The Art of Money by KG

In India, we get an option to open a joint bank account.  If I am opening a joint account with any of my family member or friend or colleague, I need to : provide a name as primary account holder, He/ She will be responsible for maintaining the account and will be considered the first owner. provide Identity and address proof for the primary owner. Similar , details and documents will be required for secondary owner as well. In case of any interest earned, investment done, capital gains earned or investment done, it will be considered to be earned or invested by Primary owner. However, Primary and secondary owners both can deposit or withdraw money from the account. In some cases, having a joint account is easier option as 2 or 3 people can operate the same account. However, it also increases the risk of fraud or mismanagement of money. So we need to be cautious in weighing pros and cons before opening a joint account.

Dear Friends, Hope you all are staying safe with your family in these tough times of Covid-19. With ample of time in hand, I definitely suggest to sort out your finances, realign the portfolio as per your risk tolerance and future goals. You all should have heard about the current Sovereign Gold Bond (SGB) scheme going on for the current financial year 2020-21. SGB is available with tenure of 8 years with exit options available in 5 th , 6 th , 7 th  year also. With Akshay Tritiya round the corner, why not give SGB a shot ? If you need more details before making an informed decision , please read below.   Let’s discuss about this scheme in detail. What is Sovereign gold bonds (SGB) scheme? SGB is a government security issued by Reserve Bank of India on behalf of Government of India. It is denominated in grams of Gold. You can buy from a minimum of 1 gram to a maximum of 4 Kilograms. SGBs are simple and useful substitute of holdi...