Going for an unsecured business loan? Apply through loan app!

Going to start a new business or want to expand an already existing one? An unsecured business loan is exactly what you need. An unsecured business loan is not secured by collateral and is comparatively easier to obtain than a secured loan. With the help of an unsecured loan availed through an app you can take advantage of a number of benefits which an unsecured business loan has to offer.

There are a number of reasons why you should consider taking an unsecured loan through an app. Simple and convenient, getting an unsecured loan through an app will help you in a number of ways.

Why Applying for an unsecured business loan via an app is ideal!

A number of banks in the country offer unsecured loans to people who are new in the business ecosystem or want instant help in expanding their small businesses. The question of which bank to opt for can be quite harrowing as the options available are many and thus confusing to a newbie. This is where an app can help you out. With the help of an app, you can easily compare the different offers provided by different banks and make the right decision for your business.

Applying for an unsecured business loan online helps you save time as well. With the help of the online facility, you can find out all about the criteria to match, within a couple of minutes. You do not have to take out time from your busy schedule to visit a bank and get all the required information. With the help of the online facility, you can find out all that you need to know and apply for an unsecured business loan online.

Another hassle-free advantage of applying via an app for unsecured loan is that you do not need to carry multiple photocopies of your numerous identification papers to the bank. With the help of the online facility, the bank can access your important details online itself.

The process of applying for an unsecured business loan via an app helps you cut down on the unnecessary transactions as well. These procedures are automated and have no means of human intervention. The otherwise tedious and lengthy process of getting an answer on your loan happens much faster through an app.

6 Reasons why shopping apps are trending today

Bring to mind your favourite apparel or departmental store. It’s an even bet that they have a corresponding app on your mobile phone. Why? Because it is smoother and more efficient to navigate through those apps from start to finish. For one thing, there is no need to fiddle with your payments. Such shopping apps help customers make the seamless transition from an occasional purchaser to a loyal customer. It could be a food delivery app, a restaurant app or even a clothing and beauty item app. Shopping apps are in vogue and here is why.

1. Repeat Business
Pre-orders and online payments are two of the key features of shopping apps. By the added advantage of being able to order ahead of time, you can pick up your order, whether it be food or merchandise, thus accelerating the entire process. It helps you avoid long queues and any kind of transactional hassle.

2. Convenience
In today’s day and age, the most valuable commodity is time. And what is the most effective way of saving time and making a transaction effortless? An app with retail brands, both big and small, following the same model as transport apps, everything is at your disposal with just a few simple steps.

3. Rewards
Online shopping apps offer incredible rewards on each purchase that is made. With competitive discounts from different brands, and an assurance of good quality, these apps make sure that the customer has had a pleasurable experience. They also provide the user with notifications and alerts for sales and lucrative offers.

4. Enhanced Experience
Shopping apps furnish the customer with complete control of their whole shopping experience. It lets you access sale offers, make shopping lists, order a product that might not be physically available where you reside. They also streamline the checkout process making it ideal for the digital age.

5. Personal Touch
You can customize and personalize the rewards and benefits you access from your online shopping apps. For example, some of the best online shopping apps offer extremely personalized discounts and sale offers to you on your birthday. They base it on your shopping preferences and the frequency of your purchases.

6. Efficient
Online shopping apps have made the need for paper currency and receipts obsolete. It has reduced paper costs and made some inaccessible brands attainable.

It is quite clear that online apps are the equivalent of a loyalty or membership card in the 21st century. An essential part of any modern brand’s marketing and distribution strategy, it is a useful tool for both the customers and the retailers.

Banking App: Take advantage of these 4 benefits

With digital transactions rapidly gaining ground, the use of banking apps has proliferated across the country. The reasons for this are many, but primarily the following benefits have made mobile banking apps the go to solution for banking necessities.

1. Cashless and Paperless transfers
One of the biggest advantage a banking app offers are cashless transactions. Mobile banking eliminates the need to carry huge amount liquid cash as well as the risk of theft. Even if your mobile is stolen, you can easily block the app, but cash once stolen is very difficult to recover. Additionally cashless transactions do not generate any paper trail as all transaction are saved in an electronic format, so you are also doing your bit for the environment.

2. Utility bill Payments
Payment of utility bills like electricity, water, etc. has never been so easy. With just a few simple taps on your smartphone you can pay all your utility bills in a few minutes from anywhere, thus saving time and energy that would have been wasted otherwise. Additionally, they help you pay your utility bills timely. You can activate services to notify and remind you about utility bill payments at the desired time and date.

3. Features
Apart from the basic features like checking balance, money transfer, finding ATMs nearby, etc. a lot of advanced features are also present in these apps. Nowadays you can open fixed or recurring deposit, check you TDS status, request cheque book, stop payments and do many more things. The interfaces of these apps are also designed in a user friendly way so that you can carry out transactions without any assistance from bank officials.

4. Availability of services
With mobile banking, you can do transactions from anywhere. Additionally certain features like UPI, IMPS, etc. enable you to conduct transactions 24x7 including bank holidays. This ability makes mobile banking apps the most convenient form of banking.

While the benefits mentioned here are the major ones you get when using mobile banking apps, these are not the only ones. Add to that the fact that, these apps continuously get updated with new features periodically, the advantages of using banking apps are also increasing exponentially. So, if you want access to a plethora of new features and lightning fast banking functions, start using banking apps today.

Take advantage of applying for a two wheeler loan through a loan app

Planning on getting a new two wheeler? But the cost of the new bike or scooter seems out of your reach? You need not fret. Two-wheeler loans are extremely useful for someone who wishes to purchase a new bike and wants to make sure that the dream vehicle stays perfectly fine. The conservative method would have been to apply for a loan by visiting a bank and discussing the details. But with the advent of online mediums, loan application can be quite easily done through apps on your phone.

With the widespread use of smart phones, banks have developed their own loan apps for these devices. Here are some of the advantages of applying for a two-wheeler loan through a loan app.

1. When applying for a two-wheeler loan through an app, you can calculate the monthly payments that you would be required to pay. With the use of the bike EMI calculator, you can estimate the EMI payments that you would be making. This also helps you calculate the interest rate on your loan and the total amount that you would have to pay in order to pay back your debt.

2. If you were to apply for a loan by the more traditional method, you would be required to present your pertinent documents and wait for the loan authority to conduct the requisite checks. This takes a fair amount of time. But, if you were to apply online for the very same loan, your eligibility could be tested within minutes. With just a few quick and easy steps you would have applied for your two-wheeler loan.

3. Given that the whole process is online, you can very easily compare the different rates of interests offered by different lenders. You can then choose a plan that suits your needs the best. Bike EMI calculators on these apps allow the user to input different interest rates and determine the tenure of the loan. This gives the user a better idea with regards to the expected monthly interest that he would have to pay to the lender.

4. When you apply for a two-wheeler loan through an online app of a bank, they offer extremely attractive pre-payment options. Pre-payments means that you can choose to pay a certain portion of the loan amount in a single transaction. You can choose from different pre-payment options on the app and choose the one that you are most comfortable with.
If you plan to apply for a loan to help you purchase a new bike, try these online apps. They will make the process much simpler and convenient.

Did you know payment apps offer you these benefits?

In this fast moving world of development and technology, our banks have also stepped up their game and introduced numerous ways of making our lives easy. The issue of wasting time, standing in long queues for hours is a thing of the past now. With the help of our handy best friend– our mobile phones, of course- we can do just about anything without wasting any time. Paying bills online is one of the many benefits our banks are providing today. These services were developed to help us save our time, energy and money. The mobile recharge apps offer a number of benefits to every person who is looking to save his time via a safe and secure mode of transaction. Keep reading below to find out about the multiple advantages of these online recharge offers.

The Benefits of Using a Payment App
Mobile Recharge Offers help you save a lot of money on late payment related fines. Many of these recharge offer apps send you alerts about the due date and the amount to be paid. This helps you remember the exact amount to be paid and the timeline for your payment, thereby helping you avoid any chance of wasting money on late fines.

This facility of paying bills online is convenient and simple. With the help of recharge offers available, you can simply pay all your bills at any time of the day without having to run down to the bank or corporation office. With the help of these simple and easily accessible recharge apps, you don’t have to take time out of your busy schedule for the sole purpose of paying bills.

Security is given utmost importance with these payment apps as they ensure that all your information is safe. All your important information like the account number, routine number and the signature is safe under these recharge apps. The option of paying online thereby protects your identity and completely eliminates any chance of losing your paperwork.

With the help of online bill payments facility you can save your hard earned money easily. The cost of stamps, envelopes and checks are all eliminated via these recharge app offers. Not just this, offers on mobile recharge help you keep a record of your expenditures and bills safely in one place in an organized manner.

Easy accessibility is another attractive feature of these recharge apps. With the help of online bill payment, you can easily access and make payments for your electricity, water and other bills at any time of the day. Be it in the morning or night, whether you are on your way to work or relaxing on a vacation. It’s simple, easy and convenient so make sure to switch to these apps and save some time.

Take the easy way out to pay your utility bill with this app

Are you tired of running around multiple offices to pay your electricity bills, water supply bills, etc. and are looking for a more convenient way to pay these utility bills? Or, have you had to deal with late utility bill payment fines? Then, You should definitely try out mobile banking apps.

With mobile banking apps you can pay all of your utility bills just sitting at your home or anywhere else and that too within a few minutes. This saves you a lot of time and energy, which you might have wasted in going to the offices of the different utilities. But the area where the mobile banking apps shine is timely utility bill payments. They offer a variety of options for you on this front. For example in HDFC bank’s HDFC ASO Mobile Banking app, if you want, you can set reminders and notifications through the app that will remind you on the desired time and date to pay utility bills. If you want even something more convenient then you can also issue standing instructions through the app to pay your utility bills at a specific date and time.

Additionally mobile banking apps like Axis bank’s Axis Mobile app for example, help you by maintaining an electronic history of all transactions and that include your utility bill payments too. This helps you do two things: first it keeps all your payment details in one place so that you can review and track them as and when you like; second, it helps in eliminating the need of paper bills thus helping you do your part in conserving the environment.

As with all forms of electronic fund transfer systems there is a possible threat of hacking and information theft. But these banking apps are very secure and have counter measures in place for such threats. For example, the ICICI bank’s mobile banking app iMobile uses strong encryption on the data stored in the phone. Additionally all data being transmitted over the network is also encrypted by secure technologies like PKI, 256 bit SSL encryption, etc. Thus you do not have to worry about any kind of theft, either monetary or of personal data while paying your bills through these banking apps.

So say ‘no more’ to waiting in long queues, late payment fines and turning the house upside down to find your previous bills and start using mobile banking apps today itself to pay utility bills the easy way.

Net Banking Apps: What are the different features?

Net banking apps are becoming more popular than ever, thanks to the digitalization of the economy. More people are embracing the online mode of transaction, due to which the different banks have developed and launched their own applications for internet banking.

Here are some of the features that almost all net banking apps share.

1. Account creation
If you do not want to visit a bank to open an account, the only option that you have is to download the app of that bank and create the account online. This process is simple and instant. However, keep in mind, you will still need to present the photocopies of identity documents in order for the bank to verify your identity.

2. Bill payments
Net banking apps can be used to clear bill payments. These apps come preloaded with options of essential categories like electricity, gas and phone bills. All you have to do is click on the relevant category, select the company and pay. Furthermore, you can make credit card bill payments through the mobile app as well. These apps also allow you to automate the bill payment, which will further reduce the hassle involved with periodic payments.

3. Statements are electronic
Instead of paper statements that are liable to get displaced or damaged, when you use a net banking app for transactions, the invoice or receipt is digital and mailed to you. This will be easy to keep track off at the end of the month, when you are calculating expenditures and savings for that particular month.

4. Alerts for every transaction
Whenever a transaction occurs in your account, you will receive an instant alert of the same. This alert will also notify you of any irregular changes in your account, such as any unexpected debit of money. In such a case, you can get in touch with the relevant people to rectify the issue almost immediately, thanks to the banking app on your phone.

Similarly SMS alert services are also offered by the banks, but often these messages may get delayed. In some cases, the SMS may not arrive due to network issues or some other reason. However, when you turn on the alerts in the app, you can rest assured knowing that any change in the account will be notified to you.

The mobile banking apps offer the best features and the best deals. Furthermore, it makes handling your finances simpler and more convenient.

How can payment apps help you pay your bill online?

With the advancement in the world of technology today, paying bills online is just a natural thing to do. Paying bills online has come as a boon in our hectic lives as having to remember the due date of each one from a plethora of bills can be difficult and confusing. Gone are the days when we had to worry about taking a trip to the different corners of the city, only to wait in a queue for hours to pay the various bills. With the help of simple and easy-to-use apps, anybody and everybody can easily pay their bills within a few minutes. Paying bills online does not need your whole and sole focus as online bill payment can be done easily, while focusing on other important tasks in hand.

Advantages of paying Bill Online
Paying bills online is an extremely simple and convenient thing to do. You don’t have to worry about a thing. All you need to do is download the said utility bill payment app and pay your bills online,at  anytime and from anywhere.

• Online Bill payment helps you in saving a lot of your precious time. In this fast moving and extremely busy world, there is no time for you to waste. This is where bill payment apps can help you out. Taking out extra time from your hectic schedule is neither possible nor needed as bill payment apps help you pay all your utility bills instantly with a single click on your mobile phone.

• With the help of payment apps, you can not just save your time and energy, but also your money. Remembering to pay the bills on the last day of the month is also not a problem because of how quick the process is. With no reason for late bill payment, the need to pay fines also reduces significantly

• Online Bill payment is highly secure and keeps everything organized. With all the transactions easily recorded, bill payment apps help you track the amount paid with every bill. From water bills to electricity bills, you cannot find this facility of easy payment anywhere else.

• Individuals can make immediate payments via these simple to use bill payment apps. Often you tend to forget about paying your bills until your supply is abruptly stopped. With the help of bill payment apps, you can now set a reminder which will help you clear your bills with a lot of time in hand.
 
So, without wasting any more time, switch to this hassle-free mode of payment for your own convenience.

Are you aware of these education loan benefits?

With the increase in the cost of education each year, funding higher studies have become a matter of concern for parents and aspiring youth. Having big dreams but not having enough financial support has been troubling the youth of the country for quite some time now. This is where education loan comes into the picture and saves bright students from compromising on their desires due to shortage of funds.

Education loan in India helps you in not just funding the course of your choice, but also covers the cost of your entire education. From expenses of travelling to a new country for further studies to the cost of the essentials needed, everything is covered by such a loan. So, in order to find out more about the benefits of getting an education loan keep reading below.

The numerous benefits of getting an education loan
One of the major advantages of getting an education loan is that you will not be expected to pay the amount instantly after completing your course.

Education loan gives you enough time to accumulate the amount and then repay. You can easily find a job first, make a substantial savings and then start paying back the amount.

Individuals who claim the loan have an added advantage of claiming deduction on the entire interest amount of the loan. However, this can only be done when the person who is claiming the loan is repaying the amount under section 80E of the Income Tax Act. In order to avail the tax benefits, individuals have to fulfill certain conditions which are:

• The loan either needs to be taken from a scheduled commercial bank or the two gazette financial institutions. Taking an education loan from any other institution will not allow you to get the tax deduction.

• Secondly, the loan can only be taken to fund higher education, which is after passing your senior secondary examination.

One of the most attractive features of an education loan is the low interest rate it offers. In comparison to any other loan, education loan has low interest rates as public banks all over the world subsidy it. This is primarily done to improve the standard of higher studies all over the world.

Education loan has great repayment options as well. Individuals taking the loan can return the amount after securing a job. The burden on both parents and students are thereby reduced, making it easier to pay the amount over a long period of time, conveniently.

3 Reasons why you should apply for a gold loan through an app

Applying for a loan can be a tricky business, especially when it comes to a loan for something as precious as gold. Gold loans however, are one of the best loans you can take in times of emergencies. From absolute transparency with the policy to flexibility in returns, gold loan is easily the best type of loan there is.

One of the best ways to get a gold loan is via the online facility. With the help of numerous gold loan apps, people all over the country have been able to get instant approval on their loans. By ditching the traditional and not-so-convenient method of applying via a bank, individuals who need gold loans have benefited immensely. If you too are considering this method, keep reading to find out the advantages of a gold loan app.

Advantages of Applying for a Gold Loan through an App

There is more than one reason why you can and should apply for a gold loan via an app

• Convenience: With your understandably busy schedule throughout the week, visiting a bank and applying for a gold loan can be a dreadful task. No one has the time to stand in a queue for hours, waiting for their turn to come. Gold loan app comes in handy for anyone who wants to find easy and convenient ways of applying for the loan. Applying for a gold loan online therefore is the best alternative to visiting a bank for the same.

• Low interest rates: Applying for a gold loan online helps you get the lowest interest rate possible. Gold loan is one of the safest options for people who urgently need money and have their gold jewelry sitting idle in the lockers. Due to its easy availability and easier liquidity facility, gold loans have attractively low interest rates as well

• Comparison of options: Applying for a gold loan online has an added benefit of comparison between different options. Every bank has its interest rates and other policies mentioned in their app. This helps potential loan seekers to compare between different banks and make the right call. Gold loan emi calculators can also help you find out about the EMI to be paid, instantly.

Gold loan apps are therefore the best way to apply for a loan. Easy access to all the information and instant approval of your application are a few other added benefits of this facility. So, if you are in the need of funds on an emergency basis, a gold loan can turn out to be your saviour and with gold loan apps, you can avail the benefits at ease.

Did you know that payment apps make for the ideal payment solution?

The internet has revolutionized our everyday life in every possible way. With its evolution and wide spread use, our lives and future have become digital. You use your phone and computer for more than just calling people and answering e-mails. Being “online” is more than just staying connected to our friends and family. It is a way of getting things done quicker and more conveniently to keep up with the fast pace of modern day life. It doesn’t make sense to stand in a queue for hours to pay your bills when you can quite simply do it on your way to work. You can pay for your parents' medical bills and household expenses with a simple online transfer of funds. Online payment solutions aren’t hindered by geography. You could be anywhere and still make sure that your bills are paid on time.

Here are a few reasons why mobile apps are the perfect payment solution for you-

1. Quick and Easy-
The most valuable commodity nowadays is time. Making payments from mobile apps saves you a lot of time. With just a few quick and easy steps you can pay your bills without having even left the comfort of your home. Most mobile payment solution apps offer multiple options for credit and debit card users. Both time and cost efficient, it is an extremely useful tool at your disposal.

2. Secure-
If you were to lose your cash, you will more than likely never get it back. But if there is any kind of discrepancy in your online transaction and you report it, you will be reimbursed for the same in full. Mobile payment apps come with their own security measures like PINs (Personal Identification Number) and Usercodes. Your transactions will be both secure and free of any kind of human error.

3. Organized-
One of the biggest advantages of online payment solutions is that it organizes and records your expenses. You no longer need to worry about keeping the receipts for the payments you make. Since you will be transfering funds directly and through an electronic medium, you will be paying the exact amount. There will be room for error in your calculations or in the deductions from your account. With e-mail and SMS notifications, you will be able to keep an easily accessible record of your finances.

Whether it be receiving or sending money to a family member, or paying your utility bills or ordering a meal, mobile payment apps are ideal for any kind of transaction.

Bill payments are now made easy through the bill payment app

Bill payment is a crucial part of maintaining your finances, even though it can sometimes feel like a chore. This is why banks have devised convenient and simple ways of helping you settle your bills conveniently.

Internet banking is one such brainchild of the banking industry that has revolutionised how payments are made. Here the internet acts as the interface between you and the payee, making the whole process convenient and instant. The number of online bill payments is rising staedily, corroborating the fact that internet banking is gaining popularity, especially in light of demonetization and the government pushing for cashless transactions.
Here is a look at some of the important advantages that internet banking offers when it comes to bill payments and clearance.

1. Simple, safe and fast payments
In case of a manual bill payment, you would first need to sign the check for the bill in question and then wait for it to get processed or you will have to pay using cash. With an app, you are able to transact instantaneously and from the comforts of your own home. Moreover, since the transactions are encrypted, you are protected against hackers and other allied threats.

2. Using credit cards for payment
Generally, people use cash for making bill payments. However, if you want to, you can use your credit card to make the same payment through the app. This can be very helpful, in case you are short on funds and the due date has arrived. Moreover, credit card transactions are usually safer and a more secure mode of payment.

3. Turning to digital from cash payment
It is always better to reduce cash transactions and the usage of bill payment apps can help you limit cash exchange. Printing physical currency is an intensive process that uses up a lot of the country’s capital. Moreover, you will also end up saving paper when you control cash transactions, which can greatly help the environment.

4. Keeping track of bills is easy
When you try to keep track of bills, it may be difficult. However, using the online method can simplify this process of tracking the paid and unpaid bills. Some of the apps offer the opportunity to set alerts and notifications, which will help you know if a bill is due. Moreover, in case of a bill where the amount remains same every year, you can automate the bill payment procedure completely.

5. Attractive discounts
Sometimes, certain companies will offer attractive discounts on the bill amount when you decide to pay them through apps.

Why is it essential that you calculate your car loan interest through the app before applying for it?

Need help to buy your dream car? Need to apply for a car loan to pay for it? Well, there are certain things you need to consider and calculate before you apply for one. For starters you need to calculate the EMI that you would need to pay for your loan. Also, you would have to be aware of the rate of interest that would be applicable on the loan for the fixed amount of time. Both banks and NBFCs (Non-Banking Financial Companies) have online apps that include features like car loan EMI calculator and interest calculator.

How does the app work?
The foremost banks in the country have mobile apps for loans. These online apps come with various features. One of those is a car loan EMI calculator which allows the customer to calculate the expected EMI for different loan options. By computing the time required to repay the loan, it calculates the amount that one must pay as EMI along with the interest that the loan will incur. The app employs a simple mathematical formula with a few variables that you would have to input. It will then give you the result estimating your EMI.

Factors that affect a car loan EMI
There are a few factors that influence your EMI calculation. When computing the same on the app you will be required to furnish the requisite details that include the details such as name and age of the applicant, the expected tenure of the loan, the car loan scheme you are interested in.

Benefits
The following are some of the major benefits of a car loan EMI calculator.

1. Time-efficient
Calculating the EMI on your car loan on an app on your phone is both quick and easy. It saves a lot of time from having to manually estimate EMIs for different loan plans. Just by inputting the variables for time and interest differently, you can calculate which EMI plan suits you best.

2. Convenient and hassle-free
An online car loan EMI calculator lets you make your necessary calculations from the comfort of your home. The app makes the whole process extremely hassle-free and convenient.

Interest Charges
The rate of interest that is prevalent in the market is the factor that determines the sum total of the amount of interest you will have to pay for your car loan, which again is dependent on the tenure of your loan. The longer the tenure of your car loan, more the cumulative interest you will have to pay.

Applying for a car loan through an app is easier and quicker. Moreover with the added features of the EMI calculator and an interest calculator, it lets you make an informed decision.

What can the online bill payment app offer you?

With the advent and evolution of the internet, our day to day lives have changed dramatically.  Everything in life, whether it be meeting people or buying groceries is being done online nowadays. Why would one go to a service center and stand in queue for hours to pay their utility bills when the same can be done from the comfort of one’s home with absolutely no hassle? You can use your cellphone to pay bills online for your electricity, LPG, water and other utility bills. You could also pay your taxes online. Personal transactions between friends and family have also been enhanced by payment apps.

The following are some of the most advantageous features of a payment app.

1. Time-efficient
One of the biggest advantages of online bill payment is that it saves a lot of time. You can pay your bills with just a few easy and quick steps and without even an ounce of hassle. Payment apps on mobile phones offer the scope of linking multiple credit and debit cards so that you do not have to enter the card details before each and every transaction. Both cost and time efficient, it makes transactions easier.

2. Saves Paper
Online bill payment has made the necessity to maintain copies of payments obsolete. Payment apps have dramatically reduced the use of paper bills since the records are maintained over e-mails and SMS notifications and these records are easily accessible with the snap of a finger.

3. Security
The encryption mechanisms that are employed by online payment apps are extremely secure. To hack into one of these payment gateways is virtually impossible. You can’t ever get stolen cash back, but you can report any discrepancy in your transactions and get the amount thereof reimbursed.

4. Organized
If you pay bills online, you need not worry about the last minute deadlines. You can pay them on the last day and also since you will be receiving your bills over e-mails with the associated link, you need not worry about maintaining receipts. You can track your expenses and keep a record that is both accurate and easy to understand.

5. Small Gains
Online bill payment reduces the chances of penalty charges because you can make yours even at the last moment. Also since you would only be paying an exact amount, you need not worry about having loose change or getting it back.

From sending or requesting money from a friend, to recharges, to paying utility and other bills, online bill payment apps make money transfers easy and fast.

4 Reasons why you need a mobile banking app on your smartphone today

Taking time out and going to the bank is a chore you can definitely do without. But then again, the passbook needs to be updated, an order for a new cheque book to be placed, the misplaced ATM card needs to be blocked… the list is endless.

This is why a mobile banking app is a god-send. Anything you need to visit a bank for, you can get the job done from the app. No more setting aside time for going to the bank. Time saving and convenient, these apps are now massively popular – their download numbers are staggeringly high.

Not convinced, go through the points outlined below and decide.

1. Easy to use
With the traditional form of banking, you are required to visit the bank’s branch and conduct your business at the premises. However, with the mobile banking option, customers are free to just open an application on their smartphones or tablets, which will allow them to make changes in their bank accounts or conduct other transactions. Furthermore, most of the apps have incorporated useful features inside them, which allow the user to set reminders and turn on notifications, which would alert them in case of any change in the account.

2. Instant access    
Apart from the banking apps being very easy to use, such programs also offer the benefit of accessing your bank account instantly. In case of manual banking, you will likely have to take time out of your schedule to visit the nearest branch. So, mobile banking is vital in case of emergencies where you need to carry out a transaction as soon as possible.

3. Ability to go cashless
Mobile banking apps bring allow you to access the bank’s facilities on the move. You no longer pay your bills or buy essentials with cash, you can pay using the net banking facility on the app. This is a much more convenient process and allows you embrace the cashless method of transacting.

4. 24x7 banking 
Banks are not open around the clock, which makes transactions in the middle of the night almost impossible through the traditional method. However, a banking app is open 24/7. You can conduct business even on public holidays, when all bank branches remain closed.

So, ensure that you install a banking app today and start using it. Such a change will surely make your life easier.

What can you get out of online merchant service?

Merchant services are online payment transactions that involve credit and debit cards. It is ideal for individuals who own small businesses and would like to accept payment through an electronic medium. It is quite a simple process, through which you could accept payment from your customers through credit cards, debit cards, or other means of payment. The payment processor will deduct a certain amount from your transactions as fee and deposit the rest into your assigned bank account.

There are however different kinds of online merchant services. The most popular merchant payment services are-

1. Retail merchant accounts
These are designed for the small product-oriented businesses that have physical stores. One of the more traditional merchant account type, it is designed with different card reading software options.

2. Internet merchant accounts
If your business is based entirely or mostly online then it is the most cost-effective option for you. Designed specifically for e-commerce, it provides a secure portal for your clients to make their purchases and also provides multiple options for your payment.

3. MOTO (Mail order/ telephone order) merchant accounts
Businesses that offer services or products specifically for mail or telephone orders, will find this kind of merchant service account ideal for them.

Having decided which online merchant service is most suited to your needs, here are some of their biggest benefits.

1. Acceptance of credit cards
Cash transactions have become a thing of the past. With a merchant service account you can accept credit card payments. It also shows the trust that exists between you and your customers.

2. Increase in sales
Small businesses especially those that cater to a niche audience need to be accessible to their customers. An online merchant service account can help with that. Sales volume increase as you become more available for transactions.

3. Better money management
As you are receiving your payments online, it will become easier for you to handle and record transactions. Also, it provides greater accuracy as you are being paid the exact amount electronically. You can calculate gross income and your daily income making your company more organized.

4. No more Bouncing Cheques
Earlier, it was next to impossible to find reparation for a lost item due to a bounced cheque. But with electronic payments, you no longer have to accept cheques. Hence the risk of losing money for a product delivered has been mitigated.

One of the smartest ways of conducting business in the modern age, online merchant services hugely benefit businesses and inspire loyalty in customers.

Bank Cards: 5 reasons why you need to switch to them today

The future is digital. And it has been digital for some time now. Ever since demonetization the shift to cashless, online payments have taken the forefront. Bank cards which include debit cards, credit cards and prepaid cards, have gained popularity and given their various advantages, it isn’t hard to see why.

Following is a comprehensive list of the factors that state their benefits over paper currency.

1. Convenient
Bank cards, whether they be debit or credit cards, are extremely convenient. The payments you make by using them are deducted from your bank account. And it does so almost instantly. You don’t need to carry around paper currency. Or count your notes before you make a purchase. Extremely time efficient and hassle-free, bank cards allow for autonomy and privacy.

2. Cash When You Need
True, you can’t pull out your debit or credit card to pay your vegetable vendor. But bank cards also have the ability to give you cash. A simple withdrawal transaction from the nearest ATM with your debit card will give you the amount of cash that you want. In many ways, it helps curb your expenses. If you are only withdrawing the amount you need to purchase something, you will only be spending that much, thus curtailing the chances of over-spending.

3. Secure
Bank cards come with a PIN (Personal Identification Number) making certain that only you can access your money. The PIN provides a protection and security against theft that make them easy to travel with. They also come with the failsafe option of cancellation and fresh renewal in case you lose it or need to prevent it from damage.

4. Credit History
One of the first things that banks or other financial institutions check when you apply for a loan is your credit score. Your payment history and the details of your credit card account make-up the gist of your credit file. If you keep it in good standing, your chances of investing in different financial schemes will be greatly enhanced.

5. Rewards
Rewards like frequent flyer miles, discounts, cash back are to be found every time you make certain eligible purchases. Complimentary extras are often features of bank cards that help you save money.

Bank cards are a convenient method of managing and handling your finances. Simple and quick, they have changed how commerce is conducted and how we purchase things. And with virtues as extensive as mentioned they are hard to disregard.

Payment app 101: 4 reasons why you need one today

Payment apps are now one of the most common and popular forms of transaction, thanks to the ever-improving technology and convenience promised by the entire process. While the system did make its way overseas at first, India has since caught up with the rest of the world when it comes to using these mobile wallets. With the establishment of many payment app companies in India, the market only continues to grow.

Here is a look at some of the reasons why you need to start using a mobile payment app, if you have not been using one already.

1. Much faster than internet banking
While it is possible to make payments using the net banking facility through your phone, the procedure takes much longer. Furthermore, you need to connect to your bank’s website in order to complete a net-banking transaction. This can be problematic if your bank's website does not respond, has a link failure or if the website is under maintenance just when you need to conduct the transaction.
However, with a payment app, you can just open it and initiate a transaction round the clock. It is simpler, more convenient and faster.

2.  Multiple cards on the phone
With a mobile payment app, you can save the information of multiple credit and debit cards at once. This allows you the freedom to venture out without carrying the different cards in your wallet. If you need the money, you can simply use the app instead and select the card from which you want the money to be debited. Furthermore, it also reduces the chances of losing a credit/debit card.

3. Secure form of payment
While cards are moderately safe and secure, the mobile payment apps offer a safer method for transactions. A person may be able to bypass the security offered by the card itself, but it is almost impossible for a normal person to bypass the SSL or TLS encrypted security offered by such an app.

4. Most vendors accept the usage of payment apps
As more and more people are shifting base to the digital universe, vendors have also started to incorporate the technology at their outlets. Today, almost all restaurants, movie theatres, malls and other businesses support the mobile payment system. So, the mode has not only become feasible but advantageous as well, with a number of discounts and cashback options available.

If you are yet to switch to such an app, ensure that you do so immediately. It will make transactions easier and will also allow you to avoid some of the hassle related to cash transactions.

Are you aware of how the public provident fund works?

Public provident funds or PPF is a type of long term investment option which is quite popular in India. Such an investment option is usually preferred by and useful for self-employed individuals and those who work in small companies. Such companies do not provide options for GPF and EPF, which is why employees need to invest in the public provident fund. Take a look at how public provident funds function in India.

Rate of return of PPF
Interest rates for the investment is decided by the Indian government and is declared at the time of the Central budget. For instance, for 2017-18, the rate was 7.9 percent per annum. Furthermore, the calculation of the interest occurs on a monthly basis, but the fund is settled at the end of the financial year. The interest that you receive from the PPF is tax-free, which will increase your savings.

How to open and maintain PPF account
A PPF account can be opened quite easily. Almost all banks offer the service and people with savings accounts in the Post Office can also opt for such an account. If you want, you can conduct the entire business over the internet through your debit card or through internet banking services. A PPF allows for long term savings that matures in 15 years.

Features of PPF
A PPF is backed by the Indian government and there is almost no risk of losing your money if you decide to invest in such a plan. Apart from the interest being tax-free, the original invested sum is also exempt from the tax under section 80C. A public provident fund also offers a wide range when it comes to the amount of initial investment. You can invest as low as Rs. 100 at the first time.

Annually, you will have to deposit at least Rs. 500. However, the PPF does not allow deposits of more than Rs. 1,50,000 every year. Moreover, the PPF is transferrable, which means that you can transfer it to someone else’s name if you feel like it. This is especially useful if you have children and want to leave the money to them.

A PPF is valid for 15 years and matures at the end of that period. However, you can choose to extend the duration of the PPF by 5 years at the most. This extension can be done without making any contribution over the next 5 years or you can carry on making periodic contributions as well. Thus, a PPF is a great and flexible way of ensuring a steady savings by making a small investment.

Are you aware of these prepaid card benefits you can take advantage of?

Prepaid debit cards were introduced to meet the market need for a secure payment method that reduced the risk of over-spending. It lets you load funds directly onto your card from your bank account. It essentially just converts paper currency into electronic currency. The credit limit is set at the amount that has been deposited and is deducted from the same.

How do they work?
Prepaid debit cards, much like any other debit or credit card, come with their specific PIN (Personal Identification Number), but they do not let you spend from your bank account. Neither is there a pre-determined credit facility that you can use to pay for your purchases.

Instead you load an amount onto the card, and once that amount runs out, you can no longer spend anymore. You will have to upload more funds onto the card before you use again.

Advantages
Here is a comprehensive list of the advantages of a prepaid debit card.

1. No Debt
The absence of a credit facility lowers the risk of you incurring debt significantly. Since you would be spending only upto the amount that you have deposited, you could hardly over-spend. Besides inculcating discipline, it helps keep your budget tight.

2. Control
Unlike a credit card, where your card provider is setting your spending limit, you can decide how much money you are comfortable spending. And if you need to spend more on any occasion, you can quite easily transfer funds online onto the card.

3. Hassle-free
One can apply for a prepaid card online, and also make direct deposits. They are also easily accessible on one’s mobile devices.

4. No Penalties
Since the money accessible for use is only the amount that has been deposited, there are no repayments that need to be made. Also, there are no penalties or fees to be paid for late payments or time extensions.

5. Multi-purpose
One can withdraw instant cash from ATM’s using this card and the associated PIN. They can also be used to pay utility and other bills with it.

6. Improved Credit Rating
One can improve one’s credit rating by using a prepaid debit card. By charging a fee on a monthly basis, referred to as a Credit Booster, for a determined period of time, your card provider will show this as an honoured credit agreement in your credit file.  Thereby increasing your credit rating.

By virtue of the aforementioned advantages, prepaid debit cards have gained incredible popularity. And with such benefits it isn’t hard to see why.

Here’s why you need a toll tag recharge if you travel with your own car

A toll is the charge levied when you use a bridge or a road to cross from one jurisdiction onto another and is upayable to a person who has been assigned to give you a receipt to acknowledge the transaction. But now with paper currency and cash transactions fast getting replaced by digital transactions, toll tags have become extremely popular. They allow you to pay toll online. A toll tag is a simple, reloadable tag that enables an automatic deduction of the charges without you having to stop at each toll gate to make a cash transaction.

It has to be linked with a prepaid account and employs Radio-frequency Identification (RFID) technology. It allows for the applicable amount for toll to be deducted without any kind of hassle. The RFID tag is attached to your vehicle’s windscreen, once the account associated with the tag has been activated. It is an ideal solution for car trips across national highways.

The following are some of the biggest benefits of a toll tag.

1. Saves Fuel and Time
You no longer need to stop your vehicle at every toll gate and make a payment. You don’t need to waste time or fuel when you have check-in timings to think about. Your toll amount will be automatically deducted from your account.

2. Alerts
Instead of the paper receipts, you will receive a SMS notification on your registered phone number, every time a toll has been deducted.

3. Safety
When travelling you should opt to carry as little cash as possible, in order to reduce the risk of theft. If you pay highway toll online, you reduce this risk significantly. By a simple online transaction with a NEFT or RTGS, you can recharge your toll tag account in case you run out of balance.

4. Flexibility
You can choose to opt for a monthly or local pass if you feel that you would need to travel rather frequently. Also, if you have a balance amount on your account, you will be reimbursed for the same. If you were to lose your vehicle, or to damage it in some way, you could just as easily block your toll tag.

When travelling in your own car, whether alone or with family, you want it to be as smooth and hassle-free as possible. Being able to pay toll online saves time and a lot of unnecessary inconvenience. Whether you are travelling for leisure or for business, it helps make your journey more pleasurable.

Atal Pension Yojana (APY): All you need to know about this Social Security scheme

In 2015, pension options for the unorganized sectors finally became a reality in India. Atal Pension Yojana or APY was introduced in place of the Swavalamban Yojana that existed before. The latter provision was not well received, which is why the APY replaced it. Here is a look at some of the features of the scheme and what it brings to the table.

Eligibility for the scheme
You are eligible for the scheme if you are a citizen of India with a valid bank account. You should also be between the ages of 18 and 40 in order to qualify for the pension yojana.

Monthly payments or premiums
The premium depends on the amount of pension you want to receive after you turn 60. The scheme offers pensions starting from Rs. 1000 and go all the way to Rs. 5,000 every month. So, if you want a pension of Rs. 5,000 after you turn 60, you will have to pay higher premiums compared to the amount of premium you will have to pay for receiving Rs. 3,000 after reaching 60 years of age.

The premium also depends on the age at which you enrol for APY. The earlier you join, the lower will be the amount of your monthly premium and vice versa.

Benefits of the pension scheme

1. The scheme allows people working in the unorganized sector to receive a steady flow of money even after retirement. This pension is guaranteed and can be very useful for economically challenged people in the society.

2. Even if the subscriber dies, the spouse will continue to receive the same amount of pension for the rest of his/her life. Furthermore, after the death of both the subscriber and his/her spouse, the nominee in the plan will be set to receive the pension every month.

3. Atal Pension Yojana offers a flexible range for the amount of pension that a person wants. Moreover, the subscriber can change the amount at any point of time prior to turning 60. This can be very useful in case of financial emergencies, which may prevent the subscriber from paying the premium required  for receiving a higher amount of pension.

How to apply for APY?

Signing up for the Atal Pension Yojana is very simple. All you need to do is to visit the bank or post office where you have a savings account. If you do not have such an account, you can open one prior to opting for APY. Next, fill up the APY form and submit the same. You can also opt for the pension scheme online.

The Atal Pension Yojana (APY) is a great financial tool that will empower all individuals employed in the unorganized sector by providing them a steady flow of money every month after retirement.

Car loan EMI calculator: Why you need this tool when planning your car loan

A car loan is quite handy for people looking to purchase an expensive vehicle. Such a loan may allow you to get your dream car, even when you do not have the financial standing to pay the entire price yourself. However, before taking the loan, it is always better to check the kind of interest that you would need to pay and also calculate the monthly EMIs for the loan.

A tool known as the car loan EMI calculator can aid you in determining the exact monthly payments for the loan you are about to take. Here is a look at why you should definitely use this calculator before opting for a loan.

1. Determining the EMI for the loan
The monthly instalments for the car loan should be within your comfort range. For instance, if you are comfortable paying Rs. 15,000 a month, then you should take a loan whose EMI is be below that upper limit. The online car loan EMI calculator can aid you in finding the sweet spot when it comes to the amount of loan that you should take so that your EMIs remain in an affordable range.

2. Comparison of EMI and interest rate
If you are looking for a car loan, you would do well to perform an extensive research regarding all reputed lending companies. The interest rate being charged for the loan and the tenure for the same determines the EMI that you would need to pay. The EMI calculator for car loan will help you compare the rates and get the loan that is most affordable for you.

3. Stops you from borrowing too much
When you borrow money without using the EMI calculator for car loan, you are likely to take too high of a loan. However, if you perform the calculation, you would know how much you should borrow which will prevent you from taking a loan that you may have difficulty in paying back.

In order to calculate the EMI for a loan, all you need to do is to open the page containing the EMI calculator. Enter the amount that you want to borrow along with the rate of interest and the tenure for the repayment. Click on the 'calculate' button and you will be provided with the exact EMI sum for that particular loan.

While a car loan is a great tool that will help you in owning your dream car, a car loan EMI calculator is the tool that will make sure that the huge investment does not destabilize you financially.

Corporate banking versus wholesale banking: What is the difference?

Banking is an umbrella term under which there are various facets of the modern day financial system. While most people classify anything related to finance as banking, it is important to know the distinctions between the different terms used in the field in order to gain a proper understanding of finances.

You may have heard the terms corporate banking and wholesale banking services during certain financial conversations. Take a look at what these terms mean and what the differences are between the two.

What is Commercial banking and Wholesale banking?
Corporate banking refers to the financial and wealth management services that are offered to corporations, small and medium-sized enterprises (SMEs) or businesses. This is often considered to be one of the most profitable forms of banking, as the commercial banks cater to the needs of entire businesses. At the end of the day, the goal of corporate banking is to assist companies in achieving their financial goals and objectives.

Wholesale banking, on the other hand, refers to transactions between a merchant bank and other financial corporations. These corporations are usually the leading names in a particular industry and are considered to be large businesses.

Thus, corporate banking deals with the needs of the SMEs and wholesale banking system deals with the bigger corporations.

Corporate banking Vs Wholesale banking: The clients
In case of corporate banking, the clients are small and medium-sized businesses that often require the help and advice of financial experts, in a bid to maximize their profit and prevent the corporation from drowning due to one small mistake. There is no limitation on the clients that commercial banks may take work for. However, the same is not true for wholesale banking.

Since wholesale banking involves the largest banks and the leading companies, government agencies, pension funds and the private companies that have the greatest turnover each year can afford it. However, any exchange or transaction between two institutional banks is also considered to be within the bracket of  wholesale banking services.

Eligibility criteria  
For corporate banking, you need to have proper paperwork to become designated as a corporation. If the company that you run is still not classified as a corporation, you are ineligible for the banking service.

For wholesale banking on the other hand, you either need to run a bank or some other large-scale financial institution to qualify.

Now that you know the basic difference between corporate banking and wholesale banking, you can ask your financial advisor more detailed questions about the same and proceed accordingly.

When should you apply for a gold loan?

Loans are necessary financial tools which can be used by people in times of emergency or need. A gold loan is a specialized type of loan which is provided by the lender against the gold assets that you have. The terms and conditions for such a loan differ from one lender to the next.

Gold loans are beneficial under a number of circumstances. Here is a look at some of the conditions under which a gold loan can be quite advantageous and beneficial.

1. Instant fund requirement
When you apply for a loan, you would ordinarily need to wait for a few days before the money is sanctioned. However, it takes no time for a gold loan to get sanctioned. You would just need to visit the lender with the gold that you want to keep as collateral. The lender will then calculate the value of the gold and sanction a loan accordingly.

2. Fast loan repayment
You may need some emergency money at some point or the other. In such a case, a gold loan is the perfect solution. You can take the loan for the time being and repay it within a year or two, since the loan repayment for the gold loan typically has a tenure ranging from 6 months to 2 years. Furthermore, repaying the loan early means that you would need to pay a very limited amount of interest on the borrowed sum.

3. Very small loan needed
Most other kinds of loans have a minimum limit when it comes to the amount of money that is to be lent out. These limits are generally above a few lakhs. However, you may not need that much money to meet your requirements. In such a case, a gold loan is the perfect option for you. The gold loan amount is decided on the value of the gold which you deposit to the lender as collateral. So, in a way, you are deciding the amount of loan that you want.
So, with a gold loan in India, you can borrow as little as a few thousand rupees from the lender, if that is all that you require at the moment.

4. Freedom of usage of loan
Lastly, if you want the loan for something that you do not want to disclose to the lender, you have two options. Under such a circumstance, you can either opt for a personal loan or a gold loan in India. However, the interest charged for a gold loan is much lesser and is therefore the much better option for you.

Thus, a gold loan is a much more flexible option for a person in need of emergency funds or someone who needs only a small amount of money as loan.

How to land a good car loan in these easy steps

Are you not able to decide which car loan you should go for to buy your dream car? You must be looking for the one that will not strain you financially among the plethora of car loans available in the market. Take a look at a couple of tips that will help you to zero in on the best car loan out there.

1. Check your financial condition

The first and foremost thing you should do is checking your credit score. If you have a high credit score, the banks usually lend you money at a lower interest rate and you can easily avail auto loans. Hence you should try to improve your credit score to get a car loans at a cheaper interest rate and a longer tenure.

2. Decide the loan amount

This is a very important thing to consider. Car loans offered in the market range from as low as 1 lakh to 75 lakhs for imported cars. But, that does not mean you should go for the full value of the car as car loan. The value of a car decreases with time and so does its resale value. Therefore, you should consider how much down payment you can make, what the maintenance charges are and how much EMI you can pay based on your income and determine the loan amount accordingly.

3. Check the car loan interest rate

Usually the rate of interest on car finance varies between 8.4 to 13.5% depending on the automobile segment, loan tenure and loan amount. For a given car segment, select that loan which has the lowest interest rate keeping in mind the tenure in which you can repay the loan. Additionally, you should also check out whether the interest rate is fixed or floating. Floating rates are usually lower then fixed rates but fixed rates protect you against market inflation. So, think your requirements through and see if the rate of interest is something that complies with your plan.

4. Compare the charges in the loan

Apart from interest rate, there are other charges like pre-payment charge, processing charge associated with car finance. Processing fee varies from bank to bank and is usually between 0 to 2% of the entire loan amount. While some banks don’t have pre-payment and late payment charges, some do include them in the terms and conditions. Therefore, you must definitely look out for these and select the loan with minimal additional charges.

Buying a car is a huge financial investment and to make a decision that does not financially destabilize you is extremely important. Following these steps will help you in making the right choice for car loan.

Why is it important to know the IMPS charge before making a transfer?

IMPS (Immediate Payment Service) is the best fund transfer system out there. It takes only seconds to transfer money through IMPS and you can do fund transfers at any time you like, even on days that are declared bank holidays. Additionally, there is a need for you to give the bank details of the beneficiary for fund transfers. You just need to login through your net banking portal or the bank’s mobile banking app, provide the amount, the registered mobile no. as well as the 7-digit MMID (Mobile Money Identifier) of the beneficiary and that’s it – your transaction is complete.

However, IMPS fund transfer has certain charges associated with it. The reason for this is that for IMPS, systems and servers need to be setup and maintained which cost the government as well as the banks. Thus, some negligible charges are put on these transactions towards recovering those costs. For instance, Rs. 5 is charged on IMPS fund transfers of up to INR 1 Lakh. It is important to know about these before you do a fund transfer because of the following reason

• Knowing what the charges are for IMPS fund transfer helps you in situations where you want to go for a low-cost fund transfer option. Usually fund transfer systems have different charges for different ranges of amounts. Knowing the IMPS charges will help you compare IMPS with other fund transfer systems to help you find the one that is apt at that point for that particular transaction.

• Sometimes, in rare cases, additional amounts get deducted as charges from your accounts due to unforeseen technical issues like server failure/restart at time of transaction, etc. If you know the IMPS charge rates, then you can identify such deductions and notify the bank, who will then refund the additional amount into your account.

The benefits of IMPS fund transfer far outweigh the modest charges it incurs. Apart from being a cashless transaction method, it can be used anywhere on the go through your smartphone, laptop, etc. While other transaction methods such as RTGS and NEFT can be conducted only designated business hours on working days, all IMPS transactions can be conducted round the clock and on public holidays as well.

With two-factor authentication mechanism that asks for a pin as well as a transaction OTP, it is also the most secure form of electronic transfer as well. You need to be aware of the IMPS charges and why you are being charged so that you can do your transaction without any difficulties.

Are you aware about these benefits of the UPI payment?

Are you in a pickle thinking about how you are going to transfer funds on a public holiday? And how many times has it happened that you left home for a trip with friends and forgot the wallet at home? Don’t worry as UPI is here to save you in such situations from now onwards. With UPI, you can do any transaction with a few taps on your smartphone anywhere, anytime. There is no need for carrying any cash or waiting in the long queues at banks either to conduct an important transaction. UPI (Unified Payments Interface) is a payment system developed by NPCI (National payments Corporation of India) for conducting instant money transfers between two accounts that may belong to the same bank or two different ones. While the advantages of a quick and cashless transaction are evident, there are some other benefits that you may not be aware of. Take a look-

1. In online transaction through debit/credit cards we have to give out details like card number, CVV number, etc. Similarly in net banking you need to give bank account details. But for UPI payments, you only need the beneficiary's Virtual Payment Address (VPA), which is usually in form of xyz@bankname. Thus, it helps protect your bank details by not exposing them unnecessarily and also saves your time as you don't have to enter the account number, IFSC number, MICR number and other such details for each transaction.

2. If you have multiple accounts in different banks, you need not install an UPI app for each of them. You can link multiple accounts to one UPI app and can use it to make UPI payments through the account of your choice.

3. You can schedule payment reminders through UPI. When you want to collect money from someone at a later date, you can set a time limit for the other UPI user to authorize payment. If the other user exceeds the time limit you can also send reminders to them for authorizing the payment. When the other user authorizes the transaction, the transfer will occur instantly.

4. Usually, when you register for online transaction systems such as net banking, you have to wait for a period varying from 30 minutes to 24 hours before you can conduct any transaction. For UPI there is no such waiting period and you can start transferring funds immediately after registration itself.

5. While ATM withdrawals for more than 5 times a month have charges around Rs.20, in UPI payments no such charges are deducted. UPI is also comparatively cheaper than NEFT and RTGS.

The benefits mentioned above make UPI the preferred mode of bank transactions for many. If you want to make hassle-free and cheap transactions round the clock at from possibly anywhere, then UPI is just what you need. So, if you are not using UPI already, start now!

What are the steps you need to take for an online savings account opening?

If you are looking for a way to open a savings account without making multiple trips to the bank, then opening savings account online would be the perfect option for you. Additionally, you can get information on benefits, rate of interest etc. related to different types of saving account online. Here are some quick steps you can follow for opening a savings bank account online.

Step -1: Zero in on the type of savings account you want

There are four types of savings account – Regular savings account, money market account, checking account and certificates of deposit/fixed deposit. When selecting a savings account you should consider the following to identify which savings account will suit you the best-
• The goal of opening the account
• The minimum balance to be maintained
• The interest rate offered
• The inked charges
• Features of the credit/debit card

If you prefer taking out or putting in money as and when you like, then go for checking account instead of fixed deposit where you can't do so. If you want to have an account with less minimum balance level, then go for a regular savings account. But if you want high returns and do not have a problem with maintaining a high minimum balance level, then opt for money market accounts.

Step -2: Apply for the account online
After selecting the type of savings account, the next thing to do is applying for it online. There are fraudulent websites that might try to steal your personal information by impersonating the bank. So, when applying online, ensure that you apply on the official website of the bank by checking the links and the lock symbol (which should be green) in the address bar. In the application form, fill all the details correctly and keep scanned copies of required documents like ID proofs, etc. ready, so as to upload them wherever required.

Step -3: Verify yourself with the bank




After application, the bank will send you a mail on the registered email id to verify your identity. Follow the instructions in the email to verify yourself. This is important because unless you verify yourself, the bank will not approve your application. After verification, the bank will approve your application, set up your account and send you the linked debit card and other documents.

Step -4: Set up strong pins and passwords
Once you have received the net banking and debit/credit card details, immediately login and change the default passwords and pins. Because passwords like name, date of birth, phone number and alphanumeric patterns like QWERTY, 1234, etc. can be guessed easily by hackers. So, you must avoid using such passwords to keep your personal details and hard-earned savings safe. Use a combination of special characters, upper and lowercase letters, numbers etc. In your password. Additionally, keep changing your passwords and pins regularly.

You can follow these steps for opening savings account online quickly, seamlessly and without any complication.

Online Recharge Mobile: What are the different options?

Mobile phones have become the most common electronic devices on the planet. So, it is only natural that the procedure for recharging the devices has also become simpler with time. There are several options when it comes to online recharge mobile; here is a look at some of the best options for mobile recharge.

1. Paytm
Paytm is perhaps the best and most popular app used for recharging mobiles. Generally, people use the app for making payments for purchases, but the same may also be used to recharge mobile. The app has been downloaded more than 7 million times and it has over 20 million registered users. Due to its overwhelming popularity, many telecom providers such as Airtel, Vodafone and others provide discounts and deals on mobile recharge through Paytm.

2. MobiKwik
MobiKwik is another mobile app and a third-party payment option for any kind of payment related to product purchase or bill payments. Mobile phone recharge is one of the options that people have while using MobiKwik. Just like Paytm, MobiKwik also offers certain discounts on online recharge mobile.

3. Bank app
Almost every bank has a mobile app these days and it is likely that your bank will also have one. Download your bank's app and sign into your own account. Through this app, you will be able to pay off the bills and will also be able to make mobile phone recharge. If you have internet banking facilities activated for your linked account, you can also conduct other transactions using this app.

4. Telecom company website

The telecom company that provides the connection to your phone will also have a website. When you access this website, there will be an option through which you would be able to pay outstanding bills for your phone. It will also allow you to recharge your phone in case of a prepaid connection as well.

Many other websites and portals exist and they offer the same facilities. However, it is better to recharge your mobile from a trustworthy site. This will ensure that you are not duped and the money is used for the phone recharge itself. You can also link your credit/debit card details to such a portal and then you don't have to separately submit your account details for the subsequent transactions. Check for offers and discounts that such online recharge services provide, as there are often attractive cashback options available online. So, not only does the online recharge of mobile phone help reduce the hassle, it also saves your money on many occasions.

What is consumer durable loan?

Loans may be the best way of coming out of a financial pickle. Home loans and education loans can help with the purchase of your dream home and pursuing higher education, respectively. However, a new form of loan has become popular in the last few years, which is known as consumer durable loan. These loans are taken in order to buy household products and consumer items which can help improve the quality of life.

Here is a look at all you need to know about a consumer durable loan and what you can use it for.

1. What can you take the loan for?
The loan is mainly taken to finance electronics used in most households. For instance, the loan money can be used to purchase a refrigerator, washing machine, air conditioner, microwave oven, laptop, desktop, smartphone, TV and a cooking range. In case of desktops and laptops, the lender may set a limit for the amount of money sanctioned.

2. What is the maximum sum that you can borrow?
There is no set limit for the amount of money that you can borrow. Usually, a consumer durable loan may be anywhere between a few thousands and Lakhs, depending on the product that you are looking to purchase. Before taking the loan, you would need to disclose the reason for the loan to the money lender.

 3. Tenure for repayment of the loan
For a consumer loan service, there can be a varied tenure for repayment of the borrowed money along with the interest on the sum. Usually, the tenure may range from anywhere between 8 months and 3 years. The time allowed for the repayment varies from one lender to the next. It may also depend on the amount of money borrowed.

4. Interest charged for the loan
The interest rate charged on a consumer loan service also varies from one lender to the next. However, in India, it is generally around 15 to 22 percent. The rate depends on whether you are a salaried individual or a self-employed person. The rate is always higher for self-employed people, when compared to salaried individuals.

5. Eligibility criteria for the loan
Consumer durable loan is only available to people aged between 21 and 60. Apart from a valid identity proof, loan applicants will also need to provide a proof of income, so that the lender can ensure that he/she is capable of paying back the borrowed money along with the interest.

RTGS Transfer: Factors you need to know

Real Time Gross Settlement or RTGS is a form of electronic money transfer where the money is transacted in real time. It is often considered a better option than other similar forms of payment such as NEFT and IMPS. Here are some of the factors of RTGS money transfer that you should be aware of.

1. Minimum and maximum value of transfer
RTGS transfer is used in case of large transactions. This is because, the mode can only be used in case of transferring more than Rs. 2 Lakh at a time. However, the maximum limit of transfer at once is set at Rs. 10 Lakh. So, if you want to transfer money within this range, ensure you choose the RTGS method.

2. Type of settlement
The money is transferred on a one-on-one basis which is always convenient. In NEFT method, the payment occurs in batches, which means that there is a delay when it comes to the transfer. Furthermore, the settlement occurs immediately in case of RTGS payment and not hourly, as in the case of NEFT transfers.

3. Timing for RTGS  
RTGS transfer is not available at all times. For instance, during weekdays the available time for RTGS payment is from 8:00 am till 4:00 pm. On Saturday, the timing is from 9:00 am to 4:30 pm. However, the same form of transfer is not available on Sundays and public holidays. It is important for you to know the timings if you want to conduct RTGS transactions.

4. Cost of RTGS transactions
The fee for RTGS transaction depends on the amount that is being transferred. If the amount is between Rs 2 Lakhs and Rs. 5 Lakhs, the transaction cost will be Rs. 25. If the amount is greater than Rs. 5 Lakh, the transaction cost is Rs. 50. Therefore, the cost for RTGS is quite reasonable and easy to afford.

5. Online and offline transaction
The most convenient factor for an RTGS transfer is that it can be conducted both online and offline. So, you can simply visit the bank’s website or open the bank's app to initiate a transaction. From there you can easily conduct the transfer by providing the necessary details of the beneficiary’s account. This will help you save money and avoid any hassle that may crop up in the offline process.

Now that you know all the basic but important details concerning RTGS transfers, keep them in mind to initiate and conduct such a transaction smoothly.

NRI Accounts 101: 5 money managing tips you need to be aware of

People planning to take up a job abroad or moving to a different country for some other reason will need to take some steps in order to manage their finances in a foreign country. These steps will help in making the transition smoother, while also ensuring that the person does not lose any of the savings. Here are the 5 money management tips that the NRIs can follow to handle their finances.

1. Convert your savings account to NRE/NRO accounts
India does not allow non-residents to maintain a standard savings account. For such people, NRE and NRO accounts are available, which act as savings accounts. You can convert foreign currencies into INR and save them into the accounts. NRE accounts are non-taxable; the interest earned on your savings in India will not be liable for TDS deductions. However, government taxes such as income tax, gift tax, wealth tax and others are applicable to the interest earned on NRO accounts. 

2. Invest through FCNR accounts
An FCNR account is a fixed deposit account specially for NRIs. It is a safer option for people looking to invest in India without having to face the risk of volatility in the market. This will not only help you maintain your finances but may also allow you to grow your wealth.

3. Clearing outstanding loans
Before leaving the country, you need to clear off any loan that you may have taken. A good way of doing so is by taking a loan from the foreign country, if the interest rates there are lower than that in India. Use the money from this second loan to clear off the debt from the first one. In this manner, you will have to pay off a much lower debt at the end of the day.

4. Understand the way that taxes work
Maintaining and remitting money from India to a foreign nation can result in major taxation. For instance, maintaining an NRO savings account means that the interest you earn on the savings will have tax deductions. On the other hand, maintaining an NRE savings account would result in tax-free interest in India. However, apart from the taxation in India’s NRI bank accounts, your money may even be eligible for tax deductions in the country where you currently reside. So, make sure you know all pertinent details about taxes and then go ahead with the option that aligns with your needs and goals.  

5. Determine how to proceed
The last thing that you need to consider is whether you want to settle abroad forever or want to return to India sometime in the future. If you plan on returning, you should extensively invest in the Indian market through NRI accounts. This will leave you with a secure future when you do come back to the nation.

There are a number of nri accounts that will allow you to carry on with all your financial requirements in India even after you have moved to a different country. All the accounts have different features that you must go through carefully and opt for the one that suits your financial requirements the best.

Reasons why you need to invest in an FCNR account when earning abroad?

The FCNR accounts or Foreign Currency Non-Resident accounts are fixed deposit accounts for non-residential Indians (NRIs). Such an account is useful if an NRI is looking to invest money in India while limiting the risk of market volatility at the same time.

Here is a look at some of the features of the FCNR account, which is a great tool for an NRI investing in India.

1. Deposits can be made in any currency
If you are an NRI, it means that most of your income will be in the official currency of the country you are residing in. The FCNR account allows you to invest in a term plan in India with any foreign currency, without having to convert your funds into INR. This is why the FCNR is also known as a foreign currency account.

This further reduces your risk of being susceptible to
 market volatility and the rise and fall of the Indian currency with regards to other denominations.

2. Flexible term for investment
With any investment, the tenure or term is one of the most important factors, which determine the overall return. For FCNR account, you are eligible to invest for as little as a single year. You can also decide to invest for a maximum of five years, which will likely increase your overall return. Moreover, only 1 percent of the interest will be penalized if such an account is closed prematurely.

3. No taxation on the interest
The interest garnered through an FCNR account is not taxable in India. This is a major advantage that will help you maximize the return on investment. However, taxation may occur on the interest in the country of your residence. It is better if you do a thorough research regarding the taxes before you decide to invest.

4. Freely repatriable fund
If you decide to invest in a FCNR account, you would be able to repatriate the sum from your Indian account to your overseas bank account, without any restriction or limitation. Furthermore, there is no charge for such a remittance.

5. FCNR accounts can be used to make local payments
The funds that you earn through an FCNR account can be used to make any payment locally in India. This is useful if you need to make transactions in India, but do not have either an NRE or an NRO savings account.

Thus, FCNR accounts are good Indian investment vehicles for NRIs. Consider all the advantages that an FCNR account poses and proceed accordingly.

What are the pros and cons of telegraphic transfers?

Telegraphic transfer is a method of transferring money from one country to another. This service is offered by most international banks and is the simplest way to remit money from a foreign nation to India. The denomination of the fund does not pose a problem and all currencies of the world are eligible for telegraphic transfers. This method is also known as Telex transfer or TT and wire transfer.

How is money transferred using TT?

The funds transferred are not in the form of literal paper money, but as digital money. This digital form of the fund is transferred from one bank to the credit union and subsequently is sent out to the beneficiary bank account. This type of transaction occurs using the SWIFT or Fedwire system.

In order to initiate a wire transfer, you would need to communicate the same to your bank. You would also need to provide the details of the beneficiary’s account. The entire process of money  wire transfer can be conducted offline by filling up a form at the bank. However, some banks may also offer online options for conducting such a transfer.

In order to receive money via telegraphic transfer, you would need to provide your bank details to the money sender. You should also ask your bank about incoming wire transfers; the transaction usually takes a couple of days to be completed.

Advantages of telegraphic transfer

Money wire transfer is generally the best solution in case of emergency remittance of money. Since the transaction occurs via the banks, you have to pay a very limited amount of money for the transfer itself.
Furthermore, remittance through an agency or outside business is always a risky affair. The company that you choose may scam you out of the money and you would have no way of getting it back. A telegraphic transfer involves two banks, which means you can rest easy knowing that you are not about to be duped.

Disadvantages of telegraphic transfer

The telegraphic transfer is a time-consuming process, where it may take anywhere between 2-3 days for the money to reach the beneficiary’s account. This can be a problematic feature and can be considered a con by a person in need of emergency wire transfers.
Since, the transfer occurs from one country to another, the processing can take even longer due to different time zones, holidays and weekends.
Like every other thing in life, telegraphic transfers have their shares of advantages and disadvantages. So, it would be wise of you to go through the terms and conditions of your preferred NRO savings account so as to make an informed decision.

What are the benefits you can gain from the NRO savings account?

When you leave India and settle down abroad, you would need to re-designate your savings account into either an NRE or an NRO account. The NRO account is also known as the Non-Residential Ordinary account and lets you handle anything you earned in India in the form of dividends, rent, pension etc. Here is a look at some of the advantages of an NRO savings account.

1. Savings in foreign currency
An NRO savings account will allow you to keep money both in INR and other currencies. This is advantageous, since you no longer need to convert the foreign currency into INR in order to store the funds. This way, you can choose to convert the currency when you get a favourable exchange rate, instead of converting it prior to depositing it into the account.

2. Essential for making payments in India 
The NRO saving account is very handy in case you have certain expenses to cover in India, even while you live abroad. For instance, you may have taken a loan prior to leaving the country and now you need to repay the same. The easiest way to do this is to open an NRO savings account, so that the lender can get the EMI each month from this account.

3. Helps to maintain income in India
If you have a source of income in India, an NRO saving account will help you handle the transactions with that source. For instance, you may have some money coming in from rent or a business every month. With an NRO account, the income will be safely stored in India and it will be easier for you to manage these funds.

4. Joint Holding
According to the mandate from the Reserve Bank of India (RBI), you can jointly hold an NRO savings account with an Indian resident which will make it more convenient for you to regulate the account. You can choose to open an NRO account with a fellow NRI as well.

However, there are some drawbacks to the NRO account, which may cause you to rethink about your decision of opening such an account. For instance, the interest generated on the sum present in the NRO account is taxable. In fact, the government charges 30 percent tax on the interest garnered from such an account. Government taxes such as income tax, gift tax, wealth tax, are applicable to the NRO savings accounts.

NRO accounts have both advantages and disadvantages to them. So, evaluate you needs carefully and decide whether an NRO account is suitable for you or not.

What are the features of the NRE savings account you need to be aware of?

An Indian national who holds an Indian passport and resides overseas is known as a non-residential Indian. For such a person, it is impossible to operate an ordinary savings account in India. A specialized account, known as NRE account, acts as the savings account for NRIs and is the most hassle-free way in which you can utilize your foreign earnings in your country.

Such an account differs from a normal savings account in its features. Take a look at the salient features of an NRE savings account.

1. Single or joint accounts
A NRE saving account can be opened in the name of a single person, while two people may also open it jointly. So, you and your spouse do not need to maintain separate accounts in India, when you reside abroad.

2. Documents required
In order to open the NRE savings account, you will need to fill out a form and submit it along with the copy of your passport, visa, two passport sized photographs and the money that you want to keep in the account initially.

3. Currency of the savings
The savings in the account will be maintained in INR and not under any foreign currency. So, when you remit money from abroad, the fund will first be converted into INR and then stored into the NRE saving account.

4. Repatriable account
NRE accounts allow you to freely repatriate the savings abroad. This means that you can transfer the money that you have saved in such an account to your bank accounts abroad. This is quite helpful, in case of emergency requirement of money.

5. No Taxation
The money that you save in an NRE account will not have any tax levied on it, which will help you in saving more. Even in the case of repatriation, TDS will not be levied on the money in question.

6. Payments through NRE account 
You can use the account to make payments in either INR or in a foreign currency. In case of foreign currency payment, the money will first be converted from INR to the currency of your choice at the prevailing exchange rates.

The features of the NRE account may differ from one bank to the next. So, it is essential for you to check the interest rate and the terms related to the NRE account for a particular banking institution and then you can choose to open an account in the bank, the terms and conditions of which align with your requirements.