Wednesday, May 20, 2020

Investing in Fixed deposit


Fixed deposits are a credible way to make a return on investment that is somewhat higher than a standard savings account.

A fixed deposit is meant for those investors who want to deposit a lump sum of money for a fixed period; say for a minimum period of 15 days to five years and above, thereby earning a higher rate of interest in return. Investor gets a lump sum (principal + interest) at the maturity of the deposit.

Various options available are as follows:

  1. Bank Fixed Deposits
    • Interest Rate: Based on tenure.
    • Liquidity: High. Allows premature withdrawal.
    • Credibility: High. Bank Deposits are secured by RBI up to 1 lacks rupees per branch, which means that if bank does not return you the money or goes bankrupt, RBI will pay you up to 1 lacks of deposits.
    • Tax: Interest earned is taxable, after Rs. 10,000 of interest accrued per annum. Tax is deducted at source.

  2. Post Office Time Deposits
    • Interest Rate: Based on tenure.
    • Liquidity: Partial. Allows premature withdrawal after one year.
    • Credibility: High.
    • Tax: The 5 year investment qualifies for Section 80C. Interest earned is taxable, but not deducted at the source.

  3. Fixed Deposits offered by Companies / Financial institutions / Non-Banking Finance Companies
    Various companies offer fixed deposit schemes having lucrative interest rates. A list can be found here
    https://www.bajajcapital.com/fixed-deposits/company-fixed-deposits.aspx
    • Interest Rate: Varies. Can be higher than bank and post office deposits.
    • Liquidity: Depends upon company. Some are not liquid at all.
    • Credibility: Risks involved based on company. Look for a minimum “A” rating by a credit rating agency. Read the following link for more information: http://www.jagoinvestor.com/2010/04/are-company-fixed-deposit-safe.html
    • Tax: Interest earned is taxable. TDS may be deducted after a limit.

Some Terms:

Asset: Any item of economic value owned by an individual, especially that which could be converted to cash. Examples are cash, securities, gold, office equipment, real estate, a car, and other property.

Liquidity: It is the ability of an asset to be converted into cash quickly. A person needs to have some amount of liquid asset which can provide him quick cash in case of urgency.

Non-Cumulative Income: It provides you with regular periodic interest income either on a quarterly or half-yearly basis.

Cumulative Income: It provides you with a lump sum at the end of the deposit tenure. The interest gained is carried forward to the following period.

Tax Deducted at Source (TDS): It is one of the modes of collecting Income-tax. It is the tax that one has to pay at the time of earning an income. The tax is deducted from the income and the balance is paid to the person.

References


The views posted here are entirely mine and they are not necessarily correct. You are most welcome to differ to them. Please post your views as comment.

Sunday, December 15, 2019

Renewing Driving License


My driving license is about to expire and need to renew it.
I am aware that renewal process can be done online. In my case, I need to get a medical fitness certificate, but could not locate a govt. doctor for it. Finally, I decided to go through an agent.

I searched on the internet and found good reviews about Drivekool, which is basically a driving school but also offers services such as DL renewal. I paid an amount of 2124/-, deposited the original DL, a photograph and a copy of address proof, on 12th October. My DL expires on 30th October.

On 24th October, I receive an SMS saying my application is accepted for processing. I called the drivekool office to know when I need to visit RTO office. They say that there is a huge backlog and it will take some time, they will mail me and let me know. 30th October has passed, and I became restless, my DL has expired, and I need to drive daily. But came to know that till one month after expiry of DL, we can drive without any issue. I am going on vacation on 15th November, till then I will be able to drive, but what after that? I somehow should be able to provide my biometrics in RTO office before that, so that I receive the DL after my vacation. But 15th November has passed, and I did not receive any call for RTO visit.
During my vacation, I received a call from Drivekool telling me that I need to visit the RTO office the next day. I told them that I was on vacation and will come back only on 8th December. They said they will fix a date after that.

I returned to Bangalore on 8th Dec and called Drivekool about RTO visit. They finally fixed a time of 11:30 on 12th Dec.
On 12th December, I reached Kasturi Nagar RTO at around 10 am. I was not sure how much time it might take, so started at 9 am, but surprising reached in just 1 hour. I waited for some time and then called the person I needed to contact. He arrived in half an hour, submitted me all the documents and explained me what needs to be done.
Based on his advice, I visited a doctor which is near the RTO office, for medical certificate. The doctor asked me some questions and finally signed and sealed the fitness certificate. He charged 100 Rs. for that. Also need to provide a self-addressed envelope with postal stamps, bought it from nearby shop for Rs 30/-.
The complete set should contain the following:

  • The original DL in a plastic Ziploc bag.
  • Acknowledgement form. An additional copy should be kept for own use.
  • The application Form 9
  • Medical Fitness Certificate
  • A self-addressed envelope with Rs. 18 postal stamps.
Then I visited the RTO office and completed the following things:
  • Address proof verification: Gone to a counter, where a lady verifies the original address proof. Once verified, she signs and seals the acknowledgement.
  • Fee payment: In another counter need to pay a fee of Rs 351/-
  • Biometrics: In another room, photo and signature is captured for each applicant. They charge Rs. 58/- for each smart card.
That's all to be done.
My agent needed the file containing all the original application, as he will collect the DL. In RTO office, a lady was collecting the original file from all applicants. I just told her that I have come through a driving school and the agent need the original file, she allowed me to carry it: it was so easy (the agent wrote his name on the top of the application). I gave the file back to the agent. He told that I will receive an SMS when the DL is issued and then Drivekool office will call me when DL is received, I need to collect it from their office.

Renewing a DL is easy nowadays. The application can be filled online, an appointment can be booked online too and then need to visit the RTO office for biometrics. We need not go through an agent.

Related:

Tuesday, December 10, 2019

How good is my job ?


"Your job is very good, just have to go to office, sit in AC rooms and get salary, that too better salary every year. Our life is very tough, we need to struggle daily. " - my friend commented on me, he is into construction business.

His comments made me ponder a bit on my job. Is my job very good? Is my job a smooth one without struggle? Whatever little I have achieved in my career, is it really worth compared to the things I have sacrificed in life?

In childhood, many of my enjoyments were curtailed due to studies. I liked cultural programs, drama, theater etc. but never attended any of those completely, as it impaired my studies. But my friend enjoyed every bit of those till the end.
During my higher secondary studies, often I used to get up very early for studies. I was allergic to cold and frequently suffer from cold-cough-fever, but still used to study in chilled nights.

After completing engineering, I had difficulty getting a good job. Even after getting job, changed couple of times as I did not like them, they involved traveling a lot in NE states which caused severe stomach issues.
I worked in a company that supplied machines mostly to army / air force units. So, I had to travel for around 15 to 20 days in a month, visiting various army and air force camps, most of them located at remote places.
I have plenty of vivid memories of that time. Friendly behaviour of defense personnel (officers and jawans alike), sleeping in barracks with army jawans with loaded guns on both of my sides, trapped in firing between army and terrorist while travelling with an army unit in Churachandpur, caught by army patrolling jawans while moving inside their camp at night in Mokokchung, getting trapped in landslides and spending days in the bus while going to Lunglei in Mizoram, the stunning natural beauty of north eastern states, ice as big as cricket balls in rain of Meghalaya, bus journeys in freezing cold winter nights with people smoking all over the bus, spending winter nights in Shillong hotels, enjoying yummy fish in Silchar hotels, spending few nights in a haunted kind of PWD guest house in Naharkatia, struggle to get a hotel room in Tinsukia to spend the night - finally the rickshawala took pity on me and searched a hotel room for me, poor road conditions in hilly areas - one side of the roads had no support at all for vehicles and can see the foot of the hill from bus ... the list goes on.
Eating outside food daily at various places of 7 sister NE States (some of them were not clean at all) caused stomach issues, which compelled me to make my next career move, to software.

Switching to software industry was not an easy task, it took me around 4 years of preparation, hard work and studies to find a decent job of my choice.
Initially I learnt software part time along with my job. After quitting job, I landed up in Bangalore.
I still remember those jobless days (or years ???) in Bangalore. Sleeping in a hall with other job seeker friends of various ages, visiting companies with CVs in hand (email was very new then; many of our CVs probably never reached the HR office, the security guard who used to collect them probably had used the CVs to wrap some of his personal stuff), endlessly waiting for the phone to ring to receive an interview call, checking emails daily on cyber cafe in the hope that an interview mail is waiting (we used to visit a particular cyber cafe daily, finally the owner decided to give us monthly pass; pay once and use for the month, it turned out to be little cheaper), calculating the remaining money and decide how long can survive (I saved money from my previous jobs and sustained the whole struggle period on my own. Many others were dependent on their parents, they had a tough time answering their parents on how long to wait for the job :( , we had no answer, the job market was down. Few friends could not sustain and returned home. Those who remained and struggled are all happily well settled now), studying and learning new things, friends helping each other to crack an interview ... and so on.
It was a very tough period but provided me with lots of new learning experiences.

Even after getting a job of my choice, my life was not very smooth.
In software field, the technologies change dramatically. I had to keep myself updated all the time by learning new technologies and getting myself certified. I started with Visual Basic and then I had to learn many new things (ASP, VB script, JavaScript, C, Java, J2EE, html, CSS, xml, json, struts, spring, Oracle, jQuery, hibernate, typescript, ant, maven, angular js, project management tools ... the list goes on). We need to keep ourselves updated on latest technologies, till the day we retire from job.

I never paid too much attention to salary, my main concentration was on the kind of work and the work life balance. Luckily, I was earning a decent salary too.
Work life balance is always a problem, not only for me but for everyone in software industry. We have deadline before which we need to complete our work, so, often we need to spend late hours in office, in order to complete our work. At some point of time, I always used to return home from office at around 12 at night, that too just after marriage.

Working for long hours by sitting continuously in front of computer in AC rooms, causes us varieties of health issues, mainly various body pains. I have back, shoulder, neck, knee pain, migraine. Many of my friends have developed serious neurological issues.

Yearly Increment in salary is also a concern. In one of my earlier company, increment was very less, I was concerned. In my current company, I received a very good increment last year, highest in my career. That's also a concern. In fact, one of my friends and I had a discussion with manager about it and even told that less increment is fine with us. High increment on a high salary may lead to a situation where the company can no longer afford us and may tell us to leave the company, in case of job cut. Getting a new job at high salary may be difficult - may need to learn many new things, may need to obtain certifications - involves a lot of effort, time, money.

Also, software industry is quite volatile and frequent job cuts are very common. So, at any moment, we may lose our jobs, due to any reason such as project or company not doing well, acquisition, merger etc. We just get 2 months’ notice period.
I have experienced closure of 2 companies that I worked in, till now. Probably I need to look out for another job in few months from now, the client US company our team worked for is acquired by another company which decided not to continue with the product that we work on, rendering our whole team redundant.

Perhaps my friend does not know about all these kinds of concerns in my job and hence his remark, but with so many things happening in the background, I don't know what to say about my job. Is it really smooth? Is it really good? I don't know.
But whatever it is, I enjoy my job. I know it has many challenges and uncertainties but facing them and overcoming them gives me a sense of accomplishment. Every struggle period is actually a golden period - of learning new things, of enhancing one's capabilities. A person who never struggled in life probably has not achieved much.

Every job has its own advantages and challenges. Rather than nagging about the difficult things, we should try to do something about it and make our life beautiful.

Saturday, November 30, 2019

Personal Development

I have an insatiable appetite for learning and keep upgrading myself constantly.
I use open e-learning platform for it, here's a list:

Clicking on a course displays the completion certificate, if available.

Wednesday, November 20, 2019

Awards, Appreciations, Accomplishments

Here's a list of my Awards, Appreciations and Accomplishments:

Clicking on a description displays the related certificate, if available.

Wednesday, November 6, 2019

I wish ...


Many times, we know some of our wishes never fulfills, but still we wish many things.
Here are some of my wishes, I know will never come true, but still feels good thinking about them.

I wish I could go back to school days. During those days, I used to dislike subjects like history, Oliver twist etc., found them to be very tough to answer in exams (I somehow managed to pass), but actually they were easy. I wish to score good marks in them. Also wish to participate in all extracurricular activities.

I wish I could go back to my earlier workdays and enjoy life better. I was a lot serious unnecessarily and spent a lot of time in office. I wish I exercised and took better care of my health, I neglected it causing serious back issues, which still troubles me.

I wish days were much longer, say around 60 hours. I want to do a lot of things, but always run short of time. I want to read a lot (have bought some books few years back but could not read much, also have a lot of PDF books downloaded but not finding time), want to write (about many things), want to exercise (to lessen my back pain, also generally), want to learn guitar (bought a guitar many years back and started with something but could not continue), want to swim on regular basis (learnt swimming for some time and then dropped), want to play more with my child (hardly can spend 1 hour daily), want to sleep little bit more (suffer from sleep disturbances, want little more sleep), want to work for society ..., but fail to do much.

I wish someone takes care of all my financial needs and I no longer need to work for survival so that I can devote my entire time on social upliftment.

I wish, after death, if I am reborn, I remember everything learned in this life. I have learnt few things in life, often the hard way, after committing many blunders and suffering from it. Also, few other things by observing other people's life and reading books. I don't want to commit the same mistakes again.

Monday, October 21, 2019

Self-Improvement


Self improvement is a process of improving some of our ability, it may be physical, mental, spiritual, financial, anything. So, starting to exercise, learning to drive, learning to meditate, taking a course on investing - all can be self-improvement.

Why we need to improve ourselves? Unless we blame the world for all our problems, we need to improve ourselves to lead a better life.
Today's world is very competitive. Jobs in private organizations are very challenging. Technologies are changing at a very high pace. In these scenarios, we need to constantly keep ourselves updated. To succeed in jobs, we need to keep learning new things. So, self-improvement is the only way to excel, specially for the coming generations. Improving ourselves and learning something new can bring Excitement and relaxation to our daily life. It can also help a person in the long run prevent some mental issues.

You are never too old to learn.
At no time ever say "It's too late to learn",
not until the day you die.

How to improve ourselves? There can be varieties of ways to improve oneself. Some of them can be:

  • Company of people: We can be in company of people who keep themselves updated on our topics of interest. We can discuss with them on the things that we want to improve. During discussion, we will come to know about new things. We can note down the pointers so that we can explore more about them later. Android mobiles have many different apps that can be used to note down things.
  • Reading: we can inculcate a habit of reading daily on the things that we want to improve.
    1. Books and materials: A lot of books are available on self-improvement, we can purchase and read on a daily basis. Many libraries keep these kinds of books, we can take a membership at a very nominal cost and read books of our interest. Many companies have their own libraries, which allow their employees to borrow books free of cost. Names of some good books that I read are given in references below.
    2. Internet: internet is an ocean of books and materials on self-improvement, many of them free. We can download books of our choice, install an appropriate reader and start reading. Apart from books, many sites have very good materials, which can be read online or can save as a file and read later. Links to some good sites are available in references below.
    3. Mobile Apps: a lot of Android mobile apps are available that can be used for reading books and materials. some of them that I use are mentioned in references below. Many of them remember the page read last, so next time we open the app, it directly takes us to that page. Some apps allow reading good books for free.
    4. Reading is essential for those who seek to rise above the ordinary.
      – Jim Rohn

  • Audio and video. Audio version of many good books are available, some of them can be downloaded free of charge from internet. Also, audio and video lectures on self-improvement, by eminent personalities, are available on various sites, some are available in reference below.

While going through any self-improvement materials, it's always better to make note of important points. We tend to forget things we learn, over time. We can always refer to our notes on a regular interval to refresh. Once we learn something, we need to apply and practise it in our daily life.


The endless process of self-improvement

Self-improvement cannot be learnt and absorbed overnight. It's a continuous process of learning and applying to our lives.
It's a never-ending process. The more we learn, we feel the need to learn more.

If we think that we are responsible for whatever happens to us in our lives, then we need to constantly improve ourselves for a better life. For some people, it’s easier to blame the world for their problems, for them self-improvement is not required.

References:
  1. Some Good books:
  2. Some Good sites:
  3. Free e-books:
  4. Some mobile Apps:

The views posted here are entirely mine and they are not necessarily correct. You are most welcome to differ to them. Please post your views as comment.