FINANCIAL TASKS CHECKLIST (PART 1 OF 3)
· Either it is laziness or constraints that prevent you from finishing a pending financial task.
· Enlist the most pressing ones and set a realistic time frame to complete them.
· Keep aside 30 minutes a day for clearing the backlog.
· Streamline your financial life by handling financial tasks as they surface.
A. BANKS
1. Complete nomination formalities
· Filling up the nomination form enables the nominee to access the bank accounts and deposits of the person if he suddenly passes away or is rendered incapable of transacting on his own.
2. Operate the bank locker periodically
· To avoid regulatory hassles, operate your locker periodically by combining this task with other branch-related pending tasks at least once in every quarter.
3. Close down unused accounts
· If you have an inoperative bank account, close it for good, as it can save you from maintaining the minimum balance in each account or face a penalty.
4. Apply for Net banking facility
· Apply for online banking facilities and your financial life will become far more organized.
· All banks offer Net banking because it cuts down their employees’ wage bill.
· With Net banking, you can carry out several transactions, including checking your account statement, paying utility and credit card bills, transferring funds, buying mutual funds, investing in bank deposits, paying life insurance premiums, requesting cheque books, getting bank drafts made and even applying for loans.
B. LOANS
1. Get your credit score
· It is a certificate of your credit worthiness to help expedite loan applications.
· It also tells your borrowing position with banks and financial institutions.
· It can be done online and the report is e-mailed to you within 2-3 days.
2. Increase your home loan Equated Monthly Instalment amount
· If you have surplus money, make a prepayment of your existing home loan.
· Otherwise, have your EMI increased since this will bring down your home loan tenure and save you interest.
· Even with a nominal fee, it will be worth the final result as your total interest outgo will reduce substantially.
3. Bargain for a lower rate or refinance your home loan
· A home loan is not something you can take and forget.
· Besides the monthly EMI, keep an eye on the rate of interest you are being charged.
· If your lender is not giving you a good rate, shift to a more accommodative bank.
· Even a 2% lower rate can translate into substantial savings in interest costs.
4. Remove car hypothecation
· Banks send a no-objection certificate to the car owner when the car loan ends.
· It is to be used to remove the bank’s name from the car’s registration certificate.
· Get the hypothecation removed to avoid hassles when you are selling the vehicle.
· Remember that the bank’s certificate becomes invalid after 6 months.