Basics of EPF

Basics of Employee Provident Fund: EPF, EPS, EDLIS More »

Savings Bank Account is the most common account for individuals

Saving Bank Account:Do you know how interest is calculated and more More »

Income Tax : Basics and How to

In this world, nothing can be said to be certain, except death and taxes –Benjamin Franklin More »

Ways to invest in Gold

Different ways to invest in gold and pros and cons of each of the way More »

Investing : Approaches, Plan, Psychology

Early investing is very much like growing a tree…if you can take good care of it at the start, it will take care of itself later More »


New-Age, Hassle Free Banking : Cheque and Cash Deposit Kiosks

Banking has always been a complicated process that involved rigid rules, detailed documentation, and complex procedures. Thankfully, technology has transformed modern banking into a convenient and easy affair. Customers are no longer required to make personal visits to the branch for carrying out basic tasks like depositing cash and cheques or withdrawing money from their account.

Wide Range of Banking Services in ATMs

The widespread usage of debit and credit cards has freed customers from the compulsion of visiting banks for withdrawing cash from their accounts. Today, banks have their own ATM networks spread all over the country. Apart from withdrawing cash, customers can enjoy instant access to a wide range of services like balance enquiries, cheque-related services including requests for a new cheque book, instructions for a stop payment, and enquiry about the status of cheques deposited into the account.

Further, ATMs allow account holders to execute intra-bank transfers instantly even outside official working hours. Today, a functional ATM has become a mini-branch that allows customers to execute a wide range of transactions without having to take time out of their busy schedules to visit the branch.

Convenience Banking through Cheque Deposit Kiosks

While ATMs may have made it easier to withdraw cash, individuals are often required to make personal visits to stand in long queues just to deposit cheques into their accounts. If you are a Kotak Bank account holder, you can take advantage of cheque deposit kiosks to avoid unnecessary documentation or delays.

Video on Which ITR to Fill

Our article Which ITR Form to Fill covers different kinds of income tax return form,why there are so many forms and which one to fill.  But we still get many questions on which ITR Form to fill. So we came up this 10 min video which explains

  • What is ITR or Income Tax return?
  • Why are there different ITR forms?
  • What are different types of incomes?
  • How to choose which ITR form to fill?

Our article Income Tax for AY 2015-16: Tax slabs, ITR Forms covers information of filing income tax returns in detail

Articles to help you for filing Income Tax Return

Please share your thoughts, feedback. Whether such videos are helpful? Which kind of videos would our readers be interested in seeing?

Choosing Mutual Funds based on Investor Type

There are 1000 of Mutual Funds in India. How to choose the Mutual Fund is difficult. Can one choose the mutual fund based on one’s investing type? Outlook money has come up with list of equity funds based on investor types. What are the various investor types?

Too Many Choices: A Problem That Can Paralyse

In the past ignorance was due to lack of easily available information or facts on which to base conclusions. For example, it was thought that the world was flat due to lack of observable and verifiable facts. And conclusion,faulty one as we know now, was If you sail too far, you will fall off the edge. A wrong fact results in wrong conclusions which results in wasted or damaging actions with real world negative outcomes. As relevant data could be collected, of course, humans changed their conclusions, so today we know the Earth is not flat, though World is.

Today, we end up ignorant, but for the opposite reasons. We never reach a point where we have just enough information to make informed decisions. We have way too much information that sounds relevant, no mechanisms in place to provide checks and balances on what information gets distributed, no way to confirm most of what we hear.  In his 2004 book, The Paradox of Choice  Why More is Less, American psychologist Barry Schwartz argues that eliminating consumer choices can greatly reduce anxiety for shoppers.

Have you seen a kid in an ice-cream parlour which offers many types of ice-creams. He has to make a choice,would chocolate chip or mango cream be better?  His fear, he says, is that whatever he selects, the other option would have been better. So Does more choice give more freedom or we end up spending so much time trying to make choices?

Overchoice, also referred to as choice overload, is a term describing a cognitive process in which people have a difficult time making a decision when faced with many options. The term was first introduced by Alvin Toffler in his 1970 book, Future Shock. The phenomenon of overchoice occurs when many equivalent choices are available. Making a decision becomes overwhelming due to the many potential outcomes and risks that may result from making the wrong choice. Having too many equally good options is mentally draining because each option must be weighed against alternatives to select the best one.

Too Many Mutual Funds 

Digital Locker : What is Digital Locker? How to Register and Use DigiLocker

Prime Minister Narendra Modi on July 1 will launch digital locker facility that will help citizens to digitally store their important documents like PAN card, passport, mark sheets and degree certificates.  It  is linked to the Aadhar number. This article talks about What is Digital Locker, how does it differs from Google docs or Drop Box, What are advantages of Digital Locker, How to register and use the Digital Locker.

What is Digital Locker?

Digital Locker or DigiLocker is a website or a portal by Government of India where you upload and store your documents like PAN Card,passport,mark sheets and degree  certificates. This locker will be linked to one’s Aadhaar number. You will be offered 10 MB space for all your documents  free of cost. Space will be later increased to 1 GB. So basically it is like a physical locker where you store your jewellery and documents but this locker is digitial i.e on website and will store digital information. Digital Locker can be accessed from Offical FAQ on Digital Locker 

Going forward the Government agencies will issue the documents in electronic form which will be uploaded on the website. For example The Central Board of Secondary Education(CBSE) is likely to start issuing mark sheets and certificates in digital format as well along with hard copies which can be stored by students in their digital lockers,(Ref : Economic Times)

Digital Locker is one of the key initiatives under the Digital India Programme. The website has been developed and is being maintained by MahaOnline Ltd, the joint venture between Maharashtra government and Tata Consultancy Services (TCS).

Aren’t such websites already existing?

Yes Free cloud storage like Google Drive and Dropbox also let you upload and store the documents, allows you create folders and categorise to make browsing easy.

There are private businesses like that provide secure online storage for a fee ranging from 200 to 2,000. For a basic yearly subscription package of 200, Kleeto will securely store 15 documents of 5 pages each and an online storage of up to 50 MB. They will pick-up, scan, upload and keep the papers safe. When you need the originals, they will be sent to you within 2-3 days.

Private e-locker services are also available for some time now. ICICI bank has a similar e-locker service which customers can use by login in through their internet banking or ICICI Direct account login.

It’s worth noting that the Maharashtra government had started testing an Aadhaar-linked  e-locker service called Maha Digital Locker on a pilot basis, in November last year. The service claimed to allow users to fill up government forms with a single click.

So how does Digital Locker differ from other such websites?

Digital Locker offers much more than a place to store the documents.

  • You can upload scanned copies of your documents, like in other websites. But these scanned documents which, if required, can be digitally signed thus making the e-document at par with the original one .
  • Going forward the locker will be  repository or store house of all your government issued e-documents.These electronic e-documents will be uploaded by issuers, government departments or agencies such as CBSE, registrar office, income tax department .
  • The documents you upload can be shared via email, the e-documents from governments agencies viewed by an authorised list of requestors such as a bank, university , the passport office or the transport department.

However, with other websites cyber law and jurisdiction is a concern.  When people upload their personal information into these websites they  have NO idea where the data is stored(somewhere in cloud), who else has access to the information. Or what polices these companies have in regards to what employees have access to customer data. Or what polices they have in regards to things like legal subpoenas and requests from law enforcement and governments.

If you store anything in DropBox or Google drive, you are governed under US regulations and there is no direct protection under the Information Technology(IT) Act.

Though Online free storage services are equally secure, however, the government’s locker is more secure primarily because the data gets stored within India and you are legally protected under the Information Technology Act, 2000 

 What all would Digital Locker contain?

Each user’s digital locker has the following sections as shown in image below

Money Book & Goals For a long and Happy Journey called Life


And they lived happily ever after..“,said Satvik as he closed the story book and looked at his youngest grand-daughter Nisha. “GrandPa tell a different story which does not end with marriage..It’s so boring to listen about them “. “Dumbo they are fairy tales not real life. Real life is not a bed of roses, right GrandPa,” said Vrishti, the older one. Without waiting for the answer she continued “I have so much to do..Maths, Physics, and that English Assignment that Maam gave. We are drowning in work..How will I become doctor if I have to write that stupid English Assignment”

A dream without a goal is a wish. A Goal without a Plan is just a dream“, said Satvik. “You need to have a goal, plan for it and then start working on it..” Kal ko Khoobsurat banana hai tu aaj se shuru karo.” “Aap bhi..Mauka milta nahin hai ki shuru ho jaate hain..” said Grandmother ,Neha,as she walked in the room. “Girls I have got your favourite dessert Gulab Jamun.”  ”Dadi you should come often or rather stay with us, we love your Gulab Jamun..but you keep on travelling the world..” Yes it was my dream to travel the world, since I read the book around the World in 80 days when I was your age and your Grandpa made my dream come true.” Satvik said “Not I but we. It’s God blessing but we had to plan to make your Dadi’s dream and our other dreams come true. Nisha let me tell your story which starts from marriage and it is not they lived happily ever after”

35 years ago…

Money is almost gone and half a month is still left,” said Neha to Satvik. “And we have those tax saving investments to work. We both work in good organization, enjoy our life but money seems to slip through our fingers faster than sand. What do we do? ” replied Satvik  ”Why are we in this situation? We have to think and also how to avoid it? If we go like this how will we have the life we want and we don’t even have kids”. Both Satvik and Neha were lost in their own thoughts. They have had a good life, good school, engineering degree, got job in MNC as soon as they passed out, got married,work hard, partied harder how did they land in this situation and important question is how to come out of it. Suddenly Neha jumped “Lets ask your father Satvik, he will surely help us to find the missing piece of our financial life”

Without wasting any time Satvik called his father , Rajesh Sharma.  After satisfying his father that everything is fine, he explained to his father the situation.  ”So what’s your financial plan? What’s your net worth” asked his father. “My plan is to work hard and enjoy life”, said Satvik.  ”That’s your wish Satvik, I am asking about your plan?”, said Mr Sharma. ”  ”That’s my plan”, replied Satvik. “So where are you going this vacation. Anything zeroed in or still looking at Seychelles, Paris, Switzerland?” asked Mr Sharma.  Satvik and Neha looked at each other wondering why is Mr Sharma talking about their vacation plan. Neha replied “We have zeroed on to Singapore.” Mr Sharma replied, “That good to hear. So you have decided your flight tickets, hotels and your sight seeing itinerary”. Satvik replied “Yes Papa I have those 5 days fully planned. But I want to ask about is my financial situation” Mr Sharma , answered “Always putting cart before the horse. I am also talking of the same thing. For a 5 day trip you have a plan but for your life your don’t have one. Before a person builds a house, he or she usually calls in an architect to draw up the plans. Could you imagine what could happen if someone just called in some people and began to build a house without a plan? Well, that is what happens to many people’s financial houses” “If you are failing to plan, you are planning to fail,” Neha quipped.

“Well said Neha, Meri bahu se kuch sikh” said Mr Sharma between his laughs. “Planning is bringing the future into the present so that you can do something about it now. A plan is like a road map, it shows the final destination and usually the way to get there” The rules of money don’t change from class VI to age 60. The relative heaviness or lightness of the journey through life depends on how clearly monetary goals are articulated. Just like Seven steps of vows there are seven steps of financial freedom are , as articulated in Monica Halan (editor of  Livemint), book  A Family’s Guide To Seven Steps To Financial Freedom by Monica Halan

Step 1: Find the Bearings : Your current financial status Calculate your net worth
Step 2: Protect the Present :Insuring your assets and income
Step 3: Identify the Dreams :setting your goals
Step 4: Choose the Route : risk profiling and asset allocation
Step 5: Put It All Together : Making your own plan
Step 6: Begin the Journey : Implementing your plan
Step 7: Review the Progress :monitoring your plan

“Thank You  Papaji. Satvik shall start our current financial status” ,said Neha. “ cannot let Satvik look into it alone. For better or for worse, good times and in bad, in sickness and in health you have agreed to honour and love him. As this affects your future happiness you have equal stake in it and should take responsibility also. How will he know about your dreams, what you want in life  I love this  Exide Life Insurance Advertisement in which the couple are talking about their dreams and planning for Happiness , not getting scared . If you plan then you will have Long and Happy Life, Kal Khoobsurat Hona Hi Hai.

The other thing that I liked about this advertisement was there Long and Happy Scrap Book. A goal without a plan is just a wish. I totally believe in power of writing and when I have written down somehow…” Neha chirped in  ”Itni shidaat se main tumhe paane ki koshish ki hai,hi har zaare ne mujhe tumse milane ki saazish ki hai” I loved that dialogue in Om Shanti Om. “Kehte hain ki …… Agar kisi cheez ko dil se chaaho to puri kayanat usey tumse milane ki koshish mein lag jaati hai.”

“My Shahrukh Khan fan, picture abhi baaki hai,” replied Rajesh. “You need to write down what you want, plan for it .  Infact there is a book Think and Grow Rich  by 1937 Napoleon Hill, personal development and self-help book.  ”But Writing about goals? It’s boring!” complained Satvik. “There are few success practices more important that articulating your most closely held goals and then reviewing them daily. And guess what? Most people don’t spend more than an hour a year doing this. There are 4 big reasons for you to set goals: Focus, Measurement, Alignment and Inspiration. If you don’t know where to go, young man how will you reach there..Remember what Cheshire Cat answered to Alice in Wonderland”

Rajesh continued “You should setting three kinds of goals: emergency funds (three to six months of essential bills) one- to five-year goals, such as for a down payment or a trip, and then long term goals, kids education, marriage, retirement. Both of you should also be on the same page , you need to talk about many things  career, travel, kids and finances. A few factors that play into financial issues for couples are Money Issues in Marriage : Your, Mine and Ours. Not understanding how each spouse uses or manages money. Not knowing their habits is your spouse a big spender? Not being honest about debts. And if you want to come together financially then you have to: have open communication about your finances (financial transparency), share information credit card and bank statements, establish goals and a budget, and meet frequently to discuss finances. Be equally responsible for your financial life.

“Papa this is all theory, sounds good but how to do it?” asked Satvik. “Good question son. To prepare financially for a long and happy life use The Money Book. ”

Money book

Money book

The Money book

  • It would be one stop for all your financial information. Your insurance,(life, health,motor), your bank details(Accounts,Lockers,Demat Account,Credit Card), Your Loans(Home loan, Auto loan), your investments(FD,Mutual Finds, PPF,EPF, Others..) It would help you to stay organised as it will have all your information in one place
  • It would be your legacy book : So your family don’t have to go through the inconvenience of searching for documents and whom to contact,
Key people of your financial life

Key people of your financial life


Money Book and investments

Money Book and investments

Basically it will help you to plan your life, a  Well Planned Life for a beautiful tomorrow.


“It seems that we had this conversation yesterday. How fast the time has flown . It has been hard work, we had to give up partying, buying new mobile every 6 months, going to mall for every sale, maxxing our credit card limit but we didn’t have regrets for we knew where we wanted to go” said Neha as she looked at Satvik.  ”That’s what I call a Happy Real Love story. Time for bed”. “So If you want to achieve something in life than write down, my princesses,” said Satvik.

Related Articles:

So do you have a money book? How do you plan your financial life? Do you handle your finances jointly or alone? How do you organize your financial information? Would you like the money book to organize one?

Disclaimer : This is an information based website, meant for providing assistance to it's readers. We do not hold any responsibility for mis-information or mis-communication.