Wholesale Banking: All that you need to know

Banking is a diverse section of any financial system of the world. While most individuals are concerned with personal banking features only, many aspects mainly concern larger organizations. Unlike retail banking that mainly deals with smaller businesses and individuals, wholesale banking is primarily needed by larger organizations and by other banks.

What is wholesale banking?

Any financial transactions that occur between merchant banks and other financial institutions is known as wholesale banking. This kind of banking is mainly limited to very large organizations and equities. This form of corporate banking comes with added perks, which are not offered in case of retail banking. These perks include currency conversion, transactions in case of large-scale trade, financing for working capital and many others.

Aspects of wholesale banking

Wholesale banking is concerned with the lending and borrowing of money between two major, large-scale entities or organizations. These organizations may be government-controlled bodies, funds allocated for pension and other institutions with enough assets to be considered a large-scale business.

A transaction may also be referred to as wholesale banking if the lender and the borrower are two banks. This kind of transaction usually takes place in the interbank market and involves the exchange of very high sums of money.

Most ordinary banks also offer the wholesale banking services. These organizations act as merchant banks in case of such a transaction. This means that you can conduct corporate banking with the same bank under which you may have your personal account.

Why wholesale banking is beneficial?
Since in such corporate banking, the transaction revolves around much larger sums of money than in retail banking, there are a few benefits to wholesale banking. Due to the higher amount of transaction, most banks offer discounts in the form of lower interest rates and reduced transaction fees on a per rupee basis.

Aside from the added advantages, wholesale banking is vital for proper functioning of a larger business. For instance, a company operates 20 different branches across India and each of the branch needs to keep a reserve amount of Rs.10 Lacs. This means that in total the branches would need to maintain reserves of Rs.2 Crore. Maintaining and managing such cash using retail banking would be too difficult. So, to streamline the procedure, wholesale banking becomes essential.

Through such corporate options, the company has to maintain only one account through which all of the company’s transactions can go through. So, if one has a big business and are looking for a simpler procedure to handle the financials, try out wholesale banking.

What changes occur when you convert your salary account into savings account?

When an individual joins a company or organization, a salary account is generated for them. The salary account is opened at the bank that the company is associated with, for the purpose of transferring employee salary every month. Thus, while a salary account is a type of a savings account where one receives their salary, a savings account is generally opened by an individual on their own, at the bank of their choice and at any time they want. A person can deposit money in their savings account whenever they want, unlike a salary account where the salary is deposited by the employer each month.

There are quite a few advantages of a salary account. They include-

1. This type of an account can be marinated at zero balance. A minimum account balance is not necessary.

2. A salary account offers its holder, draft as well as pay order facility for free.

3. Debits cards for this type of an account are also offered for free, that is, no issuance fees or annual fees are taken.

In case an individual plans to switch a job, or leave his current job the salary account then requires to be closed. This is primarily because the agreement between the bank and the company ceases to exist. But a number of banks offer individuals the choice of converting their salary account to a savings account.
In case you choose to convert your salary account into a savings account, you should bear in mind that you will not enjoy the previous benefits that your salary account offered, a minimum balance will now have to be maintained, drafts and pay orders will be charged and you may have to pay an annual fee for your debit card.

Thus, before changing a salary account into a savings account, consider the following-

1. Will the savings account be useful?
If you already have another savings account, converting your salary account into a savings account will not be of much help. But, if this is not the case then you can convert it. A savings account will encourage you to save money from time to time. 

2. New job, new salary account- is it necessary?
Find out if the new company is associated with the same bank as your previous company, if this is the case, you can make arrangements to use the same salary account without converting it into a savings account.

3. location of the bank branch
Make sure that the bank branch is located near you for convenience.

A salary account should be converted into a savings account only if the account will be of use later on, otherwise one can easily close it.

Do you know how to protect your credit card while accessing net bank?

Credit cards have become very important in the present times. It is plastic money which comes with its own perks. Now, one can carry a credit card in India to make payments at shops, malls, grocery stores and restaurants. Credit cards are being widely used for the purpose of making online payments. One can use his credit card to pay bills online, recharge mobile phones and even shop anything from clothes to electronics online. Net banking has made life easier for all. Transactions can be easily done online without physically visiting the bank and queuing up for depositing or withdrawing cash and transferring money from one account to another.

Though credit cards have made life easier for all of us there are certain things one must be careful about including cyber crimes and credit card hacking. There are several simple precautions and ways through which one can assure that his credit card is safe while making online transactions. These include the following:

1. Individuals who access their bank accounts through net banking must assure that they have the latest updated version of anti-virus software on their devices. This will prevent any hacking.

2. Sometimes one may have to access his account through a shared computer. In such a case there are chances that the password and pin of your credit card may be hacked. In order to avoid this cyber experts do recommend usage of a virtual keyboard to fill-in the pin details to avoid any instance of hacking.

3. Instant updates via SMS and e-mails are provided by banks when the customer’s credit card is used for a transaction. To avail this facility to protect your credit card the customer must keep his contact details up to date and notify the bank in case there is a change in the mobile number or e-mail ID. In case an individual’s card has been fraudulently used he will immediately know if his details are up to date.

4. OTPs or one time passwords are generated to make online transactions safe and easy. If one has a credit card in India and wishes to make an online transaction, he is provided with an OTP through which the transaction is completed, after he provides his credit card number and transaction details. This is an effective way of protecting the credit card pin because the OTP is for single time use and is known only to the customer.

5. One must never provide his confidential credit card details such as the maximum limit, pin and security question answer to any individual or a website which may ask for such details in the pretext of providing lucky draw gifts or jackpot prizes or unbelievably attractive offers.

Thus, by following the tips mentioned above one can assure that his credit card continues to be safe while accessing their bank account online and making transactions.

Top sites where you can get a convenient prepaid mobile recharge

In the present date and time everyone owns one or more cell phones. This has made communication much easier than before, cell phones became common. Mobile phone payments can be made in two ways: pre-paid payments and post-paid payments. When a pre-paid payment is done it means that the payment is made to the network provider in advance before their service is availed of. In case of post-paid payments the payment is done for those services which have already been utilized.

Most users of cellular phones today prefer prepaid mobile recharge over post-paid payments. This is because by paying in advance users can keep track of their expenditure and limit their usage. Earlier when internet usage was not frequent, prepaid recharge of mobile phones had to be done from mobile phone stores. But now with smart phones with 3G or 4G connection one can do a prepaid mobile recharge on his own through websites that offer this service.
Here are the most popular websites one can visit for a prepaid mobile recharge:

1. Rechargeitnow.com:
This is a website which offers pre-paid and post-paid mobile recharge services to users who utilize mobile network services from various providers. Users can also pay for DTH services, data services and know in detail about various pre-paid recharge offers. One can easily enrol himself to avail easy online pin less recharge simply at the click of a button.

2. Freecharge.com:
Freecharge.com is a website which provides attractive offers for online mobile recharge services. One can avail these offers easily and pay less for services. This website has recently become popular in India because of its authenticity and value for money.

3. Gorecharge.com:
This website helps users to recharge both their local and international numbers easily by providing basic information. One can recharge their numbers from various countries including Bangladesh, India, UAE, Kuwait, Dinar, Oman, Saudi Arabia and Sri Lanka. Gorecharge has its own website and app for those who wish to avail their services.

4. Paytm.com:
Paytm is basically an E-wallet which allows individuals to conduct an online mobile recharge as well as pay various kinds of bills from electricity to data services. This E-wallet is popular among youngsters because of the pocket-friendly offers it provides.

5. Mobile Networks: Most of the mobile network connections have their own website that offers plenty of details about their connections. At the same time, on these websites, they offer a lot of features online prepaid recharge and billing recharges.

These 5 websites mentioned above are frequently used by individuals to make online prepaid recharge for their cellular phones.

Why is it crucial that you calculate your loan eligibility?

First and foremost loans are a stipulated amount of money that a person borrows from the bank and has to pay back within a fixed period of time with additional interest levied on the principal amount every month. Before you begin your loan application procedure, there are certain criteria’s that you need to tick off on that loan application list.

There are various kinds of loans in the market which is tailored to serve your different needs. After you have figured out which one you need you need to carry out an in-depth research of the banks and their loan offers. You need to check for the best interest rates that are being given out by the bank, the extent of the flexibility of the bank when it comes to the repayment tenure. In this second step, you must pass certain criteria’s with the help of a loan eligibility calculator app on your smartphone in order to be able to shortlist on the bank. The loan eligibility criteria include your monthly income; whether it is a steady one, your monthly expenditure, the borrower’s repaying capability, and the time the borrower will take in order to pay off the debt. Other two very important factors that the borrower needs to take into account at the time of the loan eligibility consideration is their credit history and the penalty charges that will be imposed by the bank should the borrower fail to repay the loan on time. Every bank has a different loan penalty charge which is usually on the higher side for all loans and banks. When using a loan eligibility calculator, try to look into the lowest penalty charge that is imposed by a bank.

A loan eligibility calculator is therefore very important when you are thinking about applying for a loan. This calculator helps you to quickly and easily check loan eligibility. It gives extremely accurate results, and you can easily compare the loan option between two lenders. When comparing, as mentioned look for the total loan deal, the interest rates and the tenure. Additionally do not forget to keep an eye out for the processing fees, the penalty charges and advantages if any at all. The benefits of using a loan eligibility calculator online is many; it saves time, it saves you the hassle of running to different banks in order to find out about loan application criteria’s and saves you from the headache of manual calculations or keeping track of the amount that needs to be paid off.

Before you set out on your hunt for the perfect loan, download the app for a loan eligibility calculator and enjoy hassle-free and stress-free loan application.

Get quick loan rates with the loan emi calculator

Mobile phones have long progressed from being a small electronic object simply used for communication to being a device which is a pathway to the entire world.  Nowadays there are applications not only for games but also for online shopping, calling taxis, booking hotels, airlines, etc. So with the multitude of applications already out there for usage why should banks stay behind in the race?
Banks all over the country are coming out with their own personalized applications in order to make your banking experience better.

Are you looking for a loan emi calculator? Then download the app today and make the process of figuring out your equated monthly instalment payments that much easier.

Equated monthly instalments or EMI for short is basically the amount that the person who has borrowed the money has to repay every month along with the added interest. Imagine how simpler it would be if you had an emi loan calculator that would keep track of the amount still remaining. This would not only keep account of the amount already paid and the amount yet to be repaid but also help to maintain your monthly budget so that your finances does not go haywire. The loan emi calculator app does exactly that.

With the help of an emi loan calculator application find the best loan emi rates. Select the one most fitting for you and also figure out in the meanwhile if you at all have the capacity to repay the Equated monthly instalment and how long it will take for you to do it. The emi loan calculator banking app also saves you from the headache of going into difficult and tiresome calculations involving figures. Just one tap of your finger or the press of your mobile phone button is all that it takes.

Using an emi loan calculator is a very easy affair; all you have to do is just enter the details of your monthly loan amount, interest rates and the time period for repayment as specified by your concerned bank.

Once you enter the world of smartphones, you will experience a world of technology that you have never before experienced before. On downloading your mobile banking app, you will be provided with a unique ID code by your concerned bank with your personal and bank account details. The unique ID code restricts the possibility of the application usage by any other third party. So, only you and your registered smartphone device have access to your bank account and its details. Download your mobile banking app today and enjoy the benefits that come with it.

All you need to know about online loans

Our country is conveniently situated right in the middle of a digital revolution where everything is becoming digitized starting from shopping to communication to restaurant bookings to even grocery shopping. Banking is a very important part of our lives and is something that concerns everyone. For some people visiting the bank everyday is a part of their routine. However, visiting the bank physically everyday can be a very inconvenient affair. That is where the benefit of online banking comes into the picture in the form of net banking and mobile banking.

Aside from the dreary and routine cash withdrawal and credits and debits, applying for a loan is another very important form of banking. So when you are applying for online loans there are a few things that you should be aware about.

To begin with online loans offer you instant loans and are of the quickest and easiest ways to apply for one. It does not involve any running around back and forth from the bank to your home, trying to get all the documents sorted. It involves zero paperwork and is therefore, very environmental friendly in addition. All you need to do is download the banking app on your smartphone, switch on the app when you wish to carry out your banking and you are on your way to one of the easiest loan applications.

When you try your hand at online loans you can access and view the loan summary till date which is inclusive of your unique loan account ID, the principal amount, the loan product and the tenure by which time the loan needs to be paid off. When you apply for instant loans online you will be greeted with a welcome after which you can take out a provisional statement of the interest, any changes in the rate of interest, you can also ask questions in case of any doubt or confusion, you can update your identification details such as PAN card or Aadhar card or passport, phone number or residential address changes. 

You can also get hold of the final interest certificates of the past two years and also a No Objection Certificate (NOC) dispatch details for the loans that are closed. If you are looking for easy, convenient, hassle-free and quick loans then applying for online loans through mobile banking is the best possible option for you. Not to mention that this online process is completely transparent and some banks also provide irresistible offers to first time loan applicants.