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Empower Women to Drive India’s Sporting Narrative

As Indian athletes strive to make an impact at the Commonwealth Games in Gold Coast, it is heartening to see the strides Sport has made since Glasgow 2014. Nowhere are these strides more visible than the footprints women are leaving in the sporting world. Across sport, be it in the shooting range, or the badminton court or the wrestling mat, Indian women not just participating, they are winning and winning big.

Every time our women win, or when they break a record or capture medals, they also inspire other girls to dream. Sport can be utterly transformative and also double-up as a powerful agent of empowerment. Even the numbers are now adding up. At Rio 2016, our women stole the limelight by winning medals, whilst a woman gymnast won the hearts of millions. Moreover, at CWG 2018, women’s participation – as a part of India’s overall contingent – has risen to 47% (from 40% in Glasgow).

But more can and needs to be done. The lack of infrastructure and financing have put the spanner in many an athlete’s work but women athletes in India have to also fight against archaic societal roadblocks. Research by CRY found that more than 40% of women in India were married as children, thus further exacerbating an already stressed ecosystem where roughly one in five girls enrolled in school dropped out by Class 8. If we want more athletes, we need to change our approach before we change training and dietary regimens.

If we want to empower women to take up a sport, more often than not, the simplest way can be by putting in a good word, a show of support, or even a pat on the back. IndusInd Bank Girl Power Programme in association with IIS strive to do just that. Apart from skill set training, it believes in providing overall development which helps in building the personality of young female athletes and gives them the necessary confidence to #WinLikeAGirl.

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Why use a personal loan for balance transfer?

Festive season is around the corner and so are big offers and discounts. This is a great time to tick off items from your long pending bucket list. But heavy shopping during the festive season can leave us in heavy credit card debt. What few of us are unaware of is that we can opt for personal loan to pay off our credit card balance. This transfer of unpaid amount from another loan or credit card at a lower interest rate is known as “balance transfer.”
You must be thinking if it is wise to take another debt in the form of personal loan to pay off your current debt. Here are a few reasons why you should consider doing so:
1. Better interest rate: You can take a personal loan at a lower interest rate depending on your credit worthiness. You can enjoy interest rate as low as 15% in case of personal loan balance transfer. This way, you can save big on the interest amount on your credit card or any other form of debt.

2. Additional amount: A top-up loan facilitates you to borrow money. Apart from the balance transfer amount, you can get additional amount for emergency or another purchase.

3. Better services: If you are dissatisfied with the services of your current lender, then you do not have to wait to pay off your balance dues. Personal loan for balance transfer is the best option to discontinue your relationship with your current lender and start afresh with another one.

4. Better terms: Opting for a personal loan for balance transfer can fetch you a better deal in terms of EMIs and longer repayment tenure. With personal loans, you do not have to shell out huge money as credit card EMIs and hence you can continue to maintain your lifestyle.

Now that you are considering a personal loan for balance transfer, you should keep these factors in mind before zeroing in on a bank:

1. Additional benefits: As a welcome gift, most banks give add-ons like gift coupons, discount cards, a free credit card, or personal accident insurance. It is quite natural to get lured by such offers. It’s better to go through the terms and conditions carefully before making a decision.

2. Total deal: you need to evaluate the total package you are getting, that is, the interest rate and duration. If you are getting a lower interest rate but the duration is more, you will end up paying more. Always compare your current and new options.

Applying for a personal loan for balance transfer is an easy process.
1. Submit an application to the current lender for loan transfer from another bank.
2. Your current lender will issue you a Foreclosure proposal and a No Objection Certificate (NOC).
3. The Foreclosure Proposal will contain the total amount due
4. Apply for personal loan balance transfer at the new bank and attach both these documents.
5. The bank will evaluate your documents and after thorough scrutiny, it will put in the approval stamp.
6. The bank will then sanction the closure amount to close the loan with the current lender.
7. All the previous documents will be handed over to the new bank along with PDCs or collaterals.
Personal loan for balance transfer is a great way to save on interest charges and have a good credit rating score. Therefore, always go for balance transfer option if you are heavily burdened with extra expenses.

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Why should you open a Fixed Deposit Account?

Fixed deposit is a savings tool favored by both new and seasoned investors. Opening a fixed deposit is considered as the first step into the world of investment. This financial instrument is issued by financial institutes, banks, and NBFCs for a fixed tenure at a fixed interest rate. This interest rate for fixed deposits is higher than the interest rate provided by savings account.
There are two types of fixed or term deposits:
1. Traditional Fixed Deposit: The amount is invested for a fixed duration and the interest is paid monthly, quarterly, or annually as decided by you. This is also known as non-cumulative fixed deposit.

2. Cumulative Fixed Deposit: The only difference in this type of deposit is that the interest is compounded quarterly and is reinvested with the principal amount.

Here are seven reasons why you should invest in a fixed deposit:
1. Security of funds: Fixed deposits are regulated by the Reserve Bank of India; hence, it is largely known as a safe investment, especially for beginners. Since this investment has no relation with the stock market, it is a low-risk investment, therefore, considered as ideal for beginners. Also, in case of bankruptcy all the fixed deposit accounts are insured up to Rs. 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

2. Ease of operation: You do not have to give various income documents to open a fixed deposit account. All you require is KYC (Know Your Customer) documents and you can visit any bank or NBFC to start a fixed deposit. Also, you do not have to closely monitor the stock market to maximize your return of fixed deposit. Depending on your fixed deposit duration, your interest rate will be mentioned on your fixed deposit receipt.

3. Income source: Extra money does not harm anyone. You can withdraw the fixed deposit interest amount every month or quarter for your household expenses. This feature is especially useful for retired individuals.

4. Tax benefits: If your income comes under the tax slab, you can get exemption under Section 80C of the Income Tax Act by investing in tax saver fixed deposit. The tax saver fixed deposit has a lock in period of 5 years and you can get exemption on amount up to Rs. 1.5 lakh. If the interest on your fixed deposit exceeds Rs. 10,000 per annum, then you are liable to pay 10% tax on the interest amount. Those who have no other income source than this interest amount can submit form 15G/H and can get tax exemption.

5. Loan against fixed deposit: Fixed deposit not only earns you better interest rate than savings account but also comes handy in case of emergency. Instead of closing the fixed deposit and paying the penalty for premature withdrawal, you can opt for loan against your fixed deposit. Most of the banks give loan up to 90% of the fixed deposit amount at rate of interest 2% higher than that of the fixed deposit. You can even take overdraft facility against your fixed deposit.

6. Habit of saving: Fixed deposit is a great way to inculcate the habit of saving. You can start a fixed deposit with a minimum amount of Rs. 10,000 for a period ranging from 7 days to 10 years.
Thus, fixed deposit is a simple way to earn a highreturn on your investment over a period of time. Visit your nearest bank branch with your valid KYC documents to open your fixed deposit account.

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Smart ways to pay off a personal loan

A loan is an easy way to meet your urgent requirements. Personal loan is widely popular among borrowers as it is an unsecured loan. This means that no specific reason is required to apply for it and the borrowers need not show any collateral to apply for a personal loan. You may apply one for medical, wedding, travel requirements, and even for electronic purchase or to pay off credit card bills.
EMI is an easy way to pay off your debt but sometimes you may skip on paying your monthly payment towards the debt on account of some other financial requirement or emergencies. If you are one of those who sometimes find it difficult to pay the EMI or manage your debts, then consider the following smart ways to pay off your personal loan:
1. Opt for refinance: Refinancing is an ideal way to pay off your personal loan. Loan against property or collateral is lot cheaper than a personal loan. You can save on interest rate and also decrease your EMI amount. Although refinancing can be done after serving the lock in period of 12 month and also involve foreclosure charges, you will benefit in the future for sure.

2. Increase EMI with hike in income: EMI has a direct relation with your monthly income. Before deciding the EMI amount, income and expenses are taken into consideration. As you get a hike in your salary, ensure that you revise your EMI amount to quickly amortize your loan. This way you will not only pay off the loan faster but also save a lot on interest.

3. Use bonus to repay debt: Use windfall gains like yearly bonus, income tax refunds, proceeds of insurance policy, or fixed deposits to pay off your debt.

4. Arrange for extra money: If you find yourself short on cash, you can always look for unconventional ways to earn extra money every month. For instance, you can always opt for selling those unused gowns, dresses or overcoats or even old books on e-commerce sites. Use these extra funds to pay your personal loan without putting too much pressure on your pocket. If you can, opt for part-time jobs and save up extra Rs 5,000 – Rs 10,000 to pay up your personal loan. Although the small amount of Rs 2,000 or Rs 5,000 may not seem like a lot, they definitely add up in the long run.

There are various advantages of paying off your personal loan early, saving interest amount being the main. The money you save can be used in other fruitful ways like buying a good retirement plan, education of your kid, home refurbishing, or family vacations.
Everyone wishes to be debt-free. These smart ways can help you achieve that or at least take you one step closer to becoming debt-free.

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Ideal Investment Options for Beginners – FD and PPF

We all work hard to earn money. Therefore, investing this hard-earned money in the right way is very important to secure the future of our family. We are always on a lookout for investment options that give us higher returns while posing minimum risk. This article will help you understand in depth two financial tools that yield good returns with no or minimum risk: Fixed deposit (FD) and Public Provident Fund (PPF). These are the two most common investment options.
Let us discuss in detail about FD and PPF, the ideal investment options for beginners.

Fixed Deposit (FD)

Fixed Deposit or term deposit is one where the investor makes a lump-sum investment for a fixed duration at a fixed interest rate.

Public Provident Fund (PPF)

PPF is a government-backed long-term investment to provide financial security post-retirement to self-employed or salaried individuals who do not have a structured retirement plan.
Here is a detailed comparison between fixed deposit and PPF to help beginners make a better decision:
1. Lock-In Period: Lock-in period means the maturity time of the investment.
FD: Fixed deposit has a fixed tenure ranging from 7 days to 10 years. One may choose the tenure depending upon his/her requirement.
PPF matures only after 15 years with an option of extending it for more years. Therefore, PPF is a long-term investment.

2. Initial Investment:
FD: The minimum FD amount varies from Bank to Bank. Typically, you can invest a minimum of Rs. 10,000 to start a fixed deposit and there is no upper limit to it.
PPF: The initial and minimum amount required to open a PPF account is Rs. 500 per annum and the maximum amount is Rs. 1.5 lakh per annum.

So, you can deposit up to 1.5 lakh in PPF and the remaining amount in fixed deposit or partial in PPF and partial in fixed deposit.

3. Tax Benefits
FD: Interest of up to Rs. 10,000 per annum on fixed deposit is tax exempted. If the interest amount exceeds Rs. 10,000, then you will be charged TDS (Tax Deducted at Source) at 10% per annum.
PPF: It enjoys the E-E-E status in terms of tax benefits; i.e., the amount, interest, and proceeds all are tax free in PPF.

So, if you are looking for tax benefits, either invest in PPF or go for fixed deposit with a lock-in period of 5 years or more.

4. Premature Withdrawal:
FD: Although fixed deposit is for a fixed tenure, you can withdraw or close your fixed deposit account before its maturity. This premature withdrawal will fetch you a penalty of around 0.5–1 %.
PPF: You can withdraw funds only after the 5th year. This amount is limited to 50% of the previous year’s balance. Also, you cannot make more than one withdrawal in a year.

So, if your pocket allows, it is wise to invest in both fixed deposit and PPF. This way you can keep some funds reserved for immediate emergency while some saved for later use.

5. Loan Facility
FD: You can avail loan or overdraft facility up to 90% of your fixed deposit balance. The rate of interest is generally 2% higher than the fixed deposit interest rate.
PPF: It also offers loan facility, but only after the 3rd year. The amount is limited to 25% of the balance and you have to repay the loan within 24 months. You can take the second loan before the 7th year only if your first loan is amortized. After the 7th year, you cannot avail any loan since you are eligible for partial withdrawals.

Weigh both the investments judiciously and then decide which option suits your requirements best.

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