What are the features of UPI payment you should be aware of?

Slowly but steadily, we are all shifting base to the online world to fulfill all our daily needs. The world has gone digital and so has the banking sector in India and rightly so. With the Government's Digital India campaign working wonders in terms of the digitization of various public services, more and more people are embracing online banking by virtue of its sheer convenience and security.

In a bid to give the goal of turning India into a cashless economy a further impetus, the NPCI (National Payments Corporation of India) has introduced UPI (Unified Payments Interface). Introduced in April, 2016, UPI is a real-time instant payment system that is set to revolutionize banking in India. Here is a list of the features of UPI that you must know about.

Convenience of Account-to-Account Transaction
This is the most unique and the best feature of UPI that has got millions of Indians waking up to its genius. UPI is the first payment system that lets you transfer funds directly between bank accounts. All you need is the recipient's account number and IFSC code, or his/her system-allotted virtual payment address, to transfer funds directly to that account instantly. With mobile wallets, you have to first load cash from your linked bank account into the wallet and then use it to pay for some service that you avail. But with UPI payment, you can access your bank account directly and make a payment from it without involving a third party. You, as a tech-savvy digital user, are always on the lookout for ways to reduce effort. And UPI allows you to do just that by letting you fulfill your banking needs in a lesser number of steps.

Safe and Secure
UPI is a highly-encrypted system that is based on 2 Factor-authentication. UPI payment is an easy-to-use single click payment system where the system allots each user a unique MPIN (like an OTP). One can access your bank account from the UPI app only after submitting the MPIN. So, it is a highly secure payment system and its safety is one of the many reasons why UPI payment has seen growth by a huge margin of almost 6000% in the fiscal year of 2017.

Round-the-Clock Service
Unlike brick and mortar banks, UPI payment services are available 24×7. So, you can access your bank account whenever and wherever you need through any one of the UPI apps available to make instant transaction.

Interoperability
A huge advantage of the UPI payment system is the interoperability provided by the different apps. There are a number of good UPI apps available in the country- be it the Government-regulated BHIM, the Flipkart-owned PhonePe or the UPI apps of the banks like SBI, HDFC Bank or Axis Bank. You can use one app to manage multiple bank accounts or to transfer funds between different accounts, irrespective of the bank in which you have your accounts.

What are the factors that can affect your car loan eligibility

Car loans are very handy for people looking to purchase a new and expensive vehicle. Lenders offer such loans so that you can get the desired car model and brand, even if you are unable to pay for the same in its entirety at that time. However, most lenders check to see whether a person is qualified to get a car loan.

Here are certain factors that affect your car loan eligibility and most of these will be verified by the bank prior to sanctioning the said loan.

1. Income
Your income will determine whether you are eligible for the loan amount you have applied for. People with higher annual income will be offered higher car loans and vice-versa. This is because people who have a greater income are also more likely to pay off  a bigger loan easily. After you apply for the loan, you have to present an evidence of your income, based on which the lenders will decide the loan amount you are eligible for.

For salaried employees, the loan may range from anywhere between 2 and 3 times the annual income of that individual. For instance, if you have an income of Rs. 2 Lakhs per annum, you may get up to Rs. 4 Lakhs or Rs. 6 Lakhs as car loan. However, for a self-employed individual, the maximum loan is usually 6 times that of their annual income.

2. Credit score
Credit score is a measurement which quantifies how good you are at repaying loans and credit. This score is created after checking the history of paying off loans and credit card bills. Usually, a score of 750 and above is considered to be good and most banks offer loans to people maintaining such a score. However, if your score is below this level, it may be difficult for you to get the car loan sanctioned.

To improve the score, take small loans from lenders and pay them off in a timely fashion. You can also ensure that your credit card debt is settled on time. Try to maintain the score if you want to get the best offers on car loans. This score is a big factor that determines car loan eligibility.

3. Age
The age matters with most loans and car loans are no different. In case of a car loan, lenders prefer people below the age of 50. This is because people over this age are nearing retirement and may not be able to pay off the loan amount before the tenure runs out.

So, consider these factors prior to your loan application and make sure that all of your documents are in order so that your application gets sanctioned.

How to Make Health Insurance Work For You?

With each passing decade, as human beings make more and more progress in various fields, art, science, culture, economics, performative arts, the demands on the human mind and soul has become even more exerting. The mental and emotional stress of a person living in the city is similar to the physical stress borne by a person living in the rural areas. In order to meet this toll on the human body, the need for various health treatments has increased. But these treatments can be very expensive for most people to undertake.

So how do you manage? A health insurance can make your life a lot easier. A onetime investment can go a long way in saving you at the neck of time when the need so arises. A health insurance takes care of the insurer's medical as well as surgical costs. For some health insurances, the company will reimburse you the expenses and some other companies will agree to make the payment directly.

How to make the most of your health insurance? Read this article to find out.

• Discounts Galore! – Many health insurance plans will give you a number of discounts on various health and wellness services such as gym or spa sessions or any other free of cost programs. Read your health insurance brochure to look out for these discounts and try to make it work in your favour.

• Invest While You are Still Young- If you purchase a health insurance plan before you turn 30, it means you can reap the benefits in your older years. When you are applying for a health insurance plan at a young age, you need not be concerned about the issue of an upper age limit. This is sometimes the key factor for making the final decision by health insurance companies throughout the country. As a young person applying for a health insurance, chances are that your application will not get rejected.

• Choose the Right Plan- Ensure to pick a health insurance plan that fits your family medical profile. For example, if there are elderly people in your house, select a plan that caters to these needs or if there is a possibility of an upcoming surgery on the horizon, purchase a plan that will take care of this.

• Keep Track of Statements- After completion of treatment, you will get a statement stating all the details as well as the expense breakup. This is known as Explanation of Benefits (EOB). Make sure that all the details are in order.

These are only some of the ways that you make the health insurance cover work in your favour. The benefits of a health insurance are many to begin with. Purchase a health insurance today to explore the wonderful world of health benefits.

What are the benefits of opening an online saving account?

A savings account is the most basic form of banking, and almost every earning individual is affiliated to one or more savings accounts. Opening such an account is vital if you want to use debit cards and apply for credit cards. It also encourages saving more of your income, instead of spending heavily.

A while back, people had to visit the branch of a bank in order to open a savings account. However, this process has become much more streamlined after the introduction of the online banking system. Here is a look at some of the benefits of online saving account opening.

1. Saves time and money
Money is spent if you choose to travel to the bank branch in order to open a savings account. However, apart from money, you also need to spend a considerable amount of time in order to visit the bank. Time is a precious commodity, and the online procedure helps you cut down on both the money and time spent for opening a savings account. You can sit down at home on a computer or on your smartphone and create an account in almost no time.

2. Compare the interests
Each bank may offer a slightly different rate of interest for the amount saved in the account.
When you apply for the account online, you can check the interest offered by the different banks and then apply for the one that suits your needs the most. When the account is opened offline, very few people compare the interest rates.

3. Faster activation
When you choose online saving account opening, your KYC registration is completed immediately, and your account gets activated as well. This means that you can open such an account in an emergency when you need to keep the savings in a place. However, you still have to wait in order to get the chequebook and the debit card for such an account. These will be mailed to your address in a week or two.

However, you need to keep in mind a few facts before opening an online savings account. These include some safety measures so that you do not become a target for some scams. Ensure that you open the official page of the bank where you elect to have your account. Do not trust proxy pages, which may take your personal information and then use them for criminal activities.

It is also recommended that you go through the terms and conditions before opening such an account online. If necessary, call up the bank representative and confirm what these conditions mean.

How to Find the Best International Travel Insurance?

Everybody embarks on a trip every now and then. Whether it is for the purpose of leisure or for work, travelling or taking a trip, especially by means of air travel, is extremely commonplace these days, but what are not are the uncertainties that life makes you encounter.

Travel insurances are of two kinds- domestic travel insurance and international travel insurance. Travel insurance is a plan that gives you coverage for mishaps such as a flight loss, cancellation or delay, loss of baggage, loss of passport or any kind of medical emergency that occur during the course of your trip abroad.

While your travel date is fixed, accidents are not. So be prepared for uncertainties by investing in a good international travel insurance today. But in case you are wondering how to pick the best from a sea of travel insurances available, here is this article helping you.

Travel insurance should be ideally purchased at the time of booking the trip in order to ensure full coverage of the travel. Some of the features that separate the best international travel insurance plans from the rest are listed below:

• Compensation for Flight Related Problems
This feature on the part of the travel insurance company will compensate you by giving you accommodation and also pay for your plane in case there is a delay, or your flight gets cancelled.

• Medical Emergencies
If you incur a sudden medical emergency such as an accident during your travel abroad, then truth be told you will have to bear really expensive medical costs. This can be difficult for most travellers to bear, simply because medical expenses in a foreign country are always higher than the home country. In case such a situation arises, then your travel insurance plan will bear the medical as well as hospital costs.

• The Legality of It
Travel insurance not only takes care of the medical costs but will also take off the burden of any legal hassle in the form of any expense or liability.
These are some of the basic yet key features, so to say, that you should absolutely look out for in international travel insurance.

Aside from the few pointers mentioned above, keep in mind that a travel insurance, in general, is very helpful because it gives you reimbursements for meal if the flight gets delayed, gives you reimbursements if the flight is cancelled as a whole, helps you out if you lose your baggage or your passport, transports you back to your home country safe and sound in the unfortunate scenario of an unprecedented disaster, and most importantly, makes your international trip very economic and very affordable.

Bank cards What are the different types and features

In today’s world where rapid urbanization has become the catchphrase of the day, we all need top-notch modern facilities to carry out our day to day activities. Every day new technologies are being introduced to benefit us in every way possible. Same goes for all the financial institutions in the world.

To serve you in a better way, financial institutions have come up with modern technologies to help you carry out the banking facilities in a faster, smarter and better way. Everyone out there is familiar with bank cards. These bank cards help you to withdraw cash 24*7 and anywhere in the world. These smart electronic cards do not only help us to withdraw cash, but they also help us in various payment facilities. These bank cards help to make online payments too, at your own convenience.

These bank cards are powered by many autonomous companies which provide a sense of reliability to its customers.

Types of bank cards:

• DEBIT CARDS
These are electronic cards which are issued by financial institutions against your deposits in the bank. With this electronic card, you can withdraw, pay funds anytime with your money that is deposited in the bank without having to go to the bank. They have a secure PIN code which you should not disclose to anyone in order to prevent theft.

• CREDIT CARDS
This type of bank card doesn’t require a bank account for you to pay for expenses incurred. The amount you use through the card is given on credit, so you need to pay it back at specific intervals. When the amount is withdrawn, paid back in full and on time, there is no interest charged against it.

FEATURES OF BANK CARDS

 Prompt cash
ATM cards or bank cards help you to withdraw cash at any place or any time, hassle-free. All you need is an ATM (Automatic Teller Machine) outlet.

 Easy mode of payment
Not just cash withdrawals, you can pay your bills, book tickets and whatnot with these bank cards. You do not have to go to various offices for payments now. You can pay anytime and anywhere you want.

 Universal acceptance
The bank cards have universal acceptance with respect to ATM outlets. International cards can be used in any country which minimizes the need for you to carry cash in person.

 Convenience
With the help of the various bank cards, you can withdraw cash and pay your bills whenever you want, and anywhere you want. Their customer support is also available at all times, and during an emergency or theft, the financial institutions will secure you no matter what.

All that you need to know about pune tax payment

In any state or district of any country, taxes are to be paid. We pay taxes to obtain various basic facilities and for proper distribution of wealth. Taxes are the main form of government revenue through which they serve us in terms of education, transport, healthcare facilities, employment opportunities etc. Hence to ensure that taxes are paid in an efficient manner, each state has its own municipal corporation. A municipal corporation is a local governing body that follows various changes in legal autonomy and these corporations help to reduce the bureaucracy of the governing bodies.

BENEFITS OF PAYING TAX

 Good credit return
A proper income tax return ensures many benefits to an individual. Income tax returns help you to acquire various forms of credit hassle free and you have a good credit rating as well. The higher income tax you have, higher the credit rating you get.

 Investor value
While acquiring investors for any purposes, investors always look into your financial records. Having a truthful tax record will build up trust and reliability by which investors will invest in a diligent manner.

 Civic sense
Paying taxes builds a civic sense among the people who are paying taxes. Since the taxes are being paid with their hard earned own money, people have a questioning attitude to ensure that the funds are utilized in a proper way.

 No fear of penalties
If you pay your taxes in advance then there will not be a possibility of penalty on you for tax fraud. The government takes these kinds of fraudulent activities very seriously and one might face losing all their assets and might also end up in prison.
The same is also applicable for Pune tax payment.

THINGS YOU SHOULD KNOW FOR PUNE TAX PAYMENT

 Log in via a simple process
In order to perform Pune tax payment, you need to log in to the Pune Municipal Corporation website and register as an user for which you will get a username and password. 

 Necessary details
You need to select the Assessment Year (the year when you are actually paying the tax) and the Financial Year (the year for which you are paying your taxes).

 Generate your Challan
Challan is the receipt that shows the type of income tax you paid (corporate/property etc.) and  now this challan needs to be taken to the bank via which you can make your payment with demand drafts, cheques, debit/credit cards etc.

 Confirmation
The final receipt of the PMC (Pune Municipal Corporation) will be handed over to you along with an acknowledgement with the challan itself.