How to transfer funds using the NEFT payment option?

NEFT stands for National Electronic Fund Transfer is a specialized form of electronic transfer of money. In this transaction, you can transfer money from your bank account into the account of the receiver, irrespective of the bank that he/she is affiliated to. However, just by knowing what NEFT is, you will not understand what purpose it serves.

Here is a look at how to transfer funds using the NEFT procedure.

Steps to conduct NEFT transactions?

To initiate a NEFT transaction, you need to first visit your nearest bank branch.

Step 1. You need to ask for an NEFT application form when you reach your bank branch. Once you get the form, fill out the details of the beneficiary, including details of their bank account, bank name and other relevant information. The IFSC information will also be needed. Once the form is submitted, the bank will issue the transfer into the account of the beneficiary.

The procedure can also be completed online if you have net banking activated in your account. Some banks also allow NEFT transactions through their ATMs. However, if you do not have an account in the bank from which you wish to conduct the NEFT transaction, you would have to provide your phone number and address details, so that the bank can refund your money in case the payment does not go through the beneficiary’s account.

Step 2. The bank where you apply for the NEFT payment prepares a specialised message and sends the same to pooling centres, which are also known as NEFT service centres.

Step 3. The pooling centre sends the same message to the Reserve Bank operated NEFT clearing centre in Mumbai. As the message arrives, the clearing centre in Mumbai is given the clearance to include this transaction during the next batch.

Step 4. The clearing centre prepares for the funds to arrive from the originating bank and it also prepares to send the same fund over to the beneficiary’s account. Once this is complete, the messages regarding the remittance of the amount is forwarded from the NEFT service centres to both account holders.

In this manner, a NEFT payment is completed. Note that these transactions can be conducted during fixed hours each day. A charge is also levied on these transactions. The amount levied depends on the amount being transferred. However, these charges are limited and do not substantially affect the procedure of transaction.

The guide to finding your ideal credit card this 2018

Credit cards are useful forms of the transaction in a cashless method. These cards offer you the ability to take a small loan to pay for the products and services that you purchase. This added facility is not available through normal debit card transactions. However, choosing a credit card is vital, and you need to look into a number of factors to ensure that you select the best credit card in the market.

Here is a look at some of the factors that determine the quality of the debit card and your ability to get the same.

Credit score

Credit scores have become quite common and essential when you apply for a credit card. This score is essentially the measurement of your ability to repay a loan or credit. To improve your credit scores, take small loans from banks and repay these loans in a timely fashion. If you have a prior credit card, make sure that you pay your bills every month without default.

A good credit score is vital for you to get the best credit cards in India. Banks will check your income and your credit score before offering you a particular card. Usually, a credit score of 750 is considered to be good. Anything above this mark is even better for your reputation.

Facilities offered by credit cards
Choose the credit card on the basis of credit offered and also on the basis of how much you would be comfortable in paying. Do not blindly sign up for a credit card and assume that you would be able to pay the bills associated with the same. Perform a thorough calculation of your budget and select the card accordingly.

However, each credit card also offers certain added discounts or offers on certain brands or stores. Keep these in mind while applying for a credit card as well. For instance, if you shop for clothes a lot, sign up for a card that offers discounts on major apparel brands.

Seek the advice of experts
Even if you perform thorough market research regarding the best credit cards in India, you should still consult experts on the matter. Several online sites provide this service and helps you better understand the intricacies and hidden charges behind your credit cards. Taking the advice of such entities can be very handy and useful in determining which credit card suits you the best.

Different credit cards are designed for different needs. So, a card which is suitable for your friend might not be the best suited for you. This is why researching on the matter is of the utmost importance.

What are the beneficial features of internet banking through your phone app?

It is the age of the internet. It has permeated every sphere of our lives, and so it should not come as a surprise that people can conduct their financial activities from the comfort of their homes. Most of the banks have their own apps, and people can send or receive money, check their bank balance and also perform other functions using such an app. These apps have grown in importance over the last few years. It is no longer required for a person to visit a bank to perform any financial activity. All they require is a hand-held device and an internet connection. So, it is without a doubt that mobile banking has made life simpler for the common man.

The various advantages of an internet banking app are:

• Such an app allows you to perform most of the tasks that you generally perform at a bank. You can transfer money from one account to another, view account statements, locate the nearest teller machine, set up alerts that will notify you of payments that need to be made and also check your balance. Furthermore, you can even use your smart phone’s camera to deposit cheques, transfer credit balances, and invest your money or pay bills.

• One of the greatest advantages of using an app is that they help to keep your finances in check. You are able to monitor your account on a regular basis, and this enables you to plan for your future expenses. You can use these apps to set up recurring bill payments which will ensure that a certain amount of money is automatically deducted from your account to be paid towards your expenses.

• Mobile banking apps have made life simpler for working professionals who do not have the time to go to the bank and waste valuable work hours. It has also made life easier for the elderly and the physically handicapped who have to bear unnecessary troubles to visit a bank branch and get their job done.

• Internet banking is secure. Do not worry about your personal information getting leaked as long as you use a legitimate app that is downloaded from a credible website. Banks use encryption that protects your identity, bank details and other information. The data that the mobile app contains is secured with the help of passwords and other I.D. checks. This will ensure that nobody can misuse the app when if you lose your phone or just if your device gets stolen.

Thus, we can see that internet banking has become an intrinsic part of the everyday life of some people and its benefits far outnumber any apparent drawbacks that such apps may seem to have.

Bank Apps: What is the future for 2018?

Mobile banking technology is constantly evolving. In today’s mobile-first world, the rapid pace of technology is changing the retail banking future radically, relying less on physical branches and more on mobile facilities. Forecasting the trends in the retail banking landscape today, here are four things that may unfold in 2018.

1. Gen X joins the Mobile Banking Queue:
While Millennials have always been quick to embrace new technology, the technological gap separating Gen X from Millennials is shrinking. It has been reported that 67% of Gen X use the mobile app of their banking institution. This number will keep increasing, eventually matching the Millennials' on mobile banking usage, change the course of retail banking.

2. Defunct Brick-and-Mortar Banks:
With mobile banking on the rise, the need for physical branches is lessening. Thus, there will be a fewer need for brick-and-mortar retail banks as bank branches shall continue to lose importance. Thanks to mobile banking apps, retail banking has now become easier than ever before. To avoid a mass shutdown of physical branches, banks will rush to stay updated with their mobile banking technologies while continuing to focus on developing customer loyalty. Banks relying heavily on physical retail banking may face trouble in the near future. While physical branches shall not completely disappear next year, most physical branches are destined to become obsolete.

3. Greater Personalization and Mobility:
Consumers will demand easily accessible mobility and personalisation in banking services whenever they want it. Consumers will want to build their suites of mobile banking products so that they can personalise their banking experience.  Banks must have the technology and know-how to deliver personalisation and mobility in a perfect bundle for customers.

4. Digital Currencies:
Along with mobile banking, banks must compete not only with other banks but with non-traditional financial competitors. Digital-only banks by big tech companies have made their presence felt, and will continue to grow. They shall offer a completely digital mobile banking experience to consumers. Apart from these, virtual currencies such as Bitcoin have already established themselves as a possible alternative to real currency. Demand for such currencies and transactions with them will continue to grow, and this has the potential to alter the traditional retail banking techniques drastically.

Financial institutions will adapt to emerging financial technologies and facilitate their own mobile-based digital and virtual innovations to be able to stay in business competing with these new technologies flooding the market, and they will adapt soon.

Why you need to switch to banking apps today

Are you still going to the bank to perform simple activities, such as depositing and withdrawing money? Are you tired of the long queues at banks? If you answered yes to both these questions, you should perhaps download your bank’s mobile app. Almost all major banks today have released their own banking apps and these applications are vital if you want to make the entire process more convenient.

Here is a look at some of the reasons why you should immediately switch to mobile banking apps.
No need to stand in long queues
When you visit a bank, you have to stand in a queue with other customers. This makes even a simple money deposit seem like a hectic task. Moreover, there is no guarantee of the exact time when you would be able to finish your transaction. For instance, the day you go to the bank may be especially busy, which can force you to wait for a very long time.

With mobile banking apps, however, there is no such dilemma. You do not need to wait in a queue either. You can simply log into your account and make the deposit or conduct the transaction whenever you please.

Saves time and money
In case of normal banking, you would have to visit the bank branch to conduct the transaction. However, this can cost you money for the journey and also waste valuable time. However, in case of banking apps, there is no need to travel and thus, you can save the entire money on that front. Moreover, since you can conduct the transaction from anywhere, there is almost no time needed for them.

You no longer have to make time for your busy schedule to visit your bank branch. This greatly increases the convenience of the transactions.

Service available 24x7
Banks open for a specific period of time each day between Monday and Saturday. However, these institutions remain closed on other times and on Sundays. Bank employees are also liable to get holidays on some occasions. On these days, people cannot visit banks to conduct business or transactions.

However, the same problem does not arise in case of mobile banking. In fact, the digital service of all the banks are open 24 hours a day and 365 days a year. This means that no matter the time or the day, you can conduct your bank transactions through these mobile apps in a safe and secure manner. This is very important in case of emergency deposits or withdrawal.

Installing and accessing a mobile banking app is essential for people who conduct regular transactions from their accounts. They can keep an eye on the balance that they have saved and other details from within their smartphones. Therefore, these apps have become an invaluable source for banking.

Getting the best of internet banking through your phone app

Banking is getting easier by the day as you no longer have to visit banks to conduct simple transactions manually. Users can also avoid going to the ATM, withdrawing cash and then paying the concerned person. Instead, internet banking systems can be used to increase the convenience of doing the same.
The introduction of mobile banking has further simplified this process, as now you can conduct any transaction straight from your smartphone. Most recognised banks in India have launched specialised mobile apps, which aid in the banking procedure. Here are some of the important advantages of mobile banking, which you should take advantage of.

1. Visiting banks no longer mandatory
Previously, customers had to go to the bank or the ATM to withdraw the cash. They also had to travel to the bank in case they wanted to deposit money into their account. However, this is no longer required for internet banking through a mobile app. You can just download the app for free and access your bank account from the same. All transactions can be concluded from this particular program, saving your precious time and money in the process.

2. 24x7 availability
Banks are open for a particular period of time each day, between Monday and Saturday. However, these institutions remain closed on Sundays and some public holidays. The mobile banking apps though can be used at any time from anywhere. The services are available 24-hours a day, 365 days a year. So, you no longer have to worry about banks remaining open or closed for conducting these transactions.

3. Reminders for bill payment
The apps are designed to remind you of any utility bill payments that you need to make. This is a helpful feature, as it prevents you from forgetting important dates for bill payment. Mobile alerts are used for reminding customers, and these are issued by the bank itself.

4. Balance inquiry
The balance in your account is something that you need to check constantly if several transactions are conducted throughout each month. Normally, you would have to visit your nearest ATM for this information. However, with these mobile apps, balance inquiry is now available in the tips of your hand. Simply log into the account and select the account information or balance inquiry option, to get a distinct knowledge of your savings.

5. Cheque book request from the app
Each chequebook comes with a limited number of pages, which eventually runs out. Applying for a second chequebook means having to visit the bank. However, with the bank apps, you can apply for a chequebook from the confines of your home.

What are the benefits of Netbanking through your app?

Technology has transformed the way we live and the way we go about performing our daily tasks. A bank is an institution which acts as the jugular vein of the society at large. It safeguards the hard-earned money of thousands of individuals and also provides people with the necessary funds to tide over periods of crises. So, it is only natural that technology will impact the banking sector as well. HDFC Bank is one of the most sought-after institutions in our country, and it allows its customers to download its official banking app to conduct a host of activities. Net banking has become immensely popular over the past few years, and it is not without cause. The benefits of using an app for net banking are:

• It has made life incredibly convenient. In this fast-paced world, it is not possible for a person to visit his/her bank’s branch every time he/she wants to withdraw money or just to check the account balance. Not only working professionals, elderly people, young mothers and sick people find it very difficult to go to the bank and spend the better part of a day trying to get their job done. HDFC Bank net banking has made it possible for these people to conduct their banking activities from the comfort of their homes or from any place that you find convenient.

• HDFC bank has come out with an app that is extremely user-friendly and which can be used by people irrespective of their technical know-how. You can perform your banking activities by following a few simple steps.

• Mobile applications help you to be in control of your finances. There are times when we suddenly receive a rude shock when we check our balances after a long period of time. This is because we have not kept track of our expenses and have not done any financial planning. A banking app lets you check your balance instantly and even allow you to transfer funds from and to the account. It also allows you to set reminders of any payments that you need to make. These features make life hassle-free and easier.

• Do not worry about wrong people gaining access to your account as HDFC bank net banking involves using an app that has a number of security features. All banks and financial institutions use encryption to protect the financial information, identity and other important information. As the app is protected with passwords and other security IDs, do not worry about your finances even if the phone lands up in the hands of a wrong person.