Reg Form 08-23-15: Fill & Download for Free

A very important and interesting question. Some of the readers mighty not know their rights against Collection agency .for example, in any scenario a debt collector cannot call you at work at any time , at all, unless you have told him to do so.The collection agency rules are regulated byTrust Funds17. (1) All funds received by a collection agency in the normal course of business from clients or debtors, other than those which clearly represent payment for fees earned, and all advance payments or deposits for services to be rendered or expenses to be incurred at some future date are deemed to be trust funds. R.R.O. 1990, Reg. 74, s. 17 (1).(1.1) Subsection (1) does not apply to funds received by a collection agency where the funds are owed to the collection agency itself as a creditor. O. Reg. 460/17, s. 5 (1).(2) Every collection agency or branch thereof shall maintain in respect of all trust funds that come into its hands a separate trust account in any Ontario branch of a bank, a corporation registered under the Loan and Trust Corporations Act or a credit union as defined in the Credit Unions and Caisses Populaires Act, 1994 authorized by law to accept deposits, and such account shall be designated as the “Collection and Debt Settlement Services Act Trust Account” in English and “compte en fiducie prévu par la Loi sur les services de recouvrement et de règlement de dette” in French. O. Reg. 309/14, s. 6.(2.1) Every collection agency or branch thereof shall request that the bank, corporation or credit union at which it maintains a trust account include the designations mentioned in subsection (2) in any written reference the bank, corporation or credit union makes to the trust account. O. Reg. 460/17, s. 5 (1).(3) For the purposes of this section, no collection agency or branch thereof shall maintain more than one account designated as a trust account without first notifying the Registrar and obtaining the Registrar’s consent in writing. R.R.O. 1990, Reg. 74, s. 17 (3).(4) A collection agency or branch thereof shall deposit all trust funds it receives from a debtor located in Ontario, whether by cash, cheque, electronic transfer or otherwise, into the collection agency’s trust account within two banking days of their receipt. O. Reg. 460/17, s. 5 (2).(4.1) No collection agency or branch thereof shall, whether by cash, cheque, electronic transfer or otherwise, deposit any trust funds received from a debtor located in Ontario into a trust account outside of Ontario, or transfer trust funds deposited in the collection agency’s trust account into a trust account outside of Ontario, except in accordance with subsection (4.2). O. Reg. 460/17, s. 5 (2).(4.2) On the clear instructions of a creditor, a collection agency or branch thereof may deposit trust funds received from a debtor located in Ontario into a trust account in another jurisdiction in Canada, or transfer trust funds deposited in the collection agency’s trust account into a trust account in another jurisdiction in Canada, if the trust account in the other jurisdiction has the equivalent restrictions on the use of trust funds as would apply to a trust account in Ontario. O. Reg. 460/17, s. 5 (2).(4.3) No collection agency or branch thereof shall maintain a trust account in another jurisdiction in Canada outside of Ontario into which it may deposit or transfer trust funds received from a debtor located in Ontario, without informing the Registrar, in a form approved by the Registrar, of the account and the creditor’s instruction that the collection agency use the account, and obtaining the Registrar’s consent in writing. O. Reg. 460/17, s. 5 (2).(4.4) Where a collection agency or branch thereof disburses money held in a trust account, the money shall be disbursed directly from the collection agency’s trust account to the recipient and shall not be transferred through any other accounts. O. Reg. 460/17, s. 5 (2).(5) No collection agency shall disburse or withdraw any money held in trust, except in accordance with the terms and conditions upon which the money was received or as otherwise provided. R.R.O. 1990, Reg. 74, s. 17 (5).(6) Where a collection agency collects debts for other persons in consideration of the payment of a commission or other remuneration it shall remit all money collected to the persons entitled thereto in accordance with subsection 18 (1). R.R.O. 1990, Reg. 74, s. 17 (6).(7) Nothing in this section shall be construed as affecting the right to any remedy available in law to a collection agency or any other person having a lawful claim to the money held in the trust account referred to in subsection (2). R.R.O. 1990, Reg. 74, s. 17 (7).(8) When so requested in writing by the Registrar or a person entitled to an accounting, every collection agency shall account within thirty days for all trust funds received from or on behalf of the person entitled to such accounting. R.R.O. 1990, Reg. 74, s. 17 (8).18. (1) Every collection agency shall without any notice or demand account for all money collected and pay the money less the proper fees of such collection agency with respect to the debt the money is collected on, to the person entitled thereto on or before the 20th day of the month following the month in which the money was collected, but when the money collected and due is less than $15, payment to the person entitled thereto shall be made within ninety days. R.R.O. 1990, Reg. 74, s. 18 (1); O. Reg. 460/17, s. 6 (1).(1.1) Subsection (1) does not apply to money collected by a collection agency where the money is owed to the collection agency itself as a creditor. O. Reg. 460/17, s. 6 (2).(2) Where for any reason a collection agency is unable to comply with subsection (1) and any money collected by it remains for a period of six months unclaimed by, or unpaid to, the person entitled to the money, it shall cause the money to be paid to the Minister of Finance who may pay the money to the person entitled thereto upon satisfactory proof being furnished by the person that the person is entitled to receive the money. R.R.O. 1990, Reg. 74, s. 18 (2).Prohibited Practices and Methods in the Collection of Debts20. In sections 21 to 25,“contact” includes communication by e-mail or voice mail;“debtor’s employer” includes any and all of the employer’s employees;“spouse” means,(a) a spouse as defined in section 1 of the Family Law Act, or(b) either of two persons who live together in a conjugal relationship outside marriage. O. Reg. 103/06, s. 2.21. (1) No collection agency or collector shall demand payment or otherwise attempt to collect payment of a debt from a debtor or in any other way contact the debtor before the sixth day after sending a notice described in subsection (2), except as permitted under subsection (3), section 21.1 or 21.2. O. Reg. 460/17, s. 11.(2) The notice shall be a private written notice to the debtor setting out the following information:1. The name of the creditor to whom the debt is owed and, if different, the name of the creditor to whom the debt was originally owed.2. The type of financial or other product that incurred the debt, described in sufficient detail to distinguish among different products offered by the same creditor.3. The amount of the debt on the date it was first due and payable and, if different, the amount currently owing.4. The statement that the collection agency will provide a breakdown of the current amount owing, if requested.5. The following mandatory statement:“Should you have any questions or would like further information regarding the current amount of your debt or the amount of your debt when it was first due and payable and, if applicable, would like a breakdown of the difference between those amounts, please contact our office at the number below as this information is available upon request.”6. The identity of the collection agency and collector who are demanding payment of the debt.7. The authority of the collection agency to demand payment of the debt.8. The information that if the debtor notifies the collection agency or collector that a particular method of communication causes the debtor to incur costs, or if the collection agency or collector otherwise becomes aware of that fact, the collection agency and collector are prohibited from subsequently contacting or attempting to contact the debtor using that method of communication.9. The contact information of the collection agency, including the full mailing address and toll-free telephone number and, where available, e-mail address and fax number. O. Reg. 460/17, s. 11.(3) Despite subsection (1), a written demand for payment may be included with the written notice. O. Reg. 460/17, s. 11.(4) The written notice may be sent by ordinary mail or by e-mail, except where the debtor has withdrawn his or her consent to the use of e-mail and provided a current address for ordinary mail. O. Reg. 460/17, s. 11.(5) If a debtor states to a collection agency or collector that the debtor has not received the written notice, the collection agency or collector shall resend the notice to the debtor at the address provided by the debtor, and no demand for payment or other attempt to collect payment of the debt shall subsequently be made until the sixth day after the day the notice is resent. O. Reg. 460/17, s. 11.(6) A collection agency is required to resend the notice under subsection (5) only one time. O. Reg. 460/17, s. 11.(7) No collection agency shall report a debt to a consumer reporting agency until the time period referenced in subsection (1) or (5) has elapsed, whichever is later. O. Reg. 460/17, s. 11.(8) Despite subsection (7), a collection agency may report a debt to a consumer reporting agency if it makes at least two attempts, or such greater number of attempts as is reasonable, to locate the debtor’s address to which to send the notice required by subsection (1), and is unable to locate it. O. Reg. 460/17, s. 11.21.1 (1) Despite subsection 21 (1), if a collection agency does not have a debtor’s identity, home address or e-mail address, it may initiate verbal or text message communication with a person believed to be the debtor before sending the written notice referred to in that subsection solely for the purpose of confirming such information in order to send the written notice. O. Reg. 460/17, s. 11.(2) If a collection agency initiates verbal or text message communication for the purpose described in subsection (1), it shall, during the communication,(a) provide the person with only as much detail of the debt to which the communication relates as is required to verify that the person is the subject of the debt;(b) explain to the person that the details of the debt will be confirmed in a written notice;(c) explain that the collection agency will contact the person again after the written notice to discuss payment;(d) provide the person with the contact information of the collector and collection agency; and(e) if the communication is via text message, inform the person that if the person notifies the collection agency that text messages cause the person to incur costs, the collection agency is prohibited from thereafter contacting or attempting to contact the person using that method of communication, and will reimburse the person for any costs incurred if the person presents evidence of such costs in accordance with subsections 19.10 (2) and (3). O. Reg. 460/17, s. 11.21.2 Despite subsection 21 (1), a collection agency may discuss a debt with a debtor if the debtor makes an unsolicited request to do so and, in that case, may discuss the debt in greater detail than described in section 21.1. O. Reg. 460/17, s. 11.21.3 A collection agency that communicates with a debtor by e-mail shall not subsequently refuse to accept communications from the debtor by e-mail. O. Reg. 460/17, s. 11.21.4 If a person notifies a collection agency or collector that a particular method of communication causes the person to incur costs, or if the collection agency or collector otherwise becomes aware of that fact, the collection agency or collector shall not subsequently contact or attempt to contact the person using that method of communication. O. Reg. 460/17, s. 11.22. (1) If a debtor sends a collection agency or collector, by verifiable means, including personal service, certified mail, courier, facsimile or e-mail, a notice stating that the debtor disputes the debt and suggests that the matter be taken to court, the collection agency or collector shall not thereafter contact or attempt to contact the debtor, unless the debtor consents to or requests the contact. O. Reg. 103/06, s. 2; O. Reg. 460/17, s. 12 (1).(2) If a debtor or his or her lawyer or licensed paralegal sends a collection agency, by verifiable means, including personal service, certified mail, courier, facsimile or e-mail, a notice requesting that the collection agency communicate only with the debtor’s lawyer or licensed paralegal, and setting out the lawyer or licensed paralegal’s address and telephone number, the collection agency or a collector shall not thereafter contact or attempt to contact the debtor other than through the debtor’s lawyer or licensed paralegal unless the debtor consents to or requests the contact. O. Reg. 309/14, s. 9; O. Reg. 460/17, s. 12 (2).(3) No collection agency or collector shall contact or attempt to contact the debtor’s spouse, a member of the debtor’s family or household, or a relative, neighbour, friend or acquaintance of the debtor unless,(a) the person being contacted has guaranteed to pay the debt and the contact is in respect of that guarantee;(b) the debtor has requested the collection agency or collector to discuss the debt with the person being contacted; or(c) the collection agency or collector does not have the debtor’s home address, personal telephone number or other contact information and the contact is for the sole purpose of obtaining the debtor’s home address, personal telephone number or other contact information. O. Reg. 103/06, s. 2; O. Reg. 460/17, s. 13.(4) No collection agency or collector shall contact or attempt to contact the debtor’s employer unless,(a) the employer has guaranteed to pay the debt and the contact is in respect of that guarantee;(b) the debtor has given the collection agency or collector written authorization to contact the debtor’s employer;(c) the contact occurs only once and is for the sole purpose of confirming one or more of the debtor’s employment, the debtor’s business title and the debtor’s business address; or(d) the contact is in respect of payments pursuant to,(i) a wage assignment given to a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 1994, or to a caisse populaire within the meaning of that Act, or(ii) an order or judgment made by a court in favour of the collection agency or collector or of a creditor who is a client of the collection agency or collector. O. Reg. 103/06, s. 2.(5) No collection agency or collector shall,(a) collect or attempt to collect a debt from a person who the collection agency or collector knows or reasonably ought to know is not liable for the debt; or(b) contact or attempt to contact a person for the purpose of collecting a debt if the person has informed the collection agency or collector that the person is not who the collection agency or collector intends to contact, unless the collection agency or collector first takes all reasonable precautions to ensure that the person is, in fact, who the collection agency or collector intends to contact. O. Reg. 103/06, s. 2.(6) No collection agency or collector shall engage in conduct described in any of the following paragraphs with respect to the debtor, the debtor’s spouse, a member of the debtor’s family or household, a relative, neighbour, friend or acquaintance of the debtor, the debtor’s employer, a person who guaranteed the debt or a person mistakenly believed to be the debtor:1. Make a telephone call or personal call at any of the following times, except at the request of the person being contacted:i. On a Sunday, other than between the hours of 1 p.m. and 5 p.m. local time of the place where the contact is being made.ii. On any day of the week other than a Sunday, between the hours of 9 p.m. and 7 a.m. local time of the place where the contact is being made.iii. Despite subparagraphs i and ii, on any holiday listed in subsection (7).2. Contact the person more than three times in a seven-day period on behalf of the same creditor, subject to subsections (8) and (9).3. Publish or threaten to publish the debtor’s failure to pay.4. Use threatening, profane, intimidating or coercive language.5. Use undue, excessive or unreasonable pressure.6. Otherwise communicate in such a manner or with such frequency as to constitute harassment. O. Reg. 103/06, s. 2.(7) For the purposes of subparagraph 1 iii of subsection (6), the following days are holidays:1. New Year’s Day.1.1 Family Day, being the third Monday in February.2. Good Friday.3. Revoked: O. Reg. 24/08, s. 5.4. Victoria Day.5. Canada Day.6. Civic Holiday.7. Labour Day.8. Thanksgiving Day.9. Revoked: O. Reg. 24/08, s. 5.10. Christmas Day.11. December 26.12. Any day fixed as a holiday by proclamation of the Governor General or Lieutenant Governor. O. Reg. 103/06, s. 2; O. Reg. 588/07, s. 1; O. Reg. 24/08, s. 5.(8) For the purposes of paragraph 2 of subsection (6), the following types of contact shall not be counted:1. Contact made by ordinary mail.2. Contact consented to or requested by the person being contacted.3. Contact of a person other than the debtor where the purpose of the contact is to locate the debtor. O. Reg. 103/06, s. 2.(9) The prohibition set out in paragraph 2 of subsection (6) does not apply to a collection agency or collector until such time that the collection agency or collector speaks with the person being contacted either in a telephone call or a personal call, but the prohibition applies thereafter. O. Reg. 103/06, s. 2.23. (1) No collection agency or collector shall directly or indirectly threaten, or state an intention, to commence a legal proceeding for the collection of a debt, unless the collection agency or collector has the written authority of the creditor to commence the proceeding, and the proceeding is not otherwise prohibited by law. O. Reg. 103/06, s. 2.(2) No collection agency or collector shall recommend to a creditor that a legal proceeding be commenced for collection of a debt, unless the collection agency or collector first gives notice to the debtor of its intention to make the recommendation. O. Reg. 103/06, s. 2.(3) No collection agency or collector shall commence a legal proceeding for the collection of a debt,(a) in the name of the creditor, unless the collection agency or collector has the written authority of the creditor to do so; or(b) as a plaintiff, unless the following conditions have been satisfied:(i) The creditor has assigned the debt to the collection agency or collector by written instrument and for valuable consideration, and the creditor has no further interest in the debt.(ii) If a legal proceeding was commenced by the creditor prior to assigning the debt, the collection agency or collector has given written notice to the debtor of the assignment.(iii) If a legal proceeding was not commenced by the creditor prior to assigning the debt, the collection agency or collector has given written notice to the debtor of the assignment and, either separately or together with the written notice of assignment, has given notice to the debtor of its intention to commence a legal proceeding. O. Reg. 103/06, s. 2.(4) Subsections (1) to (3) do not apply to a collection agency with respect to the collection of a debt owed to itself as a creditor. O. Reg. 460/17, s. 14.24. No collection agency or collector shall,(a) give any person, directly or indirectly, by implication or otherwise, any false or misleading information;(b) misrepresent to any person contacted in respect of the debt the purpose of the contact or the identity of the creditor or of the collection agency or collector; or(c) use, without lawful authority, any summons, notice, demand or other document that states, suggests or implies that it is authorized or approved by a court in Canada or another jurisdiction. O. Reg. 103/06, s. 2.25. (1) Charges incurred by a collection agency or collector in collecting a debt and charges incurred by a creditor to retain a collection agency or collector do not form part of the debt owed by the debtor, and no collection agency or collector shall collect or attempt to collect any such charges, subject to subsection (2). O. Reg. 103/06, s. 2.(2) A collection agency or collector may collect, as part of the debt owed by a debtor, all reasonable charges incurred by the collection agency or collector in respect of the debtor’s dishonoured cheques if,(a) the agreement between the creditor and the debtor provides that the debtor is liable for such charges if incurred by the creditor and sets out the amount of the charge;(b) the creditor has provided information to the debtor, by any method, that the debtor is liable for such charges if incurred by the creditor and the debtor knows or reasonably ought to know of his or her liability for such charges and the amount of the charge; or(c) the collection of such charges is expressly permitted by law. O. Reg. 103/06, s. 2.

It is important to know when the salary or income of Rs.50.00 Lakhs per annum is started. However, if it is before payment of taxes, income minus taxes paid has to be taken into account.If it is at the age of 30, you can choose to save about Rs.25.00 Lakhs in an year, Planning your expenses, which will be about Rs.2.00 Lakhs per month. This could be due to your meeting important officials , which needs expenses as situation demands.You may choose to buy a house in the vicinity of your office, to reduce travel time in moving from office to home.For availing housing loan for a house for , say Rs.2.00 crores, you may require margin for home loan, interiors, any other expenses (like 1% tax payable to corporation for registration etc.), brokerage etc. Keeping an amount of Rs.50.00 Lakhs for these expenses helps getting loan sanctioned, without depending upon bank loan for registration expenses etc., for which banks may charge additional interest/ charges. The interest on loan upto Rs.1.50 Lakhs is eligible for concessions in Tax under sec 80 C. The tax deduction Rs.3.45 Lakhs is available for houses upto Rs.45.00 Lakhs only.Saving in Tax saver deposit Rs.1.50 Lakhs , eligible for tax concessions under sec 80 C, including savings under PF, tax saver deposit, premium for life insurance policies, National Savings scheme, post office savings/term deposit etc., along with Tax saver deposit. After 5 years, Tax saver deposit can be reinvested as Tax saver deposit for that year. (Can be utilised in 6th year, every time it is invested.)Opening Recurring deposit account, for Rs.50000— per month for 120 months gives savings Rs.60.00 Lakhs plus interest at about 6.5% at the end of 120 months. The interest payable on term deposit/recurring deposit, on the date of deposit will not change, irrespective of reduction of interest on next date of deposit. The deposit can be preclosed, in case of urgent expenses or loan can be availed same day. These deposits can be opened online in net banking and accounts opened online can be closed on line. For loan, branch to be visited.Saving under SIP for mutual funds every month can save some amount. However, investment in mutual funds are subject to market fluctuations. Verification of NAV regularly, you will be aware of current value of your savings, exceeding saved amount or less than savings.Arrangements have also to be made for payment of advance tax, if any tax is payable in addition to tax deducted by employer.Planning for holiday , finance for visit to National, international destinations to be done in time. Availing leave could be difficult, which needs planning at right time and also available in times of need, to decide important matters. By saving for holiday, interest payable on loan for holiday can be saved.Preparing plan to save, drawal of amount when necessary, can be done personally or checked what is already prepared by your assistant. Giving necessary instructions, in right time, gives finance at the right time for urgent needs. Paying credit card dues or using only debit card, you can check savings made by lesser purchases, interest/charges levied for loan on credit card.Having personal health insurance policy for Rs.25.00 Lakhs or suitable amount , with parents, spouse, children (male child upto age of 25 years, girl child upto marriage) gives health care to parents, family members. This will be useful, when there is situation, when office group health care insurance not available (when there is gap between changing one job to another or office policy does not cover some diseases).Some amount may be saved for attending national, international seminars,meetings, personality motivation/development programmes, MBA, International Business School, after attending job for about 2 to 5 years etc. It is important to keep you updated on professional, financial, technical issues, to keep you abreast your competitors. It is also important to know latest technology like Artificial intelligence and where it can be profitably employed, before you know your competitors have already installed such technology. (Say car features adopted as per purchaser interest or special addition series).Investment in voluntary PF at the rate of PF, about 8% changed every year, gives freedom to withdraw the amount for expenses, along with loan on PF for designated purposes(For acquiring house, medical expenses etc.)..Investment in land, building , apartment are other options, to get interest exemption upto 3.45 lakhs for house upto Rs.45.00 lakhs, in first year and Rs.1.50 under section C (interest on loan).Investment in company fixed deposits also an option, subject to verification whether the offer is with secured option (to verify securities offered) or in case of losses whether Depisit holders will be treated as unsecured creditors. (Amount will be paid, after all secured creditors are paid and any amount remains).Investment in gold/gold bonds also a choice, as gold rates for 24 karat gold increased by about Rs.1100— On 08 08 19. The rate of gold was about Rs.450— for 8 grams for 22 carat gold in 1977–78 , increased to about 1600 in 1987–88, around Rs.20000— for 10 gr 24 carats, in 2010–11, about Rs.30000— later, but fluctuating. Present rate is Rs.37900—. The rates and years are approx.The important issue in high earning professionals is continuing job tension and important issues, which have to be decided , without affecting colleagues, subordinates, while protecting business interests as well as not to lose business to competitors. This leaves them with less rest, continued tension, pressure from boss, customer demanding completing project with less staff at earliest time. The opposite interests of various groups could not be served , as taking decision may benefit one group, at the same time another group, say employees get dissatisfied etc.It is also necessary to keep savings at high level, due to inflation, to retire early, in the event of uncomfortable job situation (juniors getting good favours, getting in important jobs, deteriorating health) etc. Many young professionals getting disinterested with continued tension and seeking a peaceful life.Investment attracting tax concessions:savings under 80 C section D and 80 G — PF, LIC, 5 year Bank Deposit, ELSS Schemes, Sukanya Samrudhi Schemes in Bank/post office, Post office Deposits, stamp duty and Registration charges for own house, National savings Certificate, Senior Citizen Saving schemes., interest on housing loan instalment/interest Rs.1,50,000—*(maximum amount under 80 c and subsectionsSection 80 ccc savings under Pension Plans, annuity Schemes of insurance companies Rs.150000—*).Section 80CCD contribution to Pension plans of Central Govt Schemes to Individuals.Section 80CCF contribution to central Govt approved infrastructure bond.Section 80CCD contribution to Govt approved equity savings schemes.Section D deduction can be claimed for self, spouse and dependent children Rs.25000— and additional Rs.25000—, if parents are below age 60 and Rs.50000—, if the parents are above age 60.Sections 80 DD and 80 DDB also apply for specific individuals, to be verified, before claiming.Section 80 G donations to institutions having permission from from Income Tax Dept., can be claimed in the tax return. (100% or 50% as the case may be).Following some advices from elders, like,A. not keeping all savings in one investment (either share market or investment in property at one place etc.).b.saving in such a way that your deposit /mutual fund maturity dates are spread like 5 year, 7 year, 10 year, (to invest as per condition of market after 5 years etc.).C. to save from earnings and spend remaining amount only (not to save , after expenses, with exception for emergencies).D.Give importance to maintaining good health, renew health insurance, life insurance, to avoid unforeseen problems.E, Try to save targeted amount, revise targets, when earnings increase, to have hassle-free life.Any Savings option, with nomination facility, gives you freedom to choose to whom you wish to pass on your savings.Bank term deposits, National Savings Scheme, Post office Savings schemes, investment in shares, mutual funds have nomination facility.Writing a will giving your preferences to give your savings, properties to your Son/daughter etc., with 2 witnesses will give validity to will. (A form of Will is available in net or you may contact a reliable lawyer for drafting a will. But a will drafted by you is valid, subject to clarity in thought and expression, including all properties). It becomes a document, on death of person writing the will. It can be kept in your bank locker, without knowledge of your family members, if you opine that your options may land you in differences with your family members. It can also be given to local sub-registrar with acknowledgement. The information about will in locker or with sub-registrar should be available with one or two of your well wishers. The will reduces chances of any conflicts between family members or few of them going to court Reg rights on property.A will can be changed at a later date, with changes , if any and state at the end that it is last will and written while you are in good health and mental condition.The option to register property in family members name, gift also options, but their refusing to give you benefits , after parting with rights on property (though you may stay, can be sent out) may land you in problems. Opening account with joint account (operated by both), either or survivor, former or survivor ( can be closed/operated by survivor/survivors on expiry of former ) are other options. Having joint account with spouse is an option, Which ensures family members take care of spouse, in case of death of husband/wife having Deposit/property. In case of unfortunate death of survivor or second named party, the name can be changed in SB account, term Deposit, NSC, demat account for shares, subject to conditions laid down for each category. You may get necessary forms from concerned authorities, for use at appropriate time.

Any Savings option, with nomination facility, gives you freedom to choose to whom you wish to pass on your savings.Bank term deposits, National Savings Scheme, Post office Savings schemes, investment in shares, mutual funds have nomination facility.Writing a will giving your preferences to give your savings, properties to your Son/daughter etc., with 2 witnesses will give validity to will. (A form of Will is available in net or you may contact a reliable lawyer for drafting a will. But a will drafted by you is valid, subject to clarity in thought and expression, including all properties). It becomes a document, on death of person writing the will. It can be kept in your bank locker, without knowledge of your family members, if you opine that your options may land you in differences with your family members. It can also be given to local sub-registrar with acknowledgement. The information about will in locker or with sub-registrar should be available with one or two of your well wishers. The will reduces chances of any conflicts between family members or few of them going to court Reg rights on property.A will can be changed at a later date, with changes , if any and state at the end that it is last will and written while you are in good health and mental condition.The option to register property in family members name, gift also options, but their refusing to give you benefits , after parting with rights on property (though you may stay, can be sent out) may land you in problems. Opening account with joint account (operated by both), either or survivor, former or survivor ( can be closed/operated by survivor/survivors on expiry of former ) are other options. Having joint account with spouse is an option, Which ensures family members take care of spouse, in case of death of husband/wife having Deposit/property. In case of unfortunate death of survivor or second named party, the name can be changed in SB account, term Deposit, NSC, demat account for shares, subject to conditions laid down for each category. You may get necessary forms from concerned authorities, for use at appropriate time.It is important to save regularly from salary, when you have goal to save for a target.The amount can be invested in 2/3 kinds like low risk, medium risk, high risk, as per your risk appetite.The investment selection is done, after comparing ease to execute, safe investment, returns .If you want to select investment, which is attractive, but involved with inconvenience in getting amount, before maturity period, in getting a loan (at higher rate of interest), needing marking lien by issuing authority, before loan is sanctioned, need visit for removal of lien, investment can be made in other Options.For a bank term deposit, availing Loan or preclosure is faster, though rate of interest may be low.Investing in Tax saver deposit gives you concession in Tax payable, as per the slab in which you are paying Tax.Upto Rs.1.50 lakhs can be invested in Tax saver deposit, subject to other savings eligible for exemption under sec C. No loan for tax saver deposit, no preclosure.The other options are investment in National Savings certificate NSC, voluntary PF (if employed), pension schemes by LIC, other organisations, govt bonds, Sukanya Samruddhi Scheme for girl child till she attains age 21.If the income of Rs.1,00,000— per month, you have to save for your house to be purchased ( initial expenses like margin on loan, preliminary expenses, registration, expenses not covered or in addition to availability of loan as per income levels etc.), expenses for children, their education and other necessities, starting your retirement plan, which will be lesser amount, when started early.These require your putting your income, expenses, in an excel sheet , with a budget for every month. After deciding your savings, it is wise to allocate for your expenses.You may save some amount, when you budget your expenses. The amount saved will be helpful for hospital expenses for birth of a child, unexpected hospitalisation, other unplanned expenditure.After verifying your actual expenses, with budget, you may revise your expenses sheet for realistic estimates.With the above restrictions, you may try to save 20% of your gross salary (before deduction of PF and any other deductions, like for transport,any other facilities by employer).For targetting an amount of Rs.1 Cr., you may start the plan. Saving @ Rs.5000— per month yearly savings are Rs.60000— and Rs.600000—in 10years, without interest. Following saving at Rs.5000— , you will be earning interest on Rs.6.00 Lakhs (@ Rs.60000— per year) , after 10 years onwards, on Rs.12.00 Lakhs, after 20 years.On increase of salary, promotion, the savings can be increased. Having 2, 3 accounts opened in consecutive years, helps using one account for taking a loan or preclosure for urgent needs.Banks offer lesser rate of interest, but the rate given in fixed/term deposits, as on date of deposit, is paid on date of maturity, even when rates reduced next day. say, 9% interest in 2013–14 for 10 year Deposit is paid as per interest rate given , after 10 years. The interest rates reduced later do not affect the deposit.Investment in voluntary PF at the rate of PF, about 8% changed every year, gives freedom to withdraw the amount for expenses, along with loan on PF for designated purposes(For acquiring house, medical expenses etc.)..Investment in land, building , apartment are other options, to get interest exemption upto 3.45 lakhs for house upto Rs.45.00 lakhs, in first year and Rs.1.50 under section C (interest on loan).Investment in company fixed deposits also an option, subject to verification whether the offer is with secured option (to verify securities offered) or in case of losses whether Depisit holders will be treated as unsecured creditors. (Amount will be paid, after all secured creditors are paid and any amount remains).Investment in gold/gold bonds also a choice, as gold rates for 24 karat gold increased by about Rs.1100— On 08 08 19. The rate of gold was about Rs.450— for 8 grams for 22 carat gold in 1977–78 , increased to about 1600 in 1987–88, around Rs.20000— for 10 gr 24 carats, in 2010–11, about Rs.30000— later, but fluctuating. Present rate is Rs.37900—. The rates and years are approx.Investment attracting tax concessions:savings under 80 C section D and 80 G — PF, LIC, 5 year Bank Deposit, ELSS Schemes, Sukanya Samrudhi Schemes in Bank/post office, Post office Deposits, stamp duty and Registration charges for own house, National savings Certificate, Senior Citizen Saving schemes., interest on housing loan instalment/interest Rs.1,50,000—*(maximum amount under 80 c and subsectionsSection 80 ccc savings under Pension Plans, annuity Schemes of insurance companies Rs.150000—*).Section 80CCD contribution to Pension plans of Central Govt Schemes to Individuals.Section 80CCF contribution to central Govt approved infrastructure bond.Section 80CCD contribution to Govt approved equity savings schemes.Section D deduction can be claimed for self, spouse and dependent children Rs.25000— and additional Rs.25000—, if parents are below age 60 and Rs.50000—, if the parents are above age 60.Sections 80 DD and 80 DDB also apply for specific individuals, to be verified, before claiming.Section 80 G donations to institutions having permission from from Income Tax Dept., can be claimed in the tax return. (100% or 50% as the case may be).Following some advices from elders, like,A. not keeping all savings in one investment (either share market or investment in property at one place etc.).b.saving in such a way that your deposit /mutual fund maturity dates are spread like 5 year, 7 year, 10 year, (to invest as per condition of market after 5 years etc.).C. to save from earnings and spend remaining amount only (not to save , after expenses, with exception for emergencies).D.Give importance to maintaining good health, renew health insurance, life insurance, to avoid unforeseen problems.E, Try to save targeted amount, revise targets, when earnings increase, to have hassle-free life.