Personal Finance News & Reviews – Week of September 21 – 27, 2015

In this post we cover the major Personal Finance news that happened in the week of September 21 – 27, 2015

Banking:

Citibank launches “Citi Priority” – a bouquet of product & service for Young Customers

“Citi Priority” is a bouquet of service targeting emerging affluent people under the age of 40, who maintain a relationship of Rs 15 Lakhs or more. The services would vary from credit cards, saving account, loans, wealth management etc and given preferential pricing. Currently around 10% of Citibank India customers would be eligible for upgrade. Click Here for more details.

Income Tax

Delhi High Court directs Government to issue ITR Forms on First day of Assessment Year

Delhi High Court while deciding on plea to extend dates for tax return filing for audit cases directed Government to issue ITR (Income Tax Return) Forms on First day of Assessment Year i.e. April 1. You can read the complete judgment here.

Pre Filled ITR Soon

The I-T department is working on pre-filled Income Tax Return (ITR) Forms. What it means that all the details related to income, tax paid etc would be pre-filled and you can edit it if required. This would make life much simpler for tax payers, especially if they have income from salary only. Read More here.

Stocks:

ICICI Securities has launched Bullet Trade

ICICI Securities has launched Bullet Trade where ICICI would charge no brokerage in case the trade is squared off in five minutes. The scheme comes with lifetime prepaid brokerage plan for such trades. For more details you can check www.icicidirect.com

Insurance:

Aviva Dhan Vriddhi Plus launched

Aviva Life Insurance has launched Aviva Dhan Vriddhi Plus, a term plan with return of premium. The premium can be paid for 5, 7 or 11 years and at maturity you get back all the premium paid along with accrued bonus.

Term Plan with Return of Premium is a very poor form of investment. Along with poor returns you would also loose in case you want to exit early. So stay away.

Mutual Funds:

Kotak India Growth Fund NFO

Kotak Mutual Fund has launched Kotak India Growth Fund, a diversified multi cap fund. The NFo would close of October 6, 2015.

I personally see no reason to invest in Kotak India Growth Fund as there are several good funds with such mandate. I had written earlier stating – Why you should not invest in NFOs?