Month: August 2018

Jagoinvestor Bangalore Workshop on 16th Sept 2018 (Sunday)

Posted on by Jagoinvestor

We are happy to announce, that our next full-day workshop in Bangalore is scheduled for 16th Sept 2018 (Sunday).

We invite you to come and participate with your friends and family. It is an opportunity for you to block one full day for your financial life where you get a chance to work on your financial life. We do not teach tricks and tips to build wealth, but in fact we help you to discover your own personal process of creating wealth.

Why we do these kinds of offline event/workshops?

We do these events because they make a positive difference in people’s financial life. The conversations we do, create an impact on people’s thinking and they are able to re-invent themselves as an investor. The event is not about financial products and numbers, it is about learning and mastering the principles of wealth creation. It is about learning realizing your past mistakes and about creating a powerful future for yourself.

Register for Bangalore workshop on 16th Sept 2018 (SUNDAY)

Ticket Type Pricing Ticket Link
Single Ticket (Early Bird)
(First 10 tickets only)		 Rs 3,200 + GST Buy Single Ticket
Couple Ticket (Early Bird)
(First 10 tickets only)		 Rs 5,000 + GST Buy Couple Ticket
Single Ticket (Regular) Rs 4,800 + GST Buy Single Ticket
Couple Ticket (Regular) Rs 7,500 + GST Buy Couple Ticket

 

Venue and Timing Details

8:30 am - 6:00 pm , 16th Sept (Sunday) , 2018
Venue is yet to be decided

 

Check our Workshop Page

Why should you come to the workshop?

  • You will learn how to improve your financial life with your current set of resources and income.
  • You will learn how to plan for your financial life goals
  • You will interact and learn from other’s people’s financial life
  • You will dedicate one full day to get better with money management
  • You will learn to add new dimensions to your financial life
  • To understand that personal finance can also be fun
  • To give a whole new direction to your financial life

Let us share our survey findings (Survey was done on 10000+ Investors)

We did a survey with more than 10,000 investors some time back and here are the results of the survey.

survey results workshop

The survey is LOUD and CLEAR – It’s time to re-invent

The theme of our workshop is going to be re-invention, you will get a chance to examine your financial life and will explore ways to re-invent your financial future.

The results from survey seem alarming and the best gift we can to the investor’s community is our workshop Your real wealth is your clear mind as once the mind is clear all the good decisions will happen on its own, the workshop will leave you with a clear mind and with new openings of action.

Our Vision to do Workshop in different cities and organizations

This year we intend to do the workshop in maximum cities and in more and more organizations. The content and design of workshop are powerful and we want the workshop conversation to touch more lives. If you want to do a workshop in your city or in your organization you can share your details in the below Google form, we will get in touch with you at the earliest.

It’s time to add Jagoinvestor workshop to your financial journey

It has been a few years now conducting “Design your financial life” workshop and each time it has been a very fulfilling experience for us. It is a wonderful space to be in, in which the group learns and starts to fall in love with the process of wealth creation.

This time we want more and more couples to participate so that they can get on the same page when it comes to personal finance. It is extremely important that the husband and wife both take an equal interest when it comes to money management. We are offering a special discount to those who want to come with their partner. (You can even come with your parents, siblings or friends and can claim the discount)

The workshop we conduct is highly interactive, it has lots of activities and fun exercises which help you to discover your relationship with money. The sessions are interactive and very easy to grasp for any kind of investor, beginner or advanced. In short, there is something for everyone in this workshop.

If you have never participated in any personal finance workshop let this one be your first experience. If you have any questions you can write in the comments section or you can email on [email protected]

Power/Speed Vs Regular Petrol – This is the biggest scam of petrol pumps!

Posted on by Jagoinvestor

When you go for fill up petrol or diesel in your car/bike, you have an option to fill the normal fuel or high-performance fuel often termed as Speed, Power, Xtra mile, Turbojet or Hi-speed etc in the Indian Petrol pumps.

Today, I will share with you a kind of fraud/scam which is going on in petrol pumps on the name of these high-performance fuels and you will also learn if it’s really useful to use this high-cost version of petrol/diesel in your vehicle or not!

high performance vs normal petrol

Because I educate you on the topic, I want to start with the cheating part first, which happens on the petrol pump!. The reason I am calling it a scam is because it is done with the intention of cheating the customer to make higher profits.

Petrol pumps give you “High-performance fuel” without asking you

Some days back I went to a petrol pump to fill petrol in my car. I kept my eyes wide open and made sure that the meter shows ZERO (read about zero meter scam on petrol pumps here), and no distraction is there and no one scams me.

As I was about to leave, I realized that the nozzle used to fill petrol was kept in the section which said “Speed”. When I enquired if they have filled the high-performance fuel in my car, the answer was YES.

When did I ask WHY? , they said that I should have mentioned that I wanted normal petrol.

So now you know the scam here..

Its common sense that by default petrol pumps should be giving us normal petrol and only if the customer wants/agrees, they should fill high performance/cost fuel. But here, they had made the costly fuel as the default choice and without even telling you they fill costly petrol/diesel in your car/bike.

A customer never pays much attention to which fuel was given to them and assumes that its normal/cheapest version of fuel.

There are many other scams which happen at petrol pumps, but I think is a much bigger scam, because this is so subtle, that almost everyone falls for it (without even knowing about it). Just think about it, even if 5% of people are scammed into buying high-performance fuels, it’s millions of litres and millions of extra revenue/profits for petrol pumps/companies.

What is High-performance fuel?

It’s very important to understand what exactly is high-performance petrol or diesel, to understand the whole game.

Branded high-performance fuels like SPEED and POWER are normal petrol with an extra additive/detergents added into it. These additives enhance theoOctane ratings for petrol.

The Octane rating is the petrol’s capacity to burn at higher compression ratios without knocking. Every engine has a unique compression rating and hence based on the compression rating, the manufacturers suggest the exact type of fuel to be used for the car.

99.99% cars/bikes in India have engines which only and only require normal petrol/diesel because its octane value is the same which is required by the engine of these cars.

In fact, you will be surprised to know that car manufacturer such as Maruti, Hyundai, Tata, Toyota, Ford, Skoda, Mercedes, BMW etc. strongly discourage the use of premium fuels in their cars and in fact its also written clearly in the car manual book too. This thread discusses everything about high octane and fuel performance if you want to learn about the topic.

If you also talk to qualified service engineers at the service stations, they also recommend using the normal fuel instead of these high performance versions.

Problems of using high performance fuel in normal car

Can you believe that use of high octane petrol (the costly high performance fuel) actually cause problems in the engine, instead of helping the engine?

If you use petrol which is having a higher octane level than what is recommended, then because of extra additives in the petrol, it is only going to cause unwanted settlement of these additives in the engine – no added benefits in terms of mileage/performance.

If you use petrol having lesser octane than recommended, the petrol will knock and cause damage to engine. Further, the anti-knock sensor will cause the engine to slow-down and the timing of the engine will be wrong causing decreased mileage.

The normal petrol which is available in the market is actually fit for the engines in most of the cars sold in India.

Here is an excerpt from Team-BHP regarding this topic

Some car owners have reported excessive exhaust smoke after using premium diesel. A few others have complained of damage to components in the fuel delivery system, including the fuel injection pump and fuel injectors. Modern common-rail diesel engines operate within fine tolerances.

Your motor was engineered to consume regular diesel only. In the worst case scenario, you might end up with damaged mechanicals due to premium diesel. In the best case, you won’t gain anything. With premium diesel, you have a lot to lose, and nothing to gain.

Video about High-Performance Fuel vs Normal fuel

I want to especially see this video by Mr Amit Khare of fame Ask Carguru Channel, which is an excellent source of all kind of information and knowledge about automobiles in India. A few months back, when I was watching this video, it was new learning for me and I decided that I will write an article about this soon on this blog.

The video is in Hindi and I am a fan of Mr Amit because of his simple language and engaging style of talking. Do listen to the following video for sure.

Why do petrol pumps sell high-performance fuel?

In one word – “High Profits”

Remember, that Petroleum companies and Petrol pumps both are “for-profit” businesses. They are there to make money and they will do all the things which increase their profitability. The petrol and diesel prices are regulated in India and no petroleum companies can decide the price of fuel on its own.

However, they can always decide the price of enhanced fuel because it’s their own formula and they are free to price it. Petrol pumps also get better margins when they sell high-performance fuels.

High-performance fuels can cost anywhere from 3-4% higher than normal fuels. In some cases, very high-performance fuels can be even 20% costly.

At the time of writing this article, the price of petrol/ltr in Mumbai was like this

Normal Petrol: ₹ 84.67

Speed : ₹ 87.48

Speed 97 : ₹ 105.01

Which means that by selling high-performance fuels, the profits which these companies profit margins can literally shoot up by a big percentage. No wonder why they never share the secret.

When should you fill high-performance fuels in your car?

Very simple, if you have a car/bike which has a high-performance high-compression engine such as BMW / AUDI and superbike’s, then you can use those costly fuels and they will actually perform better also, but otherwise you should just stick to normal fuel only.

Do let us know if you liked this article and if it helped you to break your myth about high-performance fuels. Also if you have anything to add into this article, do let us know in the comments section.

Basic Saving Bank Account – No minimum balance required (+ more features)

Posted on by Jagoinvestor

Do you worry about maintaining the minimum balance in your bank account? If that’s the case, then you will be happy to know that now RBI has mandated all the banks to offer something called Basic Saving Bank Deposits Accounts where there is no minimum Monthly Average Balance (MAB) to be maintained.

Let’s know more about the BSBDA account.

5 benefits of Basics savings bank deposit account

You must have heard in the news that a few days back, Banks have collected approx Rs 11,500 cr from customers for not maintaining minimum balance limit. This situation happens with a lot of people. Through this article, we will see how we can prevent ourselves from getting into this situation.

Basic Saving bank deposit account – Meaning

The basic savings bank deposit account (BSBDA) is the zero balance bank accounts. This means you don’t need to maintain any kind of minimum balance limit in this account.

RBI has made it mandatory for all the banks to offer this service to people who are unable to maintain the minimum balance. Criteria to open this account are similar to the eligibility criteria of normal savings bank account. Banks may have their own criteria based on age or income.

However, as per the guidelines of RBI, banks are advised not to impose any criteria of age or income for opening BSBDA.

Features of Basic Savings Bank Deposit Account :

  1. No minimum balance limit.
  2. No limit for a money deposit.
  3. The interest rate is similar to the regular savings account.
  4. Normally there is no upper credit limit (these criteria may vary from bank to bank).
  5. No minimum amount required for opening the account.
  6. ATM cum Debit and passbook facility is provided totally free of cost.
  7. Checkbook facility and online funds transfer facility is available.
  8. No charges are applicable to any kind of transaction (within limit).
  9. The account holder can open FD and RD.

Limitations of Basic Savings bank account

As I said earlier this is a zero balance account with no extra charges, but it has some limitations also :

  • Only 4 withdrawals per month are allowed, including branch cash withdrawal, ATM withdrawal, NEFT, RTGS, online payment, EMI, etc.
  • It depends on banks to either charge additional fees for extra withdrawal transactions or not.
  • Your BSBDA will be converted into a normal savings account automatically if the transactions limit increases.
  • Central KYC (A centralized KYC process to avoid submitting multiple KYC’s) should be done, otherwise, the account will be considered as a BDBDA-small account (explained below).

What is the Basic Savings Bank Deposit-small account?

This is an account that can be opened by a person who is above 18 years of age but does not have any official KYC document (Like Aadhaar Card, PAN or other ID proof and address proof, etc.). For this, a person needs to submit a self-attested photograph and he/she needs to sign the form and also provide thumbprints in the presence of bank officials.

The basic savings account of a person who doesn’t have a CKYC is treated as a basic savings bank deposit small account. Features of this account are as given below :

  • This account is valid only for 12 months. It can be extended for the next 12 months by providing proof of having applied for officially valid documents.
  • The balance should not exceed Rs.50,000 at any point.
  • An aggregate of all credits in a financial year should not exceed Rs.1 Lac.
  • Mobile banking facility may not be available.

Can I convert my existing savings account into a Basic Saving bank account?

There is no provision till date to convert existing savings account into BSBDA. You have to open a new BSBDA and for that, you need to close your existing savings account within 30 days of opening a BSBDA otherwise the bank will automatically close your earlier account after 30 days. A person can have only one BSBDA in a bank

Banks are restricted to offer any value-added services to the BSBDA account holders by charging any extra cost. If any extra service is given, then automatically the account will be converted to a normal saving bank account.

Documents required for opening Basic Savings Bank Deposit Account

Documents required for opening BSBDA are as follows :

  1. Account opening form.
  2. Colored passport-sized photograph.
  3. KYC documents like – ID proof, address proof, PAN, etc.

Difference between a normal savings account and BSBDA

Normal savings account Basic savings account Small savings account
Minimum balance limit 10000 No limit No limit
Penalty if minimum balance is not maintained Applicable Not applicable Not applicable
Withdrawal limit Not applicable Applicable Applicable
Mobile banking facility Available May not be available Not available
Credit limit No limit No limit 50000

Who should open this “Basic Savings Bank Deposit Account”?

Now you must be thinking “What is the use of this account for me? I have my regular account with unlimited transactions then why should I open a basic savings bank deposit account?

Let me tell you, there are lots of people around us who don’t have a bank account because they can’t maintain the minimum balance limit. Like some students, employees who have just entered into their profession, small-scale workers, maid, driver, and so many other people.

There are also some people who have more than one or two bank accounts other than their regular accounts. For these people, the money seems to be stuck in their bank accounts where they have to maintain the minimum balance limit.

Some senior citizens don’t require more bank transactions as they are either dependent on their children financially or they keep cash to avoid visiting banks or ATM’s every time for withdrawals when they need money. For such people, the basic savings bank deposit account is a good option to avoid the penalty and other extra charges for maintaining their bank account.

I hope this information was useful for you. If you have any query then write in the comment section.

Want your Insurance Claim to be Processed? Link your Aadhaar/PAN asap!

Posted on by Jagoinvestor

As per IRDAI, the insurance regulator – it is now mandatory to link your Aadhaar and PAN number with your insurance policies. Though this linking process does not have a deadline right now, its advised to act fast and complete this action asap to avoid any last minute rush and issues which you might face at the time of renewal or claims.

Note, that those investors who still don’t have PAN , have an option to submit form 60.

Why to link your adhaar and PAN with LIC and other insurance policies

How to link Aadhaar & PAN in your LIC policy?

If you have any existing life or health insurance policies, you should link your Aadhaar and PAN soon.

As most of the investors have LIC policies, I am covering the online and offline process for LIC policies right now in this article and will give the links to update the Aadhaar for some other companies as well.

Online Process for updating Adhaar in LIC policies

If you want to update your Aadhaar in your LIC or any insurance policy, the first criteria is that your active mobile number should be linked to your Aadhaar number, so that you can generate OTP which is necessary for the registration process.

Here are the 3 steps you need to follow

Step #1: First of all visit this dedicated link from LIC’s website

Step #2: Fill the details like your

  • Name
  • Date of birth
  • Email ID
  • Aadhaar number
  • PAN number
  • Policy number
  • Aadhaar registered mobile number

and then click on generate OTP. Here is how it looks like.

link adhaar and PAN with your insurance policies

Step #3: You will get an OTP on your mobile, which you need to enter on the site and click on submit. You will see the massage of successful registration for Aadhaar linking with LIC.

It might take few days to link your Aadhaar number with your Policy. Once this linking process is completed after verifying your details from UIDAI, you will be informed via SMS/e-mail on your registered mobile number or mail-ID. You can also watch this video to know the process.

Online Process for updating Aadhaar in LIC policies

You can also have an option to visit your LIC branch and fill up the offline form to link your adhaar and PAN with your policy. Make sure to take an acknowledgement letter once you complete the process.

How to link your Aadhaar and PAN with non-LIC policies?

Each and every insurance company has implemented the solution of linking Aadhaar with policies and you will find a dedicated page on their website. Just search for “Aadhaar + PAN + Linking + <<enter Insurance company>>” in google and you will surely get the link for completing the Aadhaar linking process.

However we are putting up a small list of some insurance companies and their respective links to make it easy for you.

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Sr. No. Insurance Companies Link to update Aadhaar and PAN
1 ICICI Prudential https://www.iciciprulife.com/services/update-your-aadhaar.html
2 SBI life insurance https://www.sbilife.co.in/en/aadhar-updation-form
3 HDFC standard life insurance https://cp.hdfclife.com/Aadhar_Info/Default.aspx?Source=Website
4 Max life insurance https://www.maxlifeinsurance.com/customer-service/aadhaar-update.html
5 Bajaj Allianz life insurance https://general.bajajallianz.com/BagicNxt/ValidateAadhaarPAN/LinkDtlsCorpPortalDirect.do
6 Reliance Nippon life insurance https://customer.reliancenipponlife.com/AadhaarUpdation/
7 Tata AIA life insurance https://apps.tataaia.com/UnclaimedAmount/AadhaarDetail.jsp
8 PNB Metlife India insurance https://www.pnbmetlife.com/wps/portal/Home/aadhaar_updation
9 Apollo Munich health insurance company limited https://ekyc.apollomunichinsurance.com/ekyc/#/login
10 Star health and allied insurance company https://retail.starhealth.in/updatecustomerdetails
11 Religare health insurance company https://www.religarehealthinsurance.com/aadhaar-linking-verification.html
12 United India insurance company https://portal.uiic.in/polclaim/tb/CustomerUpdateFirst.do

[/su_table]

Note that this takes just 1-2 minutes of your time, but its an important thing to complete. If you still have any doubt regarding this linking process you can leave your query in the comment section.