Money Jan 2, 2012
•Switching banks without changing a/c number soon
Like mobile telephony or health insurance portability, customers may soon be allowed to switch banks without changing account numbers, said a Business Standard report today. "Bank account number portability will allow a migrant worker to shift his account from one bank to another simply by writing an application to his home branch" informed a finance ministry official to BS. However, he further added that this might take another three years to materialise. The purpose behind this is to save customers the inconvenience of opening and closing bank accounts or keeping multiple accounts if they have to shift to another location. Click here to read the entire article.
• Smart ways to save tax & take advantage of DTC
With the financial year 2011-12 coming to an end, a large number of taxpayers will be wrapping up their tax planning. However, one needs to be aware that this year's tax planning will be quite different from the past as rules have not only changed but many goal posts have also shifted. For example, this may be the last year for investing in the ELSS (equity-linked savings schemes) category. Other tax saving options one could look at include PPF, Life Insurance Policies, Infrastructure bonds etc, says an article on the Wealth edition of Economic Times. Click here to read more.
•10 mistakes to avoid in a will
The ET Wealth carries a list of 10 points every person must know when writing a will as your efforts could go to waste if there are discrepancies in the document. For example, if the will is not properly executed it could be a useless piece of paper. The use of nick names or incomplete names in the will must also be avoided to rule out any ambiguity in case two people have the same name. Other important points to keep in mind include 'passing on property to unborn people', 'not updating your will', or improper description of property. Read more here.
•Past was perfect, future also looks tense
Curious to know how 2012 will pan out? 2011 was a year investors would like to forget as interest rates shot to unmanageable levels, inflation soared, equity markets tanked and rupee depreciated. While the uncertainty is expected to continue for another 12 to 18 months, an Indian Express article gives insight into some investment opportunities like the outlook on debt, gold and equity. Read more here.
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