Money

SBI customers can transfer money through IMPS by using IFSC or MMID. (Mint)
SBI customers can transfer money through IMPS by using IFSC or MMID. (Mint)

SBI money transfer: How to use IMPS facility

  • IMPS is an instant interbank electronic fund transfer service through mobile phones
  • There will also be a waiver on IMPS charges for fund transfer up to 1,000 through branch banking

 (Photo: Mint)
 (Photo: Mint)
 (Photo: iStock)
 (Photo: iStock)
K.M. Kutty with his wife Beena Nair (55). (Aniruddha Chowdhury/Mint)
K.M. Kutty with his wife Beena Nair (55). (Aniruddha Chowdhury/Mint)

How to work towards a worry-free retirement

  • The degree of freedom you enjoy will depend upon how well you have planned for your retirement years
  • Starting early and saving regularly to get to an adequate retirement corpus, debt that is well within repayment capacity, adequate provisions for medical expenses is what will work for most people

Aditya Kothari (41) with his wife Riddhi (36) and son Parth (9). (S Kumar/Mint)
Aditya Kothari (41) with his wife Riddhi (36) and son Parth (9). (S Kumar/Mint)

Freedom from the fear of investment risks

  • Educate yourself about the instruments you choose to invest in, and seek professional help if need be
  • Take a holistic approach to your money life, define your financial goals and then mark the assets you need

 (Photo: iStock)
 (Jayachandran/Mint)
(Jayachandran/Mint)

Keep retail indulgence in check

  • Understand the signs of overspending and ensure that your financial life does not spiral out of control
  • Retail therapy is becoming popular and many are racking up huge amounts of debt because of it

ICICI Bank's 5-year tax saver fixed deposits or FDs fetch 7% after the latest revision
ICICI Bank's 5-year tax saver fixed deposits or FDs fetch 7% after the latest revision

ICICI Bank revises fixed deposit rates. Check latest FD rates

  • According to ICICI Bank's latest FD rates, maturities between 18 months to 2 years and 2 years 1 day up to 3 years fetch the highest interest rates
  • Many banks including SBI, HDFC Bank, PNB and Canara Bank have revised their FD rates month

 (Photo: Mint)
 (Photo: Reuters)
 (Photo: iStock)
 (Photo: Mint)
(Photo: Mint)

You might need to maintain tax returns records for seven years

  • Once you file the ITR, you can receive a ‘scrutiny notice’ for assessment under section 143 (2) of the I-T Act. Such a notice can be received within 6 months of the end of the assessment year
  • Maintaining tax records for past several years can help in calculating the applicable tax for assets purchased a long time ago such as shares or real estate

 (Photo: Mint)
Check Canara Bank latest fixed deposit rates here. (HT)
Interest which are exempt are also required to be disclosed in ITRs, say tax experts (Pradeep Gaur/ Mint)
Interest which are exempt are also required to be disclosed in ITRs, say tax experts (Pradeep Gaur/ Mint)

Interest from bank FDs, savings accounts: Income tax rules, how to fill in ITRs

  • Tax payers are required to submit a break-up of interest income from different sources
  • Senior citizens can are eligible for deduction up to a maximum limit of 50,000 on interest from fixed deposits with a bank or a co-operative bank or a post office