close

December 2021

Finance

What is an NRE Savings Account & How much interest can it generate for NRIs.

by Abram Jayce on

As per the Foreign Exchange Management Act, 1999 (FEMA), an NRI is defined as person resident outside India who is either a citizen of India or is a Person of Indian Origin (PIO). Of all the things that NRI must oversee, one of the main things is opening a bank account. To curb your money-saving or transfer of funds issue, banks in India allow you to open NRE account. Let’s get to know what an NRE account and how much interest rate you can generate from it.

What is NRE account?

A Non-Resident External or NRE savings account is targeted for NRIs looking to park their income earned outside India. The denominations are maintained in rupee. The income which you can from outside India can be parked in this account if you are staying overseas for employment, business, studies, or any other purpose. Before saving, you need to convert foreign currency. Through this account, you can easily transfer money from your residence country to home country.  As an NRI, the principal and interest amount are not taxable.

Let’s take a look at some of the features of the NRE account:

  • The principal amount deposited in your account and the interest you earn on your deposit is tax-free in India
  • You can access your account from anywhere around the world
  • Funds are fully and freely repatriable. Also, there is no restriction for transferring funds abroad
  • You also receive international ATM-cum-Debit Card
  • You can easily send money to India from NRE account to NRO account in India
  • You can open an individual account or open the NRE Joint Account with another NRI friend or relative
  • You can assign a Mandate Holder, who can be a family member residing in India. This helps the mandate holder to get access to your account anytime, anywhere through cheque book or mandate card received from the bank
  • You can access your account from anywhere around the world

How much interest rate you can generate?

You can maintain an NRE account in the form of savings or deposit account or both. Several banks calculate nre savings account interest rates based on the balance available in the account at the end of the day. The interest rates are different at different banks offering NRI banking solutions. Most interest rates for NRE savings account begin from 3.5% per annum. If you are looking to earn higher interest on your savings, then you can opt for an NRE Fixed Deposit account.

Any NRI, PIO, Student or Seafarer can open an NRE account. Those NRIs who are looking to save money in INR, and you expect to repatriate millions of dollars to your home country, then opening an NRE account would be an ideal choice.

If you are looking to open an NRE account, below are the details regarding the documentation process:

  • Passport
  • Residence Visa or Residence Permit or employment visa or Visa work permit
  • PAN Card Copy or Form 60
  • FATCA or CRS Declaration
  • CKYC Annexure
  • Address proof
  • Funding from customer’s self KYC complied account through cheque, DD, inward remittance (wire, vostro, M2I) is mandatory.

You need to submit the photocopies of the above documents that require self-attestation i.e the signature of the applicant as well as attestation by a Banker / Notary / Embassy official / Consulate Official.

Keeping the above features of an NRE account, you can easily open an account online.

read more
Forex

GoldVence Review – Taking a Close Look at the Broker

by Abram Jayce on

Choosing a broker is one of the most important decisions that you have to make in your online trading journey. The platform you trade on determines not just your experience, but also your performance. Thus, you have to put some thought into this decision. Otherwise, you will find yourself looking for another platform soon enough and it will only lead to frustration and missed opportunities. Being thorough from the beginning can be very helpful in this situation, which means you should go through this GoldVence review.

This can ensure that you know what you are getting into and can avoid any surprises or disappointments. GoldVence has undoubtedly climbed up the ranks quickly in the financial markets and this will catch your eye, but you need to take a close look at their offerings before making any decisions. Let’s get started:

Security protocols

Opting for a broker without knowing what kind of security protocols they adopt is a big blunder. You do not want to do that because it will only put you at risk in the long run. Cybercriminals are on the lookout for opportunities to steal your money, or your information and you don’t want that to happen. Therefore, you need to find a broker that prioritizes security and GoldVence has done exactly that.

You will come to know that they have adopted the right protocols to protect your information and your funds as well. To begin with, the information you share is protected through SSL (Secure Socket Layer) encryption, so no one can get access to it without authorization. Likewise, all funds are deposited in segregated accounts by GoldVence and this can prevent misappropriation.

Most importantly, you will come to know that GoldVence also complies with KYC (Know Your Customer) and AML (Anti-Money Laundering) policies that are a great way of preventing money laundering, identity theft and financial fraud. All traders have to provide proof of ID and proof of address and this can prevent fake accounts.

Asset index

Checking the asset index of a broker should also be a priority because you want to ensure that it can help you make the kind of profits you want. Many platforms might claim to offer you a variety of instruments, but actually delivering it is a completely different scenario. Fortunately, the same doesn’t apply to GoldVence because they promise you access to some of the top trading instruments in the financial markets and this is exactly what they provide.

A quick look at their asset index shows that it is quite extensive and GoldVence offers you access to a number of markets in one place. You can choose from the forex, stock, indices, commodities and crypto market on one platform. This allows traders to create a diversified portfolio and this is the best way to keep your trading risks at a minimum and maximize your profits.

Account Options

You also need to know what kind of account options are available in order to choose an appropriate broker that can fulfill your needs. A look at GoldVence shows that it has introduced three different account options for its clients, designed for different types of traders. These are known as Basic, Standard and Premium and are designed for newbies, intermediate traders and professionals. Some features are common in all three accounts, such as a personal manager, news feed, financial calendar and leverage.

However, an important thing to note is that GoldVence has added a different level of leverage in each account and the welcome bonus also varies. The spreads offered in each account are also very different.

Ending Thoughts

You will also find that GoldVence offers you round the clock customer support via different channels, so you don’t have to wait for any help. They also have a quick and simple registration process and web and mobile-based trading platforms that allow traders to access the financial markets of their choice quickly and easily.

read more
Investment

3 Advantages of using mutual funds calculator online

by Abram Jayce on

A mutual fund is one of the safest investment instruments when seeking a regular investment option with greater returns. It allows you to save or invest in assets in a regulated and consistent manner over a long period. Because this investment tool is normally guided by industry-experienced specialists, you will never have to worry about continuously monitoring your investments. However, understanding how to use mutual funds to their full potential and get the most out of your mutual fund investment is critical.

A mutual fund calculator comes in handy in this situation. A mutual fund calculator is an online tool that may assist an investor to understand how mutual funds work and how to maximize capital gains to fulfill a certain financial objective.

How can a mutual fund calculator add value?

Let’s start with how the mutual fund calculator may help you as an investor or potential investor by providing value-added inputs. The mutual fund returns calculator provides you with the following information.

  1. The mutual fund calculator estimates returns for various investing periods, such as one year, three years, five years, and so on. If you want to know about the estimated returns, click here for more information.
  1. Typically, such mutual fund returns calculators are free tools that can be found on MF websites or aggregator websites and may be utilized with minimal data and technical abilities.
  1. It has practical utility. Because the expected future value of assets is known, the mutual fund returns calculator assists investors in better planning and managing their money.
  1. While the estimated returns are reasonably accurate, employ caution because it is still an estimate. Allow for mistakes since mutual fund investments are susceptible to market risks.

Benefits of Mutual Fund calculator

Easier to make well-informed decisions

A mutual fund calculator can assist you in getting your mutual fund investing goals off to a good start. It aids in the selection of the most advantageous mutual funds. You may quickly choose between multiple SIPs with identical investment amounts and interest rates.

By adjusting the variables, you may experiment with numerous choices for your monthly investment strategy. It explains which mutual fund will make you the most money and leads you through the decision-making process. You may be confident in your financial planning and selection of a top-performing mutual fund to invest in if you do it this way.

Simple to operate

All of the online mutual fund calculators provided by fund companies are simple to use and have a user-friendly interface. A mutual fund calculator is your go-to friend if you are a rookie in this industry who is just getting started with investing and needs to obtain an understanding of the larger picture.

Simply input a few essential parameters in the mutual fund calculator, such as the amount you wish to invest, the number of installments, the frequency of contributions (monthly or quarterly), and the estimated rate of return, to calculate the SIP. The calculator will give data on the returns you will receive from your mutual fund investment in just a few clicks.

Accurate and quick results

Because an investment is connected with calculated risk, the data associated with it must be accurate. You obtain exact figures for the amount invested, the maturity date, and the capital gains on the amount invested.

This automated procedure, which is backed by a predefined formula system, removes the time and risk of mistake that comes with manually calculating everything. The method is faster and easier with one-time input delivering information on all areas of investment since it can be accessible online 24 hours a day, 7 days a week, at no cost, and the results are always just one click away.

Conclusion

In India, mutual funds are steadily increasing in popularity as an investment vehicle. Although these investments have some inherent risk, the rewards are correspondingly larger. Negative returns are always a possibility with mutual funds. Such scenarios are, however, readily averted with little financial planning and expert advice.

read more
Business

Is Trading With Yuan Pay Team Profitable

by Abram Jayce on

Many people questioned the Digital Yuan’s capacity to be successful in China, and they were right. Although it looks that the new currency is working well, there is still some uncertainty. Many people have questioned the existence of the Yuan Pay Network platform as a consequence of their doubt about the Digital Yuan as a function of this point of view. Because of the products and services it offers, this platform looks to be legitimate.

Our investigation also took us to a number of online review sites, where we learned that many individuals had enjoyed the advantages of utilizing this particular trading platform. In overall, they had a favorable impression of the program, which they were happy to share with the organization.

In order to open a trading account with Yuan Pay Group, you must first complete the following steps.

  • Obtaining a registration

Go over to the yuan pay Corporation Robot website and complete the registration by clicking on the register button on the bottom of the page. It is critical that you provide clear contact information, but you must also ensure that it is true. Before going on to the next step, double-check the email address you were provided. Follow the instructions in the verification email that you will receive.

  • Create a unique password for your account

Following the submission of your contact details, the next step is to encrypt and build up your account so that you may begin making investments. A phone conversation with an expert is scheduled with you after about 30 minutes after registration on the internet. This call is made to ensure that the persons signing up are legitimate and that they have access to bank in the event that anything goes wrong with their account.

They also provide you the option of scheduling the contact at a time convenient with you before donating your funds.

Why Should You Consider Doing Business With Yuan Pay Team

  • Commodities are bought and sold on the open market.

For the purpose of assisting its financial products in managing their assets and perhaps earning higher returns, yuan pay Team provides its customers with the option to trade different cryptocurrencies on the existing or futures markets. A distinguishing feature of the platform is the way in which different functions are clearly labeled on the dashboard, making it simple to use whilst being aesthetically beautiful.

Percent Of The Time You Are Victorious

As per the official website of the Yuan Pay Team, the bot has a success record of more than 99 percent, which is impressive. To put this another way, for every -100 deals, the trader wins money on 99 of them, resulting in a 99 percent success rate. New users should proceed with caution since the success rate is also influenced by the amount of funds they have available and the level of knowledge they possess.

There Are Many Different Types Of Cryptocurrency

Yuan Pay Group distinguishes itself from other online payments and cryptocurrency exchange businesses by giving access to Bitcoin, Ethereum, and the Digital Yuan, among other cryptocurrencies. This is another another intriguing aspect of the company to learn about. Consequently, it has emerged as the only auto trader that provides access to International bitcoins. Because of its one-of-a-kind characteristic, digital Yuan exchange has grown more popular in various locations.

Customer Service Personnel Involved

Yuan Pay Group, on the other hand, provides a “Contact us” option for consumers to voice their issues, but many platforms do not. Professional customer service specialists are here to assist you 24 hours a day, two weeks a week with any queries you may have about your order.

read more
Investment

Some head to head differences between cryptocurrency and bitcoin

by Abram Jayce on

The head-to-head differences between cryptocurrency and bitcoin can be explained with the help of a table:

Basis to make comparison Cryptocurrency Bitcoin
Chief intention Providing secure, safe, and low-cost transactions. Simplifying and augmenting the transaction speed but in the absence of any government restrictions.
Popularity There has been an escalation in the number of cryptocurrencies though their share happens to be lesser compared to Bitcoin. Bitcoin is considered the most well-known bitcoin.
Trade Lots of cryptocurrencies are utilized for trading. The use of bitcoin is confined to trading when you utilize it in the form of a currency.
Strategy The intention of cryptocurrency is the exchange of products and services in a highly secure and safe environment and there is very little or no interference from govt. or any middleman. Bitcoin aims to lessen the price of influencers. Again, it works for lessening the transaction time. However, bitcoin is less flexible.
Status Lots of cryptocurrencies that entered the market only recently tend to be transparent and so, they can work with various industries Bitcoin turns out to be anonymous and so, though people can view their transactions, they emerge as meaningless numbers. Again, they don’t remain in a specific sequence too.

If you are still unclear about the differences between cryptocurrencies and bitcoin, visit Crypto News.

The working process of bitcoin

If you look from the perspective of a user, then you will find bitcoin to be similar to a computer program or a mobile application that proposes a personal bitcoin wallet besides permitting users to receive as well as send bitcoins. And this is the common process of the working of bitcoins. The network of bitcoin shares a public ledger and it is known as the blockchain. It comprises every transaction that is ever processed and so, users’ computers can verify the transactions’ validity easily.

The transactions’ genuineness is shielded by digital signatures and they permit every user to gain control over sending bitcoins from his bitcoin address. Again, every person can process transactions utilizing the computing strength of some specialized hardware besides earning a reward for this service. Most often, this process is called mining.

Reasons for trusting bitcoin

People have faith in bitcoin as it needs no trust. Bitcoin is fully decentralized and open-source and it means every person can get access to the whole source code anytime. Hence, all the developers from all across the globe can verify the working process of a bitcoin. Every transaction as well as bitcoin that is issued in existence can be consulted transparently by people in real-time. Again, people can also make payments without the support of a third party.

The whole process of bitcoin remains shielded by some peer-reviewed cryptographic algorithms that are utilized for banking online. The remarkable thing is no person or organization is capable of controlling bitcoin. Again, the network remains safe even when not every user can be trusted.

People can’t rely on every source for gathering more information on bitcoin or other cryptocurrencies and so, they find it feasible to contact Crypto News anytime.

read more
Forex

Finding Your Path Through the Forex Jungle

by Abram Jayce on

One of the most popular financial markets in the world is the forex market. With millions of traders each day, about $6.6 trillion is traded on a daily basis.Plus, the internet has left a big mark on the way forex trading is done, opening up foreign exchange markets to anyone with a connection and strategy in place to make informed decisions. Another reason for its popularity lies in its inherent volatility. Every single day, a nation’s currency fluctuates, prodded by economic factors, political factors and interest rates, to name a few. Now, although there is a certain amount of volatility here, it’s notall thatperilous, for the reason that the huge amounts of money flowing through the market help steady the boat. In this way,the forexmarketmaybe less choppy than the cryptomarket.Traders who enter the forex market attempt to make profits on the price movement, AKA the very volatility, of currency prices. If they expected, for example, the value of the euro to appreciate relative to the US dollar, they would open a “buy” deal on the currency pair EUR/USD. If they believed the dollar was due to strengthen against the euro, they would open a “sell” deal on this pair.

An author once wrote that if you’re not interested in what previous writers have accomplished, you should give up on being a writer. Similarly here, before jumping into forex trading with iFOREX, you should find out about the trading strategies that others have developed in order to gain more insight into your own strategy. Let’s go through some of the most popular ones out there.

The ABC System

The ABC system is a simple and effective way of determining whether or not there is an overall uptrend in a share’s price. A is the starting point on the price chart of your stock; B is a higher point on the price chart, to where the price increased; and C is a point lowerthan B, to which the price then dropped. If C is higher than A, it shows that the dip in stock price still left it higher than its original point, so there is a general uptrend. Take the currency pair USD/MXN: if it was 21.5 in March (meaning one dollar costs 21.5 Mexican pesos), and it shot up to 23.0 in April, but then slipped to 22.0 in May, you can see a clear uptrend over those three months despite the slip. This might be seen as an indication to open a “buy” deal on the USD/MXN.

MACD

Moving Average Convergence Divergenceis also a technique using price charts, and its power lies in proving that a share price has recently been rising more rapidly than it has done in the past. When we examine a chart and see the short-term moving average crosses over the long-term moving average, it shows the recent price jumps are indeed more extreme than the usual, so it may suggest a “buy” deal. If the short-term average crossed below the long-term average, it shows the price is falling more quickly than it normally falls, which may suggest a “sell” deal.

Fibonacci Retracements

When you see how this strategy works, you’ll realize that some traders view share price movements in the same way as anything else in nature, meaning that they move in patterns that may not be so easy to recognize at first glance. That’s where the Fibonacci retracements strategy comes into play.If you started a number sequence with 0,1… and determined each following number by adding up the previous two numbers, and then divided up the results in certain ways, you’d come up with the “Golden Ratio” of 61.8% which you could find in mollusc shells, flower petals and human faces. Now, what if you took the key Fibonacci ratios of 23.6%, 38.2%, 61.8% etc. and plotted them on a chart of stock prices between a high and a low point? You might come up with key points at which an initial trend could continue after a hiccup. This mayhelp you know what to expect for the coming months and so how to adjust your trading strategy.

Getting Things Started

One thing to mention about all these trading strategies: none of them are designed to be advice or a guarantee. They’re simply there to help you gain insight into the performance of your instrument, whether it be EUR/USD, USD/MXN or various other currency pairs. Before forex trading with iFOREX, it’s important you learn the basics of how the forex market works and which factors can affect which currency pairs. It takes time and experience to hone your own strategy, as well as a full understanding of all the risks involved. If you’d like to start forex trading with iFOREX, take advantage of the brand’s signature educational resources program including how-to trading guides, video tutorials, and 1-on-1 training with a live trading coach.

read more
Forex

Why Traders with Different Backgrounds Like Proligon So Much

by Abram Jayce on

It is quite an achievement for an online trading services provider that they are liked by traders of all backgrounds. You have people who are just starting out as traders and those who have lived their lives trading. At the same time, you have these traders coming from all parts of the world. Despite their origin, age, and experience in trading, they all seem to admire the company that I am going to talk about today in this Proligon review.

This platform has been around for not too long but its impact has been quite great. It has achieved what most other companies have not achieved in many years of their services. I don’t think a company can call itself the best or the biggest. I call them big and the best only when I have traders who admire the company for its efforts. So, let me tell you about this platform and you can see for yourself if it gives you enough reasons to admire its services.

Trade Assets from Various Categories

Don’t limit yourself to a particular category of assets because it will not be great for you in the long run. You want to become a trader that has a diversified portfolio. Now, the most important thing to understand here is that diversification should not be pursued for the sake of impressing others. The fact of the matter is that diversification provides you with safe grounds for trading. When you have distributed losses, you can take more chances and make more money. With Proligon, you will be able to take as many chances as you want because you have plenty of choices.

You have assets from a variety of categories. You can trade exotic, minor, and major currency pairs in the forex currency category, whereas stocks offer you shares in hundreds of companies. At the same time, you have indices and commodities available for trading on the platform. Don’t forget that you will be trading cryptocurrencies on the same platform.

Trade Anywhere Using the Web-based Platform

Are you someone interested in a platform that you can use from anywhere in the world? Do you like to travel a lot or do you keep changing the devices you own? Whatever you are passionate about will not be affected when you sign up with this company because its software blends perfectly in your current lifestyle. If you want to trade on the go and from the other side of the world, the web-based trading platform from Proligon is definitely going to give you the experience you are seeking. You can even use it on a variety of devices, including your desktop computer, tablets, and smartphones.

You will be glad to know that the same software will work on all the major operating systems that work on computers, tablets, and smartphones. In other words, you can use it on your Windows computers, MAC, Android phones, and iPhones.

Six Accounts for a Flexible Choice

Why pay more when you can get great trading features with a basic trading account? You have Proligon providing you with the choice of picking one trading account from six different choices. The first ones on the list are basic accounts and you can afford them with ease even if you don’t have a lot of savings to spare for trading. So, the standard account is available to you for just $10,000. With this amount, you will have the company serve you as a complete platform i.e. your cryptocurrency broker, forex broker, CFD broker, and more. You don’t get such amazing flexibility every day.

Final Thoughts

You can see that I have tried to completely ignore the features that are very specific to certain traders. I have talked about things that I think matter to every person who has ever thought of trading. When you sign up with other companies, you have a good trading account. When you sign up with Proligon, you have a great trading account and peace of mind.

read more
Credit Cards

What are Employee Retention Credit and Its Requirements?

by Abram Jayce on

The employee retention tax credit is a refundable tax credit by an eligible firm between March 12, 2020, and before January 1, 2021, that wants to retain its staff on the payroll. The credit is 50% of up to $10,000 in wages paid by an employer whose company is completely or partially halted as a result of COVID-19, or those whose gross receipts have decreased by more than 50%. Employers who are qualified for the credit can get it right away by decreasing the amount of employment tax deposits they are needed to make.

Employers, especially tax-exempt organizations, are eligible for the credit if they run a trade or company in 2020 and experience one of the following:

  • a complete or partial cessation of their trade or activity during any calendar quarter as a result of governmental directives restricting commerce, travel, or group meetings as a result of COVID-19, or
  • a significant drop in gross receipts.

Availability of the Credit

Employers regardless of the size, notably including tax-exempt organizations, are eligible for the employee retention tax credit benefit. However, 2 exceptions apply for the availability of the credit:

  1.   state and local governments and their agencies, and
  2.   small enterprises that take out Small Business Loans.

To be eligible, the employer must fulfill one of two alternative tests. Each calendar quarterly, these tests are computed:

  • if the employer’s business is totally or partially halted by government mandate pursuant to COVID-19 during that calendar quarter, or
  • if the employer’s gross receipts are less than 50% of the same quarter in 2019. After the end of a comparable quarter in 2019, if the employer’s gross receipts exceed 80%, they are no longer eligible.

Impact of other reliefs or credits:

Other credits and relief laws affect a qualified employer’s right to claim the employee retention tax credit and some of which are:

  • Employers who obtain a Small Business Interruption Loan through the CARES Act-authorized Paycheck Protection Program shall not be eligible for the tax credit.
  • Wages used to calculate this credit cannot be used to calculate the credit for paid family and medical leave under Internal Revenue Code section 45S.
  • Wages for this tax credit are not inclusive of wages in which the employer earned a tax credit there under the Families First Coronavirus Response Act for the reason of paid sick and family leave.
  • If the employer is eligible for a Work Opportunity Tax Credit under section 51 of the Internal Revenue Code, the employees are not considered for this credit.

What is the procedure for obtaining credit?

The small company Employee Retention Credit allows companies to deduct 70% of an employee’s qualified pay up to $10,000 every quarter. The maximum credit amount per employee is $7000 per quarter. The employer’s Social Security tax burden is reduced by the credit. A refund from the IRS is received if the credit exceeds one’s Social Security tax liability.

Conclusion

Employers can receive immediate reimbursement for the credit by lowering the amount of payroll taxes deducted from employees’ salaries and deposited with the Treasury. In December 2020, the Employee Retention Credit was further extended by the Consolidated Appropriations Act (CAA or the Act). All employees don’t need to take advantage of the tax credit and employers who are eligible for the Employee Retention Credit may choose not to claim it.

read more
Business

How To Update Octane Pentatonic Pump Control Module

by Abram Jayce on

A Sump Backup Battery or a Backup Water Pump is essential to ensuring your home or business has continuity of operations in the event of a complete power outage. The backup pump stores water and removes it from the basement. Water pumps are typically located in basements that receive high snowfall and have high humidity. It is also crucial for businesses with a large amount of water storage to have a backup water pump. Many older homes and businesses use a mini version of this pump called a Timesavers, which sits in the crawl space under the floor drain and monitors the house’s temperatures.

A Sump Pump usually consists of two main components, a housing for the pump itself and a waterproof or non-waterproof pump box. In addition, it has an electric motor to move the water through the pipes and a sensor network to detect when the water level in the sump reaches a predetermined point. The sensor network operates via a serial cable that connects the housing to the pump or a remote device such as a digital control unit.

When the pump detects a rise in the ambient temperature, it will pump water from the tank until the ambient temperature falls below the predetermined level. This process continually loops and continues until the sensor values drop below a specific value. When the value drops below a particular matter, the pump will stop pumping water.

The Sump Backup Battery is built into some newer models of basement waterproofing systems. You may need to have a professional install one of these units on your own. It is usually located in a place where the water level is at its lowest. It is designed to sense the ambient temperature and initiate the pumping action when it drops in the ambient temperature.

This device uses the reference point of the atmosphere (atmospheric pressure, humidity, temperature, etc. ), ground temperature, and the last known barometric pressure to determine what force the sensor is reading. Because it is based on the final known value, it can only sense changes in the ambient temperature, and the last time it was measured, it used the atmosphere pressure reference point (which is an excellent thing).

Several components in this system are designed to allow it to work with a variety of different pump systems. Each member will receive a reference from the central unit and sense a change in the pressure. If the pressure changes, it will trigger an alarm to warn of an impending leak. This type of alarm is required because of how this system uses a very sensitive, low output current.

A Sump Backup Battery will allow you to protect your basement from several different things. Suppose you have a well-chosen pump system (i.e., one that uses a high-efficiency pump). In that case, a backup battery will be able to use this to prevent damage to your pump’s motor and prevent heat damage due to pump evaporation. If you have scorching weather, a submersible sump can be placed under the lake to avoid the water from rising due to the heat or any other reason. In the event of excessive rainfall, the sump can be placed under the ground, and the water condensed or drained via gravity without having to worry about damage to your basement floor.

If you do not have a sump pump and have a concrete slab, you could also add a waterproof controller. Most waterproof controllers have two primary components: an x10 size resistive element and a noncorrosive resistant nonferrous stainless-steel liner. If you add a waterproof controller, it could add a couple more years to the life of your pump. On the other hand, if you do not have a concrete slab, your best option may be to install an acrylic liner to stop corrosion. Again, it will add another couple of years to your pump’s life, but you will lose the ability to use the sump for aesthetic reasons since the pump will not get at the pump water.

read more