Мобильный 1 Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021December 2021January 2022
News Every Day |

Top 12 personal finance trends of the Year 2021

Top 12 personal finance trends of the Year 2021

2021 has been a year of hope and financial revival. After being hit by the second wave of Covid-19 pandemic, people were looking for financial stability and to some extent their wish got fulfilled. Out of many events that took place in 2021, we have listed some crucial ones from the personal finance perspective for you.

Let’s check out some personal finance wrap-ups for the calendar year 2021 that may also impact you in the near future.

No Hike in Repo Rate

The year 2021 started with a serious second wave of Covid-19 pandemic. It was a financially challenging time for one and all. The RBI helped the economy by keeping the REPO rate unchanged during the whole year. Interest rates on loan products remained at historical lows. The banks reduced their spread on loan products to attract new customers. The home loan rate came down to as low as 6.4% pa at the end of 2021.

However, the New Year may see hikes in key policy rates. The loan borrowers may have to pay up higher EMIs if interest rate hikes happen.

Union Budget 2021 Relief

Several measures were announced in the Union Budget 2021 to help the people overcome Covid-19 setbacks. The important ones from the personal finance point of view include announcements of extension in the last date to avail tax benefit u/s 80EEA of the Income Tax Act to 31st March 2022. For senior citizens above 75 years of age, relaxation was allowed from filing income tax, subject to some conditions.

Only a few months are left for prospective home buyers to purchase their home if they want to avail the benefit u/s 80EEA. If you want to buy your first home, an extra tax deduction benefit can be an important factor you may not want to ignore.

Equity Investment Made New Highs

Despite concerns related to new waves of Covid-19, the equity market made a new all-time high during the year 2021. The stock market remained bullish during the year with a few exceptions. 

Investors who stayed invested and didn’t panic and stop their SIPs were rewarded with good returns. The record number of people opening demat accounts in the year 2021 indicates people are increasingly participating in direct stock investments. 

The New Year may come with several surprises. Investors need to remain cautious, stay diversified, book profit from time to time, and avoid investing more than their financial capacity.

FD Rates Remained Subdued

The interest rate on FDs largely remained at the same level throughout the year. One major concern for most FD investors had been the high inflation rate. The negative real rate of return made several risk-averse investors search for alternatives to FD investments.

If you are a risk-averse investor, you should avoid investing for the long-term in the FDs owing to the current market situation because there is a possibility of interest rate hikes in the near future. You may use the laddering method while investing in the Fds.

Gold Price and Hallmarking Rule

The gold price remained mostly subdued during CY 2021. The price of gold remained in the range of Rs 45000/10 grams to Rs 54000/10 grams during the year, while at the year-end it is quoted at around Rs 49500/10 grams. Gold is one of the best hedges against inflation, yet the gold price remained range-bound. Some experts believe the gold price is currently consolidating at the current level and may make a move either way in the near future. If you have a plan to invest in gold, go for SGB or gold ETFs over physical gold to ensure greater safety and easy handling.

The rule for mandatory gold hallmarking came into force from June 16, 2021. Jewellers with an annual turnover of over Rs 40 lakh are required to sell only hallmarked gold jewellery.

BNPL Became A Hot Favourite Spending Tool

Suddenly Buy Now Pay Later (BNPL) became one of the popular credit instruments in the market. Several companies jumped into the BNPL business during 2021. Consumers finding it difficult to manage their spendings after the Covid-19 setback used BNPLs for financial relief.

It is advisable to carefully use BNPLs. Before using it, check the interest levied by the lender and the maximum interest-free credit period offered. BNPL should be used only for essential purchases. Be careful not to be enticed into avoidable debt. BNPLs will continue to rise in popularity. So, in the New Year, use them judiciously.

Rise of Cryptocurrency in India

The cryptocurrency remained highly volatile during the entire 2021. There was a huge spike reported in the total investment in cryptocurrency in India during 2021. The government of India indicated that it will soon introduce a Cryptocurrency Bill that will bring in much-awaited clarity for the investors in this domain.

Until clarity comes in, you must exercise care while investing in cryptocurrencies. Unless there is a law available on the crypto, any investment in it will be highly speculative and put you at risk of losing your money.

Retail Direct Scheme

This scheme was launched by the Reserve Bank of India (RBI) in November to allow retail investors to buy and sell government bonds. This scheme is a one-stop solution to facilitate investment in Government Securities by individuals. Under this scheme, individual retail investors can open a Gilt Securities Account – “Retail Direct Gilt (RDG)” Account with the RBI.

New RBI Auto Debit Rule

The RBI issued new auto-debit rules in October and mandated that there will no automatic recurring payment for various services such as phone recharge, OTT bill payments etc. The additional factor of authentication (AFA) became mandatory for auto debit of payment above Rs 5,000. Financial institutions were mandated to inform through a message 24 hours before the auto debit and allow the debit once the customer confirms it.

New E-filing System by Income Tax Department

To simplify the tax filing, the Income Tax Department launched its new website http://www.incometax.gov.in for e-filing on June 7, 2021. The initiative was taken to ensure seamless tax services to taxpayers in the country.

Link Your UAN With Aadhaar

The government extended the last date to link your UAN with Aadhaar to December 31, 2021. It was made mandatory for employees to avail various services and benefits of your EPF account.
Tax On PF Contribution

The central government announced in its Budget 2021 that the interest earned by the PF Fund contributions over Rs 2.5 lakh annually will be taxable income. However, this directive will apply to the employee’s contribution and not on the employer’s part.

Video KYC Directive

Due to the Pandemic and making it easier for customers, in May 2021, the RBI relaxed its KYC Norms and announced that Video-KYC to be considered as full KYC for all new accounts. The decision was made to make it easier for banks to complete KYC procedure. This is now being used to open new accounts and to update the KYC of existing customers.

(The author is CEO, Bankbazaar.com)

Read also

Ministers fail to meet with fuel chiefs after pump prices hit record high amid calls to cut it by 6p

Gap getting 'larger' between UK and EU over Northern Ireland protocol, as both sides dig in over post-Brexit deal

ROSTER RECAP: Austin FC signs 'natural leader' defender to 2-year deal

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

NBA Gives Grayson Allen Laughable Suspension For His Hard Foul

Today24.pro — latest news 24/7. You can add your news instantly now — here

News Every Day

49ers-Packers halftime report: Garoppolo red-zone interception squanders first strong drive

Sports today

Новости тенниса
Анастасия Павлюченкова

Анастасия Павлюченкова последней из россиянок завершила участие в Australian Open

Спорт в России и мире

Русская модель Кира Дихтяр появилась на обложке январского номера L’OFFICEl Arabia


All sports news today


Sports in Russia today

Песков назвал фейками сообщения о «просьбе» Китая не начинать войну в Донбассе

Новости России

Game News

Монстры и стрельба в первом геймплее Serious Sam: Siberian Mayhem


Песков назвал фейками сообщения о «просьбе» Китая не начинать войну в Донбассе

Губернаторы России

За сутки в России подтверждено 49 513 случаев COVID-19 в 85 регионах

Через тернии к звездам: Как Банщикова увела мужа из семьи и стала счастливой

Захарова: Москва ждет провокаций от Вашингтона и Киева после сообщения о просьбе Си Цзиньпина к Путину

Пользователи соцсетей восхитились преданностью мужа утонувшей в проруби женщины

В Китае назвали фейком статью Bloomberg о просьбе Си Цзиньпина Путину

В окружении Моргенштерна спровоцировали слухи о прекращении карьеры рэпера

Бородина заступилась за оскандалившуюся в самолете Волочкову

Композитор Вячеслав Тюрин высказался о скандале с хитом Reflex, который использовали в МБА

Вадим Стукалов устроил скандал на ресепшене отеля в Сочи из-за предъявления QR-кода

Ибрагимович прокомментировал ситуацию с Джоковичем

Даниилу Медведеву устранили конкурента // Третий теннисист мира Александр Зверев выбыл в четвертом круге Australian Open

Даниил Медведев обыграл американца Максима Кресси и вышел в четвертьфинал Australian Open

Медведев вышел в 1/8 финала Открытого чемпионата Австралии — 2022

Марина Хлебникова впервые рассказала о состоянии своего лица после пожара

Okko эксклюзивно покажет межсезонные товарищеские матчи ПФК ЦСКА

Захарова: Москва ждет провокаций от Вашингтона и Киева после сообщения о просьбе Си Цзиньпина к Путину

Лукашенко намерен стрясти дань со стран, объявивших Белоруссии авиаблокаду

Захарова уличила Венедиктова в отработке повестки США: "Ваш тезис ложный"

Боррель: ЕС будет продолжать диалог с Россией, несмотря на то, что риторика Москвы не внушает доверия

В Москве состоится презентация нового альбома Яны Павловой

Аналитики ЦИАН назвали подмосковные города с наименьшим ростом цен на жилье

Путин в России и мире

Персональные новости

Александр Градский

Домработница Градского рассказала, как Коташенко относилась к его детям

News Every Day

NFL-Brady retirement talk shifts into high gear after Buccaneers loss

Friends of Today24

Музыкальные новости
"Воскресенье " Олег Митяев

Персональные новости
Близкий друг Путина миллиардер Пугачев. Вся правда о Путине, его семье и деньгах. В гостях у Гордона (2021)

Навальный об уволенном за пост священнике (2021)

Slava Marlow – суперуспех и депрессия в 21 год / вДудь (2021)

Обнаглевшие дети путинской элиты (2021)

Дайте собакам мяса (новый звук) -Владимир Высоцкий

Группа "Рождество" - песня "Так хочется жить!" (Видео с концерта в Киеве группы "РОЖДЕСТВО" в 2011 году в Доме офицеров)

Adriano Celentano Любимая песня Челентано (высочайшая энергетика) talentTV