Business

How can a college student save his allowance?


I am a university student. I have $50,000 fixed deposit (FD) and $250,000 idle money. My allowance saves me between $2,000 and $3,000 monthly. I want to invest my savings in both one-time and recurring investments. What are my best alternatives?

– Suyash

We appreciate your investment decision at such an early stage in life. Considering your young age and assuming your long-term investment horizon, we recommend building a portfolio in equity mutual funds as they have the potential to deliver outstanding returns. for a longer time. FD is a low risk & low return product and its returns are not tax efficient. Amount is in FD i.e $50,000 & idle amount of $2.5 lakh can be prudently invested in a combination of Large Cap & Mid Cap, Mid Cap, Flexible Cap, Diversified Cap, Small Cap & Value Funds. The proposed funds are ICICI Prudential Large & Mid Cap Fund, Nippon India Development Fund, HDFC Flexi Cap Fund, Kotak Small Cap Fund and IDFC Sterling Value Fund. Moreover, you can just start SIP with your monthly savings in these funds.

My grandfather has some old stocks that he bought in the early 1980s. He is no longer alive, and since my father is the legal heir, is it possible to obtain information about the shares, such as the name. company and number of shares, in some way? These details have not been found since the death of my grandfather. He did not leave a will or withhold the services of an attorney.

-SP Salunke

Companies are required to report details of all such shares for which dividends have not been paid or claimed for more than seven years to the Investor Education and Protection Fund (IEPF) set by the Department of Companies (IEPF). MCA) management. You can contact the Department of Corporate Affairs and submit the IEPF-5 form to track the details of the lost shares.

(Question answered by Rajiv Bajaj, president and chief executive officer, Bajaj Capital Ltd. If you have any questions about personal finance, write to mintmoney@livemint.com to get experts in touch. answers.)

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