People don’t want to overshoot their budget and cut costs on bills. It is very important to educate yourself and understand how insurance works. One can save money on premiums by doing simple research and analyzing the requirements.

Here are some of the tips to save money on car insurance

Shop Around
One of the first step in saving money on car insurance is to do comparison shopping. One can use auto comparison tools on the internet, ask around and call up the insurance agents. Make sure you have scrutinized thoroughly so that you will only buy from a company that is reputed.

Increase the deducible
If you are ready to bear more risk then you can save quite an amount of money by calling up your agent and asking them to raise the deductible. However, to be on a safer side make sure you have cash in hand to cover up the immediate expenses.

Unnecessary coverage
Get rid of the unnecessary coverage expenses as you may be paying more than you need for coverage. For example if you are driving an old car you can easily drop the collision coverage. There is no point paying cumbersome amount of money when the car is not worth the repairs. You may also not need extra coverage like towing or rental reimbursement.

It is advisable to review your coverage every year. As it will vary on personal preferences and assets. Make sure you are aware about your reduced coverage and its policies.

No customization of car
Also, you don’t need to get your car customized and modified. Most of the insurance companies do not cover the expenses that charge them more. One should go for a safe and reliable vehicle. Many sports cars and luxury cars are more expensive when it comes to insurance.

Avoid small claims
Do not make small claims as you will have to go for a higher premium for the insurance in the next year or may be the insurance would not be covered if more number of claims have been made.

Ask for safety discounts
Many insurance companies offer discounts on safety features of the car like discounts for anti-lock brakes, air bags or car alarms.

Bundle the coverage
The best way to save money is to make sure your car is insured with the same company that also insures the house. Ask for combined coverage and discounts. Many insurance companies give discounts to people with multiple types of policies. If you have other vehicles like boat, home, motorcycle then get it insured through the same company.

Keep a check on your usage
Reducing the mileage can also help you save lot of bucks. Many insurance companies take mileage into account when it comes to computation of premiums. Call up your agent if you have made changes in daily commuting or if you are using some other transportation services. There is also no harm in negotiating the price with your agent.

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How to Save Money on Car Insurance

Investment banks are very popular in India that take care of the capital needs. An investment bank helps corporations, governments and individuals by providing financial assistance. They also assist in foreign exchange, equity securities, meters and acquisitions of companies and other services like fixed income instruments and market making. Most of the banks in India are owned by state or are completely private like ICICI and HDFC bank.

Here are some of the top investment banks in India

Bajaj Capital

Bajaj Capital expands all over the country. It expands across 120 offices in 50 cities along with a network of 10,000 advisor associates. The investment banking service provided capital raising solutions for business. There are fiscal planning facilities and it also gives consolation to organizational investors, non-resident indians and other investors. There is a great variety of investment schemes like life insurance, general insurance, mutual funds, etc.

ICICI Securities Ltd.

ICICI bank is the most recognized private bank in India. ICICI Securities Ltd. is a subsidiary of ICICI Bank. Its operations are in various segments like institutional equities, equity capital markets advisory services, consultant services, fiscal good distribution and retail and financial product distribution. It is spread throughout the country catering the needs of corporate and retail clients. This investment back has also been listen under Financial Services Authority, UK and MAS, Monetary Authority of Singapore (MAS).

Kotak

Kotak Mahindra Capital Company assists various banks, financial institutions, government companies with international and domestic capital markets. It leads in public equity offerings. It is a full service investment bank with core areas of mergers and acquisitions, advisory services, equity issuance and fixed income securities.

Industrial Development Bank of India (IDBI)

IDBI is a leading public sector bank. It has been categorized as “other Public Sector Bank”. The banking arm, IDBI bank was merged into IDBI.

IDFC

The various sectors under the financial assistance of IDFC are agriculture related business, healthcare, tourism and infrastructure.

Tata Investment  Corporation Limited (TICL)

TICL is a non banking financial company that has been listen under RBI in the category of ‘Investment Company’. It offers long term investments in equity of various companies from different sectors.

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Top Investment Banks in India

Educational expenses are increasing by leaps and bounds and many people cant afford good education these days. If cash is your hurdle when it comes to education then education loans have come to your rescue. These education loans cover all the tuition expenses and other expenses incurred during academics. All you need to do is complete few formalities and give your documents.

Education loan is a great financial assistance that can shape the future of your child. Usually banks or financial institutions provide loans for courses like medical degrees, engineering or management studies.

Eligibility:
- The applicant should be an Indian national
- The applicant needs to show a secured offer letter especially if studying overseas
- Those applicants applying for colleges or Indian universities should have an admission through proper selection process.

There are several private banks, foreign bank, nationalized banks and private lending institutions that offer student loans. Some of the most popular banks are:

- Axis Bank Study Loan
- Bank of India Loan
- Bank of Baroda Loan
- Bank of Maharashtra Loan
- HDFC Education Loan
- ICICI Bank Education Loan
- IDBI Bank Education Loan
- Indian Overseas Bank Loan
- Oriental Bank of Commerce
- State Bank of India Loan

There are various terms and schemes offered by banks. At present they can offer up to Rs 20 lakh for studying overseas.

Following expenses are usually covered.
- Travel expenses
- Cost of two wheelers
- Examination and hostel charges or accommodation
- Cost of books, uniform and other equipment required

Education Loan Repayment
- The repayment needs to be done usually one year after the course is completed or after six months of the course when a graduate gets a job. It is in the form of equated monthly installments.

Security
- For the loans of up to Rs 4 lakhs no security is required.
- If the loans are in the range of Rs 4 lakhs to Rs. 7.50 lakhs then there is an involvement of third party guarantee.
- If the loans are above Rs Rs. 7.50 lakhs then collateral security or guardian/parents/third party guarantee is required .

The security can in various forms like land/building, public sector bonds, units of NSC, KVP, UTI, gold, shares or LIC policy. It can be bank deposit in the name of parent/guardian or student.

Tax Benefit
- One can also avail tax benefit. The repayment of loan is deductible under Section 80C according to the Income Tax Act. This is usually for the loans taken for higher education like post graduate courses or masters. It is deductible for usually eight years starting from the day of repayment.

Following is some of the factors one should compare before applying for any education loan.
- Interest rates
- How the interest rate is charged?
- The waiver period
- Fees and other costs like administrative fees, processing fees or documentation costs.
- Collateral, guarantee required.
- The down payment which has to be made with every loan. It ranges from 5 percent to 20 percent of the amount.

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Education Loan in India – Factors to Consider before Applying for Education Loan

With fluctuating economy there is a dire need to stop the budget from overshooting. With few measures and steps one can save money on household bills. You will reap huge savings if you are cautious and make smart moves in long run. One should make saving their habit in day to day life and you will save big bucks gradually.

Here are some of the ways to save money on your Household Bills.

1. Cut down on mortgage
One of the best ways to save big bucks on household bills is to save on monthly mortgage payment. You might have got the best interest rate but you can also think of refinancing at even a lower rate if your have worked on improvement of your credit score.

2. Coupons, discounts and offers
Keep yourself informed about what is happening around. Avail various discounts and offers. Clip the coupons from the newspapers and find them online. One can save around hundreds of dollars every month on grocery bills.

3. Bundle the services
Club all the cable, telephone and internet services by subscribing with the same provider. One can easily save $20 or more than that every month.

4. Buy in bulk
You will save lot of money if buying in bulk. Non perishable items like toilet paper, tooth paste, soap and other supplies can be bought in bulk. Grab the good deals and stock up on such items.

5. Save on maintenance and repairs
It is very important to take care of your house from the start so that you wont end up spending a lot on maintenance and repairs. Make sure your house is in good shape and any of the damage is fixed immediately. Address various problems as soon as possible so that the inexpensive repairs wont become big and then cost you a bomb.

6. Saving money on electricity and home heating bills
- Programmable thermostat
You can save money on the energy bills by installing a programmable thermostat. It can be programmed according to your needs when you are asleep or away from home. It is said that thermostat should be turned down to 10 degrees if going to work and when going to bed. This will save around 14 percent on the utility bill.

- Compact Fluorescent Lighting
Compact Fluorescent Lighting should be used that use half of the energy compared to incandescent light bulbs. They also last longer in addition to saving energy.

- Furnace should be cleaned and checked at frequent intervals. This is an effective way to cut down on heating costs.

- Change the air filter on the furnace regularly and a dirty air filter will only decrease the life expectancy of the furnace blocking the air flow.

- Don’t run appliances like dishwashers and washing machines frequently only when you are running full loads of dishes or laundry.

- The shades and blinds should be open and natural daylight should be allowed. There is no need to run light bulbs throughout the day.

- Temperature of the water in water heater should be around 115-120 degrees tats will reduce the use of power.

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Ways to Save Money on Your Household Bills

How to open PPF account

The Public Provident Fund (PPF) is one of the best tax saving investment options. You get the deduction on the income but icing on the cake is that the interest that is earned is tax free.

PPF is a long term debt scheme by the government of India where the interest is paid on regular basis. This investment product is offered by Indian Postal Service.

Eligibility:
Any individual whether self employed or salaried or any other category is eligible for scheme and can get great returns which are more than any return offered on fixed deposits.

Salient Features:
- This scheme is for 15 years
- The rate of interest is compounded annually at 8%

- Flexibility of investment
The minimum amount to be deposited is Rs. 500 and the maximum deposit is Rs. 70,000 in a year. The minimum deposit of Rs 500 is mandatory.
- The deposit can be made in installments as well. You cannot go for more than 12 installments in a year and more than 2 installments in a month. It is not necessary to deposit every month.
- If the deposits are not made then the account is discontinued and it can not be closed until maturity. To activate it one might have to pay a deposit of Rs 500 and Rs 50 for each year.
- Account should be individual or minor with the help of a guardian. Joint account is not allowed.
- First withdrawal is possible only in the 7th year and the limit is only 50 percent of the amount.
- One can also extend the PPF account for 5 years every time.
- There is no specific age when it comes to opening a PPF account.
- It is eligible under Section 80C of Income Tax Act.
- Exempt from wealth tax.
- It is the best for long term investment as it is completely tax free.

Opening a PPF Account
- PPF scheme can be opened in nationalized bank or post office. It can be opened in any of the branches of State Bank of India and its other associated banks like State Bank of Mysore and other nationalized banks. It is easier to open in post office as many banks can be reluctant to open an account as they do not gain additional fees. It can be opened at General Post Office, head post office and other selected grade post offices.

- The account can also be transferred from bank to post office and vice versa.
- One needs to keep in mind that operation two or moor PPF accounts is not possible. Every individual is allowed to have only one PPF account in their name,

Documents required to open PPF account:
Opening a PPF account is easy and straightforward. All the documents are required like an address proof and an identity proof. Identity proof can be Passport, Voter ID card, driving license or PAN card. One also needs to submit passport sized photographs.

If you don’t have a Permanent Account Number then you will have to submit an attested copy of voter’s identity cad, passport or ration card.

After the approval of your application, PPF passbook is issued. The book will contain all the details or printed transactions including withdrawals, loans, subscriptions and accrued interest.

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How to Open PPF Account in India

The infrastructure bonds are the best option to save tax. The Government of India allowed following finance companies to issue these infrastructure bonds :
1)      Life Insurance Corporation (LIC)
2)      Industrial Finance Corporation of India (IFCI)
3)      Infrastructure Development Finance Company (IDFC)

The infrastructure bonds get a deduction up to Rs 20,000 under the section 80CCF. This deduction allowed is besides the deduction of Rs. 1 lakh allowed under section 80C. The individual with an income slab upto Rs. 5 lakh can save tax upto Rs. 2060/-; those with income slab upto Rs. 8 lakhs can save tax upto Rs. 4000/- and those with an income slab more than Rs. 8 lakh can save a tax upto Rs. 6180/-.

The SREI Tax Saving Infra Bond issued under 80CCF Infrastructure Bonds are issued by SREI Infrastructure Finance. The public issue announced by the company is a long term infrastructure bond. The face value of the bond is Rs. 1000/-. They are in the form of secured redeemable non-convertible debentures. They are to be issued in parts and should not exceed 500 crores for the fiscal year 2011-12. These bonds have exemption under 80CCF of the Income tax act, 1961.

The SREI tax saving Infra Bonds has been kept open for subscription form December 31, 2011. The issue closes on the 31^st January, 2012 or earlier depending upon the decision of the Board of Directors. The bonds issued in the tranche 1 have been issued for an amount not exceeding Rs. 300 crores. The Board of Directors has decided to list these bonds on the Bombay Stock Exchange. The Infra Bonds have been rated by CARE AA. The rating by CARE AA refers that these bonds are of high safety in reference to the financial obligations of the company.

The issue of the SREI Tax Saving Infra Bonds is to be issued in one or more tranches. The issue amount should not exceed the shelf limit. The minimum number of bonds an applicant can issue is 1 bond and for the Hindu Undivided Family it is in the multiples of 1. The applicant can apply for the tranche 1 bond in the same series or a different series. The allotment of these tranche 1 bonds is in a dematerialized form. The applicant has the flexibility to keep these bonds either in physical form or a dematerialized form. The bonds are available in four series with varied interest rates.

• Series 1 and Series 2 – 8.90% per annul.
• Series 3 and Series 4 – 9.15% per annul.

The interest for the bonds in Series 1 and 3 will be paid to the applicant on annual basis; while the interest for the series 2 and 4 will be paid on a cumulative basis to the applicant. The company has decided to keep a buy back option for all the series of Infra bonds. The maturity period of the bonds varies from 10-15 years and the lock in period is for 5 years.

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SREI Tax Saving Infra Bond – 80CCF Infrastructure Bonds to Save Tax

Every individual of the country has to pay Income tax mandatorily as prescribed by the government. There are certain ways you can save tax each year. This tax amount is used by the government for various developmental programs of the country; part of this tax money is also used for the development of the society and upbringing of the poor.

The assessment of Income tax takes place in the month of March every year. The tax is to be paid by every person who earns profit – it can be in the form of salary, profits from business from either public limited or private limited company. The income tax is calculated on the annual profit made by the individual or the company. There has been introduction of the new pay commission in the year 2010. All the employees have benefitted from the pay commission; the salaries have increased and at the same time the tax amount shall also increase relatively.

Save Tax in India 2012

There are many tax saving options in India. There are many banks and financial institutions who give details about various tax saving schemes to the individuals and the companies. Some of the most well known tax saving schemes is mutual funds, savings bonds and insurance etc. There are various powerful tools which can help the person save tax to a large extent. The Reserve bank of India has introduced bonds of 3 years and 5 years which gives an interest of 7.5% per annum. These bonds are available in two types cumulative and non cumulative.

In India the tax slabs for male and female are different according to the annual income. If the earnings of the male is between 1,60,000 – 5,00,000 then the tax deducted would be 10% of the annual income. In case it is more than 5,00,000 then the tax shall be deducted at the rate of 20%. In case the income is more than 8,00,000 the rate of tax would be 30%. In case of females the tax is deducted at the rate of 10% only if the income is more than 1,90,000. The following tax saving options in India will help the tax payer in saving the taxes to a large extent.

• Mutual Funds – One of the tax saving options in India is the mutual funds. There are many mutual funds schemes available in the market – both private and government. Some of the mutual funds are State Bank of India mutual funds, Franklin Templeton, Kotak Mahindra, HDFC, ICICI etc. The tax payer should take care to take only those mutual funds which have a locking period. Those mutual funds which are without a locking period cannot get a income tax benefit.
• Home Loan – If the tax payer has taken a home loan then he/she can get the benefit on the EMI of the loan paid. The EMI should be paid before the tax assessment is done so as to avail the benefit.
• House rent – The House rent allowance also gets a waiver in the income tax assessment. The rent receipt of the rent paid has to be submitted as proof to the income tax.
• Insurance policies – The tax payer can get a rebate on the life insurance and healthcare insurance policies. There is no benefit of tax available for general insurance.

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Tax Saving Options in India – How to Save Tax in India 2012

Tax Deduction Under Section 80c – income tax deductions using section 80C of Indian income tax act.

The government of India levies taxes on individuals, Hindu Undivided families, private limited companies, public limited companies firms, co-operative societies and trusts. This tax is levied on the income of the concerned individual or organization. The law of Income tax is strictly governed by the Income tax act, 1961. The Income tax department of India is governed by the Central Board for Direct Taxes. It is also a part of Department of Revenue under the Ministry of Finance, Government of India.

There are many exemptions available under the Income tax act and a person can get certain deductions accordingly. The deduction under section 80C provides the tax payer certain investments and expenditure which can be deducted from the total income. The maximum amount is up to Rs. 1 lakh. In short the total limit under section 80C is Rs. 1 lakh. This limit of Rs. 1 lakh can be utilized in any arrangement as feasible by the tax payer. The allowable Income tax deductions using section 80C of Indian Income Tax act is as follows:

Provident Fund contributions: The contribution to the Public Provident Fund, Voluntary Provident Fund and the Provident Fund is considered for the deduction under section 80C.

Life Insurance premiums: The tax payer can get the deduction for one or more insurance policy premiums. The insurance premium paid could be for the tax payer himself / herself; spouse and children.

ELSS (Equity Linked Savings Scheme: The investments made in specific Mutual funds are considered in the Equity Linked Savings Scheme under deduction in section 80C.

ULIP (Unit Linked Insurance Plan): The investments made by the tax payer in the ULIP of unit Trust of India and Life Insurance Corporation of India are schemes qualified for deduction under the section.

Fixed deposits and term deposits: This is relatively a new provision in the Income tax deductions using section 80C of Indian Income Tax act. The amount invested in the fixed deposits or term deposits are considered for deduction under section 80C.

Principal part of EMI on housing loan: The principal amount of the EMI on the housing loan is liable for deduction under section 80C. The interest is also allowed for deduction but under section 24.

Tuition fees: The amount paid as Tuition fees for the education of children. The tuition fees are exempt up to two children.

Stamp duty registration charges: The amount paid as stamp duty and the charges paid for the registration while purchasing a house is considered for deduction under section 80C.

National Savings Certificate: The National Savings Certificate (NSC) is a small savings instrument which can be claimed for deduction.

Infrastructure bonds: The infra bonds are issued by the infrastructure companies. The investment made in infra bonds is considered for deduction under section 80C.

Pension funds: The investment done by the tax payer in the pension funds is actually exempt under section 80CCC. The section is clubbed with section 80C.

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Tax Deduction Under Section 80C Indian income tax act

Muthoot Finance NCD Investment – Latest issue dated Dec 22, 2011 – Jan 07, 2012

Muthoot Finance is the leading gold financing company in India. The Company provides personal and business loan against gold. This gold financing is provided essentially to those individuals who have gold jewelry and in spite of having it they are not able to get loans. Also the gold loans are given to those people who do not get credit during a prescribed time frame due to several reasons. The company has a branch network of 1605 branches and is considered as one of the largest NBFC’s among the provider of gold loans.

There are 4.1 million loan accounts of the company across India. The loan amounts are disbursed in the range of Rs. 2000 to Rs. 100,000 and the interest rates charged are at the rate of 12% to 30% p.a. The company provides various services like Gold Loans, Gold coins, Money transfer, And Foreign exchange etc. The Muthoot Finance NCD Investment has opened it issue on December 22, 2011 and open till Jan 07, 2012.

The Muthoot Finance Non Convertible Debentures Investment has been issued at a face value of Rs. 1000 per unit. The minimum investment required is Rs. 5000/- and further in the multiples of one bond. The investor gets three options for investment in the secured redeemable non convertible debentures. The return is as per the maturity of the debenture. The details of the three options for the investment are as follows:

1. The Non convertible debentures for 24 months will attain maturity when it completes 24 months; which is calculated from the day of allotment. The investor can earn 11.75% interest at a coupon rate.
2. The Non convertible debentures for 36 months will attain maturity the day it finishes 36 months from the date of allotment. The earning for the investor is 12% at coupon rate.
3. The Non convertible debentures for 60 months will be matured when the time period of 60 months is completed from the time of allotment of debentures. The earning received for the investor is 12% at coupon rate.

The effective rate of return in Muthoot Finance NCD Investment the investor (individual, corporate and HUF investors) gets for the 1^st option is approximately around 12% and for the second and the third option the rate of return is around 12.25%.

The gold loan portfolio of the company as per the records of March 2011 consisted of 47 lakhs of loan accounts which are catered through 2733 branches across India. With the issue of Muthoot Finance NCD Investment the company is planning to collect an amount of Rs. 500 crores. This money is supposed to be utilized for diverse financing activities like lending and investments, repayment of existing liabilities and also to make up for the working capital requirements.

The experts have commented that the yield from the debentures would be good because in the present scenario the company is making good profits. It has been consistently making profits since past few years and hence one can invest in the bonds without much fear.

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Muthoot Finance NCD Investment

Travel Insurance has become an indispensable part of a trip especially when you are traveling abroad. Travel insurance also known as overseas medical insurance or visitor insurance covers all the medical expenses and other expenses incurred in case of trip cancellation, trip delay, loss of passport, personal theft, dental expenses, baggage loss or personal accident. There are several other risks that might spring on you when your are traveling overseas. Whether you are on a long vacation or a business trip, travel insurance must be considered.

Why Do We Need Travel Insurance

Anything can happen in case of an emergency and especially medical expenses in abroad can cost you an arm and a leg. It will not just overshoot your travel budget but also can put you in debt. God forbid anything can happen to you if you are on a trip whether in mountains or a trekking trip or a bad accident in the US. Therr have been heavy snow storms across Europe and US, flooding in Brazil and Australia, political outrage and riots across the world. Many passengers were left stranded. Thus, it is extremely unsafe and risky to be in a foreign land without travel insurance. It is the best to make your trip a worry free experience.

There are several types of insurance like flight insurance in case your plan crashed or any other mishap, health care insurance along with medical evacuation and repatriation insurance, baggage insurance which provides coverage for damaged, delayed, lost and stolen bags. Some other coverages provided by travel insurance are credit card coverage, adventure sports travel and golf travel insurance. Many insurance companies also offer services like interruption and cancellation insurance in case you have to get back home if there is an emergency.

There are several insurance plans offered by Indian companies for global travel. Some of the travel insurance providers with Indian Overseas plans are:

Travel Insurance India

- Bajaj Allianz overseas travel insurance
- ICICI Lombard overseas travel insurance
- TATA AIG overseas travel insurance
- Oriental overseas travel insurance
- Reliance overseas travel insurance
- Future Generali overseas travel insurance
- Chola overseas travel insurance
- Apollo Munich overseas travel insurance

Travel Insurance comparison:
Since many companies now offer travel insurance scheme it is necessary to compare the policies and features of all the insurance companies around. One can save around 25 percent on insurance premium by comparing the various plans.

You might be in a fix whether to buy or not to buy. Make sure you compare the cost of the insurance policy as well as the cost of the trip. Be sure that is worth paying.

Many credit card companies and bank also provide free insurance when you pay for your bus, air or plane ticket from your credit card. In case the airline does not operate then you will be already covered by your credit card company according to the federal credit laws. This may not cover all the other aspects but you can always look for additional cover at various rates. Various travel agents also offers insurance plans with premiums according to the age, destination and duration of travel.

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Why Do We Need Travel Insurance – Travel Insurance India