I have some knowledge on MF. Planning start with ELSS under SIP mode…
Currently, having two Demat Accounts (HDFC & ICICI ) in Active Status but never used till now…only paying DP charges for past 3/4 yrs..
Kindly let me know which one among (HDFC or ICICI) is best to continue with…which one should I close….
Please let me know on the valuable reasons for continuing and reasons for closing DP accounts…
Thanks in Advance..
Raguvaran-If your main purpose is to HOLD units in Demat format, rather than investing through their trading account, then I don’t think you have to think too much. Because charges are almost same for Demat. Hence, chose the one which you feel comfortable to maange.
Thank you Sir! Please advise me on how to start with investment (Rs.5000/month) in Mutual Funds (ELSS for tax saving) and achieve minimum fund for below goals thru ELSS schemesmy goal 1 – Retirement (Rs.2000/month)my goal 2 – Child Marriage (Rs.1500/month)My goal 3 – Child education (Rs.1500/month)Please suggest best three schemes under ELSS…(long term)
Raguvaran-Whether the basic things of financial plannings are at place? Like buying term, health and accidental insurance. Also creating an emergency fund of at least 6 months or so?
Yes, I have two LIC policy (Jeevan Anand & Bhima Gold) and Term Insurance (25Lks) + health Insurance(5Lks) which is provided in my office and also have Emergency fund in place
Do you feel Rs.25 lakh life insurance is enough? Ideal insurance must be around 10-15 times of your yearly income. Also, don’t depend on employer provided health insurance. What you will do post retirement when you have actual need of health insurance? Better to you have on your own. Whether you feel it is still required to save tax after Jeevan Anand, Term insurance and EPF? How much is the short fall?
I’m fine with current LIC,Health/Term insurance plans… my short fall under 80C is Rs.60000…for which I’m planning SIP under for ELSS…
But stick to financial goals and based on that chose the tax effecient products. I feel your major concern is ONLY tax saving rather than identifying your goals and investing based on that goal. It is left with you. My choice among ELSS are ICICI Pru’s Long Term Equity Fund, HDFC Tax Saver or Axis Long Term equity.
Thank you Sir! yes, my concern now is only for tax saving… Actually my family is not interested in any MF investment and they are not allowing me for choosing any MF, they prefer only traditional FD, PORD,PPF,… Past one month, I have explained about MF and finally got approved only for ELSS thru which they want to gain confidence in MF investment…. Only after their approval, I can move on with any other MF schemes for long term (goals)…
Raguvaran-I understand and respect family compulsions and traditional thinking. However, make sure that your tax saving investment match with your financial goals.