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NEFT Vs IMPS - Know the Difference | digibank by DBS

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NEFT Vs IMPS - Know the Difference | digibank by DBS

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NEFT Vs IMPS - Understand the key differences between IMPS & NEFT. Online money transfers can be done by downloading the digibank app.

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Key Takeaways

There are multiple methods of transferring money online like NEFT, IMPS, and RTGS.

IMPS and NEFT are both 24x7 services to transfer funds electronically from one bank to another.

The key difference between NEFT and IMPS is the way in which each transaction is processed.

The payment option that is most suitable for you completely depends on your need and the purpose of the transfer.

Introduction

The technological advancement in the Banking Industry has allowed banks to provide various payment systems in India. Today, the process of sending money from one bank account to another is easier and faster than ever, thanks to facilities like IMPS, NEFT, and RTGS. You can choose any of these methods of fund transfers based on the amount you wish to transfer. Of the three methods of fund transfers, NEFT and IMPS are used significantly by account holders in India. Let us understand what they are and the difference between NEFT and IMPS.

NEFT vs IMPS - The differences

The National Electronic Funds Transfer or NEFT and Immediate Payment Service or IMPS are both 24x7 services that enable you to transfer funds electronically from one bank to another. NEFT is a centralised payment system operated by the Reserve Bank of India (RBI), whereas IMPS is a money transfer service managed by the National Payments Corporation of India (NPCI). Both methods of fund transfer are safe and fall under the purview of the Reserve Bank of India. While there are some fundamental differences between NEFT and IMPS, your purpose or need of sending the money will determine which option is better for you.
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Differences between NEFT and IMPS

IMPS and NEFT transactions primarily differ based on four factors, as mentioned below.

Transaction Charges

NEFT transactions demand no charges for the money transfer as long as it is done online. However, the charges may apply if the transfer is initiated at the branch of the bank. IMPS transactions, on the other hand, are chargeable, and the per-transaction rate is decided by the respective bank, but is typically low, ranging from INR 2.5 to INR 25+GST.

Transaction Timings

IMPS and NEFT payment modes are both available 24x7. However, as mentioned earlier, both services process the transactions differently. Thus, there is a difference between NEFT and IMPS when it comes to the time it takes to complete the transfer. Unlike NEFT, IMPS is a real-time fund transfer service. The transactions get processed immediately. On the other hand, the time taken in NEFT is subject to cut-off timings and batches of the banks. It usually gets completed within 2 hours.

Maximum Fund Transfer Limit

While there is no specific minimum transaction amount for both the services, IMPS transactions have a maximum limit, but NEFT transactions do not. There is no minimum transaction amount for both services. The maximum limit per IMPS transaction is capped at INR 200,00, whereas with NEFT, there is no specific maximum transaction limit.

Service Availability

Another critical difference between NEFT and IMPS is that NEFT service can be availed both online and offline. However, the IMPS service is only available online.

Which Money Transfer option is better for you?

Every money transfer method fulfils some specific needs and requirements of the customers and their beneficiaries. The payment option that best suits you ultimately depends on your need and the purpose of the transfer. For instance, let us say you are responsible for the financial upkeep of your parents residing in a different city. You wish to send them money each month. You can use both NEFT and IMPS. Now, if your parents need money urgently, you can utilise the IMPS fund transfer method due to the instant transfer facility. However, if they can wait for the fund transfer, and if you do not wish to bear the transaction charges associated with IMPS, you can opt for the NEFT fund transfer method.
With the digibank by DBS app, you get access to all the money transfer options at your fingertips. Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT VS IMPS: Know the Difference Between IMPS and NEFT| digibank by DBS

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There are multiple methods of transferring money online like NEFT, IMPS, and RTGS. IMPS and NEFT are both 24x7 services to transfer funds electronically from one bank to another. The key difference between NEFT and IMPS is the way in which each transaction is processed.

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UPI App - UPI Account | digibank by DBS 

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UPI App - UPI Account | digibank by DBS 

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UPI App - UPI payment applications are explained by digibank, including how to download, use, and secure them. One can create an account by downloading the digibank app.

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Key Takeaways

UPI is a convenient and seamless way of transferring funds.

Without sharing your bank details with someone, you can quickly receive funds through UPI apps.

UPI apps are safe, secure and offered by most banks in the country.

UPI works on both Android and iOS phones and is easy to use.

It is available 24x7 and is the cheapest mode of fund transfer.

Unified Payment Interface (UPI) allows you to send money from one bank account to another instantly. You do not need the beneficiary's bank account details for fund transfers, but you need a Virtual Payment Address (VPA). It can be created on the UPI Payment application and is the best way to send and receive money quickly. For a successful fund transfer, all you need to know is the UPI ID of the beneficiary. UPI has emerged as a popular digital payment as well as fund transfer method since the 2016 demonetisation. With UPI, you can make payments round the clock.

Is UPI the Best and Safe?

UPI is safe and an ideal method for fund transfer because of the availability and use of Virtual ID. You do not need to ask for the bank details when sending money. With UPI, you get additional security through QR and Signed Intent. Hence, when you use UPI to make a payment, say at a retail store, you can scan a QR code. The QR code enables you to check the authenticity of the merchant. You will be notified whether the merchant is a verified UPI account merchant or not. Also, if a transaction is not secure, the UPI platform will inform you about the same.

UPI Security Features

Let us look at the security features of the UPI app.

The app is bound with a mobile number

This is the first layer of security. UPI verifications occur at the time of login and registration, and the app will be bound with your mobile number for the purpose of verification. If you change the number, you need to verify your identity again. UPI also keeps your credentials safe in case of identity theft. Ensure that the mobile number linked to your bank account is the same as the one verified in any UPI App. If it is not the same, the payment system on the back end will be unable to fetch your bank accounts, and transactions will be affected.

Two-factor authentication

This is the first layer of security. UPI verifications occur at the time of login and registration, and the app will be bound with your mobile number for the purpose of verification. If you change the number, you need to verify your identity again. UPI also keeps your credentials safe in case of identity theft. Ensure that the mobile number linked to your bank account is the same as the one verified in any UPI App. If it is not the same, the payment system on the back end will be unable to fetch your bank accounts, and transactions will be affected.

Signed intent and QR code

With the signed intent and quick response code, you can check the authenticity of merchants. It is easy to identify if the merchant is UPI verified or not. If the merchant is not UPI verified, you will get a notification stating your mobile number. This layer of security attempts to put a curb on any fraudulent activity.

UPI has some top-notch features that help maintain the high security and safety of your transactions. However, to avoid falling prey to fraudulent activities, you must never share your UPI ID or VPA with anyone. Do not install any UPI app that is not secure and never approve any request on UPI.

How UPI Differs from IMPS

Though UPI and IMPS allow instant money transfer, they are different in more ways than one. For example, UPI simplifies merchant payments through QR codes. A single click and two-factor authentication also make UPI unique. Also, you do not need the beneficiary's bank account details, nor do you need to set up beneficiary details in advance to transfer funds through UPI. All transfers occur based on a Virtual ID.

Why Choose Digibank UPI Payment App?

With the digibank UPI Payment app, you can manage your bank transactions and bank accounts in one place. You can easily send and receive money through the app. The best UPI app, the digibank app, is secure and verified. It is simple and easy to use. You can link any bank account with the app and check your bank balance.

With the UPI payment app, you can access your bank accounts at your fingertips. It is also one of the safest modes to transfer money. All the payments made through the digibank application from your digibank account will be authenticated through the app login and then through the soft token on the device. Hence, you do not need to worry about the safety and security of transactions.
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How To Download UPI Applications?

Follow the below-mentioned steps to download the UPI application on your smartphone.

1. Open Apple Store or Google Playstore on your device.

2. Search the UPI app that you want to download.

3. Click on 'Install'.

4. Open the app and set up your account by providing the mobile number linked to your bank account and create a Virtual Payment Address or UPI ID.

5. The app will verify the number, after which you need to select the bank.

6. You will now have to set a 4-digit PIN, and you can find the UPI ID under the My profile section. It is usually yourname@bankname, but you are free to change it.

7. You are now set to use your UPI account to transfer funds.

A critical advantage of UPI is that you can link all your bank accounts to the same virtual address. You do not need to install different apps of different bank accounts or third-party UPI platforms. You can conveniently place payment requests from your clients, family, or friends with UPI, so long as they have the same UPI payment app.

Conclusion

UPI payments are the next big thing in the banking world. Its unique requirement of just the payee's mobile number makes it one of the most convenient and hassle-free ways of transferring money. UPI saves you from the cumbersome and archaic methods of fund transfers, riddled by innumerable details, not to mention the time is taken to complete each transfer. Banks, too, have recognised the value of user-friendly UPI-enabled apps, and you can instantly download and start using them.
Are you looking for an intelligent mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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UPI Payment Application - Features, Why & How to Choose Digibank UPI Payment App? | digibank by DBS

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UPI is a convenient and seamless way of transferring funds. Without sharing your bank details with someone, you can quickly receive funds through UPI apps. UPI apps are safe, secure and offered by most banks in the country. UPI works on both Android and iOS phones and is easy to use.

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Cash Remittance - Meaning & Features | digibank by DBS 

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Cash Remittance - Meaning & Features | digibank by DBS 

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Cash Remittance - Here is a detailed guide on how you can make a cash remittance to your loved ones staying abroad. Online remittance services can be availed by downloading the digibank app.

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TLDR Points

A remittance is a transfer of funds.

A cash remittance is when the sender deposits cash instead of using a debit or credit card, cheque, or direct bank transfer to remit.

A cash remittance requires the sender to provide their information such as full name, local address, the purpose of the remit.

For a cash remittance to a bank account, the sender needs to provide the beneficiary's full name, bank account details, including SWIFT code.

Introduction

If you have a child studying abroad, you are probably frequently thinking about whether your kid has everything he or she needs. One way of doing that is by ensuring they have enough money to cover their living, leisure and college expenses. To that end, you may often have to transfer funds from India to your child's bank account abroad.

There are many methods of sending money abroad. One of them is cash remittance. Read on to find out how you can make a cash remittance and ensure that your child living miles away receives it as soon as possible.

Cash remittance meaning

A cash remittance is a transfer where the sender deposits funds in India with a remittance service provider and cash is then paid out to a recipient abroad. This is convenient if the recipient abroad does not have a bank account.

Let's say, you want to send INR 50,000 to your son studying in New York. You will go to a reliable remittance service provider with a centre close to your son's college. You will submit a form, which has your information as well as your son's. You will deposit INR 50,000 in plus a transaction fee charged by the remittance provider for their services. Once the transaction is complete, your son can go to the same remittance service provider's local centre, prove their identity, and take the cash.

This process can take between a few hours to a few days, depending on the sender and recipient's location, the amount involved, and local guidelines.

What we described above is the on-the-spot cash remittance transaction. There's another way of remitting cash, which lets you lock the exchange rate online before going to the physical centre.
Lock-in exchange rate online
Head to the remittance service provider's website or app and open an account. Provide details of your transfer and then lock-in the exchange rate and fee for the amount you wish to transfer. Once you have locked-in the details, go to the cash remittance provider's local centre, provide your photo ID proof, and deposit the cash you wish to send, including the service provider's fees.
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How does a payment cash remittance transaction work?

Once you submit your transaction at the local centre, the cash remittance service provider will send an electronic message to the receiving centre specified in the form (the one that is close to your son's college). The message will inform the centre in New York that your son (who will have to prove his identity) will collect the cash at a certain day.

Which payment methods can I use for making a cash remittance?

You can use your debit or credit card or an e-wallet to transfer money to the remittance service provider. They will then convert that into the currency of the receiving country. The converted currency will be paid out to the beneficiary.

More questions to ask yourself

Here are some more questions you might have and our answers:
What documents will the beneficiary need to provide for a cash pickup?
The beneficiary will need to provide a valid photo ID and the transaction number when they visit the remittance service provider. Additionally, some local laws may ask for additional documentation, such as address proof. It is best to check with our local cash remittance service provider before heading out to collect the cash.
Can the beneficiary receive the cash remittance in their bank account or e-wallet?
Yes, the beneficiary can have the cash directly transferred to their bank account. Make sure the sender chooses that option when they submit the remittance order. For an e-wallet, the guidelines differ from country to country. Check with the local agent to know more about it.
What should I look for when searching for a reliable cash remittance service provider?
Find out whether they have a local branch in the recipient's region; the fee they charge for the transaction; the exchange rate markup (if any); time taken for such a transaction to go through. All these factors can collectively help to determine which is the most suitable cash remittance service provider for you.

Conclusion

We understand that not everyone is comfortable with remitting in cash. Download the digibank app to do online international remittances safely and securely. It's one of the most convenient ways of sending money to your loved ones abroad.
Download digibank Now

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Cash Remittance - Working & Payment Methods for Making a Cash Remittance | digibank by DBS

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A remittance is a transfer of funds. A cash remittance is when the sender deposits cash instead of using a debit or credit card, cheque, or direct bank transfer to remit. A cash remittance requires the sender to provide their information such as full name, local address, the purpose of the remit.

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TDS on FD Interest - Everthing in Detail | digibank by DBS

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TDS on FD Interest - Everthing in Detail | digibank by DBS

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TDS on FD Interest - An complete guide on how your FDs are taxed at source. One can get all the information by downloading the digibank app.

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Key Takeaways

A fixed deposit is a low-risk investment option.

The money is locked in for a fixed term and you can earn interest on it.

This FD interest income is fully taxable.

At the time of payment of this interest, banks and lenders deduct a 10% tax.

This is called tax deducted at source, and is levied by the lenders at a flat rate.

This TDS is part of your overall tax liability under the Income Tax Act, 1961.

Introduction: TDS on Fixed Deposits

Fixed deposits have traditionally been a preferred savings tool among Indians. People put their money into fixed deposits (FDs) to earn interest income on it. In simple words, a fixed deposit is an investment option where you can deposit a certain sum of money in a bank for a specified period of time and earn interest on the same. The interest rates offered on FDs varies from lender to lender. Fixed deposits (also called term deposits) are seen as a safe bet by many who wish to invest their money and earn extra income on it, without taking too much risk. In case of FDs, you get an insurance coverage of up to INR 5 lakh. This is like a safety net in the event that a bank collapses due to financial duress, and the guarantee is provided by the Deposit Insurance Guarantee Corporation of India (DIGCI). Like with all your income sources, you have to pay TDS on fixed deposits too. In this article, we shall attempt to understand the concept of TDS on FD.

What is TDS on fixed deposits?

The interest income from an FD is fully taxable. Interest earned on FDs is taxed according to the income bracket (and hence, the tax slab) you fall under. At the time of depositing this interest into your account, banks and lenders deduct a tax at a flat rate of 10%. This is called tax deducted at source (TDS). This TDS on fixed deposit is applicable only if the interest earned on an FD in a financial year exceeds INR 10,000. This threshold amount is INR 50,000 in the case of for senior citizens.
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TDS on FD interest rates applicable to different customers

There are different rates of TDS on FD interest applicable to resident Indians and non-resident Indians (NRIs). They are as under:

For Resident Indians: 10%

For Non-Resident Indians: 30% (plus applicable surcharge and cess)

Moreover, if you are unable to furnish your PAN Card, the bank deducts TDS at a rate of 20% (for resident Indians).

How to apply for a waiver on your TDS on FD?

If you fall under the tax-exempt category, i.e., your total income is less than INR 2.5 lakh per year, you can seek a TDS waiver by submitting a Form 15G/15H right at the start of the year. However, even if you are unable to submit these forms, you can still claim a TDS refund at the time of filing your year-end tax returns.

There are also some ways to save on tax on FDs. A post office FD is one way as it does not attract any TDS deduction. You can divide the amount and put the money into fixed deposits in the name of your spouse or other family members. This is to try and keep the interest income under the INR 10,000 threshold.

You should also know that if the TDS on FD deducted by the bank is more than your overall income tax liability, then you can claim a refund at the time of filing your ITR. The TDS deducted on interest income from FDs is thus a part of your total tax liability under the Income Tax Act.

Final note

As is apparent from the above article, you have to pay TDS on FD interest income. If you are eligible for waivers on FD TDS, ensure that you submit the relevant 15G/H form at the beginning of your FD tenure. In doing so, the bank will not levy any tax on your interest income.
If you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away! Download digibank Now

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tds on interest on fixed deposit section

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TDS on FD - Know How Much Tax Is Deducted on Fixed Deposits?

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A fixed deposit is a low-risk investment option. The money is locked in for a fixed term and you can earn interest on it. This FD interest income is fully taxable. At the time of payment of this interest, banks and lenders deduct a 10% tax.

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How to Transfer Money to Another Bank Account - DBS digibank

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How to Transfer Money to Another Bank Account - DBS digibank

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How to Transfer Money to Another Bank Account - digibank explains how to transfer money to another bank account. By downloading the digibank app money transfers can be done conveniently.

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Key Takeaways

There are two types of money transfers methods - Intra-bank transfers and inter-bank transfers.

You can initiate inter-bank transfers via facilities like RTGS, NEFT, and IMPS.

You will need details such as the account number and IFSC code of the Recipient to initiate such transfers.

You can also transfer funds to other bank accounts via UPI, where you only need the beneficiary's mobile phone number.

Both inter and intra bank transfers are safe, secure and seamlessly transacted.

Introduction

As the banking system in India continues to evolve, the need to visit a bank for any transaction is reducing with every new facility being introduced. The most significant development in the last decade is the emergence of electronic fund transfer systems, making transferring money between bank accounts more accessible than ever. You can conveniently move money from one bank to another electronically from anywhere, at any time. Let us find out how to transfer money to bank accounts in this article.

How To Transfer Money To Bank Accounts

Intra-bank Transfer

If you need to transfer money to another account within the same bank, you will have to conduct an intra-bank transfer. To initiate intra bank transfers, all you need is the account number of the beneficiary. Such a transfer can be completed within seconds, with your beneficiary receiving instant notifications of the transaction.

Inter-bank transfer

If you have bank accounts in two different banks and want to transfer money between the two accounts or send money to a third party account, you can utilise the inter-bank transfer facility. Broadly, you can make inter-bank transfers in three ways - via cheque payments, cash deposits and by using the various online fund transfer options.

Ways To Transfer Money To A Bank Account

Now that you know how to transfer money to another bank account let us look at various ways to transfer money to bank accounts. With online banking, you get access to multiple online fund transfer options ranging from National Electronic Funds Transfer (NEFT), Real-time Gross Settlement (RTGS), Immediate Payment Service (IMPS) and UPI-based options. The facility of transfer you select essentially depends on the amount you wish to transfer and the pace of delivery.

National Electronic Funds Transfer (NEFT)

NEFT is available on internet banking and mobile banking services provided by almost every bank in India. With NEFT, you can transfer the smallest of amounts without having to pay any fees. These transactions are processed in batches, and the funds are settled based on the cut-off time specified by RBI for the day.

Real-Time Gross Settlement (RTGS)

If you wish to transfer funds exceeding INR two lakh in a single transaction, you can consider RTGS for the real-time settlement factor. With the use of RTGS, the funds get settled in real-time without any delay. Here each transaction is processed on an instruction basis, making RTGS one of the fastest and the most efficient processes of instant fund transfers.

How to transfer money to another bank account using NEFT and RTGS

1. Log in to your internet banking portal or mobile banking app.

2. Proceed to the 'Funds Transfer' tab under the 'Payments and Transfer' tab

3. Choose the preferred method, NEFT or RTGS, as the payment method.

4. Add a beneficiary or payee and then select the Beneficiary Type as 'Other Bank Payee'.

5. Enter the Beneficiary Account details or Credit Card number.

6. Add the IFSC code, bank and branch name of the beneficiary.

7. Click on 'Add', then click on 'Confirm'.

8. Verify the registration using OTP.

It typically takes 30 minutes (on the back end) to set up a beneficiary account. Once it is set up, you need to log in to your account, select the beneficiary account details, enter the sum you wish to transfer and authenticate the transaction with an OTP sent to your mobile number. The amount will be transferred within 30 minutes.
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If you need to transfer and settle funds immediately to another account, you can use IMPS. This facility is also available with your internet banking and mobile banking platforms. You can initiate this transfer via mobile number and MMID or account number, and IFSC code of the payee. Here is how to transfer money to another bank account using IMPS.

Steps For IMPS Transfers

1. Log in to your internet banking web portal.

2. Proceed to the option 'Payments & Transfer' and click on 'Funds Transfer'.

3. Choose the option 'Transfer funds through IMPS using mobile number and MMID' or 'Transfer funds through account number and IFSC code'.

4. Select the account from which you wish to transfer the funds.

5. Enter the necessary details like the mobile number and MMID of the payee and the transfer amount.

6. Enter the One-Time Password (OTP) you receive on your RMN to complete your transaction.

After your transaction is complete, your payment confirmation number will be displayed on the screen.

Unified Payments Interface

The Unified Payments Interface (UPI) was launched by the National Payments Corporation of India. It is a recent concept wherein funds can be transferred via mobile phones without bank details. Instead, you just need the mobile number of the payee. The payees should also have the UPI app with the RMN linked to their bank account to facilitate such transfers.

How To Transfer Money To Bank Account - Other Options

Bank or wire transfer

This type of fund transfer is ideal for international money transfers. It is considered a fast and secure method of transferring money between banks. You may execute these transfers online or by visiting a bank.

Cheques

The traditional way of transferring funds between accounts is through a cheque. Sums are debited from your account when payees deposit the cheques in their accounts.

How digibank by DBS can help you with fund transfers

With digibank by DBS, you can leverage all the methods mentioned above of fund transfers at your fingertips. You can easily make inter and intra bank transfers in seconds. You can just as seamlessly transfer funds to your loved ones abroad or receive inward transfers. Moreover, you can open an online digibank account and utilise the digibank by DBS mobile application to initiate transactions on the go.

With digibank banking, you can manage banking on the go, take advantage of various facilities and add several beneficiaries for money transfers. Send or receive money without any trouble with digibank's fund transfer channels.
Download the digibank by DBS app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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how to transfer money to another bank account

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How to Transfer Money to Another Bank Account? - Learn Here | digibank by DBS

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There are two types of money transfers methods - Intra-bank transfers and inter-bank transfers. You can initiate inter-bank transfers via facilities like RTGS, NEFT, and IMPS. You will need details such as the account number and IFSC code of the Recipient to initiate such transfers.

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Monthly Interest for 1 Lakh Fixed Deposit | digibank by DBS

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Monthly Interest for 1 Lakh Fixed Deposit | digibank by DBS

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Monthly Interest for 1 Lakh Fixed Deposit - One can get monthly bank interest for 1 lakh Fixed Deposit as an extra income source by downloading the digibank app.

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Key Takeaways

A Fixed Deposit is one of the safest investments instruments preferred by conservative investors.

You can open a Fixed Deposit with Banks and post-offices online and offline.

You can choose the monthly interest for 1 lakh Fixed Deposit payment option or opt for cumulative interest payment.

You get the entire investment back without losing your capital when the FD matures.

Interest rates on FDs may vary based on the investment amount and tenure.

Do you have a lot of idle money sitting in your Savings Account? Would you prefer to earn higher interest rates and perhaps create an additional income source? If yes, you should consider opening a Fixed Deposit Account. Find out the monthly bank interest for 1 lakh Fixed Deposit of your preferred tenure. Keep reading.

Fixed Deposits and Interest Rates

A Fixed Deposit or bank FD is one of the safest investment instruments. Essentially, it is an investment where you must lock away a fixed sum of money for a fixed tenure. Your bank offers interest income on the deposit.

The Fixed Deposit interest rates offered to you depend on your chosen investment tenure and the investment amount. For instance, the monthly interest for 1 lakh Fixed Deposit for a short-term, 1-year investment may be meagre, but you can get higher interest rates by increasing the FD amount and the investment tenures. FD interest rates also depend on the investing entity you choose and your age. For instance, FDs for senior citizens attract an extra 0.50% interest rate.
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Calculating 1 Lakh Fixed Deposit Interest Per Month

You can use a Fixed Deposit Calculator to compute the monthly interest for 1 lakh Fixed Deposit. You can typically find the interest calculation tool on the websites of all banks. Here are the steps on how to calculate the interest earned on Fixed Deposits.

1. Research the interest rates offered by various banks as per your preferred investment amount and tenure and locate the Fixed Deposit Calculator.

2. Enter the principal amount you wish to invest - INR 100,000 in this case

3. Choose your preferred investment tenure, which could range from 7 days to 10 years.

Per your chosen tenure, the FD calculator instantly computes the monthly interest for 1 lakh Fixed Deposit.

Fixed Deposits - Important Facts

FDs are also known as term deposits

Besides the monthly interest payment option, you can also select quarterly, half-yearly and annual interest payment.

In the cumulative payment option, the principal amount, interest earned, and maturity amount is paid at the end of the FD term.

Besides banks, Non-Banking Finance Companies and post offices in India also provide FD accounts.

You can also invest in government-approved tax-saving Fixed Deposit schemes.

Some banks offer higher interest rates if your FD amount exceeds a certain amount and investment tenure.

You typically have to pay a penalty if you prematurely withdraw the FD before the stipulated tenure.

How to Invest in Fixed Deposits in India?

Today, you can create your Fixed Deposits online and offline. Most banks and NBFCs allow you to create FDs online. However, you can open post-office FDs via the offline route only. The documentation for online FDs is minimal in that you can attach scanned copies, while you have to submit hard copies of your PAN, ID, and address for offline FDs.
If you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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monthly interest for 1 lakh fixed deposit

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monthly bank interest for 1 lakh fixed deposit

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Monthly Interest For 1 Lakh Fixed Deposit - Invest Safe | digibank by DBS

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A Fixed Deposit is one of the safest investments instruments preferred by conservative investors. You can open a Fixed Deposit with Banks and post-offices online and offline. You can choose the monthly interest for 1 lakh Fixed Deposit payment option or opt for cumulative interest payment.

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Telegraphic Transfer - Quick & Easy Transfers | DBS digibank 

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Telegraphic Transfer - Quick & Easy Transfers | DBS digibank 

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Telegraphic Transfer - A quick guide on how a telegraphic transfer works, its advantages & telegraphic transfer fees. One can download the digibank app to know more.

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TLDR Points

Telegraphic transfer was a fund transfer method used in the 1990s.

It was primarily used for quick international money transfers.

Today telegraphic transfer refers to a broad set of methods of money transfer including wire transfer and SWIFT transfer.

It can take between 1-5 business days to reach the beneficiary's account.

The financial institutions involved in the international money transfer will charge a fee to facilitate the transfer.

The money is converted into the currency of the beneficiary bank's country at the prevailing exchange rate.

The financial institutions involved will charge a markup on the exchange rate.

What is a Telegraphic Transfer?

The story of telegraphic transfers started decades ago. Back then, when someone wanted to send money to their loved one across the border, they would go to their bank. The bank teller would send a coded message to the recipient's bank over the telegraph system, informing them of the money transfer request. That is how a telegraphic transfer or telex transfer was done. Times have changed, and these transfers are now done electronically.

For instance, for a parent who wants to send money to their child studying abroad, they will initiate a transaction through the internet or mobile banking. This international money transfer will happen on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. Often, the transfer will be routed through correspondent banks before it reaches the child. The sending and receiving banks typically charge a fee to facilitate the transfer.
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Key takeaways on what is TT

Let's jot down all the key facts related to a telegraphic transfer or TT.

It is an electronic mode of moving money between accounts.

It is typically used for international money transfers.

It is executed on the SWIFT network through various financial institutions.

It is a quick and safe mode of transferring money overseas.

A fee will be charged on most of these international transfers.

The funds being transferred will be converted from one currency to another.

Keep these critical takeaways in mind as we explore the benefits of a telegraphic transfer.

Four Advantages of Telegraphic Transfer

The telegraphic transfer service is a boon, especially for parents with children studying abroad. Let's see how-

The child will receive the funds quickly within 1-5 business days. In case the child needs money for moving houses the following week, they won't have to wait a long time to receive the funds to pay for it.

Since it is electronic, it is a safe and secure mode of sending money.

It can be easily tracked, eliminating the need to figure out how much money was sent, and when was it sent.

Transfer of funds can be initiated from anywhere, at any time.

Telegraphic Transfer Fees

Financial institutions charge a fee to help you send money to your loved one in a smooth, secure way. The fees differ from one financial institution to another. Other variables influence the amount of payment. Typically, international money transfers cost more than a domestic transfer. The financial institutions through which the money is routed will also charge a fee. Some financial institutions may not charge a fee for specific routes.

Financial institutions may allow the sender to choose how to charge the fees: Would you prefer to have the transfer fees levied on your account? Or would they prefer the beneficiary to get the funds after expenses have been deducted?

Whatever the case, an approximate cost is communicated to the sender when they decide the destination and amount of the electronic fund transfer.

About Telegraphic Transfer Exchange Rate

In an international money transfer, the money has to be converted into the currency used in the recipient's country. For example, if a mother in India wants to send tuition money to her daughter in the U.S, the transferred funds will be converted from Indian Rupee to USD.

The currency is converted based on the prevailing exchange rate. The financial institutions involved will charge a specific markup on the exchange rate.

While the exchange rates at which the currency is converted will be uniform across all financial institutions, the markup will vary from one institution to another.

Questions to Ask

If you are a first-time user of telegraphic transfers, you may have questions. Here are the common ones and our answers.

What recipient details are required to make a telegraphic transfer?
You will need the recipient's name, address, bank account details such as account number, SWIFT code and bank's address.

Where can I find the SWIFT code?
You can find the SWIFT code on the bank's website, the passbook, or through a simple web search.

Are same-day telegraphic transfers possible?
Yes, on specific routes same-day telegraphic transfers are possible provided the international fund transfer request has been submitted before the cut-off time. You can find out the cut-off times for various zones on the bank's website.

What is an 'Intermediary Bank' or 'Correspondent Bank'?
The banks that help facilitate the international money transfer between the sending bank and final beneficiary bank are called Intermediary or Correspondent banks.

What happens if I submit the wrong beneficiary details?
In case you submit incorrect beneficiary details such as the wrong name or bank account number, your bank will reject your transfer request.

Conclusion

Thanks to telegraphic transfer, transferring funds to another account overseas has become much easier.
Get started with seamless money transfer with digibank. Download the app now and send money to your family from anywhere! Download digibank Now

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Telegraphic Transfer - Meaning, Fees & Advantages of TT | digibank by DBS

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Telegraphic transfer was a fund transfer method used in the 1990s. It was primarily used for quick international money transfers. Today telegraphic transfer refers to a broad set of methods of money transfer including wire transfer and SWIFT transfer. It can take between 1-5 business days to reach the beneficiary's account.

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Instant Loan Without Documents | digibank by DBS

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Instant Loan Without Documents | digibank by DBS

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Instant Loan Without Documents - Without requiring any documentation or income proof, digibank provides immediate personal loans. One can apply for a personal loan by downloading the digibank app.

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Key Takeaways

Personal Loans are unsecured, collateral-free loans.

A good CIBIL or credit score can help you get instant Personal Loans without documents.

Your loan eligibility increases if you have no outstanding debts and a low debt-to-income ratio.

You can utilise the funds from the Personal Loan to pay for all kinds of expenses.

You can complete the loan application process online on the website of the lender.

Introduction

While applying for a loan of any type, your lender typically asks you to provide some security, also known as collateral. However, with Personal Loans, the lender grants you the loan amount without asking for any collateral or other form of financial security. It is no wonder that Personal Loans are referred to as unsecured loans. Find out how you can get a Personal Loan without income proof or other documents.
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Secure Easy Personal Loan without Documents

Here are three things to do to get an Instant Personal Loan without documents.

Approach your existing bank

Your best chance to get an instant Personal Loan is to approach the bank with which you have an existing relationship. This relationship of trust is cultivated over time - with the way you maintain balances, create deposits with the bank, and utilise its services. When you have a long-standing relationship, the bank has access to your financial habits, which allows it to expedite the application process and disburse funds quickly.

Ensure you have a good CIBIL Score

A good CIBIL Score indicates your credit repayment behaviour. It showcases how regularly you have repaid your loans or credit cards debts. A good credit score of 600+ points increases your chances of securing a loan without documents. You can build your credit scores by repaying loan EMIs and credit card debt on time. Avoid defaulting on EMI and debt repayment as it can hamper the loan approval process.

Check your Debt-to-Income Ratio

Lenders also consider your debt-to-income ratio while approving Personal Loans without documents. If your existing debts are greater than your monthly income, lenders may not consider you creditworthy, which affects the outcome of the loan application. As such, you should ensure that your debt-to-income ratio is less than 50%.

Features and Benefits of a Personal Loan

Unlike home loans, car loans or business loans, a Personal Loan is versatile and can be used to fund expenses like planning a vacation, paying for a wedding, buying consumer goods, etc.

You do not need to inform the bank about how you intend to use the funds from the loan.

You can enjoy flexible loan repayment tenures lasting from 12 to 60 months.

Banks do not ask for collateral, making the Personal Loans without Documents process entirely hassle-free.

The eligibility criteria are simple too - you should be an Indian above 21 years of age and can be salaried or self-employed.

You can send out the loan application online by submitting soft copies of your ID and address proof documents with your filled loan application form.

Get Instant Personal Loans with digibank

If you wish to apply for an instant Personal Loan without documents, visit the digibank by DBS website. Fill the online form on the Personal Loan page and attach soft copies of your ID and address proof documents for KYC purposes. Ensure you fit our eligibility criteria to get fast-track Personal Loan disbursements and affordable EMI repayment options.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Get Instant Personal Loan Without Documents in Easy Steps | digibank by DBS

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Personal Loans are unsecured, collateral-free loans. A good CIBIL or credit score can help you get instant Personal Loans without documents. Your loan eligibility increases if you have no outstanding debts and a low debt-to-income ratio. You can utilise the funds from the Personal Loan to pay for all kinds of expenses.

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ETF Meaning - All Points to Know | digibank by DBS

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ETF Meaning - All Points to Know | digibank by DBS

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ETF Meaning - Understand how Exchange-Traded Funds (ETFs) provide the benefits of portfolio diversification and stock trading in a mutual fund. This can be availed by downloading the digibank app.

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What is An ETF Explained in Detail | digibank by DBS

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Understand what is an ETF, types of ETF & how it works in detail in this blog. Download the digibank app & start investing your investment journey with us!

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Bluechip Fund - What is Blue Chip Fund | digibank by DBS app

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Bluechip Fund - What is Blue Chip Fund | digibank by DBS app

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Bluechip Fund - An overview blue chip fund meaning & factors to consider before investing in blue chip fund. This can be done online by downloading the digibank  app.

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Key Takeaways

Blue-chip funds invest in well-established companies with a long track record and sound governance.

Blue-chip investments are ideal for investors with long-term objectives like retirement planning.

Blue-chip funds invest in top companies from various sectors, thereby mitigating your investment risks.

Blue-chip companies typically overcome volatile markets and can generate steady returns.

These companies enjoy a competitive advantage over other companies in the same sector.

Mutual fund investments could be a somewhat confusing topic for many. But with proper knowledge and research, you will find that it could open new avenues of investment. In simple words, a mutual fund is an investment that collects money from investors and then invests in equities, bonds, money market instruments, and other securities. It is considered a viable investment option as it gives people the opportunity to invest in a diversified and professionally managed basket of securities.

The blue-chip fund is one of the many types of schemes that mutual fund offers. Let us dive into this topic to understand if this type of fund could help you achieve your financial goals.

What Is Bluechip Fund?

Before we discuss what blue-chip funds are, let us understand what blue-chip means. A blue-chip is a nationally recognised, well-established, and financially sound company. Blue-chip mutual funds are schemes that invest in the stocks of these types of companies. In technical terms, they are equity mutual funds that invest in the stocks of companies with a larger market capitalisation.

According to SEBI, India does not have an official category called blue-chip funds. The term "blue-chip" is used as a synonym for large-cap funds. Large-cap funds invest at least 80% of the corpus in stocks of top 100 companies.

What are the Features of Blue-Chip Funds?

With blue-chip funds, you know that you are investing in stocks of companies in the top 100 in market capitalisation. Here are a few more features of a blue-chip fund to help you decide if it is a suitable investment for you.

Risk Factor

Large, well-established companies are more stable compared to mid and small companies. Even during market volatility, they can offer stability because they have been in the industry for many years and have experience dealing with volatile, fluctuating markets.

Assured Returns

Since blue-chip companies are well-established, you feel considerably assured that you will earn steady and guaranteed returns. Investors can rely on metrics like the past performance of funds, performance during bullish and bearish market trends, etc., to base their investments.

Management

Big companies have expert corporate governance and employees with years of experience within the company. Hence, even during a volatile market, they are well-prepared to deal with unpredictable and unstable market conditions. These management skills inspire confidence among investors to stay invested.

Cash Flow

Blue-chip companies have sufficient funds to finance their business and expansion plans. As such, they have enough cash flow and can quickly raise it if needed, through the public (by offering shares) or through their relationships with banks that provide them with instant lines of credit or loans.

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Why should you invest in blue-chip mutual funds?

Having explained blue-chip fund meaning and features, let us analyse why they are a good investment option.

Fulfil Long-Term Goals

Blue-chip mutual funds are ideal for long-term goals as the longer you stay invested, the higher the probability to earn more returns. You can invest in blue-chip funds to create your retirement corpus, fund higher education for your children, etc.

Stable and Regular Dividends

Blue-chip companies are typically stable, with the capacity to generate steady returns in dividends, bonus shares, etc. These qualities make them an attractive investment option.

Portfolio Diversification

Blue-chip companies generally do not concentrate on one sector alone; they are spread across various sectors. This means, when you invest in blue-chip funds, you are investing in stocks of top companies in multiple sectors. Even when there is instability in one industry, your investment in other sectors is not hampered, which in turn mitigates your investment risks.

Economic Moat

Since blue-chip companies are large and well-established with a long track record, they enjoy a competitive advantage over other companies in the same sectors. Therefore, they hold a significant market share and helps you earn inflation-adjusted returns over time.

Liquidity

A blue-chip mutual fund is an open-ended scheme, which means you can redeem or withdraw your investment whenever required. This feature proves advantageous for investors, especially in times of financial crisis, where they do not have to bear the burden of debt.

Things to Consider Before Making a Blue-chip Investment

Track Record

You must always check the track record of the companies the scheme invests in before taking a final decision. Blue-chip funds with significant Assets Under Management (AUM) are considered more favourable.

Fund Managers' Credentials

Check fund managers' credentials and investment style handling the blue-chip funds, including the performance of other funds managed by them.

Performance Against Benchmark

Check the performance of the blue-chip fund in the past 3 to 5 years. It is essential to select a fund that has outperformed the benchmark over time.

Fund Portfolio

Checking the fund portfolio helps you understand where the fund invests. Some blue-chip funds could be significant and mid-cap funds. Hence, it is essential to study the fund portfolio.

Conclusion

With mutual fund investments, there is always an element of risk attached. However, investing in blue-chip funds is a more reliable investment, especially if you are a risk-averse investor. It would help if you stayed invested for the long-term to gain maximum benefits from your investment.
Download digibank to explore the different mutual funds on offer. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Bluechip Fund - Meaning, Features & Why to Invest in Blue-Chip Fund | digibank by DBS

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Blue-chip funds invest in well-established companies with a long track record and sound governance. Blue-chip investments are ideal for investors with long-term objectives like retirement planning. Blue-chip funds invest in top companies from various sectors, thereby mitigating your investment risks. Blue-chip companies typically overcome volatile markets and can generate steady returns.

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Difference Between Current Account and Savings Account | DBS digibank 

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Difference Between Current Account and Savings Account | DBS digibank 

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Difference Between Current Account and Savings Account - Understand the differences between the current account vs savings account.  One can open an account by downloading the digibank by DBS app.

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Key Takeaways

Banks offer different types of current and savings accounts

Savings accounts help you deposit and grow your corpus, while current accounts are ideal for everyday transactions

Current accounts come with a higher frequency of transactions as compared to savings accounts

While you can earn interest on savings accounts, this facility is not offered with current accounts.

You can utilise overdraft facilities and apply for personal loans with current and savings accounts, respectively.

Introduction

It is always better to have as little of it on your person or in your home when it comes to cash. Instead, you should store it securely in bank accounts. A bank account allows you access to your funds anytime through different platforms. It also empowers you to grow your corpus strategically over time. Furthermore, you get access to a world of facilities - from internet and mobile banking to instant money transfers, cashback and reward points and more.

Typically, most people own and operate two types of bank accounts - Savings Accounts and Current Accounts. Let us find out the difference between Current and Savings Account, starting with their definitions. We shall also assess their similarities in this article.

Savings Account

As the name suggests, a Savings Account is one in which you can park your excess money or your savings. Here, you can deposit the funds that you do not need currently but may require some time in the near future. Each time you deposit money into this account, your savings continue to increase. You also earn interest on the savings parked on an annual or bi-annual basis, and the interest rate differs from bank to bank. Typically, you get anything from 3.5% to 6% interest on your savings.
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Current Account

If you own a business, be it a retail or grocery store a multi-national company, you may need to withdraw and deposit large amounts of funds every day. For such transactions, you need a Current Account. Unlike Savings Accounts, Current Accounts are non-interest bearing accounts, but they come with high daily deposit and withdrawal limits. As a Current Account holder, you get access to several facilities that can help your business, short-term loans, overdraft facilities, and more.

Current vs Savings Accounts - The Differences

Now that we know the fundamental Current and Savings Account differences, let us compare the two. Primarily, there are 4 points of difference between these two types of bank accounts.

1. The Purpose

Savings Accounts are designed to enable account holders to save and grow their money. Banks offer an incentive in the form of interest on the savings parked, which contributes to the growth of the corpus. Conversely, the Current Account empowers you to conduct your everyday business transactions without any hassles. To ensure there is no shortage of funds, banks over loans and overdraft facilities to Current Account holders.

2. Transactions Permitted

Savings Accounts generally come with certain specific limitations when it comes to transactions. For instance, you can withdraw funds from your account at ATMs and bank branches only a particular number of times each month, ranging from 3-5 times, depending on banks.

If you exceed the number of transactions permitted or use other bank ATMs beyond the permitted limit, you may be charged a fee. As for Current Accounts, there are no caps or restrictions on deposits or withdrawals. You may withdraw money several times a day, if needed, without any hassles.

3. Balance Maintenance

Another point of difference between a Savings Account and a Current Account surrounds the requirement of balance maintenance. Your bank typically requires you to maintain a specific amount in your Savings Account at all times to keep it operational. The balance amount may be as small as INR 500, or upwards of INR 10,000, depending on your bank. With Current Accounts, you have to maintain higher balances, which may be upwards of INR 50,000 or INR 100,000 at all times, depending on the account type.

4. Borrowing Money

Current Account holders can utilise the overdraft facility to withdraw more money from their account than their actual balance. If a Savings Account holder needs more money than their balances, they can use Personal Loans. If you already have a Savings Account with the bank, you can get Personal Loans quickly.

Similarities Between Current And Savings Accounts

Having examined the Current Account and Savings Account differences, let us learn how they are similar.

Both Current and Savings accounts are designed to address your various financial needs and help you manage your money.

Both accounts come with basic facilities like internet banking, ATM-cum-debit cards, individual and joint account facilities, etc.

There is no specific or prescribed limit on the money you can deposit in either account.

You can choose from an array of Savings and Current Account types.

Now that you know the differences between Savings Account and a Current Account, you can choose to open one that best suits your requirements. Remember to select a bank that offers access to your account through different portals, including internet, mobile, and SMS banking, UPI transactions, international ATM-cum-debit card, and more.
Get started with seamless money transfer with digibank. Download the app now and send money to your family from anywhere! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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difference between current account and savings account

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what is the difference between current account and savings account

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Know the Difference Between Current Account and Savings Account | digibank by DBS

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Banks offer different types of current and savings accounts Savings accounts help you deposit and grow your corpus, while current accounts are ideal for everyday transactions Current accounts come with a higher frequency of transactions as compared to savings accounts While you can earn interest on savings accounts, this facility is not offered with current accounts.

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What is UAN Number - UAN Benefits & Features | DBS digibank

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What is UAN Number - UAN Benefits & Features | DBS digibank

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What is UAN Number - Understand UAN perks and features that you need to know as an employee. One can download the digibank app to know more.

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Key Takeaways

Universal Account Number (UAN) is a 12-digit unique identification number.

The Employee Provident Fund Organisation (EPFO) allots the UAN.

The EPFO assigns every registered employer and employee a unique UAN number.

You can access your Provident Fund (PF) accounts with the UAN.

You can find your UAN on your salary slip or the UAN online portal.

As a salaried individual, it is imperative that you know the structure of your salary. The Employee Provident Fund (EPF) is a critical aspect of your salary structure. Your EPF is a long-term saving plan, which comprises your and your employer's contribution. Like your bank account number, your EPF account, too, comes with an account number. Let us understand what is UAN number and its benefits in this article.

What is Universal Account Number?

The Universal Account Number (UAN) is an identifier that the Ministry of Labour and Employment assigns to you and your employer to contribute to an Employee Provident Fund (EPF). The Employee's Provident Fund Organization (EPFO) allots this 12-digit identification number. In 2014, the government made UAN issuance mandatory to create a single platform to access all Provident Fund (PF) accounts conveniently.

The EPFO issues two separate UANs to you and your employer. Regardless of the number of times you change your job, your UAN remains unchanged throughout your employment years. Similarly, the employer's UAN number stays constant throughout the business years of the company. If you change jobs, the EPFO issues a new member ID which gets linked to your existing UAN. You must intimate the EPFO or the new employer and raise a request for the new PF number member ID to be linked to your UAN.
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Importance of UAN

A Universal Account Number means a direct link between you and the EPFO. Hence, you can withdraw or transfer funds from your EPF account without depending on your employer for PF transfers.

You can view your PF account balance at any time by logging into the EPFO portal.

Your employer cannot access your EPF account, nor can they withhold the PF money at any given time.

UAN makes it easy for the EPFO to verify employees and gather the employee details on a single online platform.

The UAN is linked to your PAN Card and Aadhaar number at the time of application, making it easier to make tax deduction claims at the time of Income Tax filing.

Know Your UAN

From the Employer

Upon starting a new job, the employer will ask you to submit your bank details, ID and address proof, date of birth, mobile number, email ID, etc., to generate a UAN. The UAN is usually printed on your salary slip.

From the UAN Portal

You can also visit the UAN portal and click on 'Know Your UAN Status'. Fill in the relevant details and click on 'Get Authorization'. You will receive a one-time password on your Registered Mobile Number. After you enter the OTP, you will receive your UAN via SMS.

Final Note

As long as you are an employee, the Universal Account Number will not change regardless of the number of times you change jobs and employers. With UAN, you can conveniently manage your PF Account with no interference from our employer and steadily grow your corpus from the mandatory monthly contributions.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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UAN benefits and features that you need to know as an employee | digibank by DBS

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Universal Account Number (UAN) is a 12-digit unique identification number. The Employee Provident Fund Organisation (EPFO) allots the UAN. The EPFO assigns every registered employer and employee a unique UAN number. You can access your Provident Fund (PF) accounts with the UAN. You can find your UAN on your salary slip or the UAN online portal.

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UPI Transaction Limit - Important Details | DBS digibank

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UPI Transaction Limit - Important Details | DBS digibank

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UPI Transaction Limit - Here is the guide which discusses the maximum UPI transaction limits and transactions per day. One can get more information by downloading the digibank app.

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NEFT Charges - Latest NEFT Charges | digibank by DBS

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NEFT Charges - Latest NEFT Charges | digibank by DBS

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NEFT Charges - The latest NEFT charges levied by digibank are explained. Funds can typically be credited into a beneficiary account within 30 minutes by downloading the digibank app.

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Key Takeaways

The RBI owns and operates the National Electronic Funds Transfer (NEFT) system in India.

NEFT enables electronic fund transfers within 30 minutes.

NEFT money transfers are immensely popular thanks to its PAN-Indian presence.

You can make online and offline NEFT transfers.

There are no NEFT charges for online transfers, whereas offline transfer charges are nominal.

In this digital age of online shopping and same-day deliveries, Indian banks have kept up with the times. Today, banks offer several methods of same-day, inter and intra-bank fund transfers. You can transfer funds into beneficiary accounts via methods like NEFT, IMPS, RTGS, etc. Let us talk about NEFT and NEFT transaction charges.

What is NEFT?

National Electronic Fund Transfer (NEFT) is a payment system operated by the Reserve Bank of India. A PAN-India facility, NEFT allows the speedy transfer of funds between bank accounts across India. Funds are typically credited into beneficiary accounts within 30 minutes. NEFT aims to facilitate efficient, reliable, and secure online and offline fund transfers.

NEFT Transaction Charges

If you are wondering, 'is there any charge for NEFT', you should know that charges apply based on whether you choose the online or offline fund transfer method.

Online

The RBI levies no charges from member banks for NEFT Transactions. Effective January 2020, the RBI has advised banks not to impose any charges for online NEFT Transactions made from a Savings Account. Therefore, NEFT Transactions made via internet banking and mobile banking with digibank by DBS Savings Account are free of charge. Additionally, there is no upper limit on the fund transfer amount for online NEFT transactions.

Offline

You can transfer funds via NEFT by visiting your nearest DBS Branch and filling the NEFT form. The maximum NEFT bank charges levied on NEFT Transactions made at bank branches are as follows:

The above NEFT charges are as per RBI guidelines. Note that you can make an NEFT cash transfer without holding a bank account. Simply visit the NEFT-enabled bank branch and fill an NEFT transfer form. You can transfer a maximum amount of INR 50,000 per transaction through this method.
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Features & Benefits

Besides knowing NEFT bank charges, you should be aware of its unique features. Until 2019, the RBI processed NEFT transactions at specific hours. However, today, you can electronically transfer funds all year round. Presently, NEFT operates in half-hourly batches at intervals throughout the day.

Besides fund transfers, you can use NEFT to pay off your credit card dues, loans EMI, make inward foreign exchange remittances, etc.

At present, there are over 1.5 lakh NEFT-enabled banks in India. The PAN India coverage makes NEFT transfers extremely convenient.

The most apparent benefit of NEFT is the absence of charges for online fund transfers. With digibank by DBS, Savings Account holders can make online NEFT charges free of cost.

Conclusion

NEFT transfer is one of the most cost-effective means to transfer money online. You have to pay nominal NEFT charges for offline transactions, while online charges are non-existent. The PAN India presence makes NEFT transactions extremely convenient.
Download digibank by DBS to effortlessly send money to your loved one with 100% confidence. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT Charges - Know NEFT Transaction Charges | digibank by DBS

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The RBI owns and operates the National Electronic Funds Transfer (NEFT) system in India. NEFT enables electronic fund transfers within 30 minutes. NEFT money transfers are immensely popular thanks to its PAN-Indian presence. You can make online and offline NEFT transfers. There are no NEFT charges for online transfers, whereas offline transfer charges are nominal.

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IBAN Number - Meaning & Full Form | digibank by DBS

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IBAN Number - Meaning & Full Form | digibank by DBS

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IBAN Number - Understand IBAN number meaning, its full form & where to find your IBAN. One can download the digibank app and know more in detail.

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Key Takeaways

An International Bank Account Number (IBAN) is a code used in international money transfers.

IBAN number consists of details like country code, bank code and account number and comprises a maximum of 34 characters.

IBAN identifies the individual bank account to which the transfer is to be made.

It is similar to the IFSC code used for domestic money transfers in India.

IBAN doubles as a unique code that identifies each bank branch across the country.

Introduction

That the banking sector is evolving at a revolutionary speed is no hidden secret. Gone are the days of standing in long queues just to deposit or withdraw money. Today, you can make intra-bank transfers in seconds, and inter-bank transfers in minutes. What's more, you can even send money to your loved ones in different corners of the world through online remittance facilities. For such kind of transfers, you need to provide certain details including bank and beneficiary details. One such critical detail you need to provide is known as the IBAN number. Let us find out what it is and its role in international money transfers.

IBAN number - Full form and meaning

An IBAN, or International Bank Account Number, is a standard system used to identify bank accounts across national borders. It was introduced with the aim of facilitating cross-border electronic bank payments. The IBAN number has maximum strength of 34 characters, and generally consists of the following parts or components:

A two-letter country code of the country where the bank is located

Two check digits

Bank code or ID (4 characters)

Basic Bank Account Number (BBAN)

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The role of IBAN in international money transfers

Having explained what IBAN number means, let us decode why it is critical in international money transfers. IBAN is an internationally recognised code that helps avoid routing errors in international money transfers. The payment can be made in a reliable manner as the IBAN can validate the beneficiary account number. All the details needed to identify the account to which payment has to be made are present in the IBAN. For instance, if A is trying to make an overseas transfer to B, he can transfer money using IBAN number which comprises information like his country code, bank code and account number, among other things. This way, A can correctly identify B's unique bank account and send money into the right account.

Not all countries have adopted IBAN for their international payments systems. While many countries in Europe use IBAN numbers for overseas monetary transfers, India has not adopted the system yet. The length of IBANs varies from country to country, subject to a maximum length of 34 characters. Banks in several countries use alternative methods for international money transfers.

Where to find your IBAN?

While making a money transfer it is critical that you get your IBAN number right. Say you are making a money transfer to an international account, but you get the IBAN wrong. In such a case, the money may be routed to an incorrect location or you may be penalised or charged for an invalid transaction. Finding your IBAN is easy, you can do so by logging into your internet banking or online banking portal or look for it in your account statement. There are also some online tools that you can use to generate your IBAN. Also, you can try and calculate the IBAN yourself. But make sure you crosscheck it with your bank to avoid any errors.

What does India use in place of IBAN number?

In India, we use IFSC (Indian Financial System Code) for domestic money transfers. An IFSC code is a unique identifier for bank branches across the country. When making online money transfers via RTGS, NEFT or IMPS, you need the IFSC code of the bank where the payees or beneficiaries have their account. You would usually find the IFSC code printed on the cheque book that your bank issues to you at the time of account opening or when requested.

For international money transfers, we use a bank identifier code called SWIFT (Society for Worldwide Interbank Financial Telecommunication) code. As stated earlier, SWIFT code helps identify the bank to where the payee has an account.

Conclusion

While IBAN may still not be introduced in India, it is safe to say that you can have great use for it if your family is spread across different parts of the globe. So, if you are an NRI residing in the UK, and say your children are studying in Germany or France, you will need the IBAN numbers to make any money transfers to their accounts in those countries. With IBAN, you can remit money in a more convenient and hassle-fee manner.
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What is an IBAN Number? Transfer Money Using IBAN Number | digibank by DBS

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An International Bank Account Number (IBAN) is a code used in international money transfers. IBAN number consists of details like country code, bank code and account number and comprises a maximum of 34 characters. IBAN identifies the individual bank account to which the transfer is to be made.

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Difference Between Debit Card and ATM Card | digibank by DBS

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Difference Between Debit Card and ATM Card | digibank by DBS

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Difference Between Debit Card and ATM Card - This article compares debit cards vs atm cards. By downloading the digibank app one can apply for a debit card.

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Key Takeaways

Debit cards have multiple functions; you can use them for cash withdrawals, online transactions etc.

ATM cards have single-use-cash withdrawals.

Debit cards give discounts and offer additional benefits.

You do not get discounts with ATM cards.

You can use ATM cards at other bank ATMs.

Introduction

For years now, banks have been providing plastic cards that you can use to access the funds parked in your savings accounts. Some banks offer ATM cards, while most others provide debit-cum-ATM cards. It is no wonder that most people tend to confuse debit cards and ATM cards. While the two facilities are often merged into one card today, there are some crucial differences between debit cards and ATM cards. Let us understand their meanings before we can proceed to compare the differences.

Debit cards

A debit card is a card offered by your bank as a way to access your bank account. This card is typically linked to your bank account - be it a savings, current, or salary account and you can use it to fund your expenses in several ways. A debit card comprises a 16-digit unique number, card verification value or CVV, and an expiry date embossed on it, reflecting the card's validity. You also get a four-digit secret PIN, which you have to enter when you make purchases or choose to withdraw money at ATMs. It would be best if you did not share this PIN with anyone under any circumstances, nor write it down anywhere as a safety measure. Instead, it would be best if you memorised it.

You can typically use the debit card to pay money from your linked account without withdrawing cash. For instance, you can swipe the card at a retail store to pay for your purchases or input the card number, expiry date and CVV to make online purchases, pay utility bills, recharge devices like phones, DTH, etc. The transaction is instant, and money is withdrawn from your account into the payee account. Enhanced security features make the transactions safe, too.
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ATM Cards

Banks also issue ATM cards. Unlike debit cards, ATM cards have only a single feature-anytime cash withdrawal. Like debit cards, ATM cards are also PIN-based, and the PIN is linked to your bank account. Generally, you can use the ATM card at ATM vestibules provided by your bank for cash withdrawals. You may also withdraw cash from other bank ATMs, up to a specified limit (typically 3-5 transactions per month), but the limit differs from bank to bank. If you exceed the limit of using other bank ATMs, you may have to pay a nominal fee.

Any cash you withdraw using your ATM card is reflected in your bank account in real-time. Also, it would help if you took the same safety precautions as applicable to debit cards with your ATM cards. Furthermore, retailers or payment outlets do not accept ATM cards. So, you cannot use them for shopping purposes.

Debit cards vs ATM cards

Now that we know the fundamental differences between ATM and debit card, let us compare the broader aspects. The table below illustrates the difference between a debit card and an ATM card.

Basic usage

Debit cards come with several features and use, including withdrawals at ATMs online and retail shopping, whereas you can use ATM cards only to withdraw cash at ATMs.

Acceptance

Retailers and online payment outlets accept debit cards, allowing for hassle-free shopping. ATM cards are not accepted for shopping purposes.

Fund transfers

While you can link your debit card to third party applications to initiate fund transfers, you cannot transfer funds using ATM cards.

Online purchases and discounts

With debit cards, you can purchase goods and services online and pay your utility bills as well. You may even be eligible for discounts on your card on online purchases and bill payments. But these facilities are not available with ATM cards.

Overdraft facility

While some debit cards offer an overdraft facility, banks generally do not provide overdraft facilities with ATM cards.

EMI options

You can use your debit card to pay EMIs for your various loans, especially consumer purchase loans offered on online shopping websites. You cannot, however, avail yourself of the ATM facility with debit cards.

Additional benefits

Many banks in India offer some additional benefits that can prove highly advantageous to the debit cardholder. These include complementary insurance, access to airport lounges, reward points and cash back, fuel discounts, etc. With ATM cards, no additional benefits are provided.

How do debit cards work?

Having compared debit vs ATM card, let us understand how the former works. Debit cards work both online and offline.

You can quickly and safely pay for the goods or services bought offline using a debit card. Once the retailer enters the purchase amount, you, as the cardholder, have to key in the four-digit secret PIN. The merchant or the service provider employs a card machine, also called point of sale (PoS). The device reads your debit card linked to your bank account and instantly deducts the amount. The bank then processes the payment request on the card machine.

As for online usage, you need to enter your 16-digit debit card number, the expiry date and the three-digit CVV number. The bank sends you a One-Time Password or OTP on your registered mobile number (RMN) linked to your bank account, which you must enter to authenticate the transaction.

Conclusion

The differences between a debit card and an ATM card are pretty significant in terms of usage. As such, they are not interchangeable. You must therefore ensure you open a bank account that provides benefits of both ATM and debit cards. Both cards are integral to our banking needs today and make bank transactions incredibly easy.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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difference between debit card and atm card

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Debit Card Vs ATM Card - Difference Between Debit Card and ATM Card | digibank by DBS

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Debit cards have multiple functions; you can use them for cash withdrawals, online transactions etc. ATM cards have single-use-cash withdrawals. Debit cards give discounts and offer additional benefits. You do not get discounts with ATM cards.

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How to Invest in Index Funds - A Stepwise Guide | DBS digibank

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How to Invest in Index Funds - A Stepwise Guide | DBS digibank

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How to Invest in Index Funds - digibank explains what are index funds, how do index funds work, their features and benefits. By downloading the digibank app one can start investing.

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Guide on How to Invest in Index Funds | digibank by DBS

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Read the article to understand what index funds are, how they work & the features of index funds. Download the digibank app now to choose from various mutual funds schemes.

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NEFT Timings - Know NEFT Transfer Time| DBS digibank 

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NEFT Timings - Know NEFT Transfer Time| DBS digibank 

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NEFT Timings - Here is an overview of NEFT timings and how much time it takes to transfer funds. One can do the national electronic fund transfers by downloading the digibank app.

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Key Takeaways

National Electronic Funds Transfer (NEFT) is a convenient way to transfer funds, online and offline.

You can initiate NEFT transactions using the bank account details and IFSC Code of beneficiaries.

Per RBI guidelines, you may conduct online NEFT transfers 24x7 on all days of the year.

Banks may set specific NEFT timings and days for offline NEFT.

The RBI clears NEFT transfers within half an hour and does not levy any charges for online transfers.

With new technological advances in the banking sector, fund transfers have become easier than ever. Today, you can transfer money by clicking a few buttons or tapping a few tabs on the internet and mobile banking platforms, respectively. One of the most popular methods of fund transfers launched by the RBI is NEFT. Let us decode NEFT and NEFT timings in this article.
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Decoding NEFT

Operated by the Reserve Bank of India, the National Electronic Funds Transfer, usually referred to by its abbreviation, NEFT, is a method of online fund transfer. NEFT enables bank account holders to conduct one-on-one payments and inter and intra-bank fund transfers within India. To transfer funds via NEFT, you typically need the beneficiary bank accounts details along with the 11-digit alphanumeric IFSC Code of the recipient bank. You also have to pay some nominal charges and be aware of NEFT transfer times during the day.

NEFT Timings to Transfer Funds

When NEFT was initially introduced in 2005, the RBI had issued timeslots for the clearance of NEFT transactions. Banks only processed NEFT transactions during the bank hours of 8:00 AM and 6:30 from Monday to Friday and 8:00 AM to 12:00 PM on Saturdays.

However, in December 2019, RBI amended the NEFT timings, allowing banks and senders to conduct NEFT transactions 24x7 throughout the year. You can now conduct NEFT transfers every day of the year. You do not have to bother with bank, public, or national holidays anymore. Not only is the fund transfer processed on the same day, but also the beneficiary receives the transferred sums within 30 minutes of initiating the transaction.

Offline NEFT Transfer Times and Charges

While the online NEFT fund transfer facility is available 24x7, banks may set specific cut-off timings and days when they do not offer fund settlement services. Also, per RBI guidelines, banks may not levy any additional charges for online NEFT transactions through internet banking. However, the RBI permits banks to impose a nominal charge on the transfer amount for NEFT transactions conducted at a bank branch. The following table displays the charges levied in such a case:

Final Note

NEFT is one of the best methods of fund transfers as it guarantees delivery in half-hourly batches, every 30 minutes. Even if you initiate NEFT transactions after working hours or on non-working day hours, your beneficiary receives funds on the same day due to automated transactions initiated using the Straight Through Process (STP) fund transfer mode. With digibank, you can transfer funds using NEFT securely and speedily. Just log in to your digibank mobile app or internet banking portal to initiate NEFT fund transfers without worrying about NEFT timings.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT Timings - Decoding Online & Offline NEFT Transfer Time | digibank by DBS

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National Electronic Funds Transfer (NEFT) is a convenient way to transfer funds, online and offline. You can initiate NEFT transactions using the bank account details and IFSC Code of beneficiaries. Per RBI guidelines, you may conduct online NEFT transfers 24x7 on all days of the year.

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Aadhaar Card Loan - Instant Loan | DBS digibank

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Aadhaar Card Loan - Instant Loan | DBS digibank

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Aadhaar Card Loan - Understand how simple it is to secure a personal loan using your Aadhaar card. One can get an aadhaar card loan by downloading the digibank app.

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Key Takeaways

Now you can apply for a Personal Loan on Aadhaar Card Only.

Such loans involve paperless documentation via e-KYC submission.

The Aadhaar card doubles as your ID, address, age, and citizenship proof document.

The collateral-free Aadhaar Personal Loan comes with repayment tenures of 1 to 5 years.

Maintain a healthy credit score for instant Personal Loan approval.

Personal Loans serve various purposes - from covering unexpected medical expenses to running a household during a crisis. The best part of availing of Personal Loans is that you have to deal with minimal documentation and the loan disbursal is almost instant. But did you know that you can get Aadhaar Card Loan? Find out more about the process to acquire Aadhaar-based Personal Loans in this article.

Aadhaar Card Loans - An Introduction

Every lender requires Know-Your-Customer (KYC) documents from loan applicants when they apply for a loan. KYC is a government-mandated process that all lenders and borrowers must comply with. When you send out a Personal Loan application and provide your Aadhaar card as the primary document, it becomes easier for banks and financial institutions to complete the loan verification process with UIDAI Aadhaar biometrics.

Steps to Apply for Aadhaar Personal Loans

Here are the steps on how to get a Personal Loan on Aadhaar card without salary slip or any other documents.

1. Check if you are eligible for the Aadhaar Personal Loan and visit your preferred lender's website

2. Go to the Personal Loans Section and fill an online application form

3. Complete your KYC process with a scanned copy of your Aadhaar Card

4. The bank verifies your application and approves the Personal Loan on Aadhaar Card.

5. The bank then credits the loan amount into your bank account.

Eligibility Criteria

The following are the general eligibility criteria for A Personal Loan on Aadhaar card only.

You should be a resident Indian citizen in the 20 to 60 years age group.

You should own a valid UIDAI-provided Aadhaar Card

You could be a self-employed individual or a salaried professional earning at least INR 20,000 per month.

You should hold a credit score of 600 points or more.

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Features & Benefits

The Aadhaar Card Loan is an unsecured loan which means you do not have to provide any collateral to be eligible.

Based on your repayment abilities, you can repay the principal and interest amount in flexible tenures ranging from 12 months up to 60 months.

Obtain loan amounts ranging from INR 20,000 to INR lakhs and enjoy competitive interest rates on the amount loaned.

Utilise the funds from the loan to pay for all sorts of expenses without any restrictions on the end-use of the funds.

Existing bank customers applying for Aadhaar Personal Loans can get the funds disbursed within hours on the application day.

Non-bank customers can complete the entire loan application online, and funds are disbursed within 24-48 hours.

Conclusion

As is apparent, it is incredibly easy to get a Personal Loan on Aadhaar card without salary slips or other documents. With banks and financial institutions making the documentation process simpler and quicker, applying for a Personal Loan has become hassle-free. You can utilise the loan amount to fund expenses like medical emergencies, business needs, wedding or vacation planning, and much more.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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instant loan on aadhaar card without salary

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Aadhaar Card Loan - Instant Personal Loan on Aadhaar Card Only | digibank by DBS

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Now you can apply for a Personal Loan on Aadhaar Card Only. Such loans involve paperless documentation via e-KYC submission. The Aadhaar card doubles as your ID, address, age, and citizenship proof document. The collateral-free Aadhaar Personal Loan comes with repayment tenures of 1 to 5 years.

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Mobile Number Link to Bank Account - Quick Guide | DBS digibank

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Mobile Number Link to Bank Account - Quick Guide | DBS digibank

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Mobile Number Link to Bank Account - Here is a quick guide on how to link a phone number with a bank account. This process can be done by downloading the digibank app.

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Key Takeaways

Linking your mobile number with your bank account is both necessary and advantageous.

There are several ways to link your mobile number with your bank account.

You can link your mobile numbers and bank accounts via the internet and mobile banking platforms.

You can also visit an ATM to complete the procedure.

Linking mobile number to bank accounts enables you to get instant notifications and keep a tab on your accounts.

Introduction

Banks today require customers to provide their phone numbers at the time of account opening. Even if you already have a bank account for years with the same bank, they insist that you link your phone number to your bank account. The bank saves this number in their records related to your account and calls it your Registered Mobile Number. The number is taken as a security feature for the bank to contact you as needed and send you instant notifications each time you initiate a transaction with your account. The good news is that you do not need to visit your bank to complete this simple formality. Find out how to link phone number with bank account online in this article.

How to link a mobile number to a bank account - the different methods you should know.

Through your net banking account

If you have availed of the internet banking facility provided by your bank, the most basic way to link a mobile number to a bank account is through your internet banking account. Follow the below steps:

1. Log in to your internet banking account with your username and password.

2. Go to the 'My Account' or 'My Profile' section of your internet banking account, under which you will find the 'contact number' tab. If you have multiple accounts with the same bank, select the appropriate account for which you would like to link the mobile number.

3. Once you select the account, you will be prompted to complete an additional layer of authentication via a password or PIN to link your mobile number to your bank account. This step differs from bank to bank.

4. Upon completing the above authentication, you will be redirected to a new tab to add a unique mobile number or change/update your existing mobile number.

5. Select the appropriate option and enter your mobile number in the designated tab. The two numbers should match for you to proceed. At this point, the system may prompt you to confirm the new number in a separate tab as well.

6. Now, click on the 'submit request' tab. The bank sends you a One-Time Password (OTP) to the mobile number provided in the above step. Enter the OTP and click on submit.

The bank will link your mobile number to your bank account within 24- 48 hours. You can follow the same steps as mentioned above in the mobile banking app of your bank to link your mobile number to your bank account.

Through an ATM of your bank

Another way to link a phone number with a bank account online is through your bank's ATM. This process is straightforward and takes only a couple of minutes. Simply follow these steps.

1. Visit your nearest ATM vestibule of the bank with which you have your account.

2. Insert your ATM-cum-debit card in the designated slot in the ATM and enter your PIN upon being prompted by the machine

3. Next, you have to go to the main menu and select the 'Register Mobile Number' option.

4. Use the ATM keypad to enter your 10-digit mobile number.

5. Once you key in the mobile number, you will receive an OTP on it, which you must enter with the help of the keyboard.

6. Click on confirm to complete the process.

Like with internet banking, the bank will establish the mobile number link to the bank account within 24-48 hours and send you a confirmation notification once the process is completed.
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How to update or change mobile number linked to a bank account

If you wish to change the existing mobile number linked to your bank account, here is how you can do so.

Updating mobile number via the internet and mobile banking

The procedure to update the mobile number is more or less similar to the one you follow to link your account. The only difference is that you have to select the "update/change" option instead of the "link mobile number" option. You need to enter the current mobile number in the designated tab and confirm it (re-enter as prompted by the system). You will receive an OTP on it, which you must enter into the system and confirm. The bank will update and link the new account number within a few hours and notify you of the change.

Updating mobile number via ATMs

You can also visit the nearest ATM vestibule of your bank and update your mobile number. You will need both your currently linked mobile number and the new number you wish to update while making the change. The process stays the same broadly, except you have to select the "update mobile number" option. The system prompts you to enter your existing number and sends an OTP on it, which you must enter in the designated tab. Once you key in the OTP, you will be asked to enter the new number, and an OTP will be sent on it, which you must enter. The bank then makes the change on the bank end and informs you via an SMS notification.

Conclusion

Now that you know how to link a phone number with a bank account online, you can connect your mobile number with your account. If you prefer the offline option, you may visit your bank branch, fill a form, and place a request to link your mobile number to your bank account. However, the online methods are more straightforward, convenient, and less time-consuming.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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how to link phone number with bank account online

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how to link phone number with bank account

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How to Link Phone Number with Bank Account Via Online & Offline Methods | digibank by DBS

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Linking your mobile number with your bank account is both necessary and advantageous. There are several ways to link your mobile number with your bank account. You can link your mobile numbers and bank accounts via the internet and mobile banking platforms. You can also visit an ATM to complete the procedure.

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How to Invest in Gold ETF - Step-by-Step Guide | DBS digibank

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How to Invest in Gold ETF - Step-by-Step Guide | DBS digibank

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How to Invest in Gold ETF - This article discusses how to invest in gold ETF. One can invest in gold ETF by downloading the digibank by the DBS app.

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TLDR Points

ETFs stand for exchange-traded funds that can be bought and sold like stocks

Gold ETFs are a great way to invest in gold without actually buying the metal

Returns on these ETFs are based on movement in gold prices

Gold ETFs can be bought and sold like other ETFs

Introduction

All that glitters is not gold; some are gold ETFs. If you want to invest in the yellow metal but don't want to risk holding it physically, gold exchange-traded funds are a great option.

Gold ETFs are mutual funds that invest in gold bullion. When you buy one unit of a gold ETF, you are purchasing the equivalent of one gram of gold. The gold ETF tracks the price of gold, and the value of your holdings rise and fall along with the price of the metal.

This blog will tell you all about gold ETFs and how to invest in a gold ETF.

What is a gold ETF?

Unlike regular mutual funds, which you need to redeem through the fund house, you can buy and sell ETFs directly on the stock exchanges much like individual stocks.

ETFs invest in a variety of securities and commodities. Gold ETFs invest specifically in the yellow metal.

How to purchase a gold ETF?

Gold ETFs are like the share of a company that you can buy off the stock exchange. You can ask your broker to make the purchase or sale on your behalf. You can also do it yourself online. All you need is a trading and Demat account to buy and sell gold ETFs. If you are already buying and selling stocks, then buying ETFs is simple.

Here's how to buy gold ETF online?

1. Log in to your account

2. Browse through Gold ETF options and choose the one you want to buy

3. Place your order

4. Authorise payment through your linked bank account

5. The units of the gold ETF are credited to your Demat account

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Why should you buy a gold ETF?

ETFs are one of the most efficient ways of diversifying your investment portfolio. Gold ETFs are safer than investing in coins and jewellery. You can enjoy the benefits of investing in gold without having to worry about the safety of your valuable possessions.

Buying and selling gold via an ETF is also far more convenient than buying physical gold. The pricing is transparent, and you don't have to worry about the quality of the gold.

Finally, since ETFs are passively managed funds, they have a lower expense ratio than other funds.

Conclusion

Gold has been a favourite among Indians as an asset. Gold is a good store of value, provides diversification to your portfolio and is a reliable hedge against inflation. However, physical gold is cumbersome to own. Gold ETFs provide the perfect solution to this problem.
If you are looking to invest in mutual funds Download the digibank by DBS app today and choose from over 200 schemes! Download digibank Now

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Guide on How to Invest in Gold ETFs | digibank by DBS

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ETFs stand for exchange-traded funds that can be bought and sold like stocks Gold ETFs are a great way to invest in gold without actually buying the metal Returns on these ETFs are based on movement in gold prices Gold ETFs can be bought and sold like other ETFs All that glitters is not gold; some are gold ETFs.

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NFO Meaning - What is NFO in Mutual Fund | digibank by DBS

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NFO Meaning - What is NFO in Mutual Fund | digibank by DBS

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NFO Meaning - Here is a guide on what is NFO in mutual funds and its types. One can get more details on NFO by downloading the digibank app.

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Key Takeaways

A New Fund Offer is a scheme launched by Asset Management Companies.

NFO is similar to IPO but marketed less aggressively.

Companies use NFOs to raise funds to purchase equities and bonds.

Investors can buy open-ended or closed-ended funds.

Consider market risk, costs, investment horizon, etc., before investing in NFO.

Occasionally, companies need to raise money to pay for different types of costs. Whether they wish to expand the business, pay their employees, or manage administrative costs, they need sufficient cash flow to keep their businesses afloat. One of the ways in which they can raise money is through an NFO. Let us find out what is NFO in mutual funds in this article.

What is NFO

NFO stands for New Fund Offer and is the initial sale of fund shares that an investment company issues to raise capital for purchasing securities. It is similar to stock market Initial Public Offering (IPO), through which a company raises capital from the public to fund its expenses in exchange for share units. Unlike IPO, which is tied to shares, NFO is tied to mutual funds. However, NFOs are marketed much less aggressively than IPOs. The Asset Management Companies (AMC) typically target only a select group of investors, making the NFO much less noticeable to investors than IPOs.
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How Does an NFO Work?

AMCs offer NFOs for a specific period, during which investors can buy mutual fund units at a specified offer price. Usually, the AMCs set the offer price as low as INR 10 per unit. Once the NFO closes, investors can buy those mutual funds at the existing Net Asset Value (NAV). The low offer price makes NFO a good investment opportunity.

To file a New Fund Offer, the AMC approaches the Securities and Exchange Board of India (SEBI). It submits a Scheme Information Draft comprising all the scheme details, i.e., risk factors, investment strategies, fundamental attributes, fees, expenses, etc. The SEBI monitors the financial health of the AMC before issuing the NFO.

What Are The Types Of NFO?

Having explained NFO meaning, let us look at its two types.

Open-ended Funds

An open-ended fund is available to purchase continuously. These are liquid funds that do not have a fixed maturity period. You can buy and sell an open-ended mutual fund at the daily declared NAV even after its NFO closing date. Furthermore, you can opt for a Systematic Investment Plan ( SIP), Systematic Transfer Plan (STP), or Systematic Withdrawal Plan (SWP) when investing in open-ended funds. These funds are ideal for aggressive investors with higher risk appetites looking for higher returns.

Closed-ended Funds

Close-ended funds are mutual funds that have a fixed maturity period. Hence, you can invest in these funds only during the NFO period. After the closing period, investors are unable to buy or sell close-ended funds. These funds get traded like stocks, and you can redeem them after maturity. Fund managers can efficiently strategise ways the investments to achieve maximum gains. Closed-ended funds require lump sum money to invest. If you can invest a lump sum for longer investment horizons, you should consider close-ended funds.

Conclusion

Now that you know what is NFO, you can choose this investment vehicle. Ensure you check the company background, fund managers' past performance, your risk appetite, and your preferred investment duration before investing. A good NFO should also help you fulfil your investment goals.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NFO Meaning - All About What is NFO in Mutual Fund | digibank by DBS

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A New Fund Offer is a scheme launched by Asset Management Companies. NFO is similar to IPO but marketed less aggressively. Companies use NFOs to raise funds to purchase equities and bonds. Investors can buy open-ended or closed-ended funds. Consider market risk, costs, investment horizon, etc., before investing in NFO.

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Liquid Funds Vs Debt Funds - A Detailed Comparison | DBS digibank

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Liquid Funds Vs Debt Funds - A Detailed Comparison | DBS digibank

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Liquid Funds Vs Debt Funds - Understanding the differences between liquid and debt funds can assist one in making more informed decisions. One can invest by downloading the digibank app.

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Key Takeaways

A Liquid Fund is a Type of Debt Mutual Fund.

Like all debt mutual funds, Liquid Funds invest in fixed-income or returns-generating securities.

All liquid funds are debt funds, but all debt funds are not liquid funds.

Liquid funds typically come with a maximum maturity period lasting 91 days.

The Net Asset Value of a liquid fund does not fluctuate frequently.

As an aspiring investor in the market, you may already be aware of the concepts of debt mutual funds in general. These are funds that primarily invest in securities like government and corporate bonds, treasury bills, certificates of deposits, money market instruments, etc. Investors typically prefer debt funds because they generate a fixed source of income or returns. The Securities and Exchange Board of India (SEBI) has categorised debt mutual funds into 16 categories: liquid funds. Let us compare liquid funds vs debt funds.

Liquid Funds

Liquid funds are debt funds that have a maturity period of 91 days. This category of mutual funds is popular amongst new investors primarily because of its low investment tenure. You should consider investing in liquid funds if you intend to fulfil specific short-term goals. Knowing the fundamental differences between debt vs liquid funds can help you make informed investment decisions.
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Liquid Funds Vs Debt Funds- Which One Should You Pick?

Investing in debt funds is an ideal option when you are looking for long-term investments. They offer better tax-saving benefits, making them desirable for investors in the higher income tax brackets. The short investment tenure makes a liquid fund a considerably volatile and unpredictable investment in that you could earn higher returns, lose a part of your capital, or accrue meagre returns based on market movements and sentiments. A liquid fund could prove more profitable in a bull market than any debt fund with higher durations. It also helps you achieve your shortest-term goals, as compared to most other debt fund types.

Conclusion

Both liquid funds vs debt funds are relatively safer investment instruments as compared to equity funds. Irrespective of which fund you choose to invest in, you should weigh the investment against your investment goals, risk appetite, and preferred investment duration.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Liquid Funds Vs Debt Funds - Which Investment to Choose? | digibank by DBS

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A Liquid Fund is a Type of Debt Mutual Fund. Like all debt mutual funds, Liquid Funds invest in fixed-income or returns-generating securities. All liquid funds are debt funds, but all debt funds are not liquid funds. Liquid funds typically come with a maximum maturity period lasting 91 days.

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What is ELSS Funds - Features & Benefits| DBS digibank 

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What is ELSS Funds - Features & Benefits| DBS digibank 

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What is ELSS Funds - digibank explains everything about ELSS funds meaning, concept, features & benefits. This can be availed by downloading the digibank app.

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Key Takeaways

ELSS Funds offer both wealth creation and tax-saving features.

You may claim a tax rebate of INR 1.5 Lakhs when investing in ELSS Funds.

ELSS Funds have a mandatory three years lock-in period.

ELSS Funds offers adequate equity exposure for better gains.

The performance of ELSS Funds is primarily influenced by market volatility.

Mutual Funds have always been a great investment option as they provide inflation-adjusted returns. In recent times, Mutual Funds have become highly dynamic and has widened the scope for financial gains. ELSS Mutual Funds is a tax-saving scheme that is roping in several investors. So, what is ELSS Fund? Find out all about its features, benefits and more in this article.

What is ELSS Fund?

Short for Equity Linked Savings Scheme, ELSS is the only type of mutual fund investment scheme that offers investment and tax-saving features. ELLS funds mainly invest in equity and equity-linked securities such as listed shares. It is the only mutual fund that is eligible for a tax rebate. You can claim up to Rs. 1.5 Lakhs of tax rebate every year by investing in ELSS Mutual Funds as per the provision of Section 80C of the Indian Income Tax Act,1961.

There is no upper limit to the amount of money you can invest in ELSS Funds. You can even invest an amount as small as INR 500 in the beginning. The performance of ELSS Funds is influenced mainly by market volatility and hence, does not offer any guaranteed profits. As such, you must consider its past performance and conduct extensive research before investing.

What are the features of ELSS Funds?

Now that we have a clear understanding of ELSS Funds meaning, let us take a look at its features that makes it stand out from other investment options:

Lock-in period

There is no maximum tenure for investment. However, there is a mandatory three-year lock-in period that you must consider. You cannot withdraw your investment during these three years.

Diversified investment

A minimum of 80% of your total amount is invested in equity and equity-oriented share after careful consideration, whereas the remaining 20% is invested in debt and hybrid funds. This diversification helps mitigate the risks associated with equity investments.

Professional management

ELSS investments are undertaken by professional fund managers with years of fund management experience like all mutual funds. Such managers have adequate knowledge about the past performance of the funds, thus ensuring that your investment is in safe hands.

Investment options

You can invest in ELSS funds in two ways - as a lump sum investment or via the Systematic Investment Plan or SIP method. The latter is ideal for people who wish to invest as low as INR 100-500 (depending on the fund house).

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What Are The Advantages Of Investing In ELSS Funds?

Here are some advantages of ELSS Funds that make it a must-have in your investment portfolio:

Dual Benefit

ELSS Funds is the only investment option that offers the dual benefit of wealth creation and tax planning. It also provides better equity exposure allowing you to gain excellent returns over time.

Tax Benefit

Most investors opt for ELSS Funds for its tax planning advantage. As per Section 80C of the Indian Income Tax Act, 1961, you can claim a tax rebate of INR 1.5 Lakh of your ELSS Fund investment. The gains from ELSS funds up to INR 1 lakh is not taxable by law. However, any earnings above the set limit of INR 1 Lakh is taxable at 10%.

Lower lock-in period

ELSS Mutual Funds have the shortest lock-in period, unlike the National Pension Scheme(NPS), the Provident Pension Fund (PPF Scheme), and tax-saving Fixed Deposits. The lock-in periods for tax-saving FDs and PPF range from 5 years to 15 years, whereas for NPS, you have to stay invested until retirement.

Tax Savings of up to INR 46,800

ELSS investors belonging to the 30% income tax bracket can save up to INR 46,800 in tax payments on annual investments. This is a significant saving that makes ELSS funds an attractive investment option.

Factors To Consider Before Investing In ELSS Funds:

Keep the following factors in mind before you invest in ELSS funds.

Equity exposure

ELSS Funds offers adequate equity exposure. This, in turn, helps you earn better gains. It also prevents you from making impulsive selling decisions.

Lock-in period

ELSS Funds have a mandatory three years lock-in period. You cannot exit the investment prematurely. The minimum lock-in rule also applies to ELSS SIP investments, which means that each instalment should be considered a separate investment, to be locked in for three years.

Risk factor

Unlike other conventional investment options, ELSS Mutual Funds do not offer guaranteed returns and are entirely subjected to market fluctuations. You should only consider ELSS investments if you have a mid to high-risk appetite.

Conclusion

Now that you know what is ELSS mutual fund, you can make more informed decisions when investing in them. Remember that ELSS Funds are sensitive to market fluctuations, and you cannot exit them prematurely. So make sure you do your research before you invest.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What are ELSS Funds - Features & Advantages of Investing In ELSS Funds | digibank by DBS

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ELSS Funds offer both wealth creation and tax-saving features. You may claim a tax rebate of INR 1.5 Lakhs when investing in ELSS Funds. ELSS Funds have a mandatory three years lock-in period. ELSS Funds offers adequate equity exposure for better gains. The performance of ELSS Funds is primarily influenced by market volatility.

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Difference Between Debit Card and Credit Card | digibank by DBS

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Difference Between Debit Card and Credit Card | digibank by DBS

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Difference Between Debit Card and Credit Card - Understand the comparison between debit cards and credit cards. One can get more details on debit cards vs credit cards by downloading the digibank app.

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Key Takeaways

A debit card is linked to your bank account, and money is instantly debited when you use it.

A credit card works like a loan, which you can repay on a fixed, future date.

Credit cards usually involve interest payment on late repayments of outstanding bills.

Banks offer debit cards as an accessible, complimentary facility, whereas you have to apply for credit cards.

You can withdraw cash on both, but you have to pay interest on credit card withdrawals.

Introduction

Banking transactions are easy and convenient today, thanks to debit and credit cards. Be it visiting your favourite restaurants or shopping centres or making online purchases, you can do it all without withdrawing cash from your account. And while the two types of cards look the same and have similar fundamental uses, there are quite a few significant differences between a debit card and a credit card. Let us find out more about them, starting with their meanings, in this article.

What is a debit card?

A debit card is a plastic card that gives you instant access to the funds in your account. Typically, banks provide you with an ATM-cum-debit card to withdraw money at ATMs. You can just as easily use the card to pay for purchases at brick-and-mortar stores or buy products online. Your bank issues you a debit card when you open an account, and the card is linked to your account.

Every debit card comprises a 16-digit unique card number and expiry date on the front side. The reverse side contains the signature strip, along with a 3-digit CVV or card verification value.

What is a credit card?

In look and feel, a credit card is the same as a debit card. It also features a 16-digit card number, expiry date, CVV, and signature strip. However, a credit card allows you to borrow money from your creditor (usually a bank) for a temporary period (30-45 days). During this time, any purchase you make is paid off by the creditor. You have to repay the creditor a partial or complete amount on your pre-determined credit repayment date. Unlike debit cards, credit cards are not linked with your bank accounts. You can have a bank account with one bank, and your creditor could be another bank.

Debit Card vs credit card

Let us now understand what the difference between a debit card and a credit card is.

Transaction type

When you use a debit card, the cash gets 'debited' from the account instantly. A credit card allows you to carry out a transaction on credit and is similar to borrowing. The bank that has issued the card makes the payment. The cardholder needs to repay the amount at a later date. If repayment is delayed, you need to pay interest on the amount.

Issuance and fees

Another point of difference between debit and credit cards surrounds issuance. Usually, debit cards are issued for free when you open a savings account. You, however, need to pay annual maintenance charges on debit cards. Banks typically levy a joining fee for issuing credit cards. Therefore, you also have to pay a nominal yearly fee to continue using the credit card each year.

Application

Debit cards are provided as a complimentary facility, and the bank issues you one as soon as you open an account. However, you need to apply for a credit card on your own. For this, the bank asks you to submit your ID and address proof and considers your monthly transactions before qualifying you for the card. It also conducts a KYC process, checks your credit history and source of income before issuing a credit card.

Cash withdrawal

You can use both debit and credit cards to withdraw cash. But with debit cards, you are not charged any interest, and there is no specific monthly limit on withdrawals (but there is usually a daily withdrawal limit). Credit cards allow you to withdraw cash from ATMs too, but you may withdraw only up to a specified monthly limit, and you have to pay interest on cash withdrawals.
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Can Debit Cards be used as Credit Cards?

Technically, debit cards cannot be used as credit cards since the two cards function differently. With the former, money is debited from your card instantly upon making a payment, whereas with the latter, funds are not debited from your account until the credit repayment date. However, you can use your debit card to pay off your credit card bills.

How do debit cards and credit cards work?

While using both debit and credit cards at retail stores, you need to enter your PIN (Personal Identification Number) to complete the transaction. For online payments using credit vs debit cards, you have to enter the entire 16-digit card number, expiry date and CVV. In addition, you also need to input the OTP (One Time Password) sent by the bank or creditor to your registered mobile number to authenticate the transaction. Once you enter the PIN/OTP, the credit or debit transaction will be completed.

Conclusion

Once you learn the difference between debit cards and credit cards, you can make an informed decision about the right kind of card that works for you. Both cards can prove to be extremely helpful in different situations. So reach out to your bank and apply for both.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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difference between debit card and credit card

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difference between debit and credit card

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what is the difference between debit card and credit card

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Debit Card Vs Credit Card - Difference between Debit Card and Credit Card | digibank by DBS

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A debit card is linked to your bank account, and money is instantly debited when you use it. A credit card works like a loan, which you can repay on a fixed, future date. Credit cards usually involve interest payment on late repayments of outstanding bills.

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What is LRS - Explained in Detail | digibank by DBS

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What is LRS - Explained in Detail | digibank by DBS

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What is LRS - digibank explains LRS's meaning, benefits, rules, and regulations.  One can get everything in detail about LRS on the digibank app.

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TLDR Points

The Liberalised Remittance Scheme (LRS) lays down the guidelines for outward remittances from India.

It is part of the Foreign Exchange Management Act (FEMA) 1999 by the Reserve Bank of India (RBI).

Under the LRS, the upper limit of remittance is $2,50,000 per financial year.

You can send money abroad for genuine reasons like your child's education or to fund personal expenses.

You cannot remit funds abroad for buying lotteries or banned magazines, amongst others.

LRS applies to all resident individuals in India.

Introduction

A few decades ago, remitting funds abroad to educate your child or help in emergencies was cumbersome and time-consuming. To streamline outward remittances like these, the Reserve Bank of India (RBI) introduced the Liberalised Remittance Scheme (LRS) in 2004.

This article will give you insight into the LRS and help you understand which transactions the RBI allows and prohibits.

Meaning of Liberalised Remittance Scheme

The Liberalised Remittance Scheme is what enables parents to send money to their child studying abroad. This scheme is available to any resident individual (adult or minor). You can send up to $2,50,000 abroad in each financial year. The LRS is unavailable to corporates, partnership firms, HUF or Charitable Trusts. The scheme enlists authorised dealers such as banks to facilitate foreign exchange between resident Indians and their beneficiaries abroad. For every transaction under the Liberalised Remittance Scheme, you will have to provide your PAN.

A Short History of LRS

With economic liberalisation in the 1990s, India opened her doors to the world. On the 4 th of February, 2004, the RBI introduced the Liberalised Remittance Scheme. The LRS is a result of the Tarapore Committee's recommendations.

LRS is the reason why millions of Indians like you can support their families abroad or send money for other purposes around the world.

Purposes for Remittance under LRS

The LRS includes a comprehensive list of purposes for which you can remit funds. The list is different for current account transactions and capital account transactions:

Current Account Transactions

Travel and tourism to foreign countries (except Nepal and Bhutan)

Gift or donations to legitimate beneficiaries

Going abroad for employment

Emigration

Maintenance of close relatives living abroad

Business trips

Expenses in connection with medical treatment abroad

Paying for education abroad

Any other current account transaction that is not covered under FEMA.

Capital Account Transactions

Opening, holding, maintaining a foreign currency account abroad with a bank

Purchase of property abroad.

Making foreign investments in equity shares, debt instruments, mutual funds, venture capital funds, etc.

Extending loans to Non-Resident Indians who are relatives as defined under the Companies' Act.

Setting up a Wholly Owned subsidiary (WOS) or a Joint Venture (JV) outside India for any bonafide business purpose subject to the rules framed under the Overseas Direct Investments (ODI) regulations.

A resident individual can make remits up to $2,50,000 each financial year. There is no restriction on the number of transactions. However, you must maintain a capital account for at least one year before your first remittance.
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Types of remittances prohibited under LRS

As per the latest RBI guidelines, the following remittances are prohibited under the LRS:

Remittance for any purposes that are prohibited explicitly under Schedule-I and Schedule II of current account transaction rules, (2000). The purposes include but are not limited to the purchase of lottery tickets and prohibited magazines.

Remittance from India for margins or margin calls to overseas exchanges/overseas counterparty.

Remittances for purchasing Foreign Currency Convertible Bond issued by Indian companies in the overseas secondary market.

Remittance for trading in foreign exchange abroad.

Direct or indirect capital account remittances to countries identified by the Financial Action Task Force (FATF) as "non-cooperative countries and territories." The list changes from time to time.

Direct or indirect remittances to individuals and entities identified as posing a significant risk of committing acts of terrorism as advised separately by the RBI to the banks.

Liberalised Remittance Scheme: Why is it important?

The Liberalised Remittance Scheme enables you to send money abroad the way you wish to by providing proper structure and guidelines. The LRS highlights legal channels through which you can remit funds.

The LRS empowers resident individuals to invest in foreign assets and build a better economic future for themselves and their families. For families with children studying abroad, LRS ensures a safe and efficient way of paying fees and meeting living expenses. Many Indians go abroad to seek necessary medical treatment. The LRS allows them to pay for it without the added hassle of too many protocols and paperwork.

What does LRS mean for NRIs and their bank accounts?

The Liberalised Remittance Scheme applies to only Indian residents living in the country. While an NRI can hold a bank account in India, the remittance rules will differ.

An NRI can hold any of the following types of bank accounts in India:

NRE (Non-resident external)

NRO (Non- Resident Ordinary)

FCNR (B) (Foreign Currency Non-Resident Bank Account)

RBI guidelines state that an NRI can remit up to $10,00,000 from India each financial year through their NRO account. In the case of an NRE or FCNR (B) account, there is no upper limit. However, there are restrictions on what type of inward remittances are allowed on the NRE and FCNR (B) account.

There are specific terms and conditions laid down by the RBI regarding NRI bank account in India. It is best to check the latest guidelines before proceeding to make remittances from such accounts.

Conclusion

The Liberalised Remittance Scheme provides an extensive and structured system for resident individuals who wish to remit money overseas. You can send money to your loved ones abroad or for other transactions the RBI allows. Remember to keep your PAN card information ready, since it is mandatory.

To send money abroad seamlessly and securely, open a digibank by DBS savings account in minutes! It is completely paperless.
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Liberalised Remittance Scheme - What is LRS, Types & Why is it Important? | digibank by DBS

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The Liberalised Remittance Scheme (LRS) lays down the guidelines for outward remittances from India. It is part of the Foreign Exchange Management Act (FEMA) 1999 by the Reserve Bank of India (RBI). Under the LRS, the upper limit of remittance is $2,50,000 per financial year.

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MMID Meaning - MMID Full Form | digibank by DBS

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MMID Meaning - MMID Full Form | digibank by DBS

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MMID Meaning - This article discusses MMID meaning, how to get the MMID number, why is MMID required & how to generate it. This can be generated by downloading the digibank by the DBS app.

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Key Takeaways

MMID stands for Mobile Money Identifier

With MMID, you can transfer money instantly using only your mobile phone and the beneficiary'.

You can link your bank account to only one single MMID Code.

Both the sender and the beneficiary should have an MMID to transfer funds through this facility.

You need to enrol for mobile banking services with your bank to avail of this facility.

Introduction - MMID Meaning

MMID full form is Mobile Money Identifier. It is a 7-digit unique number, typically a combination of your mobile number and bank account number. MMID is a code that allows for interbank transfers via the mobile banking platform. The MMID service was first launched in India in 2010 as a successor to two commonly used transfer methods - the Real Time Gross Settlement or RTGS fund transfers and the National Electronic Fund Transfer or NEFT service.

When users attempt to transfer money via IMPS through their mobile banking platforms, they need to verify and secure their transactions with the help of their unique MMID code. For a successful fund transfer to occur, both the sender/remitter and the beneficiary/payee must have an MMID. You can initiate a fund transfer using only your mobile phone and the MMID code. Also, every bank account you own will have a different MMID number, and you can link all the MMID numbers to one mobile phone number. To initiate transfers using MMID, you need only the mobile and account numbers and the IFSC details of the payee.

How do I get the MMID number?

Having explained MMID meaning, let us find out how to get MMID number. To use IMPS, you should have a valid bank account with activated mobile banking services offered by your bank. You also need to provide the bank with your mobile number, which stays registered in their records and is known as the registered mobile number or RMN. You can visit your bank and submit an application form to activate this service. Once you register your mobile number with your bank, it will issue you a 7-digit unique MMID code that you can use to initiate instant fund transfers.

Why is MMID required?

Many people in various parts of the country do not have access to net banking facilities like RTGS and NEFT that enable quick money transfers. However, most people have mobile phones. Keeping this in mind, MMID was introduced to extend instant fund transfer facilities even to those who do not have internet banking. Senders and receivers do not even need bank account numbers or IFSC codes. As long as you have a phone number linked to your bank account, you can receive fund transfers via MMID. MMID thus helps in preventing financial fraud. It is easy to use and helps facilitate quick digital transfers. This highly valuable proposition has transformed banking.
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How to generate MMID?

Besides knowing what MMID is, you should be aware of how you can generate your MMID code. Typically, you can create the code in several different ways. They are as under:

You can generate an MMID with the welcome kit that you get upon registering for mobile banking.

You can visit your bank and fill out a form for generating your MMID. Once you register your mobile number with your bank, the bank will issue you a 7-digit unique MMID code.

Via SMS request if your bank offers this facility.

Via phone banking. You need to call the phone banking number. A customer care representative will assist you in generating your MMID. You will receive your MMID on your registered mobile number within 24-hours.

Via net banking by logging into your account and locating the 'Generate MMID' section. Enter all the necessary details and verify the same. Your MMID will be generated for the respective account.

Via mobile banking application under the IMPS fund transfer option. A 7-digit MMID code will be sent to your registered mobile number after successfully registering.

How to use MMID for funds transfer?

Follow these steps to use MMID for fund transfers.

1. Log in to the mobile banking app.

2. Go to the fund transfer section and click on the IMPS tab.

3. Enter the mobile number and MMID code of the beneficiary and initiate the transfer.

4. Verify the transaction using an OTP or PIN.

Upon verifying the transaction, the money will be debited from your account and credited to the beneficiary account within seconds. Both you and the beneficiary will receive SMS notifications once the transaction is completed.

As mentioned earlier, you can add beneficiaries and initiate instant money transfers using IMPS via your bank's official website. Transferring funds via IMPS is incredibly convenient if you have the beneficiary's MMID code and mobile number.

Conclusion

Now that you know MMID meaning and uses, you can avail of this facility conveniently. With MMID, the government has made money transfers even more convenient. The MMID code has revolutionised the country's digital banking sector, making fund transfers accessible to everyone in every corner of the country. It has facilitated easy banking for bank account holders and has changed how traditional banking is conducted.
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What is MMID? - Full Form, Meaning, Uses & Benefits | digibank by DBS

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MMID stands for Mobile Money Identifier With MMID, you can transfer money instantly using only your mobile phone and the beneficiary'. You can link your bank account to only one single MMID Code. Both the sender and the beneficiary should have an MMID to transfer funds through this facility.

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Inward Remittance - Meaning & Benefits | digibank by DBS

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Inward Remittance - Meaning & Benefits | digibank by DBS

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Inward Remittance - digibank has covered all the points regarding inward remittance. This can be availed by downloading the digibank app.

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TLDR Points

An inward remittance refers to the money received by you in your account from a foreign country.

The upper limit on inward remittances is $2500 per transaction.

The cap on the number of inward remittances per calendar year is 30.

Banks may charge a fee for facilitating the remittance.

Introduction

Every year, non-resident Indians worldwide send billions of rupees to India for a variety of reasons, from funding investments to supporting family back home. Inward remittance refers to the transfer of money to Indian from abroad. For example, when you receive money in your Indian bank account from a relative abroad, it is called inward remittance.

What is inward remittance?

Let us illustrate with an example. Alok works abroad as an engineer. Every month, he sends a sizeable chunk of his salary back home to his elderly parents. Now, whenever he transfers money to their bank account, probably a savings account, he is making an outward remittance. For the parents who receive the money, it is an inward remittance.
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Inward remittance RBI Guidelines

The Reserve Bank of India (RBI) has laid down a few guidelines to regulate inward remittances:

An inward remittance can be done only for these reasons - education, medical treatment, pay for travel expenses, investments, donations, pay for living expenses or provide financial support, or as a gift.

Each inward remittance must have a foreign Inward remittance certificate (FIRC) issued by the recipient's bank. This document includes details such as but not limited to the name and account numbers of the sender and recipient, the purpose of the transfer, the exchange rate applied to the transaction etc.

Individuals in India can receive an inward remittance in one of two ways: Rupee Drawing Arrangement (RDA) or Money Transfer Service Scheme (MTSS).

Under the RDA, there is no upper limit on the amount of inward remittances for personal purposes.

Under MTSS, every inward remittance is capped at $2500.

Under MTSS, a beneficiary can receive a maximum of 30 inward remittances in a calendar year.

The guidelines are periodically updated. It's best to visit the official RBI website or consult with your bank to know the latest inward remittance guidelines.

Benefits of Inward Remittance

Let's take a look at how inward foreign inward remittances are helping families as well as the economy of India.

Benefits to individuals and families

Foreign inward remittances help NRIs support a good lifestyle for their family in India, provide medical care, and fund their children's education.

Benefits to economy

India is one of the biggest recipients of foreign remittance. In 2019, NRIs sent $83 billion back home. Inward remittances are a great source of foreign exchange and also help spur consumption in India. This has a positive impact on the local economy.

Process of Inward remittance

The process to receive money online through a remittance is relatively straightforward. All you need to do is share certain details with the sender. The details include your full name, address, local bank account number, bank name and address, bank's SWIFT code, and purpose of remittance. Your bank may require additional details, so it's best to check with your bank what else they need. Once you have these details, ask the sender to initiate the remittance from their bank account.

You will receive a notification on your phone or by email when your inward remittance arrives.

Bank charges for Inward Remittance

Charges for inward remittances vary. The costs depend on factors such as the prevailing currency exchange rate, correspondent bank charges, type of transfer, the type of account, country from which the remittance is being made etc. However, your bank will inform you about the estimated charges before you complete your transaction.

Conclusion

Receiving inward remittances is fairly straightforward. You can receive money from abroad into any bank account in a hassle-free and simple manner.
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Inward Remittance - Meaning, Benefits & Process of Inward Remittance | digibank by DBS

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An inward remittance refers to the money received by you in your account from a foreign country. The upper limit on inward remittances is $2500 per transaction. The cap on the number of inward remittances per calendar year is 30. Banks may charge a fee for facilitating the remittance.

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UPI -  digibank discusses in detail what is UPI, how you can use it and what is the registration process. To know more in detail one can download the digibank app.

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Key Takeaways

UPI stands for Unified Payment Interface.

It is a mode of instant money transfer.

You do not need to share or collect sensitive information about bank accounts.

UPI is safe as it eliminates the risk of carrying cash.

You can use UPI for multiple purposes, such as paying merchants and utility bills.

Introduction

The emergence of fintech has made banking much more accessible and convenient. Bank cash counters are no longer crowded as cash withdrawal, and deposit is now just a few clicks away. The adoption of tech for banking and payment through apps has made real-time fund transfer quick and hassle-free. One such application is UPI. According to a report, around 2.3 billion transactions were recorded in February 2021 using UPI in India. Since it was first launched in 2016, UPI transactions have grown over 70% on a year-on-year basis. All this information is evidence of the ever-growing popularity of UPI. Let us find out what is UPI in this article.

What is UPI Payment?

UPI means Unified Payment Interface. It is an application that runs on internet-enabled smartphones. Developed by the National Payments Corporation of India, UPI is a real-time, single-window payment application. In simple words, UPI means a payment interface that allows you to transfer funds from one bank account to another bank account in real-time. With UPI, you do not need to collect or share your sensitive bank information such as your account number, IFSC, bank branch and bank name every time you wish to transfer money. At present, almost all banks in the country are a part of the UPI network.

You can use the UPI platform to transfer money to your family members, friends, colleagues, acquaintances, or practically anyone with a UPI ID. The system directly transfers money to their bank account. Similarly, you can receive funds in your bank account by simply sharing your UPI ID. UPI essentially allows you to transfer funds safely, securely, and seamlessly without revealing any bank-specific information.

Benefits of Using UPI

Having explained what UPI payment is, let us examine its benefits. Using UPI for your everyday transactions can prove to be incredibly useful if you consider the below advantages.

UPI means simplified e-banking and online payment systems.

It allows you to transfer funds instantly via your mobile phone.

You can use it for multiple purposes, including paying your utility bills or paying at the local grocery shop.

You do not need to carry cash as the UPI system doubles like your digital wallet.

UPI also eliminates the risk associated with having cash all the time.

You do not need to enter the bank details of the recipient while sending money.

You can also receive money by sharing your UPI ID, which is usually your mobile phone number registered with your bank.

How can I use UPI?

You can use the UPI application for payments and receipts of funds. Find out how below:

1. Download your preferred UPI-enabled app on your internet-enabled smartphone from the Google Play or iOS App Store.

2. Next, you need to set up your account by entering your details, like your mobile phone number and linking it to your bank account.

3. To send money, you need to click on 'Pay to Contact' under the UPI Payments tab.

4. You should then enter your beneficiary's mobile number, select their UPI ID, click on the submit button, and enter your 4-digit UPI PIN.

5. Your fund transfer will be completed, and both you and your beneficiary will receive an SMS notification of the transaction.

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Things to remember about making UPI payments

For UPI transactions, both senders and beneficiaries should have downloaded the same UPI app on their phones.

You will need the UPI ID of the beneficiary, along with yours, to initiate a fund transfer.

You will be able to see the UPI ID of the receiver in your UPI application.

You simply need to enter the UPI ID and transfer amount and click on the 'Pay' option, and the funds will be transferred instantly.

You can also enter the recipient's phone number, which should be linked to their bank account. This is another simple way of directly transferring funds in the bank account of the beneficiary.

You can use UPI to pay grocers, merchants, and other retailers. For such payments, you can scan their QR codes and enter the amount you wish to transfer.

While making online payments using food delivery apps and similar other apps, you can select the UPI payment option. Doing this will take you to the UPI application on your phone. You need to enter your UPI PIN, and the money gets debited from your bank account.

You can also receive money using UPI simply by sharing your UPI ID or the phone number linked to your UPI application and bank account with the sender.

Where to register for UPI?

Before you can start using it, you need to register as a UPI user by following these easy steps.

1. You need to download a UPI application - it can be a bank UPI app or a third-party UPI application.

2. Enter your registered mobile number and bank account details.

3. Create your unique ID (as prompted by the system), which will be your UPI ID. This is also known as virtual payment address (VPA).

4. Link your bank account using the UPI ID/ VPA.

5. Set an mPIN for validating every transaction.

That is all you need to do. You can now use your UPI application

Conclusion

Now that you know what is UPI payment and how useful it can be, you should consider downloading a UPI-enabled app on your mobile phone. UPI is changing the way payments are made, thereby reducing the dependence on bank systems for all kinds of fund transfers. It has streamlined transactions easy, making them both easy and secure. If you often use your online banking facility and send or receive money online, UPI application suits can help you.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is UPI? - Benefits of Using UPI & Where to register for UPI? | digibank by DBS

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UPI stands for Unified Payment Interface. It is a mode of instant money transfer. You do not need to share or collect sensitive information about bank accounts. UPI is safe as it eliminates the risk of carrying cash. You can use UPI for multiple purposes, such as paying merchants and utility bills.

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Hybrid Funds - Everything in Detail | digibank by DBS

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Hybrid Funds - Everything in Detail | digibank by DBS

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Hybrid Funds - Understand hybrid funds meaning & how do hybrid funds work. Investment can be done online by downloading the digibank by DBS app.

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Hybrid Funds – Meaning, Types & Features of Hybrid Mutual Funds | digibank by DBS

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A hybrid fund is a type of investment fund that diversifies across two or more asset classes. Download the digibank app to start your mutual fund investment journey.

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Bank Balance Check App - Best App | digibank by DBS 

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Bank Balance Check App - Best App | digibank by DBS 

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Bank Balance Check App - digibank explains how to check your bank balance online. One can check bank balances through the internet and mobile banking by downloading the digibank app.

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Key Takeaways

You can access your bank balance without visiting the bank

You can check your balance via internet or mobile banking platforms.

You can download your bank's mobile application on your internet-enabled smartphone.

You can just as easily view your past transactions, mini statements, etc.

You should log out from the online banking applications after every use.

Introduction

Before the age of digitalisation, to merely check your bank balance, you would have to run to the bank, stand in queues and wait until a bank executive updated your passbook. Now, however, you can check your bank balance from any part of the world via the internet. Read more to know how you can check your bank balance without visiting the bank.

Checking Account Balances Via the Internet with Bank Mobile Apps

Most banks today provide their eponymous mobile bank applications. You need to download the application on your internet-enabled smartphone. Let us say that you have a digibank account. In this case, you must follow these steps.

1. Download the digibank by DBS app on your mobile device. You can do this in two ways - by scanning the QR code displayed on the digibank website, or you can also download the app from your phone's app store.

2. Enter your bank-specific personal details as prompted by the app and create your user ID and password

3. Complete the KYC verification using Aadhaar OTP and PAN card.

4. You can now start banking!

The process of downloading mobile banking apps and setting up online accounts is more or less the same for all banks. A few banks also allow you to log in to your mobile banking app through Fingerprint Login/Touch ID.
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Different Ways To Check Bank Balance Online

You can check your account balance by using any of the following:

Via Mobile Application.

1. Log in to the mobile app by entering your user id and password or with the fingerprint id technology.

2. Tap on 'Deposits'

3. You can now view your account balance.

Via Internet Banking.

1. Log in to the internet banking platform of your bank by entering your username and password.

2. Click on the account or account balance tab on the home page

3. You will be able to see your account balance

If you have multiple accounts with the same bank, you can select the appropriate account and check its balances on both internet and mobile banking platforms.

Conclusion

As is apparent, checking account balances is easier than ever. You just need to log in on the mobile application or the internet banking website. Along with the bank balance, you can also view the transaction history, thus enabling you to monitor your expenses at all times. Ensure that you log out from the website each time to avoid any fraudulent online activities. Also, you cannot access the mobile app and internet banking website simultaneously for security reasons.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Bank Balance Check App - How to Check Your Bank Balance Online? | digibank by DBS

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You can access your bank balance without visiting the bank You can check your balance via internet or mobile banking platforms. You can download your bank's mobile application on your internet-enabled smartphone. You can just as easily view your past transactions, mini statements, etc. You should log out from the online banking applications after every use.

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RTGS Limit - RTGS Maximum Limit | digibank by DBS 

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RTGS Limit - RTGS Maximum Limit | digibank by DBS 

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RTGS Limit - Understand RTGS transfer limits and the time is taken to complete transfers. Quick transfers can be done online by downloading the digibank app.

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Key Takeaways

RTGS is a popular method of high-value fund transfers.

You can initiate RTGS transactions 24x7.

Instructions for each transaction are processed individually.

The minimum limit of RTGS transfers is INR 200,000, while there is no maximum limit.

RTGS is faster than NEFT.

Introduction

Short for Real-Time Gross Settlement, RTGS is a fund transfer method that enables you to conduct high-value transactions safely and seamlessly. RTGS has become one of India's most preferred modes of transactions, especially among retail and corporate customers, since there is no limit on the maximum amount transferable. Unlike NEFT, where fund transfers are conducted in batches, RTGS transactions are processed in real-time. Banks process transfer instructions as soon as they receive them. As such, the settlement takes place on an instruction-to-instruction basis. Let us find out all about RTGS and initiate a transaction and RTGS limits in this article.

How to do an RTGS transaction?

You can conduct RTGS transactions using the internet banking facility or by visiting your bank branch.

Here is a step-by-step guide on transferring funds online via RTGS:

1. Log into your net banking account and add details of your beneficiary, including their name on the account, account number, bank IFSC code and contact number.

2. Choose RTGS under 'Funds Transfer' options

3. Select the beneficiary in your payee list

4. Enter the amount that you wish to transfer

5. Review all the details and submit the fund transfer request

6. Funds are transferred by the remitting bank and credited to the beneficiary within 30 minutes of an RTGS request.

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What are the minimum and maximum transfer limits for RTGS?

The prescribed minimum limit for RTGS fund transfer is INR 200,000. There is no maximum ceiling for RTGS transactions done through bank branches.

Some banks may set an upper limit for RTGS transfer via Net banking for retail customers.

The absence of an upper fund transfer limit with RTGS makes a preferred mode of payment for business owners and corporate houses. The flexibility of RTGS helps such entities conduct quick and seamless high-value transactions, which prove to be a great boon for their business operations.

What are the timings of RTGS transactions?

Earlier, RTGS transactions were permitted between 7.00 a.m. and 6.00 p.m. on all working days. However, in December 2020, the Reserve Bank of India modified the RTGS time limit policy and made the facility available 24x7, 365 days a year. As such, you can now initiate RTGS transactions at any time of the day without worrying about RTGS time limits.

Conclusion

RTGS is an easy and secure mode of fund transaction. You can use this facility at any time via your internet-banking enabled bank accounts. As there is no RTGS maximum limit, you can transfer funds between accounts swiftly and conveniently.
Are you looking for an intelligent mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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RTGS Limit - Checkout RTGS Transfer Limits and Timings in India | digibank by DBS

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RTGS is a popular method of high-value fund transfers. You can initiate RTGS transactions 24x7. Instructions for each transaction are processed individually. The minimum limit of RTGS transfers is INR 200,000, while there is no maximum limit. RTGS is faster than NEFT.

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NEFT Meaning - Explained in Detail | digibank by DBS

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NEFT Meaning - Explained in Detail | digibank by DBS

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NEFT Meaning - This discusses all NEFT meanings & how does it work. National Electronic Funds Transfers can be done online by downloading the digibank app.

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Key Takeaways

Through NEFT, you can initiate domestic fund transfers at any time.

You can conduct NEFT transactions online as well as offline.

There is no transaction limit; however, banks may impose a limit.

You can also pay your credit card bill, loans, EMI, etc., via NEFT.

You do not have to pay any charges for online NEFT transactions.

Gone are the days when people had to spend at least half a day in long queues at banks, just to transfer money. Thanks to the development in banking technologies, we can now finish most of our banking requirements from the comfort of our homes. With technological advancement, it is also essential that you have a basic knowledge of internet banking. So today, we will discuss what is NEFT - one of the most used means of transferring money in India.

What is NEFT?

NEFT means National Electronic Funds Transfer. It is a mode of money transfer that enables one-to-one payments within India. NEFT is owned and operated by the Reserve Bank of India, and through this facility, you can transfer money from one account to another. You may initiate transfers between two bank accounts you own or from your account to others' accounts in different banks. However, you can make this type of transaction only if your bank is NEFT-enabled.

Is There a Timing for NEFT Transactions?

Earlier, when RBI introduced NEFT, there were timeslots for clearance. However, the RBI changed the rules in December 2019, and you can now transfer money using NEFT 24/7, throughout the year and even on bank and public holidays.

Banks clear funds transferred through NEFT on a half-hour basis, which means the receiver will get the funds after half an hour from the time you initiate the transaction.

Is There a Limit on Fund Transfers?

RBI has not imposed any upper or lower limit for fund transfer through NEFT. However, banks could set their own upper limits on per day transactions. Hence, you should check with your bank about NEFT fund transfer limits.

Are There Any Charges for NEFT Transactions?

There are no charges for NEFT transactions done via internet banking or mobile banking apps. However, if you choose to conduct NEFT transactions at bank branches, your bank may levy a nominal charge based on the transfer amount. Here is the schedule of charges levied for online transactions
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Are There Provisions for International NEFT Transactions?

NEFT transactions are permitted only with Indian borders, with the rare exception of Nepal. If you have family, friends, or business associates in NEPAL, you can transfer money via NEFT. Nepalese beneficiaries can receive the fund transfer even if they do not have a bank account with a bank in Nepal.

Advantages of NEFT

Now that it is clear what NEFT means let us look at some of its advantages.

You can transfer funds from any account of another account of any NEFT-enabled bank within India.

This facility is available 24/7, throughout the year, including holidays.

Money is transferred within half an hour in a secured manner.

Confirmation of transaction is sent to the remitter by SMS and email.

You do not have to pay any charges for online NEFT transactions.

You do not need cheques or demand drafts for these transactions.

You need not visit your bank branch to send money via NEFT.

You can also pay your credit card bill, loans, EMIs, and utility bills via NEFT.

How to Initiate NEFT Transactions?

Use the steps below to transfer funds via NEFT.

1. Log in to your internet banking account on your laptop or mobile app.

2. Go to the 'Fund Transfer' tab and select 'NEFT'.

3. Choose your beneficiary or add a new one by clicking on the 'Add Beneficiary' tab. Enter their details, such as their account number, bank name, branch and IFSC code, their name, and mobile number. Once you add a new beneficiary, you can initiate the transaction after another 30 minutes.

4. Confirm beneficiary details - name, account number, and mobile number (for SMS notifications).

5. Complete the transaction by entering the OTP sent on your Registered Mobile Number (RMN).

Your bank will send both you and your beneficiary an SMS confirming the transaction.

Conclusion

Now that we have discussed NEFT meaning, how it works, its advantages, and how to initiate NEFT transactions, you can use it anytime. It is a convenient, easy, quick online method of fund transfer that eliminates the need to visit a bank.
Get started with seamless money transfer with digibank. Download the app now and send money to your family from anywhere! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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NEFT Meaning - All You Need to Know about National Electronic Funds Transfer | digibank by DBS

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Through NEFT, you can initiate domestic fund transfers at any time. You can conduct NEFT transactions online as well as offline. There is no transaction limit; however, banks may impose a limit. You can also pay your credit card bill, loans, EMI, etc., via NEFT.

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Outward Remittance - Foreign Remittance Meaning | DBS digibank

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Outward Remittance - Foreign Remittance Meaning | DBS digibank

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Foreign Remittance - Outward remittance's purpose, benefits, guidelines, and method are all discovered by digibank. Safe and quick transfers can be done by downloading the digibank app.

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TLDR Points

An outward remittance is the transfer of funds from India to a foreign country.

It is a safe and quick way of sending money abroad.

You can use outward remittance to cover tuition fee, living expenses, pay for medical treatments abroad, buy assets, and more.

The Reserve Bank of India (RBI) regulates foreign transfers under the Foreign Exchange Management Act (FEMA).

Foreign Remittance

You remember the first time your child asked you for money to buy a toy they liked? Time flies, and you are probably now paying for their education abroad. While sending them money is not as easy as merely whipping out your wallet and giving them a note, it is quite simple. You can easily remit money to pay for your child's education, living expenses, or even college trips with foreign money transfer.

Understanding Foreign Remittance
Foreign remittance meaning
When someone transfers money from their domestic account to a bank account in another country, it is called a foreign remittance, or more specifically, an outward foreign remittance. When the recipient gets the money, they are said to have got a foreign inward remittance. In the case of a parent who sends money to their child in a foreign university on their birthday, the parent is making an outward foreign remittance. The child is receiving a foreign inward remittance.

Now that you know 'what is outward remittance', let's check out its benefits.
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Benefits of Outward Remittance

Outward remittance allows the sender to quickly remit money if their friend or family abroad needs it urgently. International remittances are done on a secure banking network, limiting the chances of fraud and financial harm to the sender and recipient. It allows the sender to be there for the recipient even from miles away, and provide a financial safety net.

When to Choose Outward Remittance

You can do an international remittance for any of the following purposes:

Cover educational costs

Cover living expenses of a family member

Pay for travel trips taken

Medical treatments

Buying assets abroad

Gifting or donating to an individual or organisation

3 Steps in the Outward Remittance Process

Technology and international co-operation amongst financial institutions have made foreign money transfer relatively simple and easy. The foreign outward remittance process involves three steps. Let's illustrate the three steps using the example of Radhika who wants to send money to her son studying abroad.

Step 1: Select the most suitable remittance service

If Radhika's son holds a bank account in her country of education, then Radhika can transfer funds from her account to his. Otherwise, she can use an international wire transfer service to send the money. She will check for any transaction fee or hidden costs. Then, find out if the exchange rate being offered is competitive. She will also understand the customer service provided by the remittance service provider if she needs help in the future. Finally, she will read their terms and conditions related to international remittance before making the final decision.

Step 2: Collect the recipient's details

Radhika will need to provide her son's full name, bank account details, bank's SWIFT code, and bank's address. She will also need to share her full name, address, PAN details, bank account details, amount to remit, the purpose of the remittance, and specify who will pay the remittance fees. Remember, an outward remittance request can fail if you provide inaccurate details.

Step 3: Complete the transaction

Digital banking has made foreign outward remittance a breeze. All Radhika has to do is head to her bank's net banking page or use her bank's app on her smartphone to get started. She has to choose 'overseas transfer', and fill in the details of the outward remittance. Once she has double-checked the details, she can hit send, and her son will receive the financial support he needs within the number of days specified.

RBI Guidelines on Outward Remittance

The RBI and FEMA have laid down guidelines and protocols to protect individuals who make an outward foreign remittance. These guidelines come under the Liberalized Remittance Scheme (LRS) of the FEMA. It is essential to be mindful of them to ensure that you don't face any hassles while remitting. Here are the guidelines:

1. An individual can make foreign outward remittances of up to $250000 in a financial year. If they wish to remit more funds, they can approach the RBI for the same.

2. There is no upper limit on the number of transactions as long as the amount limit is maintained.

3. The sender must submit details of their PAN card with every foreign money transfer.

4. Only banks and money changers with Authorised Dealer License (Category II) are allowed to facilitate foreign outward remittance.

5. The sender must mention the purpose of the international remittance.

6. Certain KYC and additional documents, depending on the purpose of the remittance, need to be submitted to the bank or money changer. For example, a parent is sending money to their child studying abroad, they will have to submit a university letter proving the identity of the recipient and purpose of fund transfer.

Be sure to check the latest RBI guidelines for outward remittance and the FEMA guidelines to ensure that you can help your loved one without any hurdles.

Conclusion

Foreign outward remittances allow Indian citizens an easy and secure way to support their family abroad financially.
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Outward Remittance - Meaning, Benefits & Steps in Outward Remittance Process | digibank by DBS

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An outward remittance is the transfer of funds from India to a foreign country. It is a safe and quick way of sending money abroad. You can use outward remittance to cover tuition fee, living expenses, pay for medical treatments abroad, buy assets, and more.

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Index Funds - What is an Index Funds - digibank by DBS

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Index Funds - What is an Index Funds - digibank by DBS

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Index Funds - This article has an in-depth look at index funds and how to get started investing in them. One can start investing by downloading the digibank app.

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Key Takeaways

Index Fund is a type of Equity Fund.

It mimics the stock market index, i.e., NSE Nifty and BSE Sensex.

The fund is passively managed and has a lower expense ratio.

It is a relatively low-risk equity fund.

You can reap higher returns from index funds by staying invested for longer durations.

Introduction

Mutual Funds are of various types, allowing you to fulfil your different investment objectives per your risk appetite. A rule of thumb that many investors follow is diversifying their portfolios to minimise risks. One of the best mechanisms for risk minimisation is an index fund, a type of equity fund. Let us find out more about Index funds - their properties, factors, and who should invest in them.

What is an Index Fund?

An index fund is a type of equity fund that mimics the stock market indices, the NSE Nifty or the BSE Sensex. Unlike other funds where the fund manager actively and strategically invests in securities, in index funds, the fund manager buys and sells stocks according to the composition of the underlying benchmark of the indices. Since an index fund is passively managed, it generates lower expense ratios.

Why Invest in Index Funds?

You might find yourself asking the question, 'If Index Fund mimics the Stock market, why invest in Index Funds and not the Stock Market?' To put it in simple words, when you invest in stocks of an individual company, you become a shareholder or part-owner in that company. You share the profit as well as the losses.

Assuming you invest in an Index Fund that tracks Nifty 50, the fund manager invests in the same 50 stocks trading on the NSE Nifty in the same proportion. Here, even if few companies perform poorly, there will be companies that will perform well. This leaves you with an average chance to earn returns with careful risk mitigation, which is always preferable to incurring losses by investing in just one company.
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Factors to Consider Before Investing in Index Funds

Risk

The nature of equity funds is dynamic and volatile. Hence, it involves a high-risk factor. However, index funds track an index and are less likely to face such risks. During a market slump, there are possibilities that the equity funds could lose their value. Therefore, it is advisable to have a good mix of index funds and actively managed funds.

Returns

Generally, the returns you earn typically mirror the returns of the underlying indices being mimicked. However, you should be aware of the term 'Tracking Error'. It is the difference between the return on the index fund and the return on the stock market index. For example, if the index mutual fund gives you a return of 5 per cent and Nifty gives you a return of 7per cent the Tracking Error here would be 2 per cent. In theory, to make the most out of index funds, the Tracking Error should be zero, but it typically has a 1- 2 per cent range.

Investment Cost

Since index funds mimic an existing stock index, they are known as passively managed mutual funds, in that the fund manager does not have to choose stocks and create a unique portfolio carefully. Due to this passive management, the expense ratio is relatively low compared to what is charged on actively managed funds. A lower expense ratio means more savings in the investors' pockets, and the excellent performance of the funds also translates to higher returns.

Taxation

Index Fund is a type of Equity Fund and is thus taxed similarly to equity funds. The rate of taxation depends on the holding period. Short-term capital gains (redeemed within a holding period of one year) attract 15 per cent tax. Long term Capital gains (redeemed after a holding period of one year) up to INR 1,00,000 is tax-exempted. Any gains above INR 1 Lakh will attract a 10 per cent tax.

Who Should Invest in Index Funds?

Index funds perform better if held for longer durations, i.e., minimum of 5 to 10 years. This makes it an ideal investment for those looking for corpus creation or lump sum funds for retirement. Due to its substantially low-risk nature, investors who are sceptics of the stock market or actively managed equity funds can invest in Index Funds, too.

Conclusion

Index funds are perhaps a unique type of mutual fund investment. They are what one may call safe equity investments. These funds mirror a stock index with the best-performing companies while attempting to replicate their returns. These attributes make index funds a low-risk investment that offers higher returns, primarily when held for longer durations.
If you want to invest in mutual funds, download the digibank by DBS app today and choose from over 200 schemes! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Index funds - Meaning, Why to Invest & Factors to Consider Before Investing | digibank by DBS

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Index Fund is a type of Equity Fund. It mimics the stock market index, i.e., NSE Nifty and BSE Sensex. The fund is passively managed and has a lower expense ratio. It is a relatively low-risk equity fund. You can reap higher returns from index funds by staying invested for longer durations.

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What is Recurring Deposit - Benefits & Schemes | DBS digibank

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What is Recurring Deposit - Benefits & Schemes | DBS digibank

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What is Recurring Deposit - Understand recurring deposit meaning, benefits, schemes and how they differ from fixed deposits. By downloading the digibank app, one can get more information.

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Key Takeaways

Recurring Deposits earn you FD-like returns on smaller amounts of money invested regularly.

With RDs, you can invest money in instalments.

RDs allow you to earn comparatively higher interest than savings bank accounts.

RDs, help you inculcate the habit of saving regularly.

You can open an FD if you are a Resident Indian above ten years of age or a Non-Resident Indian

Introduction

When it comes to saving money, there are several investment options that customers can choose from, depending on what they want. A majority of people typically levitate towards investment instruments that are both safe and can help generate a regular source of income. Then some intend to save money by putting away a fixed sum into an account periodically to create a larger corpus. Yes, fixed and recurring deposits continue to be the preferred investment vehicle for most traditional investors. In this article, we shall attempt to understand what is a recurring deposit. Read on to find out.

What is a Recurring Deposit account?

A Recurring Deposits (RD) is a type of term deposit in which customers can invest money in instalments. As a Recurring Deposit holder, you can invest a fixed sum at regular intervals for a fixed tenure instead of locking your entire investment amount in a deposit all at once. The interest rates you earn on your Recurring Deposits are almost par with those offered by banks on Fixed Deposits (FDs). As such, you can earn high interest even on a small amount of deposits. An RD is an excellent investment vehicle that helps you develop the discipline of saving money regularly.

RD tenure and eligibility requirements

Besides knowing what is RD in a bank, we should also be aware of the tenure and deposit requirements associated with these accounts. The term for Recurring Deposits generally ranges from 6 months to 10 years. Banks mostly ask customers to deposit money in RDs every month, but some financial institutions may also give the option of investing on a quarterly or half-yearly basis. The interest is mainly compounded quarterly and paid on maturity.

Almost anyone, including Non-Resident Indians and minors aged ten years or above, can start an RD in India with any major banks and non-banking finance companies (NBFCs).
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Benefits of Recurring Deposits

Having explained what an RD account is, let us look at its benefits. Recurring deposits are increasingly gaining popularity among investors because of the following benefits they offer:

RDs make it possible for investors to earn attractive FD-like returns, even on small-ticket investments.

This type of deposit account develops the discipline among investors of saving money at regular intervals.

RDs offer guaranteed returns, unlike other monthly investment schemes like systematic investment plans (SIPs) offered by mutual funds.

Most banks offer loan facilities to customers against their RD accounts. Customers can avail as much as 95% of the amount parked in their RD as a loan, but the rate may vary from bank to bank.

Recurring deposit schemes

Banks often design special Recurring Deposit schemes with attractive features to suit the needs of various investors. For instance, many banks offer a flexible Recurring Deposit where customers have the option to skip an instalment without paying any penalties, or they may have the opportunity to deposit a different amount to their RD account at each instalment.

There can be special RD schemes for minors, the elderly, and Non-Resident Indians (NRIs). These schemes typically offer varying benefits keeping in mind the specific requirements of these groups of people. For example, the RD schemes for senior citizens usually come with a higher interest rate than those offered with regular RDs.

Difference between recurring and fixed deposits

For many investors knowing what is a recurring deposit is not sufficient. To indeed check which type of investment is better, they like to compare RDs and FDs. If you are one such investor, you may be interested in knowing the following points differentiating the two investment vehicles.

FDs are meant for individuals who have sufficient savings and can invest a lump sum amount. Conversely, RDs are meant for those who want to create savings by regularly investing a small portion of their income.

Investors can open an FD for a minimum duration of 7 days and a maximum of about ten Meanwhile, the minimum tenure for an RD is six months, and the maximum is ten years.

FDs can prove to be a good source of regular income as they mostly allow monthly, quarterly or annual payouts. On the other hand, RDs are ideal for people looking to build a corpus gradually, as interest payout for RDs happens only upon maturity of the scheme.

Tax-saving FDs with tenures of 5 years and above offer benefits in which you can get tax deductions on the interest earned under section 80C of the Indian Income Tax Act, 1961. As for RD investments and regular FDs, you have to pay taxes on the interest income as per your income tax slab.

Final note

Now that you know what is RD account, you can consider this investment vehicle to generate savings. Recurring deposits are ideal for people who prefer to make investments in smaller instalments. It also inculcates the habit of saving money with discipline. Remember to choose a bank offering a reasonable RD interest rate before investing.
Download the digibank by DBS app to open a recurring deposit and see your dreams take shape. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is Recurring Deposit? Read About RD Meaning, Benefits & More | digibank by DBS

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Recurring Deposits earn you FD-like returns on smaller amounts of money invested regularly. With RDs, you can invest money in instalments. RDs allow you to earn comparatively higher interest than savings bank accounts. RDs, help you inculcate the habit of saving regularly.

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Deposit Earnest Money - Earnest Money Deposit Meaning | DBS digibank

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Deposit Earnest Money - Earnest Money Deposit Meaning | DBS digibank

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Deposit Earnest Money - digibank explains the purpose and importance of an earnest money deposit. One can start EMD by downloading the digibank by DBS app.

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Key Takeaways

Earnest Money Deposit or EMD is a type of deposit paid by home buyers to sellers.

Buyers pay EMD to sellers of properties and other government and private projects.

It is usually a token amount paid to the seller, indicating your interest in buying property.

Indian Banks offer loans for EMD amounts to enable you to apply for Government-backed housing projects.

EMD is fully refundable if the bidder or buyer does not win the bid against the property.

When it comes to high-ticket investments like buying a home or securing high-value government or private projects, you typically need lump-sum amounts. You may also find other buyers interested in the same assets, and the seller may receive multiple offers. However, you can convince sellers and assure them of your buying intentions by offering a small deposit, also known as Earnest Money Deposit. Find Earnest Money Deposit meaning and significance in this article.
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What is Earnest Money Deposit?

Earnest Money Deposit (EMD) is a form of deposit that buyers pay sellers in good faith as an assurance of interest in purchasing high-ticket items or while making significantly large transactions. The deposit gives buyers the time required to sort out their finances, evaluate the investment, and conduct inspections, before closing a deal. In the context of the Indian real estate market, an earnest deposit is commonly referred to as a 'token amount'. Once the seller accepts your offer, you get a certain number of days to make the deposit.

EMD is not limited to real estate investments alone. Government and private projects also allow Earnest Deposit, wherein sellers must go through a bidding war and pay the EMD to the respective companies. Here, EMD is also known as Bid Bond, Bid Security or Tender Security.

Earnest Money Deposit Schemes in India

Government housing agencies sell residential plots and built-up houses in India. Let us say they are in the process of selling a flat. For one flat, there will be multiple buyers. However, to be considered a buyer for that flat, all applicants must pay an Earnest Deposit. The applicant who wins the bid gets to buy the flat. The remaining applicants get their deposit back. To provide individuals with a chance to bid for the flat, some banks in India issue loans for the Earnest Deposit amount. For instance, if the EMD to bid for a flat is INR 10 Lakh, the bank will lend you 100% of the amount with nominal interest rates. Here are some features of taking an EMD Loan:

100% loan amount disbursement

Lower interest rates and processing fees

Minimum to no pre-payment penalties

Repayment tenures up to a year

Earnest Deposit Scheme Loans - Eligibility & Documentation

Eligibility: You should be a Resident Indian, at least 21 years old and must fulfil all other Urban Development Authorities (UDA) eligibility criteria.

Documents: You should provide your ID and address proof, PAN Card, income proof documents like salary slips, bank statements, Income Tax Returns, balance sheets, business licenses, TDS certificate, and other documents required by the lending bank.

Final Note

Now that you know earnest money deposit meaning, you can consider this facility while making high-value transactions. An EMD paves the path for you to make high-value investments and buys you the time you need to complete the transaction. You can consult your bank for terms and conditions associated with EMD loans.
Download the digibank by DBS app to get started. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Deposit Earnest Money - Earnest Money Deposit Meaning Explained | digibank by DBS

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Earnest Money Deposit or EMD is a type of deposit paid by home buyers to sellers. Buyers pay EMD to sellers of properties and other government and private projects. It is usually a token amount paid to the seller, indicating your interest in buying property.

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Types of Bank Account - Here is a guide on the various types of bank accounts offered in India. One can open a bank account by downloading the digibank app.

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Key Takeaways

Banks offer various types of accounts.

Common examples include Savings, Current, Salary, and BSDA Accounts.

You can also open Fixed and Recurring Deposit Accounts.

Banks provide several facilities with almost all accounts, e.g., net banking, debit cards, etc.

You can also download banking apps to access your accounts.

Introduction

A bank account is a great place to save, invest, and grow your money. Today, banks offer a wide variety of accounts to fit the many needs of their customers. Each account has its own unique characteristics, and specific requirements - from facilities offered to balance maintenance and so on. This article will help you to understand the widely used bank account types in India. Read on.

6 Types Of Bank Accounts You Can Open In India

Whether you are a Resident Indian or an NRI, you can open a wide variety of accounts, based on your residency status. Here are some of the most common types of bank accounts you can open in India as a Resident Indian:

1. Savings Account

A Savings Account is a place to park or save your access funds and earn interest on it. You also get a wide range of services like debit cards, internet banking, online bill payments etc., with the account. There is no specific upper limit on the amount you can save. However, there the permissible transactions depend on the type of bank account you open. For instance, minimum balance requirements for regular Savings Accounts are significantly low compared to Privileged Savings Accounts. Banks offer several types of Savings Accounts like Joint Savings Accounts, Family Savings Accounts, Senior Citizens Savings Account, Kids Savings Account Etc.

2. Basic Savings Bank Deposit Account (BSBDA)

BSBDA is a type of savings account that does not require a minimum balance. That said, it comes with certain restrictions. For example, the maximum balance in the account should not be more than INR 50,000 at any time; or the total value of transactions should not exceed ten thousand rupees in a month. In doing so, the account ceases to be a BSBDA and will be converted to a regular savings account.

3. Current Account

Current accounts are used, mainly by business owners or corporations. Banks do not pay any interest on these accounts. There is no limit on the maximum amount of money you can hold in this account. Accountholders also enjoy a higher number of daily transactions. A prominent feature of the current account is the Overdraft Facility. This feature enables account holders to get access to a credit facility, even when you account balances are low. You can use the sums borrowed through the overdraft facility to fund your business needs.

4. Salary Account

As the name suggests, a salary account is where your employer credits your monthly salary. These accounts are opened by employers who typically tie-up with one bank and open accounts for all their employees. Salary accounts double as zero balance accounts since you can withdraw all the sums deposited in the account.

5. Fixed Deposit Account

A Fixed Deposit Account is a type of investment on which you can earn a fixed or steady interest rate and guaranteed returns on the amount invested. The only tradeoff is that you have to fix or block the deposit amount is until maturity. Investment tenures for fixed deposits range from 7 days to 10 years. If needed, you can withdraw your FD before term by paying a premature withdrawal penalty. Fixed Deposits usually offer higher interest rates than a Savings Account and are considered safe investments for risk-averse investors.

If you prefer to save time and effort and open an FD account remotely, then download the digibank by DBS app right away!

6. Recurring Deposit Account

A Recurring Deposit (RD) gives you the flexibility to invest every month rather than investing a lump sum amount. Banks offer tenures usually from 6 months to 10 years. Unlike FD, where the interest gets credited every quarter or upon maturity, the interest is strictly paid upon maturity in an RD. You can set up standing instructions for your bank to debit the monthly RD amount. You must also maintain sufficient balances in your account so that the bank can debit the sums on your chosen date.

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NRI Accounts

Non-Resident Indians living abroad can open NRI accounts in India. This type of bank account is further divided into three types:

1. Non-residential Ordinary Rupee (NRO) Account is for NRIs who have income sources in India while they are based abroad. They can also deposit their foreign earnings in the NRO account.

2. Non-residential External Rupee (NRE) Account is another place for NRIs to deposit their foreign earnings. Sums deposited are converted to INR instantly. NRIs may repatriate all the money deposited in this account into their bank accounts abroad.

3. Foreign Currency Non-Resident Account or FCNR accounts are maintained in foreign currency denominations. This is a Fixed Deposit Account that offers a fixed interest rate upon maturity. Accounts holders can avail of loans in India against their FCNR deposits.

Conclusion

With the ever-evolving banking industry, you can now access your bank accounts anytime, from any corner of the world. Facilities like mobile and internet banking and UPI payments save you a trip to the bank. Moreover, you can get instant mini statements, transfer funds, pay your bills and do a lot more today.
Download digibank today to experience the benefits of digital savings account. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Types of Bank Accounts: 6 Different Types of Bank Accounts in India | digibank by DBS

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Banks offer various types of accounts. Common examples include Savings, Current, Salary, and BSDA Accounts. You can also open Fixed and Recurring Deposit Accounts. Banks provide several facilities with almost all accounts, e.g., net banking, debit cards, etc. You can also download banking apps to access your accounts.

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Virtual Payment Address - Features & Benefits | digibank by DBS

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Virtual Payment Address - Features & Benefits | digibank by DBS

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Virtual Payment Address - digibank explains VPA features, benefits & important things to know about VPA. One can download the digibank mobile app for more.

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What is Virtual Payment Address & Key Benefits of using a VPA | digibank by DBS

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Find out what VPA (Virtual Payment Addresses) are and how they can help you send or receive money. Download digibank app & send money to your family now.

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What is Mutual Fund NAV - Explained Here | digibank by DBS

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What is Mutual Fund NAV - Explained Here | digibank by DBS

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What is Mutual Fund NAV - Understand what does a mutual fund’s NAV or net asset value mean and what goes into it. By downloading the digibank app, one can get more information.

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What does a mutual fund's NAV or Net Asset Value mean and what goes into it? We have the answers
TLDR Points

The Net Asset Value (NAV) represents the price you will get for a single unit of your mutual fund scheme

The NAV is the total value of the scheme's assets (minus liabilities) divided by the number of units issued

The NAV fluctuates based on changes in the value of the scheme's underlying portfolio

What is a Mutual Fund's NAV?

A Mutual Fund (MF) holds a portfolio of securities in different proportions based on the fund manager's judgment. The amount invested in these securities is collected from investors, who are issued units in return for their money.

To understand mutual fund NAV, let's assume a mutual fund scheme has three stocks in its portfolio:

Stock A, of which it has a 1000 shares worth Rs 100 each

Stock B, of which it has 200 shares of Rs 200 each

Stock C, of which it has 800 shares of Rs 50 each.

The value of its portfolio is Rs 180,000.

Now, the mutual fund also has expenses (fund manager's salary, administrative expenses etc.). Let's assume, the mutual fund has expenses worth Rs 30,000.

The mutual fund has issued 15000 units of its scheme to investors.

How much is each unit worth? The calculation is simple: the value of its assets minus expenses divided by units issued - that is 180,000-30,000 / 15000. The value of each unit is Rs 10.

That is its net asset value.

Since net asset value is based on a mutual fund's underlying portfolio, it is liable to change as the value of the portfolio changes. So, if the market does well, and prices of the stocks rise, the NAV will increase. If the market tanks and the prices of the stocks fall, the NAV will decrease.
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Why is NAV important?

NAV is important because that's the price at which you can buy or redeem mutual fund units.

Fund houses announce the mutual fund NAV every day. They have to do that because the price of the underlying securities in each portfolio changes every day. For example, if you buy an equity mutual fund that invests in stocks of mid-cap companies. Stock prices change every day, so the NAV will also fluctuate daily.

So far, we have told you about the meaning of NAV in a mutual fund. Let us now find out how relevant it is in evaluating a mutual fund for investment.

Role of NAV in a Fund's Performance

NAV is largely used to buy or redeem units of a mutual fund. It's never used, like a share's price, to evaluate the investment potential of a fund. The NAV of a fund is not affected by demand and supply but is impacted by changes in the value of its underlying portfolio. Investors can use a share's price to analyse if it's under- or over-valued, but not so in the case of mutual fund NAV.

MF NAV, however, allows investors to track the performance of a fund over time by looking at changes in the NAV. If a mutual fund with an NAV of Rs 10 moves to Rs 12 in a year that means it has delivered a return of 20%.

Factors that affect mutual fund NAV

We have already talked about how changes in the underlying portfolio will affect a fund's NAV. Another factor that will impact NAV is the expense ratio. Higher expenses will bring down the NAV; lower expenses will improve NAV. Also, in dividend payout options, the NAV of a mutual fund will reduce to the extent of the dividend payout.

Conclusion

Knowing what is NAV is important to calculate how many units of a fund, you will be allotted for a fixed amount of money. Do remember, however, that a low NAV does not necessarily mean a good fund and neither does a high NAV mean an expensive scheme. When you are evaluating a mutual fund, consider whether it fits your long-term goals and risk appetite.

If you are interested in buying or evaluating mutual funds, the digibank by DBS app offers an intuitive way to do that. It helps you assess mutual funds based on your risk appetite and also recommends schemes that may suit you. The app makes choosing the best mutual funds easy. Download the digibank app to get started.
Download digibank Now
*Disclaimer: digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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what is the meaning of nav in mutual fund

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What is Mutual Fund NAV? Role in Fund's Performance Explained | digibank by DBS

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What does a mutual fund's NAV or Net Asset Value mean and what goes into it?

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What is Mutual Fund NAV - Explained Here | digibank by DBS

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What is Mutual Fund NAV - Explained Here | digibank by DBS

# data[].attributes.body
What is Mutual Fund NAV - Understand what does a mutual fund’s NAV or net asset value mean and what goes into it. By downloading the digibank app, one can get more information.

# data[].attributes.attachment_link.readable_text
What does a mutual fund's NAV or Net Asset Value mean and what goes into it? We have the answers
TLDR Points

The Net Asset Value (NAV) represents the price you will get for a single unit of your mutual fund scheme

The NAV is the total value of the scheme's assets (minus liabilities) divided by the number of units issued

The NAV fluctuates based on changes in the value of the scheme's underlying portfolio

What is a Mutual Fund's NAV?

A Mutual Fund (MF) holds a portfolio of securities in different proportions based on the fund manager's judgment. The amount invested in these securities is collected from investors, who are issued units in return for their money.

To understand mutual fund NAV, let's assume a mutual fund scheme has three stocks in its portfolio:

Stock A, of which it has a 1000 shares worth Rs 100 each

Stock B, of which it has 200 shares of Rs 200 each

Stock C, of which it has 800 shares of Rs 50 each.

The value of its portfolio is Rs 180,000.

Now, the mutual fund also has expenses (fund manager's salary, administrative expenses etc.). Let's assume, the mutual fund has expenses worth Rs 30,000.

The mutual fund has issued 15000 units of its scheme to investors.

How much is each unit worth? The calculation is simple: the value of its assets minus expenses divided by units issued - that is 180,000-30,000 / 15000. The value of each unit is Rs 10.

That is its net asset value.

Since net asset value is based on a mutual fund's underlying portfolio, it is liable to change as the value of the portfolio changes. So, if the market does well, and prices of the stocks rise, the NAV will increase. If the market tanks and the prices of the stocks fall, the NAV will decrease.
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Why is NAV important?

NAV is important because that's the price at which you can buy or redeem mutual fund units.

Fund houses announce the mutual fund NAV every day. They have to do that because the price of the underlying securities in each portfolio changes every day. For example, if you buy an equity mutual fund that invests in stocks of mid-cap companies. Stock prices change every day, so the NAV will also fluctuate daily.

So far, we have told you about the meaning of NAV in a mutual fund. Let us now find out how relevant it is in evaluating a mutual fund for investment.

Role of NAV in a Fund's Performance

NAV is largely used to buy or redeem units of a mutual fund. It's never used, like a share's price, to evaluate the investment potential of a fund. The NAV of a fund is not affected by demand and supply but is impacted by changes in the value of its underlying portfolio. Investors can use a share's price to analyse if it's under- or over-valued, but not so in the case of mutual fund NAV.

MF NAV, however, allows investors to track the performance of a fund over time by looking at changes in the NAV. If a mutual fund with an NAV of Rs 10 moves to Rs 12 in a year that means it has delivered a return of 20%.

Factors that affect mutual fund NAV

We have already talked about how changes in the underlying portfolio will affect a fund's NAV. Another factor that will impact NAV is the expense ratio. Higher expenses will bring down the NAV; lower expenses will improve NAV. Also, in dividend payout options, the NAV of a mutual fund will reduce to the extent of the dividend payout.

Conclusion

Knowing what is NAV is important to calculate how many units of a fund, you will be allotted for a fixed amount of money. Do remember, however, that a low NAV does not necessarily mean a good fund and neither does a high NAV mean an expensive scheme. When you are evaluating a mutual fund, consider whether it fits your long-term goals and risk appetite.

If you are interested in buying or evaluating mutual funds, the digibank by DBS app offers an intuitive way to do that. It helps you assess mutual funds based on your risk appetite and also recommends schemes that may suit you. The app makes choosing the best mutual funds easy. Download the digibank app to get started.
Download digibank Now
*Disclaimer: digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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what is the meaning of nav in mutual fund

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What is Mutual Fund NAV? Role in Fund's Performance Explained | digibank by DBS

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What does a mutual fund's NAV or Net Asset Value mean and what goes into it?

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Dormant Account - Dormant Account Meaning | digibank by DBS

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Dormant Account - Dormant Account Meaning | digibank by DBS

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Dormant Account - Understand how to keep your bank account active at all times. One can get more information regarding this by downloading the digibank app.

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Key Takeaways

A bank account with no activity for an extended period is known as a dormant account.

An account will be converted into a dormant account in the absence of any activity for 12 months.

Interests and dividends generated are not considered as sufficient activity.

The escheatment statute gives the government the right to every unclaimed asset.

Withdraw or deposit money, use your debit card, log in to net banking etc., to prevent your account from becoming dormant

Introduction

When it comes to our bank accounts, there are specific rules and regulations that we all must follow. One of the primary rules is that we should initiate some or the other activity on our accounts every few months. A bank account that has no activity for an extended period becomes a dormant account. If the financial institutions cannot establish a connection with account holders, their accounts will eventually be inactive. Let us understand what a dormant account is.

What is a dormant account?

A dormant account is a bank account that has been unused or inactive for 12 months. The activities that help you keep your account active include making deposits, money transfers, withdrawals, or even logging into the account. To prevent the account from becoming dormant, you must undertake transactions like cheque transactions, cash withdrawals, outward bills, cash deposits and so on, at least once every six months. Typically, banks convert accounts with no activity for extended periods into inoperative or dormant accounts to reduce the risk of fraud.

Dormant bank accounts - treatment and implication

Having explained dormant account meaning, let us find out its implications. Different financial institutions treat the term differently. The longer an account has been inactive, the higher will be the annual service fees. If a dormant bank account has zero balance in it, the bank has a right to close the account after some time.

When an account is deemed dormant, a cheque book will not be issued to you. Further, requests for the following cannot be made:

A change of address

Renewing of ATM/debit card

Adding or deleting a joint holder

Signature modification if needed

No transactions possible either through internet banking or a branch of the bank

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Reactivating dormant accounts

Dormant bank accounts can be reactivated easily. To reactivate your account, you will need to make a transaction by any of the following methods:

Transactions through a cheque.

Cash or cheque deposits into your account.

Withdrawal or deposit through an ATM.

Internet banking transaction in your inactive account.

A transaction by standing instruction - ECS & EFT.

Transaction through Mobile Banking in your inactive account

The process to reactivate a dormant bank account

For reactivation of an inactive account, you will need to submit a duly filled application to the bank justifying reasons for absence in transactions. You will need to be physically present at the financial institution with valid address proof and identity proof. As per RBI guidelines, there will not be any charges for activating a dormant bank account.

The escheatment process of dormant accounts

Financial institutions, like banks, have the responsibility of reporting unclaimed properties to the state after a certain amount of time. The escheatment statute gives governments the right to every asset of an account holder when the assets have been unclaimed. The states need to maintain records of all the unclaimed property and ensure a proper return procedure if claimed by the owner. If an owner wants to claim ownership, he must do so by filing claim applications in the prescribed manner.

After the escheatment process is complete and the property is still unclaimed for a long time, the state will have the right to the escheated property.

Conclusion

As an account holder, you must be aware of dormant account meaning. This will ensure that you carry out sufficient transactions to keep your bank account active. You can take one of the many preventive measures to ensure that your account is not labelled as dormant. Carry out a transaction, transfer funds through any of the banking channels, withdraw cash or make a cheque payable to ensure that your account always remains active.
With the digibank by DBS app, you can open a new saving account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Dormant Account Meaning - How to Reactivate or Inactive Account | digibank by DBS

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A bank account with no activity for an extended period is known as a dormant account. An account will be converted into a dormant account in the absence of any activity for 12 months. Interests and dividends generated are not considered as sufficient activity. The escheatment statute gives the government the right to every unclaimed asset.

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UPI ID - What is UPI ID | digibank by DBS

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UPI ID - What is UPI ID | digibank by DBS

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UPI ID - digibank provides a guide on what is UPI ID & how to create UPI ID. This can be done by downloading  the digibank app.

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Key Takeaways

Unified Payment Interface (UPI) allows secure digital payments.

It is a convenient way of receiving and sending money without sharing bank account details.

You can easily download UPI-enabled apps onto your smartphone from the Google Play and iOS app store.

You can use UPI to make payments at retail outlets or initiate fund transfers.

The official mobile banking apps of most banks offer UPI as a choice of fund transfer.

Introduction

Unified Payment Interface, or UPI, is a convenient, secure and safe mode of initiating digital payments. UPI has emerged as a popular mode for receiving and sending money as it allows instant fund transfer between two parties' bank accounts. Although they existed long before, UPI payments have gained wider acceptance and popularity in India since the 2016 demonetisation of banknotes.

What is UPI ID?

To transfer funds from one account to another through traditional ways, you will require details including the bank account number, branch address, bank name and IFSC of the beneficiary. Providing these details each time you want to initiate a transfer can be quite a cumbersome affair. UPI means that you can streamline the fund transfer process without these details. You can initiate a transaction with a UPI ID, also called a Virtual Payment Address (VPA).

In India, you can find a wide range of UPI-enabled apps that allow you to send and receive money instantly. Apps like Google Pay, PhonePe, PayTM etc., are some of the most common UPI-enabled apps in India. Then there is BHIM, the official app developed by The National Payments Corporation of India. All these apps allow you to transfer funds via a unified payment interface.

Furthermore, many banks also provide mobile applications through which you can transfer funds quickly. These apps are also UPI-enabled. For instance, digibank by DBS has its eponymous app that enables instant fund transfers.

How can I find or create my UPI ID?

Besides knowing what UPI payment is, you should know how to find or create your UPI ID. Irrespective of the UPI app you choose, you typically have to follow the same steps or the same variation of steps to make or find your UPI ID. They are as under:

1. Download your preferred UPI-enabled app. On opening, it will prompt you to set a four-digit app code.

2. If your smartphone has dual SIMs, select the number which is registered with your bank. The app, on its own, will verify your number.

3. The next step is to select your bank. Once your mobile number and bank accounts are identified, your phone screen will display your UPI ID; your mobile number registered with the bank. Suppose your mobile number is 1234567890; your UPI ID will be 1234567890@upi.

It is that simple.

Finding UPI ID in mobile banking applications

In bank apps, the process of finding and creating a UPI ID is somewhat different.

1. You will first have to verify your registered mobile number.

2. Once you have verified it, the app will prompt you to set a 4-digit PIN.

3. You can find your UPI ID under the 'My Profile' section of the UPI app.

4. The typical nomenclature for UPI IDs for bank apps is yourname@bankname.

Here, you have the convenience of changing your UPI ID to your liking.
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How is UPI ID used?

For a successful transaction, you need to know the UPI ID of the beneficiary. On confirmation of the ID of your beneficiary and other details such as the amount to be transferred, you need to key in the PIN, which you can create or change using your bank debit card. You can change or create a PIN by clicking on your UPI ID, displayed on the top left corner of the UPI app.

In some UPI-enabled bank apps, this second PIN is not necessary to complete the transaction.

Can I create my UPI ID?

You can easily create your UPI ID in five simple steps. They are as under:

1. Download the UPI enabled app on the phone.

2. Log in to the application

3. Click on the main menu and select 'create UPI ID'

4. You will see a new screen where you will have to enter the prefix for the ID.

5. Lastly, link this payment address with your bank account.

How to Solve the "UPI Registration Failed" Issue?

There are different methods to solve the registration issue. Here are the most effective ways to solve the problem.

1. Change the slot of your SIM card:

You should insert the SIM card registered with the bank account in the 1st SIM slot. If it is inserted into the 2nd SIM slot, then you need to take it out and change the slot. After you change the slot, it is essential to clear the data of the app.

2. Use mobile internet data instead of Wi-Fi to create your account

Whenever you register your account in your preferred UPI app, it is better that you create the account using your mobile internet data instead of Wi-Fi. If possible, try to use the internet from the same SIM number you use to create your account. In case of a slow internet connection, you may face errors, or the OTP may get delayed. Hence, use a stable internet connection to register conveniently.

3. Disable the VoLTE option on the phone

With mobile data, you usually get the VoLTE option, which is displayed next to the Wi-Fi and mobile data symbols on the top right of your phone screen. Go into the internet settings application in your mobile phone and disable the VoLTE option.

4. Provide necessary permissions

When you open your app the first time, it will seek your permission to enable contacts, etc. If you do not give the necessary permissions, you may run into issues later. It is best to provide all permissions asked by the app.

5. Check your mobile number

When trying to create your UPI account, you need to check that the mobile number you are using is linked with the bank account. If not, you will face registration issues. Check the number first, and then create your account on the app.

Conclusion

UPI has made life easier. Money transfer is literally on your fingertips now. Sending or receiving money is not only quick but safe from data theft as well. You do not need to remember or share bank account details while initiating a transaction. All these attributes make UPI-enabled payments the most secure, seamless, and hassle-free transactions.
Get started with seamless money transfer with digibank. Download the app now and send money to your family from anywhere! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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UPI ID - What Does UPI ID Means & How to Find UPI ID in App? | digibank by DBS

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Unified Payment Interface (UPI) allows secure digital payments. It is a convenient way of receiving and sending money without sharing bank account details. You can easily download UPI-enabled apps onto your smartphone from the Google Play and iOS app store. You can use UPI to make payments at retail outlets or initiate fund transfers.

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IMPS Full Form - IMPS Meaning | digibank by DBS

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IMPS Full Form - IMPS Meaning | digibank by DBS

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IMPS Full-Form - Understand IMPS's full form, meaning, how to use your mobile and internet banking to make a transaction. This can be done online by downloading the digibank app.

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What is IMPS? – IMPS Full Form, IMPS Transfer Meaning | digibank by DBS

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IMPS or Immediate Payment Service - Learn more about the features, benefits, and other details of this fund transfer service. Use digibank remittance services for easy IMPS transfer.

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Tax Saving Mutual Funds - Best Tax Saver Mutual Fund | DBS digibank

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Tax Saving Mutual Funds - Best Tax Saver Mutual Fund | DBS digibank

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| Tax Saving Mutual Funds -  digibank provides an ultimate guide on best tax saver mutual funds. Tax saving options can be availed by downloading the digibank app.

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Key Takeaways

Equity Linked Savings Schemes or ELSS are the best tax saver mutual funds in India.

ELSS falls under Section 80C, under which you get deductions of up to INR 150,000 per annum.

Investors in the 30% tax bracket can save up to 46,800 per annum through ELSS investments.

You need to stay invested in ELSS tax saving schemes for at least three years.

ELSS offers dual benefits of tax savings and wealth generation.

Introduction

Investing in mutual funds can be both rewarding and overwhelming as there are several categories. It is no wonder that India's Securities and Exchange Board (SEBI) formally categorised mutual funds. As per SEBI categorisation, there are five major categories and several sub-categories. For instance, equity and debt mutual funds are further sub-divided into eleven and sixteen types, respectively. One such equity mutual fund scheme is ELSS, the best tax saver mutual fund scheme. Let us understand what is a tax saver mutual fund in this article.

What Is A Tax Saver Mutual Funds?

As is apparent from the term, a tax saver mutual fund is one on which you get tax deductions benefits. There is only one tax saving mutual fund scheme in India - the Equity Linked Savings Scheme or ELSS. Under Section 80 of the Income Tax Act of India, 1961, you can claim benefits from your taxable income if you choose to invest in ELSS mutual funds. Fund managers typically allot 65% of assets in equity and equity-linked schemes. For investors, the ELSS tax saving mutual fund scheme can generate the highest returns among all investments permitted under section 80C.

Features And Benefits Of Taxing Saving Mutual Funds

Here are some of the best features and benefits of ELSS tax saving funds:

ELSS investments allow you to benefit from tax deductions and assist with wealth creation.

Under Section 80C, you may claim tax deductions of 150,000 per annum.

As an ELSS investor in the highest tax bracket of 30%, you can save up to INR 46,800 per annum.

ELSS funds come with the shortest lock-in period among all Section 80 C investments, i.e., three years.

There are no provisions to exit an ELSS scheme prematurely.

You may invest any amount of money in an ELSS scheme, as there is no specific upper limit. However, the minimum investment amount may differ from one fund house to another.

ELSS funds are also the only tax-saving investments that can potentially generate inflation-adjusted returns.

If you want to invest in mutual funds, download the digibank by DBS app today and choose from over 200 schemes! Download digibank Now
Comparison With Other Tax Saving Schemes

Under the IT Act of India, you can invest in various schemes and avail tax savings benefits. However, under-investment tenure and returns, ELSS funds are the best tax saver funds. For instance, you can get tax exemptions by investing in 80C instruments like Public Provident Funds and Tax Saving Fixed Deposits. However, the returns generated on both instruments are significantly lower, while the investment tenures are higher at 15 and 5 years, respectively. In comparison, ELSS tax saving funds come with a short lock-in period of only three years.

That said, PPF and Tax-savings FDs are safer investments, unaffected by market fluctuations. In contrast, ELSS invests in equity schemes, so there is always an element of risk attached. ELSS is a scheme that fits the cliché, 'higher the risks, higher the rewards'. However, you can mitigate your risks by running technical and fundamental analyses about ELSS funds - their past performance, management, prospects, etc., before investing.

How To Invest In Best Tax Saving Mutual Funds?

You can invest a lump sum amount in ELSS tax savings funds and lock your investment for three years. You can just as efficiently utilise the Systematic Investment Plan (SIP) route. If you opt for the SIP route, remember that each instalment is considered a particular investment, and so it has to be locked in for three years. The minimum investment amount for SIP can be as low as INR 100-500, depending on the fund house.

You may invest in ELSS tax saver mutual funds on your own through the fund house's website by completing the KYC formality. You may also invest via your Demat and trading account (although it is not mandatory for mutual fund investments).

Conclusion

The best tax saver funds are those that remain stable even during volatile markets. In India, many investors have benefited from investing in ELSS mutual funds. It is one of the best instruments that assist with wealth creation while providing tax savings benefits. If you are unfamiliar with mutual funds, you should consider hiring an investment advisor to guide you with your investments.
Download digibank to explore the different mutual funds on offer. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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Tax Saving Mutual Funds - Meaning, Features & Benefits of Tax Saving Funds | digibank by DBS

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Equity Linked Savings Schemes or ELSS are the best tax saver mutual funds in India. ELSS falls under Section 80C, under which you get deductions of up to INR 150,000 per annum. Investors in the 30% tax bracket can save up to 46,800 per annum through ELSS investments.

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How to Recharge FASTag Online - In Few Minutes | DBS digibank 

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How to Recharge FASTag Online - In Few Minutes | DBS digibank 

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How to Recharge FASTag Online - This guide will show how to recharge your FASTag so you can drive safely. One can recharge FASTag by downloading digibank app.

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How to Recharge FASTag Hassle-Free | digibank by DBS

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How to Recharge FASTag - Download digibank app & use your digital savings account to recharge FASTag anytime & anywhere through UPI & Customer or Banking portal.

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How to Activate FASTag - A Complete Guide | digibank by DBS

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How to Activate FASTag - A Complete Guide | digibank by DBS

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How to Activate FASTag - Here is a step-wise guide on how to activate your FASTag in a few minutes. One can download the digibank app to activate FASTag.

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Key Takeaways

FASTag is an RFID tag through which you can make cashless payments at toll plazas at National Highways.

The Government of India introduced it to reduce traffic congestion on highways.

You can buy and activate FASTags through your bank, POS terminals & distribution agencies.

You can easily recharge it by linking your bank account to the FASTag application, which you can download on your smartphone.

You must input the 24-digit FASTag ID to activate it.

Introduction

In 2020, a world traffic index ranked three Indian metropolitan cities among the top 10 congested cities in the world. Commute by roads has become an agonising task due to traffic. The long queues at toll booths add to the ever-growing traffic. To minimise this issue, the Government of India introduced a digital toll payment device known as FASTag. Continue reading to learn what it is and how to activate FASTag.

What is FASTag?

FASTag is a Radio Frequency Identification (RFID) tag through which you can pay your toll tax digitally. The Government of India has made it mandatory for all cars and multi-axle vehicle owners to obtain a FASTag. The tag is readily available at member Point-of-Sales locations, i.e., the toll plaza and banks. You can also buy it online.

You must affix the sticker at the centre of your car's windscreen so the Electronic Toll Collection (ETC) booth can scan the tag and collect the toll fare. Without stopping your vehicle at a toll booth, the traffic would be in continuous motion, thus minimising congestion and reducing waiting time at toll plazas.
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How to Activate FASTag?

There are two ways of how to activate the FASTag. They are as under:

Offline Activation

When you purchase a FASTag from certified banks, you get a pre-activated FASTag.

Visit the nearest FASTag issuing bank and ask for a FASTag application form

Fill and submit the FASTag form along with your KYC documents, Vehicle Registration Certificate (RC) and a passport size photo

The bank will deliver the pre-activated FASTag to you within 7 to 8 working days. The Welcome Kit includes a tag sticker and login credentials for the FASTag customer portal

Peel the sticker and place it at the centre of the windscreen of your car or multi-axle vehicle. You can use the login credentials to recharge your FASTag account

Online Activation

You may also purchase FASTag from a PoS location or an online retailer and activate it online. The simple steps of how to start FASTag online are as under:

Download the My FASTag application on your mobile device

Select 'Activate NHAI FASTag' displayed on the homepage of the app

Select the e-commerce site from where you purchased the FASTag

Here, you can either scan the QR code on the FASTag or manually enter the 24-digit FASTag ID displayed at the bottom of the tag, and your FASTag gets activated instantly

Post activation, you can link your bank account to the FASTag. This way, when you pass an ETC booth, the toll fare is deducted automatically.

Conclusion

With FASTag, you need not carry cash and provide exact change at toll plazas while serving as a time-saver. To enjoy seamless driving on highways, you must purchase and learn how to activate FASTag. So download the 'My FASTag' application on your mobile device and go digital with your toll tax payments.
Download digibank today to experience the benefits of a digital savings account. Download digibank Now

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How to Activate FASTag In a Few Minutes | digibank by DBS

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FASTag is an RFID tag through which you can make cashless payments at toll plazas at National Highways. The Government of India introduced it to reduce traffic congestion on highways. You can buy and activate FASTags through your bank, POS terminals & distribution agencies.

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PAN Card Download - How to Download PAN Card Online | DBS digibank

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PAN Card Download - How to Download PAN Card Online | DBS digibank

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PAN Card Download - This article has a step-by-step method on how to download an e-PAN card online. One can freely download PAN within 30 days of application by downloading the digibank app.

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Key Takeaways

You can download the electronic format of your PAN Card online.

You can download the PAN Card from the e-filing, NSDL, or UTIISTL websites.

You will need either the acknowledgment number or the PAN number to download.

You can freely download PAN within 30 days of application.

e-PAN makes it easier to store your PAN Card on your phone.

The Income Tax Department of India enables you to download a digital copy of your PAN Card. An individual or a company can visit the Income Tax e-filing, the National Securities Depository Limited (NSDL), or the UTI Infrastructure Technology And Services Limited (UTIISTL) websites to download the e-PAN Card. Here is a detailed, step-wise guide on how to download e-PAN Card.
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PAN Download from the e-Filing Website

1. Go to the e-filing portal of the Income Tax Department.

2. Click on 'Instant E-PAN' on the homepage.

3. Select 'Check Status/Download PAN' and click on 'Continue.'

4. Enter your 12-digit Aadhaar Number and Click on 'Continue.'

5. Enter the One-time Password (OTP) sent on your registered mobile number, provided at the time of the PAN Card application, and linked to your Aadhaar Card.

At this stage, you can download the e-PAN or check your PAN application status.

PAN Download from the (NSDL) Website

1. Visit the Tax Information Network (TIN)-NSDL portal.

2. Under 'PAN - New Facilities,' click on 'Download e-PAN.'

3. Enter the 'Acknowledgement Number' and 'Date of Birth / Incorporation / Formation' in the new tab.

4. Enter the captcha code, click on 'Submit,' and download the PDF.

5. The PDF is password-protected, with the password being your 'Date of Birth / Incorporation/ Formation.'

How To Download PAN Card with PAN Number?

1. Select the 'PAN' after clicking on 'Download e-PAN.'

2. Enter the PAN Number, Aadhaar Number (if you are an individual applicant), 'Date of Birth / Incorporation / Formation.'

3. Enter the captcha code, click on 'Submit,' enter the OTP for PAN Card download.

PAN Card Download from the UTIITSL Website

1. Click on 'PAN Card Services' on the On the UTIITSL website homepage and select 'Download e-PAN.'

2. Enter your PAN Number, the Month & Year of (Date of Birth / Incorporation / Agreement / Partnership or Trust Deed / Formation of Body of Individuals / Association of Persons).

3. Enter the captcha code flashing on the screen and click on submit.

4. You will receive a link on the registered mobile number via SMS or email.

5. Click on the link, enter the OTP received on the mobile number for PAN Card download online.

Once you apply for the e-PAN Card, you can track your applications using the relevant reference numbers sent on your registered email ID or mobile number. If you have completed your PAN application in the last 30 days, you can download the e-PAN Card free of cost. However, if you request a PAN Card after a month of completing the application, you must pay a nominal fee of INR 8.26, including taxes.

Final Note

e-PAN makes it easier to store your PAN Card on your phone. The digital e-PAN Card also comes in handy when you need to complete various banking and non-banking processes like completing e-KYCs, filing Income Tax Returns, opening Demat accounts, etc. The e-PAN also reduced the hassles of carrying or losing your physical PAN Card.
Would you like to explore more benefits of digibank by DBS? Download the app and start investing Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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PAN Card Download Online - How to Download e-PAN Card with Ease | digibank by DBS

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You can download the electronic format of your PAN Card online. You can download the PAN Card from the e-filing, NSDL, or UTIISTL websites. You will need either the acknowledgment number or the PAN number to download. You can freely download PAN within 30 days of application.

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How to Do Wire Transfer - A Step-by-Step Guide | digibank by DBS

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How to Do Wire Transfer - A Step-by-Step Guide | digibank by DBS

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How to Do Wire Transfer - Here is a guide on how to do wire transfer in eight simple steps. One can do the money transfers by downloading the digibank app.

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TLDR Points

A wire transfer is an electronic way to transfer funds from one bank account to another.

It can be done in 2 ways - online or by visiting a bank's branch.

Introduction

You need to send money abroad in a hurry. Perhaps to pay your child's tuition fees or support a family member living abroad. A friend suggests wire transfer. And you wonder what that is. Well, we have you covered.

A wire transfer is an electronic way of transferring money from one account to another, usually overseas. The sender and recipient's banks will either directly communicate with each other to move the money or use the SWIFT network to facilitate the transfer. SWIFT is the Society for Worldwide Interbank Financial Telecommunications. A wire transfer is a quick, safe, efficient, and convenient way to transfer money from India to a foreign country.

Different ways of doing a wire transfer

Technology has made sending money across borders easier. If you are wondering, "how do I wire money?", then the answer is that you can do it in either of 2 ways:
1. Online
A parent can easily send tuition fees to their child studying abroad through net banking or her bank's mobile app.
2. Offline
Or the parent can visit the bank's branch, fill a form, and arrange for money to be transferred their child's her bank account.

8 Quick steps on how to do a bank wire transfer

Let's understand a little more about the two ways of doing a wire transfer from India.

If you choose to do an international wire transfer online, these are the steps you need to follow:

1. Log in to your bank's online service using your customer credentials.

2. Select the account from which you want to send the money.

3. Select the 'overseas fund transfer' or 'international money transfer' option.

4. Check your transfer limit, and change it if necessary.

5. Enter the beneficiary or recipient's information.

6. Mention the amount you want to transfer and its currency.

7. Pay any transaction or processing fee levied by your bank.

8. Place the wire transfer order.

If you choose to visit your bank' branch to arrange an international wire transfer, follow these steps:

Call to check if your particular branch facilitates international wire transfers.

Ask the bank teller for the form to submit your international wire transfer order. Or, the teller will ask you to give them the details instead of asking you to fill a form.

Provide all the relevant beneficiary or recipient information needed. Plus, all your account information.

Specify the amount to be transferred along with its currency.

Enquire about the fees for making the wire transfer. Pay any necessary transaction or processing fee levied by your bank.

Cross-check and confirm all the details.

Submit your wire transfer order.

Take the receipt from the teller.

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A detailed guide on how do you do a wire transfer

Worried about sending your very first wire transfer? Or wish to be extra cautious? Don't worry. Here is a detailed guide on how to do a wire transfer online as well as offline.

Steps to make an international wire transfer online:

Login to your net banking

Head to your bank's net banking page and log in using your customer credentials such as username and password. Make sure you have signed up for net banking before you do this.

Select the account

If you have more than one account with the same bank, choose the account through which you want to transfer the funds. Next, look for the option to send money abroad. This could be under 'Wire Transfer', 'Overseas Transfer', 'International Wire Transfer', or something similar. If you can't find it, check the website's main toolbar or do a simple site search.

Check the money transfer limit

Check the upper limit of the amount you can send from that particular account. The RBI sets a limit, but some banks allow you to set a daily limit on the transfer amount. Check to see if the amount you wish to transfer falls below the limit or not. Change it accordingly; otherwise, your transfer order will get rejected.

Enter beneficiary details

Enter accurate details of the person you are sending the money. These details include their full name, address, bank account details such as account number, bank name and address, and bank's SWIFT code. The bank's details can be found on the bank statement or the bank's website.

Choose the amount and currency

Your international wire transfer page will automatically choose the currency based on the recipient's address. For example, if you put in the recipient's address as London, the page will automatically change the currency to Pound Sterling. Make sure you enter the correct amount. Always, always check the number of zeroes.

Pay the bank fees

Most banks will levy a transaction fee. However, some banks will have certain routes and currency combination which have zero fees. Either way, whatever bank fee may be valid, will be calculated based on the amount you wish to send, the route, the currency markup, and taxes. Often, the sender's bank will allow them to pay the recipient's bank's fee as well so that the recipient can receive the full credit.

Submit the wire transfer order

Once you have cross-checked the details and deemed them accurate, you can submit the order. You can check the status of the transfer from your dashboard.

The whole international wire transfer process takes only a few minutes and a few clicks to complete online.

Let's see what the wire transfer process is if you visit the bank to place the order.

Confirm process of bank wire transfer

First, confirm with your branch if they offer international wire transfer services. Also, ask them about the documents and details required to make the wire transfer happen. For example, they may need a copy of your PAN card.

Submit accurate recipient details

When you visit the bank, you will either receive a form to fill or deal with the bank employee directly to submit your international wire transfer order. Either way, ensure you write down the correct recipient details. Give your account information accurately as well.

Mention the right amount and currency

Inform the bank teller of the amount you wish to transfer and the currency in which you want to transfer.

Inquire about bank fees

You can do this before you begin the whole process of sending the wire transfer or later as well. Ask the teller what the applicable costs, such as bank fees and taxes, are.

Confirm the details and place the order

Cross-check all the details you have submitted. Once verified, place your order. At this point, the teller will tell you how many days the wire transfer will take to go through.

Collect the receipt

Take the receipt for the wire transfer.

Now that you know how to do wire transfer, we can take a brief look at other ways to send money abroad.

Conclusion

Wire transfers make sending money abroad easy and quick. Bank to bank wire transfers are one of the most secure ways of transferring money to your loved ones overseas.
Download digibank now to securely and efficiently send money to your family abroad. Download digibank Now

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Guide on How to do a Wire Transfer from India? | digibank by DBS

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A wire transfer is an electronic way to transfer funds from one bank account to another. It can be done in 2 ways - online or by visiting a bank's branch. You need to send money abroad in a hurry. Perhaps to pay your child's tuition fees or support a family member living abroad.

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Mutual Funds - Liquid Mutual Funds | digibank by DBS

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Mutual Funds - Liquid Mutual Funds | digibank by DBS

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Mutual Funds - Understand what are liquid funds, where do liquid funds invest, why are liquid funds important. One can start investing by downloading the digibank app.

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Liquid funds are a great option if you are looking to invest in the short term. They can be your go-to option for investing if you want to fund short-term goals like a vacation, a wedding or renovation of your house or setting up an emergency fund to meet any unplanned expenses. They can be used to fund any future goal. Before you are comfortable investing in liquid funds, you may want to know what liquid funds are? What kind of returns can you make? What is the investment horizon? Is it truly risk-free? How liquid are they? Let us learn more about liquid funds.

What are liquid funds?

Mutual funds are debt-oriented or equity-oriented and could be open-ended or close-ended. At times, they are hybrid carrying a mix of debt and equity portions. Liquid mutual funds are a type of open-ended debt fund. Debt funds invest in debt instruments or fixed income securities such as government or corporate bonds and money market instruments. Liquid funds or liquid mutual funds are short-term debt funds that invest in money market instruments of very short tenure (residual maturities of up to three months).

Where do liquid funds invest?

The money market instruments that liquid funds invest in include commercial paper, government treasury bills, call money, certificate of deposits, term-deposits among others. These instruments most often have a maturity period less than 91 days.

Why are liquid funds popular?

Since liquid mutual funds do not invest in volatile markets like stocks or long term debt instruments, they are considered less risky. But, these liquid mutual funds manage to give decent returns. They are also liked for their liquidity. Although they do not provide returns as high as some of the large-cap equity schemes, liquid funds are still popular among retail investors for various reasons. Let us take a look at these factors:

Low risk

Liquid funds are the flavour of the season with new investors looking to park cash in short-term but safe instruments like debt. Since these mutual funds invest in ultra short-term debt-like money markets with a maturity profile not more than three months, the risk due to interest rate changes is further reduced. These funds invest in government debt, which is known to be the safest. Even otherwise, these funds exclusively invest in top-rated corporate debt. The type of instruments they invest in impacts the credit rating of the liquid fund.

Liquidity

These liquid mutual funds are effortless and quick to access when it comes to redemption. At times, you may be in dire need of funds. In such a situation, on filing the redemption request, the money lands in your account within a working day.

Quick returns

You start earning profits on liquid funds right from the day you invest in them.

Flexibility

Liquid mutual funds give you total flexibility. You are not bound by a lock-in period. You can exit liquid funds as per your convenience, after even a single day or stay invested until maturity.

Portfolio maturity

With liquid funds, the maturity of the portfolio is matched with the maturity of the underlying debt instruments. This boosts returns.

Different types of liquid fund plans

Within liquid funds, you can find growth mutual fund schemes and dividend mutual fund schemes. Growth mutual funds aim at capital appreciation. These growth mutual funds do not give out dividends generally. They reinvest the notional dividends to give you a larger NAV on maturity. Based on the frequency of dividend pay-out, the dividend mutual funds come as weekly, monthly, and daily dividend plans.

No exit or entry load

To make liquid funds more accessible for retail investors, these funds do not charge an exit load. An exit load is a charge for redeeming your investment before the due period.

How Do Liquid Funds Work?

To provide safety of investment and easy liquidity, liquid funds invest in very short-term and good quality debt. Fund managers ensure the fund holds no maturity longer than three months in most cases. This makes the fund operate tightly and with minimal capital risk. In case of liquid funds, you will not see drastic movement in the fund value daily.

Are liquid funds genuinely risk-free?

Although liquid funds are less risky than equity schemes, they do entail broader risks like sharp revisions in interest rates or likelihood of diminished credit quality.

1. Interest Rate Risk
Debt funds invest in bonds and debentures. The prices of these bonds are associated with benchmark interest rates. When the interest rates rise, the bond prices fall, and when interest rates fall, the bond prices rise. But, the interest rate risk in case of liquid funds is negligible as liquid funds invest in very short maturity instruments. The bond's yield on a price curve is steeper as the duration of the debt instrument increases.

2. Credit Risk
While products like fixed deposits are insured, there is always a credit risk involved in case of liquid funds that invest in the money market. Liquid funds also invest in non-government debt like commercial papers, corporate bonds, certificate of deposits among other instruments. If an issuer of a bond or commercial paper, held by the fund manager, fails to honour the repayment, the instrument will be downgraded. When the creditworthiness of the issuer is reduced, it has a bearing on the bond price too. Downgrading of the issuer will lead to a fall in bond prices which will, in turn, affect the fund's net asset value.

3. Inflation Risk
Risk of inflation is more of a derivative risk. When the price of things in an economy rises, the apex bank will be forced to increase the interest rates to make credit expensive. When interest rates rise, bond prices will fall. Falling bond prices will bring down the net asset value of the fund.

How are the returns?

In calculating returns, one has to keep in mind that investors do not have an entry or exit load to pay, which eats into the net asset value of other mutual funds. Data shows, top-rated liquid funds have returned historically anywhere between 6.5% and 7.5% over a year.

Who should invest in liquid funds?

You may have received an increment bonus or unexpected gains. If you are looking to park surplus cash in a short-term instrument for a short-term goal like a vacation or a wedding in the family then, liquid funds are for you. More recently, investors have been using systematic transfer plans to reinvest proceeds from liquid funds to equity schemes. This is less risky than making lump sum investments and works like a systematic investment plan (SIP).

How are liquid funds taxed?

If you hold liquid funds for more than three years, you will have to pay long-term capital gains tax with indexation (price adjusted to inflation). If you hold it for less than three years, you pay tax according to your tax bracket. For dividend plans, you will also have to pay dividend distribution tax of 29.12% (for Individuals/HUFs/NRIs).

digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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All You Need to Know About Liquid Funds | digibank by DBS

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Liquid funds are a great option if you are looking to invest in the short term. They can be your go-to option for investing if you want to fund short-term goals like a vacation, a wedding or renovation of your house or setting up an emergency fund to meet any unplanned expenses.

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Tax Saving FD - Tax Saving Deposits | DBS digibank

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Tax Saving FD - Tax Saving Deposits | DBS digibank

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Tax Saving FD - A guide from digibank explains what a tax-saving fixed deposit is, what its benefits are, and why you should invest in it. One can start investing by downloading the digibank app.

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Key Takeaways

A Tax-Saving Fixed Deposit is a special type of FD offered by the Indian Government.

You can avail of tax deductions under section 80C of the Indian Income Tax Act, 1961 by investing in this FD.

The maximum amount you can invest is INR 1.5 lakhs per annum.

Tax Saving FDs come with a lock-in period of 5 years.

You can earn interest rates of 5.5% to 7.5% on Tax-Savings FDs.

Almost every bank in India offers Fixed Deposits wherein an investor can invest any big or small amount for a fixed period and get a fixed rate of return out of it. The interest rate ranges between 3% and 7.75% per annum, and you have to pay taxes on the returns accrued from your regular Fixed Deposits. However, the Government of India also offers Tax-Saving Fixed Deposits with significantly higher interest rates. Let us find out more about Tax-Savings FDs in this article.

What is a Tax-Saving Fixed Deposit?

Tax-Saving Fixed Deposit is a type of Fixed Deposit under which you can avail of tax deductions under Section 80C of the Indian Income Tax Act, 1961. You can claim the Fixed Deposit income tax exemption on investments of up to INR 1.5 Lakhs. Unlike a regular FD, which comes with varying lock-in tenures, a Tax-Saving Fixed Deposit comes with a lock-in period of five years. You can also earn higher interest rates ranging from 5.5% to 7.75% on these deposits.

While it is a tax-saving deposit, the interest earned on it is subject to Tax Deducted at Source. You can, however, avoid the TDS by submitting the relevant 15G or 15H Form.

Features of Tax-Saving Fixed Deposits

The following are some of the principal features of Tax-Saving FDs

The minimum amount you can deposit in a Tax-Saving FD is INR 1,000, whereas the maximum amount is INR 150,000 per annum.

The FD comes with a lock-in period of five years.

You can assign a nominee to this investment.

You can avail of monthly or quarterly payout on these FDs.

You cannot withdraw the FD prematurely or use the FDs to apply for loans.

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Tax-Saving FD Eligibility Criteria:

All Individuals and HUFs are eligible to invest in the Tax-Saving Fixed Deposit scheme.

You can invest in the FD individually or jointly with another adult. However, only the first holder can avail of the tax benefit.

Minors can also invest in this FD, but it should be a joint FD account with an adult.

Documents Required

You only need to provide a copy of your ID and address proof documents to open a Tax-Saving Fixed Deposit. These include:

A copy of identity proof - PAN card, Aadhaar, Voter ID card, Driving license, Passport, Government ID card, Senior Citizen Card, etc.

A copy of address proof - Aadhaar, Voter ID card, Driving license, Passport, Utility bills, etc.

Reasons to Invest in Tax-Saving Fixed Deposits

The following are some reasons why you should open a Tax-Saving FD.

High returns

Tax-Savings FDs have a great interest-earning potential as compared to other instruments. The interest rate can be in the range of 5.5% and 7.75%.

Convenient

You can conveniently open this FD online with your bank or visit a post office to open it and make a one-time lump sum deposit. Additionally, you can flexibly invest anywhere from INR 1,000 to INR 1.5 Lakhs per annum.

Tax savings

The most attractive benefit of the Tax-Saving FD is that it comes under Section 80C instruments, on which you can avail of tax deductions of INR 1,50,000. If you have not invested in any other tax-saving instrument, you can consider this.

Risk-free

Tax-Saving Fixed Deposits are risk-free as the principal amount is protected. You get both the principal investment amount and the interest amount when the FD matures.

Conclusion

The 5 years Tax-Saving Deposit is an excellent investment option you should consider if you prefer to invest in safe investment instruments. With this investment, you can get tax savings benefits along with relatively high returns and a medium lock-in period. The fixed deposit tax exemption and high-interest rate make this instrument a risk-free and convenient investment option.
If you prefer to save time and effort, and open an FD account remotely, then download the digibank by DBS app right away! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Tax Saving FD - Why You Must Consider Investing In It | digibank by DBS

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A Tax-Saving Fixed Deposit is a special type of FD offered by the Indian Government. You can avail of tax deductions under section 80C of the Indian Income Tax Act, 1961 by investing in this FD. The maximum amount you can invest is INR 1.5 lakhs per annum.

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Tax Saving Investments - 5 Best Tax Saving Investments | DBS digibank

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Tax Saving Investments - 5 Best Tax Saving Investments | DBS digibank

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Tax Saving Investments - Understand the best tax-saving investments in India. One can start investment by downloading the digibank by DBS app.

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TLDR Points

Tax-saving is beneficial if you start early in a financial year.

There are several investment options which help reduce your tax liability considerably.

Some investments offer a complete exemption on your principal and interest components.

These options come with different lock-in duration, better interest rates, and other benefits.

Introduction

" Next to being shot at and missed, nothing is quite as satisfying as an income tax refund." - F.J. Raymond

Reducing your taxable income can bring as much joy as getting a salary increment, yet it doesn't have to be few and far between. Informed decisions on tax-saving investments in India are crucial instead of making hasty decisions.

We read or hear about sales and discounted options for gadgets, clothing, and other lifestyle products. Although our television channels, newspapers, and social media present us with eye-catching advertisements that explain why one product is better than the other, we tend to gravitate towards informed decisions as educated professionals. Why not do the same to save taxes?

Here is the list of tax saving schemes you can consider:

ELSS (Equity Linked Saving Scheme)

ELSS is an excellent tax-saving investment if you are looking for a tax-saving instrument that also provides substantial returns. These come with a lock-in period of three years, and returns and dividends are taxable.

Are you worried about the risks involved? You can choose to make systematic payments each month via the SIP (Systematic Investment Plan) route. With an SIP, you can invest smaller amounts to mitigate market volatility risks as much as possible. Moreover, you can carefully select funds that have an excellent credit rating to minimize credit risk. An ELSS gives your portfolio the diversification it needs, and it is the equity-oriented investment that gives you tax benefits under Section 80C of the Income Tax Act of India. If you start an ELSS online or through mobile banking, tracking it becomes easier.

PPF (Public Provident Fund)

You can open a PPF account with most major banks and post offices. However, they have a higher lock-in period of 15 years. Before you raise concerns over the long lock-in period, consider the next point. PPF comes with a government guarantee, where the interest rates are reviewed and fixed by the government. The current interest rate on PPF has been fixed at 7.1%* for Financial Year 2020-21. PPF investments come under Exempt-Exempt-Exempt (EEE) category of Section 80C, which means that apart from the principal (up to Rs. 1.5 lakh a year), the interest and maturity values are also tax-free.

NPS (National Pension System)

Investment options that come with multiple choices have their benefits. NPS offers just that: a combination of equity and fixed income. One can start with an investment as low as Rs. 1000 and watch it grow. Withdrawals before retirement are not entertained in general. The NPS account matures at the age of 60, and you can withdraw 60% of the accumulated tax-free. NPS also falls under tax-saving investments of Section 80C.
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Tax Saving FDs (Fixed Deposits)

If you are looking for guaranteed income tax saving options under Section 80C, your search ends here. Tax saving schemes like such FDs are popular as many major banks, and post offices offer fixed deposit options. These are your reliable go-to options. The return rates vary from 6% to 7.25%. The interest on bank FDs is taxable. These deposits have a lock-in period of five years, and you cannot take loans against them.

Health Insurance

Invest in getting coverage for your health and save taxes too. Any premium paid for health insurance coverage for you, your spouse, and dependent children, is exempt up to Rs. 25,000 under Section 80D of the Income Tax Act of India. You can ensure your family's health and reduce your taxable income simultaneously.

Conclusion

The investment choices are personal because they depend on several individual factors, such as cash availability, need for premature withdrawals, age, low-risk, and high-risk margins, play a huge role. Moreover, you can rest assured that an investment option is tailored to your specific needs to save taxes in whichever life-stage you are.

The smarter approach is to keep away the 'let's do it later' string of thoughts and begin investing. The first step is to start with tax-saving investments which also create wealth for you over time. As Mark Twain stated, " Progressive improvement beats delayed perfection".
Download digibank by DBS on your smartphone, register and choose any tax-saving options from the menu. Download digibank Now

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Read 5 Best Tax-Saving Investment Options in India | digibank by DBS

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Tax-saving is beneficial if you start early in a financial year. There are several investment options which help reduce your tax liability considerably. Some investments offer a complete exemption on your principal and interest components. These options come with different lock-in duration, better interest rates, and other benefits.

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PAN Card Link to Bank Account - Stepwise Guide | DBS digibank

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PAN Card Link to Bank Account - Stepwise Guide | DBS digibank

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PAN Card Link to Bank Account - digibank has a step-wise guide on how to link a PAN cards with a bank accounts.  This can be done easily by downloading the digibank app.

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Key Takeaways

The PAN card is a significant identity proof documents you need as an Indian citizen.

It is especially critical if you are a tax-paying Indian.

Link your PAN card to your bank account is mandatory.

You can Link Pan card to bank account offline by visiting your bank branch.

You can also link PAN card to bank account online via internet banking, mobile apps, phone and SMS banking.

Introduction

A PAN card is a Government-of-India authorised and recognised document bearing your Permanent Account Number. It is provided by the Income Tax (I-T) department to every income taxpayer of the country. The PAN card is mandatory for almost all high-value financial transactions. The Government has issued a mandate stating that all Indian citizens must link the PAN to their bank account. You can link all types of bank accounts to your PAN - be it savings, current, checking, cash, or overdraft accounts. The primary reason for linking your PAN card with a bank account is to get tax refunds credited directly to your bank account. Failure to link the two will make you ineligible to receive tax refunds. Let us find out more about PAN link with bank account in this article.

How to link PAN card to bank account?

There are multiple methods in which you can complete the PAN link with bank account process. They are as follows:

Link via the offline mode at your bank branch

Link via mobile banking

Link via Internet banking

Link by phone banking

Link through SMS banking

You may choose any of the methods as per your comfort.
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How to link PAN Card to bank account with branch?

To start the process of PAN card link to bank account at a branch, you will have to physically visit the branch of your bank and follow the steps mentioned below:

1. Visit the home branch of the bank in which you hold your account.

2. Ask a bank representative to provide you with the PAN Card Update Form (KYC Form).

3. Ensure that you fill all the relevant details of the form correctly and review it before submission.

4. Submit the duly filled form and a self-attested photocopy of your PAN Card. You may also be asked to write a letter to your branch manager requesting to update PAN in your account.

It typically takes the bank 48 hours to complete the offline PAN to bank account linking process. Note that each of the different processes of linking your PAN card with your bank account may vary slightly, based on the bank with which you have your account.

How to link your PAN Card with bank account through internet banking?

The process of PAN link with bank account can be completed online as well, from the comfort of your home. You just need to follow these steps mentioned below:

1. Log in to the internet banking portal of your bank and sign in.

2. Go to your profile; locate the menu options such as Service Requests, Services, PAN Registration or other such variations and click on the appropriate option.

3. Next, you should select PAN Card Update, Link Your PAN, Update PAN, or other similar variations.

4. Enter your PAN Card number. The system may also prompt you to enter your date of birth as mentioned on the PAN Card, along with your registered e-mail ID.

Once you have entered the correct details, your PAN and bank account will be linked to your bank account within 2 to 7 working days.

How to link PAN Card to bank account through mobile app?

You can use another mode of initiating PAN card link to bank account via your mobile app. Under this method, you will have to download the Mobile App of your bank and register to proceed further. Once you download the app, you can follow these steps mentioned below:

1. Log in to the mobile banking account and locate the 'Service and Support' section on the home page. There could also be another variation of this option.

2. Next, select the 'Insta Services' section or a similar variation of the process on your app.

3. In the Insta Services section, you need to select 'Profile' to update and link PAN and bank account.

4. Select' Update PAN' and fill in the PAN and other details in the section provided for the same.

5. Accept the terms and conditions to complete the process and verify all the details filled in before clicking on 'Update'.

You will receive an SMS or e-mail notification when your PAN card is successfully linked to your bank account.
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How to link your PAN Card with your bank account through phone banking?

In order to link your PAN card with any bank account by phone banking, you will need to call the customer care hotline of the bank and follow the instructions. Typically, you have to follow these basic steps:

1. Call the toll-free customer care centre of your bank.

2. Listen carefully to the IVR menu and select the suitable menu options for the pan card link to the bank account.

3. You will be then be connected to a customer care executive (CCE), whom you must inform about your need to link your PAN to your account.

4. The CCE will ask you some questions to verify your identity, such as your name, RMN, e-mail, account number and so on. Ensure you have these details handy before calling the helpline.

5. Finally, you will have to provide your PAN Card number to the CCE, who will initiate and complete the linking process.

At the end of the call, you will get a service request number and confirmation. If the numbers are not seeded to your account within seven working days, you will need to re-check with the bank.

Can my PAN Card be linked to bank account through SMS?

Yes, certain banks allow you to update your PAN Card by simply sending an SMS from your registered mobile number. Typically, you only need to enter your PAN and Customer ID numbers and send the SMS to a specific number provided by your bank. The format and SMS numbers vary from bank to bank and can be found on the website of each bank. You could also call up the customer care helpline to verify the phone number to send the SMS.

How to check PAN card link with a bank account?

The process of how to check PAN card link with a bank account is simple and straightforward. You need to log in to the e-filling website of the Income Tax department and follow these three steps.

1. Locate the 'Verify your PAN details' on the left side of the IT website under the 'Quick links' tab.

2. Click on 'verify your PAN details' and fill in the details such as your PAN number, name, date of birth, and PAN card status. Enter the captcha code and click on 'submit'.

3. The system will display the status of your Pan Card linking with your bank account.

With these simple steps, you can check the pan card link with bank account.

Conclusion

You must link your PAN to your bank account as refunds are currently handed out only via e-mode. If your account is not linked to your PAN, you will not be able to receive your refunds. Choose from any of the options mentioned above at your convenience and complete the linking process. Also, note that if your PAN Card is not linked with a bank account, opening a fixed deposit account, or depositing cash more than INR 50,000 is impossible. It will further result in TDS getting deducted at 20% if the interest amount of the FD account crosses INR 40,000, which is double the current 10%.
Download the digibank by DBS app to start the paperless process of opening your fixed deposit account. Download digibank Now

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how to check pan card link with bank account

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Pan Card Link to Bank Account Via Online & Offline Methods | digibank by DBS

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The PAN card is a significant identity proof documents you need as an Indian citizen. It is especially critical if you are a tax-paying Indian. Link your PAN card to your bank account is mandatory. You can Link Pan card to bank account offline by visiting your bank branch.

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Check CIBIL Score by Pan Card | Know How to Check | DBS digibank

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Check CIBIL Score by Pan Card | Know How to Check | DBS digibank

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Check CIBIL Score by Pan Card - Understand how to check your CIBIL score online using your PAN card. By downloading the digibank app, one can know more.

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Key Takeaways

The Credit Information Bureau India Limited, also known as CIBIL, is one of the most renowned credit companies that determines credit scores.

CIBIL is a part of the American TransUnion.

A good CIBIL Score increases your chances of securing a loan.

You can check CIBIL Score by PAN Card on the CIBIL website.

Your PAN Number is unique and, therefore, cannot be used for duplicate loan applications.

Introduction

Have you finally decided to buy the car or house of your dreams? Do you need huge sums of money to fund the purchase? Now you can take out Personal, Auto and Home Loans and fulfil every life goal. However, to ensure you have the capacity to repay the loan, your lender will be checking your credit history, which they can learn about through your CIBIL score. Keep reading to know how you can check CIBIL score by PAN Card.

What is a CIBIL Score?

Short for Credit Information Bureau India Limited (CIBIL) is a credit information company licensed by the RBI. CIBIL assigns a numeric value ranging from 300 to 900 to measure your credit history. The score assigned is known as the CIBIL or credit score, which is determined by the uniformity of your repayment of loans and credit card debt. CIBIL informs banks and lenders about your score, which, in turn, enables the lender to determine whether you are creditworthy.

How to Check CIBIL Score by Pan Card Online

Follow these steps to check CIBIL Score free by PAN Card

1. Visit the CIBIL website at www.cibil.com and click on 'Get Your Free CIBIL Score'.

2. An online form will pop up where you must fill in details like your email ID and mobile number.

3. Enter your email ID and type in a password.

4. Under 'ID Type', select 'Income Tax ID Number (PAN)'.

5. Type in your PAN Number in the 'ID Number' field.

6. Read the Terms and Conditions before proceeding.

7. Enter the One-Time Password received on your email ID and complete the CIBIL authentication process.

8. Select 'Member Login' and log in using your credentials, i.e., email ID and password.

9. On the Dashboard, you can view your CIBIL score for free.

10. You can also view your credit summary, score history, etc., by subscribing to monthly, half-yearly or yearly paid plans.

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Importance of PAN Card to Check CIBIL Score

Your PAN Card is linked to all your financial and non-financial accounts, and your credit history is mapped to your PAN Card. Therefore, credit bureaus find it easier to access your credit history. Since your PAN Card number is a unique alpha-numeric combination, it prevents fraudulent uses to avail loans.

What is a Good Credit Score?

When applying for a loan, your CIBIL report helps the lender decide whether you have the loan repayment capability based on your previous credit behaviour. Financial institutions may not consider a loan application with a low CIBIL Score, whereas borrowers with high CIBIL scores can get instant loan approvals. Usually, a score above 600 is regarded as a good credit score, whereas a score of 750+ is ideal for loans with low interest rates. Ensure you run an online CIBIL Score check by PAN number and improve your credit scores before applying for a loan.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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cibil score check free online by pan number

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Check CIBIL Score by Pan Card Hassle-Free | digibank by DBS

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The Credit Information Bureau India Limited, also known as CIBIL, is one of the most renowned credit companies that determines credit scores. CIBIL is a part of the American TransUnion. A good CIBIL Score increases your chances of securing a loan. You can check CIBIL Score by PAN Card on the CIBIL website.

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Best Long Term SIP - Important Points to Consider | DBS digibank

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Best Long Term SIP - Important Points to Consider | DBS digibank

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Best Long Term SIP - Here is a guide to assist consumers in selecting the best SIP for the long term. SIP investments can be done online by downloading digibank app.

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Best Long-Term SIP – 3 Factors to Consider | digibank by DBS

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Best Long-Term SIP – Find out which factors to consider while selecting the best SIP for long term. Download the digibank app to start your SIP investments.

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 Top Mutual Funds - Explained Here | digibank by DBS

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 Top Mutual Funds - Explained Here | digibank by DBS

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Top Mutual Funds - Here is a guide on what are the top-performing mutual funds, where should you invest your money. By downloading the digibank app, one can start investing.

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Deciding on the top-performing mutual funds may not be as challenging as counting the stars in the night sky or counting the hair on a sheep. For the uninitiated, here is the interesting analogy - The stories of Emperor Akbar and his intelligent and incredibly witty advisor Birbal have delighted us for generations. In one such tale, Akbar asked Birbal to answer the exact number of stars in the sky. Birbal's legendary and hilarious response was to bring in a sheep to the court and ask people present to count each hair on the sheep's fleece. Fast-forwarding to the present, as we mentioned, finding a mutual fund scheme will not be as tricky, but you do need to be smart like Birbal.

When choosing the right mutual fund schemes, banks, and Asset Management Companies (AMCs) carefully consider several factors. Aspects like historical performance, a fund's NAV, its objective, asset composition, and much more determine whether you should invest in a particular scheme.
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The best performing mutual funds have the potential to give you decent returns over time. With so many options available and so many different types of investments possible, how do you identify India's best performing mutual funds? Choosing the right investment should be easy, and that is why we have shortlisted some of the top-performing mutual funds in India for you, making it easy for you:

As you can see, the important information of a mutual fund scheme is freely available. All you need to do is begin your investment journey and watch your money grow over time. Even if you end up lazing about on your couch for a few decades, the money you invest today has the potential to grow considerably without your intervention. If you are ready to invest, we have some great options for you.
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*Disclaimer: digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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Top Mutual Funds in India For You to Invest in | digibank by DBS

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Deciding on the top-performing mutual funds may not be as challenging as counting the stars in the night sky or counting the hair on a sheep. For the uninitiated, here is the interesting analogy - The stories of Emperor Akbar and his intelligent and incredibly witty advisor Birbal have delighted us for generations.

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Benefits of RD Account - 7 Benefits | Digibank by DBS

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Benefits of RD Account - 7 Benefits | Digibank by DBS

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Benefits of RD Account  - Understand the advantages of a recurring deposits account. One can open an RD account by downloading the digibank app.

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Key Takeaways

Recurring Deposits let customers earn higher interest by saving a small amount of money regularly.

The returns on Recurring Deposits are similar to those offered by Fixed Deposits.

Instead of locking a lump sum amount in a deposit in one go, RDs allows customers to invest in instalments.

RDs can help in developing the habit of saving a portion of your earnings regularly.

Anyone, including NRIs and minors above 10, can open an RD in India.

Introduction

A Recurring Deposit is essentially a type of term deposit where the customer invests a certain amount of money at regular intervals for a fixed tenure instead of locking a lump sum amount once in, say a Fixed Deposit (FD). At the end of this tenure, the entire amount invested in the Recurring Deposit and interest earned on it is paid to the customer. A Recurring Deposit is so named because the customers make their investment in repeated, recurring instalments every month. You can open a Recurring Deposit with any of the central banks in India. Let us find out the many features and benefits of the RD account in this article.

Features of Recurring Deposit account

An RD account has many critical traits that make it an attractive investment option. Before we proceed to weigh the RD account benefits, let us take a look at the features of these deposits:

Recurring Deposits help investors set aside a small portion of their earnings every month and invest them in a product that could fetch them higher returns than a regular savings bank account.

The minimum amount required to open an RD account varies from bank to bank and can be as low as INR 10.

Investors can subsequently deposit any amount in the RD when their first instalment is due, but it should more than the minimum amount deposited at the time of account opening.

Banks allow you to deposit money in your RD accounts on a monthly, quarterly or half-yearly basis.

You can create RDs for tenures ranging from 6 months to 10 years. So, for instance, if you open an RD for two years, you will have to invest money in the deposit every month for two

Most banks typically offer the same interest rate on RDs as provided on FDs without deposit lump-sum amounts.

The interest on Recurring Deposits is compounded quarterly and paid on maturity.

Premature withdrawals are generally allowed from a Recurring Deposit, but banks may charge a penalty in the form of lower interest rates than promised.

Interest on Recurring Deposits is subject to Tax Deducted at Source (TDS) of 10% under Section 194A of the Income Tax Act, 1961. However, TDS will only be levied if the interest earned on the Recurring Deposits is more than INR 10,000 in a year.

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Benefits of RD Account

Having examined the features, let us now look at the advantages of Recurring Deposits. They are as under:

Recurring deposits make it possible for investors to earn attractive returns, even on small-ticket investments.

Unlike other monthly investment schemes like systematic investment plans offered by mutual funds, these deposits offer guaranteed returns.

RDs help customers develop the habit of saving money at regular intervals and encourage them to invest for a more secure future.

One of the significant advantages of Recurring Deposits is the loan facility offered by most banks against the RD account. Using this facility, customers can avail as much as 95 per cent of the deposit amount as a loan (rate may vary from bank to bank).

RDs are considered highly liquid as money can be withdrawn anytime in case of urgency. However, it is essential to note that though premature withdrawals are mostly allowed, they may come at the cost of lower interest rates or penalties.

It is effortless to make regular investments in RDs as these accounts can be funded periodically through standing instructions. The customer can just tell the bank to credit the RD account every month from the linked savings or current account.

Who can open a Recurring Deposit account?

Besides knowing the RD account benefits, you should also be familiar with the eligibility criteria for opening this type of deposit. Almost anyone can open a Recurring Deposit in India either on a single or joint mode of holding. The simple eligibility criteria⁽²⁾ states that the following people can open an RD account:

Any Indian citizen, either resident or non-resident.

Any minor who is above ten years of age and can provide identity proof.

Any minor below or equal to 10 years of age under the guardianship of a natural parent or a legal guardian.

Any corporate, company, proprietorship or commercial organisation.

Any government organisation.

Final note

Now that you know the benefits of an RD account, you can gradually consider opening one to create a corpus. An RD can help you achieve your short and long term goals of saving money to buy something soon - be it something as small as the latest phone you wish to purchase or create a lump sum to pay as a down payment for your Home Loan. This investment gives you attractive and guaranteed returns and is a must-have for looking for safe investment avenues.
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Benefits & Advantages of Recurring Deposits Account | digibank by DBS

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Recurring Deposits let customers earn higher interest by saving a small amount of money regularly. The returns on Recurring Deposits are similar to those offered by Fixed Deposits. Instead of locking a lump sum amount in a deposit in one go, RDs allows customers to invest in instalments.

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Returns on Fixed Deposit - How to Calculate | DBS digibank 

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Returns on Fixed Deposit - How to Calculate | DBS digibank 

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Returns on Fixed Deposit - One can find out how you can calculate returns on it before investing. Calculations can be done by downloading the digibank app.

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Key Takeaways

A Fixed Deposit is one of the safest investment instruments.

FD returns are of 2 types - Cumulative and non-cumulative returns.

FDs can serve as a source of income if you opt for Monthly or Quarterly interest payouts.

The formula to calculate returns on FDs is A= P(1+(r/n)^n*t.

Returns and interest earned on FDs is fully taxable.

Introduction

A Fixed Deposit is one of the most sought-after financial instruments amongst investors across the globe. It is also a safe instrument through which you can earn a monthly or quarterly fixed income. You also have the choice to earn interest cumulatively when the deposit matures. Since the returns on Fixed Deposits don't get affected by market fluctuations, the risk factor is considerably low. In this article, we will see how to calculate Fixed Deposit return in a few simple steps.

What are returns on Fixed Deposits?

The returns on Fixed Deposits are the fixed rf interest that you get for investing your money in a Fixed Deposit account. The return is generated throughout the tenure of the Fixed Deposit. For instance, if you make a Fixed Deposit of 5 years, you will earn the returns at a fixed interest rate for this tenure. This interest rate is altered by the Reserve Bank of India (RBI) from time to time and is known as the base rate. Then the individual banks or NBFCs fix their rate of return above the RBI-approved base rate. As such, the interest rate on FDs varies from one bank to another. However, the average interest rate on FD is around 5.5% or a little above, and the average range is about 3% to 7% (approximately). This interest rate is generally for all Fixed Deposit holders, except senior citizens, who get 0.50% more interest on their Fixed Deposits.
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How to calculate returns on Fixed Deposits?

If you want to know how to calculate returns on Fixed Deposits⁽²⁾, you need to decide whether you want the interest earned on the FD to be reinvested. If you opt for this method of returns, you are considering cumulative returns.

The formulae for calculating the returns on Fixed Deposits is

A= P(1+(r/n)^n*t

Here,

A = Amount you will receive at maturity of the FD

P = Principal amount you invested

r = Rate of interest

t = Number of days

n = Frequency of compounding

Suppose you invested INR 500,000 for five years and the rate of interest is 6.5%, and it is compounded quarterly. So, going by the formulae:

A = INR 500,000{[1+(0.065/4)]^(4*5)} = INR 68,5043

So, the return you get is INR 185,043.

Non-cumulative return - when you don't reinvest the interest

If you take interest payout every quarter and do not reinvest the same, the quarterly interest amount would be INR. 7,938.

What is the benefit of returns on Fixed Deposits?

The following are the basic benefits of returns of Fixed Deposit:

The return is subjected to minimal risk. There is no market risk involved as the money is not put into the stock market.

You get a fixed rate of return as per your chosen investment tenure. However, if the rate is altered by the RBI, then the banks may change the interest rates they offer.

Even if the bank announces new rates, your existing FD will continue to receive the same returns, and the returns rate will change if you choose to reinvest your current FD upon maturity.

You can get loans against your FD.

Tax on Fixed Deposit returns

Besides knowing how to calculate fixed deposit return, you should also be aware of its tax implications. Under section 80C of the IT Act 1961, you can invest up to INR 1.5 lakh in a Fixed Deposit account (tax-saving scheme). However, both the returns earned on an FD and the interest payout is fully taxable. The financial entity with which you create your FD deducts TDS if the interest amount on interest earned through FD exceeds INR 40,000 in a financial year. For the same, they issue a TDS certificate as well.

Conclusion

While calculating returns on Fixed Deposits, be aware of the type of interest applicable to the FD account, as it can be cumulative or non-cumulative. You should opt for cumulative interest and payout if your goal is to create a corpus. Conversely, you can opt for a non-cumulative payout, i.e. monthly or quarterly interest, if you want your FD to generate a regular and fixed source of income.
If you prefer to save time and effort and open an FD account remotely, download the digibank by DBS app right away! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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how to calculate returns on fixed deposit

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Learn How to calculate Fixed Deposits Returns in Easy Steps | digibank by DBS

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A Fixed Deposit is one of the safest investment instruments. FD returns are of 2 types - Cumulative and non-cumulative returns. FDs can serve as a source of income if you opt for Monthly or Quarterly interest payouts. The formula to calculate returns on FDs is A= P(1+(r/n)^n*t.

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Gold Mutual Funds - Best Gold Mutual Fund | DBS digibank

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Gold Mutual Funds - Best Gold Mutual Fund | DBS digibank

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Gold Mutual Funds - digibank has a detailed guide on Gold Mutual Funds in India. One can invest in gold mutual funds by downloading the digibank app.

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Key Takeaways

Gold Mutual Funds are open-ended Mutual Funds.

They invest in Gold Exchange Traded Funds (ETFs).

One unit of Gold Mutual Fund equals one gram of physical Gold.

Investing in Gold Mutual Funds is cheaper than buying physical Gold.

Gold Mutual Funds attract capital gains tax.

Since times immemorial, gold has been an asset used to trade commodities. Owning gold was a symbol of wealth. Today, the market offers several investment options that let you purchase gold in various forms, including gold jewellery, gold coins, e-gold and Gold Mutual Funds. This article is a beginner's guide on Gold Mutual Funds, how it works and their many benefits.

Gold Mutual Funds - Meaning

Gold Mutual Funds are types of Mutual Fund investments that invest in gold bullion, i.e., physical gold coins and bars, without you having to buy gold physically. Gold prices tend to rise during falling markets, making Gold Funds an ideal addition to your investment portfolio.
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How Do Gold Mutual Funds Work?

Gold Funds in India invests the pool of money in Gold Exchange-Traded Funds (ETFs). A type of Fund of Funds (FOF), Fund Managers actively manage Gold Mutual Funds. A single unit of Gold Mutual Funds is equivalent to 1 gram of physical Gold. Investors typically increase their Gold Fund investments during bearish market trends.

Benefits of Investing in Gold Mutual Funds India

Market Performance

The gold sector is inversely proportional to the equity market, i.e., when the market falls, gold prices increase. Therefore, the best Gold Mutual Funds serve as excellent protection against market downfalls. Gold is also an ideal investment vehicle if you aim to beat inflation.

Affordability

If you compare physical gold and Gold Mutual Funds, the latter is more affordable. You can buy gold funds with investment amounts as low as INR 500. Plus, you do not pay making charges as you would to gold jewellers.

Security

Gold Mutual Funds in India are electronic investments wherein physical gold units are stored in highly secure vaults. Thus, you need not worry about storing or thefts associated with physical gold. Moreover, you can use Gold Mutual Funds as collateral for loans.

Purity

Gold jewellery is typically not 100% pure. It contains other elements to stabilise the gold. Fund Managers buy gold units of only bullion of the maximum purity, certified by the World Gold Council.

Things To Consider

Returns: When the market rises, investors turn to equity investments as they offer higher returns. Therefore, gold may not yield good returns at the time. Gold Funds do not provide dividends as well.

Cost: Gold Mutual Funds in India invest in Gold ETFs, that purchase gold bullion. Therefore, each investment cost adds up, increasing the overall expense ratio.

Longer Investment Tenures: While Gold Funds help diversify your investment portfolio, you need to stay invested for the longer term in order to get optimum value out of your investment.

Taxation: You have to pay a Short-term Capital Gains (STCG) tax per your tax slab on redeeming your Golf Funds within 3 years. Conversely, Long-term Capital Gains (LTCG) of 20% with indexation benefits applies on Gold Funds gains redeemed after 3 years.

Conclusion

Gold Mutual Funds are one of the safest modes of investing in gold without bearing the many costs associated with physical gold. If you are looking for ways to invest in inflation-proof instruments, Gold Mutual Funds are for you.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Gold Mutual Funds in India - Meaning, Benefits etc | digibank by DBS

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Gold Mutual Funds are open-ended Mutual Funds. They invest in Gold Exchange Traded Funds (ETFs). One unit of Gold Mutual Fund equals one gram of physical Gold. Investing in Gold Mutual Funds is cheaper than buying physical Gold. Gold Mutual Funds attract capital gains tax.

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How to Apply for Debit Card Online - Step Wise Guide | DBS digibank

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How to Apply for Debit Card Online - Step Wise Guide | DBS digibank

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How to Apply for Debit Card Online - Here is a guide on how to apply for new debit card with few simple steps. To make it easier, digibank app can be downloaded.

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Key Takeaways

Debit cards offer ease of use and convenience, enabling cashless transactions.

You get a free debit card when you open an account with a bank.

You can apply for a debit card online if your card expires or if you wish to place an order for a new one.

You can also visit your bank branch to apply for a debit card.

Banks deliver debit cards at your doorsteps within 2-3 days of application.

Introduction

Most of us are now accustomed to using debit cards. They offer ease of use and enable cashless transactions. Debit cards reduce the need to carry cash all the time while allowing you to access funds in your bank account at any time. Essentially, the debit card is linked to your bank account, and each time you swipe it, funds are automatically debited from your account and transferred to the payee's account. Of the many benefits you get with debit cards, a prominent one includes applying for the card online through your net banking account. Find out how to apply for a debit card online in this article.

How to apply for a debit card?

Typically, your bank provides a debit card when you open an account. However, if you wish to avail of an additional debit card or apply for a replacement one, you can apply for the card online. Here are the steps on how to apply for a new debit card.

1. Visit the official website of the bank with which you have your account.

2. Go to the personal/retail banking section on the website and choose the 'apply for a debit card option.

3. Choose from a wide range of debit cards, basing your decision on the benefits you wish to avail and requirements you need to be fulfilled from the card, e.g., high daily withdrawal limits, airport lounge access, reward points on shopping, etc.

4. Fill the online application form and confirm your details, such as the name you want to be embossed on the card, your address and your bank account information, among other things.

5. Submit the required documents to complete the e-KYC formality - PAN, ID and address proof documents, checking the accepted list of documents mentioned on the application form.

6. Upload the form and your documents to complete the application process.

The bank will send you a notification upon receiving your application.
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Post online application - Time is taken to receive the debit card

Most banks typically start the process of printing and sending your debit card at the earliest. It generally takes 2-7 days from the date of application, irrespective of whether you placed your request online or offline. Note that you will mostly receive your debit card PIN (personal identification number) in a separate consignment as a security measure.

Conclusion

Debit cards have simplified banking and eased payments. In most cases, you need not apply for a card unless you wish to change your existing card or apply for an add-on card. For instance, if you want to use a debit card abroad, you may need a Master or Visa card as Rupay cards are not accepted abroad. Applying for the card is incredibly easy, and the process is streamlined further with your internet banking account.
Happy shopping with the digibank by DBS debit card! Download the app to open your digiSavings account instantly and get your debit card! Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Learn How to apply for Debit Card Online in Simple Steps | digibank by DBS

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Debit cards offer ease of use and convenience, enabling cashless transactions. You get a free debit card when you open an account with a bank. You can apply for a debit card online if your card expires or if you wish to place an order for a new one.

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Short Term Investment Plans | DBS digibank

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Short Term Investment Plans | DBS digibank

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Short Term Investment Plans - Here are some options for a short term investment plans. To start with short term investment plans, one can download the digibank app.

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What are Short Term Investment Plans in India? | digibank by DBS

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Read in detail different short-term investment plans that suit your financial goals. Download the digibank app to start from some best short-term investments in a few mins.

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Forgot ATM PIN - Steps for ATM PIN Change | DBS digibank

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Forgot ATM PIN - Steps for ATM PIN Change | DBS digibank

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Forgot ATM PIN -  This article guides you with a step-by-step approach for changing your ATM PIN. If you forget your ATM PIN, you can reset it easily by downloading the digibank by the DBS app.

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Key Takeaways

If you forget your ATM PIN, you can reset it easily.

Visit your bank's ATM, and follow the instructions displayed on the ATM screen to change the PIN.

You can also conduct ATM PIN change through your internet banking account.

You will need your mobile number registered with the bank while changing your PIN.

Enter the One-time Password sent on your Registered Mobile Number to complete the PIN changing process.

With cashless payments becoming the norm, withdrawing cash from Automated Teller Machines (ATMs) has become a rare event. But there are times when you cannot escape cash payments at all. With such moments being few and far between, you may forget your ATM PIN. When the system prompts you to enter your PIN at the ATM vestibule, you wonder I forgot my ATM PIN number' - what can I do? Well, do not fret; there are simple ways to reset your PIN. Keep reading to know more.
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Reset the PIN at the ATM

If you forgot ATM PIN while trying to withdraw cash at an ATM, you are in luck. You can conveniently reset your ATM PIN. It is best to choose your own bank ATM to reset the ATM pin. Here are the steps:

1. Insert the ATM card in the ATM slot in the machine. Once the machine reads your card, The ATM screen will display several options. Select the 'Forgot PIN' option, 'Reset PIN' option or any other relevant option. The verbiage may differ from bank to bank.

2. The machine will ask you to select your bank account type (Savings or Current) and enter your Registered Mobile Number (RMN) using the keypad.

3. The bank then sends a One-time Password (OTP) on your RMN, which you must enter on the screen.

4. Once you enter the OTP, the system prompts you to set a new 4-digit PIN, after which your PIN will be changed.

5. Upon successful ATM PIN change, you will receive a notification from the bank.

Reset the PIN via Online Banking

While you can complete most online transactions with OTPs today, occasionally, you may have to provide your ATM PIN too. If you forgot the ATM PIN, you could easily reset it online via internet or mobile banking.

1. Log in to the internet banking or mobile banking portals and go to the cards section.

2. Select 'Change PIN' or 'Reset PIN' or 'Instant PIN Generation' any other relevant option to reset the PIN.

3. Enter and reconfirm the 4-digit PIN of your choice and click on 'submit'.

4. Now enter the OTP sent on your RMN and enter it on the online portal to complete the process.

Traditional Ways Of Resetting ATM PIN

At the Bank: Fill up a 'PIN Reset' form by visiting the bank branch.

Via Customer Care: Call the customer care helpline and follow the IVR instructions to change the PIN.

Via SMS: Send an SMS to a special bank-specified number for an ATM PIN change request.

Conclusion

As is apparent, if you forgot the ATM PIN, you can conveniently reset it. You must ensure that you register your mobile number at the time of account opening. To authenticate the ATM PIN reset process, banks send a One-time Password to the RMN to allow instant, hassle-free ATM PIN reset processes.
Happy shopping with the digibank by DBS debit card! Download the app to open your digiSavings account instantly and get your debit card! Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Forgot ATM Pin? - Easy Steps to Reset ATM Pin | digibank by DBS

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If you forget your ATM PIN, you can reset it easily. Visit your bank's ATM, and follow the instructions displayed on the ATM screen to change the PIN. You can also conduct ATM PIN change through your internet banking account. You will need your mobile number registered with the bank while changing your PIN.

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Joint Account - All the Points Covered| digibank by DBS

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Joint Account - All the Points Covered| digibank by DBS

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Joint Account - digibank discusses joint account meaning, how does a joint bank account works with its pros & limitations. One can open a joint account by downloading the digibank app.

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What is A Joint Account? Read Joint Account Meaning, Features & More | digibank by DBS

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Joint Account Meaning: A joint account is a type of savings account which you can open jointly with one or more individuals. Download DBS app to open savings account in a few minutes!

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Objectives of Investment - Important Points | digibank by DBS

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Objectives of Investment - Important Points | digibank by DBS

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Objectives of Investment -  Understand the investment objectives which play a crucial role in your investment decisions. One can download the digibank app to start an investment.

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Types of Primary & Secondary Investment Objectives | digibank by DBS

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Read the objectives of investments & know all types of primary & secondary objectives of investment. Download the digibank app now to start your investment journey now.

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Types of Deposits - Best of 5 Types | digibank by DBS

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Types of Deposits - Best of 5 Types | digibank by DBS

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Types of Deposits - This article covers the different types of deposits. To know more in detail one can download the digibank by DBS app.

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Banks allow you to deposit money in various types of accounts. Find out about the different types of deposit accounts in this article.
Key Takeaways

Banks offer various types of deposit accounts.

You can open savings, current, and salary accounts.

You can also open fixed and recurring deposit accounts.

You can withdraw sums easily from all accounts except FDS and RDs that come with early withdrawal penalties.

You also have to maintain minimum balances in most types of deposits.

Introduction

A bank is a place where you can deposit your money in an account and withdraw it as needed. In some accounts, you have to maintain specific balances, whereas you may not be required to maintain any balance in others. Similarly, you can easily withdraw money from some accounts, but you may have to pay the penalty for withdrawal on others. Furthermore, there are no restrictions on transactions on some accounts, whereas others come with daily or monthly transaction limits. Essentially, you need to know about the different types of account deposits offered by banks. Continue reading this article to learn more.

Types of Account Deposits

Primarily there are five types of account deposits. They are as under:

1. Savings Accounts

A Savings Account is a basic bank account that most of us have. This is an account where you can deposit your money and earn interest on the deposits. You always have to maintain a minimum balance as specified by your bank in this account. The minimum balance requirement can range from INR 500 to INR 10,000 to INR 100,000, depending on the bank and account type. While you can deposit and withdraw funds through ATMs, there are usually some transaction limits on Savings Accounts regarding both in-bank and ATM transactions. Savings Accounts are of various types, including individual accounts, joint accounts, women, children, senior citizens, and privileged accounts.
With the digibank by DBS app, you can open a new Savings Account in a few minutes! Download the app to get started. Download digibank Now

2. Current Accounts

Unlike a Savings Account, which is designed to help you deposit, save, and grow your money, A Current account is a type of deposit meant for your business transactions. This is an account you should open to deposit and withdraw cash for business purposes. Banks usually provide unlimited daily transactions, with no restrictions or caps on the sums withdrawn or deposited in Current Accounts. That said, the minimum balance requirements for Current Accounts are generally higher than those on Savings Account deposits.

3. Salary Accounts

Although a Salary Account is also a type of Saving Account, it stands apart as your employer opens it for you for the sole purpose of depositing your remuneration. Unlike most accounts, where you can choose your preferred bank, you do not get to choose your preferred bank for your Salary Account. Companies usually tie up with one specific bank to open Salary Accounts for their employers. You can withdraw every last rupee deposited by your employer in this account, which is why a Salary Account is also known as a zero-balance account.

4. Fixed Deposit Accounts

A Fixed Deposit is a type of deposit that is ideal for conservative investors. A Fixed Deposit account is one where you deposit or put away a sum of money for a specific tenure with the bank. You earn interest on the fixed amount for the term of the deposit. You can choose to open a cumulative fixed deposit account to withdraw both the principal amount and the interest payment when the deposit matures. You may also opt to receive a fixed monthly or quarterly interest payout. With Fixed Deposit Accounts, you cannot withdraw money until maturity. If you choose to do so, you have to pay the penalty, a specific amount set by the bank.

5. Recurring Deposit Accounts

With Fixed Deposits, you generally put away a lump sum amount. On the other hand, a Recurring Deposit Account is one where you deposit a fixed sum of money at fixed and recurring intervals, usually on a monthly or quarterly basis. With Recurring deposits, you can put away a small amount each month to fulfil the greater goal of creating a lumpsum. Typically, you have to deposit the same fixed amount on the selected date for the entire investment tenure. RDs naturally come with maturity tenures ranging from 6 months to 10 years. Like FDs, if you decide to withdraw your Recurring Deposit Account prematurely, you have to pay a penalty through which the bank reduces the interest rates.

Conclusion

Banks help you save and grow your money. You can open all of the above types of deposit accounts with the same bank to manage your finances effectively. With digital banking services and mobile applications, today, you can open deposits online and monitor them conveniently. Just activate your internet banking account and access all your deposits on a single platform.
So, download the digibank by DBS app, and use it to build your wealth Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Know Top 5 Types of Deposit Accounts | digibank by DBS

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Banks allow you to deposit money in various types of accounts. Find out about the different types of deposit accounts in this article. Banks offer various types of deposit accounts. You can open savings, current, and salary accounts. You can also open fixed and recurring deposit accounts.

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Debt Funds - Debt Mutual Funds | digibank by DBS

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Debt Funds - Debt Mutual Funds | digibank by DBS

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Debt Funds - This article discusses the meaning of debt funds, its types and how to invest in debt funds. By downloading the digibank app one can start investing in debt funds.

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Debt funds are mutual funds wherein the underlying assets are fixed-income securities. Fixed income securities could range from bonds, treasury bills, Government Securities to different money market instruments.

What are Debt Funds?

Investing in a debt instrument is similar to lending an advance to the issuing entity. Debt mutual funds aim to provide interest income periodically along with scope for capital appreciation. Such funds invest in fixed-income generating securities and are preferred by individuals, who do not wish to invest in volatile equity markets. The issuer pays a fixed coupon which is known in advance along with tenor which helps a fund manager of the scheme as well as investor to have a fairly decent idea about the likely returns on the money he is planning to invest.

How do Debt funds work?

Debt Funds are a category of mutual funds which are professionally managed by a fund manager. The role of the fund manager is to invest in securities that meet the investment objective of the fund. This is achieved by investing according to the credit rating of the instruments and nature of the fund. The credit rating of the issuer helps to determine whether the firm would be able to service interest obligations regularly. The fund manager typically chooses to invest in high credit quality rated g instruments. A higher credit rating means the issuer will be consistent in disbursing interest payments periodically, as well as pay back the principal amount on maturity. By investing in high credit quality instruments, debt funds endeavour to provide safety of principal.

The fund manager also determines the maturity period of instruments held in each portfolio depending on the outlook of the interest rates in the economy. If the interest rates are predicted to fall, the fund manager invests in long-term securities. Instead, if the interest rates are predicted to rise, investments are made in short-term securities.
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Different Types of Debt Funds:

Overnight Funds
Overnight funds invest in securities with an investment horizon of one day. Given the short duration, interest fluctuations are minimal. These funds are often considered safe investments.

Liquid Funds
Liquid funds invest in short term money market securities which maturities of less than 91 days. If you wish to park your funds for a short period bearing little risk then, liquid funds are a good investment option. They typically offer higher returns than regular savings deposits as well.

Ultra Short-Duration Funds
These debt funds invest in debt and money market instruments which mature between 3 to 6 months. They offer higher returns than a fixed deposit. Such funds carry a relatively lower interest rate risk.

Short Duration Funds
Short Duration Funds invest in debt and money market instruments that mature between 1-3years. They are relatively low on risk. Ideal for conservative investors as they typically not subject to high-interest rate fluctuations.

Corporate Bond Fund
Funds that invest at least 80% of their corpus in highest-rated corporate bonds are categorised as Corporate Bond Fund. They offer scope to earn higher returns than those provided by short term debt funds. Though you need to watch out for credit risk associated with downgraded ratings.

Credit Risk Fund
Credit Opportunities fund is a relatively new category that typically invests 65% of its assets into debt instruments rated below highest credit quality. These funds take a call regarding proportion to invest in high interest yielding low-rated bonds, unlike other debt funds that are focused on determining the tenure, or, the average maturity. Hence, they may be riskier than other debt funds.

Gilt Funds
Funds that invest at least 80% of their corpus in government securities (G Secs) across maturities are called Gilt Funds. The portion invested in Government securities virtually carries no credit risk.

Fixed Maturity Plans (FMPs)
Fixed Maturity Plans can only be invested in the initial offer period. They are close-ended debt funds. They are locked in for a fixed tenure, which could vary from months to years. FMPs tend to offer superior and tax-efficient returns if held for more than three years. However, there is guarantee of consistent returns.

Long Duration Funds
Long Duration Funds are debt mutual funds that are managed actively to generate steady returns over different market scenarios. They mostly invest in long term securities comprising G Secs, Bonds and Debentures. The duration of the fund is longer than seven years.

Dynamic Bond Funds
These funds invest in debt instruments across different issuers and have dynamic maturity periods. They are suited for investors with a moderate appetite for risk and are looking at an investment horizon of between 3-5 years.

What to consider before investing in a debt fund:

Investment Horizon
You should choose a debt fund depending on the investment tenure you have in mind. If it is a year or less, liquid funds and ultra short-term funds may be suitable. In case of 1-3 years, short-term bonds could be the best option. If you have a medium-term horizon of 3-5 years, corporate bond funds or dynamic bonds could be suitable too. Usually, higher the tenure, more are the returns, except during a rising interest rate scenario.

Investment Objective
Choosing debt funds also depends on your overall investment goals. Is it an additional source of income during retirement? Or, is it a safe fund for liquidity purposes? Investors also use debt funds as a means to supplement income over salary.

Risk
Debt Funds carry lower risk than equities. However, they suffer from credit and interest-rate risks. If a fund manager were to invest in low-credit quality bonds, then they carry high credit risks. Value of the portfolio may go down due to delay or default in payment of interest and or capital. An interest rate risk occurs when the prices of the bond tend to fall due to an increase in the rates of interest, thereby exposing the investor to losses.

Returns
While debt funds are fixed-income securities, they do not guarantee returns. The net asset value of debt funds is linked to the overall interest rates in the economy. The value of such funds tends to fall with rising interest rates. They are therefore more suitable in a falling interest rate regime.

Cost
Debt Fund managers charge a fee to manage investment portfolios called expense ratios. They were mandated by SEBI to have an upper cap of 2.00% for schemes up to a particular corpus size. Given the lower rate of returns on debt funds compared to equity funds, it is essential to invest in debt funds for extended time horizons.

How to invest in debt funds

Investing in Debt Mutual Funds is easy:

Use the digibank mobile app or the ibanking website

Launch the app on your smartphone or visit the ibanking website

Set up your digisavings account.

Log in and choose the Mutual Funds section

Complete the verification process following the instructions

You're all set to start investing in debt funds now!

digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.
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Debt Mutual Funds -Types, What to consider & How to Invest in Debt Funds | digibank by DBS

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Debt funds are mutual funds wherein the underlying assets are fixed-income securities. Fixed income securities could range from bonds, treasury bills, Government Securities to different money market instruments. Investing in a debt instrument is similar to lending an advance to the issuing entity.

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Bank Account Name Change Application - Easy Process | DBS digibank 

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Bank Account Name Change Application - Easy Process | DBS digibank 

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Bank Account Name Change - digibank has a stepwise guide on changing a bank account's name. This can be availed easily by downloading the digibank app.

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Key Takeaways

Changing your name is a 3-step legal process.

You have to write an application to the bank to change your name on your bank account.

You must provide relevant documents supporting the name change.

You can also have your name changed on passbooks, cheque books, debit cards etc.

You can change your name for various reasons like marriage, change in spelling, etc.

Introduction

Miss Sheena Melvin Das recently got married. Upon becoming a Missus, she decided to honour her husband by taking his last name. She decided to change her name to Sheena Raymond Diaz. She needed to ensure all her documents legally had her new name, including her bank accounts. Like Ms. Das, you too may want to change your name for a legit reason. This article highlights a few reasons why one may wish to change their name, how they can go about it and how they can update their changed name with their banks.
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Most Likely Reasons You Would Want a Name Change

Changing First and/or Last Name after marriage.

Changing Name after Divorce

Combining Two Last Names after marriage

Changing name for various other reasons (religious, numerological, personal etc.)

3-Step Process to Change Your Name Legally

Before changing your name in the bank or your identity proofs, e.g., PAN card, Aadhar Card or Driving License etc., you need to change your name legally. It is a 3-step process involving notarised Affidavit, Newspaper Advertisement and Gazette Notification.

1. You must sign an affidavit on the suggested stamp paper stating your reason for the name change along with your new name, and the affidavit should be notarised.

2. Publish an advertisement in two local newspapers, informing about the name change. You must also get your name published in your state gazette by submitting the relevant forms and newspaper publications.

3. You will receive copies of the Gazette on which the name change notification has been published.

Only after legally changing your name can you apply for a name change in banks and other institutions.

Steps to Change Your Bank Account Name

1. You must present a signed written application to the bank. You can refer to the following sample letter.

To,

The Branch Manager

(Bank name, address)

Subject: Application for Changing the Name of the Bank Account.
Sir/Madam,
I, (your name), hold a bank account with account number (your bank account number), in your branch (your current branch). I have legally changed my name and would like to update the new name in my bank account. A copy of the notarised affidavit, gazette notification and newspaper publications are enclosed for your reference.

Kindly do the needful at the earliest.

Thank you.

Yours Sincerely

(Name and Signature)

2. Attach the Notarised Name Change Affidavit, Gazette Notification, Marriage Certificate (in case of name change after marriage) and copies of Newspaper Publications.

3. After your application is verified and acknowledged, the bank will initiate the process to change your name in its system.

4. Once this process is completed, the bank will notify you via SMS or email.

5. You can apply for your new name to be printed on the passbooks, cheque books, debit cards, credit cards etc., as well.

Conclusion

If you change your name, you must follow the above process. Only after you change your name legally can you apply to change it in your bank accounts. You can send your bank account name change application online as well as by visiting your bank branch.
With the digibank by DBS app, you can open a new savings account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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change of name in bank account after marriage

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How To Write Bank Account Name Change Application? | digibank by DBS

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Changing your name is a 3-step legal process. You have to write an application to the bank to change your name on your bank account. You must provide relevant documents supporting the name change. You can also have your name changed on passbooks, cheque books, debit cards etc.

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Different Types of Mutual Funds in India | digibank by DBS 

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Different Types of Mutual Funds in India | digibank by DBS 

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Different Types of Mutual Funds in India - digibank explains different types of mutual funds that you can invest in. One can choose the best one by downloading the digibank app.

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TLDR Points

Mutual funds have mainly three types of asset allocation - equity, debt and hybrid.

Equity funds are tied to the stock market.

They give great returns at a higher risk.

Debt funds are tied to fixed-income securities and are less risky.

Hybrid and balanced funds combine debt and equity securities in one portfolio.

Are you looking for an investment instrument to fetch you high returns so that you can live the life of your dreams? Do you want a steady stream of income while you go on to take over the world?

Mutual Funds is an excellent investment alternative to those who want their money to work for them but do not have the time to manage their investments. With professional fund managers, mutual funds invest a pool of assets contributed by investors to offer higher returns collectively.

Read about the types of mutual funds out there to find the right fit to fulfil your dreams.

Equity or growth schemes

Equity funds are those which invest a major portion of their funds into equities. These funds allow you to invest in stock markets without tediously managing your portfolio as the mutual fund manager takes care of it and ensures your returns.

If you are at your prime earning stage, equity or growth schemes are an ideal option to reap long term returns. The diversification that comes with equity mutual funds helps mitigate the risk while providing higher returns.

Three categories of equity funds

Sector-specific funds

It is the right fit for an investor with a high-risk appetite and an ambitious approach towards high earnings. These mutual funds focus on specific categories, say banking or mining or particular segments, such as small-cap or mid-cap. If you are familiar with one particular sector and are willing to bet on it, then such funds are right for you.

Index funds

If you want to invest in mutual funds but don't want to rely on the fund manager, go for an index fund. The strategy of an index fund is to match the index it is based on.

Let's say an index fund follows the National Stock Exchange (NSE) and it has a 10% weightage in a particular stock; then the index fund will also invest 10% of its total assets in that exact stock.

If you aim for high returns but have a medium risk appetite, index funds can be an ideal choice for you as the losses, and the gains are proportional to the base index.

Tax-saving funds

Tax-saving funds that invest in equities are also called Equity Linked Saving Schemes (ELSS). One great advantage of them is that they provide tax benefits to the investors under section 80C. These funds also have a three-year lock-in period.
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Money market funds

If you are looking for short-term stable returns, go for money market funds that invest in short-term debt instruments like certificate of deposits or Government Bonds. If you have a low-risk appetite, this type of mutual fund category is a great choice. They are comparatively safer investments offering fixed returns.

Fixed income or debt mutual funds

If you have a low-risk appetite and are looking for a mutual fund category that can generate a steady income flow, fixed income mutual funds are just what you need. They invest in fixed coupon-bearing instruments say, investment-grade corporate bonds, debentures etc. with limited credit risks.

Balanced funds

If you want to invest in mutual funds and look for moderate returns but a low-risk combination, don't blink an eye before going for balanced funds. Aiming at ideal equity and debt ratio, these funds allocate resources based on market risks.

Hybrid/monthly income plans

It is a mutual fund category that is pretty similar to balanced funds; the only difference being the share of equities is lesser here. It ensures a regular flow of income with low risks.

Gilt funds

Here comes an almost risk-free option. Gilt funds invest solely in government securities so that you can bank on the returns. However, the returns offered are nominal and commensurate to the risk involved.

Conclusion

No matter whether you are an ambitious high-risk taker or a risk-averse secure one, there is always a type of mutual fund that specifically caters to your needs. If you are looking for high-quality rated mutual fund schemes, then download the digibank by DBS app. Choose from over 250 schemes based on your investment goals.
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*Disclaimer: digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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different types of mutual funds in india

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5 Different Types of Mutual Funds in India | digibank by DBS

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Mutual funds have mainly three types of asset allocation - equity, debt and hybrid. Equity funds are tied to the stock market. They give great returns at a higher risk. Debt funds are tied to fixed-income securities and are less risky. Hybrid and balanced funds combine debt and equity securities in one portfolio.

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I Need 50000 Rupees Loan Urgently | digibank by DBS

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I Need 50000 Rupees Loan Urgently | digibank by DBS

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50000 Personal Loan - With paperless documentation, digibank offers an immediate Personal Loan of 50,000 Rupees. This can be availed by downloading the digibank app.

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Key Takeaways

Personal Loans are sanctioned based on your credit health and loan repayment abilities.

Personal Loans are unsecured loans, therefore, do not require collateral.

You can repay the loan in flexible tenures of up to 5 years.

Personal Loan EMIs comprise the principal and interest rate components.

Banks do not set end-use restrictions for a Personal Loan.

Are you tempted to upgrade to that latest smartphone or perhaps that action camera for your video blogs? How about the latest play station? If you are thinking, 'I need 50,000 Rupees loan urgently but have no idea how to get it, your search can end with Personal Loans. Now you can get Personal Loans to finance any expense - big or small. You can apply for amounts as low as INR 50,000 with no restrictions on end-use. Find out the numerous benefits of a Personal Loan and things you should consider before getting one.

How To Get 50,000 Personal Loan

There are two types of loans - secured and unsecured. A secured loan requires you to provide collateral such as a car, a home, or sometimes stocks and bonds. Unsecured Loans, however, require no collateral, for example, credit cards and Personal Loans. When you apply for a Personal Loan, the lender sanctions the loan primarily on your creditworthiness along with other basic parameters. The eligibility criteria for an INR 50,000 Loan are as follows:

Minimum and maximum age of 21 and 60 years, respectively.

Salaried or self-employed individuals must provide proof of regular income.

Your CIBIL Score must be at least 600 points.

Check your eligibility with the Personal Loan EMI Calculator.
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Features and Benefits

Hassle-free documentation

Loans that require collateral demand mountains of paperwork. However, Personal Loans are collateral-free and require minimum to no paperwork. Just provide scanned copies of documents, including your PAN card, ID, address and income proof. Pre-approved bank customers can avail of instant loans with no documents required.

Flexible repayment tenures

Choose flexible tenures starting from 12 months till five years and repay your loan of Rs. 50,000 in easy Equated Monthly Instalments.

Quick disbursal

Once the lender approves your loan request, the loan amount gets credited to your bank account in minimal time. If you are a pre-approved customer or eligible for instant Personal Loans, the bank credits your Savings Account within hours, typically on the same day.

Personal Loan cost

You can avail of Personal Loans at competitive interest rates. While banks levy a one-time loan processing fee plus taxes, there are other charges like late payment, default charges, prepayment charges, etc. These are mentioned in the loan agreement.

Loan cancellation

Some banks allow loan cancellation within 48 hours of loan disbursement. The bank will reverse the loan amount into its source account, except for any loan processing fee and additional taxes.

No end-use restriction

Once the amount gets disbursed, you can use it to finance any expense of your choice. You can use the INR 50,000 Personal Loan to pay for a vacation, buy a tech gizmo, furnish your home, and more.

Conclusion

As long as you hold a good credit score and show proof of regular income, you can get a Personal Loan with minimum to no documentation. Remember to check your eligibility and possible EMI payments with online Personal Loan eligibility and EMI calculators, respectively.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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50,000 Loan - Know How To Get Rs.50,000 Personal Loan | digibank by DBS

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Personal Loans are sanctioned based on your credit health and loan repayment abilities. Personal Loans are unsecured loans, therefore, do not require collateral. You can repay the loan in flexible tenures of up to 5 years. Personal Loan EMIs comprise the principal and interest rate components.

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What is Deposit - Meaning & Types | digibank by DBS

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What is Deposit - Meaning & Types | digibank by DBS

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What is Deposit - Here is a brief explanation of the term "deposit" and the different types of deposits. One can deposit by downloading the digibank app.

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Key Takeaways

A deposit is money you put into your bank account.

You should deposit money in a bank to create savings and earn interest on it.

A demand deposit is made for funds you can withdraw anytime.

A time deposit is a long-term investment.

A deposit could also be the collateral amount you pay when you take on a loan.

The process of banking at its core involves putting away or saving money in a bank account. The bank plays the role of a safe keeper - an entity that lets you put away your hard-earned money while it pays you interest on sums saved. One of the most frequently used terms in the world of banking is 'deposit'. So, what is the deposit? Let us understand its meaning and types.

What is Deposit?

Fundamentally, a deposit is money held by a bank. The money that you put for savings in your bank account for any reason. It could be to safeguard your money, increase your savings, or money received via cheques and other forms of fund transfers - all come under the umbrella of deposits. Every time a transaction involves a fund transfer into your bank account, it is referred to as a deposit payment.

The word deposit can also refer to an amount of money serving as collateral in a transaction. Suppose you apply for a loan from a bank. The bank might keep a security deposit of your property papers or fixed deposits as collateral. The property papers or fixed deposit serves as the collateral against the loan.
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Types of Deposits

Deposits are broadly classified into two types:

1. Demand Deposit

A demand deposit is a general deposit that you make into your bank account. It could simply be a transfer of money to any account - savings, current, salary account, etc. With demand deposits, you can withdraw money from your account at your discretion. For example, if you deposit to your savings account, you can freely withdraw money from the bank, its ATMs, or while paying for your expenses using the debit card provided by the bank, as and when you need.

2. Time Deposit

A time deposit refers to money you put in the bank for set periods to earn interest. Unlike a demand deposit, you do not have the option of withdrawing money whenever you want to. Your deposit is locked away for a fixed term or time - a Fixed Deposit, for instance. Then there is the Recurring Deposit, wherein you have to deposit a fixed sum for a set period specified time intervals. The deposit period is a fixed long period, and the bank pays you cumulative or non-cumulative interest based on the type of time deposit you choose. The interest paid on time deposits is higher than what you would earn on your demand deposits like a Savings Account.

How Does a Deposit Work?

When you deposit your money in a bank, you are safeguarding it. The bank promises to pay this money back to you as and when you need it. The deposit is your asset, and the bank owes you the amount you save and pays interest on it. The interest rate differs based on the type of deposit you make. While there are no restrictions on demand deposits, banks may levy penalties for withdrawing a time deposit prematurely.

Conclusion

Bank deposits help you grow your money gradually. They teach the discipline of saving money. You can start with demand deposits money into a savings account to earn interest and gradually create time deposits with the lump sum saved in your account.
With the digibank by DBS app, you can open a new saving account in a few minutes! Download the app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is Deposit - Overview, Types & How Does It Work | digibank by DBS

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A deposit is money you put into your bank account. You should deposit money in a bank to create savings and earn interest on it. A demand deposit is made for funds you can withdraw anytime. A time deposit is a long-term investment.

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Tax on Savings Account - A Quick Guide | digibank by DBS

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Tax on Savings Account - A Quick Guide | digibank by DBS

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Tax on Savings Account - This article guides regarding the tax on savings account, their terms & conditions. One can open a savings account by downloading the digibank app.

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Tax on Savings Account Interest Under Section 80TTA & 80TTB | digibank by DBS

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Tax on Savings Account – Read about tax implications on the interest earned from a savings account in India. Learn about tax deductions and calculations on savings account at digibank website.

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KYC - How to Update KYC | digibank by DBS

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KYC - How to Update KYC | digibank by DBS

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KYC - Understand how to update KYC using simple ways is explained by digibank in detail. One can easily update KYC by downloading the digibank app.

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How to update your KYC In Simple Steps? | digibank by DBS

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How to Update KYC? The goal of KYC requirements is to prevent banks from being utilised for money laundering by criminal elements. Download the digibank app to start your investments now.

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India Strategy - Everything about Tax Rates | digibank by DBS

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India Strategy - Everything about Tax Rates | digibank by DBS

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India Strategy - India's Finance Minister announced a significant reduction in business tax rates. One can understand in detail by downloading the digibank app.

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Government's big fiscal push through tax cuts - should make India competitive | digibank by DBS

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India Strategy: Government's big fiscal push through tax cuts - should make India competitive

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Know Can a Student Get Personal Loan | digibank by DBS

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Know Can a Student Get Personal Loan | digibank by DBS

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Can a Student Get a Personal Loan - digibank discusses the student's personal loan eligibility status, its key features and benefits. One can apply for a student loan by downloading the digibank app.

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Key Takeaways

Students can apply for personal loans to fund their education.

The loan is ideal for short term courses.

You can get loans as high as up to INR 15 lakhs.

Loans up to INR 5 lakhs do not warrant collateral.

Loans are approved and disbursed without hassles within a few hours to a couple of days.

Introduction

The cost of higher education has increased significantly with time. This is why most students worldwide have to rely on external funding in the form of personal loans. Such as loan helps you fund various expenses associated with your studies, whether it means buying books and supplies or paying tuition. If you are wondering, can I get a Personal Loan as a student, this article is for you.

Can a student get a Personal Loan?

The answer to the question, 'can students get Personal Loan' is yes, you can. You can apply for a personal loan and use the money to finance your education. Such a loan is typically the ideal choice if you need money to study short-term courses like diplomas, certificate, or vocational courses, where the cost of fees is not that high. Yes, you can take out a personal loan to fund your higher education or specialised courses in India and abroad. Let us now look at the features and benefits of such loans. Let us find out more.

Features and benefits of Personal Loans for students

The maximum loan amount is INR 15 lakh

The loan repayment tenure is flexible and ranges from 1 year to 5 years

Personal Loan for students can help you realise your dreams of higher education

It is an ideal alternative to other types of credit

You do not have to provide any collateral for loans up to INR 5 lakh

You can avail of deduction under Section 80E of the Income Tax Act for interest paid on the loan

Such a loan is ideal for short-term courses and vocational courses

Eligibility Criteria

Having answered the query 'can a student get a Personal Loan', let us look at the eligibility criteria to qualify for t. It is as under:

You must be aged between 21 and 63

You need to show a minimum work experience of one year

Your credit score should be above 750

If you are self-employed, you need to provide your proof of income through filed tax returns

If you are employed, you need to show your salary slips and bank statements

Must meet the minimum salary criteria of the lender

Documentation Required

While applying for a Personal Loan, you need to provide the following documents:

Age, ID and address proof documents such as PAN, Aadhaar, Driver's License, Passport, Voter's ID, Employee ID card, etc.

Salary slips in case of employed applicants

Bank account statements for three months

Two recent passport-sized photographs

Business registration certification and audited financial statements for self-employed applicants

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Points to Remember before applying

You need to keep in mind a few things before you proceed to apply for a Personal Loan. Here's what you need to remember.

1. Estimate the right amount

Education can be expensive, and besides the tuition cost, there are additional costs you may have to incur. Do not forget to include the same in your loan for study purposes application. Consider the cost of travel, cost of study materials, etc. It will help plan your expenses in a better way, and you will be able to estimate the right amount. Overestimation or underestimation may not serve the purpose.

2. Choose the suitable repayment tenure

You have the freedom to choose the repayment tenure, but you should avoid keeping it too long or too short. If the term is concise, it could lead to a sizeable monthly outflow, and if it is very long, it will lead to high-interest outgo and increase the overall cost of borrowing.

3. Check the rate of interest

It is essential to check the interest rate and the other costs of borrowing like processing fee or prepayment penalty. If you have a strong credit score, you can enjoy low interest.

Conclusion

Now that you know the answer to - can I get a personal loan as a student, you can apply for the same. The personal loan application process is a hassle-free process, and can be completed with minimal documentation. Once your loan is approved, the bank disburses the loan amount into your bank account directly. You can enjoy tax benefits on interest payment and repay the loan in pocket-friendly EMIs over your chosen tenure.
Download the digibank mobile app on your smartphone, launch the app and click on the 'Get Personal Loan' link on the login page. Download digibank Now

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Can a Student Get Personal Loan in India? - Know Here| digibank by DBS

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Students can apply for personal loans to fund their education. The loan is ideal for short term courses. You can get loans as high as up to INR 15 lakhs. Loans up to INR 5 lakhs do not warrant collateral. Loans are approved and disbursed without hassles within a few hours to a couple of days.

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Personal Loan for Self Employed - Get Instant Loan | DBS digibank

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Personal Loan for Self Employed - Get Instant Loan | DBS digibank

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Personal Loan for Self Employed - digibank explains how self-employed can get a personal loan without Income Proof. Personal loan applications can be done by downloading digibank app.

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Key Takeaways

Personal Loans helps you get access to funds for planned and unplanned financial needs.

With Personal Loans, you do not need to pledge any collateral.

Self-Employed Individuals with no income proof documents can also apply for Personal Loans.

A healthy CIBIL score helps you qualify for Personal Loans For Self-Employed without Income Proof.

An existing relationship with the lending bank improves your chances of loan approval.

While evaluating a Personal Loan application, repayment capacity and a healthy credit score are the key parameters that lenders consider. Salaried employees can furnish salary slips and Form 16 as income proof. But for self-employed individuals, this is not an option. For availing of unsecured loans like Personal Loans, documents related to income proof are mandatory. Here are the requirements to procure Personal Loans for self-employed with no proof of income.
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Eligibility Criteria

The following is the eligibility criteria to secure Personal Loans for self-employed with no proof of income. You should:

Be an Indian resident.

Be at least 21 years old at the time of loan application and no older than 60 years at the time of final EMI repayment.

Able to provide proof of your self-employed status and income.

Possess a healthy credit score of 600+ points.

Documents Required

While you can avail of a Personal Loan for Self-Employed without financial documents, you still need to provide basic documents like:

The duly filled loan application form

Recent Passport size photographs

Age and ID Proof documents: PAN Card, Aadhaar, Driver's License, Passport, etc.

Address Proof Document: Aadhaar, Passport, Driver's License, utility bills, etc.

Proof of Signature verification: Passport/PAN Card

Income Proof: Bank statement of the last 3 months, filed income tax returns of the previous 2 years

Ways to Avail a Personal Loan Without Financial Documents

Here are some things you can do to qualify for Personal Loans for self-employed with no proof of income.

Show a high CIBIL score

Try to maintain a healthy CIBIL score of 600 or higher. A high CIBIL score defines your creditworthiness as a borrower and can be your trump card when applying for a Personal Loan without proof of income. Ergo, always ensure to pay your credit card bills on time and not default on EMIs.

Show income from other sources

Providing alternate income proof is one of the easiest ways to get a Personal Loan for self-employed with no proof of income. These can include income from house rent, fixed deposits and other investments offering regular income sources.

Consider Joint Loan applications

Taking on a loan jointly with another co-applicant who can furnish income proof increases your chances of approval. You can also consider assigning a guarantor who can testify to your loan repayment capacity.

Establish a working relationship with the lender

If you have an existing, long-standing relationship with your bank, it becomes easier for them to assess your creditworthiness and eligibility for a loan and sanction the loan amount you need at your preferred interest rate. All this is possible even if you do not have sufficient proof of income.

Final Note

Personal loans for self-employed with no proof of income are proof that everyone can qualify for a loan. However, borrowers must ensure they fit the lender's eligibility criteria and fulfil the necessary terms and conditions associated with the loan.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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instant personal loans for self employed

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Instant Personal loans for Self-Employed - A Detailed Guide | digibank by DBS

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Personal Loans helps you get access to funds for planned and unplanned financial needs. With Personal Loans, you do not need to pledge any collateral. Self-Employed Individuals with no income proof documents can also apply for Personal Loans. A healthy CIBIL score helps you qualify for Personal Loans For Self-Employed without Income Proof.

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Secured and Unsecured Loans - Comparison| DBS digibank

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Secured and Unsecured Loans - Comparison| DBS digibank

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Secured and Unsecured Loans - Here is a complete comparison on secured vs unsecured loan. One can understand the key differences by downloading the digibank app.

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Key Takeaways

You can avail of two types of loans - Social and Unsecured.

Banks extend secured loans against collateral or security.

In the case of Unsecured Loans, banks do not ask for collateral.

Secured Loans are ideal for lower loan amounts, whereas banks provide unsecured loans for higher loan amounts.

Interest rates offered on unsecured loans is higher than those on secured loans.

Life is unpredictable, and you might need to rely on financial aid to meet certain unforeseen expenses. To meet such financial challenges, you can rely on bank loans. While there are several kinds of loans that help you fulfil different requirements, in general, banks broadly classify loans into two types - secured and unsecured Loans. Find out what is secured and unsecured loan in this article.
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Secured vs Unsecured Loan

Secured Loan

When you apply for a high-amount loan, the bank typically asks you to provide collateral. The collateral can be any asset the bank accepts - property, gold, investment certificates, etc. The bank keeps this collateral in its possession and provides you with the loan. Such a loan is known as a secured loan or a loan against collateral as it allows the bank to safeguard or secure its investment. The loan amount you get is usually 60% to 75% of the value of the assets provided as collateral. The bank holds on to the documents of your assets until you repay the loan in full.

Unsecured Loan

An unsecured loan is a loan where you do not have to provide any collateral. Banks typically extend unsecured loans when your fund requirements are low, for instance, Personal Loans. When a bank grants you an unsecured loan, it is undertaking a greater risk and thus charges you a slightly higher interest rate. Without the assurance provided by collateral, banks rely on other factors like your income, credit history and credit scores to decide the loan amount.

Differences between Secured and Unsecured Loans

Borrowing Limits

You can get higher loan amounts (including in crores) with unsecured loans, thanks to the collateral you would have to pledge to acquire it. The borrowing limits for unsecured loans are usually low since you do not have to provide collateral.

Rate of Interest

Since you provide collateral as an assurance with a secured loan, you can enjoy lower interest rates. Conversely, banks need to manage the risks associated with collateral-free unsecured loans and charge higher interest rates.

Lender's Risk

For banks, secured loans offer better security and reduce the risk for the lender. Lenders can auction off the collateral provided to recover their investment. Such protection does not exist for unsecured loans.

Repayment Tenure

Secured Loans such as home loans come with longer repayment tenures of up to 30 years. Unsecured loans like Personal Loans or Auto Loans come with shorter repayment tenures of 60 months and 84 months, respectively.

Apply for Secured and Unsecured Loans with digibank

With digibank, you can apply for secured and unsecured loans conveniently. You can provide assets as collateral and get higher borrowing limits on unsecured loans. You can just as easily avail of secured loans by providing your credit report featuring good credit scores. So, whether you need a Car Loan, a Loan Against Property, or any other loan, you can visit digibank to begin the loan application process.
Download the digibank by DBS app Download digibank Now to get started.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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difference between secured and unsecured loan

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Difference between Secured and Unsecured Loan Explained | digibank by DBS

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You can avail of two types of loans - Social and Unsecured. Banks extend secured loans against collateral or security. In the case of Unsecured Loans, banks do not ask for collateral. Secured Loans are ideal for lower loan amounts, whereas banks provide unsecured loans for higher loan amounts.

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Long Term Capital Gain Tax - A Detailed Guide | DBS digibank

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Long Term Capital Gain Tax - A Detailed Guide | DBS digibank

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Long Term Capital Gain Tax - Here is a complete guide on long term capital gains tax rates. One can get all the information by downloading the digibank app.

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Long Term Capital Gain Tax - A Detailed Guide | digibank by DBS

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Long Term Capital Gain Tax - Understand how long-term capital gain tax works and its rate in India here. Download the digibank app and start investing today!

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Cash Deposit Limit in Savings Account - digibank by DBS

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Cash Deposit Limit in Savings Account - digibank by DBS

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Cash Deposit Limit in Savings Account - Understand how much money can be deposited in a Savings Account. By downloading the digibank app, one can get more information.

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Key Takeaways

The Reserve Bank of India sets limits on cash deposits in Savings Accounts.

You can deposit only INR 1 lakh cash in one shot in a Savings Account.

Cash deposits in a Savings Account cannot exceed INR 10 Lakhs in a financial year.

The RBI has set similar limits for Current Accounts, Fixed Deposits, and other banking transactions.

Choose cashless transactions with digibank's internet banking services and mobile application.

A Savings Account is undoubtedly the most basic and popular bank feature available. It is used to safely store your money while earning additional income through the interest offered. However, the Reserve Bank of India (RBI) sets specific limits on the funds you can deposit in a Savings Account. To learn more about the cash deposit limit in Savings Account, read on.
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How Much Cash Can Be Deposited in a Savings Account?

The rules that limit the cash deposit limit in a bank Savings Account are in place to benefit account holders and assist the Income Tax department. When you make cash deposits in a Savings Account, you are only permitted to do so till the limit of INR 1 lakh. Deposits exceeding this amount may attract the attention of the tax authorities.

Similarly, it is essential to know how much money can be deposited in a Savings Account in a year. To adhere to the cash deposit limit in Savings Account and avoid the notice of the tax authorities, you can only deposit cash up to INR 10 lakhs per annum.

Furthermore, your bank can set similar rules for cash withdrawals from a Savings Account, which you can ascertain under the terms and conditions section of the Account opening form.

Other Limits on Cash Transactions

Besides knowing the cash deposit limits in Savings Account, you should also know the maximum limits on other cash transactions. If you exceed these RBI-set limits, your bank may report you to the income tax authorities.

Current Accounts

Current Accounts are typically used for business transactions. As such, they are subject to comparatively higher deposit and withdrawal limits. You may receive an Income Tax notice for deposits aggregating to INR 50 lakhs cash in a Current Account.

Fixed Deposits

Cash-based Fixed Deposits are also subject to a maximum ceiling. You can only make a cash deposit of up to INR 10 lakhs in a Fixed Deposit. You can create higher amount FDs via cheques and internet banking.

Credit Card Bill Payments

While making a credit card bill payment, you must adhere to the cash deposits limit of up to INR 1 lakh. To pay bills exceeding this amount, you can rely on other cashless methods of payment.

Real Estate Transactions

While making high-value cash transactions concerning real estate, stick to the limit of INR 30 lakhs. Cash transactions exceeding this amount could lead to you receiving an Income Tax notice.

To ensure that you abide by the rules set by the RBI and avoid attracting the attention of the tax authorities, try to conduct cashless or bank-to-bank transactions as much as possible.

Final Note

Now that you know the cash deposit limits in bank Savings Accounts, make sure you abide by the RBI guidelines while handling cash transactions. digibank offers several financial services and solutions designed to encourage cashless transactions. You can conveniently transfer funds and conduct cashless transactions through digibank internet banking and mobile applications.
Download the digibank by DBS app to get started. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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minimum cash deposit limit in savings account

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cash deposit limit in savings account approval

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Cash Deposit Limit in Savings Account | digibank by DBS

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The Reserve Bank of India sets limits on cash deposits in Savings Accounts. You can deposit only INR 1 lakh cash in one shot in a Savings Account. Cash deposits in a Savings Account cannot exceed INR 10 Lakhs in a financial year.

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SIP Vs Mutual Funds - Know the Difference | digibank by DBS

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SIP Vs Mutual Funds - Know the Difference | digibank by DBS

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SIP Vs Mutual Funds - This article discusses the difference between SIP and mutual funds.  Investments can be done online by downloading the app.

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Key Takeaways

In Mutual Funds, fund managers pool together funds from various investors to invest in different securities.

You can choose between lumpsum and SIP mutual fund investments.

Lumpsum is when you invest a significant amount in a mutual fund scheme.

SIP allows you to invest smaller sums in instalments at regular intervals.

You can choose between Lumpsum and SIP mutual funds based on your risk appetite, financial goals and investment horizons.

Introduction

Mutual Fund investments are lucrative investments that help your savings yield higher returns. They continue to remain the most popular investment instrument among conservative, moderate, and aggressive investors. Most new investors tend to confuse SIP vs Mutual Funds. But are they different? Let us find out in this article.

What are Mutual Funds?

A Mutual Fund is a type of investment where an Asset Management Company pools funds from various investors to invest in several securities, including stocks, money market instruments, bonds, etc. Through its fund managers, the fund house allocates assets to earn profitable gains for investors based on their risk profiles, investment goals, and preferred investment tenures. Investors collectively share both gains and losses in proportion to their investment in the fund. So how are SIP and Mutual Funds Different? Here is a comparison
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SIP vs Mutual Funds - Meaning

A Systematic Investment Plan (SIP) is a method of investing in Mutual Funds. With SIPs, you can invest a fixed amount in a fixed mutual fund scheme at regular intervals. What Recurring Deposits are to Fixed Deposits is what SIP is to Mutual Funds.

A Lumpsum Investment is the traditional method of investing in Mutual Funds, where you invest a large amount of money, in a single scheme, in one shot. Lumpsum investments are ideal for people with surplus cash and can afford to invest a considerable sum at once. Here, the fund managers allocate large quantities of units at the prevailing Net Asset Value (NAV).

Difference Between SIP and Mutual Funds

Mode Of Investment

When you invest in a Mutual Fund SIP, the AMC deducts a fixed amount from your mandated bank account on a fixed date. You can choose the investment interval, which can be weekly, monthly, quarterly or half-yearly. With lump-sum investments, you can invest any sum of money, any time, after assessing market conditions.

Risk Factor

SIP enables you to limit any losses by investing in the stock market with small amounts. In comparison, profitable lumpsum investments have a higher risk quotient since you may gain profits or book losses on larger sums.

Rupee-Cost Averaging

In SIPs, in a bear market, you end up buying more units of the mutual fund scheme since the per-unit price of the share reduces. However, during a bullish trend, when the NAV of the fund is high, you are allotted lesser units. As for mutual funds, you buy all units at the prevailing NAV, with no room for rupee-cost averaging.

Power of Compounding

You can see the compounding effect generating higher returns when you hold a SIP for longer durations and reinvest your profits. The power of Compounding does not exist in the case of lumpsum Mutual Fund investments.

Conclusion

Both SIPs and Mutual Funds are excellent, professionally managed investments and come with their own unique characteristics. You should choose your preferred investment method based on your affordability, risk profiles, and investment goals.
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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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SIP Vs Mutual Funds - 4 Key Differences | digibank by DBS

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In Mutual Funds, fund managers pool together funds from various investors to invest in different securities. You can choose between lumpsum and SIP mutual fund investments. Lumpsum is when you invest a significant amount in a mutual fund scheme. SIP allows you to invest smaller sums in instalments at regular intervals.

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Tax on Interest Income - An Overview | digibank by DBS

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Tax on Interest Income - An Overview | digibank by DBS

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Tax on Interest Income - didibank explains is interest income taxable & what are the tax implications. One can get more information by downloading the digibank app.

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Key Takeaways

Interest earned on your savings and investment instruments is taxable in India.

You are liable to pay taxes on interest earned of up to INR 10,000 on your savings account deposits.

You also have to pay TDS and basic tax on the interest income from Fixed and Recurring Deposits investments.

Investment securities like Mutual Funds attract capital gains tax.

Enjoy total tax exemption on interest earned on government-backed schemes like Public Provident Fund.

Most financial instruments in India, such as Savings Accounts, Fixed and Recurring Deposits, and investment vehicles, typically generate interest income. This interest you earn is considered an additional income source, and like any other income, is taxed as per the applicable Income Tax laws of the country. As per the Income Tax Act, 1961, you are liable to pay tax on your interest earnings upon crossing a certain threshold. Keep reading to know more about tax on interest income.
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How is Interest Income Taxable?

As mentioned earlier, any form of income is taxable. Listed below are tax implications for some widely used investment instruments.

Savings Accounts

Interest income of a maximum of INR 10,000 per financial year is tax-deductible under Section 80TT of the Income Tax Act, 1961. The INR 10,000 amount includes interest earned from all the Savings Accounts you have in various public and private sector banks, post offices, NBFCs, etc. However, if the interest income exceeds INR 10,000, it becomes taxable interest. In such a case, you have to pay taxes on the interest income per your Income Tax bracket.

Fixed Deposits

The interest earned on a Fixed Deposit is fully taxable, per your Income Tax slab rate. The bank deducts TDS of 10% for income interest of all your FDs exceeding INR 40,000 in a financial year. Under Section 80TTB, Senior Citizens enjoy a higher non-taxable interest limit of INR 50,000. Remember, the TDS rate will increase to 20% if you do not submit your Permanent Account Number (PAN).

Recurring Deposits

Tax on interest income on Recurring Deposits is similar to that on FDs. The entire interest earned is taxed per your Income Tax slab. The government also introduced a 10% Tax Deducted on Source (TDS) in Budget 2016 on RDs. However, you can claim TDS Exemption by submitting Form 15G (15 H for senior citizens) if your overall taxable income from all sources does not exceed the amount not chargeable to tax.

Debt Mutual Funds

Debt Funds primarily invest a significant portion of their assets in fixed-income securities. Gains earned on redeeming debt funds within 3 years, are called Short-term Capital Gains (STCG), taxed at 30%, plus taxes. Gains for funds redeemed after 3 years are Long-term Capital Gains (LTCG), taxed at 20%, plus taxes, with indexation benefit.

Public Provident Fund (PPF)

An investment scheme backed by the government, PFF offers guaranteed returns and tax benefits. While PPF has a longer investment/maturity period of 15 years, it falls under the Exempt-Exempt-Exempt (EEE) category. Thus, you do not have to pay tax on interest income, the principal deposited and the maturity amount.

Conclusion

Paying tax on interest income is mandatory while filing your returns. You must mention the interest income under the 'Income from other sources section in the ITR form. Ensure you know the tax implications associated with your investments since they can significantly impact your overall returns.
Download digibank to open your savings account and begin your journey to making successful investments. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Tax on Interest Income - How is Interest Income Taxable? | digibank by DBS

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Interest earned on your savings and investment instruments is taxable in India. You are liable to pay taxes on interest earned of up to INR 10,000 on your savings account deposits. You also have to pay TDS and basic tax on the interest income from Fixed and Recurring Deposits investments.

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Personal Loan for Pensioners - Get Instant Loan | digibank by DBS

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Personal Loan for Pensioners - Get Instant Loan | digibank by DBS

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Personal Loan for Pensioners - Learn about the requirements, documentation, and features of a Personal Loan for Pensioners. By downloading the digibank app one can get the personal loan.

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Key Takeaways

Banks offer exclusive Personal Loans for pensioners.

The eligibility criteria for such loans slightly differs from regular Personal Loans.

Pensioners can avail of the loan with minimal documentation.

These loans can help you meet all your financial needs.

Banks offer competitive interest rates and flexible repayment tenures on Personal Loans for Pensioners.

Financial adversities can hit you at any age. Even if you have a monthly pension to pay for your day-to-day needs, you could still fall prey to unforeseen circumstances, derailing your financial plans. Senior citizens usually live on fixed income sources but may sometimes need funds urgently. Today, many lenders recognise the need for financial assistance for pensioners and offer Personal Loans for Pensioners. Let us understand it in detail.

Personal Loan for Pension Holders

Whether it is paying medical bills, helping your grandchildren with their college fees, or just planning a vacation, pensioners and retired senior citizens can now avail of a Personal Loan. Such a loan helps you pay for unexpected expenses like medical treatment, sudden emergencies, and more.
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Personal Loan Scheme for Pensioners - Eligibility Criteria

Retired employees of central and state government organisations can avail of Personal Loans for Pensioners. Some banks even offer loans to former employees of private firms who receive a regular monthly pension. Spouses receiving a family pension on behalf of their deceased partner can also apply for this loan. Let us break down the eligibility criteria.

Central and State Government Pensioners

Age and citizenship: Indian Residents below 76 years of age

Special requirements: suitable spouse/third-party guarantee

Defence Pensioners

Age and citizenship: Indian Residents below 76 years of age

Eligibility: Pensioners of Army, Navy, Air Force, Coast Guards, Paramilitary Forces (BSF, CISF, CRPF, etc.), Assam Rifles and Rashtriya Rifles.

Family Pensioners

Age and citizenship: Indian Residents below 76 years of age

Special Requirements: Authorised family members eligible to receive a pension after the death of the principal pensioner.

Interest Rates

The interest rate for Personal Loan for pension holders depends on several factors:

Loan amount

Age of the borrower

Bank policies

Collateral or security provided

Note: Most banks offer Lower interest rates on Pensioner Loans than regular Personal Loans

Required Documents

Whether you are applying for a Personal Loan for family pensioners or retired individuals, you must provide the following documents:

1. Duly filled loan application form

2. 2 passport-size photographs

3. A copy of your PAN Card

4. One Valid Age and Identity Proof Document such as

Aadhaar Card

Driving License

Voter Identity Card

Passport

5. One Valid Address Proof Document such as

Aadhaar card

Driving license

Bank account statement

Ration Card

Voter ID

Passport

Utility Bills

Sale Deed/Property purchase agreement (for owned properties)/Rental Agreement

6. Income Proof Document

Personal Loan for Pensioners - Features

Easy to avail and with minimal documentation

High Loan amounts up to INR 15 lakh depending on eligibility

Repayment tenures of 12 to 60 months

Low loan processing fees

Competitive interest rates

Final Note

Thanks to Personal Loans for Pensioners, retired senior citizens can easily manage their financial emergencies. Ensure you check the terms and conditions set by the lender and use Personal Loan Eligibility and EMI calculators to check the total value of your Loan.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Personal Loan for Pensioners - Eligibility Criteria & Features | digibank by DBS

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Banks offer exclusive Personal Loans for pensioners. The eligibility criteria for such loans slightly differs from regular Personal Loans. Pensioners can avail of the loan with minimal documentation. These loans can help you meet all your financial needs. Banks offer competitive interest rates and flexible repayment tenures on Personal Loans for Pensioners.

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Unsecured Loan - What is an Unsecured Loan | DBS digibank

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Unsecured Loan - What is an Unsecured Loan | DBS digibank

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Unsecured Loan - Here is a detailed guide on what is an unsecured loan, its types & importance. One can get a loan by downloading the digibank app.

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Key Takeaways

An Unsecured Loan is a type of loan where the lenders do not ask for collateral.

Credit cards and Personal Loans are common examples of unsecured loans.

Unsecured loans come in handy when you need funds instantly.

A high credit score, stable income, and good credit history can help you secure such loans.

Untimely repayment of unsecured loans can impact your credit score significantly.

Introduction

Borrowing money has become easier than ever. Today you can apply for various types of loans to fund your various investments and expenses. Loans are primarily categorised into two kinds - secured and unsecured loans. Secured loans are those where the lender asks you to provide collateral. Then there are collateral-free unsecured loans. Find out more about unsecured loans in this article.

What is an Unsecured Loan?

As mentioned above, unsecured Loans are those where the lender does not ask you to provide collateral. These are loans that your lender sanctions based on certain factors such as your age, income, and credit scores. Lenders typically offer unsecured loans when the loan amount is slightly smaller. They do not ask you to mortgage anything to avail of this loan. Instead, they check your previous credit repayment history to determine if you are creditworthy.

Advantages

Unsecured loans do not require any collateral.

There is no risk of losing assets.

Banks sanction loan amounts for eligible borrowers within shorter timeframes.

Good credit scores result in higher loan amounts and attractive interest rates.

Types of Unsecured Loans and How they Work

There are two types of unsecured loans - collateral-free instalment loans and unsecured revolving lines of credit. A typical example of the former includes unsecured Personal Loans used for vacation, wedding planning, medical and financial emergencies, etc. You can get attractive Personal Loan interest rates on these loans. You may also avail of unsecured Business Loans for business expansion, cash flow management and other purposes. On the other hand, funds borrowed on a credit card is an example of unsecured revolving lines of credit. In this type of unsecured loan, you can keep borrowing money and repaying the credit card bill as per the predetermined credit cycle.
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When should you opt for an Unsecured Loan?

When you need instant cash but cannot provide collateral.

When you need funds for specific expenses like planning trips or celebrations, businesses expansion, home renovation etc.

If you have a steady source of monthly income, that enables you to make timely EMI payments and repay the loan within the stipulated loan tenure.

If you wish to consolidate your various debts and pay off existing loans.

Conclusion

As is apparent, an unsecured loan is the best kind of loan. It is a fast-track loan that guarantees quick disbursals. You can choose your preferred type of unsecured loan to pay for your various leisurely and urgent expenses. Unlike Home Loans and Car Loans, unsecured loans are versatile in that you do not have to inform the lender about how you intend to use the funds from the loan. Just ensure you meet the eligibility criteria set by the lender before applying for the loan. Get a competitive interest rate and flexible repayment tenures with unsecured loans. Apply for the loan today.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Unsecured Loan - All About What is an Unsecured Loan | digibank by DBS

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An Unsecured Loan is a type of loan where the lenders do not ask for collateral. Credit cards and Personal Loans are common examples of unsecured loans. Unsecured loans come in handy when you need funds instantly. A high credit score, stable income, and good credit history can help you secure such loans.

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What is Mobile Banking - Meaning & Imortance | DBS digibank

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What is Mobile Banking - Meaning & Imortance | DBS digibank

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What is Mobile Banking - In this article, digibank explains the meaning of mobile banking and its importance in the digital age. One can start mobile banking by downloading the digibank app.

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Key Takeaways

Mobile banking enables you to view and track your bank account online, 24*7.

You can conduct online transactions securely via your internet-enabled smartphone.

Mobile Banking saves you the trouble of visiting banks or logging onto desktop computers.

You can transfer funds through your smartphone in seconds through NEFT, RTGS, IMPS methods with Mobile Banking.

You can also pay your utility bill, credit card debt, EMI and insurance premiums and more with Mobile Banking.

As a privileged member of the digital age, you may not have visited your bank branch in years. This, once inconceivable thought, has now become a reality, thanks to internet banking. With the advent of the 4G era, faster internet speeds, and internet-enabled smartphones, you can now carry your bank in your wrist, pocket, or any other portable device. We are, of course, talking about Mobile Banking. Let us understand what is Mobile Banking, its relevance in the digital era, and the safety precautions you should observe.

What Is Mobile Banking?

Mobile Banking is defined as any financial transaction you conduct with the help of your internet-enabled smartphone or tablet. It is one of the most convenient modes of banking in the digital era as it gives you instant access to your bank accounts on the go. Mobile Banking allows you to avail of banking services from any location, at any time. It is a very cost-effective and time-saving innovation, which allows all kinds of bank account holders - be it business owners, shoppers, investors, etc., to receive and make payments within a few taps on their mobile screen.

Precautions To Ensure A Safe And Secure Mobile Banking Experience

App Verification

After having downloaded a verified banking app, set up either a biometric lock (facial recognition or fingerprint) or a Personal identification number (PIN) to access your account.

Strong Security Settings

After having downloaded a verified banking app, set up either a biometric lock (facial recognition or fingerprint) or a Personal identification number (PIN) to access your account.

Confidentiality

Avoid storing your username, password, account number, or debit or credit card pin on your mobile handset. It could prove dangerous if your mobile is stolen or misplaced. Inform your bank immediately upon losing or misplacing your phone.

Avail Personal Network Services

Use only your home or trusted internet and Wi-Fi sources to access your account or conduct transactions. Avoid using the Mobile Banking app on Public Wi-Fi to prevent account hacking, phishing, and misappropriation.
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Mobile Banking Services

Mobile Banking can be best understood by a host of services that you can utilise through the application. Typically, you can avail of the below services:

Access to account information at any given time.

Access to mini statements, loan statements, equity, insurance and mutual funds statements account history.

Inter and intra-bank fund transfer facilities.

Notification alerts on sending or receiving funds in your account.

Check clearance and account balance information following fund transfers.

Customer support services.

Facility to place online requests for cheque book, credit card, debit card.

Facility to locate the nearest ATMs.

Conclusion

Now that you know Mobile Banking, you can download your bank app on your phone. Mobile Banking opens you up to a world of benefits. From the ease of banking from any corner in the world or access to several services 24*7, Mobile Banking has proven to be a godsend technological innovation. It indeed makes our lives easy in this fast-paced world.
Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What Is Mobile Banking & What Are The Various Services It Offers | digibank by DBS

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Mobile banking enables you to view and track your bank account online, 24*7. You can conduct online transactions securely via your internet-enabled smartphone. Mobile Banking saves you the trouble of visiting banks or logging onto desktop computers. You can transfer funds through your smartphone in seconds through NEFT, RTGS, IMPS methods with Mobile Banking.

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Money Market Fund - Meaning & Types | digibank by DBS

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Money Market Fund - Meaning & Types | digibank by DBS

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Money Market Fund - digibank explains money market meaning and their types. Safe investment can be done in money market mutual funds by downloading the digibank app.

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Key Takeaways

Money Market Funds are short term, high-quality Debt Mutual Funds.

They have a short investment horizon with a maximum maturity of up to one year.

Returns are relatively steady with low to moderate risk.

MMFs are ideal investments for investors with access to surplus cash.

MMFs are eligible for short and long-term capital gains tax.

Introduction

As an investor in the securities markets in India, you should be mindful of the fact that market securities yield high returns but are also subjected to market risks. As such, you should aim to mitigate your risks by investing in a mix of securities. One such type of investment that helps reduce your risk exposure is Money Market Funds. Keep reading to know more about Money Market Fund in India.

What are Money Market Funds?

Money Market Funds are open-ended short-term debt funds. It is a type of Mutual Fund which invests in money market instruments for a year and offer low-risk returns. MMF instruments include cash equivalents and debt securities with short-term maturity.
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Types of Money Market Mutual Funds

Treasury Bills

The Government of India issues Treasury Bills to raise capital for up to a year, with the aim of compensating for any short-term mismatches in expenditures. Since The Government of India backs Treasury Bills, they are deemed as relatively safe investments. However, their returns rate is lower than other Money Market Funds.

Commercial Papers

High credit-rated companies and financial institutions issue commercial Papers (CP), also known as promissory notes. CPs are legal instruments that state a written promise by the lender to the payee, a sum of money at a discounted rate. The payee redeems this sum of money at the prevailing face value. The payee makes profits from the difference between the discounted rate and the face value.

Repurchase Agreements (Repos)

This type of Money Market Mutual Fund in India is an agreement between the Reserve Bank of India and a bank and is referred to as Repurchase Agreements or Repos. Here, the RBI lends money to the bank to facilitate short-term loans. Two banks can get into a Repurchase Agreement as well.

Certificates of Deposit

Scheduled commercial banks offer Certificates of Deposits (CD), which is a type of term deposit. Unlike a Fixed Deposit, investors cannot withdraw the CD before maturity.

Things to Consider

Money Market Mutual Funds attempt to offer the highest possible returns in a short duration. Therefore, they serve as an ideal investment vehicle for investors with a low investment horizon of up to 1 year.

Money Market Funds are debt funds and come with interest rate risk, reinvestment risk and credit risk. Moreover, to increase profitability, the fund manager may invest in high-risk funds.

Generally, returns on Money Market Funds are lower. Additionally, fund managers charge an expense ratio. So, it is essential to invest in funds with the lowest expense ratio to maximise returns.

Like most mutual funds, Money Market Funds in India are eligible for Short-term Capital Gains (STCG) and Long-term Capital Gains (LTCG) on redemptions.

Conclusion

Low default risk and short investment horizons make Money Market Funds a safe and excellent means to invest idle cash. You get higher returns than in a regular savings account. As an investor, you can integrate various types of Money Market Mutual Funds in your portfolio and reduce your risks.
Download digibank to create your savings account and choose from a range of debt mutual fund options to build wealth. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is Money Market Fund & What are its Types | digibank by DBS

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Money Market Funds are short term, high-quality Debt Mutual Funds. They have a short investment horizon with a maximum maturity of up to one year. Returns are relatively steady with low to moderate risk. MMFs are ideal investments for investors with access to surplus cash. MMFs are eligible for short and long-term capital gains tax.

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Singapore Travel Restrictions - Important Points | DBS digibank

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Singapore Travel Restrictions - Important Points | DBS digibank

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Singapore Travel Restrictions - digibank has a complete guide on the travel guidelines for Singapore during a pandemic. One can have look at all the points, by downloading the digibank app.

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Singapore has been one of the strictest countries to impose travel restrictions during the ongoing coronavirus pandemic. Currently, only Singapore nationals and permanent residents are allowed to enter the country as per travel guidelines for Singapore. While passengers are permitted to transit under exceptional circumstances, Singapore has made pre-departure tests and travel insurance mandatory for all travellers.

Introduction

As the deadly coronavirus continues to claim millions of lives across the globe, many countries have closed their borders to international travellers. Singapore is one of the few countries that closed all international travel since early 2020 and issued detailed Singapore Travel Guidelines for its residents and international travellers. If you plan to travel to Singapore, you must ensure you read up the latest travel guidelines for Singapore during a pandemic.

Singapore Travel Guidelines

With the ongoing surge in Covid-19 cases, Singapore has imposed a ban on entry and transit through Singapore. Only Singapore nationals and permanent residents are allowed entry into Singapore without prior notice. No other visitor will be allowed to enter or transit through Singapore without prior permission from the Singapore Government.

In the detailed guidelines for travelling to Singapore, the Singapore Government has issued a mandate that all permanent residents must hold a valid re-entry permit while seeking entry in Singapore. The guidelines also highlight certain exceptions under which specific groups of people may enter Singapore.

Exceptions to the Travel Restrictions

Long term visit pass holders including in-principle approval (IPA)

Student pass (STP) and IPA for STP.

Work pass holders, including dependants (IPA also included).

Fully vaccinated individuals are holding an approval letter for entry issued by the Ministry of Manpower.

Singapore has suspended the entry of travellers for short term visits until further notice. Unless you hold a Safe Travel Pass, an Air Travel Pass, a Vaccinated Travel Pass or have an approval letter from the Immigration and Checkpoints Authority (ICA), you will not be allowed to enter Singapore for a short-term visit. Please note these passes for short term travel are not entry visas. To enter Singapore, you need to have a valid visa.

Once you receive the visa for entry, remember to fill in the online health declaration. It would be best if you fill in the declaration before your departure, as the submission post-arrival can cause a delay in immigration.

Country-Specific Travel Restrictions

Per the latest travel guidelines for Singapore, Travellers who have visited any of the below-mentioned countries in the last 21 days will not be permitted entry into Singapore.

The travel ban also applies to those travellers who had prior approval to enter Singapore. Furthermore, the ICA may deny entry to any travellers to Singapore under the following circumstances:

If the traveller has fever, cough, runny nose, sore throat or is experiencing shortness of breath

If the traveller has been diagnosed with Covid-19 in the last 21 days

If the traveller has been in close contact with a Covid-19 positive person in the previous 14 days

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Travel guidelines Singapore - Pre-Departure Test

In January 2021, the Singapore Government issued new travel guidelines for Singapore travellers under which all travellers are expected to undertake a Covid 19 viral test three days before their scheduled travel date. Such travellers must keep the following things in mind when taking the pre-departure test:

The ICA reserves the right to deny you entry if you show results of self-administered covid tests as they are not accepted

You must ensure you take the Covid-19 test at a recognised laboratory or medical facility

Ensure that the testing laboratory or diagnosis centre provides a proper certificate confirming the test result, without which you may be denied entry into Singapore

Check if the certificate provided has a QR code and ensure you link the QR code with your digital pre-departure test certificate

Singapore Travel Guidelines also state that you are not required to take the pre-departure test for individuals travelling from Australia, Brunei Darussalam, Canada, Germany, Hong Kong, Macao, China, New Zeeland, and Taiwan

Effective January 31, 2021, all travellers to Singapore need to make sure that they have travel insurance of at least $30,000 to cover hospitalisation expenses in case of an emergency.

Travel Guidelines for High, Moderate & Low-Risk Countries

Travel guidelines for Singapore - High-Risk countries

All travellers from high-risk countries are mandatorily required to undergo quarantine for 14 days on arrival to Singapore. These travellers will be directly taken from the airport to the government designated hotel for quarantine. Children or vulnerable individuals can quarantine with an appropriate caregiver.

Travel Guidelines for Singapore - Moderate Or Low-Risk Countries

Depending on the low-risk country you are travelling from, you will have to undergo no quarantine or a shorter quarantine period. You might also be allowed to undergo quarantine at home if applicable.

Important Points to Remember

All travellers must take the covid viral test on their arrival at the Changi Airport, Singapore.

All travellers above 12 years of age who are home quarantined are required to wear an electronic tag. The tag is the size of a wristwatch.

The costs for the Covid-19 test and quarantine fees are to be covered wholly by the traveller.

No traveller is allowed to leave the place of quarantine under any circumstances.

Travellers may not shorten the quarantine duration under any circumstances, even if you wish to exit Singapore.

All work permit holders must dully abide by the Covid-19 norms. In case of a breach, the ICA can revoke their work permit. Such individuals may incur a heavy penalty and face six months of jail.

All travellers from the Middle East will have to undergo screening for Middle East Respiratory Syndrome and may have to be quarantined if required.

Guidelines For Travelling to Singapore - Schemes

Special schemes

The Singapore Government has designed unique plans for essential business travel. However, here the prerequisite is that your Singapore Travel needs to be sponsored by your employer.

Schemes for long-term pass holders

The Singapore Government has curated a unique scheme for long-term pass holders that facilitates limited travel between Malaysia and Singapore.

Singapore Travel Guidelines for Transiting Passengers

The Singapore authorities allow passengers to transit only on travel routes of airlines approved by the Civil Aviation Authority of Singapore (CAAS). Make sure you check with your airline if they have CAAS approval before booking tickets.

Transiting passengers who do not intend to leave the Changi Airport transit area do not need a Singapore visa. You will, however, need a visa if you wish to leave the transit area or the airline you are travelling with does not have a transit facility at the airport.

The travel, as mentioned earlier, guidelines for Singapore during pandemics are subject to change. As such, you must consider all the rules and regulations set forth by the Singapore Government before planning your trip to or via Singapore. Keep checking the Ministry of Foreign Affairs, Singapore website to stay abreast with the latest travel guidelines for Singapore.
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travel guidelines for singapore during pandemic

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Singapore Travel Guidelines Explained | digibank by DBS

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Singapore has been one of the strictest countries to impose travel restrictions during the ongoing coronavirus pandemic. Currently, only Singapore nationals and permanent residents are allowed to enter the country as per travel guidelines for Singapore. While passengers are permitted to transit under exceptional circumstances, Singapore has made pre-departure tests and travel insurance mandatory for all travellers.

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Capital Gain Tax in India - All You Need to Know | DBS digibank 

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Capital Gain Tax in India - All You Need to Know | DBS digibank 

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Capital Gain Tax - Here is a detailed guide that explains your capital gain tax meaning & the tax rates.  One can get more information on the same by downloading the digibank app.

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Key Takeaways

Capital Gains Tax refers to the tax you pay on the gains from your investments.

Capital Gains Tax is categorised into two types - Long and Short Term Capital Gains

You are liable to Capital Gains Tax only when you sell your assets or investment.

The Indian Government levies Capital Gains Tax on capital assets like stocks, bonds, jewellery, real estate, etc.

Long-term gains are taxed at a lower rate than short-term gains.

When you invest in something, you do so, intending to book profits. The idea is to get a better value than the investment value. This philosophy guides all investments. But did you know that you have to pay Capital Gains Tax when you sell your assets and investments? Let us know more about capital gains tax in India in this article.
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What is Capital Gains Tax?

When you own any capital asset, any profit that you receive from the sale of that asset is termed as a Capital Gain. The government charges you a tax on the profits, called a Capital Gains Tax. The profit you earn is chargeable to your taxable income in the financial year in which you sell the assets. Thus, when you sell capital assets such as property, jewellery, land, market investments, etc., you have to pay a Capital Gains Tax.

Types of Capital Gains that attract Capital Gains Tax

Short-Term Capital Gains (STCG)

You are liable to pay Short-Term Capital Gains Tax when you sell an asset before the expiry of a defined period. Holding these assets for less than the specified periods will bring them under STCG. For instance, if you sell an immovable property like land, house or building before 24 months of its purchase, you will attract STCG tax. Similarly, if you sell equities, bonds, debentures, or units of equity mutual funds before 12 months, you will have to shell out STCG tax for the short-term gains earned.

Long-Term Capital Gains (LTCG)

LTCG applies when you hold a capital asset for more than a specified period. For real estate, it is a minimum of two years. For stocks, equity mutual funds or government securities, if you hold the asset for one year, you will attract LTCG tax. For debt funds and other assets, it is a minimum of three years.

How to calculate Capital Gains Tax?

STCG are taxable at 15% irrespective of your income tax slab rate.

LTCG is levied at 20% for real estate, debt funds and other assets after giving taxpayers the benefit of indexation. Your Capital Gains Tax Rate stands at 10% for stocks, equity mutual funds, listed bonds, zero-coupon bonds, units of UTI, etc.

For LTCG, you need to adjust the acquisition cost and the cost of improvement with the inflation index of the economy. This translates to an increase in the costs incurred on the assets, thereby reducing the Capital Gains.

Further, under Section 54 of the Income Tax Act, if you sell your house property, you can claim exemption from such capital gains if the proceeds are invested in acquiring, purchasing, or constructing another residential property.

Final Note

Ensure you check your tax liabilities and the applicable Capital Gains Tax in India before filing your tax returns. Note that you may also be eligible for tax exemptions on specific investments, and you should check the same before filing your returns.
Download digibank app by DBS on your smartphone, register and choose any tax-saving options from the menu. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Capital Gain Tax - What is Capital Gain Tax Rate in India | digibank by DBS

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Capital Gains Tax refers to the tax you pay on the gains from your investments. Capital Gains Tax is categorised into two types - Long and Short Term Capital Gains You are liable to Capital Gains Tax only when you sell your assets or investment.

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Money Mindset - An Overview | digibank by DBS

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Money Mindset - An Overview | digibank by DBS

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Money Mindset - Understand how does our current attitudes on money matter, according to digibank. One can download the digibank app to know in detail.

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What are your retirement dreams? Some might see themselves as a marathon-running grandpa who can put younger kids to shame. Or a free-spirited traveller who's made the world her home. However, to achieve our desired retirement lifestyles, it's important to understand how our current attitudes towards money matters are either helping or hindering those dreams.

For example, if you aren't saving regularly yet wish to retire early to pursue your passions, is that dream still achievable?

We've mapped some financial habits to the traits of several different animals. Read on to find out which one you are.
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For people with the mindset of the Sleepy Panda, money-related matters just aren't quite your cup of tea. The thought of investing for the future, or even saving up, sounds 'difficult' and 'complicated'. You might be lucky enough to have someone else who's helping you take care of your money matters. The downside is that if you aren't careful, you could end up trusting the wrong person. Or, would this trusted person always be around to help?

What should you do then? Start getting interested in your own financial matters sooner rather than later. While it might be a struggle at first, begin by taking baby steps in your retirement journey. Read up on simple ways you can save, and set specific saving goals. Weigh out what investments you could start with. Once you see results, keep the momentum up. Soon you'll get the hang of taking responsibility for your own finances and like the panda, begin scaling taller trees.
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The good stuff never fails to catch your eyes, and you impulsively swoop in before it's gone. To Impulsive Magpies, living well is a passion and an escape from mundane life. However, this lifestyle also means that there are typically more dips than peaks in your bank account balance each month. Your paycheck should be adequate to live on, and even to save, but your impulsive spending habits often get in the way.

You may have the desire to retire early, but fulfilling that aim would be a challenge without a disciplined change in your money mindset. Set aside an amount each month to save, and do so diligently. One easy way to do that is to set up an automatic transfer of a part of your salary into an account you can't touch.

But what about the endorphin boost you get from shopping? You can channel that emotional high to saving and being smarter with your money. Only shop when you can get the best discounts. Pick the right card to use, and earn rebates, loyalty points or miles.
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The Care Bear is often a main care-giver who feels a sense of responsibility and will try to plan everything out for those under your charge. You shower the people around you with love, and you prioritise their happiness over your own. The flip side of prioritising others is that you can end up neglecting yourself. You might have some savings, but with the distractions (and costs) of caring for others, is it adequate? Start thinking instead about your desired retirement lifestyle, including protecting yourself against unexpected events in life, and focus on it.

While others might still come first (or a close second), you need to realign your money priorities. Remember that in-flight safety announcement about putting your own oxygen mask on before helping others with it? Yep - that one. Start setting your own retirement goals. Pair your savings with protection for yourself. Ensure that you have adequate insurance ready, in case of any unexpected events. If you are the supporting pillar for the family, have the mindset that you'll need to look after yourself in order to avoid being a burden to others in the future. This might need a little recalibration given your giving nature, but it's really okay to put yourself in the centre of your own universe when planning your retirement.
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You've been diligently saving for a rainy day, almost from the day you received your first paycheck. Good for you! You're generally cautious in life, and conservative when it comes to taking on risks, which also means that you tend to hold most of your money in general savings accounts, rather than using them to invest. You believe that by just saving up slowly, you will be able to reward yourself later with the retirement life that you've always dreamt of.

However, do consider letting your money work harder for you. Socking away your hard-earned money in traditional savings accounts means that you miss out on ways to grow your funds faster. Read up on simple investments that at least allow you to reduce the impact of inflation through the years, ultimately reducing the real value of your savings. Keep up your good savings habit, but save smarter and be open to appropriate investing.
So what's your money mindset?
digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 13 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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Why Money Mindset Future Is So Important? | digibank by DBS

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What are your retirement dreams? Some might see themselves as a marathon-running grandpa who can put younger kids to shame. Or a free-spirited traveller who's made the world her home.

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Sustainable Banking - Detailed Explaination | digibank by DBS

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Sustainable Banking - Detailed Explaination | digibank by DBS

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Sustainable Banking -  This article discusses sustainable banking policies and practices that are worth looking into. This can be accessed by downloading the digibank app.

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A look at the sustainable banking principles and practices adopted by DBS | digibank by DBS

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Sustainable Banking – Find out what makes DBS a sustainable bank and its role in ensuring sustainable banking practices. Download the digibank app to know more!

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Mobile Banking Safety Tips | digibank by DBS

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Mobile Banking Safety Tips | digibank by DBS

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Mobile Banking Safety Tips - Here's a closer look at the subject, is mobile banking safe or not. One can start safe mobile banking by downloading the digibank app.

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Key Takeaways

Mobile Banking allows you to access various products and services offered by your bank.

You can download your banks' mobile banking apps on your internet-enabled smartphone.

You need to undergo a two-factor authentication process to log in to your app.

You can conduct fund transfers in seconds with Mobile Banking

You must use set strong passwords to amplify the security of mobile banking apps.

The digital age has witnessed the rapid adaption of technological advances in India's banking sector. Today, you need not visit banks to carry out financial activities like fund transfers and bill payments. Instead, you can access almost all banking facilities through internet and mobile banking services. But have you wondered, is mobile banking safe? If yes, read on.

Is Mobile Banking Safe?

To make their customers' lives easy, most banks and financial institutions offer mobile banking applications. You can download these mobile apps from the iOS Apple and Google Play Android app stores and access bank services with just a few taps. Along with convenience, banks also ensure that these secure apps protect your sensitive financial information.
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How is Mobile Banking Safety Assured?

The security of a mobile banking app depends on two factors:

1. The fundamental data security feature put in place by your bank to safeguard your bank account details.

2. The telecom service provider you choose.

Most mobile banking apps rely on two-factor authentication for verification purposes. As such, your bank sends a One-Time Password on your Registered Mobile Number via a text message for every transaction. You must enter the OTP to confirm the transaction. With this step, your information is protected from cyberattacks, and your data is encrypted for secure transmission. Plus, banks also require mobile device authentication and six-digit PIN verification for security reasons. These measures ensure that fraudsters cannot access your data.

Tips To Make Mobile Banking More Secure

Having explained is mobile banking safe, here are some tips on enhancing your mobile application's security.

Install Verified Apps

Ensure that you install verified apps launched by the host bank. You can find information about your bank's mobile banking app on its official website. You must download the app from a reliable app store.

Use Strong Passwords

Avoid using simplistic and easy-to-guess passwords. Create longer passwords with lower and upper cases letters, numbers, and special characters. You can save your password on your mobile phone by using a reputable password manager.

Set two-step logins

Besides the passwords, you can also set up two-step logins, including biometric data like your facial scan or fingertips. This way, even if someone guesses your password, they will not be unable to access your account details.

Avoid Using Public Wi-fi Networks

Public wi-fi networks are largely not secure and may cause data theft. You must thus try to use a secure private connection for mobile and internet banking.

Set-Up Alerts

You may sign up for SMS banking notifications and email alerts after every transaction on your account. Thus, if you notice fraudulent activities, your bank can immediately freeze your account.

Final Note

We hope this article answers your question - is Mobile Banking safe on android and iOS. Mobile banking is a facility that empowers you to enjoy the convenience of carrying your bank in your pockets and keep an eye on your transactions 24x7.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Mobile Banking Safety - Top Tips to Make Mobile Banking Safe | digibank by DBS

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Mobile Banking allows you to access various products and services offered by your bank. You can download your banks' mobile banking apps on your internet-enabled smartphone. You need to undergo a two-factor authentication process to log in to your app.

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10 Lakh Personal Loan EMI - Instant Loan | digibank by DBS

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10 Lakh Personal Loan EMI - Instant Loan | digibank by DBS

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10 Lakh Personal Loan EMI - To obtain a personal loan of 10 lakh rupees, there is no need to fill out any documentation. One can get an instant personal loan by downloading the digibank app.

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10 lakh Loan – Know How to Get 10 Lakh Personal Loan Here | digibank by DBS

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Need 10 lakh Loan? Find out how to get a 10-lakh personal loan along with personal loan benefits. Download the digibank app to apply for a personal loan instantly!

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Canada Travel Restrictions & Guidelines | digibank by DBS

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Canada Travel Restrictions & Guidelines | digibank by DBS

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Canada Travel Restrictions - This article provides travel guidelines for Canada during a pandemic. By downloading the digibank app, one can know more in detail.

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Since the beginning of the Coronavirus pandemic in late 2019, Canada has been one of the first few countries to implement strict lockdowns and curbs on travel. The Canadian Government closed its international borders for travellers for almost a year and a half. However, with reducing Covid-19 cases, Canada has eased certain restrictions. If you intend to travel to Canada, make sure you stay abreast with the latest travel guidelines for Canada during the pandemic.

Introduction

In the wake of the global Coronavirus pandemic, Canada, like most other countries, has put travel restrictions to limit any further spread of the virus. With the reducing number of Covid-19 cases, the Canadian Government, in July 2021, introduced some exemptions and eased the travel guidelines for Canada. As per the latest travel guidelines for Canada during pandemics, fully vaccinated travellers who meet certain conditions may enter Canada.

India to Canada - Flight Operations

The Canadian Government has suspended all direct flights departing from India until 21 September 2021. However, eligible travellers who wish to enter Canada must travel via a third country, i.e., they can board flights from transiting hubs approved by the Canadian Government. Such travellers must also obtain a negative Covid-19 molecular test from the transit country prior to departure to Canada according to the guidelines for travelling to Canada laid down by the Canadian Government.

Who is allowed to enter Canada?

The travel guidelines Canada circular states that the following people may seek entry into Canada

Canadian Citizens, including individuals holding dual citizenship

Individuals registered under the Indian Act

Permanent Residents of Canada

Protected Persons (Refugee Status)

Stranded Canadian Nationals/Residents and Foreigners with valid Canadian visa

Seamen of foreign nationalities; Seamen holding Indian passports would be allowed subject to clearance from the Ministry of Shipping

Canada will permit fully vaccinated foreign nationals for discretionary travel from 7 September 2021 (tentatively). These individuals will also be qualified for the fully vaccinated traveller exemption under the guideline for travelling to Canada.

Who is not allowed to enter Canada?

Canada Travel Guidelines strictly dictate that all foreign nationals will be denied entry into Canada for any of the below reasons:

Leisure, tourism, visiting friends

Social gatherings, weddings

Travels related to property ownership or management in Canada

Exemptions For Fully Vaccinated Travellers

Under Canada's Government-mandated travel guidelines, Fully vaccinated travellers are exempted from quarantine upon arrival and Day-8 testing requirements.

The Government of Canada will categorise you as Fully Vaccinated if you can provide certificates proving that you are fully vaccinated for Covid-19. Partially vaccinated individuals do not qualify for the exemption.

Listed below are the accepted Covid-19 vaccines as per the Canada Travel Guidelines document released by the Canadian Government.

Pfizer-BioNTech (Comirnaty, tozinameran, BNT162b2)

Moderna (mRNA-1273)

AstraZeneca/COVISHIELD (ChAdOx1-S, Vaxzevria, AZD1222)

Janssen/Johnson & Johnson (Ad26.COV2.S)

You can avail fully vaccinated travel exemptions if:

You are eligible to visit Canada

You have no Covid-19 symptoms

You have received a complete dose of accepted Covid-19 Vaccine or a combination of accepted vaccines

You have received your final dose at least 14 days before the day of arrival in Canada.

You have uploaded your proof of vaccination on the ArriveCAN mobile application.

You meet all other entry requirements

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Covid-19 Testing for Travellers

Pre-entry Test

All travellers above the age of five, including fully vaccinated, must prove a negative Covid-19 test report. You need to take the molecular test within 72 hours of your departure to Canada. Airlines will forbid you from boarding the aircraft if you fail to present an accurate report.

If you have a flight to Canada via another country, you must take a Covid-19 test within 72 hours of your departure from that country.

If you are entering Canada via roadway or waterway, you must take a test within 72 hours of your planned entry.

Children below five years and under will be exempt from providing a pre-entry test result.

Post-entry or Arrival Test

Upon qualifying for the fully vaccinated travellers exemption, you may be exempt from arrival testing as per the travel guidelines for Canada. However, you may be selected for mandatory randomised arrival testing, which is free of cost.

After entering Canada, you will be required to take the test on arrival at the border or receive a home-test kit.

Officials will provide you with a kit that you must use on Day-8 during your mandatory quarantine.

If you are driving to Canada and the border crossing does not offer any on-site testing or decide not to take the on-site testing, you must follow all instructions in the home test kit and complete the test at your destination.

Travellers presenting a positive COVID-19 test result taken within 14 to 180 days of arrival into Canada may be exempt from arrival testing.

Protocols To Follow If Tested Positive Upon Arrival

After arriving in Canada, diligently monitor for any symptoms for at least 14 days. If you start showing COVID-19 signs, you must immediately:

Contact the local public health authorities and follow their directions, including isolation.

Report symptoms to the Public Health Agency of Canada (PHAC) by calling 1-833-641-0343.

If required, you must provide proof of your test results to any federal, provincial, territorial, or municipal government official.

Who needs to use ArriveCAN?

Per the latest travel guidelines for Canada, all travellers entering Canada via air, land, or marine vessels, must use ArriveCAN. You are required to submit your information within 72 hours before arriving in Canada.

If you do not submit your information on ArriveCAN, the departure airport may refuse boarding in the case of air travel. If you are crossing the Canadian border via land or water, respective authorities have the right to deny entry. Please note, you must be an international traveller, travelling for discretionary purposes only.

Canadian Nationals, permanent residents, individuals registered under the Indian Act, and international travellers who are eligible to enter Canada under another entry exemption will be permitted boarding or entry, however you:

Will not qualify for the fully vaccinated traveller exemption

May face additional delays at the border for public health questioning

May be subject to fines or enforcement action

Entry exemptions & Criteria for Former Covid-19 patients

Under the travel guidelines for Canada, Entry Exemptions include overseas work, studies, or compassionate grounds.

If you tested positive for Covid-19 previously, you need to prove a Covid-19 positive molecular test instead of a negative test. You should take the test between 14 days and 180 days before your departure date. You must obtain the report from a third country before you continue the journey to Canada. You may even be required to stay quarantined in the transiting region for 14 days.

Additional Factors to Consider

Certain countries do not allow Indian nationals to enter or transit, especially those who tested positive for Covid-19 previously

For transiting passengers, Covid-19 testing may not be available at all international airports

If you test positive, authorities have the right to send you back to your origin point of departure or instruct you to stay quarantined

Covid-19 testing may not be available for transit travellers

Carefully consider your itinerary, transit options, and entry requirements for third countries

With the spread of the new coronavirus variant, Canada is further extending the ban on international travel. The government does not intend to open up for Leisure tourism anytime soon. Ensure that you meet the specific Canada Travel Guidelines and criteria if you qualify to enter the country.

*Disclaimer: The above information is valid as of 1st September 2021 and is subject to change.
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travel guidelines for canada during pandemic

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Canada Travel Guidelines & Restrictions | digibank by DBS

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Since the beginning of the Coronavirus pandemic in late 2019, Canada has been one of the first few countries to implement strict lockdowns and curbs on travel. The Canadian Government closed its international borders for travellers for almost a year and a half. However, with reducing Covid-19 cases, Canada has eased certain restrictions.

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High Return Mutual Funds - Features & benefits | DBS digibank

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High Return Mutual Funds - Features & benefits | DBS digibank

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High Return Mutual Funds - digibank explains all about High Return Mutual Funds and their key features and benefits. One can invest in mutual funds by downloading the digibank app.

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Best High Return Mutual Funds with Benefits & Features | digibank by DBS

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High Return Mutual Funds - Check how high-risk & high return Mutual Funds work along with their features & benefits. Download the digibank app & start investing!

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Dynamic Asset Allocation Fund | digibank by DBS

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Dynamic Asset Allocation Fund | digibank by DBS

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Dynamic Asset Allocation Fund - Here's a detailed explanation of what a dynamic asset allocation fund is and how it works. By downloading the digibank app, one can know more.

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What is Dynamic Asset Allocation Fund | digibank by DBS

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Know what is dynamic asset allocation fund & protect your investments from inherent risks. Download the digibank app & start investing right away.

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SIP Meaning - What is SIP in Mutual Fund | DBS digibank

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SIP Meaning - What is SIP in Mutual Fund | DBS digibank

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SIP Meaning - digibank explains to you the SIP in Mutual Funds meaning and its features. SIP investments can be done by downloading the digibank app.

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Key Takeaways

A Systematic Investment Plan is one of two methods of mutual fund investments.

With SIP, you can invest small amounts at frequent intervals.

SIP benefits include Rupee cost averaging and Power of Compounding.

SIP promotes portfolio diversification.

You can choose ultra-short to long-duration investment horizons with SIP.

Introduction

Mutual Funds continue to remain the most popular investment instruments among conservative and aggressive investors alike. The traditional method is to invest in Mutual Funds is via a lump sum. Today, you can also invest via Systematic Investment Plans or SIP. Let us understand what is SIP in Mutual Funds.

What Is SIP?

A Systematic Investment Plan (SIP) is an investment method to buy Mutual Funds units in instalments at regular intervals. Through SIP, you can invest a fixed amount per your preferred investment tenure - fortnightly, monthly, quarterly, etc. You just need to select your preferred funds and set up standing instructions for your bank to deduct the fixed amount on a specified date.
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SIP - Features And Benefits

Having explained SIP meaning, let us look at its features and benefits.

Discipline

SIP investments help you become a habitual investor. Since you need to invest a fixed sum at a fixed interval, it makes you more conscious of your investment, inculcating the discipline of saving money regularly.

Flexibility

SIPs are relatively flexible as you can increase or decrease the amount of your monthly investment. During a financial crunch, you can pause the SIP investment for a specific time. Also, you can invest in multiple SIPs at any given time.

Rupee Cost Averaging

With SIP, you do not have to worry about market volatility or fluctuations, nor do you have to time the market. You end up buying more units when the market is low and fewer units when the market is high, thus averaging your investment.

Compounding

With SIP, you can reinvest your profits to generate better profits instead of redeeming them. This is known as the power of compounding. By staying invested for longer terms and reinvesting your earnings, you can earn better, inflation-adjusted returns.

Low Cost of Investment

Depending on the Asset Management Company, you can begin your SIP investments with instalments as low as INR 100 to INR 500. Moreover, the expense ratios associated with the transactions are also significantly low.

Investment Horizon

You can choose from various types of mutual funds with varying investment durations. For instance, you can invest in overnight funds or funds with 10-years investment durations. You can also exit most mutual funds anytime, except ELSS tax-saving funds with 3-year lock-in periods.

The SIP Investment Process

Now that you know what a systematic investment plan is let us learn how to invest via SIP.

1. Visit the website of the AMC and create an account.

2. Complete your KYC by providing your PAN, ID, and address proof documents.

3. Provide the necessary details - your name, bank name and branch, IFSC code, and account number to debit the SIP amount.

4. Select the preferred mutual fund scheme, SIP amount and investment date.

Conclusion

The SIP method of investment is ideal for all kinds of investors. You can use SIP to begin your investment journey or if you wish to diversify your investment into various mutual fund schemes. With small, regular investments, you can build a significant corpus over the years.
The time to invest is now, and you can start your first or next SIP investment with digibank by DBS. Download digibank Now
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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What is SIP in Mutual Fund | digibank by DBS

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A Systematic Investment Plan is one of two methods of mutual fund investments. With SIP, you can invest small amounts at frequent intervals. SIP benefits include Rupee cost averaging and Power of Compounding. SIP promotes portfolio diversification. You can choose ultra-short to long-duration investment horizons with SIP.

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RBI New Policies -  Features & Benefits | DBS digibank

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RBI New Policies -  Features & Benefits | DBS digibank

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RBI New Policies -  This article explains RBI's new policies and their benefits. One can download the digibank app to know more in detail.

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Life tends to grind to a complete halt in some situations and the current Coronavirus, or COVID-19 outbreak is no exception. We've felt consequences on business activity and individual incomes too. To restore confidence among taxpayers and businesses, the Reserve Bank of India (RBI) has come out with some measures. Some of the new RBI policies for Coronavirus include a rate cut and a moratorium on EMIs. Both should make things a little easier for consumers like you. Let's break down each update to understand them better.

What the rate cut is all about

The first RBI COVID-19 response is to reduce repo, or repurchase rate, by 75 basis points to 4.4 percent. This means that if your bank decides to implement the new rate, your existing home loan may become more affordable. However, you'll have to check with your bank for updates.

The central bank also introduced a cut in the cash reserve ratio (CRR) - the fraction of deposits that banks have to keep in cash - by 100 basis points. This will mean that banks will be able to lend an additional Rs. 137,000 crore. So more loans for consumers who need them in these times.

Moratorium on EMIs

When your income takes a hit, you naturally start worrying about your ability to repay. Be it home or personal loan EMIs or credit card bills, all these get affected. Well, with the new RBI updates on Coronavirus, you may have to worry any more. The central bank has announced a moratorium on EMIs for the next three months.

So what does this moratorium mean? Let's take a look

If your monthly income is affected by COVID-19, you can choose to apply for a moratorium on all your outstanding loan payments for the next three months.

The policy applies to all types of loans (corporate, home, car and personal loans)

All commercial, regional, rural, NBFCs and small finance banks will be permitted to allow a three-month moratorium on payment of instalments for all term loan EMIs outstanding as on 31 March

Whether or not the moratorium will be given to customers will depend on the bank or financial institution

Your credit score will be unaffected by the delayed payment

Interest is not exempted during the period of the moratorium. So you will continue to pay it for the period for which the EMI has been deferred

Credit card dues too will be eligible for the three-month moratorium. However, you will have to continue to pay interest on outstanding dues

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COVID-19 Impact: New RBI policies for Coronavirus | digibank by DBS

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Life tends to grind to a complete halt in some situations and the current Coronavirus, or COVID-19 outbreak is no exception. We've felt consequences on business activity and individual incomes too. To restore confidence among taxpayers and businesses, the Reserve Bank of India (RBI) has come out with some measures.

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Personal Loan Myths - Important Things | digibank by DBS

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Personal Loan Myths - Important Things | digibank by DBS

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Personal Loan Myths - Here is a complete guide that provides you with personal loan meaning and how it can be used. Application for Personal Loan can be done by downloading the digibank app.

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Key Takeaways

A personal loan is an unsecured loan, which means banks do not ask for collateral

You can apply for this loan online, and it is usually disbursed within a few hours if you are eligible

Loans are disbursed with minimal to no documentation

You can use the loan for many reasons like funding a wedding or vacation, home renovation, buying latest high-ticket products

You can repay the loan in pocket-friendly EMIs, over tenures of 1-5 years.

Introduction

Experimental, innovative, dynamic- these are three words that can very well be used to describe millennials. A common feature that can be spotted in the lifestyle choices of most millennials, also called the 'Gen Y', is the need for instant gratification. From the latest gadget to overseas vacation, millennials like to have all this and more in the present. They do not wish to wait another 6 months or a year to save up and make such big-ticket purchases or spends. Thus, a personal loan is a convenient option for such individuals. This article explains what a personal loan is, and how you can utilise it to fulfill your dreams.

What is a Personal Loan?

A Personal Loan is a loan offered by most banks to help individuals meet their personal needs. These are usually unsecured loan products that are sanctioned based on the financial credentials and creditworthiness of the applicant. Some of the factors that most banks and lenders take into account when evaluating your eligibility for a Personal Loan are your credit scores, monthly income, existing debt obligations and credit history, as well as your employment status. Basically, by evaluating these factors, the bank tries to assess your repayment capacity.

What can you use a Personal Loan for?

Besides knowing what a personal loan is, you should also see how you can use it. A Personal Loan is an incredibly flexible loan option that can fund several financial needs. You can use a Personal Loan to satiate your wanderlust, fund your dream wedding, or buy the latest gadgets using the money. You can also utilise the funds from a Personal Loan to undertake a home decoration or renovation project.

How to avail of a personal loan?

Having explained personal loan meaning and uses, let us understand how you can apply for it. These days, most banks allow you to apply for a Personal Loan online. Moreover, the loan is processed almost instantly and involves minimal to no documentation, making it a paperless and digital process. This makes the loan option more suitable to the needs of millennials who are tech-savvy and prefer the digital option.
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What is the maximum amount you can borrow under a Personal Loan?

We have already answered the question of what can you use a personal loan for, depending on your requirement. However, it is just as critical to understanding the maximum loan amount you can get. This amount varies from lender to lender and largely depends on your eligibility, credit repayment history, and credit behaviour. At digibank, you can get a Personal Loan of anywhere between Rs.20,000 to Rs.1,500,000. The loan amount sanctioned depends on your eligibility.

What are the documents required to apply for a Personal Loan?

Most banks have a list of documents that you need to furnish when applying for a Personal Loan. Some of the standard documents asked for include identity proof, proof of income, and residence, among other things. However, at digibank, you only need to provide specific personal details when applying for a Personal Loan online. No other documents are required as the process is entirely paperless. Only in the case of a loan request where the amount needed is above the approved limit does digibank require bank details or statements of an applicant to be uploaded.

Conclusion

Now that you know what a personal loan is and how it works, why wait? Login to your digibank Savings Account and apply for a Personal Loan right away. If you do not already have one, apply here to open a Savings Account with digibank and start your banking journey with us.
Get low-interest, instant personal loans in seconds with digibank by DBS. Download digibank Now

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What is a Personal Loan? Everything You Need to Know | digibank by DBS

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A personal loan is an unsecured loan, which means banks do not ask for collateral You can apply for this loan online, and it is usually disbursed within a few hours if you are eligible Loans are disbursed with minimal to no documentation You can use the loan for many reasons like funding a wedding or vacation, home renovation, buying latest high-ticket products You can repay the loan in pocket-friendly EMIs, over tenures of 1-5 years.

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ETFSs India - Explained in Detail | digibank by DBS

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ETFSs India - Explained in Detail | digibank by DBS

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ETFs India - Here are some of the key characteristics that distinguish ETFs as an investment. By downloading the digibank by DBS app, one can begin investing online.

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Counting numerous investment gurus including Warren Buffet as fans, Exchange-Traded Funds (ETFs) have attracted much chatter in the market in recent years.

ETF assets have increased - showing no signs of slowing down in the near future. While it seems like a profitable wave to ride, read on to see if ETFs are the right choice to take your portfolio further.

ETFs at a Glance

It pools money from a large number of investors and deploys it in a mix of stocks, bonds and different types of assets. It tracks one or more market indexes, which instantly provides diversification to your portfolio and helps spread your risk. They are traded easily like most stocks on the stock exchange.

Here are some key features that set it apart as an investment:

#1: Affordable Diversification

If you are looking for affordable diversification, ETFs might suit you. It allows you to expand your portfolio cost-effectively without having to pick individual stocks. For example, buying into an ETF that tracks the Nifty 50 Index will give you immediate exposure to Nifty's top 50 stocks.

#2: Ride on Market Trends

With ETFs, your investment is linked to an index like the Nifty which in turn means that your money is pegged to the wider economy. This allows you to ride on general market trends and avoid being exposed to the wider risk that is associated with selecting specific stocks.

#3: Cost-Efficient

ETFs generally offer lower expense ratios because it is passively managed as an investment which means you pay less for administrative and management fees.

Many investors overlook this but the compound value of saving on mere percentage points in fees could result in significant returns in the long run.

There is a wide variety of ETFs that caters to different investor needs and risk profiles. Here are some basic types of ETFs that interest those keen on dipping their toes into this form of investment.

Equity ETFs
Looking for: Instant exposure to a country, region, or an industry of your choice

This is a favourite with investors. It offers the ability to gain instant exposure to a particular country, a region, or an industry at a relatively low cost. However, do pay attention to the liquidity of your picks as that would affect the buy/sell price that you will have to give.

Fixed-income ETFs
Looking for: Stability and regular income

Many investors looking for long-term exposure are advised to allocate a certain portion of this funds to fixed-income securities such as bond ETFs. As this usually offers stability and a regular income. However, do note that liquidity could be an issue especially in developing markets.

Commodity ETFs
Looking for: Diversification through other sectors

Commodity ETFs are available in a wide range of options. Some may invest in shares of companies that deal primarily in a mix of commodities, others may track the price of a specific commodity like gold or silver. This allows you to diversify your portfolio beyond the stock market.

"By periodically investing in an index fund, for example, the know-nothing investor can actually outperform most investment professionals."
- Warren Buffet

Warren Buffet isn't alone on this belief. ETFs offer an opportunity to get a slice of the whole market at an affordable price - that is why it has been recommended by numerous investment gurus as a sound choice for investors who would rather not trip up on making specific stock choices.

But before plunging headlong into this investment choice, it is still important to assess your portolio to define its long-term goal. With a wide variety of ETFs to choose from, understanding the nature and length of your investment will help you determine the right one for your portfolio.
Disclaimers and Important Notices
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.

digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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Get up to speed with ETFs | digibank by DBS

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Counting numerous investment gurus including Warren Buffet as fans, Exchange-Traded Funds (ETFs) have attracted much chatter in the market in recent years. ETF assets have increased - showing no signs of slowing down in the near future. While it seems like a profitable wave to ride, read on to see if ETFs are the right choice to take your portfolio further.

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Tax Saving Investments - Best Income Tax Saving Options | DBS digibank

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Tax Saving Investments - Best Income Tax Saving Options | DBS digibank

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Tax Saving Investments - digibank explains the best tax-saving investment options in India. One can start investment by downloading the digibank app.

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Best Tax Saving Investments You Can go for | digibank by DBS

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Best Tax Saving Investments - Understand the various income tax saving investment options here. Download the digibank app & choose the best tax saving option.

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Equity Mutual Funds - An Overview | digibank by DBS

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Equity Mutual Funds - An Overview | digibank by DBS

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Equity Mutual Funds - Here is a detailed guide on equity mutual funds meaning, its types & benefits. One can start investing online by downloading the digibank app.

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Equity mutual funds invest in stocks, and when these underlying shares appreciate, the fund value goes up. Most investors are cautious about investing in stocks either due to fear of market risks or lack of expertise. These funds pool in investments from several investors and are professionally managed. A fund manager selects stocks in which the equity mutual fund invests. The aim is to generate returns for investors.

Let us discuss in detail what equity mutual funds mean. These type of funds have a mandate for a minimum of 65 percent of their assets to be equities or similar instruments.

Types of equity mutual funds

Equity funds are classified based on several parameters. Let us take a look.

Based on market capitalisation

One way of classification is based on the market capitalisation of companies. Here they are:

Large-cap funds: These funds invest at least 80 percent of their assets in large-cap companies. The companies rank among the top 100 in terms of market capitalisation. They are well-established, stable companies with good track records. Hence, large cap mutual funds generate stable returns. They are not as volatile as mid- and small-cap funds. These type of equity mutual funds hold up well in a bear market; however, during bull market phases, they generate relatively modest returns. These funds are suitable for the conservative investor.

Mid-cap funds: The funds invest at least 65 percent of their total assets in mid-cap stocks. These stocks rank 101-250 in terms of market capitalisation. These funds provide higher returns than large-cap funds. However, they are more volatile and are ideal for investors who have a higher risk appetite.

Large and mid-cap funds: These equity mutual funds need to invest at least 35 percent of their assets in large-caps and another 35 percent in mid-caps. So, they offer the best of both, and it means there is potential to generate higher returns. However, the presence of large cap stocks gives such funds stability. These funds are for investors, who want high returns yet, look for stability.

Small-cap funds: These funds invest at least 65 percent of its assets in small-cap stocks. These stocks are ranked 251st onwards in market capitalisation. Small-cap funds have the potential to generate very high returns. However, they come with a large amount of risk. These funds are popular among those who have a very high risk appetite.

Multi cap funds: These equity mutual funds invest at least 65 percent of its assets across large, mid, and small-cap stocks. They are thus, market-cap-agnostic. The fund manager has more flexibility with the investments. A person can invest in mid and small caps when there is a market rally. During a bear market, he or she can shift to large-cap stocks. Multi-cap funds can take advantage of opportunities across the market. Multi cap funds are riskier than large-cap funds. But, they are less risky than mid and small-cap funds. Multi-cap funds are meant for you if you have a moderate risk appetite.

Based on sectors and themes

These funds invest in selected sectors or themes. Sector funds can invest in one particular industry. For example, it can be pharma, technology, BFSI, or FMCG. Thematic funds, on the other hand, concentrate on a specific theme. It could be commodity exposure, emerging companies, or international stocks. Both sector and thematic funds are risky because a particular industry or theme can underperform. However, such funds are diversified as far as market capitalisation is concerned.

Based on the style of management

Equity mutual funds may also differ based on management. Fund managers pick particular stocks so that the fund provides higher returns than the benchmark. These funds are actively managed and charge a fee.

Passive funds, on the other hand, track an index. These are also known as index funds. These funds mimic an index, and the portfolio rebalances so that it aligns with the index. Such funds do not need a fund manager. Hence, these funds have lower expenses.

Based on how they are taxed

Equity Linked Savings Scheme (ELSS) is a type of diversified fund. They invest 80 percent in stocks. Investments in ELSS funds are eligible for deduction u/s 80C for tax savings purpose. The maximum deduction available u/s 80C is up to Rs. 1.5 lakh per annum. All equity-oriented funds are subject to short-term capital gains (@15 percent) and long-term capital gains tax (@10 percent). This depends on the holding period. The capital gains taxation on these funds is lower than other asset classes.

Based on investment strategy

Equity funds can also be classified based on their investment strategy.

Value funds: These equity mutual funds pick stocks which are undervalued. So, these stocks are purchased at a relatively lower price. Since the price is low, more stock can be bought. The idea is to sell the shares when the prices go up. This would help generate returns for the investor.

Growth funds: These funds invest in stocks of companies whose primary objective is capital appreciation. There is usually a high growth potential and good earnings. Such companies reinvest their profits in growth or expansion plans. Some even focus on research and development.

Benefits of equity mutual funds

We will now look at the benefits:

Returns that beat inflation: These funds are linked to the market and historically have beaten inflation. Investors can reap the benefits of positive market cycles.

Professional management: Mutual fund houses appoint expert fund managers to manage these funds. The fund managers select stocks in such a manner to maximise returns to investors.

Diversification: When investing in an equity mutual fund scheme, you get exposure to various stocks. This allows you to have a diversified portfolio with investments starting from Rs. 500. Diversification reduces marker associated risks of your portfolio.

Liquidity: Equity funds except ELSS funds can be redeemed instantly. As investments, they are extremely liquid.

Regular investments: You can regularly invest in equity funds in small amounts through the SIP route. This develops a daily savings habit. Regular investments help build wealth over some time.

Tax benefits: Investments in equity funds for more than one year is subject to long-term capital gains of 10 percent if the capital gains are more than Rs. 1 lakh in a year. Further, ELSS funds are eligible for a tax deduction of up to Rs 1.5 lakhs u/s 80c every year.

Who should invest in equity funds?

Equity funds come with a certain amount of risk as they are linked to the markets. There are different types, for people with varying levels of risk tolerance. Those with a low-risk appetite can invest in large-cap funds. Those with a high-risk appetite can invest in mid- and small-cap funds. They can also choose sector or thematic funds. Investing in equity mutual funds is simple. One needs to select the right fund. Investors do not require specialised knowledge.

Markets may seem volatile over the short term, and an investor should hold on to equity fund investments for at least 5 to 7 years. Over an extended period, market volatility evens out.

Equity funds offer a lot of options. Investors can choose a fund which aligns with their risk appetite. There is something for every investor!

digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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A Colourful World of Equity Mutual Funds | digibank by DBS

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Equity mutual funds invest in stocks, and when these underlying shares appreciate, the fund value goes up. Most investors are cautious about investing in stocks either due to fear of market risks or lack of expertise. These funds pool in investments from several investors and are professionally managed.

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Why Anyone Can Start Investing Right Now - 3 Reasons | DBS digibank

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Why Anyone Can Start Investing Right Now - 3 Reasons | DBS digibank

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Why Anyone Can Start Investing Right Now - This article discusses the three major reasons why anyone can start investing right now. One can get more information by downloading the digibank app.

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Always thought that you need to be rich to invest? Not true...

Investing is a big buzz word that seems to be associated with the rich - or how they get richer. As such, the common perception about investing most people have is that they need a substantial amount of money before they can start.

On the contrary, the truth is that you can start investing with any amount of capital, and this could be as small as you're comfortable with - from as low as Rs. 500 per month.

Let us show you how.

There are professionally managed investment services designed for the masses
Mutual Funds - what are they?
✓ Mutual Funds are professionally managed funds. They invest a pool of money, collected from a number of investors, in a range of assets. Successful investments in the assets add value to the fund and their returns are distributed back to investors.
Build in diversification
✓ Typically, in order to achieve diversification on an investment, the investor will need a sizeable investment capital. This is where Mutual Funds differ from conventional investing. By pooling investors' capital together, the fund can achieve both economies of scale and scope.
Access to wide range of assets
✓ It gives you access to a wide range of assets that may not be available to individual investors because of the bigger investment capital pooled from a group of investors. Therefore, allowing you to start investing from as low as Rs. 500 a month.

Wondering if it's hard to tell how well a Mutual Funds performs, or if your money will get stuck in a Mutual Funds? Learn more about the facts of investing in Mutual Funds as we debunk its myths.

There are options for an effective and low cost form of passive investment

You could opt for a disciplined way to start
SIP - What is it?
✓ Systematic Investment Plan (SIP) is another way you can start small and yet think big. We are familiar with the idea of setting aside a sum of money from our monthly income as savings. Instead of letting your savings sit in your bank account and earning the base interest, SIP helps you to invest your savings in approved Mutual Funds.

Here's how SIP works.
Utilising Rupees Cost Averaging Strategy
✓ SIP uses a rupees cost averaging strategy. Under a SIP, you will commit a sum every month (e.g. INR 500) and choose the type of Mutual Funds that you want to invest in. In each month, the sum will be deducted from your savings account and invested SIPs that you chose. The number of units allotted will depend on the daily market price.

How does Rupee cost averaging work ?

1. Average cost per unit : INR 1000/1069.09 units = INR 0.935 /unit

2. Average price per unit : INR 4.73/5 months = INR 0.946/unit

1. An SIP may allow you to buy more units (total of 1,069.00 units) at a lower average unit price of INR 0.935 over five months as compared with lump-sum contribution (total of 1000.00 units bought at a unit price of INR 1.00 in January).

2. A rupees cost averaging strategy helps you to lower your average cost of investment by buying more units when the stock prices are low. In addition, SIP was introduced by banks to encourage everyone to invest. Thus, SIPs have lower cost of investment, which will suit investors with a smaller capital.

In the illustration above, with the same total contribution of INR 1,000

digibank offers Mutual Funds that are instant, paperless, signatureless - even transaction fee-less! What's more? You get to choose from 250+ Mutual Funds across 15 top-performing asset management companies. So why wait? Login to digibank (app or internet banking) and start investing in a flash with instant Mutual Funds on digibank.

Read up more on Mutual Funds here

Mutual Fund investments are subject to market risks, read all scheme related documents carefully before investing.

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3 reasons why anyone can start investing right now | digibank by DBS

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Investing is a big buzz word that seems to be associated with the rich - or how they get richer. As such, the common perception about investing most people have is that they need a substantial amount of money before they can start.