Posted: 22 Sep 2015 04:44 AM PDT

Kotak Mahindra Bank has announced two new savings account products- Alpha and My Family.

Alpha offers an inbuilt investment plan. Options include life insurance, pension and post-retirement income solutions, recurring deposits and SIPs in mutual funds.

My Family is a bouquet that includes savings accounts customised for women, children and senior citizens.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

Invest in Tax Saver Mutual Funds Online -

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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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Leave a missed Call on 94 8300 8300

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Use Provident Fund

Posted: 22 Sep 2015 04:08 AM PDT

The Employees Provident Fund Organisation ( EPFO) is considering letting subscribers pledge their future provident fund ( PF) contributions to buy a low- cost house, say reports. While the body is yet to disclose the ticket size of such transaction and other modalities, there are provisions for employees to withdraw from the PF contributions even now.

While one cannot pledge the provident fund contributions, one can borrow against the PF corpus to buy a house or a plot, to repay a home loan, and to repair, construct or alter a house property.

But, it is a tad more difficult. The eligibility criteria for loans relating to PF are very stringent and obtaining a loan may be challenging. For example, a person should be a subscriber for at least five years before applying for a loan. The property also needs to be in the name of the applicant or jointly owned with spouse only. There's a lot of paperwork involved, too.

According to rules, a person can withdraw up to 36 times of basic monthly salary. For government employees, dearness allowance ( DA) is combined with the basic pay. To avail of a loan, the applicant needs to fill a declaration. A copy of the purchase agreement also needs to be submitted as proof. Buying a plot has similar requirements.

However, a person can get only a loan worth 24 times the wages ( basic plus DA).

For altering the house or adding a room or a floor, the person is given 12 times the wages. Proof of alteration also needs to be submitted. For house repairing, all conditions are similar to the alteration except that a person needs to be asubscriber for at least 10 years.

If the individual is employed, the application needs to be made through the employer. The company will process the papers after the verification and send it to the regional EPFO office. While one can get the approval within a month, the time varies depending on the employer's promptness and the regional EPFO offices. Although it's termed a loan against PF money, in true sense it's an advance. A person, therefore, need not to pay it back. In case you could not use the entire money, you can refund the remaining amount through the employer within a month.

One should go for it only if it's a first house and the property is not bought for investment. Dipping into your retirement corpus should be the last resort. One should do it only if they can contribute that money back into the PF in due course of time, say, by increasing your contribution to EPF. If a person can pledge gold, it should be the first choice because using a real asset to create another one is a better option than using a financial asset.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

Invest in Tax Saver Mutual Funds Online -

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

Leave a missed Call on 94 8300 8300

---------------------------------------------

Invest Mutual Funds Online

Invest Any Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any Fund Application Forms

EVALUATE Mutual FUND MANAGER

Posted: 22 Sep 2015 02:25 AM PDT

Returns alone are not an indicator of a fund manager's worth. For sustained good performance, he needs to display skills and qualities that can make him stand out. Here are some attributes based on which investors should evaluate a fund manager:

INVESTMENT STYLE

How does the manager handle his portfolio? Is he fully invested at all times or does he take aggressive cash calls? Does he take contrarian picks or does he mostly mirror the index? A manager should be true to his philosophy. A fund manager who sticks to his core philosophy even in adversity will deliver sustained performance.

INVESTING TIME HORIZON

Who would you prefer: a manager who churns the portfolio frequently or one who stays invested for the long term? Go for the latter, as holding a stock for a longer period shows conviction in decision-making. It also allows him to exploit the potential of his picks. Frequent churning increases the transaction costs for the fund.

TRACK RECORD

The manager's track record is an indicator of his capability. Consistent good returns across different periods show he is adept at handling different market conditions. This is where experience comes handy. Managers with a longer stay draw can from their experience across previous market cycles and sniff out opportunities or dangers.