Bank Draft Form

NRI citizens or foreign nationals who have a valid Indian PAN Card and a Rupee designated NRE/NRO bank account can invest in mutual funds in India. Investments done from NRE or NRO bank account will have the redemption proceeds credited back to the respective accounts. NRI mutual fund investments done through NRE accounts are fully repatriable.Upwardly.in is the only financial advisor in India to offer an Exclusive 100% Online NRI Investing Platform. Upwardly has simplified the entire investing process for NRI, from KYC to placing orders to investment management. The documentation process is seamless and 100% online.An NRI is required to upload the following documents to get his / her KYC done to invest in Mutual Funds in India:PAN Card CopyPassport CopyForeign Address proof/ Indian Address proof (For ex: if the passport has a foreign address, then provide Indian Address proof)Bank Proof (canceled cheque or latest bank Statement from NRE or NRE Account)Person of Indian origin (PIO) or Overseas Citizen of India (OCI) certificates. Indian citizens DO NOT need to upload thisAn NRI can do his KYC to invest in mutual funds with Upwardly.in free of charge.Why should NRI invest with Upwardly.in?Convenience100% Paperless & Online: As mentioned above, Upwardly has an exclusive 100% online solution for NRI to invest in mutual funds in India. This means that NRI investors can start investing from the comfort of their houses abroad. With Upwardly: Invest in Best Mutual Funds Online NRI solution, there is no need for NRI to come to India to invest in Indian mutual funds or equity markets. Upwardly also brings the comfort of investing, managing and redeeming NRI investments completely online.100% FATCA Compliant: It may be noted that some Indian mutual fund companies do not allow US/Canada NRI to invest in the wake of FATCA norms. Meanwhile, other top fund companies like L&T Mutual Fund offer their funds to US & Canada NRI investors. Upwardly NRI solution automatically selects the best mutual funds and portfolios where NRI can invest based on their country of residence. NRIs can also speak to Upwardly NRI Investment experts to get guidance on the suitable investment plan.Bank Grade SecurityUpwardly take security very seriously. It has chosen some of the best encryption protocols in the world. Your data is safe, secure and only accessible by you. The investments are routed through the BSE payment gateway. The funds do not touch the Upwardly bank account.Investments done through Upwardly: Invest in Best Mutual Funds Online are held by Mutual Fund companies. Investors receive independent email confirmations from fund companies for all investments done through Upwardly. Even in the rare scenario of Upwardly not existing anymore, all the investments would continue to be safe. The investors will continue to receive monthly email statements from CDSL, a record-keeping body.Trusted AdvisoryUpwardly brings you sophisticated investment strategy used by millionaires and Ultra HNIs. Our algorithm manages your investments 24 x 7, round the clock. Based on market conditions, Upwardly re-balances and re-works your portfolio. Upwardly investment strategies have been back-tested over 20 years of historical data. Upwardly is a SEBI registered Investment Advisor.What is the taxation on Mutual funds for NRI investors?Taxation for NRIs in investing in Indian Mutual Funds is same as taxation of resident Indians. The only difference being a 10% TDS (Tax Deducted at Source) on Capital Gains for NRI investors at redemption. Equity investments in India are taxed at 15% for short-term capital gains and 10% for the long-term gains. Short term gains apply when an equity investment is redeemed within 1 year of investing. Any redemption after 1 year of investing is treating as Long Term and gains are taxed at 10%.The tax rate on short-term capital gains from Debt mutual fund investments in India is the same as investor’s income tax slab. For long-term debt investments, the tax rate is 20% with indexation benefits. This effectively reduces the net tax to 8-10% considering inflation. If the debt fund investment is redeemed within 3 years, it is defined as Short-term. If held for 3 years or more, it is treated as long-term for taxation. NRI investors can use tax indexation benefit to reduce tax outgo and generate better returns than bank FD.Should NRI be concerned with double taxation in mutual fund investments?Most likely not. India has signed the avoidance of Double Taxation Avoidance Agreement treaty (DTAA) with the respective country. India has signed this treaty with the US & Canada, so any tax paid in India can be claimed as relief in the US/Canada tax returns. You may consult your tax advisor for more guidance. Find out if India has a DTAA treaty with the country of your tax residence here.Come and say hi to us at Upwardly.in/nri!

HDFC bank is known for its service but this service comes at a premium price as you need to maintain a certain amount of balance in the account on monthly basis. The balance requirement differs from one place to another and on non-maintenance of the balance, the customer is penalized with a certain charge.If you are also sick of paying non-maintenance charges then probably it is time for you to close the HDFC Bank Account. The process of account close is really simple and you can close your account is just a couple of steps. Here is how you can do it.Note: You can’t close HDFC Bank account online, but account closure form can be downloaded online.Steps to Close HDFC Bank AccountTo close your account in an easy way, ensure that you drain out all the funds parked in your account. The easiest way to do this is through net banking. Simply transfer all the money to some other account through NEFT, RTGS or IMPS. The balance in your account should be Zero.Now you can go to the nearest branch and approach the bank executive. Obtain an account closure form from the executive and fill in the form with correct details.Alternatively, you can also download the form from the comfort of your home and take a filled form to the branch. Download the account closure form from hdfc website.Now, you can submit the form to the executive along with the debit card, passbook, and checkbook. You must also take an ID proof with you as the executive may demand for the same in some cases.The executive will then give you a copy of the acknowledgment You can keep the slip safely with you and your bank account will be closed within 10 working days.If you face any trouble during the procedure then feel free to seek help from the executive or you may alternatively call 1800 22 1006 for assistance over the phone. You can also register a complaint about the toll-free number shared here.Source: How to Close HDFC Bank Account Online

Worked as a quant at a big investment bank.  Now I have my own company.  You have to take everything that I say with knowledge that I'm talking about the past, and the anything about what life was like in 2007 or even 2010 may be irrelevant for 2014.Workload is surprisingly not too bad.  Most quants work 60 hour weeks which is standard in the high tech industry.  No one I know works killer hours like the people in mergers and accquistions, and there is no point in working when the markets are closed.  When you leave for home, there are always a lot of food delivery people in the lobby.The compensation has gone down over the last few years as bonus has been replaced by base salary, but it's slightly higher than in the other tech industries.  You however will feel more poor than you have ever felt.  When you are in a room full of people who make >$1M/year, and you make $150K, you feel really, really, really poor.  Their kids go to better schools, they have nicer houses, bigger cars, they get into conversations about where to take vacations, and you feel like you are living in a cardboard box.  You are either in a cube farm or in a front offices position.  If you are in front office, you are at a long table, and you see traders screaming at each other.  Most of it is "friendly screaming" (i.e. buy X at Y!!!! The price is going down!!!!)  Some of it is "unfriendly screaming" over the phone.The soft skills aren't the economics and finance.  You can learn that.  The important soft skills are the interpersonal relational ones.  How to resolve conflict or not resolve conflict, how to get people to like you, how to get people to know what you are doing.  Also the cool things is that the rules change.  It's useless to read most economics and finance textbooks because the information and models there are just plain wrong, and your job is to come up with the right ones.Any example of a soft skill is when you look at something and think, "this is nonsense".  Rather than say "this is total nonsense" you spend an hour drafting a three sentence e-mail using the correct corporate language for "raising a concern" and then you spend the next hour editing the CC line.  One reason that I liked the job was that I considered this an intellectual puzzle, and it amused me how traders would use the most rude and blunt language while a lot of the e-mails are in extremely elegant bureaucratic nonsense, and you know your e-mail is going to be ignored so you are just setting up a paper trail so that you don't get blamed when something blows up (or so that you do accept liability for something blowing up).One reason that finance needs so many physics Ph.D.'s is that in physics, once you figure out the rules, they don't change.  Once Einstein figures out general relativity, no need for a new Einstein.  The cool thing about finances is that everything changes.  The interest rate models that were used before 2008, for example, just *will not work*.  So your job is to come up with new ones.  And once you come up with new things, the rules change again.  Once the Fed stops QE, there will be very, very curious things happening with interest rates.  I don't know what they are, but we'll figure them out.Also, you occasionally get to "geek out" on some curious bit of trivia that is not so trivial.  You get really familiar with things like Brazilian calendars, Japanese corporate finance, and when traders in Hong Kong eat lunch.You also see a fascinating world of wealth and power.  You are not part of that world.  Your boss who makes >$1 million/year is a butler for the people that really run the planet.  You are an assistant butler.  One of the more interesting experiences is to watch your boss talk to *his boss* and *his boss* talk to clients.  As with wealth, if you want to feel powerful, don't work for an investment bank.  Where I used to work, promotion to VP was automatically after three years.  Above that is a *lot* of political maneuvering.  Most people figure out that they signNowed the glass ceiling and leave.  The problem is traditional investment banking is not growing, and the regulators won't let the banks do anything new or original, so the politics is a bit nastier than in the early-2000's when the field was growing.  One reason that I got out was that the work starting being filling out forms for the government which wasn't that terribly interesting.The one thing that I think was good was that I got in at just the right time.  I got in at 2007, and when the world exploded in 2008, I had a front row seat, and I played a small part in helping to save the world.  As the world was falling apart, the computer models at the bank I was working at were constantly failing because they were getting stressed, and I helped make sure that the compiles were working.

Most of us have mutilated currency notes which cannot be used for transactions since businesses wouldn’t accept mutilated notes. The Reserve Bank of India (RBI) has detailed rules in this regard that lay down conditions for exchange of such mutilated notes. One can get a full or half refund of the value of the mutilated note based on the condition of the note. Here is a detailed guide of the rules.What type of notes will be accepted?As per Reserve Bank of India (Note Refund) Rules, 2009, the following type of notes will be considered for the refund.Imperfect note: means any note, which is wholly or partially, obliterated, shrunk, washed, altered or indecipherable but does not include a mutilated note.Mutilated note: means a note of which a portion is missing or which is composed of more than two pieces.Mismatched note: means a mutilated note which has been formed by joining a half note of any one note to a half note of another note. A mismatched note can be identified on the basis of number, signature etc. and after examining other security features.No refund claim shall be accepted in the case of notes where itCannot be identified with certainty as a genuine noteHas been made imperfect or mutilated, thereby causing the note to appear to be of a higher denomination or has been deliberately cut, torn, defaced, altered or dealt with in any other manner, enabling the use of the same for making of a false claimCarries any extrinsic words or visible representations intended to convey or capable of conveying any message of a political or religious character or furthering the interest of any person or entityHas been imported into India from any place outside India in contravention of the provision of any lawAny information called for by the prescribed officer is not furnished by a claimant within a period of three months from the date of receipt of the notice or letter asking for the information.What is the process of refund?Such notes will be accepted only at the issue offices of RBI and at all the currency chest branches of various banks. The list of currency chest branches of various banks can be accessed from the RBI website. In all these branches, the mutilated notes will be accepted over the counter and a paper token in form DN-1 will be issued to the person submitting the notes. The refund value & criteria are different for different denominations.For Currency notes of denomination less than Rs 50: In the case of currency notes of less than Rs 50 denomination, full refund will be made only if the area of the single largest undivided piece of the note presented is more than 50% of the area of the respective denomination, rounded off to the next complete square centimetre. If the area of the largest undivided piece of the note presented is less than or equal to 50% of the area of the note, the claim will be rejected and no refund is made. The detailed denomination wise size of the note and the area required for the full refund is defined in the rules and the relevant table is given below.For Currency notes of denomination more than Rs 50: In the case of notes of the higher denomination (Rs 50 & above), there are multiple criteria as listed below. The RBI has recently amended the rules to increase the area of the undivided piece required for the full refund from more than 65% to more than 80%.A full refund will be made if the area of the single largest undivided piece of the note presented is more than 80% of the area of the respective denomination rounded off to the next complete square centimetre.Half the value will be refunded if the undivided area of the single largest undivided piece of the note presented is equal to or more than 40% and less than or equal to 80% of the area of the respective denomination rounded off to the next complete square centimetre.No refund will be made if the area of the single largest undivided piece of the note is less than 40%.If the claim of mutilated notes of Rs 50 and above denominations consist of a note composed of two pieces of the same note and the two pieces, individually have an area equal to or more than 40% of the total area of the note in that denomination, then a full refund will be made.The dimensions of the new notes and the respective area required for full & half refund are given in the table below.What about Mismatched & Imperfect notes?The value of an imperfect note will be refunded in full or half value based on the dimensions mentioned in the tables above only ifthe matter, which is printed on the note has not become totally illegible, andthe prescribed officer is satisfied that it is a genuine noteIn the case of a mismatched note and denomination of up to Rs 20, the area of the larger of the two pieces presented may be measured and adjudicated as per the tables above ignoring the smaller piece. If none of the two pieces presented meets the minimum area stipulated, then no refund will be made. In case of Rs 50 and above denominations, the two pieces may be treated as two separate claims and the area is calculated accordingly.When will the refund be made?As per the rules, the process is to be completed in minimum possible time and in any case on the same day. In addition, the value of such notes should be credited to the account through ECS or paid by way of Banker Cheque or Demand Drafts.The prescribed officer in charge of verifying such mutilated notes should be equipped with the followingTable lamp of medium intensityMagnifying glassMeasuring centimetre plate (in plastic)A set of genuine notes in all denominations of different patternsThe message ‘Mutilated notes are accepted and exchanged here’ should be prominently displayed outside the bank. Inside the banking hall and above the counter where mutilated notes will be accepted, the following board should be displayed.Mutilated notes are accepted here for exchange under Reserve Bank of India (Note Refund) RulesExchange value, if any, must be collected on the same dayNotes on which exchange value is not payable will be retained by usIn case of difficulty, please see Branch Manager.What about Soiled notes?In the case of soiled notes, all bank branches should accept such notes and pay full value.BLOGS NEWS SPORTS ENTERTAINMENTDou you know You Can Claim A Full Refund Of A ‘Torn Currency Note’ ! This is how you can ! | BLOGS NEWS SPORTS ENTERTAINMENThttp://www.kickasslol.com/

Somewhere on that form should be a blank for routing number and account number. Those are available from your check and/or your bank statements. If you can't find them, call the bank and ask or go by their office for help with the form.  As long as those numbers are entered correctly, any error you make in spelling, location or naming should not influence the eventual deposit into your proper account.

I want to believe that most banks nowadays have made the process of opening bank account, which used to be cumbersome, less cumbersome. All you need to do is to approach the bank, collect the form, and fill. However if you have any difficulty in filling it, you can always call on one of the banks rep to help you out.