Upcoming mobile payment apps of India

Mobile payments and digital money are fast gaining acceptance among users in India since its introduction. The ease of use and various benefits being offered in terms of cash backs and discounts are fast luring new users to shift to use of virtual currency. There are several companies that are providing the option of mobile payments for a variety of services from bill payments to online shopping.  Here is a list of the upcoming mobile payment apps that are available in India.

PayUMoney
This app has shown huge growth since its inception in 2017. The services are extremely customer friendly. You can use this mobile payment app for bill payment, online purchases, and services like recharging phone or DTH facilities. The refund process is simple and instant for cancelled orders.

HDFC Chillr
This payment app allows you to make payments to anyone on your contact list with a couple of clicks. For a person who is on your contact list, you do not need to add any other information before transferring the money. This app connects directly to your HDFC bank account. You can shop on e-commerce websites, pay utility bills, split expenses and even make payments to offline stores with this app.

PhonePe
This app has a lot of features that make this app lucrative as well as user-friendly. You can link several bank accounts to your virtual wallet with this app. There is various cash back offers that the users find genuinely useful. Payments of bills, mobile phone recharge, booking movie tickets, air tickets etc. become very simple with PhonePe.

Tez
Google Pay or Tez is another up and coming mobile payment app in India. The reason for its rapid success is its ease of use and rewards program. It supports transactions from all banks for online shopping and bill payments. The ‘Cash Mode’ allows you to make payments over a wireless connection when you and the beneficiary are in the same location. This makes paying at shops extremely easy.

BHIM (Bharat Interface for Money) UPI
This app is the product of the Government of India’s attempts to promote digital currency. Although there are minimum features, the app has a simple interface and is very easy to use. Through this app, you can send and receive funds in a matter of seconds. This is done using Virtual Pathway Identifier (VPI), QR codes or mobile numbers. You can also transfer money with bank account number and IFSC code.

Mobile payments are making the process of transaction easier and eliminating the need to carry cash. The mobile payments apps are over time becoming more innovative. All transactions on these apps are very secure and always have benefits associated with them to enhance user experience. If you are pondering about switching to virtual payment platforms, you should consider these upcoming mobile payment apps to reap maximum benefits.

The best investment services in India for 2018

Clever investments are the fastest and the easiest methods of getting large returns with minimum risks. However, with higher returns, more is the risk. Although the perfect investment is a myth, with proper research and planning you can minimise the risks and increase your gains. You have to assess how much risk you can take as well as the mode of investment to reap maximum rewards. Investments can be financial as well as non-financial. Here is the list of the best investment services that are available in India-

Direct Equity
You need a demat account to invest in direct equity. Stocks are considered to be volatile assets that do not always guarantee a return. Therefore, before investing in stocks you must thoroughly research the market. Over long periods, this avenue provides higher returns than any other forms of investment. Be careful to take proper precautions to curtail your losses. You can expect returns around 12.5% if all is well with the market.

Equity Mutual Funds
Limited investments in mutual funds in a large number of portfolios increases your chances of getting higher returns while limiting the risks. The best way is to resort to an expert for advice. Pooling different stocks of different companies can give you a net profit. You can actively or passively manage the equity mutual funds. Returns vary between 15% and 20%.

Debt Mutual Funds
These offer you steady returns while being safer with low-risk potential. In this case, you invest in securities that generate a fixed interest such as corporate bonds, government securities, commercial papers, treasury bills, etc. Returns vary between 6% and 8%.

National Pension Scheme
It is a long-term investment scheme that focuses on retirement. This blends mutual funds, fixed deposits, corporate bonds, liquid funds, and government funds. You can directly invest in equities through NPS if you have the appetite for risks. A tier-1 NPS account has to be maintained with annual deposits of Rs. 1000.

Public Provident Funds
This is one of the best investment options in India that attract many people due to low risks. The tenure of Public Provident Funds is 15 years and the money is exempted from taxes. The government support for this scheme makes it extremely safe.

Fixed Deposits
You can open a fixed deposit account in any bank for long and short terms. It is a lower return yielding, safe option that is subject to taxes as per your income.

Real Estate
A real estate is a lucrative form of investment that does not involve liquid finances. The returns depend on the location of the property. Capital appreciation makes real estate a viable investment in the long term.

Gold
Gold is a traditional form of non-financial investment that has been popular for a long time. The returns depend on the existing value of gold at the time of liquidation. However, the concerns for safety remain an issue.

Some investment services offer fixed income while others vary with the ups and downs of the market. The market-linked investment offers a higher return despite the high risk and volatility. A judicious mix of both while keeping the concern of taxes in mind helps you meet your long-term financial goals and helps you stretch the power of your money.

Why is it important to use car loan EMI calculator

The demand for a car in everyday lives has increased due to increased mobility, the uncertainty of public transport and concerns of road safety. A car loan is the most sought after avenue of buying a car since funds usually fall short. However, in determining the suitability of a car loan, it is important to assess the impact it has on your monthly finances. You should decide the principal and the tenure of the car loan in such a way that the equated monthly instalments in no way are above 40% of your monthly income.

You can find out this data using a car loan EMI calculator that is available on the website of all loan providers and third-party loan companies. All you need to do is input the loan amount, tenure and interest rate. There are several advantages of using the EMI calculator, which includes-

• Using an EMI calculator helps you plan your finances around the loan. It helps to make an informed decision and saves you from overshooting your monthly budget.

• It is important to select the appropriate principal amount for a suitable tenure so that you are able to afford the loan. Skipping payments of EMI has a negative impact on your credit score that can create problems in getting your future loans approved.


• The EMI calculator for car loan gives you a comprehensive idea about the entire repayment period with the help of pie charts and tables that include data such as principal, interest, processing fee and the repayment amount. You can compare the changes in EMI by adjusting the tenure and principal amount.

• You can compare the car loans being offered by various companies quickly without any extra charges and choose the car loan that is best for you.


• You can get several results by varying the principal amount and tenure with a car EMI calculator, for free and in an instant. This saves time and helps you plan your money.

The car loan EMI calculator is easily available to everyone. It is an extremely beneficial tool that helps you evaluate your affordability. You can view your monthly repayment schedule. This gives you an accurate idea of the loan you are getting into.

Therefore, with the help of an EMI calculator, you can make an informed decision about your car loan while balancing your luxuries and necessities.

What is NEFT and how to use it?

NEFT or National Electronic Funds Transfer is one of the most convenient ways for transferring money online. You will just need to invest a few minutes of your time and you can get your money transferred in an instant.

How do you use NEFT?

In order to facilitate a smooth electronic funds transfer between the beneficiary bank and the remitter, you need to follow these steps-

• Log in to the respective bank’s official website and select the net banking option. Press on the Profile tab, choose the Manage Beneficiary link and select Inter Bank Payee from amongst all the available options.

• Click on the ‘Add’ option and put in Beneficiary Account Number, Inter Bank Transfer Limit, Beneficiary Name, and Address in the necessary fields.

• Enter the IFSC code of the beneficiary bank by consulting your chequebook or by using the Location option.

• Click on the ‘Accept Terms & Conditions’ option, followed by the ‘confirm ‘option. After this, you will receive a security key number on your registered mobile number for additional security purposes. Use that number as your password to validate your beneficiary.

• After validating your beneficiary, you can now transfer money as and when you like.
Benefits of transferring money through NEFT
Transferring money through the NEFT service can provide you with many benefits.

• The NEFT funds transfer banking service always puts the focus on saving your time and aims towards getting the job done as fast as possible. Generally, it takes around an hour but it can also take around 20-30 minutes. Sometimes, it takes up to 3-4 hours also.

• Additionally, you can use this option anytime and from anywhere you want.

• There are no NEFT charges when it comes to your electronic funds transfer.

• Another bonus is that there are no limits as to how much money you can transfer via NEFT. It is because of all these reasons that NEFT is probably one of the most popular and utilized options in recent times.

The Reserve Bank of India (RBI) provides many pointers regarding how to utilize this service best so it is recommended that you read up on the material before you decide to transfer money.

NEFT funds transfer is one of the best and hassle-free ways of transferring money from one bank to another. If you want to transfer money without the fear of fraud, then definitely go for this option.

How to use a personal loan EMI calculator

Loans can be a godsend for us when we are in dire need of money. It allows us to make emergency payments or necessary payments in general. However, the process of repaying the loan and its EMI's can sometimes be a little complex and confusing at the same time. Read on to understand how EMI's work and what you can do to make the process easier.

What is an EMI?

Equated Monthly Instalment (EMI) is the money amount that a loan taker is required to pay to the bank throughout the duration tenure, for repaying the entire loan amount. You will have to pay a part of the amount along with the interest.

What is a Personal Loan EMI Calculator?

To calculate a personal loan EMI, every financial institution uses a generic mathematical formula. A personal loan EMI calculator calculates the personal loan EMIs based on the information and inputs provided by you.

How to use Personal Loan EMI Calculator

You would need to provide the following information to use the personal loan EMI calculator-

• Loan tenure- Loan tenure is the duration of time selected by the loan bearer for repaying the entire loan amount. Every bank offers flexible loan tenure to make it easier for you. Hence, you have the freedom to choose the repayment duration that is best suited to his needs. Generally, the loan tenure ranges from 1 year to 5 years.

• Interest rate- Interest rates are classified into two parts: floating and fixed. The floating interest rates fluctuate often depending on the base rate and that can cause the EMIs to vary. If the rates are fixed, the rate stays the same all through the loan tenure and causes each EMI to remain equal.


• Loan amount- The sum of money you borrow from the bank is known as the loan amount. An interest rate is applied on your loan and is segregated into EMIs, which you will have to pay monthly throughout your tenure. In order to determine the amount you will need to pay, simply enter your loan amount into an EMI calculator and get the desired results. Keep in mind that your EMI amount should not exceed 40% of the total monthly income.

In order to calculate EMI for your personal loan, you will have to know your interest rate, your loan tenure and your personal loan amount. Operating a personal loan calculator and calculating your EMI is much easier and more convenient method to find out how much you would need to pay.

The best travel booking apps in India

Travelling is something almost everyone is keen on. Many people consider it therapeutic. Travelling to different places and exploring all its facets can teach us many things about life and people in general. However, planning for a trip can be confusing and much of a hassle sometimes. Thankfully, there are many travel booking apps in the market these days that make our jobs a bit easier. Listed below are the some of the best travel booking apps you can use-

1. MakeMyTrip- MakeMyTrip is probably the most popular travel-booking app in India. This is because it is a one-place app, on which you can book trains tickets, flight tickets, bus tickets, cabs, and hotels. The app offers you the best price for your bookings. MakeMyTrip also offers you several discounts on the purchase of combo offers of flights and hotels.

2. TripAdvisor- Currently, TripAdvisor is one of the most reliable and trust-worthy travel apps in the market. As the name signifies, it advises you for ensuring your best trip. You can search for multiple hotels, restaurants, trains, destinations, and flights. The best feature of this travel app is that it gives you access to many user reviews. This helps you choose the best destinations to travel to and the best places to stay in.

3. Tripoto- Tripoto is a mobile-based travel-booking app that provides a smooth and convenient access to the customer-created travelogues and itineraries. This app also encourages and supports a social network of travellers. If you are someone who likes to explore local places and connect with local people, then this travel app is tailor-made for you. The travelogues and itineraries generally include user comments, reviews, photographs etc.

4. IRCTC Connect- Trains are the most used form of transport in and across India with hundreds of people utilizing it every single day. The Indian Railway Catering and Tourism Corporation Limited or IRCTC is the largest train travel network in the world. The IRCTC Connect app helps in unifying the many features that contribute to making train travel a lot easier for passengers. It also has its own mobile app, which you can use for checking your PNR status, train schedules, and book tickets.

Travelling means taking a break from the monotonous routine you lead every day. Travelling means relaxing, away from the chaos and commotion of your everyday life. You should not feel stressed out from booking your flight or train tickets. Use these travel booking apps to make sure that you have the best trip and vacation ever.

What is Sukanya Samriddhi account scheme? Know all about it

The Sukanya Samriddhi scheme is an insurance scheme introduced by the Government of India.  The scheme aims towards securing the girl child’s future and providing education to them.

How to open an account with Sukanya Samriddhi Scheme

You can open a Sukanya Samriddhi account in any of the authorized branches of commercial banks or in a post office. People belonging to the lower-income wage groups can also opt for the Sukanya Samriddhi scheme as this is a government-backed scheme and will ensure many benefits for your daughter.

You can open an account for your daughter during the time of her birth or when she turns 10 years old. A mandatory deposit of Rs.1000 is required for opening and maintaining the account and Rs.1.5 lakhs should be deposited in a financial year.

One of the positives of this scheme is that it guarantees an equal share to a girl when it comes to the savings and resources of a family. Once your daughter turns 21 years old, she will be able to withdraw 50% of the savings from the Sukanya Samriddhi account.

Benefits of the Sukanya Samriddhi account scheme

The benefits of the Sukanya Samriddhi account scheme are-

• Interest post maturity- One of the biggest benefits of the Sukanya Samriddhi account scheme is that you will receive interest on the money even after your account reaches its maximum maturity. You will continue to get this interest unless you close your account.

• Ensured maturity benefits- When your account reaches its maturity age, you will receive all your money along with all the interest. This acts as an important tool for supporting and empowering women.


• High-interest rate- Sukanya Samriddhi scheme offers an interest rate of 8.6% which when compared to other small savings schemes, is the highest. Every year, the Government of India announces the interest rate for the current financial year and this interest is compounded yearly, which means it will also be credited yearly.

• Lock-in period- The lock-in period is one of the best features of this scheme. Once you turn 21 years old, you can withdraw 50% of your funds from the account. However, if you need to withdraw money before you turn 21, then you can only do so to pursue higher education (only after you turn 18 years old). Keep in mind that you will only be able to operate this account until the time you get married.


• Income tax savings- You will be eligible for tax exemptions if you have Sukanya Samriddhi account, under Section 80C of the Income Tax Act. Exemptions can be availed during the time of withdrawal and on interest.

The Sukanya Samriddhi scheme allows parents to provide education to their daughter and helps countless girls to achieve their dreams. Apart from education, this kind of scheme also helps in regulating child marriage and helps girls in moving in the right direction in their lives.