Finance

The nation has witnessed a digital revolution in recent years wherein almost everything is now available at the convenience of your couch. Coupled with it, affordable smartphone and internet technology makes it accessible to all. This includes purchasing insurance covers that were earlier preferred using the traditional modes.However, beware of these red flags to avoid when buying car insurance online. Let us look at some rookie mistakes that you should avoid to make an informed purchase decision. #1 Not doing adequate research The most common mistake that many people do is not doing adequate research. It is rare that you skip the research step when buying other items, say a mobile phone? So why ignore researching the available options when buying a car insurance cover. You can also veri...

Buying a home is the single largest investment for most people. As you tend to care for all your precious valuables, so why not create a backup plan for your house?A home insurance cover is a perfect way to ensure its safety in case of an unfortunate event like a natural disaster or even man-made peril. Further, the financial loss can be so high that it can wipe off your entire life’s savings.Insurance can at times confuse a layman and that makes it necessary to understand them before starting to shortlist suitable insurance covers. This article helps you demystify these complex home insurance terms to make a hassle-free purchase decision. Read further to know more -Sum insured: It is the maximum amount of liability which the insurance company assumes for your house. In no case...

It is a service which used to be exclusively accessible to clients in the top tax bracket. High net worth (HNW) individuals are often not finance experts. They seek investment and financial advice to maximize returns and reduce liabilities such as taxes. Professional firms offer wealth management services to a select group of affluent clients. Conventionally these have been specialized departments of big banks. Traditionally wealth management has been an involved, interactive, and ongoing process for both clients and service providers. This has now changed. Australia's wealth management industry Australia is home to vast numbers of migrant workers. They send international money transfers worth millions of dollars as remittances to their home countries every year. Migrant entrepreneurs an...

Consider these two types of people in the world – Rahul & Sameer. Rahul likes to spend surplus funds on shopping spree, a turn of the spa, movie tickets, sports event or music concerts, buy a gaming console, go for an extravagant dinner experience…the options are endless, whereas Sameer parks it safely in the bank with savings bank accounts. Though savings accounts are safe, they don’t generate significant returns which beats the purpose of saving the surplus funds. However, there are third type of people like – Rakesh who saves the surplus funds in the liquid mutual fund. It is an alternative option to a savings account. This works like a savings account but generates higher returns and is comparatively more tax-efficient in the long run.What are Liquid Funds? Liquid fund is a d...

Are you studying in high school or college? Odds are you get at least a few thousand rupees as pocket money each month. Did you know that even if you invest a trifling part of this trivial pocket money, you can easily become a crorepati? Sounds exciting, no? Let us understand how you can become wealthy through your pocket money. To become super-rich or crorepati, you just need to have two things - namely time and money.Time Even though your pocket money might not be sufficient, you have time on your side. Hence, the magic of compounding is guaranteed to work in your favor. As a young person who can easily afford to stay invested in mutual funds for a prolonged duration, you can easily accumulate massive wealth over the years.Money To become a crorepati, you do not require chunks...

AI in finance is certainly making things a lot more safe and convenient for banks and other financial institutions as well as their customers. Artificial intelligence is already helping the financial industry to optimise their processes and streamline services. In short, AI is transforming the way in which we interact with money.Artificial intelligence can help with a range of processes from financial risk management, to credit decisions and chatbot assistants. In this article we will take a look at some of main applications of AI in financial institutions and in predicting stock fluctuations. Customer Service Chatbots and Virtual Assistants Banks and other financial institutions have found that the use of chatbots for enhancing the customer service experience proved to be highly suc...

Retirement planning is a vital aspect for any investor. When it comes to retirement, investors are often confused between the two popular investment options – NPS and mutual funds. This article will serve as an investment guide in helping you choose the right security for your investment portfolio.What is NPS? National Pension Scheme or NPS is backed by the government of India. This pension scheme is open to all employees in public, private, and even unorganised sectors, except for the individuals in the armed forces. It allows subscribers to invest and claim tax deductions under Section 80CCD(1). NPS encourages individuals to invest in a pension account at regular intervals during their employment period.What is a mutual fund? It is an investment vehicle wherein an AMC pools the...

Some people associate their financial challenges with them not having enough money. For many others, their challenge comes from them not spending money wisely or from spending more money than they have, which means they constantly live in debt.Being more aware of your financial situation can pay off. It can help you manage your expenses better such that you will pay your bills and have money left over to save.It might seem like a hard task but that’s probably because you haven’t taken the time to get more involved with how you use your money. Below is a list of 5 money management tips that can help you get your financial standing in order. 1. Use the MyCare Plan A good idea that will help you plan for the future better is to take up the MyCare Plan from Financial Education Servic...

What is Forex? Forex is the blend of Foreign Currency and Exchange. So, Forex is the active change in one country’s currency to another’s for tourism, commerce, and trading. Forex markets: Forex markets provide currencies trading as it is very important because currencies need to be exchanged to perform international trade. If a person is living in the USA and wants to buy something from Germany, he/she has to pay Germany in Euros. This means that US importer would have to interchange the equal value of USD into Euros. The same is with traveling. A French tourist can’t pay in Euros to see the pyramids in Egypt because it’s not the local currency of Egypt. What is the Forex signal? A Forex signal is by definition a trade idea or for a given financial asset, to be executed at a predeter...

The rise of the internet has revolutionized many industries; however, few have been affectedby the changes as much as the trading and investment space.Gone are the days of trading being limited to an established elite of bankers, brokers, and other financial professionals. Now, no matter who you are or where you are from, a simple Google search grants you instant access to hundreds, if not thousands, of online brokerages.But with the rise of online brokers, we are also faced with an issue we couldn’t have foreseen a few decades ago: we are now spoiled for choice!The biggest issue would-be traders now face is not how to get started, but who to choose! In this context, it has become increasingly important to find unbiased reviews you can use to help you make a decision.But exactl...