I had accumulated Rs 40,000 on my credit card, which I had repaid, but misplaced the payment receipt. However, I still keep getting reminders from my bank, asking for the payment. I have not used the card ever since and I now wish to discontinue it. What can I do?
All banks maintain copies of the customer payment receipts for a reasonable time. You can request your bank to retrieve the payment receipt. Alternatively, if you have paid through cheque/fund transfer, the details of the transaction would appear in your bank statement. You should furnish this statement to the bank.
My son is 15 and will be starting college in a few months. I want to open a savings account for him. Will the bank issue him a debit/credit card? I am concerned, as he is a minor and I do not want him to overspend. How can I monitor his transactions?
Almost all banks provide a debit card to minor account holders, based on their age (the age cut-off varies from one bank to another). Parents can choose to order a debit card in the child’s name. They can also set a pre-defined upper limit for daily spends, as well as withdrawals.
I have been servicing a home loan from a private sector bank since 2007. At present, the interest applicable on my equated monthly instalments (EMIs) is 11 per cent. I have been regular with the repayment and haven’t defaulted or delayed. However, due to rising interest rates, I am finding it difficult to cope with the burden of rising EMIs. Should I consider shifting to another lender at a lower interest rate? What are the charges for shifting? What are my options?
In such a scenario, you have the following options: a) Request your current lender for a lower rate of interest, on the basis of your flawless loan repayment track record; b) Request for increase in number of loan instalments, instead of increasing the EMI amount; c) Explore the possibility of making part-payment (per-payment) of your loan to bring down the EMI amount; d) Consider transferring your loan to another lender who is probably offering a lower interest rate.
However, such shifts require payment of prepayment charges, which may go up to two per cent of the loan amount, depending upon the current lender’s policy.
My father is a senior citizen (67 years). I want to open a fixed deposit in his name. Since I would be depositing the amount, will he be eligible for the higher interest rate offered to senior citizens? And, what if it is jointly held?
As your father is the primary holder for this fixed deposit, higher interest rates for senior citizens will be applicable according to the respective bank’s policy. The benefit will still be available if you are a joint holder in the fixed deposit, with your father being the primary holder.
The writer is managing director & head, private & business clients (India), Deutsche Bank. Send your queries to yourmoney@bsmail.in