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Here are some tips for retirement planning and wealth creation: Start Early: This is the most important one. Start small but start early. The sooner you start investing for retirement, the more time your money has to grow through compound interest. Even small contributions can make a significant difference over time...
Read MoreComparing mutual fund SIPs to fixed deposits (FDs) isn't a straightforward apples-to-apples comparison. Debt instruments like FDs generally offer lower returns compared to equity investments like mutual funds over the long run. However, they also come with lower risk...
Read MoreThere are different ways of saving tax apart from 80C in the old tax regime. However, before claiming a different deduction by buying new products, you should compare the tax payable under the old tax regime and the new tax regime...
Read MoreIn order to measure consistency of a mutual fund in delivering returns, you should either check the annual returns offered by the mutual fund in question or use a rolling return analysis to understand how the returns fair across...
Read MoreChild education forms a substantial part of a parent’s budget. Higher education inflation and the higher outlay make it pertinent to plan early and be prepared in the best possible manner...
Read MoreIf you haven’t planned your retirement, you should do it immediately. There is no point in pondering over how and why you didn’t plan. You should formulate a plan now and be consistent and disciplined in order to achieve it by the time you retire...
Read MoreIt depends on the policy’s terms & conditions. A health insurance policy can be ported to a new policy that covers similar risks. Some points to keep in mind while porting your policy (Either individual or family floater...
Read MoreA comprehensive financial plan typically consists of several key components that help you manage your financial resources and achieve your financial goals. Here is how you can develop a long-term financial plan...
Read MoreHere are some effective ways to invest for retirement: National Pension System (NPS): NPS is a government-sponsored pension scheme that offers a mix of equity, Gsecs, corporate bonds, and alternative investments. It's a tax-efficient scheme with a focus on long-term retirement planning...
Read MoreWhile your personal circumstances may prompt you to reconsider your SIP from time to time, it's important to weigh the potential consequences before making any changes...
Read MoreInflation and interest rates can significantly impact your financial planning, especially when it comes to setting and achieving your financial goals and planning for retirement...
Read MoreFor a teenager with a ten-year investment horizon, prioritizing equity exposure could be a wise strategy, given the ample time frame...
Read MoreFirstly, estimating your taxes beforehand is crucial. Identify all your income sources for the current financial year, such as salary, dividends, and capital...
Read MoreBeginning FY 2024, new tax regime is the default tax regime for you and if you want to choose the old tax regime, you will have to file taxes within the due date. Failing to do so would lead to mandatorily filing the taxes in the new tax regime. Individuals can choose the best regime each financial year...
Read MoreA financial planner is essential when it comes to preparing for your child's education expenses. Here's how they can assist you...
Read MoreRetirement planning is the process of preparing for your financial needs during your retirement years. The best investment strategies for retirement planning will depend on your individual circumstances...
Read MoreYou can change your beneficiary by intimating and filling up the respective form of the insurer to update your beneficiary details in your insurance policy. You can also assign multiple nominees to your...
Read MoreCreate a Budget: Start by creating a monthly budget that outlines your income, expenses, and savings goals. This will give you a clear idea of where your money is going and help you identify areas where you can cut back...
Read MorePlanning for retirement is a crucial step in ensuring financial security when you stop working or want financial independence. Retirement planning should begin as early as possible. You should ideally start planning when you get...
Read Morenvestment plans are entirely dependent upon your individual circumstances. How you invest depends on various factors, and below are some of the time-tested principles you can count on...
Read MoreIt's crucial to understand that mutual fund returns are market linked and there are no funds that can surely get you 15% per annum. Average returns from mutual funds stand at 12-13% and can go as high as...
Read MoreBudgeting your monthly income effectively is crucial for financial stability and achieving your long-term goals. Here are some tips to help you manage your finances efficiently...
Read MoreIncorporating tax planning into your investment strategy is crucial for optimizing returns and minimizing tax liabilities. Here's how you can do it...
Read MoreSIPs are flexible & provide you with the benefit of rupee cost averaging and compounding. They also help you build a concrete investment habit over time...
Read MoreYes, it's possible to obtain health insurance coverage for specific medical procedures, but it often depends on the insurance provider and the type of policy you have. Some insurance plans may offer..
Read MoreTo effectively budget your income and achieve your financial goals, consider employing some tried-and-tested budgeting techniques. One popular method is the 50/30/20 rule...
Read MoreRetirement planning is an essential exercise that helps you plan for the period of your life when you would stop working actively. At some point ...
Read MoreIf you don’t extend your PPF account the account is automatically extended for a period of five years and continues to stay active
Read MoreSimple answer is you will not be able to generate a fixed monthly income of 3L with that corpus. Conservatively, it would take at least 5 Crore to generate that kind of income. And since you will be retiring with no income source, you should utilise the corpus in the best possible manner to generate some kind of safe and reliable income from it. Expecting a 43% return on your corpus every year is very unrealistic and will put your scarce capital at a lot of risk, which you cannot afford at this time (assuming no other income source...
Read MoreSIPs in a mutual fund are not about timing the market but rather about maintaining discipline and consistency in your investment approach. SIPs are designed to help you avoid the pitfalls of trying to time the market, as this often leads to missed opportunities or making decisions based on short-term fluctuations....
Read Moreegin retirement tax planning well before retirement. The earlier you start, the more time your investments have to grow tax-efficiently. Starting with, you should opt for retirement investment vehicles that offer tax benefits. Examples include..
Read MoreMutual funds are indeed a great way to invest, offering numerous benefits to investors. They provide access to a diversified portfolio of securities, even for those with limited capital, spreading risk across different assets and industries. Moreover, mutual funds are managed by professional fund managers who conduct research and make investment decisions on behalf of you. Additionally, mutual funds offer liquidity, allowing you to buy and sell units at any time. However, despite these advantages, there are drawbacks to consider like..
Read MoreHow much should you invest? This is dependent on the type of education your child will pursue. It is obviously challenging to arrive at the required figure now. Your children will only be able to narrow down their interests as they age. However, you should begin investing now to completely harness the most critical asset in finance – time, and in effect, the power of compounding...
Read MoreStart by listing all your current expenses. This includes essentials like housing, food, utilities, healthcare, transportation, as well as discretionary spending like entertainment and travel. Consider how your expenses might change in retirement. Some expenses, like commuting costs, may decrease, while others, like healthcare, may increase. Factor in inflation as well...
Read MoreThe following types of insurance is a must for every family: • Term Insurance: Offers coverage for a specific period, providing a lump sum payment to your family if you pass away during the policy term. It's great for covering expenses like loans, or your children's education, family’s livelihood expenses, and other important financial goals. All earning members in a family should have a term insurance...
Read MoreInsurance plays an important part in your finances. Insurance is a protection vehicle that can be used to reduce the financial impact of uncertain events on your life. These uncertain events can be death of an earning member, hospitalization, major surgery, vehicle breakdown, contracting a critical illness, accident, etc. None of these ...
Read MoreMutual Funds are a great way to invest. SIPs in MFs helps you put your money systematically into the market and benefit from rupee cost averaging. Some of the things to keep in mind while preparing a mutual fund investment plan are..
Read MoreSIP is a beneficial tool for building wealth, especially if you prefer a more disciplined and gradual approach to investing. Unlike direct equity investments, which require a considerable amount of expertise and time for research and analysis, SIPs allow you to invest regularly in mutual funds without needing to time the market or pick individual stocks...
Read MoreA comprehensive financial plan typically consists of several key components that help you manage your financial resources and achieve your financial goals. A financial plan typically contains: Financial Goals and Objectives: Defining your short-term and long-term financial goals is an important exercise in financial planning. These ...
Read MoreSome of the best investments for regular income are mentioned below. MIS (Post Office Monthly Income Scheme): A government-backed investment scheme offered by Indian Post. The interest is payable monthly, and the scheme comes with a five-year tenure. An individual can invest a maximum of Rs 4,50,000, and this limit is doubled to Rs 9,00,000 for joint accounts. Mutual Funds MIPs: Monthly income plans are mutual funds that invest primarily in fixed income with a small allocation to equity-related ...
Read MoreSome of the best investments for regular income are mentioned below. MIS (Post Office Monthly Income Scheme): A government-backed investment scheme offered by Indian Post. The interest is payable monthly, and the scheme comes with a five-year tenure. An individual can invest a maximum of Rs 4,50,000, and this limit is doubled to Rs 9,00,000 for joint accounts. Mutual Funds MIPs: Monthly income plans are mutual funds that invest primarily in fixed income with a small allocation to equity-related ...
Read MoreHaving different health insurance plans for spouses isn't ideal due to increased complexity and potential higher costs. Managing two separate policies can lead to confusion in paperwork, premium payments, and coordination of benefits. Moreover...
Read MoreAn emergency fund is an amount that you keep aside for an emergency. It can be a medical emergency, a loss of employment, not receiving salaries in due time or some sudden unplanned expense. Setting aside an adequate amount can...
Read MoreYes, a retiree should consider investing in a retirement plan, but their approach to investing should be different from that of someone who is still accumulating wealth for retirement. Retirees...
Read MoreAs a mutual fund SIP (Systematic Investment Plan) investor, your expectations should align with the fund category you've chosen. Here's what you can generally expect: If you've chosen equity funds, which are typically recommended for long-term goals, you can expect fluctuations ...
Read MoreInvesting in stocks can be a great way to grow your wealth over time. Start by gaining a basic understanding of how the stock market works. Are you looking for long-term growth, income, or a combination of both? Set specific financial goals, such as saving for retirement, buying a home, or funding education...
Read MoreRetirement planning is one of the most crucial aspects of financial planning. You can ensure a good retirement by proper planning, consistent investing, and following basic investment principles. Estimating the corpus: This is the first and foremost step you should undertake as it will help give you an approximate amount that will help you retire comfortably. A retirement corpus should be a fund to help you withdraw inflation-adjusted expenses until your expected life. Your retirement ...
Read MoreThe best investment plan for your child, especially when considering their future education expenses, should aim to strike a balance between risk and return while taking advantage of tax benefits. Here are some suitable investment options to consider: Mutual Funds: Mutual funds are an excellent choice for long-term investment goals like funding your child's education. They offer a diversified portfolio managed by financial experts, making them a relatively safer option compared to investing in individual stocks. You can consider setting up a systematic investment plan (SIP) that allows you to invest small amounts at regular intervals. It's important to note that mutual funds do carry market risk, but by regularly reviewing and managing your portfolio, you can work towards achieving inflation-beating returns. PPF (Public Provident Fund): PPF is a government-backed savings scheme that provides a risk-free and tax-efficient way to save for your child's education. The EEE (Exempt, Exempt, Exempt) tax status means that your investments, the interest earned, and the maturity amount are all tax-exempt. It's a long-term investment with a 15-year maturity period....
Read MoreIf your decision is purely based on the fact that the policy wouldn’t lead to good returns or inflation-beating returns, you can consider calculating the policy XIRR and see the numbers before deciding. Shifting would..
Read MoreYes, early retirement can indeed be achievable with smart planning. Key factors include retirement planning, consistent and disciplined investing, and proper asset allocation..
Read MorePreparing for retirement involves careful planning and consideration of various factors. The first step in planning involves understanding your present expenses and lifestyle and filtering out those that will be seen during retirement. The next step is to ascertain your retirement corpus...
Read MoreFirst, it is essential to understand one’s risk tolerance, risk ability and risk need before making investments. Understanding the risks behind your...
Read MoreThere are several types of home loans tailored to different needs: Basic Home Loan: common type of home loan to purchase a property. You borrow money from a lender for buying a home, with repayment done through monthly instalments. Typically, lenders can approve up to 80%-90% of the property's cost as a home loan, provided you meet the eligibility criteria....
Read MoreFirst and foremost, establishing an emergency fund is crucial. Before diving into investments, set aside at least six months' worth of living expenses in a liquid and easily accessible account. This emergency fund acts as a financial cushion, ensuring that unforeseen expenses or job disruptions can be managed without disrupting your investment portfolio. Next, develop a goal-setting mindset. Clearly define your financial objectives, whether they involve saving for a home, education...
Read MoreTax planning is not just paying less tax. Tax planning is associated with efficient management of taxes payable, with the right knowledge of tax laws and rules and their applicability at the right place to draw the right kind of benefits as per a suitable strategy. Tax planning can help one save taxes in legal ways and result in more and more savings, besides tax savings. We need to understand 2 things here: tax planning and tax management. Tax planning should be done ahead of earning the money. Tax management comes...
Read MoreFirstly, it's crucial to consider your asset allocation strategy. Asset allocation involves distributing your investments across different asset classes such as stocks, bonds, and cash based on your risk tolerance and investment objectives. If your asset allocation is aligned with your risk appetite and financial goals, market fluctuations may not necessarily warrant stopping SIPs altogether...
Read MoreOnce your PPF Account is opened, you'll need to ensure it remains active by depositing a minimum of Rs.500 in each financial year. This ensures your account continues to earn interest over time. PPF allows you to make contributions...
Read MoreChild education expenses can be significant for any parent. Not planning them could put any family into financial burdens later on and lead to substantial debt obligations. These expenses should be planned thoroughly and through suitable investment vehicles. Often people use products that they do not understand or products that are not meant for planning long-term goals like these. Following are some of the best investment schemes to plan your child’s expenses effectively..
Read MoreA Financial goal, like any other goal, must be Specific, Measurable, Achievable, Realistic and Time-bound. You must list out your life goals and then some homework is necessary. Please follow these steps to plan your goals:
Read MoreFinancial ratios are an essential tool to help you comprehend the company you plan to invest in. There are numerous ratios that can help you understand the functioning of various company areas. Although ratios are an excellent tool for analysis, it’s not advisable to draw conclusions by studying just a bunch of them. Ratios work best when analysing similar companies, and every ratio may not work for every company. Here are a few crucial areas and the respective ratios that any investor should consider during their analysis..
Read MoreAt the end of the 15-year tenure, you may continue your account or close the account depending upon your financial situation. PPF is an attractive risk free and tax-free fixed income option, hence you may choose to continue the account for meeting your financial goals. PPF gives you three options once you reach maturity:
Read MoreA Financial Planner can make a significant difference in your financial life by providing expert guidance and assistance in various aspects of personal finance. A financial planner:
Read MoreSIPs in a mutual fund are not about timing the market but rather about maintaining discipline and consistency in your investment approach. SIPs are designed to help you avoid the pitfalls of trying to time the market, as this often leads to missed opportunities or making decisions based on short-term fluctuations...
Read MorePersonal Finance: Personal finance revolves around managing your individual financial activities and decisions. It encompasses budgeting, saving, investing, and planning for short-term and long-term financial goals. In essence, it's about how you handle your money on a day-to-day basis, ensuring that you make sound financial choices to secure...
Read MoreEstate planning is important if you own assets and it is the process that helps you decide who owns them after you pass away. Estate planning comes to use in case of death or disability of the asset owner. Estate planning differs in various situations. Some...
Read MoreSaving more than you spend can build a solid financial cushion and improve your chances of achieving your financial goals. By consistently saving, you're building wealth over time. This can lead to financial independence. However, saving too much might...
Read MorePlanning for education costs is a critical aspect of financial planning that can significantly impact a family's financial well-being. As education costs continue to rise in India, planning ahead becomes more important than ever. Educational expenses include tuition fees...
Read MoreTo track your investments in NPS (National Pension System), you can follow these steps: · Log in to your NPS account on the official website of your CRA (NSDL/Kfintech/CAMS) using your user ID and password. If you don’t have one, you can create one using your PRAN...
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