Check out the unique features of these net banking apps

Each bank has its own app available in the App Store and Play Store. Mobile apps have simplified a lot of tasks for us. A smartphone in today’s world performs a wide array of functions. It is a music player, calculator, gaming device, book viewer and a television including many other things.

Everyone has a bank account through which they make major financial transactions. With banks having mobile apps of their own, a customer can now operate his account from any place though a bank app on his mobile. This saves both time and energy. It is safe and does not involve payment or any extra charges.  Each bank has its own app with its own unique features. HDFC bank is known for its online and mobile banking services.

 The HDFC net banking app is one of the simplest to use and a user-friendly bank app. The major features of this net banking app are explained below:

• A customer can check his account status, pay bills and transfer funds through the app.

• The HDFC bank app is full of various features which are regularly updated to provide better service to the users.

• Android phone users can use the app in Hindi. This is a unique feature of the HDFC net banking app because no other bank app provides such an option.

• A customer has instant access to more than 125 of his transactions easily through the bank app.

• A customer can also locate the nearest HDFC bank branch and ATMs in his mobile app.

• A unique feature of the HDFC net banking app is the ‘My Menu’ option, which allows the user to customize the menu and have his 10 favorite transactions there.

• The customer has all HDFC telephone numbers of his city available at an instant in the ‘Contact Us ‘option of the app.

• The latest offers on the HDFC debit and credit cards are also displayed on the app.

• A customer who uses the mobile app can instantly apply for a home or personal or car loan through the app, even without visiting the nearest HDFC bank branch for the initial loan application.

• If a customer has some suggestion to make but does not know whom to write to, then he can always write about it in the feedback section which is there in the app.

Online banking and mobile banking has simplified the banking process to a great extent. Easy and instant access to account details, instant transactions and online bill payments are a reality now because of mobile banking apps.

Why every smartphone user needs a bank app

Almost all smartphone users have a variety of apps on their phones and these include apps for shopping, playing music, reading, playing games and many more. Among a great variety of apps available in the Android Play Store and app store for IOS devices, there are apps provided by banks through which one may manage his financial account without visiting the branch.

Smartphones have made life easier for us. A single smartphone performs multiple functions. When one gets a smartphone there are some important apps that they choose to download, bank apps are among them. This is because of the following reasons:

• One can check his bank balance by just browsing through the bank app on his phone, without vising the branch or an ATM counter.

• Most bank apps are fast, simple to use and easily accessible. An individual has instant access to his bank account details through a mobile bank app which can be downloaded and used.

• Payments made through the mobile apps are more secure than the ones made through debit or credit cards, specifically transactions at terminals.

• A bank app is available for free, and android users may download the app from the Play Store without incurring any extra charges.

• One can have their basic details stored in the app so that each time they operates the app, the details do not need to be filled up again.

• One can make direct account transfers very easily through a bank app.

• No extra fee is charged by banks if a customer operates his account through an app.

• A customer may pay his bills very easily and instantly through his mobile app.

• It is safe to operate a bank account through a mobile app.

• Bank apps are especially useful when money needs to be transferred during odd hours of the day.

• All transaction details are available at the click of a button if one uses a bank app.

• An individual may also check an NEFT transfer status on his bank app.

• With other modes of payment such as Paytm becoming quite popular, one can transfer money from his account to the Paytm account instantly through the bank app.

• One also can have easy access to his loan details through the bank app.

• One may also be able to locate ATMs which are nearby through the app.

From the above discussion it becomes clear that a bank app performs various important functions and facilitates the bank customer by saving his time and energy. The basic functions of monitoring the bank account status and making direct payments can be done in just a few minutes through the app.

Why every college student needs a bank mobile app

In today’s date and time, if one needs to operate his bank account he no longer needs to visit the nearest branch. With progress in technology and the popularity of smartphones among users, online banking and banking through mobile apps has become very popular.

If you are a student or someone who is living in a different city away from your hometown, a bank mobile app can be of great help. One can have access to his current bank balance at any point of time and from any place where internet connection is available. These banking apps are a boon to students especially those who have moved to a different city, away from their hometown for higher education.

Students enjoy the following benefits if they choose to use a bank mobile app:

• Through banking apps, a student can easily keep a track of various transacts and instantly check if there have been any deposits or withdrawals. There is no need for him to go to an ATM or a bank branch, just to check whether the money sent by his parents has been deposited in his account or not.

• There are no extra charges levied by the bank if a customer chooses to operate his account through a mobile app. This means that a student can have access to his bank account from any place without paying any surplus charges.

• Some feel that banking apps are not a safe method of banking, but this is a misconception. When compared to internet banking, mobile apps are way safer because the user has his own password and since the app is in his phone it is not likely to be accessed by someone else.

• A bank mobile app can be easily used to transfer money without even visiting the branch. This saves time and energy. Students taking full day courses are engaged in studies during the daytime. So, they may not find the time to manage their account and make any transfers during banking hours. This can be done when they are free through the app, in just a few minutes.

• Paying fees and bills is something which needs to be done every month. Instead of queuing up outside the office or bank these payments can be easily made through a banking app. This helps students greatly as it is a time saver.

Students studying in a new city and away from home already have a lot on their minds. A bank app simplifies their task of operating their bank account and eases at least some part of their work.

Mobile banking : Save time on your daily transactions

In this fast-paced world, people are increasingly shifting to mobile applications to get their work done. Whether it is internet banking or shopping at various e-commerce websites or just ordering food, e-services are revolutionizing the way we live and conduct business.

The government of India is also encouraging digital transactions and a lot of digital banking applications have come up since the demonetization drive was launched last year. Mobile banking lets a person perform most of the financial tasks that had required him to visit a bank before. He can check account balances, transfer money from one account to another, set up alerts to notify him in case of any activity, view account statements or even find an ATM.

Gone are the days when a person had to stand in long queues at the bank to get his job done. Now financial activities can be conducted from the comfort of one’s home and it helps save a lot of time.

The main benefits of mobile banking are as follows:

• It helps save a lot of time. You can make transactions and deposit money even after the bank has closed. It helps you do your business from anywhere and at any time and even when you are travelling. Thus, one does not have to worry about rescheduling their interview with a client or taking care of other important work, in order to visit the bank. Online banking ensures that a customer can manage his finances conveniently.

• There are a number of ways by which you can access your account. You can access accounts via texting, mobile applications or browsers.

• This mode of banking is safer than other transaction methods. Most payment platforms use encryption to hide your identity, privacy and financial transactions. Some financial institutions even provide guarantees to make you feel safe.

•  Banks do not charge fees if you use this online platform.

• It helps to be in control of your finances. You are always aware of how much you are spending, what your liabilities are and how much balance is available in your bank account. You can even set up reminders to remind you of any pending transactions that you might have.

Thus internet banking is here to stay. More and more people are realizing the benefits of this mode of banking and choosing to download bank apps and avail internet banking facilities from their respective banks. Thus mode of banking is convenient, cheap and saves a lot of time. It is slowly revolutionizing people’s lives and making it hassle-free.

What are the basic rules of NRI banking to be aware of?

Simply put, an NRI is a person who is an Indian but resides outside India. There are a number of rules and regulations that govern NRI banking in India. However, there are rules and regulations which are specifically made for NRIs and non-adherence can attract penalties. A person is considered non-resident for tax purposes if he leaves the country for a job abroad or as a crew on an Indian ship and spends less than 182 days in a year in India. All financial transactions carried out in India by NRIs are governed by the Foreign Exchange Management Act, 1999 or FEMA. It is thus advisable for NRIs to get to know to know all the rules properly before they operate any account or carry out business transactions in India.

Some of the basic rules of NRI banking that you need to be aware of are:

• It is illegal for NRIs to hold savings bank accounts. FEMA has regulated that as and when a person acquires NRI status, his resident savings bank account has to be converted to a NRO account. All income like rentals from property, investments, pension etc is to be deposited in this account.

• NRI banking rules state that NRE accounts are required if you want to deposits funds in an Indian bank from abroad. There is no limit on repatriating funds back home to India.

• Another important aspect of NRI banking is that they are not allowed to open a PPF account. This fund account is a very effective savings tool for long term planning can be availed only by resident Indians. However, if an NRI has a PPF account before becoming an NRI, he or she can continue to operate the account till its maturity. The funds will have to be withdrawn on maturity and proceeds should be deposited in an NRO account. If the account is left unattended on maturity, it will be considered as ‘extension without contribution’ and penalties will be levied.

• An NRI will have to pay taxes on any income accrued or received in India. Rental income, salary, interest income on fixed deposits or saving bank accounts are all taxable.

• A person who has been non-resident for 9 consecutive years remains RNOR (Resident but not Ordinarily Resident). This is actually a transition period between being an NRI and becoming a full-fledged Indian resident. This period is for two years and this implies that the foreign income of the NRI does not immediately become taxable.

• If an NRI without PAN card can provide alternative documents, TDS will not be deducted at a higher rate.

• An NRI will have to disclose all foreign assets and foreign income in the tax return if he returns to the country and turns Ordinary Resident Indian for a particular year.

How to manage your foreign funds with the right investment?

Investing in foreign funds, on one hand, can be rewarding, while on the other, it can prove to be risky. Earlier the foreign exchange markets were largely dominated by banks and institutional investors. But now it is not their sole domain anymore due to the influx of online brokerages and margin trading accounts. The FCNR or Foreign Currency Non Resident account allows NRIs to invest in India without worrying about currency risks. It is a term deposit account that can be maintained in foreign currency. Foreign currency is the largest and most liquid market in the world and can offer huge returns on smart investments. Investors should however weigh the pros and cons thoroughly before investing in foreign funds.

The benefits of investing in foreign funds are as follows:

• Large market – The foreign exchange market is the largest and most liquid market in the world. The average daily volume of the transactions that take place in this market is in excess of 4 trillion dollars.

• Diversification – You can protect your investment against the risks in your domestic market. Foreign funds help you to invest in a different country and this insulates you intermittent dips and shocks in your domestic market.

• Flexible trading hours – The foreign exchange market operates 24 hours a day and 5 days a week. This provides you with more time than traditional equity, bond or futures market.

• Low costs – You do not have to pay a commission to trade in foreign exchange. All you need to do is ask or bid spreads that tends to be tighter than equities.
NRI or PIO investors could have been apprehensive about investing in India as they thought that they might be exposed to Foreign Exchange Risk. This would have implied that they would have to convert their money into Indian currency while investing and again convert it back into Foreign Currency during withdrawal. However, the Government of India allowed NRIs to invest in foreign currency in FCNR accounts.

The benefits of FCNR are:

• The biggest benefit is that this account is maintained in foreign currency and this eliminates the constantly fluctuating currency conversion rates.

• The maturity terms of these deposits range from 1 to 5 years.

• The rates of interest offered on the deposit are generally higher than that offered by the country of residence of the NRI. The rates of interest are regulated by the RBI and they are the same all over the country.

• In India, the interests earned on these deposits are tax free and fully repatriable.

Thus you can manage your foreign funds by investing smartly in FCNR accounts if you are an NRI. This account will enable you to invest foreign currency and earn interest. The time periods of such investments are flexible and you can even withdraw your deposit before completion of the selected term.

Benefits of the telegraphic transfer you need to be aware of

Telegraphic transfer or telex transfer often abbreviated as TT is an electronic mode of transferring funds. It is mainly used in transferring funds overseas. It is the mode of transferring funds between accounts using a cable, radio or telephone. It originated when people used to move money using telex that is sending printed messages by cable to move funds from one bank to another.

In todays fast pace lifestyle where time is a luxury and everything is being brought under online services, the need for transferring funds quickly and easily is a must. Compared to the traditional method of transferring funds where you have to visit a bank, the telegraphic transfer is also known as wire transfer can be made from anywhere without visiting a bank. There are so many service providers that transfer your money anywhere you want by paying them a service charge. Contrary to the orthodox mode of funds transfer, it is not mandatory to have a bank account as well.

Telegraphic transfer is one of the most widely used mode of transferring funds because of unlimited advantages it has over other modes of funds transfer, they are:

• The process of transferring funds using telegraphic transfer is very simple. All you need to do is visit a service provider with the amount you want to transfer and the account number of the recipient, fill in the form and you are done. This makes it the easiest way of transferring funds.

• The funds transferred through telegraphic transfer is generally available to the recipient in a single business day or less, making it one of the quickest mode of transferring funds.

• Since it is protected by multi-layered security by credentials provided by you, it is one of the safest and secure method of transferring funds.

• Since the telegraphic transfer is a very rapid process, it is not much affected by the fluctuations in the exchange rate and the international money market.

• The service charge attached to telegraphic transfer is very nominal even in overseas transactions making it one of the cheapest modes of transferring funds.

• It is widely accepted across the globe in almost every country and is the preferred mode of fund transferring for people who remit money back to their home countries.

• The upper limit of transferring funds using telegraphic transfer is very high making it a preferred option for those who want to make large money transfers.

• It has a very wide application not limiting to hardcore find transfer, it can also be used for paying credit card bills, telephone bills, internet and other utility bills.