Tagged: Fixed Deposit

ATM :: How does an urban internet user in India save and invest?

Find out in the ET Wealth RICS report
Updated: Dec 16, 2016, 05.37 PM IST | Economic Times

ATM

ET Wealth Survey Series is an effort to bridge the gap between industry, marketers and consumers. It is a well-researched effort to identify the vacuum that exists in the consumer personal finance space. With ET Wealth Surveys, we want you to know better how your audience earns, spends, invests and saves.

Of the universe of 156 million urban internet users, given here is the estimated size of each investment product:

How does an urban internet user in India save and invest? Find out in the ET Wealth RICS report

Source: https://goo.gl/4OAVLI

ATM :: Should young earners take their parents’ advice while investing?

By Jayant Pai | Jun 20, 2016, 07.00 AM IST | Economic Times

ATM

Every parent fondly looks forward to the day when children will begin earning a steady income. However, for Indian parents, it is difficult to sever the metaphorical umbilical cord even after their child secures financial independence.

There are various reasons parents do not shy away from advising their children on money matters. One, they feel that their naive children will be parted from their money if left to their own devices. Hence, right from the first payday, they will tell you about the virtues of saving and warn against reckless spending. Two, they do not want their children to make the same mistakes they made, be it a failed investment or a loan to a friend which was never returned. Three, errors of commission committed by close family members also play a part in conditioning parents’ thought process.

Why such advice may be less effective today: The previous generation was brought up on the belief that the collective wisdom of elders was indispensable. Today’s generation is a bundle of contradictions. On the one hand, they are avowedly individualistic. On the other, they are swear by the opinions of peers in social media on every topic, be it fashion, electronics or money. Hence, parental influence is waning.

While every generation thinks it knows best when it comes to finance and investments, today’s youngsters have more educational and decision-making tools at their disposal. These may be in the form of blogs, apps, portals and even robo-advisers/algorithms. In fact, they face a glut, rather than a drought, of information. Hence, parents may often be behind the curve.

Today, wealth managers are increasingly viewing such youngsters as an economically viable segment. Hand-holding newbies, with the hope of growing with them as they uptrade, is a strategic choice.

Should children listen to their parents? In most cases, the advice received from parents is well-meaning. That may not necessarily be true in case of advice from outsiders. However, good intentions alone are not sufficient to render it suitable. While certain home truths like avoiding borrowing for consumption or maintaining a high savings rate are worth heeding, others are better ignored.

For instance, many parents dissuade their children from investing in stocks and suggest they opt for fixed deposits or gold. This may stem either from their own poor experience in the stock market or a belief that stocks are risky and another form of gambling. However, by blindly heeding such advice, youngsters may do themselves a great disservice since they forego the power of compounding that equities offer.

Similarly, parents may consider real estate as a great investment option even if they have to avail of a heavy mortgage. Children should follow such advice only after considering the repercussions of paying EMIs for long tenures of 25-30 years. Also, some parents are averse to their children purchasing insurance policies, fearing that this is an invitation to disaster. Such superstitions should not stand in the way of protecting life, limb and health. In a nutshell, when it comes to parental advice, trust them, but verify the advice.

(By Jayant Pai, CFP & Head, Marketing at PPFAS Mutual Fund)

Source : http://goo.gl/iECSwU

ATM :: Mistakes to avoid in tax saving investment rush before March 31

By Babar Zaidi, ET Bureau | Mar 14, 2016, 10.30 IST | Economic Times

ATM

The 31 March deadline is barely two weeks away, but many taxpayers are yet to sew up their tax planning for the year. Either they were unfamiliar with the tax rules, confused by the array of options or just plain lazy. Whatever be the reason, they are now sitting ducks for unscrupulous distributors and financial advisers who capitalise on the approaching deadline and palm off high-cost investments to unsuspecting investors.

This week’s cover story is aimed at taxpayers who still have to invest under Section 80C. As a first step, calculate how much more you need to invest. Many taxpayers don’t know that tuition fees of up to two children is eligible for deduction under Section 80C. For many parents with schoolgoing children, this takes care of a large portion of their tax-saving investment limit.

Also, the principal portion of the home loan EMI and the stamp duty and the registration charges paid for a house bought during the year are all eligible for the deduction. If they include the contribution to the Provident Fund and premiums of existing insurance policies, they might discover that their tax planning is nearly taken care of. Use the table provided to calculate how much more you need to invest this year.

Mistakes to avoid in tax saving investment rush before March 31

 

Put small amount in ELSS
Your approach now should be different from what we advised earlier this year. In January, we had listed ELSS funds as the best tax-saving instrument. They are low on charges, fairly transparent, offer high liquidity, the returns are tax-free and they have the potential to create wealth. Also, you are under no compulsion to make subsequent investments. Investing in ELSS funds is easy because you can apply online. Many fund houses even pick up KYC documents from your residence. You can also get your KYC done online.

Mistakes to avoid in tax saving investment rush before March 31

However, at the same time, studies have shown that a staggered approach works best when investing in equity funds. It’s too late to take the SIP route in March and investing a large sum at one go can be risky. Investors who took the SIP route in top ELSS funds in 2014-15, have made money, but those who waited and invested lump sum in March 2015 are saddled with losses.

Unfortunately, not many investors understand the simple logic behind SIPs. Barely 15% of the total inflows into the ELSS category comes through monthly SIPs and nearly 25% of the total inflows are invested as lump sum in March. We suggest that you avoid putting a large sum at one go in ELSS funds and put only a small amount at this stage. It’s best to start an SIP after April in a scheme with a good track record.

Mistakes to avoid in tax saving investment rush before March 31

PPF and FDs are safe bets 
Unlike the ELSS funds, you can invest blindly in the PPF. If you already have a PPF account, just put the remaining portion of your Section 80C limit in it and be done with it. Opening a new account at this stage may not be feasible if you have to submit the proof of investment this week. Even if you manage to open an account, you will be cutting it too fine. If your investment cheque is not encashed by 31 March due to any reason, you may be denied the deduction for this year. Some banks like ICICI Bank allow online investments in the PPF, which is a better option than the offline route.

If you don’t have a PPF account, go for tax-saving fixed deposits or NSCs. They did not score very high rank in our ranking of tax saving instruments in January because the interest is fully taxable, which brings down the effective post-tax returns in the 30% tax bracket to less than 6%. However, with just two weeks left to go, they could be good options to save tax in a hurry. Sure, you will earn low returns, but there are no hidden charges or any compulsion to invest in subsequent years.

They will push you to buy insurance policies that can become millstones around your neck. Don’t sign up for insurance policies in a hurry. To make things easier for the buyer, the agent even does the paperwork. All the buyer has to do is sign the application form and write a cheque. But any investment that requires a multi-year commitment must be assessed in detail, so don’t let the agent force you into a decision.

In our January ranking, life insurance policies were at the bottom of the heap. Experts say it is not a good idea to mix insurance with investment. Buy a term plan for insuring yourself and invest in other more lucrative options than a traditional insurance policy that offers 6-7% returns. A costly insurance policy prevents you from investing for other goals. If you are paying a very high premium, it is advisable to turn the policy into a paid up plan. The insurance cover will continue but you can stop paying the premium.

Pension plans from insurance companies also rank very low. Even though 33% of the corpus was tax free on maturity, the low-cost New Pension System (NPS) was seen as a better alternative. Last year, the government announced an additional deduction of Rs 50,000 for investments in the NPS. This year’s Budget has made the scheme more attractive by making 40% of the corpus tax free on maturity.

Till a few months ago, opening an NPS account was considered an uphill task. You had to run around for weeks, even months, before the account became operative. This has now changed. Turn to Page 6 to know how you can take the online route to open an NPS account in just 25-30 minutes.

No proof? No problem

Salaried taxpayers are expected to submit proof of investment to their employers by mid-March. That window is nearly closed now. If you have not submitted the proof of your tax saving investments, TDS will be deducted from your March salary. But don’t let that stop you from investing now. If you are able to invest by 31 March, you can claim a refund of the excess tax deducted from your salary. However, you will get that money back only when you file your tax return in July.

Source : http://goo.gl/gZZqCR

ATM:: 9 smart ways to save tax

Babar Zaidi | TNN | Jan 11, 2016, 08.57 AM IST | Times of India

ATM

Do-it-yourself tax planning can be rewarding and challenging. Rewarding, because you can choose the tax-saving instrument that best suits your needs. Challenging, because if you make the wrong choice, you are stuck with an unsuitable investment for at least 3-5 years. This is where our annual ranking of best tax-saving options can prove helpful. It assesses all the investment options on seven key parameters—returns, safety, flexibility, liquidity, costs, transparency and taxability of income. Each parameter is given equal weightage and a composite score is worked out for the various tax-saving options.

While the ranking is based on a robust methodology, your choice should also take into account your requirements and financial goals. We consider the pros and cons of each option and tell you which instrument is best suited for taxpayers in different situations and lifestages. We hope it will help you make an informed choice. Happy investing!

ELSS FUNDS
ELSS funds top our ranking because of their tremendous potential, high liquidity and transparency. The ELSS category has given average returns of 17.8% in the past 3 years. The 3-year lock-in period is the shortest for any Section 80C option.

If you have already fulfilled KYC requirements, you can invest online. Even if you are a new investor, fund houses facilitate the investment by picking up documents from your house and guiding you through the KYC screening. ELSS funds are equity schemes and carry the same market risk as any other diversified fund. Last year was not good for equities, and even top-rated ELSS funds lost money. However, the funds are miles ahead of PPF in 3- and 5-year returns.

The SIP route is the best way to contain the risk of investing in equity funds. However, with just three months left for the financial year to end, at best, a taxpayer will manage 2-3 SIPs before 31 March. Since valuations are not stretched right now, one can put in a bigger amount.
SMART TIP
Opt for the direct plan. Returns are higher because charges are lower.

ULIP
The new online Ulips are ultra cheap, with some of them costing even less than direct mutual funds. They also offer greater flexibility. Unlike ELSS funds, where the investment cannot be touched for three years, Ulip investors can switch their corpus from equity to debt, and vice versa. What’s more, there is no tax implication of gains made from switching because insurance plans enjoy exemption under Section 10 (10d). Even so, only savvy investors who know how to use the switching facility should get in.
SMART TIP
Opt for liquid or debt funds of the Ulip and gradually shift the money to the equity fund.

NPS
The last Budget made the NPS attractive as a tax-saving tool by offering an additional tax deduction of Rs 50,000. Also, pension fund managers have been allowed to invest in a larger basket of stocks.

Concerns remain about the cap on equity exposure. Besides, the taxability of the NPS on maturity is a sore point. At least 40% of the corpus must be put in an annuity. Right now, the income from annuities is taxed at the normal rate.
SMART TIP
Opt for the auto choice where the equity exposure is linked to age and comes down as you grow older.

PPF AND VPF
It’s been almost four years since the PPF rate was linked to the benchmark bond yield. But bond yields have stayed buoyant and the PPF rate has not fallen. However, the government has indicated that it will review the interest rates on small savings schemes, including PPF and NSCs. If this is a worry, opt for the Voluntary Provident Fund. It offers that same interest rate and tax benefits as the EPF. There is no limit to how much you can invest in the VPF. The contribution gets deducted from the salary itself so the investor does not even feel it go.
SMART TIP
Allocate 25% of your pay hike to VPF. You won’t notice the deduction.

SUKANYA SAMRIDDHI SCHEME
This scheme for the girl child is a great way to save tax. It is open only to girls below 10. If you have a daughter that old, the Sukanya Samriddhi Scheme is a better option than bank deposits, child plans and even the PPF account. Accounts can be opened in any post office or designated branches of PSU banks with a minimum Rs 1,000. The maximum investment in a financial year is Rs 1.5 lakh and deposits can be made for 14 years. The account matures when the girl turns 21, though up to 50% of the corpus can be withdrawn after she turns 18.
SMART TIP
Instead of PPF, put money in the Sukanya scheme and earn 50 bps more.

SENIOR CITIZENS’ SCHEME This is the best tax-saving instrument for retirees. At 9.3%, it offers the highest interest rate among all Post Office schemes. The tenure is 5 years, extendable by 3 years. Interest is paid quarterly on fixed dates. However, there is a Rs 15 lakh overall investment limit.
SMART TIP
If you want ot invest more than Rs 15 lakh, gift the amount to your spouse and invest in her name.

BANK FDS AND NSCs
Though bank FDs and NSCs offer assured returns, the interest earned on the deposits is fully taxable. They are best suited to taxpayers in the 10% bracket or senior citizens who have exhausted the Rs 15 lakh limit in the Senior Citizens’ Saving Scheme.
SMART TIP
Invest in FDs and NSCs if you don’t have time to assess the other options and the deadline is near.

PENSION PLANS
Pension plans from insurance companies still have high charges which makes them poor investments. They also force the investor to put a larger portion (66%) of the corpus in an annuity. The prevailing annuity rates are not very attractive. Pension plans launched by mutual funds have lower charges, but are MFs disguised as pension plans. Moreover, they are debtoriented plans so they are not eligible for tax benefits that equity plans enjoy.
SMART TIP
Invest in plans from mutual funds. They offer greater flexibility than those from life insurers.

INSURANCE POLICIES
Traditional life insurance policies remain the worst way to save tax. Still, millions of taxpayers buy these policies every year, lured by the “triple benefits” of life insurance cover, longterm savings and tax benefits. Actually, these policies give very little cover. A premium of Rs 20,000 a year will get you a cover of roughly Rs 2 lakh. The returns are very poor, barely 6% if you opt for a 20-year plan. And the tax-free income is a sham. Going by the indexation rule, if the returns are below the inflation rate, the income should anyway be tax free. The problem is that once you sign up for these policies, they become millstones around your neck.
SMART TIP
If you can’t afford to pay the premium, turn your insurance plan into a paid-up policy.

Source: http://goo.gl/DWqo4K

ATM :: Are Indians retiring poor?

Rajeshwari Adappa | Tuesday, 24 November 2015 – 6:50am IST | Agency: dna | From the print edition
Defensive investment strategy of choosing secure and safe investments over riskier ones give lesser returns in the long run. The allocation to FDs and gold is much higher in India when compared to developed countries and the ownership of equities is very low. To get more bang for their buck, investors need to change their investment strategy as a few decades back, there were not many alternatives and inflation was not a known devil

ATM

For the same corpus invested in retirement funds, Indians make lesser money than their western counterparts.

Yogitaa Dand, financial advisor (associated with DSP BlackRock’s Winvestor initiative for women) says, “Yes, I do agree that Indians are not earning as much as they should from their investments, and hence, they do retire poorer than their foreign counterparts.”

“The reasons are manifold. However, the two distinctive reasons are that till date Indians have always given least priority to their retirement corpus and the greatest priority to the education of their children,” says Yogitaa.

Thus, Indians end up dipping into their nest egg, reducing the corpus considerably.

“Secondly, they have been more conservative in their investments, choosing secure and safe investments over riskier ones, which would otherwise have given them better returns in the long run,” adds Yogitaa.

A leading fund manager blames the “limiting thought process” for the comparatively poorer returns on investments. Indians use a ‘defensive’ investment strategy that lays too much stress on the ‘safety’ aspect.

“While we Indians have been very smart savers, unfortunately, we have not been the best of investors with our focus being on secure and assured return vehicles, eventually giving us lower returns,” says Yogitaa.

According to Vaibhav Agrawal, VP & head of research, Angel Broking, the reason for the lower returns on investments is that “the allocation to fixed deposits and gold is much higher in India when compared to developed countries. Also, the ownership of equities is very low in India.”

“In the US, the amount invested in equity mutual funds is $8.3 trillion (approx. Rs 550 lakh crore) and the amount in bank deposits is $10.4 trillion (approx. Rs 690 lakh crore). In India, the amount invested in equity mutual funds is Rs 3.8 lakh crore while the amount invested in bank deposits is Rs 89 lakh crore,” points out Agrawal.

Over a long term period, it has been seen that equity investments have given higher returns than bank FDs. “The compounded return from the top 50 schemes of equity MFs is in the region of 14.5% while the post-tax return on FDs is 6.5%,” says Agrawal. Even if one were to invest in the Nifty stocks, the returns would be in the region of 12% without dividend, and with dividend, the returns would be 13.5%.

Certified financial planner (CFP) Gaurav Mashruwala explains the reason for the bias towards FDs and other ‘safe’ investments. “Indians have seen very high interest rates in the past. The PPF fetched a return of 12% while bank FDs earned about 15-16% and company deposits earned even more at 21-22%,” he says.

“We also need to understand that a few decades back, we did not have many alternatives and choices to investments. Also, inflation was not a known devil,” adds Yogitaa.

Another reason for the ‘safe and defensive’ strategy seems to be the lack of a social security system in India. “We can look at NPS as an alternative to the social security system. However, it cannot be a complete substitute to the same,” points out Yogitaa.

But the volatility and unpredictability of the stock markets is the main roadblock in the case of equity investments. “Equity investments need a different mindset, much like that of a businessman,” points out Mashruwala. Not all investors are comfortable with the rollercoaster-like ups and downs of the stock markets.

The good news is that the scenario is changing. “People have started investing more in equities. The psychology of the investor and the regulator too is changing. Even the provident fund money is now being invested in equities,” adds Mashruwala.

If Indians want to get more bang for their buck, they need to change their investment strategy. “A person with a low risk investment portfolio can earn anywhere between 5-8% while a person with medium risk investment portfolio would earn approximately 8-10%. A person with a high risk investment portfolio would earn anywhere between 12-18% on a CAGR basis over a period of time,” explains Yogitaa. After all, risks and rewards are but two sides of the same coin.

Incidentally, Mashruwala is not too concerned about the western counterpart getting higher returns. “Remember, in all probability, the western counterpart also has more debt compared to the average Indian. It is highly likely that the Indian probably owns the house unlike his western counterpart,” says Mashruwala.

Source : http://goo.gl/hHcZR3

ATM :: Overexposure to fixed deposits can hamper long term goals

AYUSH BHARGAVA Financial Planner | Jul 30, 2015, 08.44 PM | Source: Moneycontrol.com
Fixed deposits cannot offer a rate of return in excess of inflation. If you are planning for a long term goal, employ of a mix of both debt and equity

ATM

It was during March – April 2015 when due to second consecutive fall in repo rate, banks started reducing fixed deposit (FD) rates and as a result, conservative investors started locking their money in FD and other debt products. Those who were looking for more returns were also seen investing into corporate FD with poor ratings. FD is one of the most popular products in India. More than half of the total financial saving in India is in the form of FD. Investment in India is not done according to the asset allocation or risk profile of an investor; it is done according to the risk profile of the product. One can often find investors searching for a product wherein savings will be safe and they can earn the maximum rate of return. This usually happens when one is not an expert with different financial products and investors with very little risk taking capacity end up making investment in fixed deposits or other fixed investment products.

Why over exposure in fixed income securities can be risky for long term goals?
Conservative investors should understand that investing only in debt products can result in over exposure in a particular asset class which will not only imbalance the portfolio but will also impact the overall return on investment. Fixed income securities are not capable of beating inflation in long term. Inflation erodes the major part of returns offered by fixed income products and this is the reason why one may not become rich or wealthy. These instruments are also not tax friendly as equity investments are. Interest earned on most of these instruments is taxable. The returns in this product are lower than equity investments in the long term and thus to achieve a particular goal a conservative investor needs to invest more as compared to an aggressive investor.

Let’s understand this with the help of an example – Suppose there are three investors with different risk profile. All of them want to accumulate Rs. 40 Lakh for their children’s graduation which is due after 15 years. They earn Rs. 40,000 per month and save Rs. 6,000 for investment purpose. Let’s see who will be able to achieve the goal.

It is clear from the above example that considering a return of 8% yearly on portfolio, conservative investor will not be able to accumulate the target amount. On the other hand an investor with a balanced view where he invests equally into equity and debt products (12% CAGR) and aggressive investor (considering 15% CAGR) will achieve goals without worrying about inflation and other issues.

Here the right asset allocation is very important. An aggressive investor cannot continue with equity all his life due to volatility factor and in the same manner a conservative investor cannot solely depend upon debt products and should consider tax liability of the product and its implication on future goals. He should consider including equity investment as a part of the portfolio which will help in beating inflation and thus maintaining a proper balance.

During accumulation phase overexposure in any asset class will always result in failure to achieve future goals. Please remember the strategy of having a fixed income focused portfolio will work during distribution phase where security is more important than other things. Even if you are retired and running a fixed income portfolio, it is better to run a portfolio comprising more tax efficient options such as tax free bonds and income funds.

Source : http://goo.gl/8q4n29

ATM :: Applying for a home loan after 45? Do not miss these tips

Adhil Shetty,CEO,BankBazaar.com | MoneyControl
Borrowing after 45 years of age may make the borrower worried about repaying his home loan. However, these tips can help you reduce your anxiety and offer some peace of mind.

ATM

Durgesh, 48, a government employee, was planning to take a home loan. He has only 10 years left in service and his loan requirement was 15 lakhs. He was confronted with a number of questions like any other late loan takers: Am I eligible for the required amount? Will it be difficult for me to manage the higher EMI? Can I continue paying the loan after my retirement, provided I have pension? Can I include my son’s income if I’m not eligible for the loan?

As he thought about it, more doubts surfaced: Should I break my FD to manage the down payment? What should I do to preempt the EMI from becoming a burden? Soon, Durgesh was overwhelmed.

Loans are usually offered so long as one has salary. So, the lesser your service period, the shorter will be your loan tenure, which means EMI burden on you is higher.

A higher EMI has an upside as well as a pitfall. The good news is that your interest outflow will be lesser, as you pay off your loan sooner. The bad news is that your loan eligibility will be reduced and the EMIs can weigh heavily on your personal finances.

Taking the case of Durgesh here, if he takes a loan of 15 lakhs for 10 years at 11% interest rate, his EMI will be around Rs.20663, and he will pay back Rs.25 lakhs. But if he takes the same loan for 20 years, he pays back Rs.37 lakhs in total – a staggering increase of Rs.12 lakhs!

Like Durgesh, many borrowers in the 45-60 age bracket battle many self-doubts when in the market for a home loan. Here are some of them answered.

Am I eligible for the required amount?

Usually loans are offered till you are in service. For example, Durgesh earns a salary of Rs30000. So his loan eligibility for 10 years is 12 lakhs only. But since he is a government employee, he gets pension. He can use part of his pension for loan repayment, and banks too may consider this option. His loan application can be therefore considered for up to 20 years, and he can be offered a higher amount.

Considering his pension will be lesser than his salary, the EMI outflow post retirement will be lesser. This is also called step-down repayment options, as the later EMIs are stepped down here.

Other options for him are to consider his wife or son (if they are employed) as joint applicants. If he is having any additional income like rental income from some any other property, that too can be considered.

Will it be difficult for me to manage the EMI? How should I prevent the EMI from becoming a burden?

In Durgesh’s case, his monthly salary being Rs.30000, it will be difficult for him to service a loan of 15 lakhs. Moreover, he has other expenses to take care of as well, like his down payment and funds for his second son’s higher education.

Durgesh can opt for an accelerated loan repayment option. Under this option, he can choose for a lesser EMI during the initial years. As he works through the loan tenure, the EMI slowly grows with the passing years. However, there are two flip sides to this option.
1) Lesser EMI means more interest outflow
2) Growing EMI means a higher outflow when he is deprived of his salary post retirement

If he plans his repayment smartly, he can opt for an accelerated EMI here, provided he plans to close or make part prepayments on his loan when he gets his gratuity and EPF amount on retirement. This way, the EMIs will not be a burden for him; to curb the interest outflow, he can choose to close down the loan soon he gets retired.

Alternatively, since he has an FD with the same bank, till he retires, he can opt to earn the interest out of it, or opt for a dividend option from some of his MF investments. This means, he gets some additional income every month. And with this additional income, the EMIs will not be a burden for him. If he owns some other property, he can think about renting it out to earn some additional income.

How should I manage the down payment? Should I break my FD to manage it?

The strategy to be adopted is completely based on the financial situation of the individual. However, considering the other expenses one may meet during retirement, breaking an FD is not advisable.

However, there are some alternatives for Durgesh. If he owns some other properties, he can plan on selling it to raise some funds so that he can manage both his son’s education and down payment. If he can afford to pay more EMI, i.e. if he has any passive income, he can plan for a loan against FD, a PF loan or a loan against his insurance policies to raise some funds, so that his temporary financial crunch will be managed. If he is holding some shares, he can plan on selling a couple of them.

Alternatively, instead of taking both the burden of his son’s higher education as well as down payment simultaneously, he can opt for an education loan for his son, so that he needs to worry only about the loan down payment.

If none of the above options work, he can check with his bank if to see if they offer the proportionate release option which can bring down his EMI considerably in the initial few instalments.

Above all these, latecomers on the home loan scene should research their options well. This is because some banks charge a higher fee based on the age of the applicant if they have considered pension income, since this constitutes a risky profile for them.

Source : http://goo.gl/vNmJXD