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Top Ways to Save Income Tax

Incometax

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February 11, 2012

Which are the Top Ways to Save Income Tax? Before starting my talk on actual Tax Planning let me share one small incident that happened with my friend, my friend has made a lump sum investment in ELSS for tax saving purposes on the advice of his friend. This investment was made recently in Feb 2024 (30000 Rs/-). When Sensex was at its peak.

This lump sum investment done in a hurry at the end of the year may or may not give him a good return. This could happen to you also. Your lump sum or one-time investment may not give you a good return if it is made randomly during year end without any planning.

The Financial Year is about to end if you have yet not planned for saving Income tax than you don’t have much time now for tax planning. You must do your tax planning as early as possible so that you can invest before 31st March 2024.

Section 80C of the Income Tax Act allows certain investments and expenditures to be deducted from total income up to the maximum of 1.5 Lakh (Old Tax Regime).

save income tax

Tax Saving Investment Options

#1 PPF, EPF Investment

PPF refers to Public Provident Fund it is a Long Term Debt Scheme of the Govt. of India on which regular interest is paid. Any Individual can invest in this scheme and can earn a good tax-free return. The Public Provident Fund is the most favorite tax-saving option. One can get a deduction on income for the investment done in this scheme. As this scheme is launched and governed by the government of India it is totally safe investment.

The PPF scheme is for 15 years. The minimum investment required in a PPF account is Rs 500 per year and the maximum investment amount is Rs 100000 per year.

You can open a PPF account in a bank and deposit up to 1.5 Lakh in the year to avail of tax benefits. Apart from tax benefits, you will also paid with decent interest compounded annually.

For Salaried people, EPF is deducted compulsorily from the monthly salary. Contributions made by employees are eligible for tax deduction under Section 80C.

#2 Life Insurance Premium

Payment made in lieu of insurance policy is an eligible candidate for tax deduction under 80C. Life insurance is a way to provide protection to family against any undesirable event. Life Insurance provides the dual benefits of savings and security.

Insurance policies available in the market are many, selection has to be done by you considering your requirement.

If you have yet not taken any life insurance it is advisable to go for a “Term plan” which will provide you with good risk cover at a low premium.

#3 ELSS

The most suitable tax saving option for everyone is ELSS (Equity link saving scheme). The investment made in this scheme for the long term can provide the best returns. ELSS has lock-in period of 3 years meaning one cannot withdraw money before 3 years.

Remember to invest in ELSS always via the SIP route don’t make a time lump sum investment. As investment made in ELSS is exposed to equity & risk is involved in doing so.

What are the deductions allowed under the Old Tax Regime for ITR filing?

#4 Tax Saving Fix Deposit

Investments made in Tax Saving Fix deposit (5 years) in the bank can be claimed for tax deduction under 80C. Interest rates offered by most banks now a day is around 7%, which makes this option good for investment but remember that the return on this FD is taxable meaning on maturity one has to pay tax, which causes a return of less (as per your tax slab).

#5 Home Loan

If you have yet not purchased a house for living and you are planning to purchase please do that and while purchasing please take a Home loan. This will not only reduce your initial investment burden but also provide you an advantage in saving tax.

The home loan principle is accepted for deduction in income tax under 80 C not only that Interest paid on a housing loan up to 2 Lakh per year (Under 24(b)) is exempt from tax.(Excluding Rs.1,00,000/p.a. u/s 80c Saving)

#6 NSC & SCSS

One of the oldest options for tax saving is NSC. Nowadays as a lot of other options are available this option is less popular.

National saving certificate investment will provide you with a return of 7.7 %. Not only principle you can claim tax also as reinvestment under 80C for NSC.

Senior Citizen Savings Scheme is only for individuals with age greater than 60 years. This scheme provides 8.2 % returns. A maximum Investment of 15 lakh can be made under this scheme this scheme has a lock-in period of 5 years.

#7 Mediclaim premium

Medical expenses nowadays are skyrocketing, if you want to make yourself secure from undesirable medical expenses you can purchase mediclaim policy and claim Mediclaim Policy Premium (For self, spouse, children & dependent parents) for tax deduction under 80D.

The maximum limit of this deduction is 25000 Rs/- for self, spouse, and children. An additional 25000 Rs/- can be claimed for dependent parents.

#8 Tuition Fees

Payments made towards tuition fees for children to any school college or university or similar institution can be claimed for deduction under 80 C. (Only for 2 children). This also includes payment made towards coaching fees for various competitive exams.

#9 National Pension System (NPS)

NPS is a government-sponsored retirement savings scheme that offers tax benefits under Section 80CCD. It provides individuals with an opportunity to build a retirement corpus while enjoying tax benefits.

Conclusion

Saving income tax in India is not merely a matter of reducing tax liabilities but also a strategic approach towards financial planning and wealth creation. By investing in tax-saving instruments, utilizing deductions and exemptions, opting for tax-free allowances, planning investments strategically, and staying informed about tax laws and changes, individuals can effectively minimize their tax burden while maximizing their savings and investments.

FAQs

What is the deadline for Investing money for tax savings?

The deadline for making investment tax saving purposes is up to March 31st of the running financial year.

What is the deadline for filing income tax returns in India?

The deadline for filing income tax returns in India is usually July 31st of the assessment year. However, the government may extend this deadline in certain cases.

Can I claim deductions for investments made outside of India?

No, deductions under Section 80C are applicable only for investments made within India.

Are there any tax-saving options available for senior citizens?

Yes, senior citizens can avail of additional tax benefits under various sections of the Income Tax Act, such as Section 80D for medical insurance premiums and Section 80TTB for interest income from deposits.

Is it mandatory to link Aadhaar with PAN for filing income tax returns?

Yes, it is mandatory to link Aadhaar with PAN for filing income tax returns, as per the provisions of the Income Tax Act.

Can I revise my income tax return after filing?

Yes, taxpayers can revise their income tax returns within a specified period if they discover any errors or omissions in the original filing.

How to Select a Good Mutual Fund for Investment?

Mutual Funds

Shitanshu Kapadia

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February 6, 2012

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Many people opt for mutual funds as a way to increase their wealth gradually with lower risk. Mutual funds provide a convenient method to access a varied range of securities managed by skilled fund managers. Nevertheless, selecting the correct mutual fund from the wide range of choices in the market can be challenging. In this article, I will talk about the key factors to keep in mind when selecting a mutual fund for investing and give useful advice to assist you in making well-informed choices.

Mutual funds are investment funds that combine money from various investors to invest in a diversified portfolio of stocks, bonds, or other securities. Professional fund managers handle these funds and make investment choices for the investors. Mutual funds provide benefits such as diversification, professional management, and liquidity.

mutual fund selection factors

Factors to Consider When Selecting a Mutual Fund

Here are some key factors that you need to keep an eye out for selecting a good mutual fund.

#1 Investment Objective of Fund

The investment objective will explain the scope of investment. Whether the fund is equity or debt-oriented, whether the fund will be multi-cap, large-cap, mid- or small-cap specific, the level of diversification. You should relate whether your objective of investment matches your investment objective or not, this also depends on your risk-taking capability if you are worried about capital protection only you can opt for a debt fund else you may think of large-cap,multi-cap funds.

#2 Type of fund

Another thing you must check is the type of funds, Is the fund open-ended or close-ended? You can sell open-ended funds at any time while the closed-end fund has a lock-in period you cannot sell till the lock-in period is over. If your investment planning is short term you should not select close-ended funds. Another thing you must check is fund is a growth fund or a dividend. Dividend funds provide you dividends at every year from profit usually dividend fund NAV is lower compared to Growth funds.

#3 Fund Manager

You must inquire about the fund manager who is managing the fund. You must analyze the qualifications and experience of the fund manager. Ultimately fund manager makes the fund healthy. Most of the fund-related information will be available in offer documents or fact sheets.

#4 Asset Allocation / Stock Holding

One should know asset allocation details and stock holding in various sectors. This is a very important factor as the return on your investment totally depends on where your money is invested.

Asset allocation and stock holding cause the classification of funds into small-cap, mid-cap, multi-cap, large-cap, blue-chip, debt fund, etc. You should compare your risk profile with this fund and make a selection based on that. If you have a low-risk profile and seeking regular income you may select a debt fund someone with an aggressive profile may go for multi-cap small-cap, or mid-cap funds. Those who are looking for stability in profile may go for large-cap funds.

Mutual Fund Tax – How to Calculate Tax on the Mutual Funds?

#5 Investment Method

This section provides guidelines about the Minimum initial investment required, methods of purchasing, redeeming, and making additional investments, the time taken for redemption, so forth, and so on.

One should always select a SIP plan instead of doing a one-time investment as a regular investment at regular intervals provides stability to profile & divide risk.

#6 Exit Load

Fees, expenses and loads are other big items to look out for. Many funds in market charges entry load or exit load you should consider this cost (percentage of load) before making investment.

#7 Past Performance Appraisal

The task of wealth creation with mutual funds is like Test cricket where a rapid hundred or several super six does not always help you in winning the game. You need the consistent performance of Sachin Tendulkar, rigidity on the pitch like Yuvraj, and a captain like Mahendra Singh Dhoni to fulfill your target.

Some mutual fund schemes gives very high returns in very short time, but may be dangerous for investment, you should at least consider past 5 year performance before making any investment.

Many websites provide you with this information quite handy for analysis. Some people also do appraisals on the past three years it depends on person to person.

#8 Standard Deviation

One very important factor that many people miss is the standard deviation of Mutual Funds. Standard deviation measures the volatility of the returns from a mutual fund scheme over a particular period.

This provides you an indication of how much the fund return can vary from the historical mean return of the scheme. If a fund has a 10% average rate of return and a standard deviation of 4%, its return will range from 6-14%.

#9 Expense Ratio

The ratio is the annual expenses incurred by the funds expressed in percentage of their average net asset. To make the choice between two similar funds, you should consider the expenses charged by them. Lower expenses (ratio) benefit you in the longer term. With growth in fund size fixed expense associated with this funds get spread out with large number of investor causing reduction in expense and leaving more funds for investment.

Hence if you are making an initial investment you should look for a large fund where the expense ratio is lower.

#10 Sharpe Ratio

This measures how well the fund has performed vis-a vis the risk taken by it. The higher the Sharpe Ratio, the better the fund has performed in proportion to the risk taken by it. One should look for fund with higher Sharpe ratio.

#11 Alpha, Beta

Alpha is the excess return of a fund compared to its benchmark index. If a fund has an alpha of 5%, it means it has outperformed its benchmark by 5% during a specified period.

Beta measures a fund’s volatility compared to the benchmark. It tells you how much a fund’s performance would vary compared to a benchmark.

A fund with a beta very close to 1 means the fund’s performance closely matches the index or benchmark. A beta greater than 1 indicates greater volatility than the overall market, and a beta less than 1 indicates less volatility than the benchmark.

Aggressive investors may choose funds showing high betas which increase the chance of beating the market and earning good returns. Low-risk investors are advised to select funds with a beta less than one less volatile.

#12 Rating of Mutual Fund

Many people rate mutual funds, as an additional precautionary measure you may consider the rating of a fund before making investment but you should not invest only on the basis of Rating.

Apart from the above, you must look at how these funds fit into the rest of your holdings and how your overall Mutual funds portfolio behaves.

The last but very important point is to start as early as possible; invest as much as you can; Avoid redemption as long as possible!

Selecting Mutual Funds for Different Financial Goals

Various financial objectives may necessitate various categories of mutual funds. When planning for retirement, think about putting your money into diverse stocks funds that focus on long-term growth. Choose less risky debt funds or money market funds for short-term goals like saving for education or buying a car. Thematic funds are ideal for investors who want to take advantage of particular trends or industries, like technology or healthcare.

Best Practices for Investing in Mutual Funds

Follow these best practices to make the most of your mutual fund investments:

Avoid emotional decision-making: Stick to your investment plan and avoid making impulsive decisions based on short-term market fluctuations.
Consistently invest over time: Take advantage of dollar-cost averaging by investing a fixed amount regularly, regardless of market conditions.
Seek professional advice when needed: Consult with a financial advisor or investment professional to get personalized guidance and advice tailored to your specific situation.

Conclusion

In conclusion, selecting a good mutual fund for investment requires careful consideration of various factors, including investment objectives, risk tolerance, fund type, expenses, performance, and tax implications. By conducting thorough research, diversifying your portfolio, and staying disciplined in your investment approach, you can build a successful mutual fund portfolio that helps you achieve your financial goals.

Disclaimer: Mutual Fund Investments are subject to market risks. Please read the Scheme Information Documents and Statement of Additional Information (SID & SAI) carefully before investing.

Simple Ideas for making more money

Personal Finance

Shitanshu Kapadia

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January 12, 2012

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Simple Ideas for Making More Money – Doing the same thing over and over again and expecting different results – It is one of the famous quote by Albert Enstine. Similarly, all individuals worldwide are looking to increase their income either by doing the same job or by taking on additional tasks in hopes of earning more money. In this post, I will outline some straightforward strategies to increase your income, and choose the one that best fits your needs. I will aim to offer pertinent information for every idea.

Make More Money

Simple Ideas for making more money

Making money from money

(1) Exhaust the possibilities of your investments

At first glance, you may be thinking that earning money from investment is a bit tough. If you have short-term planning it is true but for long-term compounding effect always leads to more money in your basket. So always seek the possibility of investment.

You have to exhaust your lying money in a savings bank/home for investment. You have to select the right investment and the right time & you can earn a good return from your investment. For more details about the right investment take advice from some experts.

(2) Trading in stock

If you have enough knowledge and skill then trading in stock could be a good way of making money. Earning money in this way is quite risky as predicting the market and swapping money accordingly is very difficult. Many people still make money like this.

Before starting trading please make up your mind (get ready for loss) do enough practice on various websites that offer money market games try that for virtually buy/sell stock and making a portfolio. Keep a close eye on the stock market and the respective scrip that you are willing to trade for.

Money-making idea for Salaried people

No one gets a sudden rise, even the sun. No one gets a sudden fall, even the moon, so we have to stabilize our lives with a positive approach. Money-making ideas for salaried people are:-

(3) Ask for a salary rise

For salaried people, a job is a lifeline, a way to earn money. You can grab an opportunity to make more money by asking for a salary rise. Of course, you will not get a raise easily but you have to represent your case in such a manner that maximizes the likelihood of getting it. To make it simple please do an extraordinary job in your field and make sure that everyone knows especially your immediate superior (Boss). If this extraordinary job/task affects business boost nothing like it.

While presenting your case please give specific examples about your work and see the effect. If you do this well you will get a rise in salary.

(4) Getting Promotion

If the idea of a salary rise does not work for you another way to make money is by getting a promotion. You will be paid more if promoted to a higher position, but this promotion will come with additional responsibility. So make sure you are ready for this additional burden. To get a promotion you have to start accepting more challenges / more responsibility. Not only that you have to outperform in every job/task/responsibility assigned to you.

(5) Change Job

Just like a promotion, another idea is a job change. Many people adopt this technique to earn more money by asking/negotiating higher salaries. The key behind the success of this idea is to market yourself well in the job market so that you will get a good job with significantly higher pay than your current job. You can increase your marketability by making a professional resume with a cover letter. Include your all professional accomplishments and see the magic you could get roughly a 10% salary hike.

An important point to keep in mind is don’t quit your existing job till you get a new job quitting a job without another job in hand is a risky idea and believe me could lead to disaster, I have seen it personally. If you get into a job that you don’t like/hate continue to take appropriate steps to get a new job or in short plan a job change smoothly.

Once you get a good offer don’t lose the chance to negotiate well you could get a jackpot as the salary rises by changing jobs.

(6) Part-time job /work

You can utilize your current skills by doing a part-time job or part-time work. Not only that you can develop a specific skill set that can earn you more money if you are good at teaching you can start tuition part-time and earn a side income. If you have skills in marketing you can be a good life insurance advisor and earn a good commission.

20 Online Jobs Ideas – Investment-Free

Money-making idea by starting something new

You can simply start something new which can earn you more money here are few simple ideas for you-

(7) Freelancing

You can implement this idea at any time. This idea provides great flexibility in terms of time, amount of work you can do, and money. On the internet you can explore various websites that can provide work for freelancers select you’re field/work and get going. The most popular fields are web designing, application development, accounting, etc.

(8) Blogging

Another simple idea for making money is by blogging you can provide services as a blogger it is one of the hardest money-making ideas. Quality content generation and writing require knowledge, time, and thought processes. Bloggers can earn 1000$ or more per month.

(9) E-book

The idea of writing a book and selling it online as an ebook is a way of earning extra money or generating a passive income source. You have to spend time and energy at the initial stage to write a book and promote it once you get success you will spend less time and earn more. This idea can earn you a name and fame apart from money.

(10) Launching unique website

Everything is available on the Internet nowadays but still, there are certain unique things/ ideas for which no websites are present if you have a unique business model like this you can earn money by launching a website with this unique idea. You can also earn money by placing advertisements on your website.

(11) Selling Photo online

You may be surprised by hearing that you can sell photographs and earn money. Many websites on the internet like Flicker sell this type of photo. Many companies use this type of copyrighted photograph for advertisement etc. If you are very good at camera/photography this idea can lead you to earn several thousand rupees.

(12) Online marketing / E-mail Marketing

Marketing for products/services online is another idea for earning good money. You can join any website that pays for online marketing. You just need to attract people by doing online marketing / E-mail marketing or promoting products online. If a consumer purchases products you will be paid commission money.

Some other money-making ideas

(13) Selling unused/old items

Many items at your home may be useless or old you can earn good money by selling these old items. Many websites are available on which you can place your advertisement and believe me you will get a good response.

(14) Turn your hobby to earn more money

I love this dhinka chika idea. If you are good at something you can earn from that this could be anything like writing review online, starting your own website, making paintings, making some artistic decorative items, and selling. You can even earn money by starting babysitting or starting a career as a matchmaker or wedding planner. The thing is that you must have passion for your work and money will come.

FAQs

1. How can I make extra money without quitting my full-time job?

Explore flexible side hustles that allow you to work on your schedule, such as freelancing or selling products online.

2. Is investing in education worth it for increasing income?

Yes, investing in education and skills development can significantly increase your earning potential and open doors to higher-paying opportunities.

3. What are some tax benefits of creating multiple streams of income?

Depending on your situation, you may be eligible for tax deductions or credits related to business expenses, investments, or retirement savings.

4. How can networking help me make more money?

Networking allows you to connect with potential clients, collaborators, mentors, and opportunities that can lead to increased income and career advancement.

5. What should I do if I’m struggling to manage debt?

Consider seeking assistance from a financial advisor or credit counselor who can help you create a debt repayment plan and explore options for reducing interest rates or consolidating debt.

Credit card or debit card It’s your choice

Personal Finance

Shitanshu Kapadia

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January 5, 2012

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Many of us regularly get calls /e-mail offers from banks appealing to us to take a credit card. Bank in which you hold your account might have given you ATM (Any Time Money) cum debit card & told you that it is convenient to use a debit card for shopping.

Now confusion begins you already have a debit card and the bank is calling you for taking a credit card saying that a credit card is most convenient for shopping. For those of you who are confused like this, here are the pros and cons of using credit and debit cards.

While credit cards and debit cards look the same as plastic cards (seem similar) but they are totally different in the way they work and the services they offer. In this article, we will cover the advantages and disadvantages of each which will help you to pick your choice credit card or debit card.

credit card debit card

Debit Card

The word debit means deduction and, your debit cards behave in the same manner as per name and deduct money immediately from your account as and when you use that for purchasing goods.

Advantages of Debit Card

You need not carry hard cash for shopping.
It takes a shorter time to complete a purchase since one doesn’t have to wait for a check to get approved. Further, you wouldn’t have to carry a checkbook, traveler’s check, etc.
You can use a debit card as an ATM card and withdraw money from the ATM machine.
You will not end up spending extra money as you will be allowed to make over-draft payments.
You need not to pay any interest and penalties or any additional fees.
You will get money anytime (24 x 7) you need from the nearest ATM center.
No need to visit a bank, stand in queues, or wait for check clearing for withdrawal of money.
Need not remember payment dues after purchase.

Disadvantages of Debit Card

You will not get any credit.
If you happen to be at a place that doesn’t take a debit card you cannot do shopping with a debit card.
If you use this ATM card at another bank ATM machine you have to pay an additional charge to the bank.
Fraud may happen if you use a debit card for online shopping and your debit card number, security code, and expiration date goes into the wrong hand.
Money taken/deducted from your account instantly no grace period will be given.
Mostly all credit cards come with some additional services like insurance or cashback etc. Debit card does not offer that.
You have to track your spending you will not get any statements as you get on the credit card.
In case of purchase, goods are faulty or you had disputes like this you will be in a weaker position as you have already made payment through a debit card.
You will not gain a credit score as transactions made by debit card are not reported/given to other companies/credit agencies etc.

Credit Card

As the name suggests it is credit provided to you for making a purchase. A credit card allows you to do shopping on credit meaning you are borrowing money while doing shopping, this money will not be debited directly from your account like a debit card. Mostly by month, you will get a bill of the sum of items purchased by you.

You can make payment in full or in part, if you choose to make payment at a later stage you will be charged with interest amount.

Advantages of Credit Card

You need not carry hard cash for shopping & it is not necessary to have a bank balance in your account for making purchases.
You can purchase goods today but the actual payment will be done by you later. (At your convince)
It will act as a blessing if you want to purchase some items which are beyond your budget but still, you need that.
You will get benefits given by the bank about cash back, free insurance, reward points, etc.
Mostly accepted at all places hence shopping will be joy.
You can make full/part payments at your convenience.
You can keep your records up to date as you will receive consolidated credit card statements every month.

You can withhold payment of merchandise in case of the product purchased by you is faulty/defective.
Some credit cards also provide the facility to withdraw money from ATMs.

Disadvantages of Credit card

You have to remember the payment due date, you will be liable to pay a penalty / more interest rate on slippage of this date.
You may end up spending more amount, which you may not afford in short card encourage you in making a purchase of goods/service which you really can’t afford.
Your shopping will become more expensive as interest rates are high and there may be additional hidden costs.
Lost/Stolen cards may result in unwanted expenses and a lot of inconveniences.
Extensive use of Credit card increases your debt and affect your finances adversely.
Apart from Interest, some bank keeps additional charges so, you need to be careful & understand the terms and condition before taking a credit card.
Purchasing things on credit may become a habit that will be dangerous.

Indeed, irresponsible credit card use can result in many debts and other bills. So, if you’re struggling to repay your debts, credit card debt consolidation can be a great financial solution. This way, you’ll enjoy a lower interest rate, more flexible terms, and smaller monthly payments. To avail of a debt consolidation process and look forward to financial freedom, work with professionals specializing in credit card debt settlement.

On the other hand, there are additional things that you should keep in mind when dealing with a credit card. For instance, a wise thing is to understand terms and conditions you should know whether there are any annual fees or other fees for specific transactions. Also, make sure you know the policies and fees for using your debit card at ATMs belonging to other banks. You should report the loss /damage of the card immediately to stop unauthorized usage.

Factors To Consider When Choosing Between A Credit And A Debit Card

Now that you know the advantages and disadvantages of a credit and a debit card, it’s time to familiarize yourself with a number of factors for choosing which will work best for your personal needs. These can include:

Spending Habits: If you tend to overspend, having a credit card may not be an excellent option because it’s easy to spend more money when it’s not your own money. As such, a debit card may be a better option since it’ll limit your spending on the money you have in your bank account.
Credit History: If you have a poor credit history, you may have to pay a higher interest rate on a credit card. This makes a debit card a better choice as you don’t need to worry about interest rates. But if you have a good credit history, you can qualify for a credit card with a lower interest rate. This can help you save money if you carry a balance from month to month with interest charges.

Other factors that you need to keep in mind include safety, financial goals, and the like.

Conclusion: – In the current scenario Debit card facility is a must for all but you have to make a choice to take a credit card or not, Credit card use wisely within the limit is a boon, but overuse lead to several financial implications.

FAQs

1. Can I use a credit card and a debit card interchangeably?

No, Credit cards and debit cards function in unique ways and have specific characteristics and purposes. Even though both types of cards can be used for buying things, they have distinct payment methods and financial consequences.

2. Will using a credit card negatively impact my credit score?

Using a credit card responsibly can actually help improve your credit score by demonstrating your ability to manage credit responsibly. However, missing payments or carrying high balances can have a negative impact on your credit score.

3. Are there any fees associated with using a debit card?

Although debit cards generally have lower fees compared to credit cards, some banks might still impose fees for specific transactions or services like overdrafts or using out-of-network ATMs. It is important to go over the terms and conditions of your account in order to be fully aware of the possible charges that may come with using your debit card.

4. What should I do if my credit or debit card is lost or stolen?

If you lose your credit or debit card, it is very important to quickly inform your card issuer or bank. They have the ability to disable the card to stop unauthorized usage and provide you with a new card as a replacement.

5. How can I monitor my credit card or debit card activity for fraudulent transactions?

Mostly all banks and credit card companies provide online or mobile banking options that allow you to track your account activity instantly. Establish transaction notifications and consistently monitor your statements for any unfamiliar or unauthorized fees. If you believe there is fraudulent activity, get in touch with your bank or card issuer right away to report it.