I Love You - Financial Freedom!

Finance Guru Speaks: This is a special article on the occasion of Valentine's Day and it is written on the demand of some of my readers!

Valentine's Day is celebrated on 14th Feb every year and it is considered to be the best day to express your love and care for your loved ones. Have I told something which you are not aware of? 😉

Financial Freedom

Then, why are we discussing Valentine's day in this Website which is related to Personal Finance and Investments?

Well, the answer lies in your LOVE! I absolutely love my Financial Freedom and always encourage my audience to walk on the path of this freedom.

Financial Freedom is not a destination, rather it is a continuous journey where you keep a track of your Assets and Liabilities and maintain your required Standard of Living.

I am very sure you know the meaning of Assets and Liabilities.

Assets generate Income whereas Liabilities generate Expenses.

Let's understand with simple examples.

If you are getting Monthly Rental from your Property then it is considered to be one of your Assets.
However, the Amount (EMI) paid on your Personal Loan is considered to be your Liabilities.

Assets and Liabilities

As shown in the above figure, the number of Assets should be more than the number of Liabilities inorder to stay Financial healthy and free.

Follow some basic steps to stay on the path of Financial Freedom:-

1. Maintain an Emergency Fund equivalent to 6 to 8 months of your monthly Income or 12 to 14 months of your monthly Expenditure. Keep this Emergency fund in the mix of Bank Deposits and Debt Mutual Funds.

2. Keep yourself adequately insured. Buy Term Insurance for covering your Life, Health Insurance to cover Critical Illness & Hospitalization expenses and Accident Insurance.

How To Online Close or Cancel RD Account In Kotak Mahindra Bank?

Finance Guru Speaks:  This article will provide details on how you can online close or cancel your RD (Recurring Deposit) account through Kotak Mahindra Bank Internet Banking.

You can also refer to our article on How To Open Recurring Deposit (RD) Account in Kotak Mahindra Bank Using Internet Banking? 

Follow below steps to close or cancel your RD account through Kotak Mahindra Bank Online Banking:-

1. Open Kotak Mahindra Bank Online Banking Website.

Kotak Mahindra Bank Login Page

2. Provide your login details like CRN (Customer Relationship Number) and Password. Click on SECURE LOGIN button.

3. On the next page, provide the generated OTP. It will be sent to your registered Email ID and Mobile Number. Click on SECURE LOGIN:-

Kotak Mahindra Bank Login

4. Once the Home Page gets opened, go to Banking -> Deposits -> Deposit Summary link as shown below.

Kotak Mahindra Bank - Close RD Account

5. Once the page opens, select Recurring Deposit and action as Premature Withdrawal of Deposit. Click on GO button:-

How To Open Term Deposit (TD) Account in Kotak Mahindra Bank Using Internet Banking?

Finance Guru Speaks: This article will show you how you can open Term Deposit (TD) in Kotak Mahindra Bank using Online or Internet Banking.

You can follow below steps to open the TD in Kotak Mahindra Bank through Internet banking:-

1. Open Kotak Mahindra Bank Online Banking Website.

   

   Kotak Mahindra Bank Login Page

2. Provide your login details like CRN (Customer Relationship Number) and Password. Click on SECURE LOGIN button. 
3. In the next page, generate the Dynamic Access Code. It will be send to your registered Email ID and Mobile Number.

   

   Dynamic Access Code Generation Page

4. Provide the Dynamic Access Code and click on SECURE LOGIN.
5. Once the Home Page gets opened, go to Banking -> Deposits -> Open A Term / Recurring Deposit link as shown below.

   

   Click to enlarge - Kotak Mahindra Bank TD Account

6. Select Deposit Type as Term Deposit and fill all the details as shown below.

   

   Click to enlarge - Term Deposit Details

7. Once done, click on Submit button.

Congratulations!! You have successfully opened TD account using Online Banking facility in Kotak Mahindra Bank.

Also read:

More Articles on Kotak Mahidra Bank

 

Images Courtesy: Kotak Mahindra India

  Please share this article over social networks. For more Learning, Please visit "At A Glance" Section.

How To Open Recurring Deposit (RD) Account in Kotak Mahindra Bank Using Internet Banking?

Finance Guru Speaks: This article will show you how you can open Recurring Deposit (RD) in Kotak Mahindra Bank using Online or Internet Banking.

You can follow below steps to open the RD in Kotak Mahindra Bank through Internet banking:-

1. Open Kotak Mahindra Bank Online Banking Website.

   

   Kotak Mahindra Bank Login Page

2. Provide your login details like CRN (Customer Relationship Number) and Password. Click on SECURE LOGIN button.
3. On the next page, generate the Dynamic Access Code. It will be sent to your registered Email ID and Mobile Number.

   

   Dynamic Access Code Generation Page

4. Provide the Dynamic Access Code and click on SECURE LOGIN.
5. Once the Home Page gets opened, go to Banking -> Deposits -> Open A Term / Recurring Deposit link as shown below.
6. 

   Kotak Mahindra Bank RD Account
7. Select Deposit Type as Recurring Deposit and fill all the details as shown below.

   

   Click to enlarge - Recurring Deposit Details Page
8. Once done, click on Submit button.

Congratulations!! You have successfully opened RD account using Online Banking facility in Kotak Mahindra Bank. 

 

Also Read:

More Articles on Kotak Mahindra Bank

How To Online Close or Cancel RD Account In Kotak Mahindra Bank?

Images Courtesy: Kotak Mahindra India

Download and Know About Pensioners Life Certificate

Finance Guru Speaks: This article provides you Pensioners Life Certificate document.

All the Retired People, eligible for Government Pensions have to produce duly-filled Life Certificate document in front of the Bank where their Pension Account is operating. The bank is here acting as Pension Disbursing Authority (PDA).  

Also read:

How To Fill Pensioners Life Certificate Form For Retired Senior Citizens?

They need to mandatorily produce this Certificate every year in the month of November so that they can get their monthly pensions smoothly. In other words, this activity has to be done once in a year (on every November).

The intention of producing this life certificate is the annual identification infront of PDA.

You can download the Pensioners Life Certificate from this link.

Note: If you fail to produce this life certificate in the month of November, then your pension may stop from next month (December) onwards.

The Life Certificate looks like this :-

Click to enlarge - Pensioners Life Certificate

Please do let me know if you need any help in filling this form. I would be more than happy to do so!

I wish a very peaceful and pleasant life to all the retired audience. :-)

                                                                                      

Please share this article over social networks. For more Learning, Please visit "At A Glance" Section.

How To Extend Your PPF Account?

Finance Guru Speaks: This article provides information on how you can extend your PPF account.

Public Provident Fund

Also Read:

More Articles on PPF, EPF and UAN

The investor can choose to extend the PPF with additional contributions or without fresh contributions. The rules for contribution to the extended account remain the same as during the 15 years. Once the choice is made for a block of five years, it cannot be changed.

Form Required: The investor has to submit Form H at the post office or bank where the account is held if he intends to continue with the subscription. The PPF Extension Form for SBI Bank is available at this link.

Note: You can also download PPF Account Opening Form for SBI Bank from this link.

Choice of Extension: The choice to extend the PPF account with a subscription has to be made within one year from the maturity of the account. If this is not done, then by default the account is deemed to have been extended without further contribution for five years.

Benefits of Interest Earned: The interest earned during the extended period of the PPF continues to be tax-free. There is no limit prescribed for the number of extensions of five years that are allowed for an account. The benefit of extension is not available to the NRIs who open the account before a change in their residency status.

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How To Open Online Fixed Deposits (FD) In HDFC Bank Through NetBanking?

Finance Guru Speaks: Just like I wrote an article on how you can open Fixed Deposit account in SBI through Internet Banking or Net Banking, similarly I have come up with the same idea for HDFC Bank.

You can also read:

How To Open Online Recurring Deposit Account in SBI Through Internet Banking?

How To Open Online Recurring Deposits (RD) In HDFC Bank Through NetBanking?

You need to have NetBanking feature enabled to open your FD Account online. Contact your HDFC home branch to open Netbanking facilities for your account.

Steps to follow to open online FD Account in HDFC Bank:-

1. Login to HDFC Bank NetBanking with your valid details.

 

HDFC NetBanking Login

2. Once the page opens, on the left-hand side, click Open Fixed Deposit < Rs 1 Cr link present under Transact heading. It’s shown as below:-

HDFC Online Fixed Deposit

How To Open Fixed Deposits (FD) in SBI Through Internet Banking?

Finance Guru Speaks: Wondering how to open online Fixed Deposits (FDs) in SBI through Internet Banking? No worries, this article will guide you. No need to stand in long queues and waste your precious time in the branch. You can avail of the facility with ease and it’s just a few clicks away!

Steps to follow to open Fixed Deposits (FD) or eTDR in SBI Through Internet Banking:-

1. Login to your SBI Internet Banking Account.

OnlineSBI Login Page

2. Go to e-Fixed Deposit  -> e-TDR/e-STDR(FD) and select e-TDR / e-STDR (Fixed Deposit) option. Now click on the Proceed button. It is shown below:-

Click to enlarge - OnlineSBI FD or eTDR Account

 

Here, STDR means FD Account Cumulative - Interest paid at maturity.

TDR means FD Account Non-Cumulative - Interest paid at selected intervals.

Fill in the details on the next page and submit it to open an FD Account. Let me know if you face any difficulties in filling up the details.
 
3. Once your FD account opens, you can check its details under the section Deposit Accounts in My Accounts > Account Summary page, as shown below:-

Click to enlarge - Open Online FD Account in SBI

 

Important details provided by Bank:

- e-TDR/e-STDR with an additional rate of interest for Senior Citizens will be issued if the option for "Senior Citizen" is selected by the customer and the age of the customer is 60 Yrs or above, on the date of creating the fixed deposit, as per the date of birth recorded with the Bank. The minimum days and minimum amount applicable for an additional rate of interest for senior citizens will be as per the Bank's policy. "However, no additional rate of interest for senior citizens is provided under NRE and NRO term deposits."
- As per section 206AA introduced by Finance(No.2) Act 2009 effective April 01,2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits and 30.90% in case of NRO deposits.
- Additionally, in the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
- NRO depositors are required to submit self-declaration / tax residency certificates for availing concessional TDS facility under DTAA.
- Kindly visit your SBI branch with your PAN card (original and copy) to get the same updated in the bank records.
- e-TDR/e-STDR can be opened up to 10 years/3650 days only.
- e-TDR/e-STDR can be opened only if the mode of operation is 'Single' or 'Either or Survivor' or 'Any A/c Hold or Surv' or 'Power of Attorney' or 'Letter Of Authority' or 'Sole Minor-Above 10 Year' or 'Nat Guard Of Minor' or 'Former or Survivor' and 'Latter or Survivor'.
- For e-TDR, the interest will be credited to the savings account selected above.
- For e-TDR, if the tenor is less than or equal to 180 days, interest will be paid at maturity.
- For e-TDR, if the tenor is within 181 to 365 days (including both days), interest will be paid quarterly.
- For e-STDR, interest will be paid at maturity.
- Interest paid at monthly intervals will be at a discounted rate of interest.
- NRO depositors are required to submit self-declaration/tax residency certificates for availing of concessional TDS Facility under Double Taxation Avoidance Agreements (DTAA).
- e-TDR/e-STDR will be disposed of according to the Maturity Instruction given at the time of opening the deposit. In case of auto-renewal, the deposit will be renewed for the same duration for which it was originally kept, at the rate of interest prevailing on the date of renewal for that duration. If auto-renewal instructions are given, the instructions will continue to be executed till terminated by the account holder
- Although you are submitting the instructions online, the account itself will not be opened in Internet Banking but in Core Banking, which is the accounting system of the Bank. Hence the rules about the account as applied in Core Banking will apply to this deposit.
- Interest paid on premature withdrawal of term deposits could be less than the contracted rate, as per the applicable rule on the date of premature payment. To know the current rules, please click on Domestic term deposit, NRO term deposit & NRE term deposit

e-TDR or FD FAQs by Bank: Follow this Bank link

Also Read:

More Articles on SBI

Images Courtesy: SBI Internet Banking website

If you like my work, then you can support me by subscribing to my YouTube Channel - FINANCE guru SPEAKS, and sharing this article over your Social Networks. Thank you. ✌