5 apps to transfer money from bank to bank

Phone banking is now a reality. Transferring money from bank to bank is no longer something that requires a lot of effort. It is not required to visit a bank or issue a cheque. Nowadays, it is possible to transfer money from bank to bank using different mobile apps.

There are several different bank money transfer apps that can be used to transfer money from one bank account to the other. Almost every bank has its own mobile banking app that helps to transfer funds. Apart from this, because of Unified Payments Interface, it is also possible to directly transfer money to a bank account even without having a particular bank’s app.

Following are 5 bank to bank money transfer apps:

1. BHIM UPI:
BHIM is the app launched by the National Payments Council of India (NPCI). The UPI system to transfer money has completely changed the payment ecosystem. It is no longer necessary to send bank account numbers to receive payments. It can all be done with the help of a UPI ID. BHIM is one of the best bank to bank money transfer apps. Each bank has its own version of the UPI app, but the best ones are ICICI, HDFC and SBI.

2. HDFC Mobile Banking App:
HDFC’s mobile banking app is one of the most seamless and convenient apps for transferring money. It has a user-friendly interface and its own secure login checks to ensure each transaction is valid. The app also has an extension called HDFC Chillr which is a bank money transfer app.

3. PhonePe:
PhonePe is one of the biggest UPI apps in the country. Transferring funds from one bank account to the other is very convenient with PhonePe. The user interface has been designed in such a way that even a layman can use it. The funds directly get credited to the bank account. It is possible to connect different bank accounts to one PhonePe account.

4. SBI Buddy:
SBI Buddy is SBI’s bank to bank money transfer app. It is not required to be an SBI customer for creating a Buddy account. The money transfer process is convenient, quick, and seamless.

5. Oxigen:
Oxigen is an RBI certified bank money transfer app. It was India’s first non-bank wallet which tied up with the NPCI for its operations. The bank to bank transfer is done via IMPS (Immediate Payment Service) or NEFT. It can also be used to make bill payments and for online shopping.

5 advantages of online mobile recharge

Using a mobile phone is now becoming a necessity in India. A mobile phone is not just used to make and receive calls, but for all kinds of transactions online. Ever since smartphones have been introduced, it has condensed the whole range of internet on to the phone.

With the increase in online transactions and online shopping, it was natural that online mobile recharge should also catch on. Online recharge is a popular and convenient way of refilling phone credits. It is now possible to do it through different apps from telecom providers, or it can be done online. It is also possible to do mobile recharges offline, through various offline merchants, but recharging it online has some advantages over doing the same offline.

Here are 5 advantages of online mobile recharge:

1. Convenience:
Getting an online mobile recharge is convenient more than anything else. There is no need to get out of the house, find a merchant who offers mobile recharge facility, especially in times of need. Getting an online recharge is immediate and instant. Whether it is done through the app or on websites, it is quick and convenient.

2. Cashbacks and other benefits:
There are a lot of different types offers and benefits that are offered by websites and apps for getting an online mobile recharge.  Whether it is cashbacks, or vouchers, wallets and other apps give a lot of benefits. Sometimes there are lucky draws for coupons that can be redeemed on shopping websites.

3. Can be done using any mode:
The best part about online recharge is that it can be done through any mode of e-payment. It can be recharged via credit or debit card, Net Banking, or Mobile banking. This flexibility means recharge can be done depending on the mode that is convenient in times of need. If for some reason, the transaction doesn’t go through via Credit or Debit card, it can be done via net banking.

4. Can be done for multiple mobile numbers:
Since the recharge is completely online, it can be done for multiple mobile numbers. It can also be done multiple times for one mobile number. There are no limitations on online mobile recharge. However, one transaction pertains to one mobile number. After one transaction is completed, another transaction can be done for another mobile number.

5. Recharge for different providers:
Most apps provide mobile recharge for a number of telecom operators. It is possible to recharge one mobile number from one operator followed by another number from another operator. There are no limitations on the telecom operators available on an online platform.

4 things to consider before using a car loan EMI calculator

Every person dreams of buying a car. Purchasing a car is a matter of great prestige for a lot of people. But a car doesn't come cheap. Depending on the make and model, a car can cost anywhere between Rs. 3 lakhs to Rs. 60-70 lakhs. Not everyone can buy a car out of their savings. With the increase in car sales, there has been a rapid increase in the number of car loans. Applying for a car loan is very easy with quick approvals. Most lenders take repayment in the form of EMIs or equated monthly installments set over a short tenure.

Before applying for a car loan, it is beneficial to check the EMI burden once the loan has been taken. But before you use a car loan eligibility calculator, it is important to know the following things:

1.Cost of the car:
Before checking the EMI on the loan, it is important to know the cost of the car. A car EMI calculator needs the loan amount as an input which is why it is important to know the cost of the car that you are looking to purchase. Since the loan amount usually depends on the value of the car, this is an essential point to be considered before checking the EMI calculation.

2. Rate of interest on the loan:
The EMI depends on the rate of if interest for the loan. Different lenders offer different rates for car loans. If you have a good repayment capability and a good credit score, you can negotiate to get a better rate of interest on the loan. Since the EMI consists of interest on the outstanding principal, a car loan eligibility calculator takes the rate of interest into account as well.

3. Tenure of the loan:
Before you use a car loan calculator, it is important to know the tenure for the loan. Most car loan eligibility calculators have a range to which the tenure can be adjusted. Knowing the tenure of the loan by different lenders will help to find out the EMI. One more thing to remember in terms of tenure is that the higher the tenure on the loan, the lesser the EMI. This is because in the initial stages, majority of the EMI services interest on the loan and small amounts go towards principal repayment. If you have the finances to quickly repay a loan, the EMI burden will be higher.

4. Repayment capability:
Before using a car EMI calculator, it is important to check the state of your finances. A car loan EMI is a committed monthly repayment, which may be a strain if you already have other loan repayments to take care of.

5 things to know before applying for a forex card in India

The number of foreign trips that Indians are taking is increasing every year. Unlike earlier, when foreign trips were rare, almost every person takes at least one foreign trip in his lifetime. Carrying currency for such trips becomes a matter of thought. Many people find carrying a forex card more convenient as compared to carrying cash.

A forex card provides the convenience of a debit card but is pre-loaded with foreign currency. This provides plastic cash at the hand of the traveller. It is very convenient to buy forex cards. Most banks provide forex cards, and there are companies that offer forex cards online.

As with every other type of card, there are few things that must be taken into consideration before applying for a forex card.

Here are 5 things to know before applying for a forex card in India:

1. Different types of forex cards:
There are different types of forex cards:
• Multicurrency forex cards:
• Hajj card
• ISIC student forexplus card:
Depending on the traveller’s needs, he can buy forex card. If the person is travelling to only one country, he can load currency from that country, or a universally accepted currency like the US dollar, British pound or the Euro. If travel to different countries is planned, then multiple currencies can be loaded.

2. Charges on forex cards:
Each forex card has different charges associated with it. When applying for a forex card, it is best to select the card with the least amount of charges, and also which provides the best service. Some of the common charges are:

• Forex card issue charges
• Service charges
• Balance inquiry charge
• ATM withdrawal charges
• Cross currency charge
• Replacement fee
• Statement charges
These are standard charges for a forex card, but all banks may or may not charge them. When you buy forex card, check which charges the bank levies.

3. Rate of exchange:
The rate of exchange while loading and emptying the forex card is the prevailing market rate at the bank. This means when you buy forex card, the bank will charge their prevailing selling rate, and when you unload or empty the card, the bank will charge their prevailing buying rate.

4. Chip based security:
All forex cards have chip security and are encrypted. This means that whenever they are swiped, a pin will have to put in the point of sale machine. It provides an additional layer of security. This means when you buy forex card, you will have to set a pin for it.

5. Reloading of funds:
It is possible to reload funds remotely to the card if there is shortage of funds. This money can be loaded on the forex card online.

5 reasons why you need an NRI bank account

When you’re thinking about moving abroad, there are a lot of considerations to be taken into account. One of the most important points that need urgent attention is banking.

Whatever country you decide to move to, opening a bank account there will be a matter of necessity. But that begs the question of what happens to your accounts in India. That’s where NRI accounts come into picture.

An NRI bank account is a bank account maintained in India by NRIs. These accounts have features that set them apart from normal banking accounts. These accounts can be used to maintain income earned in India. They can also be used to earn higher interest on foreign incomes. It is possible for you to open a fixed deposit account, by opening a Foreign Currency Non Resident (FCNR) account if you want to earn in foreign currency on your deposits.

The different types of NRI accounts are:
1. Non Resident External (NRE) account
2. Non Resident Ordinary (NRO) account
3. Foreign Currency Non Resident (FCNR) account

3 reasons why you need an NRI bank account are:

1. They can help to earn income on Indian assets:
Non-Residents can convert their regular savings account to an NRE account. This NRI account is useful for accumulating income earned from sources in India, such as interest income on investments, dividend income, rental income. Since non-residents are not allowed to hold normal savings accounts, they need an NRI bank account to ensure there is an account to accumulate all such earnings. It is possible to repatriate from this account once tax has been paid on the income earned.

2. It allows you to invest your foreign earnings in India:
For a non-resident to invest foreign earnings in India, they need to accumulate the earnings in an NRO account. If you plan to invest foreign funds in the stock markets, or purchase property, the right way to do it will be to open an NRO account. Having this NRI bank account will help you collect your funds from abroad and invest them in different investment avenues in India.

3. Non residents cannot maintain a regular bank account:
As per Foreign Exchange Management Act (FEMA), a non-resident is not allowed to maintain a regular savings or current bank account. If you are planning to move abroad, you will have to convert your regular savings account into an NRI bank account. It is possible for an NRI to open different NRI accounts to fulfill different purposes. Once you become a non-resident, you will have to convert your regular savings account to an NRO account and open an NRE account for investment purposes.

What is an NRO account? It’s features and benefits

One of the questions that comes up when someone is planning to move abroad is what to do with his existing bank accounts. Usually, individuals open a savings bank account to pool in earnings from various sources. But while moving abroad, a question arises about what can be done with these accounts.

The answer to this question lies in an NRO account. NRO stands for Non Resident Ordinary account. These accounts can be of two types:

1. Non Resident Savings account
2. Non Resident Current account

What is a Non Resident Ordinary Account?

An NRO account is the equivalent of a standard savings or current account. It is a good way for the NRI to collect incomes earned in India. Some of the incomes that can be collected in this account are:

1. Rental income
2. Interest on investments
3. Dividends
4. Pension

Interest earned on funds in an NRO savings account are subject to TDS at 30% plus 3% surcharge. It is possible for an NRI to take advantage of the tax rate specified in the DTAA or Double Taxation Avoidance Agreement. But to take advantage of this rate, the NRI will have to furnish a Tax Residency Certificate (TRC), which can be obtained from the tax authorities of the country where the NRI is residing.

The income earned in an NRO account is not repatriable until a certificate is furnished from a chartered accountant specifying that tax has been paid on the income earned. Free repatriation from the account is restricted to USD 1 Million.

It is possible to open an NRO savings account jointly with a resident, or non-resident. By submitting a Letter of Authority, the NRI can allow a resident to operate the NRO account.

Benefits of an NRO account:

1. Easy and convenient access:
An NRO account can easily be operated from abroad. It can be managed by a resident if the NRI gives a letter of authority. Facilities like net banking are also available for an NRO account. It is easy to make payments from the account and to receive funds from different banks both in India and overseas.

2. Low cost money transfers:
Repatriating money from an NRO account is not a costly affair. It is possible to get competitive exchange rates for transfers.

3. Minimum balance:
The minimum balance to maintain an NRO savings account is Rs. 10,000.

4. Reduced TDS through DTAA:
By submitting a Tax Residency Certificate, an NRI can avail lower tax rates as per the relevant Direct Tax Avoidance Agreement.

5. Joint account holding:
An NRI can open an NRO account jointly with either an Indian resident or with an NRI. It provides flexibility in that respect.

5 innovative mobile payment apps

India is slowly moving online. With the increase in e-commerce companies and apps, transacting from a mobile phone is not a unique phenomenon. It is in fact convenient to use a payment app to ensure all bill payments are done in time.

It is not just making payments for purchases or bills, but even money transfers and banking has become mobile. There’s no need to even enable net banking because payment apps take care of payments between people. It is very easy to make payment using a mobile application.

There are several different types of apps in the Indian mobile ecosystem.

5 innovative mobile payment apps are:

1. BHIM-UPI:
UPI stands for Unified Payment Interface. This means that it is no longer necessary to use a bank account number and IFSC code to make payments. By simply creating a UPI ID, payments can be made between two parties. It is one of the most revolutionary mobile payment apps in India. The UPI app has a very user-friendly interface. The UPI payment app can be used to pay a wide variety of bills as well.

2. PayZapp:
HDFC Bank launched this innovative mobile payment app. One need not be an HDFC customer to use PayZapp. It is possible to link credit and debit cards from any bank to PayZapp and make payments from it. It is possible to use this app to shop online, book movie tickets, buy groceries, use travel portals and pay any types of bills.

3. Google Tez:
This is Google’s app for UPI. It is one of the most widely used mobile payment apps in India with a very minimalist interface. It makes transferring money very convenient between two parties. Using a UPI ID, Tez transfers money between two parties. It is also integrating bill payments in the system.

4. PayTM:
PayTM was one of the first wallet companies to start in India. It gives users many options such as online shopping, booking air tickets, movie tickets, and paying bills etc. PayTM made it simple to transfer money from one mobile number to the other, either directly or via QR code. It is possible to use PayTM to make payment directly to a bank account.

5. Vodafone m-pesa:
This mobile payment app supports cash withdrawals by the user. It is a very dynamic app that can be used to send money to people. The money sent via the app can be withdrawn or received at one of the many m-pesa agents across the country. The app is very simple to use and is configured for laymen. It can also be used for typical wallet functions such as payment of bills, recharge, online shopping etc.