At this stage of life, it is not news to you that there are always uncertainties. You can barely tell what you will experience the next day. And it is even harder to know whether that experience will be a good or a bad one. However, if you have a family, whatever experiences you have affect them as well. This is especially true in the case of death or disability. Your death or disability can heavily affect your family. While it is an immense emotional burden, it can also be a financial one if you are the bread winner of the family. In such a situation, life insurance plans are a must. 

Life works in such a funny way that sometimes even having life insurance is not enough. For all that is offer, it can always offer more. To make sure you can have all the coverage you need, life insurance providers offer riders. Here is a look into what they are and how they can help.

What is a life insurance rider?

Riders are additional coverages that the insurance provider offers. The policy you buy is a base level of coverage. It basically offers a payout to your family in the case of your death. However, to fulfill any special needs that they may have, you can use a rider. These life insurance rider plans are extra coverage for specific conditions in exchange for an extra premium. If you feel you will face those conditions in the future, then it is better to buy these riders. Since they can bump up your premium, it is important to choose the right one. Here are a few life insurance riders you should look for:

• Accidental death benefit rider

If the policyholder insured dies because of an accident during the term, the rider pays an additional amount apart from the sum assured of the policy. This added amount is calculated based on the sum assured. In certain cases, buying this rider could mean that you would have to face a maximum limit on how much sum assured you can opt for. However, other terms and conditions of the policy remain the same for the whole policy term. This rider is suitable for people who work in dangerous situations and who travel frequently for business. It provides larger coverage at an affordable cost.

• Critical illness rider

There is a set of ailments that classify as critical illnesses in the field of insurance. Essentially, these illnesses are extremely dangerous and have higher chance of leading to disability or death. Moreover, these diseases often are very expensive to treat. As per the critical illness rider, the policyholder gets a lump sum amount once the disease is successfully diagnosed. This lumpsum can be used to treat your disease the best way it can be. Depending on your insurance provider, a long list of major illnesses are covered under this rider.

Following the diagnosis of a critical illness, there may be a change in your base policy as well. This can differ from policy to policy and from insurer to insurance, but your policy either could continue or be terminated after you have received this payout. Ideally, this payout does not affect your base policy. However, you need to check with your insurance provider.

Waiver of premium rider

This rider will waive off the future premiums of the policy if the policyholder can no longer pay them due to disability or income loss. Let’s be honest, insurance is not the only important expense in life. You can sometimes get stuck in a financial ditch managing different needs. Now, you are always needed to pay a premium for insurance. To know the premium to be paid for a life insurance, you can always use a life insurance premium calculator available online. But, in an urgent situation like disability or income loss, losing life coverage can be devastating. Hence, the best way to ensure that does not happen is to buy a waiver of premium rider.

Life insurance riders are like a double-edged sword. They are as effective as the one that wields them. Hence, if you decide to have life insurance riders, make sure you have the right ones and spend the right amount on them.

The  Indian Financial System Code or IFSC as it is widely known is used when transferring funds from your bank account to another bank account through netbanking. The IFSC code is basically a 11-digit number that consists of both alphabets and numerals.

The code essentially acts as an identifier of the bank branch. Therefore, none of the electronic fund transfers such as NEFT, RTGS, or IMPS can be initiated without knowing what the correct IFSC of the destination bank account is. You can find the IFSC code along with the MICR code on your bank’s passbook or on your cheque leaf. Alternatively, you can also find it online as well.

Why Has the IFSC Changed for Certain Banks?

To improve the operational efficiency of Public Sector Banks (PSBs), consolidate their assets, and reduce Non-Performing Assets, the Indian government recently amalgamated multiple PSBs. Here’s a quick look at the various banks that were merged by the government.

List of banks that were merged	Parent bank
Dena Bank	Bank of Baroda
Vijaya Bank
Allahabad Bank	Indian Bank
Andhra Bank	Union Bank of India
Corporation Bank
Syndicate Bank	Canara Bank
Oriental Bank of Commerce	Punjab National Bank
United Bank of India

Now, with this recent amalgamation of multiple Public Sector Banks (PSBs) by the government of India, the IFSC code and the MICR code has undergone a complete change. The IFSC that were being used for transferring to the accounts held in these merged banks are no longer in use.

What Should You Do Before Transferring Funds?         

The IFSC code for the accounts held in the above-mentioned merged banks have now changed to reflect the parent bank. And so, before transferring funds to any of the banks that have recently been merged, you would have to first change the IFSC in order for the transaction to go through successfully. Here’s a quick overview of the things that you should do.

Firstly, log into your netbanking account and delete all of the beneficiaries whose accounts are with the aforementioned list of merged banks. Once you’ve done that, add the beneficiaries once again by entering the account details along with the new IFSC codes. After you’ve successfully added the beneficiaries, you can then transfer funds to those accounts.

In addition to modifying the beneficiaries through your netbanking account, you will also have to re-examine all of your standing instructions, ACH mandates, and scheduled payments as well. To ensure that you don’t miss out on anything, it is a good idea to delete these instructions and mandates and add them once again. Failing to modify them can lead to your payments being rejected.    

Conclusion

While most netbanking portals have an IFSC code finder at the time of adding a beneficiary, a few don’t. In such cases, make sure that you find the right IFSC manually before adding a new payee. This will ensure that your transaction is successfully executed without any hitch. 

---

Fixed deposit is an age-old investment option that offers guaranteed returns. Here, the investment is made for a predefined tenure at specified interest rate. Due to its low risk nature, many investors prefer this form of investment. Whether you are new investor or an experienced one, financial advisors recommend having fixed deposit investment in your portfolio to ensure secure and guaranteed growth.

It is often misconstrued that only banks offer fixed deposits. However, non-banking financial companies (NBFC) are also authorised to accept fixed deposits. Moreover, the fixed deposit interest rates from such NBFCs is higher in comparison to traditional banking institutions. To invest in these fixed deposit schemes, there are primarily two ways- online or offline. Read below to know about how to open a fixed deposit account.

Online Process

With rapid digitisation across all sectors including the financial sector, it has become convenient to open a fixed deposit account online. Here you can invest your hard-earned money even when you are on the go eliminating the hassle of visiting the bank/NBFC’s branch. While the process across various financers may differ, it is more or less similar with a few options tweaked. Here is a guide on how you can open your FD account online:

Step 1: Visit the website of the bank or NBFC where you wish to invest.

Step 2: Navigate to the section where fixed deposits are located and create an account with your login credentials.

Step 3: Once you have successfully logged into your account, enter your personal details and your income details like salaried or self-employed.

Step 4: Next, input details about the FD investment amount, the tenure of the deposit, and any nomination details, if any.

Step 5: Confirm the above details and proceed to paying the said amount with a payment option of your choice.

Step 6: After successful payment, do not forget to download the acknowledgement slip that serves as a reference for future.

Offline Process

For those not familiar with the online process, the traditional option of offline investment does exist. While it is almost similar to the offline process, the only downside is you need to visit the bank or NBFC’s branch.

• For those with an existing account, you need to submit the fixed deposit application form mentioning the details about the investment and its tenure.
• Those who do not have any prior association with the NBFC, you also need to submit a few other documents along with the application form. These fixed deposit documents include your identity proof, address proof along with income details. This helps to complete the KYC formalities.

Now that you know how to open a fixed deposit account, make sure to compare the interest rates offered and then select the financial institution based on your preference.

 

There will always be an unexpected financial emergency that might happen and you should worry about how you can tackle that situation. According to a recent study, the concern over unexpected financial emergencies is totally normal. In 2015, the Pew Research Study shows that about 54% of the people of America don’t have enough savings that can help them in difficult financial times.

Financial advisers always recommend having at least six months of savings in your bank account. But these savings don’t always get your back when it comes to an unexpected financial crisis. If you consult with a financial adviser or try using a savings calculator, you might get an idea of how much money you should have to survive in an emergency situation.

There are some cases in which no matter how much money you have in your savings account, you still are facing a shortage of money to meet your unexpected financial expenses. But in this article, you will get to know some extremely useful ways that will help you survive if you find yourself in a financial shock.

Keep Yourself Calm:

When someone finds himself in an emergency financial crisis, this makes him panic. If you keep panicking and don’t focus on what exactly the problem is, you might end up making bad decisions. You should keep yourself calm and analyze the situation. It will help you understand your monetary situation better. Keeping your mind focused on the problem will help you explore a lot of available options. You can use the “tuck-and-roll” option to get yourself out of this crisis that is given below:

You have to identify the source of the problem.Create a list of your expenses and compare them with your previous spending over the years to find out are you spending less or more. Focus on those categories of your expenses that can be adjusted or eliminated if they are extras. Try to define your priorities of living. Reducing your monthly spending might hit hard on you but it will definitely lower your expenses quickly and result in increased savings.

Increase Your Earnings:

According to a study in 2017, 78% of full-time workers are living on a paycheck. It means only one-fourth of the job holders can afford to pay their bills. Even if it is shocking and unsettling in terms of financial situation, people have to work hard and extra to make money each month. But you can reduce this tiring routine by keeping yourself away from extra expenses.

Are you looking to sell items of your house that you consider unnecessary? You can sell them online or arrange a backyard sale. You can also get a part-time job to meet your financial expenses. You might be working hard and putting in your extreme efforts to get a promotion at work. Even people are trying to get smaller vehicles that can be affordable. All of this talk is about covering your financial needs or emergencies by saving your money for unexpected events. You can easily achieve your financial goals by exploring every possible option.

Pay Visit To Your Lender:

Just like most Americans, you might be struggling to clear your debts from paycheck to paycheck or want to cover your bills. Taking a loan can be a good short-term option. Power Finance Texas has been in the finance industry for years and they know ways that will help you solve your unexpected financial problems. It is very common that even a little financial stress can turn into a serious problem. We are providing our services and loans that are specifically designed to meet the financial needs of the borrower. Below are a few examples of loans we are providing.

Personal Loans:

These are unsecured and non-business loans that don’t have any typical underwritten document by the lender for your repayment capabilities.

Installment Loans:

Generally, these are incremented repayment plans that are designed for six months after calculating the daily interest model. It makes sure that you don’t overpay. A very common example of an installment loan is a cash advance.

Payday Loans:

These short-term loans are designed to help people until their paycheck and they are up to $1000. You will receive payday loans online same day. The borrower must have to pay them back till his next payday.

Short-Term Loans:

There is a limited amount of time to completely pay the short-term loans as its name suggests and the installments must be paid equally.

You can learn about more financial options offered by Power Finance Texas by contacting them and learn about the qualification for loans. We have experts that will help you in your difficult financial situations and emergencies.

The only thing harder than making good money is holding onto it. The world of finance is littered with stumbling blocks that even the most fiscally responsible among us can sometimes trip over. Know what to watch out for, though, and there’s no reason you can’t keep your balance… while also balancing your budget.

Not Knowing Where You Stand

Ask yourself some questions: How much money is in my savings account? What’s the interest rate on my student loans? What is my home worth? What stocks am I investing in? Etc.

If you don’t know the answers to these kinds of questions right off the top of your head, or at least have the answers easily accessible at a moment’s notice, consider the possibility that you should. You never know when you’ll need that information and it can make all the difference when you’re faced with a tough choice.

Spending Beyond Your Means

This right here is a prime example of why it’s important to know what your resources can support and what they can’t. Even people who do know that information, though, don’t always act accordingly. For many, impulse buying and other forms of needless spending are a constant source of temptation.

If you want to make the most of the finances you have without falling into debt, eating into your savings, or running up a jumbo-sized credit card bill, having and sticking to a budget is key.

Failing to Think of the Future

It’s been said that today is a gift and tomorrow is a mystery. The former may be a matter of opinion, but the latter is an undeniable fact. You can’t depend on your current situation forever. It’s important to prepare for the future, in more ways than one.

For starters, that means setting goals for yourself, whether that be retiring early or saving for a big vacation. Additionally, though, it also means having a Plan B if something goes wrong, such as if you lose your job, make a bad investment, or run into other money troubles.

Overlooking Hidden Expenses

Nothing in life is free, but just because you think you know the cost of something doesn’t mean you know the full cost. It doesn’t matter if you’re buying a car or applying for a mortgage loan, there are always fees and necessities to take into account that will add to the number on the price tag.

For example, the cost of buying a car also includes gas and maintenance expenses. The cost of home ownership goes beyond your mortgage interest rate, with utility bills and property taxes to consider as well. Even small expenses can add up fast, so don’t overlook them.

Body

Introduction

From old time to modern time and until now, there was another group among people who think and view Banking in different ways. Offshore Banks, created as a result of this type of view; the bank with international licence however with special possibilities and abilities, and some special services that all people can not use but who are members and customers of these types of banks, for them is satisfying. In this short article we want to write about Offshore banks and accounts, speak about these special abilities and services that they offer and inform users about the best countries for opening offshore personal bank account .

Offshore Personal Account 

With increase of conflicts, terrorism and financial crimes in the world, the idea of Offshore bank became more popular and useful among people who really care about their money and wanted to use it with special services. For huge privacy and security, for paying a little or nothing taxes, for easy and simple access to deposits without any regulation and paper works and for more protecting the money from political games, Financial crimes; customers are going to use and open accounts in Offshore banks.

These types of accounts allow users to have quick and easy access to their cash; It offers Visa cards and ATM cards and also allows users to make wire transactions from anywhere and anytime by using online banking. The Offshore Personal account is without any taxes however is working under some special laws; Any violation will not be without penalties. It can operate for so many different reasons like Withdrawals, Salary domiciliation, Multiple currencies etc. Additionally these accounts can provide users with Visa or Mastercards as soon as they will open the account.

Best Offshore Banking Countries 

Historically, there are so many Offshore banks created in different corners of the world. However, today in the modern world, there are some countries where their banking in this case is famous among customers. The best example is Cayman Islands; the offshore bank in this territory is so famous in case of Tax Benefits. However for Wealthy group of people, Singapore is the best option. But if we talk about asset and money protection, the name of Switzerland is at the top of the list. There are lower risks in this country’s bank and the security issue is the most important exception in this offshore bank. Surly there are so many other banks in different countries that can be in our list however we mentioned the best and famous ones once.

Conclusion

Historically, the idea of Offshore bank and Offshore account was famous among customers. However with the improvement of technologies and new updates, use and services of these types of accounts became easier for users and today there are some countries with the best features and services in this case, that became popular among people.

Sports gambling is evolving rapidly. It gets bigger year after year as it achieves legalization in more states. When the Supreme Court lifted the ban for sports betting, it became legal in many places in recognition of its economic importance. With this, now is a good time to be a bookie and start accepting sports bets. If this interests you, keep on reading as we talk about the misconceptions about being a bookie.

• It is Expensive

One thing that discourages many people from starting a bookie business is the cost involved. However, the truth is that it does not have to be expensive. There are many options for affordable sportsbook software that you can use to get started. For instance, you can pick those with pay-per-head schemes, which means that payment will be based on the number of users of the platform.

• It Involves Real Money

When most people hear the word bookie, the first thing they think about is someone who accepts money for sports bets. Yes, that is the case, but this does not mean that actual wagers are often involved. You can also become a bookie by using fantasy sports betting websites. Check out Sharpbookie.com and see how this can give you an introduction to the business of being a bookie.

• You Need to be an Expert

Your hesitation towards being a bookie might stem from your lack of confidence. However, being a bookie does not require you to be a professional. Even without experience, you can easily find your way. Using the right software can help as it will do the lines for you. Through the years, as you operate your bookmaking business, you will learn more.

• You Can Manipulate Matches

Especially among players, many believe that bookies are capable of manipulating matches so that the business will earn more compared to what they are giving out. However, it is through an over-round that bookies make money and not through game-fixing. If you think that being a bookie will make our reach because you can fix games, this is clearly not the best business path for you.

• There’s No Need for Marketing

As a bookie, you have to think of the best ways to promote your business. This is where marketing enters the picture. While this could mean additional expenses, consider this as an investment and not as an expense. From social media to email marketing, think of innovative ways to reach your target market.

• You Know Better

Some bookies think highly of themselves. Do not be one of those! Bookies are just like humans, and hence, they can make false predictions. They can make mistakes. They are not capable of accurately predicting the outcome of a match. So, if you want to become a bookie, stay humble and be open to learning new things

Interested in being a bookie? Make sure that you do not make the mistakes above!

Arnon Dror is a name to reckon with in the world of international finance. This MBA graduate has been able to occupy the position of Vice-President in many companies. Some of these popular global organizations include Xerox, Creo Inc., Scitex, Kodak, Creo Americas and Presstek. The officials of such establishments acknowledge his services to their concerns. Almost all of them admit he is responsible for turning their organization into profitable entities. They even say his expertise extends to many diverse fields. These include cash flow management, internal controls, international taxation, ERP integration, corporate mergers, and financial planning. Today, he holds the post of Senior Operations Executive in Janus Technologies.

Arnon Dror – Why should entrepreneurs opt for debt financing over equity?

This financial expert explains it possible for entrepreneurs to raise funds from the market. They can avail many different options to get the money they need to run their businesses. These alternatives generally fall under the two broad categories. These are equity and debt financing. There are many different factors they need to consider before making up their minds. These include the valuation of their concerns, probably risks, operational goals and the amount they need. On top of this, these proprietors need to keep another aspect in mind. The owners have to incur a certain cost whatever choice they make.

This professional suggests entrepreneurs should opt for debt financing over equity. He states the following two important reasons why they should opt for this course of action:

1. Retain full ownership and control of their concerns

Entrepreneurs can raise the money they need by issuing equity share to the public. Many individuals may show interest in the businesses they operate. These people may even invest their savings in such concerns. In return, they ask for a share of the profits and say in the running of the establishments. For this, the proprietors have to forgo a part of their ownership to these investors. They won’t be in a position to make independent decisions after taking this step. This situation may not be acceptable to many of them. Fortunately, this is not the case, when these businessmen opt for debt financing.

2. Availing tax deductions

Under debt financing, entrepreneurs need to repay the interest charges and principal portion of their loans. However, they can record such costs as legitimate business expenses in their books of accounts. They can even claim a tax deduction on the amount they spend in this regard. This significantly reduces their overall tax liability with the Internal Revenue Service (IRS). This is not possible if they issue equity share to the general public. They need to pay tax on the profits their establishment generates. Only then can they distribute the remaining portion to their investors.

Debt financing is a necessity for entrepreneurs who want to raise money from the market says Arnon Dror. It allows them to use the funds to run their businesses at a nominal cost. In the process, they can even avail attractive tax deductions from the government. They just need to look at the above 2 important reasons to take this step. It won’t take them long to realize it’s the right decision to take.

Every prospective home-buyer should know what kind of shape their credit is in. A credit report is the most revealing document that a consumer has available at their disposal and it gives lenders a snapshot of their financial situation and ability to repay their debts. Fortunately, individuals can access their credit report for free each year so that they may know where their credit situation stands. One thing that many people are astonished to see on their credit reports are glaring errors. This usually happens a little too late unfortunately – when a mortgage lender is evaluating their application or during some other crucial moment in life.

Unfortunately, errors in credit reporting are incredibly common. Sometimes the error is in the reporting of the name or address, basic information of that type. Other times, the problem lies in incorrect reporting – say, of a debt that has been repaid in full – or suspicious activity that could point toward identity theft. It is in everyone’s best interests to get a copy of their credit report in their hands each and every year.

Get Your Report from Equifax

Equifax is the primary credit reporting agency in Canada, so Equifax.com is the place to start. Via their online platform, you can request a copy of your credit report via email or standard mail once every twelve months.

Assess Your Report for Errors

It’s worthwhile to go over every detail of your credit report, even with a magnifying glass if that makes you feel better! In order for a credit report to be an accurate summation of your credit situation, it needs to be 100% correct in its reporting. Your name, address and other basic information will be present on the report. Make sure that every letter and number is accurate, even with this most standard of data.

From there, it’s time to look at which debts have been reported. Go over each line in the document carefully and make notes of anything that is incorrect.

Collect Supporting Documents

Receipts and other documents can be used to dispute an inaccurate line on your credit report. If you have access to any such documentation, now is the time to pull it all together.

File an Official Dispute with Both Credit Reporting Agencies

Equifax and TransUnion Canada are the two reporting agencies in Canada. On both of their websites, consumers can request a form to submit as a means of initiating the dispute.

From there, each credit reporting bureau will investigate your claim. They will do this by contacting the creditor in question. If the creditor agrees that a mistake has been made, the bureau will correct your credit report.

You may be able to speed the process along by contacting the creditor with whom the falsely reported information is connected. You’ll be able to verify their records for accuracy and request that they report the updated (if an update is made) information to the credit reporting bureaus.

Unsatisfied with Your Results? Escalate Your Case

If you feel that you have been wronged and had a disputed claim left unjustly on your credit report, you still have some recourse. Ask to speak with someone higher-ranking within the credit bureau or the financial institution in question. Each institution should have a method of dealing with complaints, including the involvement of a third party.

Incorrect information on a credit report is nothing uncommon. You might be astonished at what simple mistakes could be dragging your credit through the mud.