Fund transfer: All you need to know about RTGS transfer

RTGS or Real Time Gross Settlement system is a method of transferring money from one bank account to another, using the Reserve Bank of India as the intermediary. As the name of the process suggests, the money transfer occurs in real time or immediately. Gross Settlement, on the other hand, refers to the fact that the entire amount is settled at once in a one-on-one basis.

Here is all you need to know about the RTGS transfer method and how it can be an effective way of transaction.

1. RTGS transfers are final
RTGS transfers are permanent, which means that you cannot cancel the fund transfer once it has been initiated. So, only engage in the RTGS payment method if you are absolutely sure about the amount that needs to be transferred.

2. No risk of settlement involved
Since the procedure is conducted in a real-time, one-on-one basis, you do not need to worry about settlement risks. Usually, a settlement procedure is in effect in case of other modes of fund transfers, which means that the amount transferred is not the amount received by the beneficiary. However, in RTGS, you can be sure that the exact amount will reach the beneficiary.

3. Minimum limit of fund transfer
If you want to transfer money using the RTGS mode of payment, you need to ensure that the amount is greater than or equal to Rs. 2 Lakhs. Any amount lower than this cannot be transferred using the RTGS payment. However, there is no upper limit to how much you can transfer using this method.

4. Fund is transferred individually
If you initiate a RTGS transfer, your payment will be processed and cleared individually. In the NEFT mode of payment, the transactions are cleared in batches, but in RTGS, each payment is considered separately. This means that you do not have to wait for the funds to reach the account of the beneficiary. As soon as you apply for the RTGS, you can ask the beneficiary to check their accounts for the payment.

5. IFSC code is mandatory
If you want to initiate the RTGS transfer, you have to provide the IFSC code of the beneficiary’s bank branch. There is no way around this and the transaction cannot be initiated without the proper IFSC code in question.

You can initiate RTGS transfer by accessing your bank’s internet banking portal and selecting fund transfer. Under this option you will find the RTGS method. Just enter the amount to be transferred and the beneficiary’s IFSC code to initiate the procedure.

How can a bike insurance provide the relevant protection?

If you are planning to purchase a bike or scooter, you may have already started looking for an appropriate insurance cover for the same. Bike insurance is not only vital for its safety, but is also mandated by the law in India. According to the Motor Vehicles Act of 1988, every two wheeler and three wheeler plying on public roads in India need to have valid insurance coverage.

Do you know how your two-wheeler insurance will save you in case of any unforeseen incident? To get a better idea of the same, first you need to know about the two kinds of vehicular insurance provided by most companies.

1. Third-party liability
This is the most basic form of insurance for your bike. If you are covered with a third-party liability plan, the insurance company will pay the damages caused to the third-party in case you are involved in an accident. However, you cannot claim any money for the damage caused to your bike and property in the same accident under the third-party liability insurance coverage.

2. Comprehensive coverage
While applying for the bike insurance online, you may often come across the term comprehensive coverage. Basically, this is a type of insurance where the company is liable to pay for the damages caused to both the third-party and you in case of an unforeseen incident. Apart from this overall coverage, a comprehensive plan often allows you to claim damages to your bike in case of riots, terrorist activities, storms, landslides and other natural calamities.

Why is insurance for your bike important?

Bike insurance is important for a number of reasons. These include,

• Ensuring that the two-wheeler can be repaired without you having to bear the cost of the repair work.

• Ensuring that the third-party involved in the accident does not suffer a huge loss as a result of the same.

• Bike insurance is also legally mandated and any two-wheeler without proper insurance coverage can be booked or fined by the law.
Just like you invest in a good health insurance for the safety of your family, an insurance for your new two-wheeler will ensure that your bike or scooter stays safe on the road. By paying a very reasonable premium amount, you can save a larger sum of money when it comes to repairing the vehicle after an accident.

While applying for the bike insurance online, remember to check the no-claim bonus options and other aspects of the plan. You can modify the coverage of most plans in order to get the kind of coverage you desire for your two-wheeler.

Now pay your utility bills online and get these advantages

The internet is a wonderful place offering consumers numerous advantages when it comes to making payments of various sorts. Be it your bills or purchases for a variety of purposes, online facilities offer great alternatives to standing in queues at the bank for the same. Utilities like DTH, gas, electricity and others can be paid with ease using online modes. Internet banking apps help further with the transactions by offering some amount of cashback. Utility bills can be paid one after the other using a safe e-banking app that lets you connect your bank account to make payments. Mobile internet banking saves you the trouble of moving a muscle, as you sift through your dues and pay them efficiently from the comforts of your home.

Electronic security ensures the safety of your identity and prevents theft or misuse of any confidential information to a large extent. You can pay your utility bills on time with a tap on your screen. You can also check out and make use of many other features in correspondence with your utility bill payments. Most banks offer this facility that does not require you to engage in unnecessary interactions or hassles for the most part of your day and if you are someone who likes to stay at home or does not have the time to run around the city, utility bill payments from your phone with a fast internet connection is the ideal option for you.

Listed below are the advantages of paying utility bills online:

1. Simple and easy to access - It is easy to make payments using your phone, laptop or desktop as it takes just a few clicks. Everything about the procedure is explained on the corresponding website in detail, and within a few minutes, you can check off your dues one after the other and save yourself a great deal of time and effort by availing the boundless opportunities online.

2. Security ensured by all means - Most transactions through mobile banking or e-banking apps require a verified OTP that is sent to your mobile phone linked to your bank account. This double safety measure ensures no sort of identity theft or misuse, giving you the ease of convenience and security of your information and money at all times.

3. Keep a tab on all your expenses - Online modes of payments let you keep yourself in check by displaying all your recent transactions, dues, expenses and other information in one frame. This lets you realise when to spend and when not to, how much to refund your account with to carry on with further payments, and how much money to transact to carry on with your day.

What are the advantages of online credit card bill payment?

It is a noticeable trend in which many apps and websites around the globe offer a mode of payment via net banking apps or credit cards. Credit cards are convenient to use and offer a secure and fast mode of transaction for a variety of purposes. With that also comes the headache of making credit card bill payments every time, especially when you are more used to carrying bundles of cash along with you instead. This ensues standing in queues to get through the payments or having to face bank officials who are overworked and tired.

But in today’s times, you can pay off these bills online from the comforts of your own home. Be it this or any kind of bill, all can be made easy with one click on your phone and a fast internet connection. You do not need to move a muscle and can avoid the hassle of interacting with people for the same. Even while you are travelling, you can pay credit card bills and dues with ease. You can also keep a track of how much is left in your card and issue some more cash to refill your card for future use.

Listed below are the advantages of using online modes to pay off your credit card bills,

1. Convenience by all means - Whether you are planning to stay at home or to go forward with a long vacation and your credit card bill is what's holding you back, you can be rest assured that it will get cleared with a tap on your mobile screen. This is the first and foremost advantage that guarantees ease of usage and convenience as it lets you clear off your dues wherever and whenever. You can pay your credit card bill through the net banking procedure and never have to worry about stepping out of your comfort zone for the same.

2. Go Green - Paying bills online saves your time, money and even paper. There is no need for you to fill up slips for the same as you can go online and do it to clear off your payments. Digitally trusted, credit card bills can be paid online, thus ensuring a better environment for you to live in.

3. Faster Processing - Paying bills online also ensures a faster mode of having your funds credited to your account with ease. Online procedures are generally quite fast and you can be assured of receiving or giving money within a few seconds, rather than having to wait in line at the bank for the same.

Did you know you can enjoy the convenience of bill payment online?

One of the revolutionizing steps being taken in today's times has to be the convenience of online banking facilities. Rather than keeping your cash at home, or making multiple trips to the nearest ATM or your bank, mobile banking apps provide users with the option to swipe through different accounts with one go. Accessing money becomes easier than ever and much more convenient and safer. Online bill payments, frequent transactions, money transfers and loan repayments can be made easy with the help of your phone and a fast internet connection.

If you have to pay some fees, or pay your electricity bill, DTH, metro and other bills, a bill payment app can be downloaded or the website pertaining to the specific organization can be accessed to make the bill payment. You do not have to worry about running to different places by virtue of this integrated interface. People are no longer hesitant regarding paying bills online. It is a safe procedure and ensures security against identity theft. Online payment does not overbill the consumer either and is a trusted method as more and more people today are shifting to this mode for their credit card, mortgages, utility rents and more.

Mentioned below is a list of reasons as to what makes the online process so convenient,

1. Speed and Safety - The ordinary check and stamp method is no longer appreciated by consumer who can do the same by a simple click on their bill payment apps. Monthly payments can be made through the online process, without missing any due date. You can also keep a track of the amount of money paid last month, or check if any payment is left unattended. Last minute payment is also made easy with online payment as it just takes a minute to finish all your tasks.

2. Link your credit card to pay bills - Credit card payments are easier for all your bills. Linking your credit card to a payment app ensures extra security as the transaction requires you to enter a verified OTP that is sent to your phone number to go further ahead with the transaction. The added security ensures the safety of your identity and also, in some cases, gives you a little cashback if the offer exists, depending upon your bank.

3. Benefit for the environment - The online procedures give the user as well as the society the benefit of saving the greens, as it does not require any paper. The process is digitally fit and saves money to buy stamps or issue slips.

Reasons why you need mobile banking now?

In this fast-paced world of technology, banking has become a revolutionary experience. Now more and more ways have come that make banking easier and one of them is the facility of mobile banking. These days’ consumers are opting for the easier method of mobile banking for bill payments, loans and other purchases. All you need to do is download a mobile banking app related to your bank account and avail all the facilities on the interface. Mobile banking apps also let you keep a track of your expenses or sift through multiple accounts, all at one time.

Some consumers however remain worried about theft of information or breakage of security by these online means. However, you can be assured about the safety through IMPS or other modes since most banking apps guarantee the same. The benefits of banking online have been in existence for years now and have crossed the hurdles of theft or misuse with ease. Following are the list of reasons as to how and why this facility is becoming more and more popular in today’s times.

1. Ease of Access - Accessing your account is easier than ever. From running errands to bill payments or purchasing any item online, you can avail your banking facilities on-the-go and avoid the hassle of staying glued to the ATM or bank. It is as easy as picking up your phone and accessing your account, whenever, wherever. Just a few simple clicks do the magic.

2. Convenience on the go - You can make use of your free time by doing other things instead of running to the ATM. With the ease of the internet, online banking offers convenience at your disposal. If you are someone who needs to perform transactions or money transfers on a daily basis or make online bill payments regularly, this facility would pose as a blessing for you!

3. Free of cost - Ever heard of the saying, ‘the best things in life come free to us?’ Online banking is free of cost and does not require any additional charge. Just download the app and link it to your bank account. Your phone provider charges might be applicable.

4. Decisions made instantly - Some banking apps offer you the facility to make decisions instantly, by offering approvals on the go. This means you do not have to wait for a few days more to get important information, pertaining to your account, approved. Thus, this service facilitates your business and lets you be at ease while making important decisions.

To avail these offers or acquire more information regarding the same, you can also get in touch with your bank.

How Can Internet Banking Benefit You Today?

Almost the entire world has shifted base to the virtual sphere for all their needs these days. With the internet at our disposal, nothing is impossible anymore- be it shopping, purchasing tickets, shopping for groceries, ordering for food, booking cabs or calling for home doctors. The internet has made our lives so much easier.

Added to this is internet banking; a blessing in disguise, internet banking has been one of the most beneficial aspects of internet services. However, the larger section of the society still prefers the traditional mode of banking where they physically go to the bank to get their needs sorted.  This is because, either they are technologically handicapped or if not, then they are sceptical. To this section of the audience who are yet to explore the wonders of internet banking, this article is for you.

To begin with, the bank services on the internet are divided into two categories namely;

• Transactional- Transfer of funds, payment of bills, loan application, loan transactions.
• Non-transactional- This involves activities such as requesting chequebooks, checking online statements, updating your details and stop payments.

The benefits of internet banking are numerous, some of them being;

• Opening an online account is easy-peasy and hassle-free.

• Avoid the hassle and discomfort of standing in long queues; avoid the headache of keeping track of truckloads of bills and other unnecessary pieces of paperwork.  Enjoy the benefit of viewing all your transactions online.

• Internet banking is available round the clock. You can use it whenever you want. If there is a sudden emergency and you immediately need a huge amount of cash, internet banking is your easy solution. Conventional banking is restrictive because banks remain closed on Sundays and other public holidays.

• Internet banking is super quick and super efficient. The transaction process from one bank account to the other happens at lightning speed. Also, managing more than one account had never been so easy before.

• Internet banking is highly beneficial in keeping a constant watch on your bank account. This all-time monitoring benefit helps to prevent the chances of any fraudulent activities.

• Internet banking also gives the banks a solid platform to recommend their best products and quality of service.

• Many senior citizens find it difficult to physically go to banks and sit or stand on a regular basis because of their various health ailments. For such customers, internet banking is a godsend facility.

As listed above the benefits of internet banking are many. There will be cons as there is to every situation but what you need to consider is if the pros outweigh the cons for you specifically. Internet banking has definitely lessened the degree of a hassle for many people, and more and more people are opting for online banking services as the years go by.