fear of global recession, the yellow metal is trending once again as a safe haven for investors. With political and economic instability in developed countries and higher…
Just like an Indian citizen, NRIs with taxable income that exceeds the threshold of Rs 2,50,000 have an obligation to file income tax returns. However, the rules and guidelines for NRI taxation differ widely from that of an Indian citizen, and thus the income tax returns guidelines differ too. For instance, unlike Indian citizens, NRIs do not have the obligation of filing tax returns that arise only from “investment income” or long term capital gains…
Every year, thousands of Indians migrate to foreign countries to explore better career opportunities. Over time, they settle abroad and attain the status of a non-resident Indian or NRI. However, the urge to invest in one’s homeland has been a perpetual quest for NRIs, and with good reason. Let’s consider some numbers to see why. What makes India an attractive destination Currently, India is the fifth largest economy at $2.7 trillion GDP. It is likely…
