Tag: SBI

Save income tax by investing in tax-saving mutual funds on PhonePe
Business World

Save income tax by investing in tax-saving mutual funds on PhonePe

Jan 15, 2021 by Rekha Nair 0 Comments #Aditya Birla Sun Life, #and ICICI Prudential for offering these tax-saving funds, #Axis, #DSP, #PhonePe, #SBI, #Tata

Are you a salaried person who needs to submit investment proofs at your organization? Did you know that you can save up to INR 46,800* just by investing in tax-saving mutual funds on the PhonePe app in under a few minutes?

PhonePe, India’s leading digital payments platform has made saving income tax a whole lot easier. It provides a quick and simple option to invest in industry-leading tax-saving mutual funds. PhonePe makes tax saving simple, instant & safe while minimising your tax output.

What makes these tax-saving mutual funds attractive for taxpayers is the shortest lock-in period of just three years. Based on the past performance, these funds provide higher returns compared to fixed deposits (FD) and Public Provident Fund (PPF). PhonePe has partnered with trusted mutual fund players such as Axis, Aditya Birla Sun Life, DSP, Tata, SBI, and ICICI Prudential for offering these tax-saving funds.

Here, we look at a step-by-step guide to help reduce tax by investing in leading tax-saving mutual funds on the PhonePe app.

Step 1: Open the PhonePe app and click on the ‘My Money’ section at the bottom of the homepage

Step 2: Click on ‘See all’ under the Investments category and then on ‘Tax-Saving Funds’ under high growth products

Step 3: Select the tax-saving fund you wish to invest in and click on ‘Continue’

Step 4: Enter investment amount, choose an investment type (either one-time or monthly SIP) and click on ‘Invest Now’

Step 5: Select the bank account from which you wish to invest and click on ‘Pay’ to complete the transaction.

Step 6: Congratulations! Sit back & relax as you’ve both invested and reduced your tax liability

(*The saving of INR 46,800 is for investors with a net taxable income of above INR 10 Lakhs but below INR 50 lakhs assuming the investor is in the 30% tax bracket (as per old tax regime) and includes 4% cess.)

SBI Card and BPCL launch BPCL SBI Card OCTANE
News

SBI Card and BPCL launch BPCL SBI Card OCTANE

Dec 16, 2020 by Rekha Nair 0 Comments #Bharat Petroleum Corporation Ltd, #Chairman, #Chairman & Managing Director, #Director (Marketing) Bharat Petroleum Corporation Ltd, #MD & CEO, #Mr. Arun Kr. Singh, #Mr. Ashwini Kumar Tewari, #Mr. Dinesh Khara, #Mr. K Padmakar, #SBI, #SBI Card

Mumbai (India), December 15 2020: SBI Card, India’s largest pure play credit card issuer, and Bharat Petroleum Corporation Ltd, a Maharatna Company and the second largest petroleum company in India today announced the launch of the BPCL SBI Card OCTANE. The card has been designed to offer maximum savings to the well-heeled consumer segment which spends a significant amount on fuel. The BPCL SBI Card OCTANE brings 25X Reward Points (RPs) on spends for BPCL fuel and MAK Lubricants, Bharatgas (LPG) spends (Website and app only) and BPCL’s In & Out convenience store spends.

BPCL SBI Card OCTANE offer, which translates to a whopping 7.25% value back (including 1% surcharge waiver) on fuel and lubricant spends at BPCL fuel stations and an unbeatable 6.25% value back on Bharatgas spends (Website and app only) also bundles in accelerated savings on other regular spends categories, including, Departmental Store & Grocery, Dining and Movies. BPCL SBI Card OCTANE customers will benefit from BPCL`s extensive network, enjoying savings on fuel and lubricants at 17000+ Bharat Petroleum fuel stations, across the country. Additionally, there will be no minimum transaction threshold for fuel spends, enabling customers to save with every transaction. An altogether Pure for Sure experience at BPCL fuel stations!

Sharing his perspective, Mr. Dinesh Khara, Chairman, SBI said, “Launch of this BPCL SBI Card OCTANE bolsters partnership of SBI Card with BPCL. The card will bring consumers the highest savings proposition on fuel in the industry, thus making it a preferred choice in the segment. This launch will surely aid and bolster digital payments growth in India.”

The BPCL SBI Card OCTANE combines best in class rewards points on fuel spends with value back on various regular spends categories, thus addressing overall spending needs of cardholders. BPCL SBI Card OCTANE will provide 10X RP on Dining, Movies, Grocery & Departmental Store Spends. BPCL SBI Card OCTANE cardholders can enjoy exclusive benefits such as complimentary domestic airport lounge access. The card offers milestone benefits worth INR 2000 on annual spends of INR 300,000, in the form of e-gift vouchers. The card also comes with a complimentary fraud liability cover of INR 100,000.

Talking about the launch of the new co-brand card, Mr. Ashwini Kumar Tewari, MD & CEO, SBI Card said, “BPCL SBI Card OCTANE further strengthens our robust co-branded card portfolio and will propel our partnership with BPCL.  This launch is in line with our continued endeavor to offer our customers the best-in-class products with superior value. In addition to the savings on fuel and lubricants across Bharat Petroleum`s vast network across India, the card will also offer accelerated reward points on major spend categories, such as, Departmental Store & Grocery, Movies and Dining and Bharat Gas spends (Website and App only), making it a holistic, primary card for our customers.”

Mr. K Padmakar, Chairman & Managing Director, Bharat Petroleum Corporation Ltd said, “We are extremely happy to introduce the BPCL SBI Card Octane which offers best in the category benefits to our customers on purchase of fuel and lubricants across our 17000+ Retail Outlets and on online Bharatgas LPG payments. Our partnership with SBI Card ensures that we continuously endeavor to provide value to our customers through innovative products and offerings. The BPCL SBI Card OCTANE is one of our contributions towards digitally empowering society.”

Speaking about the launch of the new co-brand card, Mr. Arun Kr. Singh, Director (Marketing) Bharat Petroleum Corporation Ltd said, “BPCL has been at the forefront of the digital revolution in the country and the BPCL SBI Card OCTANE symbolizes BPCL’s steadfast commitment to offer vastly differentiated and best in class value through its digital offerings to all segments of the fueling consumers in the country. BPCL SBI Card OCTANE is packed with an empowering value proposition across its retail fuels, Bharatgas and Lubricants portfolio giving our valued customers a hugely rewarding cashless fueling experience.”

The card brings value from the point of enrolment itself, offering 6000 bonus points worth INR 1500 on payment of joining fee. BPCL SBI Card OCTANE also offers annual membership fee reversal on annual spends of INR 200,000 or more on in the previous year. The card launched on Visa Signature platform comes at an annual membership fee of INR 1499/-.

Highlights of BPCL SBI Credit Card OCTANE:

  • The BPCL SBI Card OCTANE offers many distinct benefits and rewards to cardholders, including:
  • Welcome Benefit: 6,000 Reward Points worth INR 1,500 upon payment of joining fees.
  • Reward Points:
  • 25X Reward Points on every INR 100 spent at BPCL Fuel, Lubricants, and Bharat Gas (Website & App only) (Limited to Max 2500 Reward Points per billing cycle).
  • 10X Reward Points on every INR 100 spent at Dining, Movies, Grocery and Departmental Stores.
  • 1 Reward Point on remaining spends (except Non BPCL fuel and Mobile wallet upload).
  • Milestone Benefit: E-Gift Voucher worth INR 2,000 on annual spends of INR 300,000.
  • 4 Complimentary Domestic Airport Lounge Access in India (Max 1 visit per quarter).
  • Annual fee reversal on annual spends of INR 200,000.
  • 1% Fuel Surcharge waiver at BPCL petrol pumps.
  • Complimentary Fraud Liability cover of INR 100,000.
D. P. Singh
Business World

Plan to support your child’s aspirations

Sep 14, 2020 by Gouri Achary 0 Comments #Chief Business Officer, #Children’s Funds, #D P Singh, #SBI, #SBI Mutual Fund

As parents, one thing that you would want for your child is for him/her to get the best of everything in life. The environment that kids are exposed to today is drastically different from what you experienced in your childhood. While there are many more opportunities for kids these days, the world is also getting that much more competitive and fiercer, be it in education or sports. That’s why you would want holistic development for your child so that he/she is prepared for every future challenge.

Traditionally, you as a parent would only end up planning for your child’s education. Given the kind of exposure that children get today, they are likely to explore unconventional career paths and aspire to become a coder, a gamer, an artist, an entrepreneur at a young age or make a career in sports. All these unconventional career paths do not yield immediate and regular income and thus need better financial planning at parents’ end.

Today if your child wants to follow his / her passion of becoming a professional athlete or enter the creative field, it will require a significant financial commitment on your end. The cost of the equipment’s and training required for these career paths can be significantly high and is over and above the normal education cost. Moreover, the education landscape has also drastically changed. Today, online learning has become a norm and gadgets such as a laptop, a tablet or smartphone has become a necessity. And this becomes an ongoing expense as technology soon becomes obsolete and needs upgrades. Hence, you as the new age parents need to factor in a lot more than just school and college fees for your child. In order to give wings to your child’s aspirations, financial support is of utmost importance.

But are you prepared for it?

While it’s essential to let your child dream and pursue his/her passion, it is equally crucial for you to have an investment plan. Like for every other goal in your life, preparing an investment plan to meet the financial needs that may arise at different stages of your child’s growth, can help avoid stress in future. For this, it is essential that you start early and invest in appropriate investment avenues that have the potential for long-term wealth creation.

You may have planned for these expenses through traditional investment avenues but at the same time investments in market-linked instruments such as mutual funds are also needed. That’s not it, you should invest in your child’s name so that you don’t end up disturbing these savings in times of need and the money is only utilized for the intended purpose. Premature withdrawals from the fund allocated for your child can disturb the target corpus that you plan to achieve. Children’s Funds offered by mutual funds are one avenue which can be looked at for long term wealth creation. These funds also have a lock-in period, say of 5 years, to discourage early withdrawals and to help you stay committed to the goal.

You should start investing at the earliest and in a systematic manner as it can help you build the required corpus by investing a smaller amount on a regular basis. This is because the longer you stay invested, higher is the compound effect, eventually helping you build a higher corpus. In addition to staying invested for long-term, which can further accelerate the building of your target corpus is SIP Top-up. With the rise in your income levels, the amount that you set aside for your child should also rise.

Children’s Fund offers different plans which cater to different investor risk profiles. The decision to choose from either an equity-oriented fund or debt-oriented fund should be based on your risk profile, investment horizon and the corpus you intend to build. You can invest in these funds until the child turns 18. So, if you are starting early and have a longer investment horizon it is advisable to invest in a fund that has a higher allocation to equities.

Rising inflation can adversely impact your investments plans. Therefore, investment in equities can act as a hedge against rising inflation by generating inflation-adjusted returns. Historically, education cost inflation has been higher than overall inflation. And now with education landscape rapidly changing, education cost is also expected to move up at a much higher pace. Thus, systematic and longer-term investments in equities can help in mitigating the adversities of rising inflation and also help beat short-term market volatility. It can also fulfil your dreams to be able to send your children to the best of schools, colleges, and foreign universities. So, applying what Swami Vivekanand said in the investment parlance “arise, awake and stop not your investments till your financial goal is reached”. The need of the hour is to start investing now!

D P Singh
Chief Business Officer, SBI Mutual Fund