Best Knowledge on Credit Cards 1

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What all you should know before applying Credit Card 1

Best Knowledge on Credit Card 

Credit card (CC) is an essential part of modern society, providing consumers with a convenient and flexible way to access credit. However, they can also be a double-edged sword, as misuse can lead to financial difficulties and debt. In this article, we will explore credit cards in detail, including their benefits and disadvantages, why they are used, and key precautions to keep in mind when using them.

What are Credit Cards?

Credit cards are payment cards that allow the cardholder to make purchases on credit, up to a predetermined limit. They are issued by banks, financial institutions, and other credit card companies, and are usually linked to a revolving credit account. The card holder can use the card to make purchases, which are then charged to the account. The cardholder must then make payments on the account, either in full or in part, at regular intervals.

Why are Credit Cards Used?

CCs are used for a variety of reasons, including convenience, rewards, and emergency situations. They allow consumers to make purchases without carrying cash, which can be safer and more convenient. Additionally, These cards often come with rewards programs, such as cashback, airline miles, or hotel points, which can provide additional benefits to the cardholder. Finally, CCs can be used in emergency situations, such as unexpected car repairs or medical bills, when cash may not be readily available.

Benefits of Credit Cards

1. Convenience: These cards are incredibly convenient and easy to use, making them ideal for everyday purchases.

2. Rewards: Many of these cards come with rewards programs that offer cashback, airline miles, or hotel points, which can be used for future purchases or travel.

3. Fraud Protection: These cards offer fraud protection, meaning that the cardholder is not responsible for fraudulent purchases made on their account.

4. Credit Building: Proper use of a these cards can help build credit history, which can be important for obtaining loans and mortgages.

Disadvantages of Credit Cards

1. High-Interest Rates: These cards often come with high-interest rates 30-48% per annum, which can quickly accumulate and lead to debt if not paid off regularly.

2. Fees: These cards may also come with fees, such as annual fees or late payment fees, which can add up over time.

3. Overspending: These cards can encourage overspending, as the cardholder may feel they have more purchasing power than they actually do.

4. Debt: Misuse of these cards can lead to debt trap, which can be difficult to pay off and can negatively impact credit scores.

Key Precautions to Keep in Mind When Using Credit Cards

Make Payments on Time: It is essential to make payments on time to avoid late fees and damage to credit scores.

1. Use Credit Wisely: Only use these cards for necessary purchases and avoid overspending.

2. Pay in Full: Whenever possible, pay off the entire balance of the CC each month to avoid accruing interest charges.

3. Monitor Accounts: Regularly monitor CC accounts for unauthorized charges and other suspicious activity.

4. Be Aware of Fees: Understand the fees associated with your card, including annual fees, late payment fees, and balance transfer fees.

It is clear that these cards are an important financial tool that can provide convenience, rewards, and emergency access to credit. However, they can also be a source of financial difficulties and debt if not used responsibly. By understanding the benefits and disadvantages of these cards, and taking key precautions when using them, consumers can make informed decisions about whether or not to use these cards and how to use them wisely.

FAQs on Best 5 Credit Cards for Poor Credit

  1. For how many years does CIBIL keep a record of its defaulters? CIBIL records of all defaulters will not be permanent, and you can recover from your low CIBIL Score if there is any default. The records are maintained for 5 to 7 years, and after this time period, the records will not adversely affect your credit score.
  2. How important is CIBIL score to get a credit card?The score requirements for a credit card can vary from one bank to another. You should note that a CIBIL score is not the only criteria to get a credit card. With a high CIBIL score, your application can still be rejected due to factors like age, banking relationship, income level, and type of employment.
  3. Are there any loans I can apply for if I have a low CIBIL score?Although most loans cannot be availed with a low CIBIL score, you can get a loan with a higher interest rate charged if your credit score is low.
  4. Is the CIBIL TransUnion the only credit bureau in the country?There are two other credit reporting agencies in -Experian India and Equifax India.
  5. What is the ideal credit score to get a credit card?The closer your credit score is to 900, the better is your chance to get a credit card.
  6. What can be considered as a good credit score?Credit score may vary based on the credit rating company. The credit report and score will provide you with an indication of whether you have a good or bad score. A good score with a particular assessor will more likely to have a good score with another assessor.
  7. What are the factors that are included in the calculation of credit score?There are a few factors that are considered while calculating an individual’s credit score. Primarily, the account information that includes information of credit cards and loans, the public records containing information pertaining to tax lien and bankruptcy, and the hard inquiries made by your lenders will be accountable for the calculation of credit score.
  8. What is the significance of credit score range?The credit score range can vary depending on the assessor, however, the value will represent the same level of creditworthiness. The credit score summary will also indicate the health status, it will tell you if a particular score is excellent, good, average, or poor.
Important Banks CC Customer care number:

For hdfc credit card login, hdfc credit card, hdfc credit card status, hdfc credit card payment, Please contact hdfc credit card customer care: https://www.hdfcbank.com/personal/need-help/contact-us

For sbi credit card login,sbi credit card, sbi credit card customer care, sbi credit card customer care number: https://www.sbicard.com/en/contact-us/personal.page  
You may find this most read article interesting How to become millionaire fast for sure

Importance of budget planning for household 1

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Budget-Planning-for-Household

Importance of budget planning for household

Many of us need some way of seeing where their money is going each month. A budget can help you feel more in control of your finances and make it easier to save money for your goals. The trick is to figure out a way to track your finances that works for you. Budget planning at home is a crucial aspect of managing personal finances. It involves creating a plan that outlines all the income and expenses of the household, and then allocating funds accordingly to ensure that all the bills are paid, and the family can save and invest for the future. If we learn the art of managing our household budget planning effectively, we can escape engaging finance planner for help.

What is a Budget?

A budget is an approximation of income and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic arrangement of weekly, monthly or annually. Budgets can be made for a person, a family, a group of people, a business, a government, a country, a multinational organization.

A family budget is a plan for your household’s incoming and outgoing funds over a specific time period, such as a month or year. For example, you might set aside specific cash amounts or percentages of your combined monthly income for various expenses such as food and saving, investing, and debt repayment.

What is Budget Planning?

Budgetary planning is the process of constructing a budget and then utilizing it to control the expenses of a household keeping necessary expenses, savings and maintaining the desired lifestyle. It is just planning a budget for driving household expenses with respect to income. Household budget planning is also considered personal budget planning.

Here are some steps to help you with budget planning at home:

1. Track your expenses: The first step to creating a budget is to track your expenses for a month or two. This will help you understand your spending patterns and identify areas where you can cut back.

2. Determine your income: Once you know how much you spend, you need to determine how much money is coming in. This includes your salary, any bonuses or commissions, and any other sources of income.

3. List your fixed expenses: These are the bills that you have to pay each month, such as rent/mortgage, utilities, and insurance.

4. List your variable expenses: These are the expenses that can vary from month to month, such as groceries, fuel, travel, entertainment and clothing.

5. Create a budget: Based on your income and expenses, create a budget that allocates funds to each category. Make sure to set aside money for savings and investments.

What is the 50 30 20 budget rule? The most efficient known way is the 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

6. Stick to your budget: Once you have a budget in place, it’s important to stick to it. This means avoiding unnecessary expenses and finding ways to save money for investments and retirement plannings.

7. Review and adjust your budget: As your income and expenses change, it’s important to review and adjust your budget regularly. This will help ensure that you’re always in control of your finances.

Overall, budget planning at home is an essential tool for managing your finances and achieving your financial goals. By tracking your expenses, creating a budget, and sticking to it, you can take control of your finances and secure your financial future.

Here we are sharing few of the budget planning apps to help you mange your budget in proper manner:

1. Mint: Mint is a free budgeting app that allows you to connect all of your financial accounts in one place, including your bank account, credit card, and investment accounts. You can set budgets, track your spending, and see where your money is going. The app also provides customized financial advice and alerts to help you stay on track.

2. Wally: Wally is a great budgeting app for people who want to stay on top of their finances on the go. The app tracks your expenses and income, helps you set financial goals, and gives you reminders about when bills are due. Wally also allows you to take photos of your receipts, and automatically categorize the transaction.

3. PocketGuard: PocketGuard is another popular budgeting app that helps you track your spending and manage your money more effectively. The app is easy to use, and it can automatically categorize your transactions and create a personalized budget for you. You can also use PocketGuard to set financial goals and track your progress.

4. Spendee: Spendee is a budgeting app that offers a clean, user-friendly interface that makes it easy to manage your money. The app allows you to connect to all your bank accounts, credit cards and e-wallets. you can create budgets, track your spending, and see where your money is going. You can also view your financial data in the form of graphs, which can help you understand your spending habits better.

5. YNAB (You Need a Budget): YNAB is a budgeting app that is based on the principle of “giving every dollar a job.” This means that you assign every dollar you earn to a specific category, such as rent, groceries, or entertainment. The app helps you create a budget and stick to it, and it also includes helpful features like the ability to track your income and expenses, set financial goals, and view detailed reports of your spending.

Hope this article will definitely help you managing your personal budget in better way.

This article may be very helpful for you How to become millionaire

The below article is good read on Budget Planning for Home

What is Important FED meeting and it’s impact over global economy 1

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What is FED meeting and it's impact over global economy

What is FED meeting 

The US Federal Reserve System, or simply the FED, is the central bank of the United States. It was created in 1913 by the Federal Reserve Act and has since become one of the most powerful financial institutions in the world. The FED’s primary responsibility is to conduct monetary policy, which involves controlling the supply of money and credit in the economy. This article will explain what the FED is, how it works, and its impact on the global economy.
What is the FED?
The Federal Reserve System is a network of twelve regional banks located throughout the United States, each with its own board of directors. The head of the FED is the Board of Governors, which consists of seven members appointed by the President of the United States and confirmed by the Senate. The Board of Governors is responsible for setting monetary policy, supervising and regulating banks and other financial institutions, and conducting research on economic issues. The Chairman of the Board of Governors is the most visible spokesperson for the FED and is often referred to as the “most powerful person in the world” because of the FED’s immense influence on the global economy.
How does the FED work & FED Meeting so important?
The FED’s main tool for controlling the money supply is open market operations. This involves buying and selling government securities, such as Treasury bonds, on the open market. When the FED buys securities, it injects cash into the economy, which increases the supply of money and credit. When the FED sells securities, it withdraws cash from the economy, which reduces the supply of money and credit. By adjusting the amount of securities it buys and sells, the FED can influence the level of interest rates in the economy, which in turn affects borrowing and lending behavior. FED meeting decisions always impacts the world economy in a big way.
In FED meetings, The FED also sets the federal funds rate, which is the interest rate that banks charge each other for overnight loans. This rate serves as a benchmark for other interest rates, such as those on mortgages, car loans, and credit cards. By adjusting the federal funds rate, the Fed can influence the cost of borrowing and the level of economic activity.
In addition to these monetary policy tools, the FED also supervises and regulates banks and other financial institutions. It sets capital requirements, conducts stress tests, and enforces regulations to ensure the safety and soundness of the financial system. The FED also serves as the lender of last resort, providing emergency loans to banks and other institutions during times of financial stress.
Impact of FED meetings on the US economy
The FED meetings and their actions have a significant impact on the US economy. By controlling the money supply and interest rates, the Fed can influence economic growth, inflation, and employment. For example, if the Fed believes that the economy is growing too slowly, it can increase the money supply and lower interest rates to stimulate borrowing and spending. This can lead to increased economic activity, job creation, and higher inflation. On the other hand, if the Fed believes that the economy is growing too quickly and inflation is becoming a problem, it can reduce the money supply and raise interest rates to slow down borrowing and spending. This can lead to slower economic growth, lower inflation, and higher unemployment.

Impact of FED meetings on the Global economy

1. Monetary policy: The Fed meetings sets the monetary policy of the United States, which includes controlling interest rates and the money supply. Changes in interest rates can affect the cost of borrowing, inflation, and the value of the US dollar. These changes can have significant spillover effects on the global economy, as they can influence capital flows and exchange rates.
2. Financial stability: The Fed is responsible for maintaining the stability of the US financial system. Any disruptions in the US financial system can have significant spillover effects on the global financial system, as the US dollar is a key currency in international transactions.
3. Global financial crises: The Fed played a critical role in responding to the 2008 global financial crisis, which had significant spillover effects on the global economy. Its actions, such as providing liquidity support to foreign central banks, helped stabilize financial markets and prevent the crisis from spiraling out of control.
4. Trade policy: The Fed’s actions can also affect US trade policy. For example, changes in interest rates can affect the value of the US dollar, which can affect the competitiveness of US exports.
For more details you may visit FED’s Official Website

Most Important Technical Analysis Tools 1

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Technical Analysis Tools

Most Important Technical Analysis

Technical analysis is an essential tool for investors and traders to determine the price movements of financial assets. Technical analysis involves analyzing charts, price patterns, and technical indicators to identify trends and predict future price movements. Technical analysis tools help traders and investors to make informed decisions by providing data-driven insights about the market. In this article, we will discuss various technical analysis tools that can be used to analyze financial assets.
1. Chart Patterns
Chart patterns are graphical representations of market movements that traders use to identify potential trading opportunities. They are created by plotting price and volume data over time, and can provide valuable information about market sentiment and trend direction. Some common chart patterns include head and shoulders, double top/bottom, triangles, flags, and pennants. Each pattern has its own unique characteristics and can indicate either a reversal or continuation of a trend. Traders often use technical analysis to identify and trade chart patterns. This involves studying past market data to identify patterns and trends that can be used to predict future price movements. Successful traders use chart patterns in conjunction with other forms of analysis to make informed trading decisions.
Source: Soheil PK0 This text is initially created by the Changelly team. https://changelly.com/blog/chart-patterns-cheat-sheet/
2. Trendlines 
Trendlines are lines drawn on a chart that connect two or more price points. Trendlines are used to identify the direction of a trend and potential support and resistance levels. An uptrend is indicated by a trendline that connects two or more higher lows, while a downtrend is indicated by a trendline that connects two or more lower highs. Trendlines can also be used to identify potential breakout levels.
3. Moving Averages 
Moving averages are one of the most commonly used technical indicators. A moving average is a line that represents the average price of an asset over a specified period. Moving averages can be used to identify trends and potential support and resistance levels. The most commonly used moving averages are the simple moving average (SMA) and the exponential moving average (EMA). The SMA gives equal weight to all data points, while the EMA gives more weight to recent data points.
4. Relative Strength Index (RSI) 
The relative strength index (RSI) is a momentum oscillator that measures the strength of a trend. The RSI is calculated by comparing the average gains and losses over a specified period. The RSI ranges from 0 to 100, with readings above 70 indicating an overbought condition and readings below 30 indicating an oversold condition. The RSI can be used to identify potential reversal points.
5. Moving Average Convergence Divergence (MACD) 
Moving Average Convergence Divergence (MACD) is a popular technical analysis indicator used in the stock market to identify trends and potential buy or sell signals. It is based on the convergence and divergence of two moving averages of different periods. The MACD line is the difference between the 26-day and 12-day exponential moving averages (EMA) of a stock’s price. The signal line is a 9-day EMA of the MACD line. When the MACD line crosses above the signal line, it is considered a bullish signal, indicating a potential upward trend, and when it crosses below the signal line, it is considered a bearish signal, indicating a potential downward trend. Traders use MACD in conjunction with other indicators to make informed trading decisions.
6. Bollinger Bands 
Bollinger Bands are a technical analysis tool used in trading to measure volatility and identify potential trends in the market. The bands consist of a simple moving average line (usually over a 20-day period) in the middle and two lines plotted two standard deviations away from the moving average. These lines represent the upper and lower limits of a range in which the price of an asset is expected to move based on its historical volatility. The narrower the range between the upper and lower bands, the lower the volatility, and vice versa. Traders often use Bollinger Bands to identify overbought and oversold conditions and potential trend reversals.
7. Fibonacci Retracement 
Fibonacci retracement is a technical analysis tool used to identify potential support and resistance levels. Fibonacci retracement is based on the idea that markets will retrace a predictable portion of a move, after which they will continue in the original direction. Fibonacci retracement levels are calculated by taking the high and low of a move and dividing it by Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%, and 100%. These levels can be used to identify potential reversal points.
8. Ichimoku Cloud 
It is also known as Ichimoku Kinko Hyo, is a technical analysis tool used to evaluate the price action of financial instruments such as stocks, currencies, and commodities. The Ichimoku Cloud is a complex indicator that provides a comprehensive view of the price trend, support and resistance levels, and potential trend reversals. The Ichimoku Cloud consists of several components, including the Tenkan-sen, Kijun-sen, Senkou Span A and B, and the Chikou Span. These components help traders identify the direction of the trend and potential levels of support and resistance. The cloud component of the Ichimoku Cloud is formed by plotting the area between Senkou Span A and B, providing a visual representation of the price trend. It is a powerful tool for technical analysis, providing traders with a holistic view of market trends and potential trading opportunities.
9. The Stochastic
The Stochastic is a technical analysis tool used by traders to identify potential trend reversals and momentum shifts in the market. It consists of two lines, %K and %D, which oscillate between 0 and 100 based on the relative position of a security’s closing price to its trading range over a set period. A reading above 80 suggests overbought conditions, while a reading below 20 suggests oversold conditions. Traders may also look for bullish or bearish divergences between the Stochastic and the security’s price to confirm potential trend changes. The Stochastic is a popular and widely used technical indicator among traders and is often combined with other tools for analysis.
List of best websites for stock market news and analysis in India
Conclusion
To conclude a disclaimer from our side that technical analysis tools are an essential component of trading and investment strategies in financial markets. These tools enable traders and investors to identify trends, patterns, and potential entry and exit points in the markets. Technical analysis tools such as moving averages, trend lines, and oscillators can provide valuable insights into market behavior, and traders can use this information to make informed decisions about their trades.
However, it is important to note that technical analysis is not a foolproof method of trading, and it is always advisable to combine technical analysis with other forms of analysis, such as fundamental analysis and market sentiment. Additionally, traders and investors should not rely solely on technical analysis tools but should also consider risk management techniques, such as stop-loss orders, to protect their capital. Overall, technical analysis tools are a valuable resource for traders and investors, but they should be used in conjunction with other tools and strategies to make informed and profitable trading decisions.

Retirement Planning: Meaning, Importance, Process, Rules and Benefits 1

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Retirement Planning: Meaning, Importance, Process, Rules and Benefits

Retirement Planning: Meaning, Importance, Process, Rules and Benefits

In last few decades everyone is getting awareness and concerned about retirement planning. In past it was never a big concern due to low rates of inflation and less technological advancements. So in this comprehensive article, we would like to cover all the important factors around the retirement planning, so that you can enjoy your retired life well.

What is retirement?

Retirement is a life event that marks the end of a person’s working career and the start of a new phase in life. It is a time of transition, change, and opportunity after long years of service or employment. If planned properly it gives wonderful opportunity to pursue hobbies, travel, spend time with loved ones, or just relax and enjoy life. However if not planned properly, it can also be a time of financial uncertainty and stress to maintain the lifestyle and run the family expenses and meeting other financial needs.

What is retirement planning?

As we gone through the retirement event, Retirement planning is an important process of anticipating, calculating and preparing for retirement, by setting financial goals, developing a saving and investment strategy, managing debt and expenses, assessing insurance and healthcare needs, and planning for meeting other financial needs, so that rest of the life of the individual and dependents can be enjoyable and happy and they can maintain their standard of living, and enjoy a comfortable retirement. Retirement planning also provides a sense of control, confidence, and peace of mind, by anticipating and addressing potential risks and contingencies.

Why Is Retirement Planning So Important?

Retirement planning is the process of preparing for the financial needs and lifestyle changes that come with retirement. It is a critical component of financial planning that should begin as early as possible, preferably in one’s 20s or 30s. Unfortunately, many people put off retirement planning until later in life, which can result in significant financial difficulties down the road.

  1.  The first reason why retirement planning is so important is that people are living longer than ever before. With advances in healthcare and medical technology, it is now common for people to live well into their 80s and 90s. This means that retirees will need to have enough savings to support themselves for 20-30 years or more. Without proper planning, retirees risk running out of money and becoming reliant on government assistance or family support.
  2. Retirement planning is also important because it allows people to maintain their standard of living after they stop working. Many people mistakenly assume that their expenses will decrease significantly in retirement, but this is not always the case. While some expenses, such as commuting costs, may go down, others, such as healthcare expenses, may increase. Additionally, retirees may want to travel, pursue hobbies, or engage in other activities that require additional funds.
  3. The third reason why retirement planning is important is that it provides a sense of security and peace of mind. Knowing that you have enough savings to support yourself in retirement can alleviate financial stress and allow you to enjoy your golden years without worrying about money. It can also help you avoid making hasty financial decisions or taking unnecessary risks with your investments.

Seeing the above reasons we can easily anticipate how important retirement planning is. It is a crucial aspect of financial planning that should not be overlooked. It allows people to prepare for the financial realities of retirement, maintain their standard of living, and enjoy their retirement years with peace of mind. Whether you are just starting your career or are approaching retirement age, it is never too late to begin planning for your future.

How Do I Start Planning for Retirement? What is the process of retirement planning? What are the 7 steps in planning your retirement?

Starting to plan for retirement can be overwhelming, but it is an essential step in securing your financial future. Here are some steps to get started:

  1. Set retirement goals: The first step in retirement planning is to determine how much money you will need in retirement. Consider your lifestyle goals, including travel plans, hobbies, and other activities you would like to pursue. Also, take into account healthcare costs and potential long-term care expenses.
  2. Assess your current financial situation: Take a close look at your current income, expenses, assets, and debts. This will help you determine how much you can save for retirement and where you need to make adjustments to your spending and savings habits.
  3. Estimate your retirement income: Consider the various sources of retirement income, such as Social Security, pensions, and retirement accounts, and estimate how much you can expect to receive from each source.
  4. Develop a retirement savings plan: Determine how much you need to save each month to reach your retirement goals. This will depend on your age, retirement goals, and current savings.
  5. Maximize retirement accounts: Take advantage of tax-advantaged retirement accounts, such as 401(k) plans or IRAs in US and NPS schemes in India, to maximize your retirement savings potential.
  6. Consider other investments: Look into other investment options, such as stocks, bonds, or real estate, to diversify your retirement portfolio and potentially increase your savings.
  7. Monitor and adjust your plan: Review your retirement plan regularly and adjust as necessary based on changes in your financial situation or retirement goals.

It’s essential to start planning for retirement as early as possible, but it’s never too late to start. By taking these steps, you can begin building a solid foundation for your retirement savings and achieve your retirement goals. Additionally, consider consulting with a financial advisor to help guide you through the retirement planning process and ensure that your plan is on track.

What is the 4% rule in retirement planning?

The “4% rule” is a widely used guideline for retirement planning that suggests that you can safely withdraw 4% of your retirement savings in the first year of retirement and adjust that amount for inflation each year thereafter. The idea behind this rule is that by withdrawing 4% annually, your retirement savings should last for 30 years or more, assuming a mix of stocks and bonds.

For example, if you have a retirement portfolio of $1 million, you would withdraw $40,000 in the first year of retirement. In subsequent years, you would adjust that amount for inflation. The 4% rule is based on historical market returns, and it assumes that your retirement savings are invested in a diversified portfolio that includes stocks and bonds.

It’s important to note that the 4% rule is just a guideline, and it may not be appropriate for everyone. Your personal circumstances, such as your retirement goals, lifestyle, and risk tolerance, may require a different withdrawal rate. It’s also important to regularly review your retirement plan and adjust your strategy as needed to ensure that you’re on track to meet your goals.

What is the 30 30 rule to retirement?

The 30/30 rule is a retirement planning guideline that suggests that you’ll need to have saved 30 times your annual expenses to retire comfortably. The idea behind this rule is that if you have saved 30 times your annual expenses, you can withdraw 3.3% of your retirement savings annually and have a high likelihood of your savings lasting for 30 years or more.

For example, if your annual expenses in retirement are $50,000, you would need to have saved $1.5 million (30 x $50,000) to meet the 30/30 rule. If you follow this guideline, you would withdraw $49,500 (3.3% of $1.5 million) in the first year of retirement and adjust that amount for inflation each year thereafter.

It’s important to note that the 30/30 rule is just a guideline, and your actual retirement needs may vary depending on your individual circumstances. Your lifestyle, healthcare needs, and other factors may require you to save more or less than 30 times your annual expenses. The key is to start saving as early as possible and regularly review your retirement plan to ensure that you’re on track to meet your goals.

Benefits of retirement planning

After learning the various components of retirement planning and its importance, let’s compile the several benefits of retirement planning:

  1. Financial security: Retirement planning helps you build a nest egg to support your retirement lifestyle and meet your financial needs. It can help you achieve financial security and peace of mind in retirement.
  2. Flexibility: By planning for retirement, you have more control over your financial future. You can make informed decisions about how much to save, when to retire, and how to manage your retirement income.
  3. Tax benefits: Retirement accounts such as 401(k)s and IRAs offer tax benefits, such as tax-deferred growth and tax-free withdrawals in retirement. This can help you save more for retirement and reduce your tax burden.
  4. Compound interest: Starting to save early and regularly can help your retirement savings grow through the power of compound interest. This means that you earn interest on both your principal and the interest you’ve already earned.
  5. Peace of mind: Knowing that you have a plan in place for your retirement can give you peace of mind and reduce financial stress. This can help you enjoy your retirement years without worrying about money.

In summary, retirement planning can provide financial security, flexibility, tax benefits, compound interest, and peace of mind. By taking the time to plan for your retirement, you can enjoy a comfortable and financially secure retirement.

Retirement planning calculator

A retirement planning calculator is a tool that can help you estimate how much you need to save for retirement based on your current financial situation, retirement goals, and other factors. Retirement calculators can also help you determine how much income you’ll need in retirement, how much you should save each year, and how long your retirement savings will last.

There are several retirement planning calculators available online, including those provided by financial institutions as goldstone financial group retirement planning, retirement planning websites, and personal finance websites.

When using a retirement planning calculator, it’s important to input accurate information and to consider various scenarios and factors that may impact your retirement savings. It’s also important to regularly review and adjust your retirement plan based on your changing circumstances and goals.

Conclusion

Retirement planning is a critical component of financial planning that should not be overlooked. By setting clear goals, assessing your financial situation, maximizing retirement accounts, and considering other investment options, you can build a solid foundation for your retirement savings. Regularly monitoring and adjusting your plan can help you stay on track and ensure that you are well-prepared for the financial realities of retirement. Whether you are just starting your career or approaching retirement age, taking action now to plan for your future can help you achieve a comfortable and secure retirement.

We hope this article will be helpful in planning a happy retired financial life.

Top 8 Sources for Online Money Earning

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Top 8 Sources for Online Money Earning

Top Sources for Online Money Earning

In today’s world, everyone wants to earn money, and finding ways to make money without investing anything is a dream come true for many. Fortunately, there are various legitimate ways to make money without any investment. In this article, we will discuss about why people are moving towards online money earning sources and the top sources for earning money without any investment.
So, firstly let’s understand Why Online money earning is becoming favorite among people. After research we could find out the following reasons why online money earning making is becoming a favorite among people:
1. Convenience: One of the main reasons why online money making is popular is because it is convenient. You can work from anywhere in the world as long as you have a computer and an internet connection. This means that you can work from home, a coffee shop, or even while traveling.

2. Flexibility: Online money making offers flexibility in terms of the hours you work. You can work at any time of the day or night, and you can work as much or as little as you want.

3. Variety of options: There are many different ways to make money online, which means that you can choose the option that best suits your skills and interests. Some popular options include freelance writing, blogging, affiliate marketing, online tutoring, and selling products or services online.

4. Low start-up costs: Starting an online business or side hustle often requires much less money than starting a traditional brick-and-mortar business. You can often start with just a computer and an internet connection, and many online platforms are free or low-cost to use.

5. Unlimited earning potential: With online money making, there is no limit to how much you can earn. You can earn as much as you want, depending on the amount of time and effort you put into it.

I think we are clear why online money making is becoming popular because it offers people the freedom, flexibility, and earning potential that traditional jobs often cannot provide.

Now lets understand what are the most workable ideas which can be implemented and a new source of income can be generated without much of investment:
  1. Online Surveys

One of the easiest ways to make money online is by participating in online surveys. Several market research companies are ready to pay for your opinion about their products or services. You can sign up with these websites and start taking surveys to earn money.

  1. Freelancing

Freelancing is another way to make money online without any investment. You can use your skills to offer various services like content writing, graphic designing, web development, etc. There are various websites like Upwork, Freelancer, and Fiverr that offer a platform for freelancers to find work and earn money.

  1. Online Tutoring

If you have knowledge of a particular subject, you can become an online tutor and make money. Several websites like Chegg, TutorMe, and Skooli offer a platform for online tutoring, and you can earn money by teaching students online.

  1. Affiliate Marketing

Affiliate marketing is a way to earn money by promoting other people’s products. You can sign up for an affiliate program and promote their products on your website or social media channels. Whenever someone buys a product through your referral link, you earn a commission.

  1. Blogging

Blogging is another way to make money without any investment. You can create a blog and start writing about your interests or niche topics. Once your blog starts getting traffic, you can monetize it through various methods like affiliate marketing, sponsored posts, and advertisements.

  1. Online Gigs

Several websites like TaskRabbit, Zaarly, and Thumbtack offer a platform for people to find short-term gigs and earn money. You can offer services like cleaning, lawn care, pet care, and many others.

  1. Online Selling

You can also make money by selling products online without any investment. Several websites like Amazon, eBay, and Etsy offer a platform for people to sell products online. You can also create your own online store and start selling products.

  1. Virtual Assistant

If you have administrative skills, you can become a virtual assistant and earn money. Several businesses hire virtual assistants to manage their administrative tasks like email management, scheduling, and data entry.

In conclusion, there are various legitimate ways to make money without any investment. However, it is essential to be careful while choosing these sources as there are many scams out there. You should always research and choose legitimate sources to avoid getting scammed.

How much time does it take to establish any of these ideas:

The time it takes to establish an online money-making idea can vary greatly depending on several factors such as the type of idea, the resources available, the level of effort and smart work put into it, and the level of competition in the market, over and above competition cutting strategy you define.

Some ideas may take only a few weeks to get started, while others may take several months or even years to build and scale up to generate significant revenue. It’s important to note that success in any online business requires a lot of hard work, dedication, and persistence.

Additionally, it’s important to consider that online money-making ideas may require ongoing maintenance and improvements to remain profitable and successful. Therefore, it’s crucial to be patient and committed to the idea, and to continually evaluate and refine the business model as needed.

Now you must have got a good idea on how to proceed, Just go ahead and try it…………

Online Money Earning Apps

You will be also surprised to know there are also few online earning apps in India

1. Roz Dhan. Roz Dhan is one of the most famous money making apps

2. Meesho. Joining Meesho can assist you in becoming a businessman

3. Task bucks

4. Google Opinion Rewards

5. Wonk

6. MooCash etc

We will surely try to compile the story on these apps in coming posts. Hope you are liking our content on online money earning. We will recommend to have a look over How to become millionaire fast.

 

What is ONDC (Open Network for Digital Commerce) | Whats is it’s need?, What are advantages, disadvantages, Challenges & Top ONDC Seller Apps & Top ONDC Buyer Apps 1

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What is ONDC (Open Network for Digital Commerce) | Whats is it's need?, What are advantages, disadvantages, Challenges & Top ONDC Seller Apps & Top ONDC Buyer Apps

What is ONDC (Open Network for Digital Commerce)

The world is moving towards a digital economy, and India is no exception. With the rise of digital commerce, the need for a robust infrastructure to support it has become more pressing than ever. After as a great game changer with venture of UPI, NCPI next comes Open Network for Digital Commerce (ONDC) into play. The Open Network for Digital Commerce (ONDC) is a revolutionary platform that aims to transform the way digital commerce is conducted in India.

It is a government-backed initiative that seeks to create a secure, open, and interoperable digital ecosystem for businesses of all sizes to thrive and grow. The ONDC is a digital platform that has been designed to facilitate seamless and secure transactions in the digital economy. It is an open network that enables merchants, banks, and other service providers to interconnect with each other and offer their services to customers in a unified manner.

In this article, we will explore the ONDC in detail, its benefits, and why it is needed. We will also look at the changes that are likely to occur in the Indian digital economy due to the ONDC and the disadvantages or shortcomings following them.

Why has India initiated this revolution?

India has been a world leader in demonstrating the successful adoption of digital infrastructures at the population scale, such as UPI, AADHAAR, and more. ONDC (Open Network for Digital Commerce) is yet another tech-based initiative to transform the way e-commerce functions in the country by enabling e-commerce through an open protocol based on open-source specifications.

The initiative will not only facilitate the rapid adoption of e-commerce but also boost and strengthen the growth of startups in India. By facilitating scalable and cost-effective e-commerce through the open protocol, ONDC will empower startups to grow collaboratively.

What is the Open Network for Digital Commerce?

The ONDC is an initiative of the National Payments Corporation of India (NPCI) to create an open digital infrastructure for the Indian economy. It is a platform that enables merchants, banks, payment gateways and other service providers to interconnect with each other and offer their services to customers in a seamless and secure manner.

The ONDC is being developed by the Ministry of Commerce and Industry in collaboration with various other government agencies, including the National Payments Corporation of India (NPCI), the Department of Revenue, and the Department of Posts. The platform was planned to be launched in 2022 end.

It is a one-stop-shop that will provide a range of services to businesses, including e-invoicing, e-payment, e-contracting, e-logistics, and dispute resolution mechanisms. The platform will be based on open Application Programming Interfaces (APIs) that will allow businesses to easily integrate their systems with the ONDC.

The ONDC is built on top of the Unified Payments Interface (UPI), which is a real-time payment system that allows instant money transfer between bank accounts. The UPI has been a game-changer in the Indian digital economy, and the ONDC aims to build on its success and create a more comprehensive digital infrastructure.

Thus, ONDC goes beyond the current platform-centric digital commerce model where the buyer and seller have to use the same platform or application to be digitally visible and do a business transaction.

Why do we need the Open Network for Digital Commerce?

The ONDC is needed to address several challenges that currently exist in the Indian digital economy. These challenges include:

  1. Fragmentation: The Indian digital economy is fragmented, with multiple payment gateways, banks, and service providers offering their services independently. This makes it difficult for customers to use multiple services and increases transaction costs for merchants.
  2. Limited interoperability: Interoperability between different service providers is limited, which means that customers are often limited to using a single payment gateway or bank for transactions. This reduces competition among service providers and limits customer choice.
  3. Security concerns: There are still concerns around the security of digital payments in India, particularly with regard to fraud and data breaches. This can undermine customer confidence in digital payments and slow the adoption of digital commerce.
  4. Lack of financial inclusion: Many small merchants and businesses in India still operate outside of the formal banking system and do not have access to digital payment services. This limits their ability to participate in the digital economy and hampers their growth.
  5. High costs: The lack of standardization and interoperability in the current ecosystem results in high costs for businesses. This reduces their competitiveness and limits their ability to expand their operations.

The ONDC aims to address these challenges by creating an open, interoperable, and secure digital infrastructure that enables all service providers to offer their services in a unified manner.

Benefits & Advantages of the Open Network for Digital Commerce

The ONDC is aimed to rule the current issues of the merchant transactions and offer several benefits to merchants, banks, and customers alike. Let’s take a look at some of the most significant benefits:

  1. Interoperability: The ONDC enables interoperability between different service providers, which means that customers can use their preferred payment gateway or bank to make transactions. This increases competition among service providers and gives customers more choice and convenience.
  2. Increased efficiency: The ONDC will be based on open APIs that will allow businesses to easily integrate their systems with the platform. This will increase the efficiency of the overall ecosystem and reduce the complexity of doing business.
  3. Lower costs: The ONDC aims to reduce the cost of transactions by enabling direct connectivity between service providers. This will reduce the need for intermediaries and lower transaction fees, benefiting both merchants and customers.
  4. Increased security: The ONDC is designed to be a secure platform that uses advanced encryption and authentication protocols to ensure the security of transactions. This will reduce the risk of fraud and enhance customer confidence in digital payments.
  5. Greater financial inclusion: The ONDC aims to promote financial inclusion by enabling small merchants and businesses to participate in the digital economy. By lowering transaction costs and providing a more secure platform, the ONDC will make it easier for these businesses to accept digital payments and access financial services.
  6. Reduced compliance burden: The ONDC will provide a range of compliance-related services, including e-invoicing and e-contracting. This will reduce the compliance burden on businesses and increase their productivity.
  7. Increased innovation: The ONDC will provide a platform for businesses to innovate and create new products and services. This will help Indian businesses compete globally and drive economic growth.
  8. New opportunities: ONDC is expected to create new business opportunities for e-commerce players. It will enable them to tap into new markets, access new customers, and explore new business models.

Potential disadvantages or challenges of the Open Network for Digital Commerce (ONDC):

  1. Adoption: One of the biggest challenges for any new technology or platform is getting people to adopt it. The success of ONDC will depend largely on how many businesses and consumers are willing to use it. If adoption is slow, it could hinder the growth and development of the platform.
  2. Integration: For ONDC to be successful, it will need to integrate with various systems and platforms. This can be a complex and time-consuming process, particularly if existing systems are incompatible with ONDC.
  3. Security: ONDC will need to have robust security measures in place to protect against hacking and cyber attacks. This can be a difficult task, and any security breaches could damage the platform’s reputation and deter users from adopting it.
  4. Regulation: The use of ONDC may be subject to regulations and restrictions, which could limit its growth and adoption. Additionally, navigating regulatory requirements can be a complex and expensive process.
  5. Competition: ONDC will be entering a crowded market with numerous existing platforms and technologies. Competing with established players can be difficult, particularly if they have greater resources and market share.

It’s worth noting that some of these potential disadvantages are common to many new technologies and platforms, and do not necessarily mean that ONDC will not be successful. Ultimately, the success of ONDC will depend on how well it addresses these challenges and meets the needs of businesses and consumers.

A few ONDC seller apps in 2023 (Source: https://www.mystore.in/en/blog/top-10-ondc-seller-apps-in-2023)

  1. Mystore®

Launched by StoreHippo, Mystore is an ONDC-connected marketplace that facilitates SMEs all across India to sell their products in the Indian ecommerce market. The Mystore seller app offers a gamut of built-in tools and a feature-rich admin dashboard to help manage business activities seamlessly. The platform offers such an easy-to-use interface that even novice sellers who have no prior experience or knowledge of selling online can quickly take their business to the digital space with ONDC.

Sellers can also have a hassle-free online journey with Mystore’s seamless integration with payment gateways, ONDC-approved logistics partners, SMS providers etc. Even the sellers who are already selling on other platforms can easily migrate to the best ONDC seller app, Mystore. It is built on cutting-edge technologies (MEAN stack, MACH architecture, SPA, decoupled headless solutions) offering an ecommerce store to sellers at ZERO subscription cost.

  1. eSamudaay

The eSamuday platform is built to support local economies across India who are looking for ONDC seller registration. It offers solutions to simplify order processing and managing products for merchants from grocery, food and beverage industries.

The app is onboarding businesses from Bangalore, Shillong, Udupi, Lucknow, Meerut, Kaup, Bijnor, Cuttack, Kanpur, Ahmedabad, Surathkal, Bhopal, Mysuru, Mangalore, Dehradun, Haridwar, Chikkamagaluru, Mandya, Jammu and Kashmir, Ranebennur, Kotputli, Singur, Bailhongal, Kotdwar, Hamirpur, Bardez, Bansur, Parsa, Lakhimpur Kheri, Mudbidri, Porvorim, Tiswadi, and Gorakhpur. Businesses can accept orders, manage product catalogues, stock status and fulfill orders via the eSamuday ONDC seller app.

  1. GOFRUGAL technologies

Grofugal technologies offers next-gen solutions to merchants and retail businesses to sell on the ONDC network. It enables the merchants to go for omnichannel selling, so the customers can shop from the merchant’s shop using various channels. The seller app offers a comprehensive admin panel where all the sales, accounts, and inventory data can be seen with business reports.

The GOFRUGAL technologies seller app deals with merchants from the grocery, food and beverage industries. Sellers from Bangalore, Bhopal, Chandausi, Chennai, Chindwara, Chittoor, Coimbatore, Delhi, Ernakulam, Gangtok, Jaipur, Kanchipuram, Kanpur, Kolkata, Lucknow, Noida, Pune, Pollachi, Ramnathapuram, Theni, Thiruvallur, Tindivanam, Tirunelveli, Vijayawada, and Vizianagaram are using the GOFRUGAL app for ONDC India website login.

  1. Growth Falcons

Active in Bengaluru and New Delhi, the Growth Falcons seller app is categorically working with sellers from food and beverage industries. Growth Falcons is an AI-based growth marketing agency that has developed its own ONDC seller app to help sellers register on the open-network. It offers quick onboarding, analytics and integrated logistics to its sellers.

  1. SellerApp

Seller app and YES Bank collaborated to offer YES bank’s corporate customers an ONDC seller app to sell on the open network. It deals in the grocery, home and decor categories for its sellers while offering catalouge, inventory, customer orders and reports functionalities. The SellerApp is available for ONDC app download in Delhi, Gurgaon, Noida, Mumbai, Bangalore, Greater Noida, Vadodara, Indore, Mangalore, Jaipur, Moradabad, Bareli, Lucknow, Faridabad, Chennai and Thiruvananthapuram.

  1. ITC Store

The ITC store is licensed by the ITC Limited to enable small and medium sized sellers to take their business online. It is available for the grocery, personal care and stationary needs of customers in more than 11 cities like Delhi NCR, Lucknow, Ahmedabad, Mumbai, Pune, Kolkata, Bangalore, Hyderabad, Chennai, Gurgaon, Guwahati, covering more than 1000 pin codes between these cities.

  1. uEngage

uEngage ONDC seller app offers customized seller app to the merchants and a controlled dashboard with inventory and customer data. uEnagage also helps businesses with ONDC requirements, from KYC verification, inventory or catalogue upload, notifications setup to linking payment methods. With its presence in the food and beverage industry, uEngage is ready for sellers in Delhi NCR, Bangalore and Chandigarh.

  1. EnStore

The ONDC seller app, EnStore enables the Indian merchants to offer an omnichannel shopping experience to its customers. It offers features and tools to centrally manage all your business operations. Grocery, food and beverage sellers can quickly start their retail business with the EnStore seller app in locations like Bangalore, Hyderabad, Ernakulum, Goa, Chennai, Madurai, Coimbatore, Mumbai.

  1. Digiit

The Digiit ONDC seller app enables its users (sellers) to serve their customers while the platform owner can make an additional revenue stream without additional investment. The seller app deals with sellers from Grocery, Food & Beverage, Home & Decor industries. Customers from Coimbatore, Pollachi, Chennai, Madurai, Kumbakonam, Erode, Tiruchirappalli, Mayiladuthurai, Dharmapuri, Ramanathapuram, Mettupalyam, Thirssur, Kannur, Ernakulam, Kollam, Guruvayur, Trivandrum, Bangalore, Mohali, and Mumbai can make a purchase using the Digiit ONDC seller app.

  1. eVitalRx

Integrated with the ONDC network, eVitalRx helps the small and medium sellers increase their reach and connect faster with their customers. It is the first healthcare industry to be associated with Open Network for Digital Commerce. However, eVitalRx is in its Beta phase at the moment. It will be launched soon for the customers pan India.

A few ONDC Buyer apps in 2023 (Source Credit: https://www.mystore.in/en/blog/top-5-ondc-buyer-apps-in-2023)

  1. Mystore

Launched by StoreHippo, Mystore buyer app is a feature-rich interface that offers the most amazing and seamless buying journey on the open network. The Mystore app for buyers enables its customers to discover goods and services across all industries, make frictionless payments, choose the logistics solution of their own choice, track their orders, cancel them, contact their sellers for queries, rate them on the app and much more.

Supporting the Vocal for Local campaign by the Indian government, Mystore is the first-of-its-kind ONDC buyer app offering multi-lingual support to their customers. Buyers on the open platform can choose to shop in their preferred language between Hindi, English and Kannada. Mystore provides the buyers with a faceted search option and multi seller cart functionality enabling ease of shopping on the open network.

The ONDC-connected buyer app, Mystore is designed to help the buyers reorder their favourite items hassle-free. Wondering how? Well, buyers on Mystore app can quickly scan the QR code (given by Mystore) for the invidual seller page of their favourite sellers and save or share them for future references. This helps the buyers to seamlessly reorder and save time from searching the item/seller on the platfom.

The Mystore buyer app helps buyers avail quick commerce like delivery to the customers by delivering orders in less than 10 minutes from the sellers in their own vicinity. With such hyperlocal deliveries, buyers can get their orders much faster using the open network.

  1. CraftsVilla

CraftsVilla is an ONDC buyer app that offers a wide range of products on its platform ranging from kitchen items to aesthetic home decor, from grocery to baby products. The buyers can pay using the multiple payment options on the buyer-facing app and get timely delivery all across Bengaluru.

  1. IDFC First

IDFC First is the first banking app to register with ONDC and offers an ONDC-connected buyer app connecting buyers and small merchants, who can now seamlessly set up their digital footprint on the open platform. The IDFC First buyer app ensures delivery of products within 2 to 7 days and offers hassle-free returns and refunds of products within 30 days from the date of purchase.

  1. Spice Money

Joining the ecommerce platform, Spice Money offers an advanced buyer app facilitating the customers to access the local Indian sellers in the ecommerce landscape. It is expected to penetrate the ecommerce market by 25% in the next two years with ONDC. The Spice Money buyer app offers various categories to its buyers like grocery, food and beverages, home decor, food grains, organic masala, bakery, dairy etc.

  1. PayTm App

The PayTm Mall, popularly known as Paytm E-commerce Private Limited (PEPL) has pivoted to ONDC, offering a feature-rich ONDC buyer app to the customers. It enables the buyers to search for products, make payments, track orders and follow up with sellers. The customers can place orders from various categories like grocery, food & beverage and home & decor categories using the PayTM app.

Conclusion

The ONDC initiative is a revolutionary step in changing the ecommerce sphere of India. The buyers can now access sellers pan-India and similarly, the sellers are gearing up to grab the opportunity with open hands. We can get more details on it’s official website https://ondc.org/

I hope through this article we could give you a better picture of ONDC and its need, advantages, disadvantages, top stores for buyers and sellers. Keep visiting.

What is National Pension Scheme (NPS), Benefits of NPS, Eligibility, NPS Calculator, Disadvantages & NPS Tax Benefits 1

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What is National Pension System (NPS), Benefits of NPS, Eligibility, NPS Calculator, Disadvantages & NPS Tax Benefits

What is National pension Scheme (NPS)

The National Pension Scheme (NPS) is a government-sponsored retirement savings program in India. It was launched way back in 2004 with the aim of providing retirement income to all citizens of India encouraging the social security provisions. It is a must part of everyone’s retirement planning.

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. NPS seeks to inculcate the habit of saving for retirement amongst the citizens. It is an attempt towards finding a sustainable solution to the problem of providing adequate retirement income to every citizen of India.

Under NPS, individual savings are put in to a pension fund which are invested by PFRDA regulated professional fund managers as per the approved investment guidelines in to the diversified portfolios comprising of Government Bonds, Bills, Corporate Debentures and Shares. These contributions would grow and accumulate over the years, depending on the returns earned on the investment made.​

At the time of normal exit from NPS, the subscribers may use the accumulated pension wealth under the scheme to purchase a life annuity from a PFRDA empanelled Life Insurance Company apart from withdrawing a part of the accumulated pension wealth as lump-sum, if they choose so.

Benefits of National Pension Scheme (NPS) of NPS

  • Flexible- NPS offers a range of investment options and choice of Pension Funds (PFs) for planning the growth of the investments in a reasonable manner and monitor the growth of the pension corpus. Subscribers can switch over from one investment option to another or from one fund manager to another.
  • Simple – Opening an account with NPS provides a Permanent Retirement Account Number (PRAN), which is a unique number and it remains with the subscriber throughout his lifetime. The scheme is structured into two tiers:

o    Tier-I account: This is the non-withdrawable permanent retirement account into which the regular contributions made by the subscriber are credited and invested as per the portfolio/fund manager chosen of the subscriber.

o    Tier-II account: This is a voluntary withdrawable account which is allowed only when there is an active Tier I account in the name of the subscriber. The withdrawals are permitted from this account as per the needs of the subscriber as and when required.

  • Portable-NPS provides seamless portability across jobs and across locations. It would provide hassle-free arrangement for the individual subscribers while he/she shifts to the new job/location, without leaving behind the corpus build, as happens in many pension schemes in India.
  • Well Regulated-NPS is regulated by PFRDA, with transparent investment norms, regular monitoring and performance review of fund managers by NPS Trust. The account maintenance costs under NPS are the lowest as compared to similar pension products across the globe. While saving for a long-term goal such as retirement, the cost matters a lot as the charges can shave off a significant amount from the corpus over 35-40 years of investment period.
  • Dual benefit of Low Cost and Power of compounding:Till the retirement, pension wealth accumulation grows over the period of time with a compounding effect. The account maintenance charges being low, the benefit of accumulated pension wealth to the subscriber eventually become large.
  • Ease of Access:The NPS account is manageable online. An NPS account can be opened through the eNPS portal. Further contributions can be also be made online through the following eNPS portals of CRAs:  NSDL CRA, Kfintech CRA, CAMS CRA. Central Recordkeeping Agency (CRA) is required to establish an internal system that delivers compliance with standards for internal organization and operational conduct, with the aim of protecting the interests of NPS subscribers and their assets.

Eligibility for opening NPS account

  • All Citizen Model
  • A citizen of India, whether resident or non-resident, subject to the following conditions:
  • Applicant should be between 18 – 60 years of age as on the date of submission of his/her application to the Point of Presence (POP)/ POP Service Providers (POP-SP).
  • Applicant should comply with the Know Your Customer (KYC) norms as detailed in the Subscriber Registration Form. All the documents required for KYC compliance need to be mandatorily submitted

What is NPS Calculator? 

The National Pension Scheme Calculator helps an investor estimate the wealth gained and maturity amount of the whole investment, i.e., how much they will receive as a pension when they retire at age 60 and the monthly pension.

Features of NPS Calculator

Here are some of the salient features of the National Pension Scheme Calculator.

  • NPS calculator can be used online in a very easy and simple way.
  • NPS plan calculator helps calculate the amount of pension you will receive.
  • NPS calculator also shows the amount invested by you during the accumulation phase, NPS interest rates, returns earned, and the total amount of funds generated at maturity.
  • The NPS calculator makes the computation of maturity amount simpler.
  •   The investors of NPS scheme can check the tax exemptions available under Section 80Cof the IT Act, 1961.

Disadvantages or Cons of the NPS

The NPS scheme has its own set of cons or disadvantages when we compare it to the other investment/pension options available.

  1.  Withdrawal Limits

Along with the NPS lock-in period, withdrawals from the pension account also have restrictions. NPS restricts all kinds of withdrawals before the subscriber reaches the age of 60 years. The subscriber can make the first withdrawal from NPS after 10 years of opening the account, and a total of 3 withdrawals, till they reach the age of 60 years. The withdrawal cannot be more than the total sum of all the contributions made by the subscriber.

  1. Taxation at the Time of Withdrawal

The NPS corpus, which the subscriber can use for buying an annuity or for drawing pensions, is taxable when the schemes mature. 60% of the investment in the NPS is taxed by the Government of India, while 40% escapes taxation.

  1. Account Opening Restrictions

A person can maintain a single NPS account through an NPS CRA login in their lifetime. While the PRAN can be easily ported across geography and jobs, 1 single individual will get a single PRAN.

  1. Limited Exposure to Equities

The investment limit on equities has been confined to 75%. This may be a significant issue for individuals in their 20’s-30’s. This implies a possible loss of opportunity to get exposure to the equity markets.

  1. Mandatory Annuity

The withdrawal from Tier 1 account is restricted as it is the primary account for pension savings. At the time of maturity, one can withdraw 60% of the funds, and the remaining are used to buy an annuity. The returns of annuity are not tax exempted.

  1.   NPS Lock-in Period

Since NPS is a retirement product, the NPS lock-in period is till retirement.

  1. Complexity towards Choosing the Best NPS Fund Manager

Many people are not aware of the financial terms relating to equities, debt, securities, and others. Hence, they fail to choose the best NPS fund manager for their NPS investments.

Factors Impacting Monthly NPS Pension Amount

Traditional pension schemes such as Government pension or EPS pension had pre-defined contribution amounts and a specific formula to calculate the monthly pension post-retirement. The monthly pension from National Pension System is different because the amount accumulated in the pension account varies from one subscriber to another due to some key reasons:

  • NPS Contributions

You can choose the amount you want to invest in your NPS account subject to a minimum annual contribution of Rs. 500. There is no maximum limit on the amount that you can invest, so, you have the opportunity to accumulate a significantly larger amount by the time you retire as compared to traditional pension schemes where there is a maximum limit on the pension contribution that can be made. As a result, your monthly pension from NPS can be significantly higher as compared to the monthly pension received from traditional pension schemes.

  • Age & service left at the time of Entry

The returns will depend on the factor when one starts investment and how long one is invested into the NPS.

  • Returns earned from NPS

The Returns from NPS will depend on the asset classes you are invested in. Under NPS, your contributions are invested in 4 different asset classes – Equity, Government Securities, Corporate Bonds, and Alternative Investment Funds. What’s more, you can also select the allocation limits towards each asset class according to your risk tolerance.

Income Tax Benefits available in NPS? 

  1. Benefits To Individuals:
    Any individual who is Subscriber of NPS can claim tax benefit under Sec 80 CCD (1) with in the overall ceiling of Rs. 1.5 lac under Sec 80 CCE.

Exclusive Tax Benefit to all NPS Subscribers u/s 80CCD (1B)
An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs. 1.5 lakh available under section 80C of Income Tax Act. 1961.

  1. Benefits under the Corporate Sector:

Corporate Subscriber:
Additional Tax Benefit is available to Subscribers under Corporate Sector, u/s 80CCD (2) of Income Tax Act. Employer’s NPS contribution (for the benefit of employee) up to 10% of salary (Basic + DA), is deductible from taxable income, up-to 7.5 Lakh.

Corporates
Employer’s Contribution towards NPS up to 10% of salary (Basic + DA) can be deducted as ‘Business Expense’ from their Profit & Loss Account.

For more details visit the official site nps login