Will interest rates on deposit funds rise further? Should I wait and invest?
Kokila Ranganathan, Vayalur.
The repo rate may be hiked marginally once at the monetary policy meeting in February. After that, there is talk that raising interest rates is doubtful. If so, it means that we have already reached the maximum interest rate.
Now is a good time. All established financial institutions, including public sector banks, offer good interest on deposit financing schemes. Additional interest is available for two-year and three-year periods. Even if the interest rate goes up, it will be low. Don’t wait for it.
Why would you recommend any share or mutual fund scheme in your area? You say you will not answer even if I ask you a question about it?
Karunasagar, WhatsApp.
First of all I am not a SEBI registered financial advisor. The purpose of this section is only to guide the doubts related to finance and savings. Cannot recommend shares or mutual fund schemes.
Also, last week the Ministry of Consumer Welfare, Food and Public Supply has issued a code of conduct. A celebrity or endorser who recommends any product, service or brand for purchase should know and talk about it in full detail.
Failure to do so will result in a fine of Rs 10 lakh to Rs 50 lakh and imprisonment of up to 6 years.
Can’t ‘Dinamalar’ talk like those who talk on social media and YouTube?
Do I have to pay income tax if I use a credit card a lot?
S. Murali, WhatsApp.
There are no such rules. However, two aspects are worth noting. When paying a credit card ‘due’, if you pay Rs 1 lakh or more in cash, the bank will report the transaction to the Income Tax Department.
Similarly, even if the credit card is used for purchases of goods worth Rs 10 lakh and above, banks will report the details to the tax department.
Otherwise, if you pay the balance from the bank or through check to the bank, then there is no problem.
I am a 12th standard student. I have desire to achieve in share market. Is there any related degree course? Learn the related information properly and tell the right way to earn.
Karthikeyan MS,
Email.
Brother, I know how difficult plus 2 study is Dinamalar Student Edition ‘Batham’ magazine takes care of. Focus on studies. All this is now an unnecessary distraction for you.
I read that there are new rules for bank lockers. I have not received any information from my bank, what should I do?
Jayashanti Durairaj, Email.
RBI has asked existing locker customers to enter into a new contract by January 1, 2023. reported. Along with that, various banks are trying to sign new contracts.
Maybe your cell phone number is wrong, maybe you missed a text message. Go to a bank that has a walk-in locker for anything. The new locker rules are in favor of you, the customer. Sign it first and come.
I stopped the ‘Mutual Fund’ SIP I had built, thinking that the stock market was too high. Can we start over now?
S. Albert, Villupuram.
You just made the same mistake everyone else makes. It is not a wise approach to open SIP when the stock market is falling and stop it when it is rising.
In fact, SIPs came about because you cannot predict the flow of the stock market. SIP for 12 months, 24 months also does not work.
Like drinking coffee when you wake up in the morning, S.I.P. Must be a reflex action. Regardless of the volatility of the market, proper investment can lead to good growth in the long run.
That is the greatness of the ‘power of compounding’. Start SIP right now as a good product.
In the coming budget, the permanent deficit is going to increase to 1 lakh rupees. There is a talk that you can get deduction up to 3 lakh rupees under 80C? Will the Finance Minister?
Govindarajan, Oorpakkam.
As you say, I have been hearing and reading a lot of requests. Not only today but it has been the same for many years. But Madhyamar’s expectations do not immediately fall on the ears of the government.
So the lesson learned is to always keep expectations low. If so, whatever happens will bring happiness. Excessive expectation does not harm the body and mind.
Readers, you can send your financial queries through ‘e—mail’ and ‘whats app’.
A thousand doubts
It can also be sent by post to our office address 39, Dinamalar, White’s Road, Chennai – 600 014. Ask the questions briefly in Tamil.
R. Venkatesh,
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