[sdp1975]

Originally Posted by lambuhere1

A bit off topic :

Can we deposit a Post Office Savings account Cheque in either SBI or HDFC or any nationalized bank ?

Reason for asking is a few of my NSC are getting matured and need the funds. We dont want to carry the cash from Post office and deposit in the bank.

Not sure if RBI has provided the banking license to India Post for seamless banking transactions.

Appreciate your help

I've never received a Post Office cheque on NSC maturity. I have received SBI cheques from the PO on maturity. I believe they maintain accounts with nationalized banks in the name of the postmaster of the branch.

One of them also did a fund transfer to my account - it was actually done from the GPO. But the next time they gave me a cheque and refused an online transfer.

[lambuhere1]

Originally Posted by sdp1975

I've never received a Post Office cheque on NSC maturity. I have received SBI cheques from the PO on maturity. I believe they maintain accounts with nationalized banks in the name of the postmaster of the branch. But the next time they gave me a cheque and refused an online transfer.

Receipt of SBI cheque is news to me. Earlier, whenever the NSC got matured, the funds used to get transferred to Post Office Savings account from which we could withdraw with the withdrawal slip.

If Post office provides SBI cheque, it will work wonders. Not sure if it is applicable to all post offices in current scenerio

Appreciate your kind reply

[sdp1975]

Originally Posted by lambuhere1

Receipt of SBI cheque is news to me. Earlier, whenever the NSC got matured, the funds used to get transferred to Post Office Savings account from which we could withdraw with the withdrawal slip.

If Post office provides SBI cheque, it will work wonders. Not sure if it is applicable to all post offices in current scenerio

Appreciate your kind reply

I have a PO savings account but never transferred the maturity amount to it due to cash handling problems , just like you. I've insisted on a cheque or fund transfer , and the cheque has always been from a Nationalised Bank. That has been my experience in Bangalore.

The best thing to do would be to inquire at the branch and find out the options they have. They might prefer a transfer to the PO savings account as that's the easiest option for them, but do insist that won't work for you.

[#win]

Originally Posted by lambuhere1

A bit off topic :

Can we deposit a Post Office Savings account Cheque in either SBI or HDFC or any nationalized bank ?

Reason for asking is a few of my NSC are getting matured and need the funds. We dont want to carry the cash from Post office and deposit in the bank.

Not sure if RBI has provided the banking license to India Post for seamless banking transactions.

Appreciate your help

This was very much possible pre CTS era, not sure if this will work now.
My PO in Bangalore are more than happy to provide a Cheque(SBI in my case) in my name, which got cleared in the normal process.

[Caffeinated]

Anyone has any recommendation for a decent Financial Planner in Bangalore, whom you have used or had good experience with? I searched some time for Certified Financial Planners in Bangalore, but getting mixed information.
I'm planning to start investing, and have been suggested to take services of a for-fee-financial-adviser, rather than shortlisting funds myself.
Any other insights are also welcome!

[scorpion_blore]

Originally Posted by Caffeinated

Anyone has any recommendation for a decent Financial Planner in Bangalore, whom you have used or had good experience with? I searched some time for Certified Financial Planners in Bangalore, but getting mixed information.
I'm planning to start investing, and have been suggested to take services of a for-fee-financial-adviser, rather than shortlisting funds myself.
Any other insights are also welcome!

Honestly, you don't need a financial planner to identify good funds. There are tons of information available online to identify good funds. But it does take some effort from your end. I use Value Research Online and FundsIndia.
Just my 2 cents!

[Latheesh]

Query related to EPF-VPF-PPF

In additions to regular EPF contributions I have VPF contributions (company PF trust) since few years. I have never thought of PPF at all.

I would like to know the advantages and disadvantages of VPF vs PPF. My current VPF contribution is ~ 19% of my monthly savings.

[Chetan_Rao]

Originally Posted by Latheesh

Query related to EPF-VPF-PPF

In additions to regular EPF contributions I have VPF contributions (company PF trust) since few years. I have never thought of PPF at all.

I would like to know the advantages and disadvantages of VPF vs PPF. My current VPF contribution is ~ 19% of my monthly savings.

Pretty decent comparisons here and here.

Some salient points:

• VPF only possible for salaried individuals through monthly salary deductions, PPF can be done by anyone independently and lumpsum.
  
• PPF contribution is capped on yearly basis (1.5L currently), VPF can be anything upto 100% of your Basic Salary + DA.
• Sec. 80C Tax benefit for entire 1.5L/year in PPF, only upto 1L/year in EPF/VPF.
• PPF has a lock-in period (15 years, with 50% withdrawal allowed after 6 years), VPF has no lock-in and can be withdrawn on retirement or resignation.
• PPF is completely tax-free, VPF is taxable for a continuous contribution period less than 5 years (same as EPF).
• Easier to take a loan against EPF/VPF, loans against PPF are more restricted.
• VPF currently pays a marginally better rate Vs. PPF (8.65% Vs. 8.1% current FY).

[kavensri]

Originally Posted by Chetan_Rao

Pretty decent comparisons here and here.

Some salient points:

One small clarification. Though the maximum contribution for VPF is 100%, (it looks like) a trust can impose it's own cap. For example, my company has it's own PF trust and it has imposed a maximum cap of 28%. This is what I got to know through our finance person.

[rajathv8]

While filing IT returns what is the correct way of arriving at the total interest from FDs in SBI:
1. Download "Interest Certificate" from net banking site
2. Get TDS certificate from bank branch

[ghodlur]

Originally Posted by rajathv8

While filing IT returns what is the correct way of arriving at the total interest from FDs in SBI:
1. Download "Interest Certificate" from net banking site
2. Get TDS certificate from bank branch

I generally get all the details from Form 26AS where the TDS deducted is also displayed. Makes tax calculations lot simpler. Just ensure that you pick up the FD interest for the relevant assessment year.

[sindabad.sailor]

Investment Experts, request your evaluation of how do you see LICs Jeevan Akshay VI - "Plan (vii) Annuity payable for life with 100% annuity payable to spouse on death of annuitant with ROC on death of Last Survivor"

Just had friendly agent brief me about this.

The illustration shows for 34 yrs old, for 10Lac plan, immediate annuity of 69K for investor, then same for the surviving spouse and then return of premium to the kids.

The investor is in 10% tax bracket and getting the corpus from a maturing ULIP.

[hserus]

Don't waste your money on any LIC or other insurer policy that mixes insurance and investment. Especially not Jeevan Akshay which is being heavily oversold by agents possibly due to high commissions.

http://www.moneylife.in/article/lic-...-vi/29662.html

Originally Posted by sindabad.sailor

Investment Experts, request your evaluation of how do you see LICs Jeevan Akshay VI - "Plan (vii) Annuity payable for life with 100% annuity payable to spouse on death of annuitant with ROC on death of Last Survivor"

Just had friendly agent brief me about this.

The illustration shows for 34 yrs old, for 10Lac plan, immediate annuity of 69K for investor, then same for the surviving spouse and then return of premium to the kids.

The investor is in 10% tax bracket and getting the corpus from a maturing ULIP.

[sindabad.sailor]

Originally Posted by hserus

Don't waste your money on any LIC or other insurer policy that mixes insurance and investment. Especially not Jeevan Akshay which is being heavily oversold by agents possibly due to high commissions.

http://www.moneylife.in/article/lic-...-vi/29662.html

Thanks for your advice.

Took time to go through the link which basically revolves around LIC capitalising on fear of reducing interest rates. The article states that FDs in US drew between 5-7% 10 times in last 20 years.
I was bit surprised. I was in UK for last 3 years and had explored hard there. Never found an FD product that gave returns one tenth of quoted except ISA which is an instrument to get phenomenal returns but then returns can be used for buying homes only.

Nevertheless, the friend planning this is an NRI, has decent exposure to MF and direct equity and was looking to diversify investments. Friendly agent told that service tax is reduced for NRI's investing through NRE a/c and if the investor in is india at the time of the investment, returns are even better which frankly speaking he couldnot elaborate.

Friendly agent advised to go Onlineway to get 1% higher annuity over going through agent.

With all above, around 7% assured returns for next 35-40 years at least and then refund of entire premium, does it still sound bad.

Just that I did not want to write off, hence the repeat and pointed query.

[hserus]

I can still think of other avenues for his cash - especially because this is taxed as well, so effective rate of return is actually lower.

Is all this money in India rather than the USA? He might consider buying a house especially as real estate prices have been crashing in India while the USD has been appreciating against the Rupee (assuming USD, please check what his country's currency is versus the Rupee).

Normally buying a house isn't what I'd call an investment but well .. if he wants to settle in India it might be worth considering.

Also - if he was already in ULIPs that's a dead loss for him, relatively speaking so he needs a better performing investment. MF / Equity right now, carefully adding to his existing investments, might be an idea, if the amount in question is relatively small and he doesn't mind risking it.