1. A savings/current account is treated as inoperative if no transaction is conducted for 2 years.
2. Deposits of up to Rs.1 lakh are covered if a bank defaults on repayment.
3. A bank must pay a compensation of Rs.100 for each day of delay in rectifying a debit entry.
4. Banks can’t delay claims for fund transfer from a deceased person’s account to the nominee by more than 15 days after receiving intimation.
5. Your bank will levy a penalty if your credit card is unused for 1 year.
6. You cannot get more than Rs.20 lakh education loan from a bank.
7. If the education loan amount is more than Rs.7.5 lakh, tangible assets are required as collateral security.
8. The interest paid on an education loan is tax deductible only up to 8 years after the first deduction.
9. Properties older than 35 years are not eligible for bank loans for renovation.
10. You can nominate more than 1 person for your PPF account.
11. The EPF amount withdrawn within 5 years of joining a company is taxable.
12. You can cancel your insurance policy within 15 days of getting the document.
13.If an insurance policy is terminated before 3 years, the tax benefits under Sec 80C are reversed.
14. Smokers have to pay 40-60% higher premium for life insurance than non-smokers.
15. An ailment is not considered pre-existing if you were treated for it 2 years before you bought a health insurance plan.
16. A family floater plan that includes your child will cover him only after he is 3 months old.
17. Each mutual fund scheme should have a minimum of 20 investors.
18. Mutual funds accept third-party cheques of less than Rs.50,000 if they are from a parent for a minor.
19. You can adjust the losses made on stocks and mutual funds during a financial year against the profits made during the next 8 years.
20. You can claim tax deduction for house rent up to Rs.5,000 a month even if your salary doesn’t include HRA.
21. A tax deduction of up to Rs.5,000 in a year is allowed for health check-ups.
22. Each parent can claim tuition fees tax deduction for the actual amount paid for up to 2 children each, thereby covering a maximum of 4 children in a family.
23. Assets brought from abroad while settling in India don’t attract wealth tax which has been abolished.
24. Not filing a tax return can lead to a penalty of up to Rs.5,000 even though all your taxes are paid, besides unnecessarily raising suspicion leading to further scrutiny of your finances.
25. If you are 30 years old, your monthly SIP amount at 10%CAGR becomes 2080 times till you are 60 years old - that's the power of compounding for you !
2. Deposits of up to Rs.1 lakh are covered if a bank defaults on repayment.
3. A bank must pay a compensation of Rs.100 for each day of delay in rectifying a debit entry.
4. Banks can’t delay claims for fund transfer from a deceased person’s account to the nominee by more than 15 days after receiving intimation.
5. Your bank will levy a penalty if your credit card is unused for 1 year.
6. You cannot get more than Rs.20 lakh education loan from a bank.
7. If the education loan amount is more than Rs.7.5 lakh, tangible assets are required as collateral security.
8. The interest paid on an education loan is tax deductible only up to 8 years after the first deduction.
9. Properties older than 35 years are not eligible for bank loans for renovation.
10. You can nominate more than 1 person for your PPF account.
11. The EPF amount withdrawn within 5 years of joining a company is taxable.
12. You can cancel your insurance policy within 15 days of getting the document.
13.If an insurance policy is terminated before 3 years, the tax benefits under Sec 80C are reversed.
14. Smokers have to pay 40-60% higher premium for life insurance than non-smokers.
15. An ailment is not considered pre-existing if you were treated for it 2 years before you bought a health insurance plan.
16. A family floater plan that includes your child will cover him only after he is 3 months old.
17. Each mutual fund scheme should have a minimum of 20 investors.
18. Mutual funds accept third-party cheques of less than Rs.50,000 if they are from a parent for a minor.
19. You can adjust the losses made on stocks and mutual funds during a financial year against the profits made during the next 8 years.
20. You can claim tax deduction for house rent up to Rs.5,000 a month even if your salary doesn’t include HRA.
21. A tax deduction of up to Rs.5,000 in a year is allowed for health check-ups.
22. Each parent can claim tuition fees tax deduction for the actual amount paid for up to 2 children each, thereby covering a maximum of 4 children in a family.
23. Assets brought from abroad while settling in India don’t attract wealth tax which has been abolished.
24. Not filing a tax return can lead to a penalty of up to Rs.5,000 even though all your taxes are paid, besides unnecessarily raising suspicion leading to further scrutiny of your finances.
25. If you are 30 years old, your monthly SIP amount at 10%CAGR becomes 2080 times till you are 60 years old - that's the power of compounding for you !