23 Responses to Contact Us

  1. Ramesh says:

    Firstly let me express my thanks on this great blog. This is a very good blog, to the point, and explained in simple terms and what someone wants to know about. Excellent and keep it up.

    I would be keen to get some info on medical insurance in India covering the following points, if possible.

    1/ what’s the best way to subscribe to a family medical plan that is focussed long term, so that we can ride on the same plan for say next 30 to 40 years for self and immediate family.

    2/ what’s the best coverage, premiums and any tax relief and how best the system works in India. Who are the top players.

    3/ also if a resident in India wants to go abroad for a medical treatment for specialized services, isvthat possible? Treatment abroad.. Like in uk, us or Singapore and how does the medical insurance works…. Mind you this is not travel insurance I am talking about.

    Thanks and would appreciate if you can share some thoughts on that pls


  2. Hi Ramesh,
    Thanks for your appreciation. Would try to keep up to the expectations in future as well.
    Generally no medical insurance provider in India would cover you for medical treatment outside India, unless specifically mentioned in the policy document.

    Try out a very good website to do comparison of best medical insurance providers in India – http://www.policybazaar.com/ It would give you an insight into various options available for you in the market.
    There is a tax rebate provided in India for medical insurance premiums paid. On a highlevel upto 15K can be claimed under section 80D for medical insurance premiums (20K in case of senior citizens). A further deduction of upto 15K is available in case of premium paid for dependent parent.


  3. Dhiraj says:

    I have pf account from by past employers. The last contribution to that account was made in March,2011.

    I have contract (bond) with previous employer from 1 years which I had to disobey due personal/health reasons. Now they are neither ready to release this PF account and nor helping me to withdrawal the accumalated fund.

    My current employer don’t deduct PF for any employee.

    Help him with the procedure about How to withdrawal my corpus from Pf account with contacting my previous employers?

    I have Pf account no. and salary slips mentioning PF contribution with me as a evidence.

    Thanks in advance!


  4. Dhiraj says:

    I mean without* contacting the previous employer?

  5. Dhiraj,
    I am slightly confused. Is the PF contribution from previous employers currently consolidated / transferred into your current employer’s PF ? If not, then the current employer can not exercise any action.

    With regards to your PF balance from previous employer, you can simply file a redemption request directly with the PF authority and they shall process the same. The form and process is mentioned in my article above.


  6. Makhan Warikoo says:

    Does any of your earlier writings cover reporting of interest earned in India for a NRE deposit for say 5 years and its time of reporting. Does it have to be reported to IRS in US every year or at the time of maturity after 5 years

  7. Makhan
    Ideally you need to report to IRS on an annual basis even though your FD will mature after 5 years.

  8. I have a query regarding employees provident fund. I am working in a private institution which gives the EPF facility. For the first five years of my service my EPF contribution was 12% monthly (minimum required). For the financial year 2012-2013 i increased my contribution to Rs. 6500/- per month (Maximum – 100%). Then for the next financial year i.e. 2013-2014 i decreased my EPF contribution to 12% due to some financial reasons. Now in the coming financial years i want to increase it to maximum again (Rs. 6500/ month) and want to continue the same till retirement. But when i approached the HR department of my institution for this increase, i was informed that it is not possible to increase ones contribution if you have decreased it once! I was never aware of such a rule. Is there such a rule? Please let me know and also suggest how can i go about increasing my contribution.

  9. hussain says:

    Sir, I have taken insurance cover where my wife is nominee. I understand that
    nominee will get the amount in the event of my death I have 3 daughters in my
    family. please clarify if I have to make a will as well for same.


  10. Praveen,
    Employers do not encourage regular changes in the PF contributions. Also changes are generally not allowed within a financial year. I would suggest you to ask your company’s HR to ask for the exact rule and comply with it.

  11. AR says:

    Hi BFA,
    Thank you for the really great posts and helpful know hows provided.

    Have a question for you experts. Planning to buy a plot in city limits from one of the city development authorities, the value of the plot is coming upto 45L of which 15L are from my savings and sources the rest is from a bank.

    Tricky part: The rate of interest for the first 2 years will be on Housing rates if construction is completed within the given period else the ROI will be according to personal loan which is far higher. Im planning to start construction 4 years down. Can you pls suggest on this.

  12. AR,
    One of the pre-conditions of a housing loan is – you need to construct a home within the terms of the loan. Unfortunately you don’t have much of a choice here. The bank may come to do an inspection which may result in converting your loan into penal rate.

  13. Sunil Nayyar says:

    This is an exhaustive article and Q&A on PF. Thank you. I wish to seek a pertinent clarification…. When a person leaves an organization and joins another but with a gap of upto 5-7 days ie getting relieved from one organisation on 29th of a month and joining another next organization on the 4th of next month….say a gap of 5 days or 6 days due to relocation from one city to another….will this gap amount to loosing continuity of service of 5 years for tax free withdrawal of PF after total 5 years of service.

  14. Ramki says:

    I am having a query in resepct of reduced pension. I am having a scheme certificate, details of which is given below:-

    Date of Birth: 30.05.1965
    Date of Joining : 16.11.1995
    Date of cession of membership: 07.12.2007
    Reason for cessation of membershipsip :Cessation
    Age as on 16/11/1995 : 30 years
    Date attained age 58 on : 30/05/2023
    Age on date of exit : 42 years
    Past service upto 15/11/1995 – 1 year
    Actual Service: 12 years 0 moths 21 days
    Eligible service: 13 years
    Pensionable service : 12 years
    Salary as on 15.11.1995 : Rs.4540
    Pensionable Salary : Rs.6500
    Last Salary : Rs.6500/-

    Now am just completed 50 years and would like to opt for reduced pension and would like to know the following:-

    1. How much i will get the reduced pension per month:
    2. If I wait till 58 years of age,how much will get the pension per month at that point of time.
    3. Which is the better option – to start getting pension now or wait till 58
    4. What is the commutation value – what option to opt.

  15. Hi Sunil
    This is a reasonable gap between two jobs and you will not loose the tax free exemption. However, please do transfer your PF to your next employer to avoid making it inactive after 3 years.

  16. Robin says:

    Hi…I am NRI returning to India after 5 years. There is plan to stay in India for a long period onwards or at least I am not sure. I have Fixed deposits done with SBI in NRE accounts for 10 years, which are yet to be matured. It is not clear to me, even after talking with bank, whether the interest accrual during my future stay in India, will be subject to income tax. The deposit was made with the intention that money will remain tax free till its maturity, irrespective of my residence status.

  17. Kamal says:

    Hi Team,

    Need your expertise. I am planning to buy a new independant house (alredy contructed) for investment purpose in Bangalore. I have a house in Chennai and if i mortgage that in a bank and buy here in bangalore, is it worth going for? because i recently bought a flat for Rs 34 lacs (Rs 27 lacks as bank loan @ 30.6k emi for 14 yrs). If i close the existing home loan, buy a new house and mortgage the house in Chennai? is it worth doing all these?

    I am not sure if i am making a right decision? Thinking out it works out, but i dont know if it will work practically?


  18. Hi Robin, this query has been answered on our NRE Fixed Deposit article. If you return back to India, interest will be taxable.

  19. Sorry Kamal, but your query is not clear to us. Please can you email at info@banyanfa.com with the step wise actions you plan to take with financial details. Thx

  20. Vaibhav says:

    Please advise if I need to declare in my ITR-2 the interest earned on FD of my NRE account in Financial Tax year 2014-15. I was NRI in financial tax year 2014-15. I am aware NRE FD Interest are tax free and no TDS is deducted, but still do I need to declare.

  21. Hi Vaibhav,
    If you were a NRI in the financial year then there is no tax liability. However, you should declare it as a tax free interest in ITR2.

  22. babu says:

    taken housing loan of 5 lakhs with tenure of 180 months in the year 2002 and EMIs are being paid regularly from SBI @ floating rate of interest .On verification of accounts as per loan agreement the loan has to be closed by this month. Brought to the notice of bank authorities. no action . wat to do next? kindly advise

  23. Dear Mr. Babu,
    You can lodge a RTI against SBI to help you solve it.

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Delhi – Odd Vs Even Formula

January 2, 2016January 2, 2016

The actual success of the Delhi government’s odd-even formula will be known only by January 15, but if the response of most Delhiities on the first day is any indicator, then the risk taken by Arvind Kejriwal’s Aam Aadmi Party seems to have paid off.

The local government will review the effect on pollution after the 15-day trial and consider including two-wheelers in the second phase of the scheme.

For more click here