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Travel Plans For US Usually Cover Other Nations

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Travel Plans For US Usually Cover Other Nations
Travel Plans For US Usually Cover Other Nations
OLM Desk - 01 April 2023

Queries

Ayesha Ansari, Hyderabad

I am an 18-year-old student. I want to open a savings bank account. Which one should I go for—a basic savings account or a normal account with a monthly minimum balance?

This is entirely dependent on how you wish to use your bank account. If you use the money with caution so that adequate money is always available in your bank account, then an account with a monthly minimum balance should be fine. If your account may have less balance at times, which could go beyond a month, it is better to take a basic savings account. But remember that in a monthly minimum balance account, you will get privileges like higher ATM withdrawal limits, more free cheques, possibly a good credit card, international debit card, zero or low charges on demand drafts, etc. So, take your call.

You may also consider investing your surplus money rather than parking it in a savings bank account if you don’t intend to use it for some time. The interest rate in a savings bank account is well below the inflation rate, at which your money loses its purchasing power. Due to your young age, you may look at high-growth avenues, such as equity investments, if you’re comfortable with it.

Col. Sanjeev Govila (RETD.), CEO, Hum Fauji Initiatives


J.M. Cherian, Mumbai

I live with my mother in Mumbai after my father’s death. I want to sell our ancestral house in Kerala, which is in my grandfather’s name, and there is no Will. I have two uncles living abroad who are not interested in the sale proceeds. What papers will I need for the legal transfer?

Assuming that the only inheritors and survivors besides you are your mother and your two uncles, you need to obtain legal heirs or surviving members’ certificates to identify the members having rights to the property. Obtaining a surviving members’ certificate will be relatively faster. Based on that, you can get a relinquishment deed executed in your favour by your uncles and mother as they are not interested in the property or sale proceeds. You will need to update the revenue records based on the certificate and get the deed executed. After that, you can sell the property.

Mani Gupta, Partner, Sarthak Associates & Solicitors


Rahul Kaul, Jammu

I bought a travel insurance policy for my US visit. But I will have to make an urgent trip to Canada. Will my coverage remain valid if I declare my Canada visit? Or should I buy a separate one for Canada?

Travel insurance policies for the US, typically, cover other countries as they are more expensive than those for other places. So, US insurance will likely cover Canada. See the policy document, which should explain this. You will need to inform the insurer about the trip. If you are unable to do so, claims will still be covered, provided the policy covers Canada costs. If  it does not cover Canada, you may need to buy an extension on your base policy. It must be provided by the insurer who issued the main policy. Other insurance providers will not easily issue you a cover as you have already left the country. They will require you to be here when you apply. If you need to stay longer than the insurance period for some reason, let the insurer know. They do allow for an extension of the trip but will ask for additional premium.

Kapil Mehta, Co-Founder, SecureNow

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