Personal Finance News

Households can monetise old jewellery, coins and other unused gold items this festive season, helping reduce India's reliance on gold imports. Consumers can sell unwanted jewellery and coins to organised gold buyers. They can also deposit gold with designated banks and earn interest under the government's Gold Monetisation Scheme or lease it to service providers under agreed terms.

Punjab National Bank and Canara Bank have revised their fixed deposit (FD) interest rates. Canara Bank raised rates on select domestic deposit tenures by up to 15 basis points from November 2, with the changes applying to deposits below ₹3 crore. PNB's revised rates took effect on November 1, offering general customers returns of 3% to 6.60%, depending on tenure.

Jewellers deduct weight of stones and other non-gold components, while melting and testing losses may affect the jewellery's exchange value. It's advised to keep old bills or inheritance documents and know that PAN details are required for gold jewellery transactions over ₹2 lakh. Moreover, gold held for over 24 months may attract 12.5% LTCG tax on taxable profit, without indexation.

Anthropic is rolling out a Personal Finance beta feature on Claude to its US subscribers on Pro, Max and Ultra plans. Users can link multiple bank and card accounts through Plaid and ask Claude questions about their finances, like "Am I spending more than I make?" The tool can analyse spending, track upcoming bills, categorise expenses, and flag duplicate charges.

The Department of Telecommunications posted a Diwali cyber safety advisory urging citizens to enjoy the festival while avoiding fake festive offers and unknown links. "Beware of fake festive offers and unknown links. Shop only from trusted websites and apps," it said. "Don’t trust offers instantly...Stay Alert, Stay Safe!" it added. Notably, Diwali will be celebrated on November 8.

After buying a car with festive offers, owners face several recurring costs beyond the down payment and monthly EMI. These include fuel, annual insurance premiums and routine servicing. Parking charges and highway tolls also add to ownership expenses. Unexpected repairs, maintenance and replacement costs can further increase the total cost of keeping and running the vehicle over the long term.

EPF members with incorrect details can correct their records online through EPFO's Joint Declaration facility. Members must log in using their UAN, select Joint Declaration, choose the details to correct, enter the revised information with supporting documents, and submit the request. Accurate EPF records are essential for smooth claims and help avoid delays when accessing provident fund benefits.

Of the four metals, silver has the strongest outlook for Samvat 2083 because it has fallen the most and therefore has the most room to grow, Livemint reported, citing experts. Experts have warned that despite the best outlook, silver poses heightened volatility as it acts like a "coiled spring". They added that silver is also the most attractively valued metal.

First-time borrowers can build a healthy credit profile by starting with a personal loan or a credit card with a manageable limit, rather than taking on large debts. The borrower should pay EMIs and credit card bills on time, keep credit utilisation low and avoid applying for multiple loans or cards simultaneously. Frequent credit inquiries can adversely affect credit profile.

To invest ₹15 lakh in the Post Office Monthly Income Scheme (MIS), investors must open a joint account, as the individual account limit is ₹9 lakh. The scheme offers 7.4% annual interest, paid monthly, translating into ₹9,250 on a ₹15-lakh deposit over its five-year tenure. Each joint holder's share, however, must remain within the ₹9 lakh individual limit per person.

Gifts received from maternal or paternal cousins during Bhai Dooj are not automatically tax-exempt. If the aggregate value of gifts received from all non-relatives exceeds ₹50,000 in a financial year, the entire amount becomes taxable under the head "Income from Other Sources". The exemption applies to specified relatives under the Income Tax Act, including parents, siblings and spouse.

Central government employees and pensioners will get arrears under the Eighth Pay Commission from January 1, 2026, said National Council-Joint Consultative Machinery (NC-JCM) staff side's Secretary SG Mishra. "I'm 100% sure of this. If anyone is saying otherwise, we shouldn't believe it," Mishra said. Employees and pensioners had received 6 months' arrears under the Seventh Pay Commission in 2016.