Money saved is money earned, follow some basic rules in 2019 - reduce your debt or shift from higher cost financing to an affordable one whenever you have an opportunity, avoid impulsive shopping, invest your savings wisely and keep a track of your fund flow i.e money earnt and spent.
The Employees’ Provident Fund Organisation (EPFO) may allow its subscribers to increase their allocation of retirement savings in equity markets. At present, the EPFO invests up to 15% of its investible deposits into the exchange traded funds (ETFs). The EPFO is developing a software which would provide its subscribers details of retirement savings in cash and ETFs components separately. Once the cash and ETF components are shown separately in the EPF accounts, the EPFO would give an option to subscribers to increase or decrease investments in stocks. Presently the total EPFO investments in ETFs stand at Rs 55,000 crore.
SBI account holders have three days before their magstripe debit and credit cards are permanently blocked. Following a mandate by the RBI to phase out old magstripe cards, the biggest lender in India has asked its customers to upgrade to EMV chip cards by December 31, 2018. The RBI notification states that all cards will have to be migrated irrespective of their validity by December 31, 2018. SBI is offering to replace old ATM cards for its users with the new EMV chip cards without any charges.
House Rent Allowance (HRA) deduction is an important component of salaried class tax saving plans. HRA benefit on rent paid to spouse is eligible only when house is acquired or ancestral property of spouse, rent is actually paid to spouse, and living space is not shared with spouse.
Despite poor credit score or even the lack of it, credit access to students, young professionals and small and medium enterprises has become easy through digital lending platforms and P2P lenders such as EarlySalary, CashE and Money View, among others. They offer mobile-based lending platforms to individuals with credit score as low as 600 or no credit score at all. These lenders use innovative data sources and advanced data analytics such as individual’s social network profile, SMS data and e-mails. However, loans through these digital lending platforms come at a higher interest cost ranging between 11.99% and 36%.