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Money matters

Money matters
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First Published: Sun, Jun 28 2009. 08 20 PM IST

Updated: Sun, Jun 28 2009. 08 20 PM IST
I want to make my daughter a nominee for my investments. She is abroad and constantly on the move. Can I put down my address in Chennai as her contact address?
—N.R. Krishnaswami
You can nominate your daughter in your investments and you should state this fact in your will. Mention the manner of devolvement and state clearly that the money in the specified accounts will go to your daughter, if you have multiple saving accounts. This will ensure that there is uniformity in your will as well as the nominations in your various investments. You can give your own contact address if your daughter does not have a permanent address where she can be contacted.
My salary account has been active for the last seven years. I noted a debit entry on 30 December under ‘consolidated charges’, amounting to Rs1,200. Furthermore, service tax at 12.36% was deducted, amounting to Rs148.32. It was repeated in the quarter ended 31 March. On what basis were these charges levied? I maintain the minimum balance required. I have auto debit/ECS of Rs1,000 each, every month, in six mutual fund schemes. Complaints to the bank have not yielded any results. Is the bank justified in deducting such charges without my consent?
—Ritesh Poojari
There should be a reason why the bank is debiting this amount from your account. Approach the bank again and ask that the reason be specified clearly. You can then look up the relevant charges and sections on the bank website to see if the bank is justified in levying the charges, even as one-time measures.
I had given a cheque worth Rs500 to Reliance Mutual Fund for investing in a tax-saving scheme on the last day of FY09. I forgot to sign the cheque. When it was presented at my bank, it was dishonoured because it was not signed, though I had enough balance in my account for the cheque to be cashed. Now the bank has charged me Rs115 as cheque bouncing charge. I spoke to the manager, who told me that he was correct in charging me, even though there was no problem with my balance. Are the charges correct? If not, how can I get them cancelled?
—Chetan Dumasia
The bank is right in not encashing the cheque, which you had not signed, and in levying cheque bounce charges. The only thing that you can check here is if the amount of Rs115 is right and proportionate to the parameters considered. You will get this figure from the bank’s website under its schedule of charges.
What is the procedure for opening multiple PPF accounts for a family in a bank? Is there a limit to the number of accounts an individual can open for his family? What happens if the earning members—in this case, my wife and I—have PAN cards?
—Jayanth J.
There is no limit on the number of PPF accounts that one may operate in a family. However, one person cannot have more than one PPF account. The PPF accounts of minors have to be operated under the guardianship of parents. Savings in separately held PPF accounts in your name or your spouse’s will qualify for tax exemption separately, whether PAN cards are held or not.
I had provided my current salary account for my income-tax returns. However, I will not be using this account any longer because I shall change my job soon. What will happen to the refund? I cannot wait for the refund and then change my job. Meanwhile, when I shift, the account will no longer be operational. What should I do?
—Senthil (78)
Whether the return is filed online or offline, one has to inform the assessing officer who, in turn, will inform the returns processing cell. It is better to give this information in writing, with full details, including PAN number and the old and new bank details, with a copy of a blank cancelled cheque.
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First Published: Sun, Jun 28 2009. 08 20 PM IST