FAQs are a great way to help site visitors find quick answers to common questions about your business and create a better navigation experience.

An FAQ section can be used to quickly answer common questions about your business like "Where do you ship to?", "What are your opening hours?", or "How can I book a service?".

FAQs can be added to any page on your site or to your Wix mobile app, giving access to members on the go.

To add a new FAQ follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Add a new question & answer 3. Assign your FAQ to a category 4. Save and publish. You can always come back and edit your FAQs.

You can edit the title from the FAQ 'Settings' tab in the Editor. To remove the title from your mobile app go to the 'Site & App' tab in your Owner's app and customize.

Yes. To add media follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Create a new FAQ or edit an existing one 3. From the answer text box click on the video, image or GIF icon 4. Add media from your library and save.

A Current Account is one where you deposit money to carry out business transactions.

a. Ensure that the Account Opening Form (AOF) and the additional information sheets are duly signed and complete in all respects. b. Kindly tick the option for availing Free SMS Alerts, free Email Alerts on AOF and also register yourself for the free IMPS facility by filling the requisite forms available on the website or at your nearest branch. c. Submit Pan Card or Form 60 of all Account Holders d. Three Coloured Passport size recent photographs of all account holders is necessary. e. Carry all your original documents for verification. f. Self attestation is required on all documents attached to the account opening form (signature of all account holders is required on all their respective documents) e. Alteration on the account opening form requires customer’s authentication. f. Please remember to complete the nomination details included in AOF. Ensure that the Account Opening Form (AOF) and the additional information sheets are duly signed and complete in all respects.

Bring Original KYC documents such as PAN Card, Aadhar card and Mobile Number.

Yes. Photo & Xerox of KYC documents required for Account Opening.

Simply contact dedicated Account opening desk at your nearest Rapidgrow Branch or Download the Account Opening Form and fill that form and submit it with KYC documents at the Branch.

Rapidgrow Society providing various accounts their customer. Some of the accounts are mentioned below Savings Account Suraksha Saving Account Current Account Capital Grow Current Account Current Account HNI

You need to submit the information to establish your identity and your address and a copy of your latest photograph. You can choose from the documents acceptable by the Society listed in the respective category of accounts.

A Savings Account is one where you deposit your savings with the bank and earn interest on the same.

Yes. The minimum amount is necessary for FD is Rs. 10000/- and RD is Rs. 500/-

You may book an FD by visiting the nearest branch or by using the Rapidgrow Mobile Banking application.

A Fixed Deposit (FD) allows you to invest a lump sum of money for a certain period or tenure in order to earn a predetermined rate of interest. A Fixed Deposit often yields a greater interest rate than a regular savings account until the term expires.

Deposit Insurance on Deposits upto 5 Lakh is Applicable through DICGC, India. The Deposit Insurance System in India is subject to the Provisions of Deposit Insurance Act (enacted in 1961). Deposit Insurance and Credit Guarantee Corporation (Wholly owned subsidiary of the Reserve Bank of India) is the body that operates the deposit insurance system. To download more information click the following link : DICGC (Website : www.dicgc.org.in )

A Recurring Deposit (RD) allows you to deposit smaller amounts at regular intervals, while earning interest comparable to a fixed deposit.

Interest rates can be available in both Website and RapidgrowMobile Banking application. To know the interest rates click here

To apply for a loan, you need to submit documents such as a proof of identity, a proof of address, a loan application form that has been duly filled and your financial documents.

Kindly click here to know the current interest rates on loans.

Bank takes holistic view on the Car Loan application. CIBIL score stand alone is not the criteria. However, generally higher CIBIL Score is considered good. Minimum cut of CIBIL Score is 701 at present.

We determine your eligibility after considering various factors, including your monthly income, your monthly financial obligations, your current age and your retirement age, among other things.

Simply visit your nearest Rapidgrow branch.

Nil

The EMI is calculated on the basis of specific factors like the amount of the loan, its tenure and the rate of interest. To calculate the EMI for your loan click here

Banks take a lot of precaution while storing your gold and keep it safe until the loan amount is returned. They understand the sentimental value attached to gold ornaments and act as custodians while the gold remains with them.

Documents required for approval of your gold loan are: Id proof, such as your Driving License, Pan Card, Form 60/61, Passport, and Voter ID card. Address proof, such as House Registration Documents, and Utility Bills

A gold loan can be repaid partially at any point in time. However, your deposited gold will only be returned once the entire loan amount has been repaid.

A nominal processing fee is levied on your gold loan. The processing fee charged varies from one bank to another but generally does not exceed 2% of the loan amount. In addition to the processing fee, you are expected to pay a gold validation charge, which the bank will incur.

It’s very simple to reclaim deposited gold. Plan your loan repayment efficiently and ensure you do not default. Failure to repay the loan in the stipulated time will result in auctioning of your gold ornaments.

The maximum loan amount loan varies from one lender to another. It can range between Rs. 1,500 and Rs 1 Crore depending on the eligibility criteria of particular bank/institution.

For a gold loan, applicants should be aged above 18 years and should have gold that needs to be mortgaged with the bank

As the name suggests this is the loan given against gold. It’s a secured loan that enables borrowers to pledge their gold in lieu of a cash loan. It enables people to utilize their gold assets instead of storing them in lockers. Customers usually go for this loan for short period to meet the requirement of their children’s education, marriage and other financial problems in the family.

The loan approval process for gold loan is very fast. If your application meets all the requirements, it takes just an hour for the loan amount to be disbursed.

Loan foreclosure charges range from 0%-3% and are applicable on the outstanding amount of your gold loan.

Banks usually levy an annual penalty between 1% and 6%. This is in addition to the rate of interest that you would be paying to service your loan.

The loan can be repaid by choosing any medium of money transfer as you desire, such as Cash, Cheque, Demand Draft or Online Fund Transfer.

Depending upon who your lender is, a gold loan can be repaid in as less as 1 day to 48 part payment installments.

Yes, one can repay the loan amount before completion of the scheduled loan tenure by making a lump sum payment towards paying off the loan. In such cases, the bank may decide to apply some penalties in the range of 2-3% of the principal amount outstanding. Some banks and NMFC (non-banking financial companies) do not charge any penalty on making prepayment of a home loan.

Home loan pre-approval is a facility provided by banks and NBFCs to their customers, which allow those interested in purchasing a house with the particulars regarding their eligibility even before they have decided on a property to purchase.

Yes. You can have a family member like your spouse or your parents co-sign with you when you apply for a home loan. Having a co-signor for your home loan improves your chances of being approved for a larger home loan amount. A co-signor is especially recommended if the primary applicant has a low credit score or has had problems when applying/paying off a loan in the past.

Fixed rate home loans are offered at a predetermined interest rate during the loan period and these remain unchanged during the loan period irrespective of market conditions. This can be a huge benefit when market volatility starts affecting interest rates. For instance, if the RBI increases interest rates on loans, then people with fixed rate home loan will not be affected by any increase or decrease in the market interest rates and the EMI amount will remain unchanged. This type of home loan is less popular these days.

Once repayment capacity determines your eligibility to apply for home loan, lenders consider the following factors: Income level of the applicant Age of the applicant Qualification (stability and occupation continuity) Resident status (maximum limit for an Indian resident differs from that of a non-resident) Spouse’s income (household income is taken into account when there is a co-applicant) No. of dependants (it is a measure of repayment capacity) Credit history and score (past repayment track record) Status of existing loans

There are various types of home loans depending upon your specific requirement. Some of the key ones are as follows: Land purchase loans: These loans are granted to individuals for the purchase of land on which they intend to build a house. Home purchase loans: These are the most common type of home loans that is granted to individuals and they are granted for the purchase of an apartment. Home construction loan: This type of loan is granted to individuals for the construction of a house on a plot of land that is already owned by the applicant. Home Expansion/Extension Loan: This loan is specifically granted to individuals who want to expand their current home to include a new construction such as an additional floor, room, bathroom, etc. Home Improvement Loan: Existing home owners who lack sufficient funds to renovate their existing home can apply for this loan to upgrade their home with a new paint job, electrical wiring, water proofing, etc. Home conversion loans: Using this type of home loan, an existing home owner can add to their existing loan so that they can purchase a new house. This type of loan is only applicable to existing home owners. NRI Home Loans: These home loans are specifically designed to provide non-resident Indians with financing so that they can purchase a home in India.

The pre-approved home loan offer is valid for only a limited period, which varies from one bank to another as per the lender’s internal rules and regulations. However, these pre-approvals are usually valid for no more than 6 months.

A home loan is a long term loan (5 to 30 years tenure), hence lenders want to ensure that they will get their money back in the long term. Therefore, the loan sanctioning authority will definitely check your credit history before sanctioning a home loan to you. By having a good credit record/history you would be classified as a low-risk borrower and you may be able to get preferred (low) interest rates and waivers on various bank fees on the basis of your credit history.

If you have an existing home loan and have made timely repayments towards the existing home loan, you may get the option of borrowing an additional loan equal to the amount you have paid off on your current home loan. This is termed as a top up loan. The interest rates on a top up loan are less than a personal loan and it requires little or no paperwork to process this loan and the money can be used for a range of expenses.

There are different ways to pay off your loan such as issuing post-dated cheques for the tenure of the home loan, getting the amount deducted automatically from your salary or by issuing standard instructions to the lender for ECS (Electronic Clearing System) wherein the EMI is automatically deducted from your bank every month.

Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.

As per recently updated RBI rules, banks are required to use the MCLR (Marginal cost of lending rate) method to determine the interest rate on home loans. In case of a floating rate home loan, the banks are now required to change the interest rate either yearly or every six months. In case you have a fixed rate home loan, you can get in touch with your bank to get information regarding the conversion of your fixed rate home loan to the new MCLR-based floating interest rate. At present, the introduction of the new MCLR regime has led to a reduction in applicable home loan interest rates.

Amortization is a table with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.

Apart from the margin, some other costs will have to borne by you. Some of the key expenses in this regard include the initial down payment, stamp duty costs, registration costs and transfer charges among others.

Home loans are long term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors.

Anyone — whether self-employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic home loan eligibility criterial and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.

Yes. A few lenders do offer you the option of switching from a floating rate to a fixed rate home loan and the other way around. However, this is not applicable to all home loans and there are a few charges involved in implementing this conversion. Get in touch with your lender to get details regarding the procedure and requirements.

Immediate family members such as your parents, spouse and children are allowed to be joint borrowers in case of a home loan.

When banks sanction you a home loan, the EMI payments may not start immediately. In such a situation, the bank is liable to charge a pre-EMI interest on your loan. This interest is payable monthly from the time the loan is disbursed till the time the EMI payments start off. The pre-EMI interest amount is lower than the home loan EMI as the principal payment portion is excluded for pre-EMI interest payments.

The margin on a home loan refers to the percentage of the cost of the home that is not covered by the lender providing you with the home loan. On average, lenders implement a 20% margin on home loans i.e. the home loan amount sanctioned to you will be 80% of the actual cost of the property. The remaining 20% of the home loan cost will have to be borne by you. Though the 20% margin is the industry average, lenders may increase or decrease their home loan margins on a case by case basis.

Processing Fee- When applying for a loan, a fee is paid to the lender known as processing fee. The amount paid could be either a percentage of the loan amount or a fixed amount that is paid in lieu of carrying out the loan sanction formalities. Commitment Fee- It is essential to avail the loan within a stipulated time period after it is processed and sanctioned otherwise some financial institutions levy a commitment fee. By paying the commitment fee, you are assured that you can access the loan at the interest rate and for the tenure that was initially agreed on. Most banks no longer charge this fee. Pre-payment Charges- Banks/ financial institutions might charge a penalty if the entire loan amount is paid off before completion of the loan tenure. The penalty amount also known as foreclosure/pre-payment charges could be a maximum of 5% of the loan amount that is paid off before the completion of loan tenure. Miscellaneous charges- Documentation, stamp duty, credit bureau report issuance charges and consultant charges are generally considered as miscellaneous charges by few lenders.

No. A lender would only allow you to apply for a joint home loan if the application is co-signed by one or more members of your immediate family. Thus, your friend does not qualify.

The maximum number of joint borrowers in case of a home loan is fixed at 6. However, only family members such as parents, siblings and spouse can be co-borrowers for a home loan in India. Additionally, having a co-borrower who has a robust credit history and good credit score is preferable as compared to one with a low credit score.

The documents that need to be submitted may vary from one lender to the other. Some of the necessary documents to be submitted include the following- Completed loan application form Passport size photographs Identity proof – PAN card/Passport/ DL/ Voters ID Residence proof- telephone or electricity bill/ passport/ voter ID / property tax receipt Bank statement for at least past 6 months and salary certificates/ latest acknowledged ITR Copy of plan approved for the proposed construction/extension Cost estimation/ valuation report from Bank’s (or finance company) authorised surveyor/evaluator. Allotment letter of housing board/ NOC of the society/Builder etc. as well as any other land use certificate/other

If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. Lenders have their own base rate which determines the rate of interest charged on a home loan. The base rates of banks are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.

In case you have a poor credit score, you will find it difficult to get a home loan. However, you can improve your chances by getting a co-borrower. The co-borrower needs to be a family member like your spouse or parents. Ideally, you should choose a co-borrower who has a regular source of income and good credit history to bolter your chances of a successful application.

Your best option is to apply for a home conversion loan. Using this type of loan, you can add to your existing home loan and purchase the new one without having to opt for a second home loan.

The tax benefit on home loan is divided into two sections- Tax exemption on repayment of the home loan principal: This is the deduction allowed under Tax Section 80C with a maximum annual tax deduction of Rs, 150,000 under the section. Tax benefit on the interest rate for a home loan: Under Section 24 of the Income Tax Act, you can avail the tax benefit on the amount of interest paid on a home loan to the maximum limit of Rs. 2 lakhs for a self-occupied property. Tax benefit for Joint Borrowers: In case of joint home loans, each of the co-borrowers is eligible to receive a total of Rs. 3.5 lakhs (1.5 lakhs under section 80C + 2 lakhs under section 24) as tax exemption. Hence, if a married couple co-signs for a home loan, they can claim a total tax exemption of Rs. 7 lakhs on their home loan.

You need a smartphone with an active internet data pack, Registered Mobile Number. Download the Rapidgrow Mobile Banking application from app store, currently available on Android & iOS.

Rapidgrow Mobile Banking is highly secured transaction platform. Transaction Pin is used at the time of transferring funds. Without valid Transaction Pin you cannot transfer funds.

Rapidgrow Mobile Banking at free of cost. There are no hidden charges to be worried for.

Your customer ID will be printed on the first page of your passbook as Customer ID or contact your nearest branch.

Following are the salient features of Rapidgrow Mobile Banking application- Simple, Safe and secured Mobile banking platform Instant IMPS service 24x7x365 days NEFT/RTGS Transfer Balance Enquiry, Account Summary Fund transfer within your own account, Intra bank or Interbank electronic fund transfer QR Code scanner for adding intra bank beneficiary Bill payments through BBPS Favourite Transactions Create and View FD Card E-Lock Feature through Transaction On/Off option View Interest Rates E-Statements

Rapidgrow Mobile Banking is a one of the most powerful Mobile Banking platform that will enable you to manage your own accounts with incredible ease and rich interface.

Yes, you must register your mobile number for Mobile banking facility.

Rapidgrow Mobile Banking is very safe & secured. Each & every transaction executed on our Mobile Banking app is authorized by your own MPIN & Transaction Password only. Without your valid MPIN & Transaction Password, your funds cannot be sent to any beneficiary.

To register Rapidgrow Mobile Banking, please submit the form at your nearest branch After submitting the form, Download Rapidgrow Mobile Banking application, register by entering your Customer ID, Pan Card, Security Questions, generate password, MPIN & Fingerprint Authentication.

The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement

Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.

National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. The system uses the concept of centralized accounting system and the bank's account, that are sending or receiving the funds transfer instructions, gets operated at one centre

The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.

The essential information that the remitting customer has to furnish is: a. Beneficiary details such as beneficiary name and account number. b. Name and IFSC of the beneficiary bank branch.

The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. This is the fastest possible money transfer system through the banking channel. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions.

The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance: a. Amount to be remitted b. His account number which is to be debited c. Name of the beneficiary bank d. Name of the beneficiary customer e. Sender to receiver information, if any f. The IFSC code of the receiving branch Your Bank is one of the few banks in India who has the facility of Straight Through Processing enabled for RTGS. This helps your money to reach its destination in "QUICKEST" time.

The society takes this step of making your saving account inoperative to ensure security and protecting your money from the risk of fraudulent transactions. this is for both internal employees and external customers. Once an account is not used for a long time since years, chances of society employees easily getting sample of the account holder’s past signatures. With this it becomes extremely easy for them to access the deposited money by using withdrawal slips. Hence, to save your account from such frauds, society group it into a single cluster and maintain details of inoperative accounts in a separate ledger.

However, even after your account turns inoperative or dormant, interest is still credited to your saving account regularly.

Once an account turns inoperative or dormant, you can’t perform several operations. In case of an inoperative account, you cannot request that a chequebook be issued. Once an account turns dormant, the number of restrictions increases even further. You can’t request that a chequebook be issued, the address be changed, the signature be modified, a joint holder be added or deleted, or an ATM/debit card be renewed. You will also not be able to withdraw money from an ATM or carry out any transaction either through Internet banking or a branch.

Normally, the Society will intimate the customer two to three months prior to the account becoming inoperative. If you still don’t take any action, the society will notify you declaring the account dormant.

No. Freezing of a account means there will be no transaction in that account until further notice. No money can be debited from the account from the specified date. All payments will be stopped even in case of cheques issued earlier by the account holder. However, any deposit already in the pipeline can be credited. Regulators or courts have rights to order a freeze on accounts. You have to have a favourable court verdict in order to unfreeze and secure your account.

Keep using your account before it turns inoperative or dormant. Carry out a transaction, withdraw cash, transfer funds through any of the banking channels, or make a cheque payment to ensure that your account remains active. Carry out a transaction once in a while. If you have shifted cities, you can use net banking to transfer small sums between two accounts. If the account is no longer useful, best is to close it.

If your savings or current account hasn’t witnessed any transactions(credit/debit except interest credited the Society, deduction of service charges, for more than 1 year, the account is rendered inoperative. On exceeding 2 years, the account is declared dormant. Under The Depositor Education and Awareness Fund Scheme, 2014 - Section 26A of Banking Regulation Act, 1949-the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the Fund, within a period of three months from the expiry of the said period of ten years.

For reactivation of an inoperative/dormant account you require to submit a letter to the Society justifying the reason for your absence. The Society will observe due diligence when it comes to verifying customer credentials before reactivating your account. The account holder needs to be physically present themselves with a valid address proof and valid identity proof. The customer would be required to take these to the nearest branch, to duly fulfil the Know Your Customer (KYC) formalities.

As per RBI guidelines, charges for activating dormant account cannot be levied

Any customer induced transaction is enough for this purpose. Like credit or debit transactions done by the account holder in this account, keeps it active. Some of them have been listed below - Outward bill/Inward bill/Deposit of cash/Deposit through cheque/Cash withdrawal or deposit via ATM./Internet banking transaction/Crediting interest earned mandate on Fixed deposit to Savings Account. Dividend on shares is credited to Savings accounts as per the mandate of the customer, the same will be treated as a customer induced transaction. As such, the account will be treated as operative account as long as the dividend is credited to the Savings account.

General Insurance is essentially Non-Life Insurance. It offers protective coverage for assets other than life. Depending on the kind of asset insured, there are different kinds of General Insurance, such as: · Health Insurance, which insures the health of the policyholder · Home Insurance, which covers residential properties · Vehicle Insurance, which covers automobiles, cars, and other kinds of vehicles, depending on the specific terms of the policy · Travel Insurance, which insures the policyholder against several mishaps/accidents that could occur during travel

Personal Accident Insurance protects your finances by providing a lump sum compensation in the unfortunate event of a fatal accident or one that disables you permanently. The compensation shields you and your loved ones from a financial crunch. This insurance also covers accidental hospitalization cost. Note: The amount of compensation depends upon the sum insured.

Travel insurance covers a host of insurable incidents. The exact roster of instances varies from one plan to the next. But broadly speaking, here’s what you can expect a Travel Insurance plan to cover: · Personal accident cover · Hospitalisation expenses · Trip delays, cancellations or interruptions · Loss or damage to baggage checked-in · Loss of passport Some Travel Insurance plans have exclusive clauses that specify how events like accidents sustained in adventure sports may not be covered. It’s best to read the terms and conditions to know exactly what incidents your Travel Insurance plan includes.

Accidents can happen to anyone. Motor accidents, rail accidents, natural calamities, the list is endless. These can sound scary. But, getting intimidated is not the solution, being financially prepared is. Opting for a Personal Accident Insurance helps you to meet expenses in case a crisis arises.

No Our Accidental Insurance Policy charges Only amount of 599/- per a year

Life insurance offers a death benefit to your nominee in case you pass away. Health insurance provides a compensation and/or reimbursement of hospitalization and other medical expenses. A Personal Accident Insurance policy, on the other hand, insures against the financial risk that could arise due to accidental permanent total disability or accidental death of an earning family member. In short, the policy is essential as it strengthens your financial portfolio securing the future of dependent family members against unforeseen events.

Yes. You can avail optional covers by paying an additional premium. An Accidental Hospitalization Cover provides reimbursement for medical expenses related to hospitalization Cover provides you with a cash allowance for hospitalization.

You can be rest assured, accident policies offer worldwide coverage. Your claim will be paid even if you meet with an accident overseas with terms & conditions

Health insurance plan offer a cover that helps you meet the costs of medical emergencies. Since such medical emergencies can occur at any point in life, it is always a good idea to invest in Health Insurance policies as early as possible. Ideally, it’s a good idea to purchase a Health Insurance plan when you’ve landed your first steady job. That way, you can promptly pay your premiums when they are due, and you can enjoy the benefits of a medical cover too

The exact eligibility criteria for General Insurance depends on the kind of insurance you are looking for, the terms associated with the policy and the insurance provider you choose. Different kinds of insurance pose different insurance eligibility criteria For instance, Health Insurance policies may contain age limits and require you to undergo a medical examination. Travel Insurance may come with eligibility criteria related to the nature of travel. To truly understand the eligibility criteria, it is best to read the terms and conditions of the policy carefully.

Yes, Health Insurance does offer tax benefits to the investor. Specifically, Section 80D of the Income Tax Act, 1961, allows the premiums paid for Health Insurance plans to be deducted from the total income of the Assessee. This has the effect of reducing the total taxable income, thereby reducing the tax burden. The limit of deduction depends on whom the policy is purchased for (whether for self, family or parents), on the age of the purchaser and on the age of the parents. Senior Citizens get higher limits of deduction.

Yes. All you need to do is mention the name of your nominee in the policy document. The sum insured will be paid to your nominee by the insurance company.

FAQs are a great way to help site visitors find quick answers to common questions about your business and create a better navigation experience.

An FAQ section can be used to quickly answer common questions about your business like "Where do you ship to?", "What are your opening hours?", or "How can I book a service?".

FAQs can be added to any page on your site or to your Wix mobile app, giving access to members on the go.

To add a new FAQ follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Add a new question & answer 3. Assign your FAQ to a category 4. Save and publish. You can always come back and edit your FAQs.

You can edit the title from the FAQ 'Settings' tab in the Editor. To remove the title from your mobile app go to the 'Site & App' tab in your Owner's app and customize.

Yes. To add media follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Create a new FAQ or edit an existing one 3. From the answer text box click on the video, image or GIF icon 4. Add media from your library and save.

A Current Account is one where you deposit money to carry out business transactions.

a. Ensure that the Account Opening Form (AOF) and the additional information sheets are duly signed and complete in all respects. b. Kindly tick the option for availing Free SMS Alerts, free Email Alerts on AOF and also register yourself for the free IMPS facility by filling the requisite forms available on the website or at your nearest branch. c. Submit Pan Card or Form 60 of all Account Holders d. Three Coloured Passport size recent photographs of all account holders is necessary. e. Carry all your original documents for verification. f. Self attestation is required on all documents attached to the account opening form (signature of all account holders is required on all their respective documents) e. Alteration on the account opening form requires customer’s authentication. f. Please remember to complete the nomination details included in AOF. Ensure that the Account Opening Form (AOF) and the additional information sheets are duly signed and complete in all respects.

Bring Original KYC documents such as PAN Card, Aadhar card and Mobile Number.

Yes. Photo & Xerox of KYC documents required for Account Opening.

Simply contact dedicated Account opening desk at your nearest Rapidgrow Branch or Download the Account Opening Form and fill that form and submit it with KYC documents at the Branch.

Rapidgrow Society providing various accounts their customer. Some of the accounts are mentioned below Savings Account Suraksha Saving Account Current Account Capital Grow Current Account Current Account HNI

You need to submit the information to establish your identity and your address and a copy of your latest photograph. You can choose from the documents acceptable by the Society listed in the respective category of accounts.

A Savings Account is one where you deposit your savings with the bank and earn interest on the same.

Yes. The minimum amount is necessary for FD is Rs. 10000/- and RD is Rs. 500/-

You may book an FD by visiting the nearest branch or by using the Rapidgrow Mobile Banking application.

A Fixed Deposit (FD) allows you to invest a lump sum of money for a certain period or tenure in order to earn a predetermined rate of interest. A Fixed Deposit often yields a greater interest rate than a regular savings account until the term expires.

Deposit Insurance on Deposits upto 5 Lakh is Applicable through DICGC, India. The Deposit Insurance System in India is subject to the Provisions of Deposit Insurance Act (enacted in 1961). Deposit Insurance and Credit Guarantee Corporation (Wholly owned subsidiary of the Reserve Bank of India) is the body that operates the deposit insurance system. To download more information click the following link : DICGC (Website : www.dicgc.org.in )

A Recurring Deposit (RD) allows you to deposit smaller amounts at regular intervals, while earning interest comparable to a fixed deposit.

Interest rates can be available in both Website and RapidgrowMobile Banking application. To know the interest rates click here

To apply for a loan, you need to submit documents such as a proof of identity, a proof of address, a loan application form that has been duly filled and your financial documents.

Kindly click here to know the current interest rates on loans.

Bank takes holistic view on the Car Loan application. CIBIL score stand alone is not the criteria. However, generally higher CIBIL Score is considered good. Minimum cut of CIBIL Score is 701 at present.

We determine your eligibility after considering various factors, including your monthly income, your monthly financial obligations, your current age and your retirement age, among other things.

Simply visit your nearest Rapidgrow branch.

Nil

The EMI is calculated on the basis of specific factors like the amount of the loan, its tenure and the rate of interest. To calculate the EMI for your loan click here

Banks take a lot of precaution while storing your gold and keep it safe until the loan amount is returned. They understand the sentimental value attached to gold ornaments and act as custodians while the gold remains with them.

Documents required for approval of your gold loan are: Id proof, such as your Driving License, Pan Card, Form 60/61, Passport, and Voter ID card. Address proof, such as House Registration Documents, and Utility Bills

A gold loan can be repaid partially at any point in time. However, your deposited gold will only be returned once the entire loan amount has been repaid.

A nominal processing fee is levied on your gold loan. The processing fee charged varies from one bank to another but generally does not exceed 2% of the loan amount. In addition to the processing fee, you are expected to pay a gold validation charge, which the bank will incur.

It’s very simple to reclaim deposited gold. Plan your loan repayment efficiently and ensure you do not default. Failure to repay the loan in the stipulated time will result in auctioning of your gold ornaments.

The maximum loan amount loan varies from one lender to another. It can range between Rs. 1,500 and Rs 1 Crore depending on the eligibility criteria of particular bank/institution.

For a gold loan, applicants should be aged above 18 years and should have gold that needs to be mortgaged with the bank

As the name suggests this is the loan given against gold. It’s a secured loan that enables borrowers to pledge their gold in lieu of a cash loan. It enables people to utilize their gold assets instead of storing them in lockers. Customers usually go for this loan for short period to meet the requirement of their children’s education, marriage and other financial problems in the family.

The loan approval process for gold loan is very fast. If your application meets all the requirements, it takes just an hour for the loan amount to be disbursed.

Loan foreclosure charges range from 0%-3% and are applicable on the outstanding amount of your gold loan.

Banks usually levy an annual penalty between 1% and 6%. This is in addition to the rate of interest that you would be paying to service your loan.

The loan can be repaid by choosing any medium of money transfer as you desire, such as Cash, Cheque, Demand Draft or Online Fund Transfer.

Depending upon who your lender is, a gold loan can be repaid in as less as 1 day to 48 part payment installments.

Yes, one can repay the loan amount before completion of the scheduled loan tenure by making a lump sum payment towards paying off the loan. In such cases, the bank may decide to apply some penalties in the range of 2-3% of the principal amount outstanding. Some banks and NMFC (non-banking financial companies) do not charge any penalty on making prepayment of a home loan.

Home loan pre-approval is a facility provided by banks and NBFCs to their customers, which allow those interested in purchasing a house with the particulars regarding their eligibility even before they have decided on a property to purchase.

Yes. You can have a family member like your spouse or your parents co-sign with you when you apply for a home loan. Having a co-signor for your home loan improves your chances of being approved for a larger home loan amount. A co-signor is especially recommended if the primary applicant has a low credit score or has had problems when applying/paying off a loan in the past.

Fixed rate home loans are offered at a predetermined interest rate during the loan period and these remain unchanged during the loan period irrespective of market conditions. This can be a huge benefit when market volatility starts affecting interest rates. For instance, if the RBI increases interest rates on loans, then people with fixed rate home loan will not be affected by any increase or decrease in the market interest rates and the EMI amount will remain unchanged. This type of home loan is less popular these days.

Once repayment capacity determines your eligibility to apply for home loan, lenders consider the following factors: Income level of the applicant Age of the applicant Qualification (stability and occupation continuity) Resident status (maximum limit for an Indian resident differs from that of a non-resident) Spouse’s income (household income is taken into account when there is a co-applicant) No. of dependants (it is a measure of repayment capacity) Credit history and score (past repayment track record) Status of existing loans

There are various types of home loans depending upon your specific requirement. Some of the key ones are as follows: Land purchase loans: These loans are granted to individuals for the purchase of land on which they intend to build a house. Home purchase loans: These are the most common type of home loans that is granted to individuals and they are granted for the purchase of an apartment. Home construction loan: This type of loan is granted to individuals for the construction of a house on a plot of land that is already owned by the applicant. Home Expansion/Extension Loan: This loan is specifically granted to individuals who want to expand their current home to include a new construction such as an additional floor, room, bathroom, etc. Home Improvement Loan: Existing home owners who lack sufficient funds to renovate their existing home can apply for this loan to upgrade their home with a new paint job, electrical wiring, water proofing, etc. Home conversion loans: Using this type of home loan, an existing home owner can add to their existing loan so that they can purchase a new house. This type of loan is only applicable to existing home owners. NRI Home Loans: These home loans are specifically designed to provide non-resident Indians with financing so that they can purchase a home in India.

The pre-approved home loan offer is valid for only a limited period, which varies from one bank to another as per the lender’s internal rules and regulations. However, these pre-approvals are usually valid for no more than 6 months.

A home loan is a long term loan (5 to 30 years tenure), hence lenders want to ensure that they will get their money back in the long term. Therefore, the loan sanctioning authority will definitely check your credit history before sanctioning a home loan to you. By having a good credit record/history you would be classified as a low-risk borrower and you may be able to get preferred (low) interest rates and waivers on various bank fees on the basis of your credit history.

If you have an existing home loan and have made timely repayments towards the existing home loan, you may get the option of borrowing an additional loan equal to the amount you have paid off on your current home loan. This is termed as a top up loan. The interest rates on a top up loan are less than a personal loan and it requires little or no paperwork to process this loan and the money can be used for a range of expenses.

There are different ways to pay off your loan such as issuing post-dated cheques for the tenure of the home loan, getting the amount deducted automatically from your salary or by issuing standard instructions to the lender for ECS (Electronic Clearing System) wherein the EMI is automatically deducted from your bank every month.

Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.

As per recently updated RBI rules, banks are required to use the MCLR (Marginal cost of lending rate) method to determine the interest rate on home loans. In case of a floating rate home loan, the banks are now required to change the interest rate either yearly or every six months. In case you have a fixed rate home loan, you can get in touch with your bank to get information regarding the conversion of your fixed rate home loan to the new MCLR-based floating interest rate. At present, the introduction of the new MCLR regime has led to a reduction in applicable home loan interest rates.

Amortization is a table with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.

Apart from the margin, some other costs will have to borne by you. Some of the key expenses in this regard include the initial down payment, stamp duty costs, registration costs and transfer charges among others.

Home loans are long term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors.

Anyone — whether self-employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic home loan eligibility criterial and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.

Yes. A few lenders do offer you the option of switching from a floating rate to a fixed rate home loan and the other way around. However, this is not applicable to all home loans and there are a few charges involved in implementing this conversion. Get in touch with your lender to get details regarding the procedure and requirements.

Immediate family members such as your parents, spouse and children are allowed to be joint borrowers in case of a home loan.

When banks sanction you a home loan, the EMI payments may not start immediately. In such a situation, the bank is liable to charge a pre-EMI interest on your loan. This interest is payable monthly from the time the loan is disbursed till the time the EMI payments start off. The pre-EMI interest amount is lower than the home loan EMI as the principal payment portion is excluded for pre-EMI interest payments.

The margin on a home loan refers to the percentage of the cost of the home that is not covered by the lender providing you with the home loan. On average, lenders implement a 20% margin on home loans i.e. the home loan amount sanctioned to you will be 80% of the actual cost of the property. The remaining 20% of the home loan cost will have to be borne by you. Though the 20% margin is the industry average, lenders may increase or decrease their home loan margins on a case by case basis.

Processing Fee- When applying for a loan, a fee is paid to the lender known as processing fee. The amount paid could be either a percentage of the loan amount or a fixed amount that is paid in lieu of carrying out the loan sanction formalities. Commitment Fee- It is essential to avail the loan within a stipulated time period after it is processed and sanctioned otherwise some financial institutions levy a commitment fee. By paying the commitment fee, you are assured that you can access the loan at the interest rate and for the tenure that was initially agreed on. Most banks no longer charge this fee. Pre-payment Charges- Banks/ financial institutions might charge a penalty if the entire loan amount is paid off before completion of the loan tenure. The penalty amount also known as foreclosure/pre-payment charges could be a maximum of 5% of the loan amount that is paid off before the completion of loan tenure. Miscellaneous charges- Documentation, stamp duty, credit bureau report issuance charges and consultant charges are generally considered as miscellaneous charges by few lenders.

No. A lender would only allow you to apply for a joint home loan if the application is co-signed by one or more members of your immediate family. Thus, your friend does not qualify.

The maximum number of joint borrowers in case of a home loan is fixed at 6. However, only family members such as parents, siblings and spouse can be co-borrowers for a home loan in India. Additionally, having a co-borrower who has a robust credit history and good credit score is preferable as compared to one with a low credit score.

The documents that need to be submitted may vary from one lender to the other. Some of the necessary documents to be submitted include the following- Completed loan application form Passport size photographs Identity proof – PAN card/Passport/ DL/ Voters ID Residence proof- telephone or electricity bill/ passport/ voter ID / property tax receipt Bank statement for at least past 6 months and salary certificates/ latest acknowledged ITR Copy of plan approved for the proposed construction/extension Cost estimation/ valuation report from Bank’s (or finance company) authorised surveyor/evaluator. Allotment letter of housing board/ NOC of the society/Builder etc. as well as any other land use certificate/other

If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. Lenders have their own base rate which determines the rate of interest charged on a home loan. The base rates of banks are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.

In case you have a poor credit score, you will find it difficult to get a home loan. However, you can improve your chances by getting a co-borrower. The co-borrower needs to be a family member like your spouse or parents. Ideally, you should choose a co-borrower who has a regular source of income and good credit history to bolter your chances of a successful application.

Your best option is to apply for a home conversion loan. Using this type of loan, you can add to your existing home loan and purchase the new one without having to opt for a second home loan.

The tax benefit on home loan is divided into two sections- Tax exemption on repayment of the home loan principal: This is the deduction allowed under Tax Section 80C with a maximum annual tax deduction of Rs, 150,000 under the section. Tax benefit on the interest rate for a home loan: Under Section 24 of the Income Tax Act, you can avail the tax benefit on the amount of interest paid on a home loan to the maximum limit of Rs. 2 lakhs for a self-occupied property. Tax benefit for Joint Borrowers: In case of joint home loans, each of the co-borrowers is eligible to receive a total of Rs. 3.5 lakhs (1.5 lakhs under section 80C + 2 lakhs under section 24) as tax exemption. Hence, if a married couple co-signs for a home loan, they can claim a total tax exemption of Rs. 7 lakhs on their home loan.

You need a smartphone with an active internet data pack, Registered Mobile Number. Download the Rapidgrow Mobile Banking application from app store, currently available on Android & iOS.

Rapidgrow Mobile Banking is highly secured transaction platform. Transaction Pin is used at the time of transferring funds. Without valid Transaction Pin you cannot transfer funds.

Rapidgrow Mobile Banking at free of cost. There are no hidden charges to be worried for.

Your customer ID will be printed on the first page of your passbook as Customer ID or contact your nearest branch.

Following are the salient features of Rapidgrow Mobile Banking application- Simple, Safe and secured Mobile banking platform Instant IMPS service 24x7x365 days NEFT/RTGS Transfer Balance Enquiry, Account Summary Fund transfer within your own account, Intra bank or Interbank electronic fund transfer QR Code scanner for adding intra bank beneficiary Bill payments through BBPS Favourite Transactions Create and View FD Card E-Lock Feature through Transaction On/Off option View Interest Rates E-Statements

Rapidgrow Mobile Banking is a one of the most powerful Mobile Banking platform that will enable you to manage your own accounts with incredible ease and rich interface.

Yes, you must register your mobile number for Mobile banking facility.

Rapidgrow Mobile Banking is very safe & secured. Each & every transaction executed on our Mobile Banking app is authorized by your own MPIN & Transaction Password only. Without your valid MPIN & Transaction Password, your funds cannot be sent to any beneficiary.

To register Rapidgrow Mobile Banking, please submit the form at your nearest branch After submitting the form, Download Rapidgrow Mobile Banking application, register by entering your Customer ID, Pan Card, Security Questions, generate password, MPIN & Fingerprint Authentication.

The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement

Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.

National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. The system uses the concept of centralized accounting system and the bank's account, that are sending or receiving the funds transfer instructions, gets operated at one centre

The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.

The essential information that the remitting customer has to furnish is: a. Beneficiary details such as beneficiary name and account number. b. Name and IFSC of the beneficiary bank branch.

The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. This is the fastest possible money transfer system through the banking channel. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions.

The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance: a. Amount to be remitted b. His account number which is to be debited c. Name of the beneficiary bank d. Name of the beneficiary customer e. Sender to receiver information, if any f. The IFSC code of the receiving branch Your Bank is one of the few banks in India who has the facility of Straight Through Processing enabled for RTGS. This helps your money to reach its destination in "QUICKEST" time.

The society takes this step of making your saving account inoperative to ensure security and protecting your money from the risk of fraudulent transactions. this is for both internal employees and external customers. Once an account is not used for a long time since years, chances of society employees easily getting sample of the account holder’s past signatures. With this it becomes extremely easy for them to access the deposited money by using withdrawal slips. Hence, to save your account from such frauds, society group it into a single cluster and maintain details of inoperative accounts in a separate ledger.

However, even after your account turns inoperative or dormant, interest is still credited to your saving account regularly.

Once an account turns inoperative or dormant, you can’t perform several operations. In case of an inoperative account, you cannot request that a chequebook be issued. Once an account turns dormant, the number of restrictions increases even further. You can’t request that a chequebook be issued, the address be changed, the signature be modified, a joint holder be added or deleted, or an ATM/debit card be renewed. You will also not be able to withdraw money from an ATM or carry out any transaction either through Internet banking or a branch.

Normally, the Society will intimate the customer two to three months prior to the account becoming inoperative. If you still don’t take any action, the society will notify you declaring the account dormant.

No. Freezing of a account means there will be no transaction in that account until further notice. No money can be debited from the account from the specified date. All payments will be stopped even in case of cheques issued earlier by the account holder. However, any deposit already in the pipeline can be credited. Regulators or courts have rights to order a freeze on accounts. You have to have a favourable court verdict in order to unfreeze and secure your account.

Keep using your account before it turns inoperative or dormant. Carry out a transaction, withdraw cash, transfer funds through any of the banking channels, or make a cheque payment to ensure that your account remains active. Carry out a transaction once in a while. If you have shifted cities, you can use net banking to transfer small sums between two accounts. If the account is no longer useful, best is to close it.

If your savings or current account hasn’t witnessed any transactions(credit/debit except interest credited the Society, deduction of service charges, for more than 1 year, the account is rendered inoperative. On exceeding 2 years, the account is declared dormant. Under The Depositor Education and Awareness Fund Scheme, 2014 - Section 26A of Banking Regulation Act, 1949-the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the Fund, within a period of three months from the expiry of the said period of ten years.

For reactivation of an inoperative/dormant account you require to submit a letter to the Society justifying the reason for your absence. The Society will observe due diligence when it comes to verifying customer credentials before reactivating your account. The account holder needs to be physically present themselves with a valid address proof and valid identity proof. The customer would be required to take these to the nearest branch, to duly fulfil the Know Your Customer (KYC) formalities.

As per RBI guidelines, charges for activating dormant account cannot be levied

Any customer induced transaction is enough for this purpose. Like credit or debit transactions done by the account holder in this account, keeps it active. Some of them have been listed below - Outward bill/Inward bill/Deposit of cash/Deposit through cheque/Cash withdrawal or deposit via ATM./Internet banking transaction/Crediting interest earned mandate on Fixed deposit to Savings Account. Dividend on shares is credited to Savings accounts as per the mandate of the customer, the same will be treated as a customer induced transaction. As such, the account will be treated as operative account as long as the dividend is credited to the Savings account.

General Insurance is essentially Non-Life Insurance. It offers protective coverage for assets other than life. Depending on the kind of asset insured, there are different kinds of General Insurance, such as: · Health Insurance, which insures the health of the policyholder · Home Insurance, which covers residential properties · Vehicle Insurance, which covers automobiles, cars, and other kinds of vehicles, depending on the specific terms of the policy · Travel Insurance, which insures the policyholder against several mishaps/accidents that could occur during travel

Personal Accident Insurance protects your finances by providing a lump sum compensation in the unfortunate event of a fatal accident or one that disables you permanently. The compensation shields you and your loved ones from a financial crunch. This insurance also covers accidental hospitalization cost. Note: The amount of compensation depends upon the sum insured.

Travel insurance covers a host of insurable incidents. The exact roster of instances varies from one plan to the next. But broadly speaking, here’s what you can expect a Travel Insurance plan to cover: · Personal accident cover · Hospitalisation expenses · Trip delays, cancellations or interruptions · Loss or damage to baggage checked-in · Loss of passport Some Travel Insurance plans have exclusive clauses that specify how events like accidents sustained in adventure sports may not be covered. It’s best to read the terms and conditions to know exactly what incidents your Travel Insurance plan includes.

Accidents can happen to anyone. Motor accidents, rail accidents, natural calamities, the list is endless. These can sound scary. But, getting intimidated is not the solution, being financially prepared is. Opting for a Personal Accident Insurance helps you to meet expenses in case a crisis arises.

No Our Accidental Insurance Policy charges Only amount of 599/- per a year

Life insurance offers a death benefit to your nominee in case you pass away. Health insurance provides a compensation and/or reimbursement of hospitalization and other medical expenses. A Personal Accident Insurance policy, on the other hand, insures against the financial risk that could arise due to accidental permanent total disability or accidental death of an earning family member. In short, the policy is essential as it strengthens your financial portfolio securing the future of dependent family members against unforeseen events.

Yes. You can avail optional covers by paying an additional premium. An Accidental Hospitalization Cover provides reimbursement for medical expenses related to hospitalization Cover provides you with a cash allowance for hospitalization.

You can be rest assured, accident policies offer worldwide coverage. Your claim will be paid even if you meet with an accident overseas with terms & conditions

Health insurance plan offer a cover that helps you meet the costs of medical emergencies. Since such medical emergencies can occur at any point in life, it is always a good idea to invest in Health Insurance policies as early as possible. Ideally, it’s a good idea to purchase a Health Insurance plan when you’ve landed your first steady job. That way, you can promptly pay your premiums when they are due, and you can enjoy the benefits of a medical cover too

The exact eligibility criteria for General Insurance depends on the kind of insurance you are looking for, the terms associated with the policy and the insurance provider you choose. Different kinds of insurance pose different insurance eligibility criteria For instance, Health Insurance policies may contain age limits and require you to undergo a medical examination. Travel Insurance may come with eligibility criteria related to the nature of travel. To truly understand the eligibility criteria, it is best to read the terms and conditions of the policy carefully.

Yes, Health Insurance does offer tax benefits to the investor. Specifically, Section 80D of the Income Tax Act, 1961, allows the premiums paid for Health Insurance plans to be deducted from the total income of the Assessee. This has the effect of reducing the total taxable income, thereby reducing the tax burden. The limit of deduction depends on whom the policy is purchased for (whether for self, family or parents), on the age of the purchaser and on the age of the parents. Senior Citizens get higher limits of deduction.

Yes. All you need to do is mention the name of your nominee in the policy document. The sum insured will be paid to your nominee by the insurance company.