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PPF account in SBI with online transaction

Personal Finance

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September 9, 2014

PPF account in SBI can be opened by submitting an application form. Moreover, one can operate this PPF account online through net banking.

PPF account is best safe investment in India. By investing money in PPF you can not only save tax but earn tax free interest. In case you are not aware about PPF account you can refer to one of the most popular article Smart way to Earn More Money by PPF. In this post, I will be explaining to you how to open PPF account in SBI.

PPF account can be open today in almost all PSU banks, but SBI has the highest reach and available even in villages. Many individuals still prefer PPF accounts in SBI only.

Opening PPF Account in SBI

Select SBI Branch

The first step for opening PPF account in SBI is to select the nearest branch of SBI which offers a PPF account facility. Only few authorized SBI branches gives facility of opening PPF account. You can google to find list of SBI branch offering this facility, but best way is to use SBI Branch Locater tool.

Account opening form and documents

Once you finalize the branch second step is to fill up Form A for opening PPF account. You can download Form A from SBI site. Along with this form you need to furnish ID proof and Residence proof as per Bank’s KYC norms.

ID Proof:-

You need to attach any one of the following as ID Proof along with your form.

Driving License
Passport
PAN card
UID Card
Election Card

Address Proof:-

Any of the following proof will be accepted by bank as address proof.

Passport
Electricity Bill
Telephone Bill
Bank Statement of Past 3 Months

Attach a self-attested copy of ID, address proof and passport-size photo along with your application and submit it to bank for opening PPF account. Don’t forget to attach nomination form.

Also Read – Importance of Nomination in Financial products.

Once your account is open Bank will issue a Passbook. The passbook will contain information about all transaction done in your account.

Transferring Existing PPF account in SBI

If you have PPF account in other bank or post office and you want to transfer this account in SBI you can do that. It will be considered as continuing account. You need to follow the following process to transfer your PPF account in SBI.

Approach your existing bank or post office where you hold PPF account. Make application for transfer of PPF account in SBI branch.
Once your application is processed existing bank will send original documents such as account opening form, specimen signature and balance details to SBI branch address along with cheque or DD for outstanding balance in PPF account.

PPF account Online Transaction SBI

SBI also offers online banking & transaction facility for PPF (Public Provident Fund) accounts. You can check your account balance, and account statement or transfer funds from a savings bank account.

If you don’t want to do any manual activity for depositing or transferring funds to your PPF account automatic option or provision is available with SBI for giving standing instructions for crediting your PPF account from savings bank account at regular intervals.

You can also pass on this instruction online for crediting the PPF account on a periodical basis through Internet banking.

If you have an account in another bank you can use the ECS mandate facility for a subscription to a PP account.

So, if you want to enjoy a PPF account with all online facilities open your PPF account with SBI now.

21 Amazing Facts about Warren Buffett

Investment

Shitanshu Kapadia

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September 6, 2014

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Warren Buffett is stock guru and most successful investor of 20^th century. Today warren buffett is 3^rd richest person of the world, yet he lives simple life without any luxury. Warren buffett converted dying textile mill “Berkshire Hathaway” to successful finance holding company. He is true inspiration for youth. So here is 21 amazing facts about Warren Buffett.

21 Amazing Facts about Warren Buffett

Warren Buffett made first investment when he was only 11 years old & he feels that he has started late. Compare to warren buffett we don’t start investment at age of 21 year forget 11 year.
Buffett started earning money at age of 6 year. He was selling pack of chewing gum.
Buffett filled his first income tax return at 13 year to claim 35$. Many of us don’t know about income tax at age of 13 year.
Buffett purchased small farm at the age of 14 years. He made enough saving by delivering newspaper.
Warren Buffett was rejected by Havard Business School despite of his knowledge about stock market.
Buffett converted Berkshire Hathaway in successful finance holding company. Today Berkshire Hathaway owns 63 companies.
Warren Buffett given only two rules to CEO of these companies. Rule number 1: Do not lose any of your shareholder’s money. Rule number 2: Do not forget rule number 1.
Buffett believes in simple living high thinking he does not carry even mobile with him.
Buffett does not like to socialize with the high society crowd.
Warren Buffett still lives in old home purchased half century ago.
Warren Buffett drives his car on his own at age of 83 years.
Warren Buffett decided to donate 85% of his wealth as charity.
Warren Buffett hold private jet company but he never travel by private jet.
Warren Buffett believes in Long term Investment strategy. He is investor and not trader.
Warren Buffett net worth today is $63.3 billon which is greater than combine GDP of Ghana and Combodia for 2013.
99% of Buffett’s wealth was earned after his 50th birthday.
Warren Buffett made on and average $37 million per day in 2013. If we divide it further he made $1.5 million per hour in 2013.
Singapore based man bid $2.2 million in 2014 just to have lunch with Buffett.
Berkshire Hathaway’s cash balance is at $50 billion enough to purchase 45 Airbus A318s.
If you invested $1,000 in Berkshire Hathaway in 1970, that amount would be $4.86 million today.
Buffett has so far donated enough money in his lifetime to build four Apple “Spaceship” Campuses.

10 Ways to Convert Black Money to White

Money & Wealth

Shitanshu Kapadia

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September 1, 2014

15

Converting black money to white is very common today.

People use all illegal methods to convert black money to white. This article is written to expose ways that people use to convert black money to white. I do not encourage any taxpayers or anyone to use any of the below methods.

10 Ways to Convert Black Money to White

#1 Bogus Loan Entry

A popular method people use to convert black money to white is by showing bogus loan entries. Modus operandi, in this case, will be people give black money to friends or relatives and taking a cheque from them. This is a kind of bogus loan entry to convert black money to white.

In some cases, people give a repayment of this loan by giving back a cheque. People doing this must understand that the Income tax department is watching every transaction and tax payers have to prove the genuineness of every transaction.

#2 Formulation of Trust & doing Charity

Another popular way used by people to convert black money to white is by formulating trust for a social cause. They make executive bodies of own people in trust sometimes illiterate people like driver cook etc. They donate black money to this trust as charity to convert black money.

On paper it is charity but off the shelf, it is the conversion of black money to white.

#3 Showing Income as Agriculture Income

Another popular way of converting black money into white is by showing income as agricultural income. In order to show income as agricultural income you must possess the land and it must be used for agricultural purposes like plantation, garden nurseries etc.

However, there are various conditions you need to satisfy in order to claim agriculture income.

#4 Showing Cash Income from Profession

Another popular way to convert money to white is by showing income in cash. Income from tuition, professional fees, or commission is shown as cash by many taxpayers it is nothing but converting black money into white.

#5 Sale of personal belonging like Jewelry

Go to a known jeweler and give him all the black money you want to convert. He will give you a cheque for the same amount. He will also give you a purchase bill showing you sold your personal Jewelry to him. In this way, your Black money is converted to white and you need not pay capital gain tax even.

#6 Converting Black money by Investment

Another method people use to convert black money to white is by making investments in cash.

People purchase an insurance policy and pay premiums in cash. For example, if the insurance premium is 50000 Rs/- payable quarterly than people pay the first premium via cheque and rest of all premiums in cash. This is the most simple and popular way to convert money to white.

#7 Getting Black money as a gift

Another popular way to convert black money to white is by getting gifts from relatives. Modus operandi is simple you have black money and your relative has the same amount of white money. Your relative issues a cheque to you as a gift and you will give your black money to him/her.

#8 Depositing Black Money on the name of Family members

Another popular method for converting black money to white is to open a bank account on each and every individual family member. Deposit black money in the name of every family member to convert it in white.

#9 By Real Estate

Real estate is a sector where the majority of black money is parked. People use real estate deals to convert black money to white. It is observed that people do fake real estate deals exchange money and cancel these deals due to non-payment of money.

#10 By Declaring Black Money

The best method for converting black money to white as per me is by declaring this money to IT authorities and paying tax on this money to convert it to white.

Disclaimer –

I don’t recommend readers to follow any of these methods for black money conversion. This article is just for exposing loopholes in our system. So, RBI and the government can take appropriate action by formulating strict rules to remove black money from India. I am against black money and black money generation ideas.

If you have any information about people holding black money and trying to launder it. Please send an email to blackmoneyinfo@incometax.gov.in This email id will be monitored by a special cell and immediate action will be taken on information sent by you.

Let’s help the government to fight against black money and tax evaders.

If I have missed any other methods which people use to convert their black money into white money I request you to share them with our team.

Let’s fight against black money and corruption.

If you are true Indian and against Black Money and corruption share this post on Facebook and Twitter. Show your love and devotion to our Nation India.

A Second Income Source how and why?

Money & Wealth

Shitanshu Kapadia

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August 27, 2014

1

second income

Do you think that your primary source of income is enough to fulfill your dream? If not you need second income source. Another reason of having second source of income is to live risk free financial life. Opting for Second income source is like taking insurance policy.

Imagine the situation if you are dismissed from your job unexpectedly or all of sudden you made huge loss in your business. At this moment if you have second source of income it is easy for you to survive. Keeping only single source of income is like standing on single leg and ready to lose balance anytime.

So second source of income is must but million dollar question is how? So I am herewith simple Ideas of generating second source of income.

A Second Income Source Generation Ideas

Share Your Expertise

First idea for generating second income source is to earn money by sharing your expertise. All I mean is start something as per your expertise. Some example could be tuition class, drawing class, dance class, karate class, yoga or fitness class etc.

Sell your Creation

Second idea for generating second income source is sell your creation. If you are creative than money is waiting for you. Start small shop with creative items like customized t-shirt, show piece or house hold items. You can sell these stuff online even.

Start Service Business

Another idea is to start service business. Start providing service some examples are IT services, Electrical services, advertising service, bill payment service, match making service, catering service, tiffin service, baby sitting, data entry service, event organizing etc.

Also Explore: – 40 Small Business Ideas with low Investment

Online source of Income

If you are IT savvy than Internet money is waiting for you. Yes you can generate a good amount of money from internet. Start website or blog and earn revenue through advertising network like google adsense, sell photographs or stuff online to earn money.

Here is 25 ideas of making money online.

Part Time Job or Profession

You can find out part-time job or profession for generation of second income source. Profession could be insurance advisor, real estate agent, interior decorator etc.

By Investment

Second source of income can be generated by making investment also. If you have surplus money you can invest in stock market, real estate or in other good investment avenues to generate second source of income.

Remember what warren buffet said “Never Depend on single source of income, make investment to create second source”.

So what do you think about these second income source do share your views!