I have a demand draft in my name issued by Indian Overseas Bank. But I don’t have a bank account and the draft’s validity has expired. Can I encash the draft now? If yes, what is the procedure?
Ranjit Singh
Via email
If you are the applicant of the draft, then you need to approach the bank and either get the old draft revalidated or get a new draft. In case you wish to cancel it, the bank may then issue a banker’s cheque in your favour for the draft amount. If you are the beneficiary of the draft, then you need to ask the applicant to approach the bank to revalidate the draft for you.
* I am currently working with a telecom company and my gross salary is Rs 20,000 per month. I want to take a credit card for using it in case of emergencies. I am also planning to take a home loan about two to three years from now. Will the use of credit card hurt the prospects of availing a home loan?
Aravind
Via email
A good credit record on your credit card will definitely help you in getting a home loan. However, you need to make sure to pay 100 per cent of the amount due on time as it will allow to avoid paying high interest rate on credit card. A prompt payment — partially or fully — will create a good credit record and help you in getting loans.
* Third party administrators do not return test reports, which patients require for check-ups later. What can we do?
B. Satyanarayana
Via email
Nowadays third party administrators and insurance companies are asking for original X-Ray, MRI, CT scan films. So while taking discharge from the hospital, you must ask for an extra copy of such reports, which may cost you around Rs 100 per film and these extra charges are not reimbursed by the insurance company.
* I want to buy a term insurance plan. Could you please guide me with the features that we need to look out for while selecting such policy?
Lokesh Yadav,
Via email
The first thing that you must do is to calculate your life insurance requirement, taking into account your lifestyle and future financial goals. It is advisable to buy a term plan till the age of retirement as once you stop earning you do not require any life insurance. If you disclose all facts correctly in the proposal form and go for medical tests and submit income papers, no company can reject a claim if it arises.
You should go for the cheapest plan available. However if you still feel some particular brand will give you peace of mind by paying slightly higher premium than you can act accordingly.
Harsh Roongta is the CEO of Apnapaisa.com. You can send in your queries to movingmoney@deccanmail.com [1]
Links:
[1] mailto:movingmoney@deccanmail.com