Bi-Weekly Advice Thread March 31, 2024: All Your Personal Queries

[zashmaster]

@yeeingfromoverhere Straight answer. No.

 

[yeeingfromoverhere]

@zashmaster what adjustments i have to make?

 

[elena5050]

@henry_ why is UTI nifty 50 index fund down for the past two days when the index is going up?

 

[marodi]

@elena5050 index is not going up, its more of a sideway movement. When there is no change in index, the expense ratio kicks in reduces the fund value

 

[theincrediblebaptistor]

@henry_ Do I have to pay the expense ratio if I withdraw within a year?

 

[logant2222]

@theincrediblebaptistor You are paying an expense ratio daily in a mutual fund. That's out of your control.

You may have to pay an exit load if you withdraw within a specific time limit, but that depends on which fund.

 

[theincrediblebaptistor]

@henry_ Hello folks, I want to park some money in any fund for time horizon of 6 months. Where can I do that? Please suggest some good funds

 

[theincrediblebaptistor]

From where do I buy tbills?

 

[vanessajv98]

@theincrediblebaptistor RBI Retail Direct

 

[disciple1997]

@theincrediblebaptistor TBills

 

[logant2222]

@theincrediblebaptistor FD or Liquid fund.

 

[maeve]

@henry_ What is the best food card HDFC or sodexo

 

[disciple1997]

@maeve HDFC is better in this case.

 

[kevvin]

@henry_ I have been offered a deposit scheme from Federal bank:

Deposit 3 lakhs per year for 5 years. Year six is a cool off period and they will return 1,28,040 per year for 10 years starting year 7 till year 16. On year 16 they will also return the principal of 15,00,000 back.

Any opinions welcome.

 

[dhernandez]

@kevvin If you invested each year amount in FD and kept adding prior year principal + interest to current year principal only for 5 years then at the end of 6th year you will get slightly more in interest from
principal + interest accumulated across 5 years
assuming 7% FD rate.

If you consider year 7 (with year 6 also kept deposited in FD for cool off period) then the interest amount will be even more.

Plus you still have your principal to utilise immediately in case of any emergency.

In my opinion, you are giving money rather then making compared to simple old FD investment.

Note: No tax component / alternative investments considered to keep the calculation simple.

 

[zashmaster]

@dhernandez One key point. This stupid offer is NOT a deposit scheme. It is an insurance product being peddled by incentive driven bank RMs. Just throw the offer back on their face - I mean it....

 

[kevvin]

@dhernandez Thanks for the detailed response.

 

[rwg319]

@henry_

How to get NPS Acknowledgement/Receipt Number?​

For sometime, I have been getting emails saying that I need to update the photo and signature on NPS. But to do that online, you need Acknowledgement/Receipt Number when the NPS account was created. But I created this account years ago and there is no record of this number. I can see other emails from NPS, but it looks like this number was never sent in any email.

To talk to anyone on the customer care, you need a TPIN, which I don't have. To get it again, I need to submit the Acknowledgement/Receipt Number again.

I created the account initially through SBI as the POP-SP, which is famous for its user-friendly procedures.

I can login to CRA-nsdl website, I can login to the NPS website and do contributions , without any problem. But this seems a insurmountable hurdle.

 

[elliot44]

@rwg319 Suggestion

Call 1800-222-080 \
Probably they will tell you that this is for enps accounts opened with NSDL and provide another no (non toll free) for other accounts. \
Try calling that no.

I called up the NSDL helpline and got my tpin setup with name/dob/nominee name only so it is worth a try.

 

[rwg319]

@elliot44 Sadly this number is no longer working. Nor is the number given by protean for CRA