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The Congress on Wednesday said the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword>'s proposal of giving individuals the option to choose between two tax rates for long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) tax on properties is not enough. It should also allow <keyword id="21006654" type="General" weightage="100" keywordseo="indexation-benefits" source="keywords">indexation benefits</keyword> for other forms of <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> such as <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword> and <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword>. Professionals' Congress Chairman Praveen Chakravarty accused the government of "betraying" the middle and salaried class in the Union Budget through the removal of indexation and higher taxes on their savings and <keyword id="22703183" type="General" weightage="20" keywordseo="investment-gains" source="keywords">investment gains</keyword>. "On 23rd July, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the government's budget in Parliament. We welcomed certain aspects but we strongly opposed many parts of the budget. We welcomed the fact that the FM took some ideas from the Congress party's manifesto such as the employment linked incentive (ELI) scheme, the Apprenticeship Act and removing Angel tax," Chakravarty said at a press conference at the AICC headquarters here. Among other things, we strongly opposed what the finance did to the middle class and salaried professionals, he said. Leader of the Opposition Rahul Gandhi in his response to the Budget in Parliament categorically said that this was a "betrayal of the middle class" through removal of indexation and higher taxes on their savings and investment gains, Chakravarty pointed out. "He (Gandhi) had promised to fight for the middle class on this issue. This issue affected nearly 7 crore Indians who filed income taxes, owned or aspire to own a home and invest their savings. In this budget, effectively, through removal of indexation and increase in capital gains taxes, the taxes of salaried professionals through investment gains went up dramatically," he said. Already, the middle class and the salaried professionals are bearing the brunt of taxation under the Modi government because for the first time in India, total income taxes paid by middle class individuals are higher than taxes paid by rich corporates, Chakravarty said. There were huge protests on social media and in business events in cities like Mumbai where professionals came out spontaneously to protest, he said. Chakravarty said the <keyword id="22703184" type="General" weightage="20" keywordseo="All-India-Professionals-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Professionals' Congress" meta.hostid="261" meta.entityid="All India Professionals' Congress">All India Professionals' Congress</keyword> and the Congress Party launched a campaign to 'Bring Back Indexation' with a petition asking people to sign it. "We had nearly 12,000 people who signed the petition in just one day since its launch. Yesterday, the government of India announced a rollback of indexation of property gains by giving individuals the option to continue with indexation benefits. We welcome this. This is a victory to the 7 crore people that file income tax," he said. "But this is not enough. We urge the government to allow indexation benefits for other forms of savings too such as stocks, debt, fixed deposits and so on," Chakravarty asserted. More importantly, this is a testament to middle class power and the power of democracy, he said. "When professionals come together and raise their voice, it will be heard. This is also proof of what a strong Opposition and a concerted and united effort can achieve for the people of India. The AIPC will continue to raise issues that impact the middle class working professionals," Chakravarty said. His remarks come a day after the government proposed significant relief for individuals who bought houses before July 23, 2024, by giving them the option to choose between two tax rates for long-term capital gains (LTCG) tax. The Budget 2024-25 had proposed to lower the LTCG from 20% to 12.5% but removed the indexation benefits. The new rates have come into effect from July 23, 2024. The indexation benefit allowed the taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation. The tax experts had said that the proposed changes in the Budget would raise the LTCG tax burden. As per the amendments to Finance Bill, 2024, circulated to the Lok Sabha members on Tuesday, individuals or HuF who bought houses before July 23, 2024, can compute his/her taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two. After the Budget presentation, the Income Tax department said that 'substantial tax savings' are expected for a vast majority of taxpayers due to a reduction in the long-term capital gains tax (LTCG) rate in the real estate sector. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for the taxpayers on properties bought or inherited before 2001.

Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

The CRISIL AAA/STABLE and [ICRA]AAA(Stable), <keyword id="111876" type="General" weightage="100" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> has good news for all its investors. With effect from November 8, 2022, the fixed deposit rates for all investments starting at Rs 15,000 have been changed. In order to speed up the growth of an investor's capital, all investor categories and tenors now get higher FD interest rates up to 7.85 per cent p.a. Customers under the age of 60 can now invest their money for a 44-month tenor and earn up to 7.60 per cent annually. Senior folks receive an additional 0.25 per cent of all base rates as special rate perks. Therefore, older persons can make up to 7.85 per cent p.a. for a tenor of 44 months. Revised FD rates for customers below 60 years of age The regular rates for customers below 60 years of age have been revised by 10 bps, the revised interest rates are as follows: Senior citizens too enjoy the rate change, along with the additional 0.25% p.a. interest rates. They can now earn up to 7.85 per cent p.a. for 44 months. The table below shows the FD interest rates for senior citizens: Special interest rates Investors looking for higher returns and longer investment terms can opt for special tenure offered by Bajaj Finance on fixed deposit of 15, 18, 22, 30, 33, and 44 months. Below are the updated special rates for all customers. Small monthly instalments In addition to fixed deposits, Bajaj Finance offers the <keyword id="8550098" type="General" weightage="50" keywordseo="systematic-deposit-plan" source="Orion">Systematic Deposit Plan</keyword>, the first monthly savings option in the sector. Each investment is considered as a separate fixed deposit, with investments starting at just Rs. 5,000 per month. You can make small monthly deposit and each deposit matures on a different month in the Monthly maturity scheme and on a single date in the single maturity scheme. Highest safety and credibility ratings When it comes to making an investment, choosing a safe and credible instrument is key to reducing risk and ensuring security of your finances. Since an FD is not linked to market fluctuations, it is a safer investment. What's more, rating agencies such as CRISIL and <keyword id="6354972" type="General" weightage="50" keywordseo="icra" source="Orion">ICRA</keyword> rate the investment instruments of various financial institutions. A high rating means that the instrument is safe, and you can make an investment stress free knowing that you will receive your interest earnings and original invested amount on time and without fail. The <a href="https://www.bajajfinserv.in/fixed-deposit" target="_blank">Bajaj Finance FD </a>has the highest safety and credibility ratings from CRISIL and ICRA, assuring the security of your invested amount. You can benefit from the FD calculator and a 100 per cent digital process in addition to these advantages of the <keyword id="7860093" type="General" weightage="50" keywordseo="bajaj-finance-fixed-deposit" source="Orion">Bajaj Finance Fixed Deposit</keyword> to maximise convenience. With the help of the FD calculator and web application, you may more easily and quickly predict your returns and plan your investments accordingly. Make a safe and secure <a href="https://www.bajajfinserv.in/fixed-deposit-online?ProductName=FD" target="_blank">online FD</a> investment in a matter of steps to increase your wealth. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-justice-department-said-that-it-seized-3-4-billion-in-bitcoin-stolen-a-decade-ago-through-the-silk-road-dark-web/articleshow/95365257.cms">The Justice Department said that it seized $3.4 billion in bitcoin stolen a decade ago through the 'Silk Road' dark web</a> <a href="https://www.businessinsider.in/business/startups/news/unacademy-lays-off-10-of-workforce-as-funding-winter-deepens/articleshow/95369741.cms">Unacademy lays off 10% of workforce as funding winter deepens</a> <a href="https://www.businessinsider.in/business/corporates/news/paytms-net-loss-widens-by-20-yoy-to-571-crore-in-q2-but-down-sequentially/articleshow/95369930.cms">Paytm's net loss widens by 20% YoY to ₹571 crore in Q2 but down sequentially</a>

Bajaj Finance raise fixed deposit rates by up to 10 bps – now offers returns of up to 7.85%

<ul><li>Typically, a non-convertible debenture carries a fixed interest rate that has an inverse relationship to how credit worthy the borrower is. </li><li>NCDs are more liquid than corporate FD as they are traded in the secondary market on stock exchanges. </li><li>Each <keyword id="131571" type="General" weightage="20" keywordseo="ncd" source="Orion">NCD</keyword> undergoes assessment by multiple <keyword id="147335" type="General" weightage="20" keywordseo="credit-rating-agencies" source="Orion">credit rating agencies</keyword>, portraying the issuer's capacity to honour payment commitments. </li></ul>A non-convertible debenture, (NCD), is a type of debt instrument that lacks the option for buyers to convert it into shares or equities until its maturity. When investing in an NCD, buyers have the choice to purchase or sell the instrument and receive interest payments determined by the issuer's fixed interest rate. “But they are more liquid than corporate FD as NCDs are traded in the secondary market on stock exchanges,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. Interest rate: Typically, a non-convertible debenture carries a fixed interest rate that has an inverse relationship to how credit worthy the borrower is. An NCD from a highly rated issuer tends to offer a lower interest rate. Credit rating: Each NCD undergoes assessment by multiple credit rating agencies, portraying the issuer's capacity to honour payment commitments. Strong financials and a healthy cash flow of the issuing company result in higher ratings for the issued NCD. Should you invest? One should be very clear about the quality of the NCD, what is the cash flow of the company and what is the risk one is going to take. One should consider the credit rating of these NCDs before investing. However, that may not be foolproof. Do not invest in NCDs just for higher <keyword id="6374680" type="General" weightage="20" keywordseo="returns" source="Orion">returns</keyword> Investing in NCDs may not be a good idea, even if you are going with a AAA rating, say experts. Certain NCDs have left a bad taste in the mouth off late. One example is that of the default of the Dewan Housing Finance Corporation Ltd (DHFL) NCD which was AAA rated but was offering a higher interest rate than some AAA rated NCDs. Same was the case with Infrastructure Leasing &amp; Financial Services Limited (IL&amp;FS), whose NCS was also AAA rated. “Even HDFC has a AAA rating , why should someone have to pay you more than the other? So, there is a perceived risk in the NCD which is offering higher returns” says Srinivasan, director and founder, Shree Sidvin Investment Advisors. Numerous NCDs are now being offered at attractive yields as a result of the increase in <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword>. “However, one should be well informed about the company in which they want to invest, and they shouldn't base their investment decision solely on the basis of the high yields,” says Raghvendra Nath, MD, Ladderup Wealth Management. So higher interest rates of 9% or so should not be a reason to invest in NCDs. “We do tell our clients that for a difference of 2-3% in interest rate you should not take a principal risk,” says Srinivasan. Thus, when investing in NCDs, it pays to be careful.

NCDs may offer a higher interest rate than fixed deposits but experts advise caution

Explained: With markets volatile, should senior citizens invest in PSU bank FDs?

<ul><li>Two big financial goals – medical necessities and retirement pension – are taken care of to a large extent. </li><li>Systematic <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> plans (SIPs) are an ideal investment option due to regular monthly income. </li><li>Buying property can be a good long-term investment, especially given the housing benefits and loans available to <keyword id="462296" type="General" weightage="20" keywordseo="defence-personnel" source="Orion">defence personnel</keyword>. </li></ul>All of us go to bed at night knowing that the men at our borders are there to protect us. But the lives of defence personnel are different, not only when it comes to their jobs, but also to their finances. First, they might be posted at extremely remote locations where it is very difficult to get financial advice or access to banking and investment products. Also, the demands of their career are such that it relegates financial planning low down in their to-do list. “Being a government servant, two big financial goals of medical necessities and retirement pension are taken care of to a large extent. But then there are many more requirements of life which need careful planning,” says Col. Sanjeev Govila (Retd), a SEBI Registered Investment Advisor (RIA), and CEO, Hum Fauji Initiatives, a financial planning firm. Children’s graduation and post-graduation, their marriages, purchase of a house when they’re close to retirement, good vacations post-retirement, change of car, charity, indulging in passions which may need money, etc are likely financial goals which need to be carefully planned for. We take a look at five investment options defence personnel may consider. <cmsannotation type="cmsannotation" annotationid="Fixed deposits" comment="Subhead" text="Fixed deposits"><keyword id="6377620" type="General" weightage="20" keywordseo="fixed-deposits" source="Orion">Fixed deposits</keyword></cmsannotation>: Fixed deposits are a good investment choice for defence personnel due to their safety and simplicity. They offer guaranteed returns, minimising risks associated with market fluctuations. For military personnel with unpredictable schedules, FDs provide flexibility in terms of tenures and can be easily managed from anywhere. Moreover, the guaranteed interest earnings add to financial stability, making it a good choice for long-term planning and security, which matches the disciplined and secure aspects of military life. <cmsannotation type="cmsannotation" annotationid="Equity investments" comment="Subhead" text="Equity investments">Equity investments</cmsannotation>: Defence personnel, like any other citizen, are allowed to invest in stocks / <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> or any other investment products. “However, they might have certain restrictions, especially officers holding sensitive positions. Such individuals might need to inform their respective cadres about their investments to avoid conflicts of interest,” says Bhuvanaa Shreeram, co-founder and head of financial planning, House of Alpha, a financial planning firm. When it comes to equity, the best suited investment option is mutual funds. “Systematic investment plans (SIPs) are ideally suited due to regular monthly income. However, thorough research, long-term outlook and regular monitoring is important,” says Govila. <cmsannotation type="cmsannotation" annotationid="Sukanya Samriddhi Yojana (SSY)" comment="Subhead" text="Sukanya Samriddhi Yojana (SSY)">Sukanya Samriddhi Yojana (SSY)</cmsannotation>: Sukanya Samriddhi Yojana is another investment option military personnel can consider if they have a girl child. It provides a secure and tax-saving avenue for their daughters' future. SSY offers an attractive interest rate, along with tax deductions under Section 80C of the Income Tax Act. For defence personnel frequently posted to remote areas, SSY can be conveniently managed online, ensuring consistent savings for their daughters' education and marriage. Its assured returns, safety, and tax benefits make it an appealing option, aligning with their commitment to secure their family's financial well-being. <cmsannotation type="cmsannotation" annotationid="Real Estate" comment="Subhead" text="Real Estate">Real Estate</cmsannotation>: “Buying property can be a good long-term investment, especially given the housing benefits and loans available to defence personnel. Although while in service they will be provided a place to stay, once they retire they will need a comfortable house to live in,” says Shreeram. “Start saving for a house early through SIPs in mutual funds and buy a house around 50 years of age when plans to finally settle down are concrete. No need for a second house,” says Govila. <cmsannotation type="cmsannotation" annotationid="Gold" comment="Subhead" text="Gold">Gold</cmsannotation>: Gold is a good investment choice for defence personnel due to its stability, liquidity, and security. It acts as a hedge against economic uncertainties, offering protection against inflation and currency fluctuations. Gold investments, such as Sovereign Gold Bonds (SGBs) and Gold Exchange-Traded Funds (ETFs), provide the convenience of electronic holdings and easy liquidity, aligning with the mobile lifestyle of military personnel. <keyword id="3790" type="General" weightage="20" keywordseo="armed-forces" source="Orion">Armed forces</keyword> personnel experience unique service conditions, and their financial situations can vary significantly. Nevertheless, the fundamental principles of financial planning and investment are applicable to them. With careful planning and disciplined execution, there's no reason they cannot achieve a financially secure and dignified life.

Five investment options for defence personnel

<ul><li><keyword id="6377620" type="General" weightage="20" keywordseo="fixed-deposits" source="Orion">Fixed deposits</keyword> serve as an attractive option for short-term investments too with guaranteed returns. </li><li><keyword id="551306" type="General" weightage="20" keywordseo="arbitrage-funds" source="Orion">Arbitrage funds</keyword> are well-suited for investments with a horizon of one year or less due to their relatively low risk profile.</li><li>Low duration <keyword id="35474" type="General" weightage="20" keywordseo="debt-funds" source="Orion">debt funds</keyword>, which invest in a diversified portfolio of fixed-income securities, are also a viable option.</li></ul>While the purpose of investing is to grow your money, where you invest depends on the time horizon and specific goal. While <keyword id="6391506" type="General" weightage="20" keywordseo="equity" source="Orion">equity</keyword> investments are a great option for long term goals which are at least 5-7 years away, for a shorter duration of one year or less, investing in equity can be risky, as it will be exposed to the vagaries of the market. If you require the amount in a year or less, and do not want to keep your money parked in a savings account, then you need to choose your investments wisely. We take a look. <cmsannotation type="cmsannotation" annotationid="Bank fixed deposits" comment="Subhead" text="Bank fixed deposits">Bank fixed deposits</cmsannotation> Fixed Deposits (FDs) serve as an attractive option for investment of less than one year due to their stability and guaranteed returns. They offer a fixed interest rate, shielding investments from market volatility. With the option of flexible tenures, you can align your FD with your specific financial goals. However, FD returns may be lower than some alternate investment options. While at present, the interest of 211 days to less than one year is 5.75% at State Bank of India (SBI), small finance banks can give an interest of up to 6.50% for a period of less than one year. It is noteworthy that interest earned on FDs is taxed at slab rates. <cmsannotation type="cmsannotation" annotationid="Arbitrage funds" comment="Subhead" text="Arbitrage funds">Arbitrage funds</cmsannotation> Arbitrage funds operate on a unique investment strategy that capitalises on price discrepancies between cash and derivatives markets. They identify opportunities where the underlying securities are bought in the cash market while simultaneously selling equivalent futures or options contracts. The goal is to profit from the convergence of these prices over time. These funds are well-suited for investments with a horizon of less than one year due to their relatively low risk profile. Since they primarily engage in arbitrage opportunities, they are less exposed to market fluctuations and volatility, making them a stable choice for short-term investors. According to Value Research, arbitrage funds have given a category average return of 6.54% in the last one year. Arbitrage funds do not have a credit risk. “They are also tax efficient. For a short period of time the taxation of equities is 15% whereas in debt, individuals have to pay the tax as per their tax bracket where some individuals can pay up to 30% tax,” says Soumya Sarkar, Co-Founder, Wealth Redefine, a mutual fund distribution firm. Arbitrage funds are taxed similarly to equity funds. When held for less than a year, any gains are categorised as short-term capital gains (STCG), subject to a 15% tax rate and thus they are more tax efficient than FDs and debt funds. <cmsannotation type="cmsannotation" annotationid="Debt funds" comment="Subhead" text="Debt funds">Debt funds</cmsannotation> Low duration debt funds are a viable option for investments with a horizon of less than one year. They invest in a diversified portfolio of fixed-income securities such as government bonds, corporate bonds, and money market instruments. These funds maintain a shorter average maturity period, between six months to twelve months (according to SEBI rules), which helps mitigate interest rate risks. They aim to provide investors with stable returns while preserving capital, making them suitable for those with a short investment horizon and a preference for lower risk. “Right now given where the yields are, one could look to get around 6.5% - 7.25% return on low duration funds. Obviously these returns are not guaranteed like a bank FD," says Deepak Gagrani, Founder of MADHUBAN FINVEST, a financial services firm. According to Value Research low duration debt funds have given a return of 6.53% in the last one year. One also needs to understand the tax aspect. “The taxation would be something very similar to a bank FD. It will be based on the tax slab,” says Gagrani. <cmsannotation type="cmsannotation" annotationid="Equity savings fund" comment="subhead" text="Equity savings fund"><keyword id="1554748" type="General" weightage="20" keywordseo="equity-savings" source="Orion">Equity savings</keyword> fund</cmsannotation> <a href="https://www.businessinsider.in/investment/news/benefits-of-equity-savings-fund-offered-returns-and-who-should-opt/articleshow/101210167.cms">Equity savings funds</a>, a hybrid investment option, allocate funds into equity, debt, and arbitrage segments to balance potential returns with risk management. “In equity savings funds the proportion of debt is quite high and equity proportion is low. It has 70-80% in debt and the remaining in equity, so it is a conservative fund,” says Sarkar. With lower volatility compared to pure equity funds, they mitigate market fluctuations, making them a favourable choice for those seeking balanced, relatively stable short-term investments. However, it's crucial to align investments with individual financial goals and risk tolerance for the best results. While the debt portion gives around 6%-7% return, the overall returns go up due to the equity portion. According to Value Research, equity savings funds have given a category average return of 9.14 % in the last one year. In the case of FDs, you can withdraw the funds on the day the FD matures, but in case of the mutual funds mentioned above, it may take one to three business days for the funds to be credited to your account after you submit a redemption request.

Short-term investing: Options to park your money if you have a time horizon of one year or less

Debt MFs catch investor fancy as their returns go up to 23%

<ul class="summary-list"><li>There's a lot of bad financial advice on TikTok right now.</li><li>A financial expert spoke to Insider about scams she's seen on the platform.</li></ul>Finance is a huge topic on TikTok, and while there is some good advice to be found there, a lot is bad or a straight-up scam.Markia Brown, who is an accredited financial counselor, financial educator, and TikTok creator <a target="_blank" href="https://www.tiktok.com/@themoneyplug.co?lang=en">with over 200,000 followers</a>, spoke to Insider about the issue.The worst, she said, were people offering easy escapes from debt, often in exchange for a fraudulent payment.She said early fall is high season for scammers, as their marks start planning their spending for the holiday period."The biggest thing right now is that people are trying to get their way out of debt so that they can ramp up their holiday spending," she said.Many people are struggling, she said, and will "fall for anything at this point that sounds like it could get them out of the bind that they're in."<h2>Sorry, you can't just decide your debt doesn't exist</h2>One of the worst scams now encourages people to simply pretend their debt can't be collected."I'm seeing a lot of videos of people saying, oh, you don't have to pay your debt. The government has to pay your debt," Brown said.That thinking is tied to the sovereignty-citizen conspiracy theory, where people believe they can reject government's authority over them and ignore the law."It's just a lot of gaslighting people," Brown said. "Obviously that's what they want to hear — they don't have the money to pay that stuff back in the first place. So if somebody tells you you don't have to, it's super attractive."These videos get a lot of traction, Brown added, but they are "very, very misleading and very, very illegal."Ignoring debts has severe consequences. First off, interest piles up and lenders add late fees.After 120 days, the debt is <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-debt-collection?r=US&amp;IR=T">likely to be sent off to a collections agency</a>. They are more aggressive than most lenders, sending letters, emails, and call to try and get the debt settled, while adding more fees.Going through this process will also tank a person's <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-a-credit-score">credit score</a>, making it harder to get loans, credit cards, or housing in future.The owner of the debt can also obtain a court order to be paid straight from your wages or bank account — though they are more likely to sue you.<h2>You also can't just "wipe" your credit score</h2>Brown said some people pose as financial experts and claim to be able to wipe your credit using the Fair Credit Reporting Act (FCRA) — for a fee.But there's nothing actually in that act that says you have a right to dispute anything that impacts your credit score.Another trick to look out for is people offering ways to get around debt, like by claiming they can get you approved by lenders who would usually reject you.These scams are usually marketed as selling a credit privacy number (CPN), said Brown, which is a number formatted just like a Social Security number. They are often used to hide bad credit history.These scammers claim they can essentially give you a new identity, which is illegal, and also doesn't work.Brown said these scams are attractive to people because they want to start over. They think their credit is too messed up to fix, and hope they can just wipe the slate clean."These scams do really well on social media because it just sounds too good to be true," she said.<h2>Fake loans, fake prizes</h2>Other scams to be on the lookout for include people posing as legitimate money lenders but who request a deposit to be paid upfront.They then disappear with the money. Other promote fake giveaways of cash or expensive prizes.Essentially, anything that requires you to put down money upfront should be treated with caution.Brown said the best way to approach any kind of financial advice online is to "trust but verify.""Trust that what I'm telling you is the truth, but take notes so that you can go and do the research yourself," she said. "There's nothing like being able to see that answer right in front of you for you to actually believe what somebody is saying."Social media shows you "what people want you to see," she added, so it's easy to lie and get away with it. So she recommends people turn to agencies such as the Consumer Financial Protection Bureau and the Federal Trade Commission if they are in doubt."If you fact check it with them, then you'll know who to trust and who not to trust," she said.

TikTok is rife with scams promising to fix your credit score or wipe your debt, finance expert warns &mdash; here are 3

Fuel, food, household items, clothes - everything is getting more expensive than it ever was - making saving especially tough for young people. While saving and investing regularly might sound tough, it actually is nothing but a healthy habit of sticking to a budget. Let's say you earn ₹20,000 per month and wish to save at least 30% - which is ₹6,000. Here comes the difficult task of regularly keeping aside money no matter what comes up. If you feel you are short of money for your monthly expenses, look for alternative income but do not cut down on savings. There are many <keyword id="2758851" type="General" weightage="20" keywordseo="ways-to-save-money" source="Orion">ways to save money</keyword> because of growing financial awareness - aided by social media influencers too. Money Insider takes a deep dive into the world-changing potential of financial awareness. It brings together the top young voices from the industry which is educating millions of millennials, Gen Z and more. One such influencer couple -- <keyword id="13970398" type="General" weightage="20" keywordseo="Abhiraj-and-Niyati" source="Orion">Abhiraj and Niyati</keyword> aka Abhi and Niyu. Niyati started a YouTube page called, ‘Let’s make you rich’ that talks about the rules, principles and ideas to manage your finances. The duo have amassed over four million followers across social media platforms. Featured in Forbes 30 under 30 of 2021, both of them aim to offer solution-oriented content to its fans. Abhiraj and Niyati have shared a few interesting ways to save, invest and increase your income. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> #1 Invest in instruments with fixed returns The first rule of investment is ‘do not put all your eggs in one basket’. So, you should diversify your investment to mitigate risks. For example, invest some savings into bank fixed deposits, <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword>, government pensions schemes and so on. The idea is to invest regular amounts in these investment classes for a long period of time and generate good wealth. Diversifying is important because it keeps your portfolio away from being too heavily weighted towards one company or a sector. This helps in spreading the risk and ensuring your investments are sound and protected in the long run. #2 Some extra bucks on the side In the era of the Internet, earning a few extra bucks doesn’t seem very difficult. In fact, one can earn extra income from the comfort at home without stressing too much. There are freelance jobs you can take up like writing content, designing websites, digital marketing or graphic designing. Here you can work at your pace and be your own boss. Yet another way is to start a blog, create a YouTube channel, tutor children, bake cakes and so on. #3 Evaluate your spending habits Analyze your spending habits to understand if some costs are unnecessary and can be cut down like credit card bills. Avoiding these expenses can save a good amount which can be directed towards investments. Another easy way to analyze and improve your spending is also to prepare a detailed <keyword id="582668" type="General" weightage="20" keywordseo="monthly-budget" source="Orion">monthly budget</keyword>. Junk food and entertainment are the most popular categories that fall under unnecessary expenses. One can also segregate budget into wants and needs -- ‘needs’ includes necessary expenses like food, electricity, rent, internet and ‘wants’ include expenses that we do otherwise. #4 Automate your investments and be consistent When it comes to investing, regular investments are more beneficial than a lump sum. In a regular investment, one has to invest a particular amount every month irrespective of the price of the asset. Some investment products like mutual funds have options like systematic investment plans (SIP) with options to automate your investments. They deduct a fixed amount every month from the bank to invest in a fund. This process takes out emotions out of investing and avoids any delays in putting your money to work. It will also make you a disciplined investor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/dreaming-of-becoming-a-millionaire-here-are-four-ways-to-become-wealthy/articleshow/91385691.cms">Dreaming of becoming a millionaire? Here are four ways to become wealthy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms">Reliance Jio vs Bharti Airtel — four charts that showcase how the Indian telecom giants faired in 2022</a>

Ways to save more money after your monthly expenses

<ul><li>Users will be able to open an FD through GPay even if you don’t have an account in the offering bank.</li><li>In the initial stage, <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword> will offer <keyword id="6377620" type="General" weightage="20" keywordseo="fixed-deposits" source="Orion">fixed deposits</keyword> of some small finance banks like <keyword id="3458767" type="General" weightage="20" keywordseo="equitas-small-finance-bank" source="Orion">Equitas Small Finance Bank</keyword>.</li><li>Currently, the maximum rate of interest in banks is 6.5%.</li></ul>GooglePay is reportedly working on offering fixed deposits (<keyword id="6568461" type="General" weightage="20" keywordseo="fds" source="Orion">FDs</keyword>) on its platform with the help of a <keyword id="11950093" type="General" weightage="20" keywordseo="fintech-startup-setu" source="Orion">fintech startup Setu</keyword>. Setu is an application programming interface (API) infrastructure start-up, which offers APIs across bill payments, savings, credit, and payments. Initially, the digital payment platform will offer FDs of small finance banks like Equitas Small Finance Bank. Ujjivan Small Finance Bank and AU Small Finance Bank, are also in the pipeline, said a report by Mint. For this, users will have to complete an Aadhaar-based KYC (know your customer) through a one-time password (OTP). Setu has already created a testing version on the platform that offers various tenors for FDs including 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and 365 days, with interest rates ranging from 3.5% for the shortest FD to 6.35% for the one-year FD. According to media reports, Google Pay has 150 million monthly active users in India. Small finance banks have <a href="https://www.livemint.com/money/personal-finance/google-working-on-offering-fds-to-indians-through-google-pay-11629900217865.html">reportedly </a>teamed up with several fintech companies to offer high interest savings accounts and fixed deposits on its platforms. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/canara-bank-stock-performance-to-rise-as-marquee-investors-rakesh-jhunjhunwala-morgan-stanley-and-lic-invest-in-it/articleshow/85623227.cms">Canara Bank stock performance to rise as marquee investors Rakesh Jhunjhunwala, Morgan Stanley and LIC invest in it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ipo-bound-delhivery-buys-another-logistics-company-to-strengthen-its-business-offering/articleshow/85618994.cms">IPO-bound Delhivery buys another logistics company to strengthen its business offering</a>

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