Business loans and app: Why you need to download now!

Business loan apps are gaining popularity with every passing day. With the new and simpler mode of connecting to organizations which hand out business loans, everybody seems eager to download the numerous business loan apps and make the most of it. With the help of the business loan apps, business owners can now calculate the amount which could be required to start a new business or grow and manage an already existing one. Multiple products and features help you filter and prioritize what you might need and this also allows you to save a lot of time. Managing your business finances has become easier with the help of these apps. Given below are some of the best loan apps which you should download right away for easy access to business loans. Along with business loans, you can take a number of other loans with these apps as well.

The LLC Business Loans App

The LLC App allows you to choose any desired loan program to start or manage different kinds of businesses. Downloaders can get to choose the different kinds of loans which they can use for inventory, payroll, renovation and even operating costs as well. The LLC loans app makes it easier for you to navigate and access different features available on the app.  They also have loan calculators to help you out instantly. This app also lets you apply with good, bad or limited credit in a matter of 60 seconds. The best part about this app is that you do not have to pay any application fees as this app can be downloaded for free from the Apple iTunes or the Google Play Store.

HDFC Bank Loans App

Another similar app which you can make the most of and help your business flourish is the HDFC Bank Loans App.  With the help of HDFC Bank loans app, you can now manage your account from anywhere and everywhere, absolutely hassle-free. HDFC Bank loans app allows you to take credit which will be granted to you by providing few simple details about yourself. It can only get simpler with HDFC Bank Loan apps as you can also withdraw funds from your phone right away. Withdrawing working capital and instantly getting information on how much funds can you access are some of the perks of downloading this app. Not just business loans but any kind of home loans, personal loans, car loans and more can be easily accessible with the HDFC Banks loans app.

FlexiLoan Business Loans Apps

Another amazing application which helps people in India take small loans is, Flexiloan. This app has helped a number of small and medium sized businesses to flourish and acquire loans and working capital when required. The products and features available in the app helps people get vendor financing, line of credit, working capital loans and even merchant cash advance. You can easily get your SME loan approved by downloading the app, uploading some photos of your key documents and connecting to your bank account.

Two wheeler loan application is now made easy with an app!

Are you thinking of purchasing a bike? Why spend money from your own pockets when you can avail a loan for the same! A two-wheeler loan can be very handy if you want to purchase the bike or scooter of your choice without worrying about the expense. Due to the development of several loan apps, the application process for such a loan has now become much simpler.

If you are indeed thinking of applying for a two-wheeler loan, ensure that you do so through one of the several loan apps. Here is a look at how you benefit when you apply for the bike loan online.

1. Calculating EMI
For any loan, the monthly installments or EMI is of the greatest concern for most people. When you apply for the loan using the app, you have the ability to calculate the EMI even prior to the application. This is an advantageous feature, as it can give you a good idea regarding how much loan you should apply for. You want to ensure that the EMI payments for the loan do not become too much of a hassle for you.

A bike loan EMI calculator is present in most loan apps. For such a tool, you need to enter the loan amount, tenure and rate of interest in order to get the exact EMI payable each month for the same loan. Therefore, the bike loan EMI calculator can be very handy.

2. Hassle-free process
The entire process for the two-wheeler loan may take a bit of time as it is conducted using the offline, conventional method. You would need to visit the lender personally and apply for the loan. However, in case of the online bike loan application, the entire procedure becomes much more streamlined and simple. This helps you save time and allows you to conduct the entire procedure from within the confines of the home.

Aside from saving time, the online procedure also allows you to save conveyance money, which you would have otherwise spent while travelling to and from the lender’s office.

3. Comparing rates
Application through an app, allows you to compare the interest charged by the different companies. In the conventional offline procedure, consumes often do not perform a thorough comparison and end up paying higher interest than they really need to. However, in the online procedure, most consumers can easily compare the rates charged by the different institutions and make an informed decision regarding the same.

So, it is best to apply for the bike loan using the loan application in your smartphones or tablets.

All you need to know about the education loan eligibility through the loan app

Education loan is vastly helpful for people looking to pursue higher studies, both in a foreign country or within India. The financial help can be of great aid in paying off the tuition fees and even the travel allowance in case of foreign degrees. However, not every student is eligible for such a loan. Lenders check the background of the student thoroughly before sanctioning or rejecting a loan.

Application for such a loan has now been made much easier due to the arrival of the loan apps. Such apps allow the user to apply for the loan from within their home, without having to undergo the hassle of the standard loan application procedure. Still, people must keep in mind the eligibility criteria for such a loan.

Eligibility criteria for education loan

• The first thing that the lenders check in such a case is the academic background of the student for whom the loan is being taken. This is done because the lenders need to check whether the student would be able to perform well in his upcoming course and get a good job. This will determine whether he/she will be able to pay off the loan in the future.

• The lender will also check the course for which the loan is being sought. Most institutions will reject lending money for courses that are not recognized universally or properly accredited. This is because the chances of securing a proper job after such a course are low, which in turn means that the student may not be able to repay the money.

• Usually, for education loans, a guardian or parent of the student in question acts as the co-borrower. This means that failing the repayment of the loan by the student; this co-borrower is liable to pay. So, the lenders will also look into the age and the income of the co-borrower before sanctioning an education loan.

• Finally, the education loan is usually sanctioned against collateral. This collateral may be a property or any other asset. In such a case, the lender will determine the value of the collateral and figure out whether the price of the same covers the loan amount as well as the interest payable.

Remember these pointers before applying for the education loan. Do not forget to check out the education loan interest rates as well. Ensure that you pick a loan where the rates are affordable and where you or your child will be able to pay it off after the completion of school.

Gold loan and loan App: How to enjoy a convenient loan application

With each passing day, gold loan is becoming more and more popular. Many people are opting for gold loans rather than availing a personal loan for their needs. Most institutions offer competitive interest rates, which makes gold loans a profitable prospect for people in need of immediate funds.

With the emergence of the online banking system, loan application has become easier than ever before. People can now take advantage of loan apps, through which they can apply for a gold loan in just a few minutes. Here is a look at some of the benefits of applying for the gold loan through an app.

1. EMI calculator
Applying for the loan offline means choosing a lender blindly without a proper accounting of the EMI payable per month. This may lead to inconvenient situations in the future. However, when you apply for the gold loan through an app, you are instantly allowed to check the interest payable along with the monthly payments, which you would have to make during the loan repayment tenure.
A tool known as the gold loan calculator is used in such a case. All you have to do is to enter the principal amount, the interest charged and the tenure of the loan.

2. Saves hassle
In the standard gold loan application process, you would need to visit the offices of the lender and apply for the loan there. Not only would this cost you additionally, but it would also mean spending a lot of time on the loan application. However, if the gold loan application is made online, you can complete the entire procedure from the comfort of your homes.

3. Free insurance cover
Some companies also offer a free insurance cover for your gold if the application for the loan is made online. However, do not expect every company to throw in the free insurance coverage. Such an insurance can be very handy in case of theft or loss of the gold products in question and can help you recover from such a loss.

4. Online repayment
The online gold loan application may also mean easy, online repayment options. This will further save your time, as you do not have to write out a check each month and drop it in the beneficiary’s account. You can sit at home or office and just clear the EMI through the internet banking system.

If you are looking for a gold loan, the application should be made online through such an app. This will make the entire lending process much simpler for you.

Why is it important to calculate your car loan EMI?

A car loan will prove to be very useful for people who are looking to purchase a new four-wheeler but do not have the appropriate financial backing. A loan in such a circumstance can help you get the vehicle you desire without having to worry about the expenses.

If you are looking to sign up for such a loan, make sure that you conduct a thorough research online in order to get the loan with the lowest interest rates. This is where the car loan EMI calculator can come very handy.

What is the car EMI calculator?

Every loan scheme allows you to get a lump sum amount from the lender in exchange for paying a certain percentage of interest on the money lent. This interest is usually paid off through monthly instalments known as EMIs or equated monthly instalments. The amount of EMI payable each month depends on several factors, including the principal amount, the rate of interest charged and the tenure of the loan repayment.

The car loan EMI calculator is a specialized tool, available online, that can calculate the monthly instalment for a particular car loan scheme. You need to enter the loan amount you are applying for along with the interest charged and the tenure of the payment. Once all of the data is entered, the calculator will tell you the exact amount that you would have to pay if you decided to take the same loan.

Importance of EMI calculator

The car loan EMI can help you understand the nature of the loan and whether it suits your need and financial condition. Here is a look at some of the benefits of using such a calculator.

• It helps you to figure out the car loan EMI, which you have to pay each month. This allows you to know the exact amount of payment and thinks whether these would be possible for you or not.

• It prevents you from taking a loan, which you may not be able to repay when the time comes. If you use the calculator, you are more likely to take only as much as you would be comfortable repaying.

• It allows you to compare the EMI for loans from competing institutions. Therefore, you are more likely to find the plan with the lowest interest rate

So, never apply for a car loan without first comparing and calculating the rates and EMI payable through the car loan EMI calculator. A quick bit of research will help you a lot in the long run.

Internet banking: What are the bills you can pay through the app?

Using a smartphone equips you with the ability to navigate through a wide range of applications available in the cyberspace. These applications have transformed how humans interact with each other, how they consume their media and entertainment, how they shop, how they hitch rides and now, how they draw and deposit money.

Indeed, internet banking has become the go-to method for the basic banking functions for which you had to previously queue up at the bank. By means of a few clicks and swipes, you are able to carry out a large number of tasks within a few minutes. Paying bills through a mobile app can remove an unnecessary source of tension from your life and free up your schedule to engage in activities that truly please you to the fullest.

Here are many of the bills you can pay through the mobile app:

Electricity
Most power utility companies now have a website that not only provides you information on how your power is generated and routed to your home but also has a payment option. No longer would you have to wait inside your homes for the company representative to collect your money or massively rearrange your schedule to visit the office yourself---the app encourages you to regularly pay utility bill and avoid risking your power availability.

Gas
Likewise, you can use the same app for paying your gas bills as the app aggregates your payment history and provides access to multiple businesses across the country. Moreover, the app saves your information and allows you to pay utility bill with almost no effort.

Mobile
This is another bill that can easily be paid in the matter of minutes through the app. Much like other utility bills, you do not want to risk your mobile connection being shut down for failure to pay your monthly bill on time. Seeing how most of the payment plans nowadays run on a post-paid basis, you have to be careful not to default on these bills. The app makes this chore easier by sending you text alerts regarding bill payments so you can be on time.

Insurance Premiums
Through the mobile application, you can set a threshold amount and schedule payment as per your convenience. This function also facilitates the efficient payment of insurance payments that you can now follow through by means of this app. Most insurance corporations have set up portals within their websites and have direct correspondence with your bank’s system, so internet banking may be your best option for this tedious task.

Pay your credit card bills with mobile banking today

The mobile phone or smartphone nowadays has become an extension of our lives. It is like our third arm. Living without it is next to impossible for most people. People these days turn to their mobile phones for fulfilling the most basic needs such as shopping for grocery or even calling a cab on the road. So, when such basic functions are being carried out through the medium of a device, why should important tasks such as banking or paying credit card bills to be left out of the scheme of things?

Read this article to find out the how to pay credit card bill with mobile banking.

• Almost all banks offer the service of mobile banking. You need to ask your bank if this option is enabled by them. Download the app of the concerned bank, link your account and get things started.

• On the app, make an entry for the amount that is due, select a date for delivery and you are set. If you do not feel like paying the bills manually every month, you can pull some strings on your app and stir up the automatic payment settings. You can schedule your payments henceforth so that you do not need to log in every time you wish to take care of your dues.

• Paying the credit card bills on your mobile phone can make it easy for you to streamline payments and also help you to keep track of the balance all the time.

• Getting access to eBills can make your life aeons easier. The company that is charging you will forward eBills to your concerned bank, and you can later clear up this eBill amount in your own sweet time through mobile banking or through the online account.

• Have we mentioned how easy and convenient it is to clear up your bills with your mobile banking app with just a few swipes and taps here and there while you sit comfortably in your favourite armchair back at home?

• Paying the credit bills on your mobile phone is an extremely safe affair as the banks encrypt the information to the extent that is undecipherable, plus they use high-end security features.

• Also, you will get alerts when payments are due.
As you can rightly see that paying credit card bills with mobile banking app these days are so easy that it almost seems like a child's play. Don’t wait any further; enjoy the benefits of mobile internet banking today!

What Are The Opportunities You Can Get Through Your Banking App

The utility and benefits of mobile applications are numerous, to begin with. A mobile app is the new face of virtual marketing nowadays. A mobile banking app is a much faster option for a quick browse than manually manoeuvring through a web browser. With all kinds of businesses now having an app of their own these days, starting from retailers to restaurants, to better their marketing domain, banking has also joined in the league.

For the sceptics and the amateurs who are still trying to figure out the wonders of the mobile banking app, here are some opportunities that you will likely get.

• Increased Customer Engagement
Mobile apps give you the opportunity of participating in increased customer engagement. The purpose of apps is for seamless connections and interactions.  Mobile banking allows you to check your financial details whenever you feel the urge to or whenever the need arises. This is very beneficial to manage the safety of the account. You can keep track of any uncalled for transactions and fraudulent activities.

• Lower Expenses
The banking app reduces costs that come with messaging and also reduces the cost of paper. When you conduct banking services often, you need to take out truckloads of printouts of various details from various facets of your life. This entails a lot of costs. But a banking app will take care of all of this.

• Pay Your Bills
You get the opportunity to pay credit card bills through your banking app. You can either pay directly or on the company website. When you try to make your bill payment through mobile banking, it helps to streamline payments and also to monitor your balance 24*7. This saves tons of time and is extremely convenient.

• Banking Apps are Serious Game Changers
Banking apps are becoming better and better every day with new and improved features being added on a regular basis. Certain banking apps give you the opportunity of using virtual wallets and also saving engines that automatically set money aside as per your scheduling.

• Free Gratis
Nowadays, banks do not charge extra fees for enjoying the benefits of various services.
Although mobile banking apps are still in their initial stages of growth, they are already becoming popular at breakneck speed. Banking apps are extremely easy to use, safe and secure. This has completely changed the commercial canvas making it a top priority of online mobile banking services all over the world to provide consumers with a smooth experience that will keep them coming back for more.

Net Banking Apps You Need to Download Today

Mobile banking and net banking are related but not entirely similar. Mobile banking is offered by banks through their customized apps and is easily accessed by consumers for banking purposes. You don’t have to go to a bank to make monetary transactions. Here the medium is mobile or your smartphone, to be precise. On the other hand, net banking is having access to banks through the internet. Also, net banking facilities can be accessed using both laptop/computer and mobiles.

Nowadays people have become more tech savvy and social media friendly.  As a result, mobile and net banking have become almost the same and are often used interchangeably. Everywhere people are using smartphones and do not carry around cash anymore. For these reasons, net banking has become all the rage among youngsters, professionals and businessmen.  The market has been flooded with various net banking apps for users to choose from. Every bank has their own individual app which customers can use. Some of the most popular apps are listed below:

 Axis Mobile- Launched by Axis bank. The Axis Mobile app is available for both Android and iOS platforms. Through the app, you can view your bank account details, access your debit and credit card details. It also lets you convert your credit card transactions into EMIs.

 HDFC Mobile Banking- This is one of the most user-friendly net banking apps out there. It allows the user to perform a host of banking tasks such as creating your RD account, checking your FD account, transfer funds and also, you can request for chequebooks via this app. It is the only app on mobile that provides banking services in Hindi.

 iMobile- This net banking app has been launched by the ICICI bank. The app is pretty streamlined and safe to use. You can do a host of banking activities ranging from checking your FD account to managing your insurance and credit cards. Also, you can locate ICICI ATMs through this app and check the status of any check issued by you.

 YES Mobile- It has been launched by YES bank and offers basic banking facilities ranging from managing your accounts to fund transfers and also making donations. 

 State Bank Freedom- This is the net banking app from the State Bank of India which is a public sector bank. The app is very easy to use, where you need to register only once and then you can access a host of its functions including paying bills, money transfers and managing accounts.

 Baroda M-Connect- This app has been launched by the Bank of Baroda and lets you access all of the possible banking facilities.

There are a host of other net banking apps that allow you to fulfil every possible banking need ranging from mutual fund debts to loan repayment. These apps allow to pay credit card bills and bills of other utility services like gas, electricity etc. So, don’t wait in ques anymore as banking is a just a click away.

Internet Banking: Why you need eBanking apps today

The banking industry has responded amazingly well to the ascent of smartphone technology. Now any individual can access his/her bank account and monitor the account on the mobile device. Internet banking does not only facilitate this access but lets you make vital decisions in regard to your finances. No longer do you have to queue up before the bank or make appointments with your bank representatives- an e banking app allows for maximum efficiency at any given time. Here are a few reasons why you should opt for the ease of internet banking today:

Paying Bills
It cannot be emphasized more how efficiently bills can be paid by means of an e banking app. An irksome chore that used to drain you of all your energy is now a minutes-long process. This function has made all the hassle completely redundant. In fact, you could even set an automatic payment system through your bank website and if that is not feasible for you, use your bill payment app to connect to your biller’s website. Regardless, internet banking is the best method through which you can fulfil your billing requirements.

Tracking Transactions
Perhaps one of the most frustrating things about having a bank account is the relentless activity that occurs on any given day. With an e banking app, you will be able to view your statements and thus plan your expenses or savings accordingly. Moreover, getting message alerts for every transaction will also allow you to detect suspicious activity or confirm the success of your purchases. Ultimately, being able to track your transactions paves the way for greater financial judgment.

Portability
In the matter of emergencies, it might not be possible for you to visit a bank or an ATM, so a mobile application provides instant access anywhere you would like and at any given hour. Gone are the days when you would have to schedule your time for a particular visit to the bank or call a teller for the most basic functions. If you are able to master internet banking, you become the sole operator of your bank procedures.

Cost-Effective
Since you will be saving time and money by avoiding the lengthy and oftentimes hectic trips to the bank, this e banking app will already be worth your effort. Furthermore, you do not have to issue cheques as you can pay bills and transfer money through internet banking. The service charges associated with digital transactions have also been reduced considerably, so people are persuaded to make the most of internet banking.

Reasons why IMPS transfer makes a good option for emergency fund transfers

The question of money is a bare necessity; no one knows when there might be a financial emergency and you will need to fall back upon a large sum of money to solve some crisis. Think of a situation when your loved one or child is staying or studying in some other city or country and there is a need to send a considerable sum of money immediately.

How do you make this quick transaction possible? With the help of IMPS money transfer service of course!

Immediate Payment Service or IMPS, for short, is a service that can be made use of with the help of one’s mobile phone. The receiver will be credited with the transferred money right away. The only thing is that both the accounts need to be IMPS enabled. No more standing in long queues in the pouring rain of the monsoons or sweltering heat of the summers. Get your money transferred from the confines of your comfort space at the snap of a finger.

More and more people these days are turning to IMPS emergency fund transfer. The reasons are as follows;

• Always Available

Unlike most other money transfer services, IMPS enjoys being one of these rare few that are available round the clock. Not only is it open for money transfer service 24*7 but also during the dreaded bank holidays. This is a huge benefit when you have to send off money suddenly and urgently.

• The Range is High

The IMPS money transfer service enables you to transfer money anywhere between one rupee to two lakh rupees in Indian currency. On a daily basis if there is end-to-end encryption, which will be provided to you by the bank, then the bank can allow a transaction amount of up to Rs. 50,000 and if there isn’t any end-to-end encryption then the bank will allow a transaction amount of Rs.1,000. 

• Low Processing Fee

The transaction speed of this service is super fast, not to mention that the processing charges are really low.

The IMPS money transfer service can only be carried out online and through internet banking. Other services such as NEFT and RTGS are available not only online but also offline. When you are carrying out the money transfer all that you will require is a MMID pin that will be provided to you in seven digits. In order to get hold of this MMID pin you will need to navigate yourself to the banking option on your mobile phone, choose the required bank account, choose the Insta FT option and finally click on the MMID option and you are set!

Why travel currency cards are the new travel currency

Travel currency cards are introduced to enable you to spend your vacations and travelling time in a smart way. There are many risk factors involved when you travel and carry hefty cash. With the implementation of these travel currency cards now you don’t have to carry cash on you. All you need now is a smart card, a travel currency card, a card that secures all your finances on the go. Now you can access your funds anywhere and anytime on the go.

Travelling currency cards are usually prepaid cards which are available in various denominations of worldwide currencies. These cards are usually prepaid, which means the cash that you withdraw on the go is deducted from your bank account where you deposit funds. The travel currency cards are linked with various international companies.
However, the maximum amount that you can carry in your currency card depends on the guidelines issued by RBI (Reserve Bank of India).

BENEFITS OF TRAVEL CURRENCY CARDS

 Security
The travel currency card is protected by using the system of biometrics. The funds are secured on the go and there is minimum chance of theft. The travel currency card also allows you to withdraw funds anywhere and anytime, thus, you don’t have to carry huge denominations of cash where you are going.

 24*7 Services
The financial institutions always provide excellent customer care support 24*7. During any emergency, the financial institutions will provide their best of services as necessary.

 Duty free shopping
Travel currency cards also provide you with duty free shopping facilities at airports of various locations. With the use of these smart cards, now you don’t have to pay extra charges for any souvenirs that you bring for your loved ones.

 Travel insurance
The financial institutions ensure that your finances are secured when you are on international tours. They offer 360 services and insurances that always comes in handy when you are on the go.

 Convenience
No matter which country you visit, these travel currency cards ensure that while you withdraw funds in any country, the cash that comes out are completely in denominations of that respective currency. There are minimum conversion fees and totally hassle-free.

 Instant activation
Now you don’t have to go to third parties to secure your foreign exchange. You can go to your respective bank account branches and apply for a travel card which gets activated instantly. There is no waiting period or long procedures for foreign exchange so you can have a tension free journey.

Thus, travelling currency cards are the new travel currency. However, one must know the exchange rates and conversion fees according to which you will withdraw money from your own account.

How can you take advantage of the NRO account

NRO means Non-Resident Ordinary account which is savings or fixed deposit accounts for Non-Resident Indian in a bank which is situated in India. This is basically an Indian Rupee account where the interest which is earned is taxable. The account may or may not be jointly opened with an Indian resident. Another important thing about NRO accounts are that the interest earned in these accounts is non-repartriable, which means all the funds that are deposited can only exist in Indian currency and cannot be converted to foreign currency.

Thus a nonresidential Indian can send money to their family members who are Indian residents via these NRO accounts. The interest rates offered by the financial institutions are catered to the needs of the customers and there are minimum additional costs to maintain this account. Thus, NRO accounts enable the nonresidential Indians to transfer funds to their hometown in a hassle free manner.

KEY ADVANTAGES TO AVAIL FROM NRO ACCOUNTS
 Low cost and hassle free money transfer
NRO accounts can be availed through numerous online and offline modes at flexible exchange rates.

 Minimum balance required
NRO accounts can be maintained at minimum monthly account maintenance as low as 10,000 rupees.

 Interest
INR balances on or above 50 lakhs can give you up to 4% interest per annum and 3.50% for account balances below 50 Lakhs.

 Easy transfer
The money in NRO accounts and the interest earned after deducting tax can be repatriated till one million USD for all bonafide purposes.

 Can also serve as Fixed Deposit accounts
NRO accounts can also serve you as fixed deposit accounts with all the benefits that a fixed deposit account might have and also allowing deposition of funds from overseas.

 NRI advantages
There are various additional benefits that a NRI will receive. These benefits cater to the needs of the individual who travel home and abroad simultaneously.

 Joint account holding facilities
The NRO account can have joint holders. This means that more than one individual can operate this account just like any other savings or deposit account.

 Bank benefits
Various financial institutions offer different offers for these NRO accounts. You need to do some research to find which bank provides you with the best of facilities at minimum cost. There are also benefits like free mandate card and cheque book for your family members in your home country which gives them extensive access to your account.

 Flexibility
You can change your savings account or fixed deposit account to and NRO account which helps you to maintain uniformity and gives you better access to all the facilities with just one single bank account.

What are the changes in FD interest rates after the Budget 2018

Every year the budget does a reasonable job to ensure that the public are served well. They ensure that prices do not rise by a drastic level in comparison to the last fiscal year. Similarly this year, Budget 2018 have come up with many positive changes in the fixed deposit rates as well.

Fixed deposits are accounts where you deposit a certain sum of money for a particular period of time and then you receive a high interest each year. These fixed deposits are usually redeemable after 3 to 5 years for which you get back your principal amount along with the interest as well. It is an efficient mode of savings for common people in India.

The Budget 2018 made several changes to the FD interest rates Banks are likely to raise Deposit (Fixed Deposit) rates because of the following reasons:  

 Incremental credit
Till January 5, 2018 the fiscal credit stagnated at Rs 2.02 lakh crores, which have increased from Rs. 1.27 lakh crores. The banks are thinking to increase the interest rates to attract customers to have more fixed deposits with the banks. The banks want customers to deposit funds so as to improve their credit creation amounts which can edge out many undesirable fiscal deficit.

 Edging out treasury losses
By offering more FD interest rates, the banks will be able to generate more capital to avoid fiscal deficit. Thus, this capital would be used to generate incremental credit with respect to reducing excess Statutory Liquidity Ratio (SLR). Statutory liquidity ratio is the minimum reserve that any commercial banks needs to keep in the form of cash, gold, bonds etc.

 To reduce excess CWP
CWP is known as currency with public. Having excess currency with public means that they are not willing to look for investment opportunities which can take an adverse toll on commercial banks and various financial institutions. By increasing the rates, the public might look forward to investing as higher interest rates often act as bait.

 Benefits to Senior Citizen
The budget 2018 proposes that tax deducted at source (TDS) is no longer required under section 194A. TDS rates have now been increased from Rs. 10,000 to 50,000.  Therefore, there are no taxes charged on the interest which they receive on fixed deposits till Rs.40, 000. Whereas earlier the taxes were charged from Rs.10, 000. And senior citizens will also receive additional benefits for recurring deposit schemes as well.

Know Your NRE Account: 7 Top Features That Are A Must Know

NRE or Non-Resident External account is a type of bank account that is maintained by an NRI or Non-resident Indian. This kind of a bank account is instrumental in remitting the earnings received from abroad. The NRI can maintain this account both in his/ her home country and in an account situated in a country somewhere off-shore. The guidelines for maintaining an NRE account is pretty similar to that of any rudimentary account. There are a number of features of an NRE account that you should be informed about. Some of these are-

• Tax- Free: The NRE account does not impose any charges even if the quarterly balance is not maintained. Further, the balance that is kept in the account is free of any wealth-tax.

• The Perks of Repatriation: If the NRI account holder wishes, he or she can repatriate the complete credit balance outside of India, whenever he or she desires. And the process is very smooth as well.

• Interest Rate: Generally the NRE account offers a really high-interest rate. However, this rate can vary between different banks. Often the interest is calculated based on the closing balance every day, and the interest is often paid on a half-yearly basis in the months of June and December.

• It’s Convenient- The convenience factor of opening an NRE account is huge. It is extremely easy to open this sort of an account. All you need to do is go online, fill out a form which you will find on the respective bank webpage. Take out the printout, attach this printout version with your other document copies and mail it to the concerned bank in the home country.

• Joint Ventures: The NRE account features allow you to maintain this account jointly with another NRI, for example, your spouse or your kids.

• Further Benefits that Investment Brings: The NRE account gives you the privilege of investing in mutual funds by linking your savings account to the investment savings account.

• Benefits of a Mandate Holder: Another very unique feature of an NRE account is that you can appoint a mandate who will be in charge of operating your account on behalf of you. This mandate is allowed when written authorization is provided to a particular person to manage the said account on behalf of the primary holder.

Listed above are some of the features that are unique to an NRE account. In case you have been debating about opening a NRE account for a while one, read these features, think about the benefits you can enjoy and open your NRE account today!

Loans: A financial necessity in today’s time

Loan is the process of lending something to an individual/group of individuals, entity or an organization at a specific rate of interest and a promissory note which specifies the principal amount/thing borrowed, the interest rate and the duration of loan. Loans are an essential instrument for finance. Many financial institutions offer secured loans to gain interest; thus, loans benefit all the stakeholders.

It doesn’t always mean that financial institutions have to give loans to individuals or groups of individuals. We also have a “rich uncle” phenomenon. We often see others acquiring instant loans from friends and family where the terms of loans are much more flexible.

In the 21st century, where urbanization is occurring at a rapid rate, many business organizations and individuals make the most out of it. Businesses look to expand their current operations and individuals might look for better homes, better cars and what not. You might face problems sometimes to save money even though you have a stable source of income. This is why we need the financial institutions to help us out with loans. Both parties benefit from this as the debtors can get their job done and creditors can have a secured return.

WHY ARE LOANS A FINANCIAL NECESSITY

 Flexibility
When we acquire instant loans from financial institutions, we can choose the mode and method of repayment by virtue of a number of EMI schemes. These installment payments help you to get your job done and return the amount to the institution in a flexible manner.

 Fixed interests
Loans that are taken from financial institutions have a fixed rate of interest imposed on them. Therefore the debtor is aware of the installments that they need to pay and keep aside the funds for repayment. There is no fluctuation of interest rates.

 Tax benefits
Bank loans are a tax deductable expense. Therefore if any entity or individual has a bank loan, they need to pay fewer taxes.

 A sense of security
The financial institutions who give loans may ask for some collateral against the loan amount. This is because if you fail to pay the full amount, the bank retains the security against the unpaid amount. The applicants of loans also know that the loans that they are acquiring are from a reliable source which will benefit them.

TYPES OF LOANS

 Student loans
 Mortgage loans
 Auto loans
 Personal loans
 Business loans
 Pay day loans
 Consolidated loans
 Cash advances

What are the features of UPI payment you should be aware of?

Slowly but steadily, we are all shifting base to the online world to fulfill all our daily needs. The world has gone digital and so has the banking sector in India and rightly so. With the Government's Digital India campaign working wonders in terms of the digitization of various public services, more and more people are embracing online banking by virtue of its sheer convenience and security.

In a bid to give the goal of turning India into a cashless economy a further impetus, the NPCI (National Payments Corporation of India) has introduced UPI (Unified Payments Interface). Introduced in April, 2016, UPI is a real-time instant payment system that is set to revolutionize banking in India. Here is a list of the features of UPI that you must know about.

Convenience of Account-to-Account Transaction
This is the most unique and the best feature of UPI that has got millions of Indians waking up to its genius. UPI is the first payment system that lets you transfer funds directly between bank accounts. All you need is the recipient's account number and IFSC code, or his/her system-allotted virtual payment address, to transfer funds directly to that account instantly. With mobile wallets, you have to first load cash from your linked bank account into the wallet and then use it to pay for some service that you avail. But with UPI payment, you can access your bank account directly and make a payment from it without involving a third party. You, as a tech-savvy digital user, are always on the lookout for ways to reduce effort. And UPI allows you to do just that by letting you fulfill your banking needs in a lesser number of steps.

Safe and Secure
UPI is a highly-encrypted system that is based on 2 Factor-authentication. UPI payment is an easy-to-use single click payment system where the system allots each user a unique MPIN (like an OTP). One can access your bank account from the UPI app only after submitting the MPIN. So, it is a highly secure payment system and its safety is one of the many reasons why UPI payment has seen growth by a huge margin of almost 6000% in the fiscal year of 2017.

Round-the-Clock Service
Unlike brick and mortar banks, UPI payment services are available 24×7. So, you can access your bank account whenever and wherever you need through any one of the UPI apps available to make instant transaction.

Interoperability
A huge advantage of the UPI payment system is the interoperability provided by the different apps. There are a number of good UPI apps available in the country- be it the Government-regulated BHIM, the Flipkart-owned PhonePe or the UPI apps of the banks like SBI, HDFC Bank or Axis Bank. You can use one app to manage multiple bank accounts or to transfer funds between different accounts, irrespective of the bank in which you have your accounts.

What are the factors that can affect your car loan eligibility

Car loans are very handy for people looking to purchase a new and expensive vehicle. Lenders offer such loans so that you can get the desired car model and brand, even if you are unable to pay for the same in its entirety at that time. However, most lenders check to see whether a person is qualified to get a car loan.

Here are certain factors that affect your car loan eligibility and most of these will be verified by the bank prior to sanctioning the said loan.

1. Income
Your income will determine whether you are eligible for the loan amount you have applied for. People with higher annual income will be offered higher car loans and vice-versa. This is because people who have a greater income are also more likely to pay off  a bigger loan easily. After you apply for the loan, you have to present an evidence of your income, based on which the lenders will decide the loan amount you are eligible for.

For salaried employees, the loan may range from anywhere between 2 and 3 times the annual income of that individual. For instance, if you have an income of Rs. 2 Lakhs per annum, you may get up to Rs. 4 Lakhs or Rs. 6 Lakhs as car loan. However, for a self-employed individual, the maximum loan is usually 6 times that of their annual income.

2. Credit score
Credit score is a measurement which quantifies how good you are at repaying loans and credit. This score is created after checking the history of paying off loans and credit card bills. Usually, a score of 750 and above is considered to be good and most banks offer loans to people maintaining such a score. However, if your score is below this level, it may be difficult for you to get the car loan sanctioned.

To improve the score, take small loans from lenders and pay them off in a timely fashion. You can also ensure that your credit card debt is settled on time. Try to maintain the score if you want to get the best offers on car loans. This score is a big factor that determines car loan eligibility.

3. Age
The age matters with most loans and car loans are no different. In case of a car loan, lenders prefer people below the age of 50. This is because people over this age are nearing retirement and may not be able to pay off the loan amount before the tenure runs out.

So, consider these factors prior to your loan application and make sure that all of your documents are in order so that your application gets sanctioned.

How to Make Health Insurance Work For You?

With each passing decade, as human beings make more and more progress in various fields, art, science, culture, economics, performative arts, the demands on the human mind and soul has become even more exerting. The mental and emotional stress of a person living in the city is similar to the physical stress borne by a person living in the rural areas. In order to meet this toll on the human body, the need for various health treatments has increased. But these treatments can be very expensive for most people to undertake.

So how do you manage? A health insurance can make your life a lot easier. A onetime investment can go a long way in saving you at the neck of time when the need so arises. A health insurance takes care of the insurer's medical as well as surgical costs. For some health insurances, the company will reimburse you the expenses and some other companies will agree to make the payment directly.

How to make the most of your health insurance? Read this article to find out.

• Discounts Galore! – Many health insurance plans will give you a number of discounts on various health and wellness services such as gym or spa sessions or any other free of cost programs. Read your health insurance brochure to look out for these discounts and try to make it work in your favour.

• Invest While You are Still Young- If you purchase a health insurance plan before you turn 30, it means you can reap the benefits in your older years. When you are applying for a health insurance plan at a young age, you need not be concerned about the issue of an upper age limit. This is sometimes the key factor for making the final decision by health insurance companies throughout the country. As a young person applying for a health insurance, chances are that your application will not get rejected.

• Choose the Right Plan- Ensure to pick a health insurance plan that fits your family medical profile. For example, if there are elderly people in your house, select a plan that caters to these needs or if there is a possibility of an upcoming surgery on the horizon, purchase a plan that will take care of this.

• Keep Track of Statements- After completion of treatment, you will get a statement stating all the details as well as the expense breakup. This is known as Explanation of Benefits (EOB). Make sure that all the details are in order.

These are only some of the ways that you make the health insurance cover work in your favour. The benefits of a health insurance are many to begin with. Purchase a health insurance today to explore the wonderful world of health benefits.

What are the benefits of opening an online saving account?

A savings account is the most basic form of banking, and almost every earning individual is affiliated to one or more savings accounts. Opening such an account is vital if you want to use debit cards and apply for credit cards. It also encourages saving more of your income, instead of spending heavily.

A while back, people had to visit the branch of a bank in order to open a savings account. However, this process has become much more streamlined after the introduction of the online banking system. Here is a look at some of the benefits of online saving account opening.

1. Saves time and money
Money is spent if you choose to travel to the bank branch in order to open a savings account. However, apart from money, you also need to spend a considerable amount of time in order to visit the bank. Time is a precious commodity, and the online procedure helps you cut down on both the money and time spent for opening a savings account. You can sit down at home on a computer or on your smartphone and create an account in almost no time.

2. Compare the interests
Each bank may offer a slightly different rate of interest for the amount saved in the account.
When you apply for the account online, you can check the interest offered by the different banks and then apply for the one that suits your needs the most. When the account is opened offline, very few people compare the interest rates.

3. Faster activation
When you choose online saving account opening, your KYC registration is completed immediately, and your account gets activated as well. This means that you can open such an account in an emergency when you need to keep the savings in a place. However, you still have to wait in order to get the chequebook and the debit card for such an account. These will be mailed to your address in a week or two.

However, you need to keep in mind a few facts before opening an online savings account. These include some safety measures so that you do not become a target for some scams. Ensure that you open the official page of the bank where you elect to have your account. Do not trust proxy pages, which may take your personal information and then use them for criminal activities.

It is also recommended that you go through the terms and conditions before opening such an account online. If necessary, call up the bank representative and confirm what these conditions mean.

How to Find the Best International Travel Insurance?

Everybody embarks on a trip every now and then. Whether it is for the purpose of leisure or for work, travelling or taking a trip, especially by means of air travel, is extremely commonplace these days, but what are not are the uncertainties that life makes you encounter.

Travel insurances are of two kinds- domestic travel insurance and international travel insurance. Travel insurance is a plan that gives you coverage for mishaps such as a flight loss, cancellation or delay, loss of baggage, loss of passport or any kind of medical emergency that occur during the course of your trip abroad.

While your travel date is fixed, accidents are not. So be prepared for uncertainties by investing in a good international travel insurance today. But in case you are wondering how to pick the best from a sea of travel insurances available, here is this article helping you.

Travel insurance should be ideally purchased at the time of booking the trip in order to ensure full coverage of the travel. Some of the features that separate the best international travel insurance plans from the rest are listed below:

• Compensation for Flight Related Problems
This feature on the part of the travel insurance company will compensate you by giving you accommodation and also pay for your plane in case there is a delay, or your flight gets cancelled.

• Medical Emergencies
If you incur a sudden medical emergency such as an accident during your travel abroad, then truth be told you will have to bear really expensive medical costs. This can be difficult for most travellers to bear, simply because medical expenses in a foreign country are always higher than the home country. In case such a situation arises, then your travel insurance plan will bear the medical as well as hospital costs.

• The Legality of It
Travel insurance not only takes care of the medical costs but will also take off the burden of any legal hassle in the form of any expense or liability.
These are some of the basic yet key features, so to say, that you should absolutely look out for in international travel insurance.

Aside from the few pointers mentioned above, keep in mind that a travel insurance, in general, is very helpful because it gives you reimbursements for meal if the flight gets delayed, gives you reimbursements if the flight is cancelled as a whole, helps you out if you lose your baggage or your passport, transports you back to your home country safe and sound in the unfortunate scenario of an unprecedented disaster, and most importantly, makes your international trip very economic and very affordable.

Bank cards What are the different types and features

In today’s world where rapid urbanization has become the catchphrase of the day, we all need top-notch modern facilities to carry out our day to day activities. Every day new technologies are being introduced to benefit us in every way possible. Same goes for all the financial institutions in the world.

To serve you in a better way, financial institutions have come up with modern technologies to help you carry out the banking facilities in a faster, smarter and better way. Everyone out there is familiar with bank cards. These bank cards help you to withdraw cash 24*7 and anywhere in the world. These smart electronic cards do not only help us to withdraw cash, but they also help us in various payment facilities. These bank cards help to make online payments too, at your own convenience.

These bank cards are powered by many autonomous companies which provide a sense of reliability to its customers.

Types of bank cards:

• DEBIT CARDS
These are electronic cards which are issued by financial institutions against your deposits in the bank. With this electronic card, you can withdraw, pay funds anytime with your money that is deposited in the bank without having to go to the bank. They have a secure PIN code which you should not disclose to anyone in order to prevent theft.

• CREDIT CARDS
This type of bank card doesn’t require a bank account for you to pay for expenses incurred. The amount you use through the card is given on credit, so you need to pay it back at specific intervals. When the amount is withdrawn, paid back in full and on time, there is no interest charged against it.

FEATURES OF BANK CARDS

 Prompt cash
ATM cards or bank cards help you to withdraw cash at any place or any time, hassle-free. All you need is an ATM (Automatic Teller Machine) outlet.

 Easy mode of payment
Not just cash withdrawals, you can pay your bills, book tickets and whatnot with these bank cards. You do not have to go to various offices for payments now. You can pay anytime and anywhere you want.

 Universal acceptance
The bank cards have universal acceptance with respect to ATM outlets. International cards can be used in any country which minimizes the need for you to carry cash in person.

 Convenience
With the help of the various bank cards, you can withdraw cash and pay your bills whenever you want, and anywhere you want. Their customer support is also available at all times, and during an emergency or theft, the financial institutions will secure you no matter what.

All that you need to know about pune tax payment

In any state or district of any country, taxes are to be paid. We pay taxes to obtain various basic facilities and for proper distribution of wealth. Taxes are the main form of government revenue through which they serve us in terms of education, transport, healthcare facilities, employment opportunities etc. Hence to ensure that taxes are paid in an efficient manner, each state has its own municipal corporation. A municipal corporation is a local governing body that follows various changes in legal autonomy and these corporations help to reduce the bureaucracy of the governing bodies.

BENEFITS OF PAYING TAX

 Good credit return
A proper income tax return ensures many benefits to an individual. Income tax returns help you to acquire various forms of credit hassle free and you have a good credit rating as well. The higher income tax you have, higher the credit rating you get.

 Investor value
While acquiring investors for any purposes, investors always look into your financial records. Having a truthful tax record will build up trust and reliability by which investors will invest in a diligent manner.

 Civic sense
Paying taxes builds a civic sense among the people who are paying taxes. Since the taxes are being paid with their hard earned own money, people have a questioning attitude to ensure that the funds are utilized in a proper way.

 No fear of penalties
If you pay your taxes in advance then there will not be a possibility of penalty on you for tax fraud. The government takes these kinds of fraudulent activities very seriously and one might face losing all their assets and might also end up in prison.
The same is also applicable for Pune tax payment.

THINGS YOU SHOULD KNOW FOR PUNE TAX PAYMENT

 Log in via a simple process
In order to perform Pune tax payment, you need to log in to the Pune Municipal Corporation website and register as an user for which you will get a username and password. 

 Necessary details
You need to select the Assessment Year (the year when you are actually paying the tax) and the Financial Year (the year for which you are paying your taxes).

 Generate your Challan
Challan is the receipt that shows the type of income tax you paid (corporate/property etc.) and  now this challan needs to be taken to the bank via which you can make your payment with demand drafts, cheques, debit/credit cards etc.

 Confirmation
The final receipt of the PMC (Pune Municipal Corporation) will be handed over to you along with an acknowledgement with the challan itself.

Wire transfer and Telegraphic Transfer- What is the difference

In the earlier days, transferring cash from one place to another was a hefty process. The most common form of fund transfer in earlier times was through post offices where the money was mailed to the recipients. With rapid urbanization and introduction of modern technology, we now have facilities like National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) which have made transferring funds much easier. These facilities ensure secure and authentic fund transfer from one place to any other place in the world. There are domestic and international forms of payment and these systems also help in EMI facilities, payment of salaries etc.

What do we mean by wire transfer and telegraphic transfer? 

Wire transfer
Wire transfer is a mode of fund transfer from one individual/group of individuals to another entity. It is basically a form of linked bank accounts by which you can transfer funds. This is a fast mode of transfer of cash like NEFT or RTGS.

Telegraphic transfer
Telegraphic Transfer (TT) is also a form of electronic fund transfer which is mainly used for transferring funds for overseas wire exchanges. Telegraphic transfers are used commonly for Clearing House Automated Payment System (CHAPS) in the U.K. This mode of fund transfer was used there before the 1990s.

Differences between wire and telegraphic transfer
Mode of operation

Wire transfer helps to transfer money from one bank account to another bank account. It can be used to transfer cash at a cash station. This mode of transfer is affected by SWIFT (Society for Worldwide Interbank Financial Telecommunication), and each bank has an identification code.

Telegraphic transfer was used in the earlier days where overseas payments were made via telex messages between the financial institutions. Telegraphic transfer system uses a system of cable messages. Therefore, it ensured fast fund transfer before RTGS or NEFT.  

Systems used
Wire transfers use a system of unique bank identification codes which makes it clear that any individual who chooses to transfer funds, does not require having a bank account with that respective bank. This means that fund transfer can take place between any two banks.

Telegraphic Transfer uses a system of cable messages or telex messages. This form of transfer was used in earlier times where all the banks had to be linked with a messaging system. When funds are being dispatched from one bank to another, both the banks get a confirmation via the telex message about the transfer of cash.

Toll recharge is now made easy with this option

There are various forms of taxes, and one of the taxes that we pay is known as toll tax. Toll tax is a system of taxation where public and private roads are maintained and constructed with a fee/ toll paid by the citizens who use the roads. This is a road pricing to maintain cost and maintenance of roads, flyovers, highways etc. We pay highway toll to ensure that these roads are regularly maintained, and we get the best of transportation services out of them.

There are new systems by which individuals, who make long journeys by roads, do not have to pay toll taxes daily. These individuals can acquire a toll card. This is a smart card to eliminate the hefty process of paying these taxes daily and via these smart cards, they are automatically paid at regular intervals. There is also a system of toll recharge where you can track your taxes for toll as well.

FASTag 
FASTag is a rechargeable tag or a smart card which helps you to deduct the taxes automatically and lets you avail the toll passes without stopping for a cash payment of the toll. FASTag is linked to your prepaid account which you can recharge at your own convenience and it has a system of Radio Frequency Identification (RFID) which is placed on a vehicle after the FASTag account is active and verified.

FASTag ensures that toll recharge and toll tax payments are made easy. It serves us with the following benefits:

 Hassle-free payments
Now you don’t have to waste your valuable time to stop and pay taxes while you are on the go, the tag card deducts the money automatically from your account and lets you travel hassle-free. Also, you do not have to worry about carrying cash; thus, this mode of system saves a lot of time.

 Convenience
As FASTag is a prepaid account, you can pay and recharge at your own convenience. You can choose to recharge for a flexible amount and not more than what you want.

 Advance alerts
The FASTag system also sends notifications to its users. You can avail SMS alerts for toll payments, alerts for low balance on account etc.

 Online services
You can recharge your toll card online by using your credit/debit cards, NEFT, RTGS or Net Banking facility. You do not have to go to any office and fill out forms or wait in queues; you can now pay whenever and wherever you want.

 Incentives
By promoting digitalization, you can earn cash back point, various discounts etc.

What are the options you can consider to remit to India?

Any Non-Resident Indian will be familiar with the term remittance. It involves transferring money from their foreign bank account to their accounts in India. This may sound like a simple proposition, but it is anything but simple. People need to keep in mind certain factors while remitting to India.

Here is a look at some of the options that you can consider when you want to remit to India.

1. Bank wire transfer
The simplest form through which you can remit to India is through a bank wire transfer. Usually this means that the money gets transferred directly from an overseas account into an account in India. Generally, this kind of remittance involves the usage of SWIFT or Society for Worldwide Interbank Financial Telecommunication. Banks usually charge a transaction fee for such a remittance. Some banks may also set a limit concerning the maximum amount that can be transferred.

2. Agency money transfer
In case of agency remittance, you can approach an agent in the foreign country and ask him/her to transfer the money on your behalf. The agent will present you a code for the transaction. You need to mention this code to the beneficiary in India. The representative from the same agency in India will then enquire about the code. If the beneficiary is able to recall the code, the money is transferred to them. Usually, a fee is charged for such a remittance.

3. Online money transfer
Transferring funds online is perhaps the simplest method of money transfer from a foreign country into India. Several online portals and sites allow you to discharge funds to your Indian account or to a beneficiary here. Users can transfer the funds directly or they can also use their credit cards to transfer an amount into an Indian account.

However, with all forms of remittance to India, NRIs need to pay special attention to the transaction fees. This fee can be drastically different from one place to the next, so choose a firm that offers the best rate. It is also important to ensure that the mode of remittance is safe and secure. Select a trustworthy agency or bank to conduct such a transaction in order to ensure your funds reach their destined account in India. Be wary of scam agencies and options, which may promise you zero fee transactions, but may vanish with the transfer amount.

Step by step guide for your e payment of income tax

WHAT IS INCOME TAX?

Tax is a mandatory payment to the government which may be imposed directly or indirectly on the citizens. There are two modes of income tax: the direct tax and the new Goods and Services Tax (GST) which now supersedes all the indirect taxes like VAT, service tax, excise duties etc.

With the introduction of modern technology, one does not have to wait for days and fill out numerous forms to pay their taxes. Now they can avail the e payment of income tax facility. Hence, with the necessary documents one can pay their taxes online.
 
WHY IS IT NECESSARY TO PAY TAX?

 Proper distribution of wealth in the economy
Taxes are paid by individuals/group of individuals as per their annual income. The progressive taxation system helps to maintain a balance between the rich and the not so rich.

 Economic development
By paying taxes, one can expect economic development. The government uses their revenue, which is the taxes collected and uses them to generate more and more employment, development of basic facilities which leads to more business opportunities etc..

 For availing basic and common facilities
The revenue which the government collects is used in making proper roads and municipal offices to serve the public in the economy. It also helps in developing better facilities such as transportation, healthcare, education etc.

 Civic duty
The public develop a questioning attitude to ensure that the money taken from them are not mis-utilized. This is actually beneficial to minimize corruption in the economy. The government serves the people and the people cannot expect facilities if they don’t support for them.

Step By Step Guide For Your E Payment Of Income Tax

 STEP 1: Log in to the Government Link
First we need to log in to the authentic government link which is: Online E services for tax payment and then select the mode of payment by which you want to pay. For tax payment, you have to select the applicable challan and enter the challan number as per the section which is necessary, income tax/ corporate tax.

 STEP 2: Fill in necessary details
You need to fill in the necessary details correctly to pay the taxes. The details usually required are your PAN number, the Assessment Year (AY) and the Financial Year (FY), where the AY is the year where you actually pay the taxes and FY is the year for which you are paying the taxes.

 STEP 3: Select Bank and confirmation
In order to pay the tax, you just need to select the bank in which you have an account for the gateway payment and then after paying the tax; you need to wait for the confirmation of payment.

 STEP 4: Challan generation
The challan shows the type of tax you have paid online. This needs to be generated for proof in the form of a receipt that you have actually paid the taxes.

Why Mobile Banking in India is on the rise

Today, digital is the new buzzword and more and more people are assembling under its umbrella. The Digital India campaign and demonetization have given the objective of an online banking system and a cashless India the much-needed push and the people of the country have also embraced the same with open arms.

Financial services are one of the most important aspects in people's lives and they would obviously opt for a system which lets them fulfill their banking needs at their disposal. Today's digital users want banking services to be fast. And mobile banking does just that. No wonder mobile banking is on the rise in India. Here are the reasons why mobile banking in India is on an upward growth curve.

Convenience

This is the factor that has to top the list of benefits. Earlier, we had no option but to physically visit the bank to make a mere fund transfer. Now, by virtue of mobile banking, we can do so much more wherever and whenever we wish to. We do not have to disrupt our busy schedules anymore by going to a bank. Be it loan repayment, credit card bill payment or mutual fund debits, you just need your unique ID and password to access your account and make transactions whenever needed. Also, unlike banks, mobile banking services are available round the clock. All you need is your bank's app on your smartphone and an internet connection in order to make a transaction. You can pay your DTH bill or recharge your phone while being on the move. Thus, it is of no surprise that mobile banking in India grew at a rate of 122% going from 2016 to 2017. 

High Mobile Phone penetration

India is the second largest smartphone market in the world where mobile phone penetration is set to reach an all-time high of 85-90% within the next two years. With smartphones in the hands of most Indians, they are ready to make use of the numerous benefits that mobile banking provides. 

Government and Corporate Impetus

The rise of mobile banking in India has to be attributed to the numerous initiatives and schemes promoted by the Government of India. The government came up with incentives for those using cashless payment modes and also organized Digi Dhan Vyapar Yojanas and Digi Dhan Melas to bring both consumers and traders within the purview of mobile banking. All e-retailers provide cashbacks and discount coupons to those who use mobile banking to make payment. Internet connectivity was a concern when it came to mobile banking. But that's not the case anymore. With the help of the government-owned BSNL and private companies like Bharti Airtel and Reliance, India has a total broadband network of more than 2,05, 404 kilometres that cover most semi-urban and some rural areas as well.

Bank Locker versus Home Safes: Which one is better?

Safes at home have been the storehouse for valuables since long before the banking system was established. Banks took the concept of home safes and introduced the system of bank lockers for the safekeeping of valuable goods in a physical location in return for a nominal annual payment. However, a few recent incidents including a fire at a nationalized bank have raised the question of whether a bank locker is indeed more secure than a home safe. In response to a recent RTI, the Reserve Bank of India has stated that the responsibility for valuables stored in a bank locker lies with the customer, and the bank will not be liable to pay any compensation in case of an untoward incident, which would be dealt with according to law. Although this might make it appear that home safes are the better alternative compared to bank lockers, many experts still put greater faith in bank lockers. Here are some of the advantages of each of these two options:

• Bank Lockers:
The greatest advantage of a bank locker is that it provides multiple layers of security at a nominal rate, replication of which at home would cost far greater. The locker itself needs to be opened by two keys simultaneously, one of which lies with the customer and the other with the bank. Other than this, banks have other levels of security, including security personnel, monitoring of entry and exits, CCTV surveillance, etc. Banks also provide details about their security arrangements if you ask for them. So if you have a large amount of valuables, the bank locker is a far safer option.

• Home Safes:
Home safes have a slight advantage over bank lockers in terms of convenience. They are easily accessible always, while bank lockers are inaccessible on holidays. Home safes today come with far greater security features than a simple lock and key safe box. They may be digitally protected with passwords or pin codes, and may even have a fingerprint scanning system or retinal scanning system for biometric security. They may also incorporate an SMS alert system to notify you of any changes in the lockbox status. However, these features are far costlier than bank lockers, and cost more for safes with larger storage.

• Others:
Some private institutions offer locker storage space for rental. The rent amount may vary and is usually greater than that in banks, but they are more accessible as they usually remain open even on holidays.

Bank lockers and home safes both have their own set of advantages in terms of security, reliability and cost effectiveness. In general, it is always a good idea to keep as little valuables at home as possible, and to insure all valuables like jewelry against any chances of damage.

What are the steps for the visa credit card payment?

Credit card is often a necessity for people who like to shop around but do not want to spend the hard-earned money in their bank accounts. With credit cards, you can freely shop and purchase products without having to use your debit card or making transactions in cash. Usually, visa credit cards are issued by most banks and the card holders essentially take a small loan from the banks to purchase items.

So, it is essential to settle the credit card bills at the end of the month which is similar to paying off a loan. Here is a look at some of the easy methods through which you can make visa credit card payments.

Credit Card statement

The first step in paying off your credit debt is to acquire the statement from your bank. This statement is usually sent through the mail to your house or office. However, you can choose to download the statement from the online portal of the bank in question. This statement will provide you with the necessary details of your credit card usage and will also let you know exactly how much you need to pay to settle your bills.

Online method of bill settlement

Since the internet is one of the most important modes for any payment now, credit card bills can also be settled online. For instance, internet banking can be used to clear off the debt. For settlement through internet banking,
• Log into the account and access the Credit card payment option on the portal.
• Enter the credit card number and the account which you want to be debited for the payment.
• Enter the amount that needs to be paid and click on the submit button. This is perhaps the simplest form of Visa credit card payment in which you do not even have to leave the confines of your home.

Similarly, NEFT and IMPS payments can be made online as well. Just access the bank’s site and choose IMPS/NEFT transactions. Following this, enter the name of the beneficiary, name of the bank, branch name, 16-digit credit card number and the IFSC code for your branch.

Offline bill payment methods

If you want to clear your credit card bill offline, you will need to write out a cheque or create a draft of the said amount and send it over to the bank. Some banks also allow you to clear the bill using any Visa ATMs in the country. Lastly, banks also allow for the cash payment of the credit card bills, but in such a case, you would need to visit a branch of the bank in question.

Are you aware of the Government Limits Charges on Electronic Fund Transfer?

In this day and age of virtual operations, you might be all too familiar with the convenience of transmitting funds over the internet. This process of electronic fund transfer, although remarkably efficient and simple, is often laden with unpleasant charges that you could not have anticipated. Thus, it becomes imperative to learn of all the charges that could be taken out of your account so you can be prepared to make the most informed financial decision.

The finance ministry, in a bid to encourage the use of electronic fund transfer, has now asked public sector banks to reduce the fees associated with Immediate Payment Service (IMPS) as well as Unified Payments Interface (UPI) so that it stands in accordance to the rates listed for National Electronic Funds Transfer of Rs. 1000. This includes Unstructured Supplementary Service Data transactions, for which the ministry has directed a discount of 50 paise per transaction. The National Institution for Transforming India has also introduced certain schemes, namely Lucky Grahak Yojana and Digi Dhan Vyapar Yojana that are set to cover small transactions between Rs.50 and Rs. 3000.

These decisions have been announced as a collective effort launched by the finance ministry to incentivize digital transactions between individuals as well as businesses. Not only do these methods include the transfer of funds through debit/credit cards between accounts, they also handle online bill payments, direct debit operations and direct deposit payments. These modes of electronic fund transfer have transformed finance dealings across the nation and now form an integral part of the national economic identity.

If you are able to master the technical aspects of electronic transfers, these online transactions could be done in the matter of a few minutes between concerned accounts. Additionally, most banks and money transfer firms contain your history of transactions so that you are able to organize and record your transfer information for future decisions. These electronic payment systems also charge a rather low commission charge on your transfer; some companies even offer flat fees so that you are persuaded to make large transactions through this method without the nagging worry of service fees. As the populace becomes more and more familiar with virtual transactions, it is natural for you to gradually adopt digitalized methods of fund transfer. It helps that most of the websites offering these options are top of the line and showcase interfaces ideal for the average user. Thus, the government announcing a reduction of charges on these transfers should allow for a larger intake of customers going forward.

Why should you opt for a credit card in your early employment days?

The early employment phase can be characterized by stressful decisions, unprecedented expenses and complex responsibilities. For many individuals, this ascent from being a naive, energetic student to being overworked, tired and often saddled with unexpected financial expenses can be quite challenging. Though being allowed to draw credit is not guaranteed to solve all your troubles, the best credit card would extend a range of options to your benefit and alleviate some of your immediate financial demands. Here are some of the many reasons why you should opt for a credit card, especially during the early employment period.

Convenience

Living in an economy that brings in unforeseen charges at every inopportune moment, you have to be prepared to part with any amount of money at any given time. Having cash in your pocket is oftentimes not sufficient or safe for conducting large transactions that accompany a new living or working space and thus the convenience of a credit card can assist you in those desperate times. Although it is borrowed money and you are required to pay it back by a fixed date, it can be a quick and easy solution for an emergency. 

Protective Features

Due to the many difficulties associated with navigating early employment, you may be quite vulnerable to dubious scams or expensive moneylending schemes. The best credit card programmes will protect you from unauthorized charges from your account and will not hold you liable for them. Additionally, your company might activate electronic security systems that alert you of suspicious activity involving your card, verify your identity through chip card technology as well as photo identification.

Incentives to Save

You might be inclined to believe that a credit card discourages you from accumulating savings but many companies provide credit scores and history that might actually facilitate loan applications and borrow money in the future. Some banks also offer certain reward points, discounts; cash back offers that might incentivize you to make smarter savings.

Organization

The early employment phase is marked by a breakdown of your organization skills, especially in terms of managing your finances. A credit card is not only a swift way to align all your payments and transactions but also to categorize them on the basis of time, type of transaction and amount. This could help you to plan and prepare how you wish to be spending your money on a monthly or yearly basis and thus facilitate some sort of a personal budget formation.

Features of the NRI Accounts you need to be aware of

NRIs or Non-Residential Indians are allowed to open and hold savings accounts in India. However, these accounts are not the same as the ones that are offered to residential Indians. There are three types of NRI accounts that one can take advantage of if he/she wants to maintain a bank account in the native country.

Here is a look at the three types of accounts and the features pertaining to the same.

1. FCNR Account

FCNR account stands for Foreign Currency Non Resident account. This particular kind of account is only useful for keeping fixed deposits for a certain period of time, ranging from one to three years. The features of such an account include-

• Depositing FD amounts for at least one year and up to a maximum of three years.
• The principal and interest earned can be transferred to an account overseas in the same currency or it can also be converted to any other currency as well.
• The interest on the FD is exempt from any income tax in India.

2. NRE Account

NRE or Non-Resident External Rupee account allows an NRI to open a simple savings account. However, the balance is maintained in the Indian currency only. Even if a deposit is made in another currency, it would first be converted to INR, before getting deposited. The features of the account include,

• Withdrawals can be made in the foreign currency, but is such a case, the account holder needs to first convert the INR into the currency of their choice. The cost for the same must be borne by the account holder.
• The deposits made in such an account as well as the interest earned is free from any income tax under the laws of the Indian government.
• The entire amount in the account can be sent out of India without requiring any clearance from the Reserve Bank of India.
• Account holders can also apply for loans against the deposits in the NRE account.

3. NRO Account

Any normal bank account held by a Non-Residential Indian is known as Ordinary Non-Resident Account or NRO account. The features of an NRO account include,

• Making deposits into the account from overseas.

• This account is non-repatriable. This means that account holders cannot transfer their savings from this account into a foreign account without the permission of the RBI.

• The interest earned from these accounts are not exempted from Income tax in India.

If you are an NRI looking to open an NRI account in the country, ensure that you understand the features of these three accounts and choose the one that best suits your needs.

What is the difference between private banking and wealth management?

Banking is tailored to specific demographics and not every method suits the general populace. For instance, there is a vast difference between private banking and wealth management systems. You may not be aware of the distinction between the two, but these differences are vital for you to choose the right form of banking.

Here is a look at some of the differences between private banking in India and the wealth management systems.

1. Service range
Private banking mainly deals with business asset management. However, the services that fall under it include banking, brokerage and overall asset management. It also offers simple tax consulting services.

Wealth management, however, deals with deeper concerns when it comes to business finance. The service deals with asset allocation, tax planning, family arbitrage, pensions, estate planning and even philanthropy.

2. Choosing services
Private banking offers select packages for people considered to have a high net worth or for people considered to be having ultra-net worth. These packages cannot be modified to suit the needs of a particular client.

In case of wealth management systems, however, the bank offers a consultant who deals with the needs of each client individually. For instance, one client may require philanthropy consultation while the other may be more concerned about estate planning.

3. Options offered
Private banking in India usually deals with limited services that the particular bank may be offering. This means that as a client you are bound to sign up to one of the services offered by the private bank you are affiliated to.

A wealth manager on the other hand is a person who does not work for any particular bank. So, he/she will consider the services offered by all banks and choose the one that is best suited for you and your needs. This is why people who sign up for a wealth management service may use several banks at once.

4. Focus on client’s needs
Since private banking offers just a few choice packages, there is very little need to understand the individual needs of the client and form a relationship with them. This means that there is very little interaction with clients and you, as a client, cannot seek special treatment from the bank.

However, a wealth manager begins his work by forming a deep relationship with the client. This gives them the opportunity to judge the financial situation and the needs of the client in question.

What are the available fund transfer options in this market?

With the advent of modern-day technology, numerous electronic modes of transferring funds have been made available to the general public. In addition to the familiar methods of money orders, cash and cheque payments and direct deposit drafts that can be reliably arranged by your bank, there also exist alternative options should you decide to cut costs, reduce complications and make fund transfer more efficient. Many of these forms not only allow daily transactions between domestic accounts but also international fund transfer between notable businesses and institutions.

In order to handle money transfers yourself, it can be useful to acquaint yourself with the spate of options available in this market. Below are some ideas on how you can most easily transfer funds over to your desired remittee.

Personal Bank Functions

Keeping yourself informed of the services offered by your bank is often the most effective way of being prepared to deal with fund transfers at any given time. It is quite likely that your bank representatives might be able to assist you with setting up net banking through which you will be able transfer money between accounts at little cost. Furthermore, your bank might be able to issue cheques to you that can enable you to transfer limited funds on a more physical level. They can also write money orders, fix up cash withdrawals and even coordinate with international financial institutions on how you can send your money to overseas accounts. If none of the above processes prove to be suitable for you, most reputed banks also offer a range of consultancy sessions that can provide solutions for your queries.

Online Transfer System

Should you choose not to wait in the long queues at the bank or pay additional bank charges, online payment systems like PayPal, Payoneer, Dwolla etc. may be the appropriate options for your transfers.  With just an email address and a valid bank account, you can become a member and thus be eligible to send money as well as make electronic purchases.
Not only  are these free services, the sites also provide coupons and promotions that can help you reduce shopping costs. The companies pride themselves on fraud-prevention and also resolve disputes between buyers and sellers, remitters and remittees through a specific resolution centre.

Money Wiring Companies

This financial service has laid out branches in key locations across the world and can offer to send your funds for you at a flat rate charged on the basis of speed of transfer, amount of funds and location of remittance. Though it charges a moderately high cable charge and also issues a disclaimer clearing the company of liability for failure to transfer funds, this form of fund transfer can be highly beneficent for emergency funds payment as it does not require identification or claiming.

What are the Different Factors That can Affect your Personal Loan Eligibility

Loans are very easy to get nowadays as banks offers a lot of incentives and low interest rates. However, the terms of a loan vary according to the type of loan taken by an individual. The most common types of loans available today are-

 Personal Loan
 Home Loan
 Car Loan
 Loans for business ventures and enterprises

Personal loans are basically unsecured loans that do not require any collateral. As the banks do not take any security or collateral for the loan, it becomes very high-risk. A personal loan is given at very high interest rates. Also, this loan can be used for any purpose ranging from travel, medical emergencies or any other personal use. Personal loans are taken by people requiring immediate cash. People opting for personal loans need to fulfill certain eligibility criteria to get the loan amount from the bank. These are:

• Age- A person’s age plays an important role when applying for a personal loan. For a salaried person, the age limit is between 21 to 60 years and for self-employed people, the age limit is between 25 to 65 years.

• Nationality- People applying for personal loans from Indian banks or banking institutions must be Indian citizens.

• Income- In a personal loan, the amount given by the bank will depend on your income.  The higher the income, the higher the loan amount that you will get. Also, having higher salary also helps in negotiating a lower interest rate.

• Employment Status- When applying for a personal loan, you need to be an employed individual. For salaried individuals, at least 2 years’ service with your current employer and for self-employed people, there has to be 5 years' annual earnings. However, it is completely the discretion of the bank whether to give you a particular loan amount or not.

• Housing- The eligibility of personal loans also depends on whether you stay in your own house or in a rented place.

• Credit Score- It is one of the most important factors for the bank. Two factors needed for calculating credit score are- 1. repayment of past or current loans and 2. repayment of credit card bills. Having a good credit score positively influences the tenure, loan amount and also interest rates.

• Employer- Having lower interest rates on your personal loan also depend on the organization you are working for. If you are working in a reputed organization, chances are you  will get favorable terms for your personal loans

• Maintaining a healthy relationship with the Bank- If you have been a loyal customer of the bank and have a good financial record, you will get a higher loan amount and lower interest rates.

These are some of the personal loan eligibility criteria that you should follow. So before applying for a personal loan, make sure you meet all the requirements.