4 benefits of paying bills online

Bill payments are necessary, but they can be difficult to handle. This is partly due to the hectic and time-consuming process involved with the clearance of the bills. Additionally, keeping track of the different bills for the various utilities can also become overwhelming. However, if you consider online bill payment options, the entire process becomes much more convenient and organized.

Here is a look at some of the benefits of online clearance of bills-

1. Saves time and effort
With the manual payment of bills, the consumer needs to visit the premises of the organization where the bill is due. This can be a time-consuming procedure, which your schedule may not allow. With online payment, you can clear your dues with just a few clicks or at the push of a button. The entire process takes only a few seconds and can be conducted through a phone or computer with internet access. Several bill payment apps are also available for increased convenience.

2. Saves paper
Offline bill payments usually require substantial use of paper. Furthermore, you need to keep track of every piece of paper, so that you do not miss any of the payments. Losing such bills is not only possible but probable. However, online bill payment tools help maintain a consistent record of all the bills, without the use of paper. For instance, your credit card bill payment can be initiated online based on the digital statement released by your bank.

3. Safety and security
While most people distrust the internet when it comes to payments, that mindset is rapidly changing. In fact, with SSL encryptions and other security measures in place, online bill payments may be the safest option today. With each passing day, the security for such transactions is only increasing. Therefore, bill payment apps offer a safe method for transactions, contrary to popular belief.

4. Organized bills and payment history
While offline bill payments can be a disorganized mess due to the huge amount of paper trails left behind, online process of bill clearance can be much simpler to keep track of. When you select online bill payment option, the companies start sending you the bills over emails, rather than a paper copy. These emails can be saved and maintained, separately.

Furthermore, you can schedule the bill payments through apps, so that the payment is made automatically on a fixed date. Online bill payment also offers the opportunity to pay the bills on the very last date, since the pay is remitted instantly.

Internet banking explained in 5 points

Internet banking has become the new revolution in banking worldwide. You do not need to visit a bank anymore or stand in long queues to get your finances in order. You can access your bank account from anywhere and conduct your banking activities with ease.

Yet a large number of people seem to be wary about internet banking. They fear they might click the wrong button or fall prey to the wrong information. The main reason behind this is the lack of expertise in internet banking. Therefore, here are five simple points which cover all there is to know about internet banking.

Types of Internet Banking

According to the Reserve Bank of India, there are three types of internet banking.

The information only system gives you general information, branch location, products, loan and deposit calculations etc.

The electronic information transfer system provides you specifics of your account like balance and statements that are protected using a password.
The electronic transactional system gives you full access to transfer and receive funds under sophisticated security and control systems.

The Services

Depending on the type of internet banking services your bank offers, you can do the following-

• Financial transactions- You can move funds to or from any account in any bank if you have the correct authorization. To move money to someone else’s account you need their account number, bank, and branch.

• Bill Payments- You can pay electricity bills, credit card bills, phone bills and a large number of other bills through internet banking. For regular bills with a fixed amount, you can set up standing instructions with the amount after registering the biller. The bank will automatically take care of your bill payment on the due date.

• Shopping- You can conveniently pay for online shopping and travel tickets through internet banking.

• Phone Recharge- You can recharge your phone’s balance by providing information such as the name of the operator, amount, and mobile number.

• Investments- You can invest in short and long-term deposit schemes of your bank through internet banking. You can also invest in the stocks with the help of your bank account.

Setting Up Your Account

The simple steps of setting up your internet banking account include-

• You must open an account with the bank of your choice if you do not already have one.
• The next step is enabling internet-banking facility on your account. There will be an option to do this on your bank’s website. You can also do this at the bank itself.
• Choose a username and a very secure password.
• Your phone and your e-mail id is the bank’s primary mode of contacting you. Therefore, recheck your contact information for errors.
• The bank may send you a confirmation e-mail, after which your internet banking account is good to go.

Using Internet Banking

Using internet banking is as simple as following instructions provided to you in a user-friendly manner. Every time you use your account, you have to log in with your username and password. Be sure to log out after use if you are using a public device.

Account Security

Keeping your account secure online is the biggest fear most people face. Here are a few tips that can help you keep your online transactions safe.
• Always check if the URL of the webpage you are using begins with ‘https’. Without the ‘s’, the webpage is not secure.
• Never share your pin with anyone.
• Never provide login information when your account login page opens from a redirect of a promotional mail.
• Regularly change the password.
• Use an authentic anti-virus on your device.
• Activate mobile updates and notifications that alert you of suspicious transactions or unsuccessful attempts of logging into your account.

With these basics of internet banking in mind, you too can use your bank account at your own leisure from the comforts of your home or office.

How to pay credit card bill

A stressful life along with the added responsibility of paying bills on time can take a toll on anyone. With the large number of bills, it gets difficult to keep a track of what is paid and what is not. For instance, forgetting to make credit card bill payment on time is an extremely common problem. This leads to unnecessary penalties and poor credit score.

Therefore, it is essential to organise all your payments and due dates, so you do not miss any payments. Although a bill payment app is the most popular ways to do this, here is a list the ways you can pay your credit card bill in a stress free manner.

Bill Payment App

An online bill payment app ensures timely payment of your credit card bills. You have to feed information such as your credit card details, contact details, service provider, bill amount to be paid and the bank account details from which you wish to pay. The entire process takes a couple of days to complete. So set payment reminders keeping a few days in hand. The app will regularly notify you to keep a track of your credit card bill payment.

NEFT (National Electronic Fund Transfer)

NEFT allows you to pay from your bank within the same day. The only thing is you must have online banking feature activated on your bank account. For credit card bill payment, you have to add the credit card number, issuing bank and IFSC code. You can also add the credit card in your list of payees and enter all details only a single time. For subsequent payments, all details will be saved for your convenience.

RTGS (Real Time Gross Settlement)

RTGS, like NEFT, allows transfer of funds in a single day. The advantage of RTGS over NEFT is it allows larger payments. You have to add the same information for bill payment through this method, as you did for NEFT.

ECS (Electronic Clearance System)

If you regularly use your credit card, you can opt for ECS payments. You have to arrange an ECS mandate at your bank and ask the credit card company to send an ECS request to your bank. Once you complete this, the credit card bills will be settled by your bank, automatically.

Standing Instruction to Your Bank

You can issue standing instructions to the bank where you have an account to make credit card bill payments in a timely manner. You can do it with minimum documents and verification process. You can ask the bank to either pay the minimum due amount or the entire amount as per your convenience.

Cheques

The traditional and convenient way of credit card bill payment is issuing a cheque with the credit card number as the payee. Usually a cheque takes 2 to 3 days to process, so it is wise to pay well in advance.

Cash

If you remember to your credit card bill at the last minute, cash is your best friend that allows instant clearance of dues.

With these credit card bill payment methods, never miss a due date. Although all card-issuing companies accept payment through these methods, it is always best to confirm with the card company before you choose a suitable payment method.

Top Money transfer apps of 2018

A money transfer app has become an essential commodity with the growing use of digital currency. A money transfer app can do just about everything from sending cash to your friend to making international payments. Despite this, a large number of people still do not know how to transfer money online.

Almost all money transfer apps are user-friendly and everyone can follow the simple steps that the money transfer app prompts. However, choosing the best money transfer app can be difficult. All seem to promise the best features, but every app has its own set of advantages and disadvantages.

If you are among the many who are confused about which money transfer app to download, here is a list to help you!

Western Union
This is probably the most popular money transfer app, providing the most exciting features. The app secures all transactions with your thumb impression if your phone has a fingerprint scanner. A card-scanning feature also eliminates the need to enter your card number.

You can transfer money from your previously linked bank account or debit card. Apple Pay users can also transfer cash using the app. Although downloading the app is free of cost, the money transfer app charges a nominal fee for every transaction.

WorldRemit
If you are wondering how to transfer money online in an instant, WorldRemit is your solution. WorldRemit holds a top position in the list of high-speed money transfer apps. This app boasts of instant money transfer across 140 countries. Transfers can be in the form of bank deposit, mobile wallet balance, airtime top-up or cash pickup. The money transfer app sends a notification to both the sender and the receiver at the successful completion of the transfer.

While your first transfer is free of cost, WorldRemit charges a fee for every subsequent transaction, proportional to the amount you transfer. The fee also depends on the location of the transfer.

HDFCChillr
If you are wondering how to transfer money online in an instant, HDFCChillr is your solution. This money transfer app instantly transfers money in a few simple steps. With this app you are able to send money to any of your contacts, without going to the troubles of adding beneficiary. This money transfer app can also be used to recharge, split bills, request funds etc.

Azimo
Azimo, despite its niche popularity, is among the top money transfer apps. This money transfer app keeps you updated about every detail from the initiation of the transfer process to the completion of the transfer. It also prompts instructions for collecting the money suitable for your location.

The app charges an amount for every transfer that depends on the location but is very reasonable. There is also a reward system for inviting friends and on your friends’ transfers. Azimo also boasts of strong customer service.

With this list, you can download the money transfer app that suits you the best, on your smartphone. After that, you will be able to transfer money to your loved ones and others in a matter of a few clicks and few minutes.

Top money transfer apps in India 2018

Smartphone apps have become the new and most popular way of transferring money. From the smallest of transactions at a store to transferring lakhs of rupees, Indians have embraced the technological marvel, known as wallet apps. Here is a look at the leading mobile money transfer apps of India in 2018.

1. Paytm
Paytm was one of the first to enter the mobile wallet market in India. Since its inception, the company has grown rapidly. Recently, it has even garnered the status of an independent bank, rather than being a mobile app. It allows people to book movie tickets, pay bills and even book trains, buses and flights through the app itself. It is a popular wallet app, simply because of the range of features offered.

2. HDFC PayZapp
Another well-reputed money transfer app designed for smartphones, the PayZapp application allows registered users to transact in a cashless manner for a number of things, such as bill payments, ticket booking, hotels, online shopping, groceries and more. Moreover, even though the app itself belongs to HDFC, it can link the accounts of almost all banks, making it just as useful for people who do have bank accounts with other banks. Lastly, a wide range of discounts, promotional offers and cashback opportunities make PayZapp one of the best money transfer app in India.

3. Tez or Google Pay
A newer app that was launched in India in September 2017, Tez app was rebranded into Google Pay in August 2018. Within its short lifespan, Google Pay has managed to captivate customers with its user-friendly interface and features. Additionally, Google Pay allows users to win attractive cashback offers on almost all transactions. Moreover, users do not need to enter any details apart from the account information of the beneficiary and their own MPIN.

4. PhonePe
Similar to Google Pay, PhonePe is a useful mobile app that is full of interesting and useful features. Apart from the payment using IFSC code and account number of the beneficiary, the transaction can also be conducted using the UPI ID. Additionally, PhonePe offers cashback and discount on a certain transaction. Lastly, PhonePe also allows users to transfer money to self, using two of their own bank accounts.

If you have never transacted using one or more of these money transfer app, you should start doing so immediately. It will make your life easier and all online transactions much more convenient.

Which are the best mobile banking apps in India?

What started as an SMS service in 2002 has expanded into an all-inclusive internet banking service with the boom of the internet and smartphones. A majority of banks are exploring the territory that keeps expanding due to consumer demand. The growing popularity of internet banking with the users can be attributed to the easy access and better level of services.

Here is a list of the best internet banking apps that allows you to access your account with just a few clicks on your smart device.

State Bank of India Anywhere Personal App

As the name suggests, this app provides you easy access to basic banking features from anywhere. It is available in Hindi and English and gives you an insight into your deposits, withdrawals, and generates a mini balance statement. You can pay bills, schedule payments and open or close a fixed or recurring deposit through this app. Premiums of SBI Life Insurance can also be paid through this app.

ICICI Mobile Banking iMobile App

It is among the most popular apps that allows access to around 100 services. This eliminates your need to visit a bank. You can go about your transactions using your mobile number, e-mail ID or ICICI Bank account number. From opening a fixed or recurring deposit to paying for life insurance, this app covers it all. This app also keeps updating you with new services that the bank has to offer. Furthermore, the iWear feature allows you to engage in the banking through your smartwatch as well.

HDFC Bank Mobile Banking

Through this app, internet-banking app you can access your account summary, make credit card and bill payments, and transfer funds. You can also request chequebooks if you have exhausted the previous one. Lastly, the app allows you to stop payments as well.

Axis Mobile App

The Axis Bank application allows you to schedule payments, besides fund transactions and account bookings. You can also convert credit card payments to EMIs, block a card, temporarily deactivate a card and replace them. Using this app, you can set a limit on your card purchases and issue standing instructions for payments of over 200 services.

M-Connect Plus App

Bank of Baroda’s app enables you to transfer funds, make bill payments and credit card payments as well. It also has cardless cash withdrawal facility from Bank of Baroda ATMs. You can also view your transaction history and account details through this app. It is available in seven regional languages and has upgraded security features to enhance user experience.

If you already have an account in any of these banks, you can simply download the apps, free of charge and start using the banking features from anywhere in the world. Besides being extremely secure and reliable, these internet-banking apps save you a lot of time and money and make banking much easier and convenient.

3 ways to transfer money online

There was a time when transferring money meant either using a cheque or withdrawing the money in cash and then transferring into the beneficiary account. However, with the internet and the rising popularity of smartphones, the banking scenario has changed forever. Transferring money is no longer hectic and you do not need to write out a cheque as well.

Here is a look at the three ways in which you can now transfer money online.

1. Unified Payments Interface or UPI

This is the newest form of online payment and transaction procedure introduced by the Government of India, in a bid to promote cashless transactions. It is basically a mobile app that users need to install in their Android, iOS or Windows smartphones. It allows the user to link all of their bank accounts into the same app and conduct transactions using the app itself.

The transaction occurs immediately in most cases, unlike other methods of money transfer, such as NEFT. The user only needs four things to conduct a transaction using the UPI apps, namely, a phone with internet facility, MPIN registered by the user upon installation of the app, and the registered phone number.
People can not only send money using the app but can also receive funds through it. However, at present, a single transaction limit imposed is Rs. 1 Lakh.

2. Internet banking

Internet banking is divided into 4 distinct parts, namely NEFT, RTGS, ECS, and IMPS. NEFT offers a one-to-one fund transfer using the internet. While it is a completely safe procedure, NEFT transactions occur in batches throughout the day and therefore are not instantaneous.
RTGS, on the other hand, is a real-time transfer of funds from one account to another. However, this method is only useful if you are planning to transfer large amounts of money. The minimum fund transfer for RTGS is Rs. 2 Lakhs.
ECS is a procedure for online banking, which is primarily useful in payment of bills and utilities. This form of payment reduces the need for maintaining track of bills and paper trails, thus improving the overall experience for you as well as the beneficiary.

3. Mobile banking

Mobile banking refers to the transfer of fund that takes place using your phone. While internet banking can be conducted using a computer as well, mobile banking can only be initiated using the phone. In the case of mobile banking, the transaction is processed either through the internet or through SMS. Additionally, for NEFT payments using mobile banking, there is no need to register the beneficiary, which can be a time-consuming process.

Therefore, it is clear how the internet has made the cashless transactions and money transfer simpler and more convenient.