Paisabazaar aims to enable financial inclusion through multi-city recruitment drive, tech-driven platform
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Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
I am a 60-year-old woman with a moderate risk profile and no liabilities. Our monthly outgo of Rs 60,000 is taken care of by my husband. Both my children are settled in the US. We have a health insurance policy of around Rs 25 lakh. There are some investments with me as first holder and my husband as the second holder or nominee. These include Rs 70.4 lakh in bank FDs, Rs 10.8 lakh in REC and EC bonds, Rs 9 lakh in Post Office MIS, Rs 9.90 lakh in post office term deposit, Rs 15 lakh in SCSS, Rs 40 lakh in shares (Tata Power + ITC) and Rs 0.13 lakh in ELSS funds. I want to invest Rs 15,000 to Rs 20,000 (FD interest) every month in inflation beating investment options for 4-5 years to earn 10-12 % returns. I am not interested in PMVVY. I should be able to transfer the amount seamlessly to my children. We may settle in the US in future.
For others: Upto 20 days 0% This is just a broad range. Interest rates may be offered at a lower or higher interest rate. Credit Card Finance charges levied only on ATM withdrawals and unpaid component of credit card bill
^ IDFC First Bank levies finance charges starting at 9% p.a.
Data as on 21st June 2021,
Source: Paisabazaar.com
2. Loan against credit card
If you are sure that you will not be able to pay back the entire dues by the due date, then going for a loan against your credit card could be a better option. Many credit card providers offer their customers pre-approved loans which can be useful in such a scenario. These are pre-approved loans and are usually disbursed within a few hours of making the loan application online, says Kukreja.
Synopsis
Every week, guest experts answer queries from readers of ET Wealth on various topics ranging from tax to investments to insurance and more.
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I want to invest Rs 5 lakh in a lump sum but am not able to decide if it should be in the equity market or a simple LIC endowment plan. Please advise.
Naveen Kukreja, CEO and Co-Founder, Paisabazaar.com, replies: Choose equity mutual funds over endowment plans. Typically, endowment plans have a policy term of over 10 years and the rate of returns generated over such a long term, including various bonuses, have been significantly lower than that generated by well-performing equity mutual funds. Over the long run, you should be able to generate a much larger corpus through equity mutual funds than endowment plans or fixed income instruments. The liquidity offered by equity mutual funds is also much higher than endowment plans. Plus, one should always keep their investment and insurance needs separate. If you do not have ad
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