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.

Types of Bank account in INDIA Dear Friends, There are multiple types of accounts provided by bank which caters to the various needs of the customers. Today we will go through the details and features of such accounts. 1.       Savings Account: ·          This is the most common type of bank account. It is the sophisticated form of the Piggy bank which we all would have used in our childhood. Savings account allows us to withdraw or deposit money multiple times. There are some added facilities like ATM card, Cheque books, Withdrawal forms which help us to do monetary transactions. There are limited numbers of transactions available in savings account. ·          Savings account is generally used to keep our money in a bank. It earns us an interest of 4-6% per year.  Most PSU banks give 4% interest but some private players have made the market better for customers by giving 6 to 7% interest (based on some conditions). ·          Most banks keep a minimum amount

Dear Friend, Congratulations on your first job. Now, You are earning decent amount of money to live a lavish life and splurge as per your wish. This is one of the best phases of life. Enjoy it without any doubt. Now, comes the first step that you are looking to take to move from a carefree spender to a wise saving guy. I would suggest creating an " Emergency fund ". What is Emergency in real life? (God forbid any of these happen with anyone) It can be a Medical illness, Job termination, Vehicle repair, House repair, or any unforeseen circumstances which need urgent attention. Emergency fund is the sum of amount that you need to live with your normal expenses for 3 to 6 months. Image courtesy: Google I am providing you one example to make it clear. Suppose a guy , Gaurav, joins a company with a starting salary of Rs. 30,000/- per month. The basic expenses of Gaurav for a month is Rs. 20,000/- . This includes House rent, Grocery e