The insurance policies in India is quite well-known, especially from a practical perspective. For any car, whether it is new or used, it needs to be covered under a car insurance policy to be legal in India. Moreover, it covers your car financially against theft or natural disasters. Therefore, it is important to know the factors that affects the most for determining premium.

Gender and Age

It is observed that male drivers between the age group of 18 - 25 years are more likely to be involved in an accident and ends up paying a higher premium as compared to others.

Place of living

Place where you live really matters when it comes to paying insurance premiums. If you live in a metro city, you will attract a higher premium. On the other hand, if you live in a village, you have to lower premium.

Manufacturer and Model

Insurance companies have a data prepared for each model and type of vehicle. Each model has a certain claim with the car insurance company.

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Policy type

From the two types of policies available, third-party coverage only extends to the affected third-party in case of mishaps. Whereas, the comprehensive car insurance policy secures own damage from natural calamities, theft and much more. Therefore, the third-party policy is much cheaper than comprehensive one.  

Add-ons

Add-ons are not available with your policy, but you can actually add to your policy by paying an extra amount in your premium. This makes the cost of your insurance costlier.

Hope these pointers will help you to pay lower your insurance premiums.

The National Payments Corporation of India (NPCI) has suggested that additional fees will be levied on Prepaid Payment Instrument (PPI) on merchant transactions via UPI methods. There are few PPIs available in India including PhonePe, Paytm, and Google Pay.

The concerned body has recommended a fee of up to 1.1% which will be levied on transactions above Rs 2,000 on UPI. It will generate high costs connected with UPI transactions.

Moreover, the NPCI has confirmed that there will be zero charges for normal UPI payments and bank to bank transactions on UPI payments.

However, the implementation will not affect individual users making personal transactions using UPI. The additional fee will only be applicable to people who accepts money via PPIs.

The customers will have a choice of using any bank account, RuPat Credit card and prepaid wallets on UPI-enabled application.

Every person who pays taxes has their financial information stored there. Let us also remind you that filing an ITR is a requirement for everyone who pays taxes. In this context, the Income Tax Department has created numerous ITR-related rules. The tax agency may issue you a notice if you fail to abide by these regulations or fill out your ITR incorrectly.

If you are also going to file ITR, then don't make mistakes you should commit even by mistake and in which situations notice can be issued to you by department.

Incorrectly entering personal data: Be sure to input all of your personal data accurately, including your name, PAN (Permanent Account Number), and contact details. Any wrong information could cause your ITR to be delayed or rejected.

Difference between income and transaction: If your income increases or decreases due to any reason, the tax department can ask you for the same. For this reason, if you are doing any transaction with higher amount, then you must provide information about it in ITR.  

Incorrect income tax information provided: The tax return is assessed by the Income Tax Department. In such cases, if the correct information of income tax has not been provided, then a notice can be sent to the taxpayer.  

Late filing of tax return: If a person doesn't file income tax return on time, then under section 142 (1) (i) of the IT Act, a notice can be sent to him and he can also be fined.

People are obsessed on getting the most out of their credit card rewards, and they have all kinds of strategies that help them to earn more. Finding bonus earning categories, receiving sign-up bonuses, and having numerous cards are a few of these. Check out the most common practises which will help you to earn more in 2023.

However, here are some legal and ethical ways to make money from credit cards:

1. Signup bonuses: Many credit card issuers offer signup bonuses when you apply and get approved for their card. Signup bonuses can range from cash back rewards, points, miles, or statement credits. To receive the bonus, you need to meet the minimum spending requirements within a specific period, usually 90 days.
2. Cashback rewards: Many credit cards offer cashback rewards on purchases made using their card. The cashback amount varies from card to card, but it can be a percentage of the purchase price, usually ranging from 1% to 5%.
3. Points and miles rewards: Many credit cards offer rewards in the form of points or miles that can be redeemed for travel, merchandise, or statement credits. Some credit cards offer bonus points or miles for specific categories, such as groceries, gas, or restaurants.
4. Referral bonuses: Some credit card issuers offer referral bonuses to existing cardholders who refer new customers to their card. The referral bonus can be in the form of cash, points, or miles.
5. 0% balance transfer offers: Some credit cards offer 0% balance transfer offers for a limited time. If you have high-interest credit card debt, you can transfer your balance to a 0% interest card and pay off your debt without accruing additional interest. However, be aware of balance transfer fees and make sure to pay off the balance before the promotional period ends.

It's essential to remember that using credit cards to make money can be risky if you don't use them responsibly. Always pay your credit card balance on time and in full to avoid interest charges and late fees.

As per the latest guideline of Income Tax Department, the last date to link 12-digit biometric number Aadhar with PAN is scheduled on March 31, 2023. Those who fail to link, their PAN will become inoperative from June 30, 2023.

There are number of benefits when linking PAN to Aadhar, as these are important for KYC at opening bank accounts. These also helps in filing easier income tax returns among others.

Income Tax department made it compulsory to have a PAN from 1st July, 2017 and who is eligible to obtain an Aadhar Number. Such persons should mandatorily link Aadhar with their PAN before the deadline.

Linking is required for legal aspects as it provides multiple benefits, which are:

1. Linking provides an audit trail for all transactions to the Income tax department.
2. ITR filing will not be allowed if your Aadhar is not linked with PAN
3. It can help in cancellation of the latter
4. With the use of Aadhar, the requirement of other documents are reduced to large extent.
5. It serves as an identity and an address proof

But, there are some exemptions to this mandatory rule:

1. A person who isn't a citizen of India
2. A non-resident person
3. A person who is of the age of 80 years or more during relevant previous year
4. Resident of non-eastern states

Saving schemes helps in tax saving and also fir their returns. Such schemes provide higher interest rates as compared to bank fixed deposits. Finance Minister introduced many small savings schemes in Union Budget 2023.

The maximum deposit has been increased to Rs 9 lakh from Rs 4.5 lakh for single account, Rs 15 lakh for joint account. Effective from 1 April 2023, the government is offering the following interest on the popular small savings scheme.

5 saving schemes are:

Sukanya Samriddhi Yojana - 7.6%

It is a government backed small savings scheme initiated to promote savings for financial well-being of a girl child.

Public Provident Fund (PPF) - 7.1%

PPF is a very known investment scheme on account of its various attractive features and benefits.

Kisan Vikas Patra (KVP) - 7.2%

Kisan Vikas Patra is a risk-free investment option which is offered by the Indian post office. It's a wise option for people who are looking for long-term investment.

National Saving Certificate (NSC) - 7%

NSC is a fixed type of income that can be opened at a post office. It's a low-risk product and secure as compared to others.

You might find fake or old notes while withdrawing money from ATM. In such cases, people get worried. However, there's no need to panic. Just follow the RBI guidelines and your problem will get solved.

The notes issued by RBI after demonetisation, many types of viral and fake news about the notes keep coming. If you want to replace the old notes, you can do easily by contacting your nearest branch.

The notes with similar serial number will be considered. However, they'll either have different inset letters or different printing years or different governors of RBI. An inset letter is character printed on the number panel of a banknote. Notes can be without any inset letter.

How to identify unfit bank notes?

1. Due to log use of notes, they become loose
2. Notes which have holes larger than 8 square mm
3. Any graphic change
4. Ink of the pen is appeared on the note
5. If the notes have become very dirty and there is a lot of soil in them
6. If the color of the note fade away
7. If things like tape, glue is applied on the note

As per new rules, if you have old or mutilated notes of 500 rupees, then you don't need to worry at all. Now, you can exchange currency by just visiting any branch of the bank. If any bank employee refuses to do so, then you can also file a complaint about it.

Always keep in mind that the value of a note is based upon the condition.

Also, according to RBI, the note will be accepted only when a part of it is missing. In some special cases of currency notes, such as the name of issuing authority, signature, guarantee, and promise clause, etc. are also missing, then note will not get exchanged. Soiled notes which are unusable due to circulation in the market for a very long time.

At early 20s, you enter the workforce. Your salary is usually at entry level. Making smart choices at your 20s can help you to set you up long-term success which includes creating a plan to pay off your student loans, building an emergency fund, avoiding credit card debt, and working towards your hitting bigger goals.

Therefore, it is good to enjoy your money in your early 20s. However, your parents are right when they ask you to start saving. Start with these basic rules:

Keep aside your 10-20% of your salary

When you get your salary in hand, assume that 80-90% of your salary is available to you. Keep the rest of your salary aside. It not only saves your money but also you can make the use of your money for other projects as well.

Have some goals to save money

Make a seperate lists of big expenses like iPhone. Using big goal lists, you can get a clarification of how to build a money saving habit.

Setup an emergency fund

Establish an emergency fund to cover any unexpected expenses that can arise. It will help you to avoid taking out a loan or carrying a huge balance on a credit card, which can help you to save your money.

Start investing for retirements

The earlier you start investing for your future, the more you grow. Whenever you get your first full time job, you'll get your retirement benefit account from the employer which you can deposit a percentage of every payback.

It’s Okay To Make Mistakes

Whenever you do investments or savings, you make mistakes. You might make mistakes because you are doing something new. But it's okay to make mistakes. It's important to learn from mistakes and it's never too late or early to start investing or saving.

Educate yourself enough

Before starting investing, read a couple of books to know about finance and stock market. The more you invest in education, higher the return on your savings and investment.

Home insurance, which is commonly known as Property insurance which covers all the cost related to your property such as damage due to natural calamities, man-made disasters, etc. Many home insurance companies offers financial coverage and helps you with legal requirements. However, you need to know the plans and coverage in the markets.

Why do you need to know home insurance policy?

Protection against third party liabilities

A home insurance policy offers liability coverage against property damage and personal injuries caused due to third party because of your insured property. However, the compensation may vary on the policy terms and conditions of the home insurance.

Protection of the structure & its content

Your insurance provider may compensate you for the damages which are caused due to fire, hail, or similar disastrous reasons. However, it protects your personal belongings such as electrical appliances, furnitures, and fixtures, etc.

Financial cover for temporary living space

If your house has undergone some damages and if it's difficult for you to stay at a house, then the insurance provider will arrange an apartment or a seperate house for you. You can live in a rented house till the time other house gets repaired free of cost.

Offers peace of mind

One of the most important reasons that home insurance provides you is the peace of mind. No one can compensate you for the distress that you might undergo if your precious property gets damaged or destroyed.

Finance Minsiter made five major announcements at the end of her 87 minute speech. Let's have a look:

1. Salaried people with income upto Rs 5 lakh do not pay any tax in both old and new tax regime. However, the rebate limit has now increased to Rs 7 lakh under new tax regime
2. In 2020, the income slabs started from Rs 2.5 lakh. This time, the tax structure has changed in new regime by reducing the number of tax slabs to five and increasing the exemption limit to Rs 3 lakh
3. Under new regime, each salaried person with income of Rs 15.5 lakh will get a standard deduction of Rs 52,500
4. The highest applicable tax rate has reduced to 39 percent from 42.74 percent
5. Lastly, there' an increase in limit in tax exemption on leave encashment to Rs 25 lakh. Earlier, it was Rs 3 lakh on retirement of non-government salaried employees was fixed last year for tax exemption.

Finance Minsiter, Nirmala Sitaraman announced the Union Budget 2023, increasing the income level up to Rs 7 lakh a year in the new tax regime. Till now, it was Rs 5 lakh.

Also, there's an increase in tax exemption on leave encashment on retirement of non-government salaried employees to Rs 25 lakh from Rs 3 lakh.

Look at the revised tax slabs

1. Income from Rs 3 lakh - Rs 6 lakh will be taxed at 5%
2. Rs 6 lakh to Rs 9 lakh will attract 10%
3. Rs 9 lakh to 12 lakh, will be taxed at 15 %
4. Rs 12 to Rs 15 lakh, 20%
5. Above Rs 15 lakh, 30%

The old regime will only be available on request now to the citizens, while the new regime will be considered the default system for everyone.

Now, salaried people with income of Rs 15.5 lakh or more can deduct Rs 52,500 as Standard deduction while calculating their taxable income.

According to the holiday list, issued by the Reserve Bank of India (RBI), all private and public banks across India will be closed for 10 days in February, 2023 including the second and fourth Saturdays. While, all online banking activities and ATM's will continue to function.

However, the list of holidays are different for each state and Union territories of India.

Here is the list of holidays in February 2022:

February 5: Sunday

February 11: Second Saturday

February 12: Sunday

February 15: Banks in Manipur, Imphal will remain shut

February 18: Banks will remain shut in Hyderabad, Mumbai, Bangalore, Ranchi, Dehradun, Ahmedabad, Belapur, Raipur, Jammu, Kanpur, Thiruvananthapuram, Kochi, Shimla, Srinagar, Bhopal for Mahashivratri.

February 19: Sunday

February 20: Banks in Mizoram, Aizwal will remain closed

February 21: In Sikkim, banks will remain shut for Losar

February 25: Fourth saturday

February 26: Sunday

Non Resident Indians (NRIs) will soon be able to make UPI payments without having an Indian mobile number. NPCI (National Payments Corporation of India) has allowed NRIs in 10 countries to transfer funds digitally using the UPI platform from NRE/NRO accounts.

NRIs with NRE or NRO (non-resident ordinary) accounts can access UPI services with their interantional mobile numbers in 10 countries.

NPCI has given time till 30 April to partner banks to comply with the directions under which non-residents will be allowed to make transactions using international mobile numbers.

To start with, this service will enable in country codes of Australia, Singapore, Canada, Oman, Hong Kong, USA, UAE, UK, Qatar, Saudi Arabia, along with the current domestic country code.

The only condition that partner bank has to follow is the guidelines of RBI from time-to-time.

NRIs just have to link their NRE and NRO accounts linked to their international SIM to UPI. Then, they can use it like any other Indian UPI user.

Life insurance is important for all. It helps you to secure your family financially in case of happening. Term insurance plans are considered to be one of the most important plan as it not only offers high coverage at an affordable but also tax benefits. Let's look at the benefits of term life insurance.

Multiple payout option

You may be paying the EMIs of your various loan, and in your absense, it will fall onto your family. It is where the payout option comes in. Your nominee will get a lump sum amount in case of any unfortunate demise.

Additional protection with covers

Term insurance plans allows you to purchase riders along with your basic plan. You can add these riders to your term insurance policy by paying a nominal premium and get additional financial protection.

Return of premium

With this, you get the return of premium option, the insurer pays back the premium at the end of policy term if you survive till the policy tenure. However, it doesn't include any taxes, rider premium, model amount paid, and levies.

Income tax benefits

Term insurance plans provides tax benefits too. The premium is eligible for tax benefits up to Rs 1.5 lakh in a financial year as per the existing tax laws.

Affordable premiums

The most significant benefit is the most affordable premium. It is available at a premium that you can easily afford. Another important benefit is that the earlier you buy the term insurance, the lower will be the premium.

From Jan 1, the policyholders have to provide Know Your Customer (KYC) documents for buying all types of insurance. The IRDAI (Insurance Regulator and Development Authority of India) has made mandatory the KYC norms for buying all new insurance policies.

Sharing KYC documents was a voluntary choice to buy policy. However, the insurers will now have to collect KYC documents from their customers.

With this new rule, the claim process may become faster and more seamless as the insurers will have a detailed profile of their customers.

Furthermore, IRDAI has asked insurers to give discounts on renewal who have taken three shots of COVID-19 vaccine.