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Benefits of Savings Accounts | DBS digibank

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Benefits of Savings Accounts | DBS digibank

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Advantages of a Savings Account - To learn more about the seven significant advantages of a savings account, one can go to digibank.com. The digibank app can be downloaded to quickly start a savings account.

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TLDR Points

A Savings Account bears interest on the deposit amount

It is a safe way to keep your money

It helps to reach financial goals

It is the first step towards getting credit from the bank

It helps to pay instantly for purchases

It automates bill payments

It keeps track of income for income tax purposes

Introduction
"Do not save what is left after spending, but spend what is left after saving." -Warren Buffet
Whether you are saving money to go on that expensive Mediterranean cruise next year or opening a fixed deposit next month, a savings account is a saviour for every individual's banking needs. Long gone are the days when you needed a bank account just to keep your money safe. Today, a savings bank account is your security guard, accountant, financial safety net, wealth partner, all rolled into one.

If you still don't have a savings account, read on to know why you should.
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Key Benefits of a Savings Account

Listed below are the seven benefits that come with holding a Savings Account and having a debit card:

1. Keeps your money safe

When you open a savings account, your mind is at peace, knowing that your money is in a secure electronic banking system.

2. Gives you a steady interest

The tortoise from the 'Hare and the Tortoise' story would be proud of a savings account. Why? Because just like the tortoise, accumulated interest moves ahead slowly and steadily.

3. Inculcates financial discipline

Cash is more easily accessible when kept at home. This leads to many frivolous spending and reduced savings. However, with a savings account, you will use it only for needed expenses. Furthermore, it helps to meet your goals, too. For example, got your eye on a cool 250cc motorbike? You can open a separate fixed deposit account and transfer a part of your savings regularly until you reach your financial goal to make a lumpsum withdrawal to buy the bike.

4. First step towards getting credit

When you have a fair amount of balance every month in your savings account, the bank will find you reliable enough to extend credit to you. You can get a credit card or a loan from your bank if they perceive that your monthly income can cover the credit or EMIs.

5. Enables instant payment services

You can use your debit card to pay for your purchases instantly. You can also link your debit card to an e-wallet or UPI service to make transfers from your account to other personal or business accounts. In short, without a Savings Account, you won't have a debit card, and without a debit card, you may not have instant payment services.

6. Enables automated bill payments

A pile of bills is yet another indicator of adult life. The tedious process of paying bills every month can be automated using your savings account linked debit card. You can instruct your bank to pay your bills with the money from the account automatically.

7. Helps with your income tax returns

Since all your income gets credited to your Savings Account, it will be easy to calculate your gross annual income. You needn't spend hours pulling your hair, trying to compile all your revenues. Moreover, you can download your bank account statements for income proof when filing your income tax returns.

Conclusion

There are several benefits of having a savings account. It doesn't just bring about financial discipline but also makes everyday transactions easier. It gives you access to credit facilities and helps keep track of your income tax returns. You can hold the account in your name or with a joint holder. The compelling reason to open a joint account is the choice you have. A bank account is now gone beyond conventional safekeeping; with it, you can access so much more.

With digibank, you can open a digital savings account and make your life easier and more meaningful right away. Open fixed deposits, recurring deposits, even mutual funds. Are you a shopaholic, you'll find offers on your debit card too! So why wait? Download the digibank by DBS app now.
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7 Key Benefits of Savings Account | digibank by DBS

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A Savings Account bears interest on the deposit amount It is a safe way to keep your money It helps to reach financial goals It is the first step towards getting credit from the bank It helps to pay instantly for purchases It automates bill payments It keeps track of income for income tax purposes "Do not save what is left after spending, but spend what is left after saving."

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RBI Guidelines for Foreign Exchange Transactions | DBS digibank

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RBI Guidelines for Foreign Exchange Transactions | DBS digibank

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Foreign Exchange Transactions: RBI Guidelines - digibank talks about how the RBI regulates foreign exchange transactions. One can meet all of their financial needs by using the digibank app.

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Key Takeaways

RBI allow remittance of up to USD 25,000 per calendar year.

You can remit in foreign currency for an RBI-approved purpose.

You can buy FOREX up to USD 25,000 only.

If you bring FOREX beyond a specified limit to India, you must declare it.

You may keep a maximum of USD 2,000 (or equivalent) in cash notes or Traveller's Cheques.

Whether you wish to travel abroad or make international money transfers, you may need foreign currencies from time to time. In India, the foreign exchange (Forex) transactions are governed by the Reserve Bank of India (RBI) via the Foreign Exchange Management Act (FEMA). As someone with access to foreign currency, you should know RBI guidelines for Foreign Exchange Transactions. Read on.

RBI Guidelines for Outward Remittance

For outward remittance transfers conducted by resident individuals, the FEMA guidelines are listed under the Liberalized Remittance Scheme (LRS).

Maximum Limit

According to the LRS, a Person Resident in India can transfer funds up to the LRS limit of USD 25,000 per calendar year for any permissible current or capital account transactions or a combination of both.

Approved Institutions

RBI approves two kinds of institutions, or authorised persons, which can facilitate sending of money abroad:

1. AD Banks (Authorised Dealer - I)

2. Money changers having AD-II category licence (Authorised Dealer - II).

Mandatory Requirements

For successful FOREX transactions undertaken per RBI guidelines for foreign exchange transactions, you must comply with RBI requirements. You should send funds according to RBI-approved purposes and submit the Know Your Customer (KYC) documents.
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RBI Rules on Currency Exchange

You must submit the required KYC documents while buying foreign currency.

You may purchase the forex only up to 60 days before the travel as mentioned on your air ticket.

You can only buy forex of up to USD 25,000, or its equivalent in any currency. Of this amount, you may purchase cash of up to USD 2,000 and carry the remaining money on a FOREX card or via travellers' cheques for the trip.

You can make cash or online payments, with the total transaction value not exceeding Rs 50,000.

RBI Rules to Sell Foreign Currency

Per the RBI guidelines for Foreign Exchange transactions, you may sell forex if you follow these rules.

You must submit the required KYC documents for selling foreign currency.

Within 180 days of returning to India, you must surrender unspent forex kept in cash and traveller's cheques. You can only keep foreign exchange up to USD 2,000, or its equivalent in other currencies, in foreign currency notes or travellers' cheques.

You can bring back any amount of forex to India. However, if you have currency notes of more than USD 5,000, or currency notes and travellers' cheques more than USD 10,000, you must declare the same through a Currency Declaration Form (CDF).

After selling the foreign currency, if you receive less than INR 50,000, the bank or money changer can transfer the money as cash, cheque, or via online transfer to your bank account (NEFT). If it exceeds this amount, then you can only receive the money through NEFT/RTGS.

International Fund Transfers with digibank

With digibank, you can easily and conveniently transfer money abroad. Utilise our remittance and international money transfer options and conduct online transactions via the digibank website and app! Remember to follow RBI Guidelines for Outward Remittance while transferring funds.
Download digibank by DBS to experience the seamless process of sending and receiving money from abroad and even open your savings account with us. 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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rbi guidelines for foreign exchange transactions

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RBI Guidelines for Foreign Exchange Transactions Explained | digibank by DBS

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RBI allow remittance of up to USD 25,000 per calendar year. You can remit in foreign currency for an RBI-approved purpose. You can buy FOREX up to USD 25,000 only. If you bring FOREX beyond a specified limit to India, you must declare it.

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Explaining Cash Remittance | digibank by DBS

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Explaining Cash Remittance | digibank by DBS

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Cash Remittance - This comprehensive tutorial will explain how to send money to distant relatives. Users who download the digibank app can use online remittance services.

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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.
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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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Different Remittance Types| digibank by DBS

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Different Remittance Types| digibank by DBS

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Different Types of Remittance - The many kinds of international transfers and how they operate are described by digibank. Users who download the digibank app can use online remittance services.

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TLDR Points

Foreign remittance is a transfer of money from a sender in one country to a receiver in another.

There are two types of foreign remittance - Outward and Inward.

When you send money from India to your family or relative abroad, it is an outward remittance.

When you receive money in India from a foreign country, it is inward remittance.

When choosing a remittance partner, opt for someone who offers high-speed transfers, competitive foreign exchange rates, has no hidden fees, and higher transfer limits.

Introduction to Remittance

Foreign remittances enable the smooth transfer of funds between people living in India and abroad. You may be a non-resident Indian (NRI) sending money to your family in India, or you may be an Indian parent sending money abroad to support your child who is studying in a foreign university.

These transfer of funds are called remittances, and since the transfers are taking place between two countries, they are referred to as foreign remittances.

In this article, we will help you understand the different types of foreign remittances.

What are the types of remittance and their definitions?

There are two types of remittances in banking.

Outward remittance: When a parent sends money to their child studying overseas, it is an outward remittance. Simply put: Sending money abroad is outward remittance.

Inward remittance: When a family in India receives funds from an NRI abroad, it's an inward remittance. Simply put: Receiving money from abroad is inward remittance.
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How does remittance work?

For an individual who wants to make a transfer, the process is relatively straight forward and simple. Go to a bank or its website, fill out the sender's and recipient's details, enter the amount of transfer and initiate the process.

The time a transfer will take depends on the country to or from which the transfer is being made, the type of transfer, the purpose for the transfer etc.

How to choose the right bank for remittance services

In an inward remittance, you are usually a passive participant. You have to provide your details to the sender, who will initiate the transfer.

In an outward remittance, you are the initiator, so you will have to choose the best way to make the transfer so that the recipient gets it on time. Here's what you should look for when choosing the right bank for outward remittance:

1. High speed of transfers

Your child may need urgent funds. Choose a bank that facilitates money transfers within a week. A few banks can complete a transfer within 48 hours, and that too with zero paperwork!

2. No hidden fees

A bank that tells you upfront what they charge for, and what is free, is a bank you can trust.

3. Higher transfer limits

A month's rent may not cost a lot, but tuition does. Opt for a bank that enables you to help your child with whatever financial support they need without unnecessary restrictions.

4. Preferential rates

Before you initiate a transfer request, you can ask for a conversion rate quote. The best banks will offer better exchange rates.

5. Full credit

Some banks will deduct charges from your transfer amount and then remit funds. If you want your child to receive the total amount, look for a bank that will promise full credit to the receiver.

Conclusion

Remittance services offered by banks work to strengthen the support you wish to extend to your family in another country.
Download the digibank app to ensure that distance is never an issue for you and your loved ones. Download digibank Now

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Different Types Of Foreign Remittance in Banking | digibank by DBS

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Foreign remittance is a transfer of money from a sender in one country to a receiver in another. There are two types of foreign remittance - Outward and Inward. When you send money from India to your family or relative abroad, it is an outward remittance.

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Personal Loan for 20,000 Salary | DBS digibank

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Personal Loan for 20,000 Salary | DBS digibank

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20,000 Salary Personal Loan - digibank provides a quick personal loan for those with incomes under Rs. 20,000. One can apply for a personal loan by downloading the digibank app.

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Key Takeaways

A Personal Loan is a type of financial aid extended by banks to meet urgent requirements.

They are unsecured loans, and banks approve applications based on your repayment capabilities.

You can apply for Personal Loans with a salary of 20,000 or more.

Enjoy flexible terms, high-value loan amounts and quick disbursal on your INR 20,000 salary Personal Loan.

You may apply for a Personal Loan online or offline with minimal documentation.

A Personal Loan can prove immensely helpful to meet the various, unexpected financial requirements in life. It is an unsecured loan, which is why you require a strong credit score and must convince the lender of your repayment capabilities. To this end, your salary and income sources hold considerable weightage. To learn how to avail of a Personal Loan for 20,000 salary, continue reading.
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20,000 Salary Personal Loan - Features and Benefits

No Collateral

You can get an unsecured Personal Loan without providing any collateral or security. This feature makes a Personal Loan one of the easiest to obtain.

Flexible Terms

Banks offer Personal Loans at attractive rates of interest, with flexible repayment tenures lasting up to 5 years. You can choose your preferred repayment tenure to make EMIs affordable.

Pre-Approved Loans

Most banks provide pre-approved Personal Loans to their existing customers based on the frequency of funds deposited and maintained in their savings account. Pre-approved loans typically come with lower interest rates.

Minimal Documentation

Since Personal Loans are unsecured loans, you can obtain them with minimal documentation. You can generally apply for a Personal Loan for 20,000 salary by submitting scanned copies of your ID, address, and income proof documents along with the duly filled loan application form.

Quick Approval and Disbursal

Due to the minimal documentation required, banks approve and disburse the loan quickly. This expedited process is helpful when you need funds urgently.

Eligibility for Personal Loan with 20,000 Salary

Different banks will set varying eligibility criteria and terms and conditions for Personal Loan applications. Your salary is an important aspect that lenders consider before approving your application. Some banks in India offer Personal Loan for salary less than 20,000 as well but levy higher interest rates. You can use free online Personal Loan Eligibility Calculators to check if you are eligible for a Personal Loan.

How to apply for a Personal Loan for 20,000 Salary?

If you have a minimum income of Rs 20,000, you can apply for a Personal Loan online and offline. You can apply for Personal Loans by visiting the nearest branch of the chosen bank with the duly filled loan application form and required documents.

You can even apply for a Personal Loan online via your internet banking platform or bank's mobile application for a convenient and hassle-free experience. Simply upload scanned copies of the required documents to complete the loan application process.

If you have an existing ongoing Personal Loan at a bank and wish to switch to another bank, you can do so through the balance transfer option, as well.

Final Note

At digibank, you can avail of Personal Loan for 20,000 salary with utmost ease. Enjoy attractive interest rates and flexible repayment tenures on your digibank Personal Loan. Remember to use the digibank Personal Loan EMI calculator to check your estimated EMI amount before sending your loan application.
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 salary less than 20000

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Get Personal Loan for 20000 Salary in Easy Steps | digibank by DBS

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A Personal Loan is a type of financial aid extended by banks to meet urgent requirements. They are unsecured loans, and banks approve applications based on your repayment capabilities. You can apply for Personal Loans with a salary of 20,000 or more. Enjoy flexible terms, high-value loan amounts and quick disbursal on your INR 20,000 salary Personal Loan.

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Verify the Status of Aadhaar and Bank Linking | DBS digibank

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Verify the Status of Aadhaar and Bank Linking | DBS digibank

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Check the Aadhaar and Bank Linking Status - One may easily and quickly check the status of their Aadhar card bank connection online thanks to digibank. Using the digibank app, one can handle all of their financial requirements.

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How To Check Aadhaar Linking Status With Bank? | digibank by DBS

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You can link your Aadhaar card with your bank account to complete KYC. You can receive scheme-related benefits from the Indian Government if your bank account is linked with your Aadhaar card. You can check the Aadhaar linking status with the bank online.

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Students and Personal Loans | digibank by DBS

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Students and Personal Loans | digibank by DBS

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Can a Student Get Personal Loan - The major characteristics and advantages of student personal loans are discussed on digibank along with their prerequisites. The digibank app can be used to apply for a student loan.

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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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The Operation of Telegraph Transfer | DBS digibank

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The Operation of Telegraph Transfer | DBS digibank

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How Telegraphic Transfer Works - An overview of the advantages and disadvantages of telegraphic transactions is given by digibank. With the digibank app, one can send and receive money fast and securely.

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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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Definition of Outward Remittance | DBS digibank

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Definition of Outward Remittance | DBS digibank

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What is Outward Remittance - The objectives, advantages, requirements, and strategies of outward remittance are defined by digibank. One may quickly and securely send and receive money with 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.
Download digibank by DBS to remit money at competitive exchange rates and do more with less. Download digibank Now

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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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Personal Loan with a CIBIL Score of 650 and Above | DBS digibank

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Personal Loan with a CIBIL Score of 650 and Above | DBS digibank

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Personal Loan with 650 and Above CIBIL Score - Here is a comprehensive tutorial on how to obtain a personal loan with a CIBIL score of at least 650. One can download the digibank app to apply for a personal loan.

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Key Takeaways

Personal Loans are unsecured loans, and lenders consider CIBIL or credit score before granting approval.

Credit scores reflect of your credit history, including past repayment, overall debt, etc.

The score is a numerical figure ranging from 300-900.

It is easy to obtain Personal Loans for CIBIL score of 650 and above.

You can improve your credit score by borrowing and repaying loans responsibly.

Organising funds to meet the various expenses that crop up in life can be challenging. However, you can rely on financial assistance offered by banks to help you monetarily. A Personal Loan can help you meet every need, be it financing a significant event, or handling an emergency. However, while applying for a Personal Loan, your CIBIL Score is crucial. Read on to learn how to get a Personal Loan for CIBIL score of 650 and above.
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What is CIBIL Score?

Your credit score or CIBIL (Credit Information Bureau Limited) score is a 3-digit numerical figure, ranging between 300 and 900 points. It reflects your credit history, which is compilations of information that can help lenders ascertain your creditworthiness. Your credit history is determined based on your credit borrowing and repayment history, among other things.

How does CIBIL Score Affect Personal Loan Applications?

When you apply for a Personal Loan, lenders ask for your credit report, also called the CIBIL report. Since Personal Loans are collateral-free unsecured loans, lenders need assurance that you have the capacity to repay the loan amount in a timely fashion. They can get this assurance by assessing your previous credit repayment behaviour.

Most lenders in India consider a CIBIL score of 600+ a decent score to evaluate your creditworthiness. As such, obtaining a Personal Loan for CIBIL score of 650 and above makes availing of loans incredibly easy.

How to Improve CIBIL Score?

If you do not have the necessary CIBIL score, you can get a Personal Loan for CIBIL score of 650 and above by doing the following things.

Try not to borrow any more loans until you repay your old debts.

Pay off any outstanding balances on your bank credit cards at the earliest, instead of paying the minimum amount due on credit card bills.

Repay all EMI payments on your various loans on time. Late payments indicate irresponsible payment history, which, in turn, affects your credit score.

Do not cancel credit cards since you might need them to create credit history later. However, do not coast too close to the borrowing limit as it might impact your CIBIL credit.

Avoid utilising more than 30% of the provided limit on your credit cards.

Getting Personal Loans with Low CIBIL Scores

Despite having not having a good credit score of 600+, you can apply for a loan. Certain banks and financial institutions do offer Personal Loans to applicants with a lower credit score. To compensate for your credit rating, they might charge you a higher rate of interest or ask you to provide collateral. Simply ensure that you meet the minimum CIBIL score for a Personal Loan set by lenders before approaching them.

Final Note

digibank offers Personal Loan for CIBIL score of 650 and above. You can apply for these loans with utmost ease. Get high-value loan amounts at attractive interest rates with easy repayment options.
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 cibil score of 650 and above

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Get Personal Loan for CIBIL Score of 650 and Above in Easy Steps | digibank by DBS

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Personal Loans are unsecured loans, and lenders consider CIBIL or credit score before granting approval. Credit scores reflect of your credit history, including past repayment, overall debt, etc. The score is a numerical figure ranging from 300-900. It is easy to obtain Personal Loans for CIBIL score of 650 and above.

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Remittance versus Transfer: Differences | DBS digibank

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Remittance versus Transfer: Differences | DBS digibank

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Difference between Remittance and Transfer - To aid in decision-making, digibank explains the distinction between a transfer and a remittance. To send payments quickly, one can use the digibank app.

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Bank Remittance Vs Bank Transfer - Difference Between Remittance and Transfer | digibank by DBS

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Read in detail information on bank remittance & bank transfer, also know important points why they are different from each other. Download the digibank app & enjoy our remittance service.

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Updating Your KYC - For updating kyc, digibank offers step-by-step instructions. One may take care of all of their financial needs using 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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Joint Account Explained - Joint accounts operate very similarly to traditional savings accounts. The key contrast is that several users can control a shared account. Downloading the digibank programme will allow you to start a savings account.

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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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How to Confirm a Bank Account's Relationship with a PAN Card | DBS digibank

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How to Confirm a Bank Account's Relationship with a PAN Card | DBS digibank

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How to Verify PAN Card's Connection to a Bank Account - digibank provides a thorough explanation of the procedure for tying a PAN card to a bank account. The webpage for DBS's digibank provides in-depth details on this. The digibank app needs to be downloaded in order to start a savings account.

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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.
Link your PAN card to your digibank by DBS Savings account. Download the digibank by DBS app to get started today.
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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Limit on Bank Cash Withdrawals | DBS digibank

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Limit on Bank Cash Withdrawals | DBS digibank

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Limit on Cash Withdrawals from Bank - For various withdrawal provisions, there is a Cash Withdrawal Limit. Additionally, the restriction varies from branch to branch. Downloading the digibank programme will allow you to start a savings account.

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Cash Withdrawal Limit from Bank Per Day | digibank by DBS

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Cash Withdrawal Limit from Bank - On certain withdrawal provisions, a cash withdrawal limit is imposed. Read on to know more & download the digibank app to open a savings account.

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How to Check a Debit Card's Balance Online | DBS digibank

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How to Check a Debit Card's Balance Online | DBS digibank

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How to Check the Balance on a Debit Card Online - It's simple and convenient to check the balance on your debit card wherever you are. A debit card application can be submitted through the digibank app.

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Key Takeaways

Debit cards help initiate transactions and check bank balance

You can check debit card balance online and offline

You can use mobile, internet, and SMS banking to check your balance instantly

You can also dial the customer service number of your bank or visit its ATM to know the balance

Knowing the exact debit card balance helps you keep a tab on your expenses

Introduction

There used to be a time when checking bank balance was a tedious task. The only way one could know about the balances was visiting the bank and getting the passbook updated. But today, these practices are long forgotten. Now you can check the balances in your bank accounts and cards instantly. Moreover, you can use several platforms. Let us find out how to check debit card balance in this article.

Debit card and the connection to bank accounts

As such, when you check your debit card balances, you are essentially checking the balances in your bank account. A basic way to check your balance is to initiate a transaction at a retail store or online. You get an instant notification informing you of the transaction and the balance amount in your account, making it an indirect way to check your balance. The other ways to check debit card balance include:

At ATMs

You can visit your nearest ATM of your bank and follow these steps:

Insert the ATM card in the designated slot.

Choose your preferred language

Select your account type, enter your PIN and select the balance enquiry option

The machine will display the balance on its screen

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Internet Banking

Usually, when you open a bank account, you also get a kit featuring your internet banking login ID and password. You can reset your default password and set up the account, after which you can use it to conduct transactions and check balances.

Visit the website of the bank and select the net banking option.

Log in with your ID and password.

You can see the account balance displayed on the homepage.

In the case of multiple accounts, you can select the account linked to a particular debit card to check the balance of the relevant account.

Mobile banking app

Yet another way to check debit card balance is via your mobile banking app. Here are the steps:

Download the mobile app of your bank

Log in using your mPIN or biometrics, i.e., the unique fingerprint technology available on mobile phones.

Go to 'My savings account' or 'mPassbook'.

View your balance.

For multiple accounts, select the one you want to check.

SMS banking and missed call facility

SMS banking services make it easy for you to check your debit card balance. You can request the account balance by sending an SMS with the appropriate words such as BAL [ACCOUNT NUMBER] to the designated numbers provided by the bank. Your bank will inform you of the balance through an SMS.

You may also place a missed call to a specific mobile number of the bank from your registered mobile number. You will receive an SMS containing details of your debit card balance within seconds.

Conclusion

It is effortless and convenient to check debit card balance, no matter where you are. You can use any of the methods explained above anytime to keep a tab on your bank balance. You can also create your monthly budgets and plan your expenses accordingly, thanks to the power of the internet.
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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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Learn How to Check Debit Card Balance Online? | digibank by DBS

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Debit cards help initiate transactions and check bank balance You can check debit card balance online and offline You can use mobile, internet, and SMS banking to check your balance instantly You can also dial the customer service number of your bank or visit its ATM to know the balance Knowing the exact debit card balance helps you keep a tab on your expenses There used to be a time when checking bank balance was a tedious task.

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Check the Delivery Status of an ATM Card| DBS digibank

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Check the Delivery Status of an ATM Card| DBS digibank

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Check the Status of an ATM Card Delivery - The numerous options for keeping track of an ATM card's delivery status are described by digibank. By using the digibank app, one can handle all of their financial requirements.

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Key Takeaways

You can track your debit card's delivery status if you have applied for one online.

Banks appoint third-party delivery partners like private courier companies or post offices to deliver bank cards.

You can use the reference or tracking number provided by the bank to check the delivery status.

Input the tracking number on the courier company website to view the estimated delivery time.

The delivery partner returns the debit card to the bank if you are unavailable to receive it.

The ATM-cum-debit card is one of the best inventions of the banking industry. An easy-fit, lightweight, and convenient banking product, the debit card empowers you to enjoy umpteen financial services. It allows you to access your account for deposits and withdrawals 24x7. Today you can apply for debit cards online through internet banking and track ATM card delivery status. Find out how in this article.

Track Debit Card Status Via Third-Party Delivery Partners

Banks deliver your ATM-cum-debit card to your mailing address via third party delivery partners like private courier service providers or the post office. Either way, you can track debit card delivery status from their website using the below steps:

1. You will receive the details of the dispatched debit card via SMS on your registered mobile number. The information includes the courier tracking number.

2. Input the tracking number on the delivery company's website under 'Tracking', 'Track Shipment', 'Track Consignment', 'Track Your Order', or other relevant fields.

3. Click on 'Enter' to view where the status of your debit card in the delivery process.

Alternatively, you can call the customer service department; provide your identity proof and tracking number. Either an Interactive Voice Response (IVR) will automatically give you the tracking details, or a customer service agent will help you with the tracking details and the estimated delivery time.
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Track Debit Card Status Via Internet Banking

If your bank has not provided you with the tracking number, you can check debit card status on the net banking portal of your bank. Here are the steps:

1. Log in to the internet banking portal and go to the card section.

2. Select debit card status and choose the 'track card delivery status' option.

3. The portal will show you either of the tracking stages:

4. Dispatched: The bank hands over the debit card to the courier company.

5. In Transit: The debit card has been dispatched by the courier company.

6. Shipment Delivered: The debit card has been delivered to your mailing address.

7. Attempted: The courier company tried to deliver the card but was unsuccessful and will try again.

8. Undelivered: after trying and failing to deliver the card multiple times, the courier company returns the ATM debit card to the bank.

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Track Debit Card Status Via SMS

The bank also sends regular updates to your registered mobile number regarding your debit card delivery status. If you do not receive updates, you can contact the customer service department directly to track the status of your card.

Final Note

As is apparent, it is incredibly easy to track ATM card delivery status. You can choose your preferred tracking method from those listed above to do so. Once dispatched, it takes 24-48 hours for you to receive your card, after which you can enjoy uninterrupted access to your account.
Happy shopping with the digibank by DBS debit card! Download the app to open your digital savings 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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Track ATM Card Delivery Status | digibank by DBS

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You can track your debit card's delivery status if you have applied for one online. Banks appoint third-party delivery partners like private courier companies or post offices to deliver bank cards. You can use the reference or tracking number provided by the bank to check the delivery status.

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Personal Loan of Rs. 50,000 | DBS digibank

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Personal Loan of Rs. 50,000 | DBS digibank

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50,000 Personal Loan - How to quickly obtain an INR 50,000 loan without any form of security is described by digibank. The digibank app can be used to quickly obtain a loan.

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Key Takeaways

You can get INR 50,000 Personal Loans without providing any security or pledging collateral.

Banks sanctions Personal Loans based on your creditworthiness and the ability to repay the loan.

You get flexible tenures of up to 5 years and easy EMIs for loan repayment.

As long as you fulfil all conditions, banks instantly approve and disburse Personal Loan amounts.

There are no end-use restrictions for Personal Loans.

Are you thinking I need a 50000 rupees loan urgently? Are you facing a medical emergency or need funds for other expenses? If yes, a Personal Loan can come to your rescue. Provided you fulfil all the requirements, you can borrow money from your bank to finance any contingency or leisurely expenses. Now you can get INR 50,000 Personal Loans in record time. Read on to know more.

How to get INR 50,000 Personal Loan Urgently?

Personal Loans are aptly described as the most versatile loans as you can fund all kinds of expenses using the funds from the loan. Regarded as unsecured loans, they come with the added benefit where you need not pledge collateral. Furthermore, banks approve and disburse these loans almost instantly. To get an INR 50,000 Personal Loan, you must fulfil the following eligibility criteria.

Age: You must be between 21 years and 60 years old.

Employment and Income proof: You should be salaried or self-employed, and you must present sufficient income proof.

Credit Score: You must hold a CIBIL score exceeding 600/900 points.

Check your eligibility with the digibank Personal Loan EMI Calculator.
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INR 50,00 Personal Loan - Features and Benefits

Paperless documentation

As mentioned earlier, a Personal Loan is unsecured, and you can get it by providing soft copies of the documents required. Simply attach scanned copies of your ID, income and address proofs along with your PAN card along with the online loan application form. Check if your bank pre-approves you for instant Personal Loan disbursals with zero documentation.

Speedy disbursal

Once the lender is convinced that you can repay the loan, the loan gets approved, and the amount gets credited to your savings account in the shortest timeframe.

Interest rates

Banks generally offer competitive interest rates on Personal Loans that depend on the loan amount and tenure you choose. In the case of small-value, INR 50,000 Personal loans, you can negotiate a lower interest rate by selecting a quicker repayment tenure.

Applicable charges

You can avail of the INR 50,000 loan by paying the appliable loan processing fees and other administrative charges. The lender explains these costs at the time of loan sanctioning.

Flexible tenure & EMI

You enjoy flexible tenures ranging from 12 to 60 months and can repay the loan in easy Equated Monthly Instalments.

Freelook period

Some banks allow you to cancel your loan within 48 hours of loan amount disbursement. However, you must forfeit the non-refundable loan processing fee and applicable taxes if you exercise this option.

No end-use restrictions

Once the bank disburses the INR 50,000 loan amount, you can use it to finance any expense of your choice.

Final Note

You can get your INR 50,000 Personal Loan with minimum documentation at preferential interest rates with a good credit score. The loan provides access to cash instantly, and you can repay it comfortably in pocket friendly EMIs.
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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I Need 50,000 Rupees Loan Urgently - 50,000 Loan Without Security | digibank by DBS

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You can get INR 50,000 Personal Loans without providing any security or pledging collateral. Banks sanctions Personal Loans based on your creditworthiness and the ability to repay the loan. You get flexible tenures of up to 5 years and easy EMIs for loan repayment.

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Guide for Downloading E Pan Card | DBS digibank

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Guide for Downloading E Pan Card | DBS digibank

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How to Download E Pan Card - A step-by-step tutorial for downloading an e-PAN card is available from digibank. You may take care of all of your financial needs using 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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What Is an Inward Remittance? | DBS digibank

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What Is an Inward Remittance? | DBS digibank

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Inward Remittance - Money transferred from outside of India to another nation is known as an inward remittance. For instance, inward remittance refers to the transfer of funds from a distant relative into your Indian bank account. To send money to close friends and family members, one can utilise 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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Instructions for Moving Money to a Different Bank Account | DBS digibank

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Instructions for Moving Money to a Different Bank Account | DBS digibank

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Instructions for Transferring Funds to Another Bank Account - The instructions provided by digibank for sending money to another bank account. Using the digibank app makes sending money a breeze.

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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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Explain NEFT Definition | digibank by DBS

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Explain NEFT Definition | digibank by DBS

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What is NEFT - India's NEFT money transfer system makes one-to-one transactions possible. To send payments quickly, one can use 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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Quick Loan via Aadhar Card | DBS digibank

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Quick Loan via Aadhar Card | DBS digibank

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Instant Loan on Aadhar Card - digibank outlines the procedures for obtaining a personal loan using an Aadhaar card without a pay stub or any other supporting documentation. Currently, it is possible to apply for a personal loan using 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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What is IMPS - Money can be transferred in real-time over IMPS and is immediately credited to the recipient's account. One can use the digibank app to send payments fast.

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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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Definition of the Liberalized Remittance Scheme | DBS digibank

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Definition of the Liberalized Remittance Scheme | DBS digibank

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What is Liberalized Remittance Scheme - Parents can send money to their kids who are studying abroad thanks to the Liberalized Remittance Scheme. Anyone who lives there may take part in this programme (adult or minor). Use the digibank app to send payments fast.

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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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What IBAN Number Is - A standardised method for locating bank accounts abroad is the IBAN, or International Bank Account Number. One can use the digibank app to send payments fast.

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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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Finding a Bank Account Number | digibank by DBS

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Finding a Bank Account Number | digibank by DBS

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How to Look Up a Bank Account Number - Discover seven methods for finding your bank account number. Downloading the digibank programme will allow you to start a savings account.

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Key Takeaways

Your bank account number is a unique identifier for you and your bank.

You can find your account number in the welcome kit you receive at the time of account opening.

Cheque books, passbooks and account statements have your account number printed on them.

You can check your bank account number online with mobile and internet banking.

You can also visit your bank branch to know your account number.

A bank account number is a unique identifier required during fund transfers and other banking processes. It is a combination of alphanumeric characters comprising the bank and branch code and a sequence of numbers. Every account holder is assigned a unique bank account number so that the bank can distinguish one account from another. You typically require bank account numbers while adding beneficiaries for electronic fund transfers, tax filings etc. Here are seven different ways of how to find your bank account number.
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7 Ways of How To Find Bank Account Number

1. Welcome Kit

When you open a new bank account, the bank delivers a welcome kit to your mailing address. The welcome kit consists of a welcome letter with your bank account details, including the branch code, customer ID for internet banking, bank account number, and the ATM-cum- debit card and PIN.

2. Cheque Book

A cheque book is the easiest way to locate your bank account number. Your account number is displayed in a box on each cheque leaf, along with the bank branch address, IFSC codes and cheque number. You simply need to open your cheque book to find your bank account number.

3. Mobile Banking

A simple way on how to know bank account number online is via mobile banking. Log in to your mobile banking application. You will find the account number on the homepage of the mobile banking app.

4. Internet Banking

Like mobile banking, you can find out your bank account number by logging in to the net banking portal of your bank. After you log in, the account number will be visible on the homepage.

5. Bank Account Statement

In case you do not use internet or mobile banking facilities, you can visit your nearest bank ATM and conduct a cash transaction or check account balances with a mini statement. You will find your account number on the transaction receipt, along with the balance funds in your account. Some banks also provide electronic monthly transaction statements with account numbers mentioned on them.

6. Bank Passbook

Another way on how to find your bank account number is by using a bank passbook. The first page of the passbook contains all your personal and bank account details, including your name, address, bank name, branch, and address, IFSC code, Customer ID details and your account number.

7. Visit Your Branch

You may also visit your bank branch and contact a bank representative. Ensure you carry your identity proof documents for the bank representative to verify your identity as the account holder.

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Final Note

Bank account numbers typically comprise 11 to 17 characters and are typically not easy to memorise. If you need to find your account number, you refer to the ways mentioned above of 'how to find my bank account number'. As is apparent, it is incredibly easy to find bank account numbers.
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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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How to find Bank Account Number in Simple Steps | digibank by DBS

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Your bank account number is a unique identifier for you and your bank. You can find your account number in the welcome kit you receive at the time of account opening. Cheque books, passbooks and account statements have your account number printed on them.

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What is UPI ID - What a UPI ID is and how to create one are described by digibank. Downloading the digibank app allows for hassle-free payment processing.

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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.
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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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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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What is MMID - This blog discusses MMID usage, how to obtain an MMID number, the need for MMID, and its generation. It is simple to make payments with the digibank 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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Differentiating IMPS and NEFT | DBS digibank

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Differentiating IMPS and NEFT | DBS digibank

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Distinction between IMPS and NEFT - Understand the main distinctions between NEFT & IMPS. When the digibank app is downloaded, one can transmit money via the internet.

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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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Request for Name Change of Bank Account | DBS digibank

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Request for Name Change of Bank Account | DBS digibank

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Change of Bank Account Name Request - digibank offers a step-by-step tutorial for renaming a bank account. Downloading the digibank programme will allow you to start a savings account.

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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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How to Link a Phone Number to a Bank Account Online| DBS digibank

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How to Link a Phone Number to a Bank Account Online| DBS digibank

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How to Onlinely Connect a Phone Number to a Bank Account - One may learn how to connect one's phone number to their bank account using this brief instruction. The task can be completed both offline and online. Downloading the digibank programme will allow you to start a savings account.

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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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Differentiating RTGS and NEFT | DBS digibank

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Differentiating RTGS and NEFT | DBS digibank

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Distinction between RTGS and NEFT - In addition to discussing various online money transfer options, this article compares and contrasts NEFT and RTGS. One can download the digibank app to make payments.

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Key Takeaways

NEFT stands for National Electronic Funds Transfer whereas RTGS is short for Real-Time Gross Settlement.

NEFT is a payment system where the settlement of funds takes place in half-hourly batches.

RTGS a payment system of continuous and real-time settlement of fund transfers.

RTGS is preferred for urgent transfer of large amounts.

NEFT is preferred for transfers that are not time-sensitive.

Introduction

Mrs Lohia runs a home-based bakery and believes that inter-bank transfer can be an extremely useful and convenient service. It would enable her to pay for her supplies as well as receive payments from her clients. But Mrs Lohia has not been able to avail of these services because she often gets confused by the acronyms like NEFT, RTGS, and IMPS while attempting to transfer funds. While she has some ideas, she is unsure of the difference between NEFT and RTGS and IMPS. This article is for Mrs Lohia and others like her. It is to designed to help the likes of her become well-informed bank customers and take optimum advantage of their banking services.

Different ways of transferring money

In India, there are three different ways in which you can transfer money online. These include the National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Services (IMPS). All of these are electronic payment systems that allow you to transfer funds from one bank to another within the country. Of these payment systems, NEFT and RTGS are extremely popular, especially among business owners who need to make large amounts of transactions. It is, therefore, crucial to understand the difference between NEFT and RTGS. Let us begin with the meaning of two types of fund transfers.

What is NEFT?

The acronym 'NEFT' stands for National Electronic Funds Transfer. It is a 24*7 available service of funds transfer wherein the transaction gets processed in batches of half an hour. The RBI has not specified any minimum or maximum limit on the transfer amount. All you need to provide is a few details of the beneficiary to initiate an NEFT transfer. The details required for a typical NEFT transfer are the name of the beneficiary, account number and account type, name of the bank, and the Indian Financial System Code (IFSC) of the bank.
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What is RTGS?

The acronym 'RTGS' stands for Real-Time Gross Settlement. RTGS is a funds transfer system based on a gross settlement concept where money is moved from one bank to another in real-time. RTGS is primarily designed for high transaction amounts. As such, while there is no maximum limit on the transfer amount, you need to transfer a minimum of INR 2 lakhs at a time. RTGS is especially useful when the transaction amount is high, and payment needs to be processed immediately. Like with NEFT, the details required for a typical RTGS transfer are the name of the beneficiary, account number and account type, name of the bank, and Indian Financial System Code (IFSC) of the bank.

NEFT vs RTGS

The RTGS and NEFT difference can be best understood by the way each payment system processes its transactions. While NEFT processes the transactions in half-hourly batches, the transfers via RTGS are processed in real-time on a transaction-by-transaction basis. One can say that the fundamental difference between NEFT and RTGS is that while RTGS payments are based on gross settlement, NEFT payments are based on net settlement.

Let us now understand the NEFT and RTGS difference through different points of comparison. They are as under:

Transaction Charges

In NEFT transactions, no charges are levied if the transfer is done online. However, charges may apply on offline NEFT transactions availed via a bank branch initiating the service. As far as RTGS transactions are concerned, there are no charges levied on this type of fund transfer.

Transaction Timings

When it comes to online RTGS and NEFT transactions, you can transfer funds at any time of the day. Both the services are available and accessible 24×7, 365 days a year. That said, the offline NEFT facility is subject to the rules and timings of specific banks and their branches, responsible for initiating the transfers.

Transaction Limit

As mentioned earlier, no minimum or maximum limit of transfer exists in NEFT transactions. You can transfer anything from INR 10 to INR 1,000,000 per transaction easily and conveniently. However, when it comes to RTGS, there is a minimum limit of INR 2 lakhs per transaction. Once again, there is no maximum limit of transaction with RTGS, and you can transfer any sum of money as needed. It should, however, be noted that banks may place maximum limits based on their own risk perception.
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RTGS vs NEFT - Which is the Better Method of Transferring Funds

Understanding the difference between NEFT and RTGS is crucial in choosing which method of transaction suits you best. In case you need to initiate transactions of large sums of money in real-time, RTGS is the better option for you. Conversely, if you have to transfer small amounts without any urgency of clearance, NEFT is the better option.

Both the methods are safe and secure systems of funds transfers and are also monitored by the RBI. Both the services are easily accessible and available 24×7×365 via bank websites, internet banking portals, and mobile applications, downloadable from the Google Play and iOS App Store, on your internet-enabled phones.

Do you need a Bank Account for RTGS and NEFT?

A savings account or current bank account is required for online transactions of both RTGS and NEFT. However, a person having no bank account can also send funds through NEFT. Such a person will have to deposit cash at the nearest NEFT enabled branch of any bank. The transfer can be done to a beneficiary having a bank account with another NEFT enabled bank. There is a maximum limit of INR 50,000 for such transactions.

Conclusion

Online transfer of funds is a vital and essential service in the global banking industry. For India, these payment systems have revolutionised the banking sector of the country and given momentum to the growth of a digital and cashless economy. After understanding different methods of transferring funds online and figuring out the NEFT and RTGS difference, Mrs Lohia has also started sending and receiving payments online. In fact, she believes that this push for digitalisation has made her financials more transparent and secure.
With the digibank by DBS app, you can easily and conveniently initiate RTGS and NEFT transactions. All transactions done via the digibank by DBS mobile app are safe and secure. 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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NEFT VS RTGS: Difference Between NEFT and RTGS | digibank by DBS

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NEFT stands for National Electronic Funds Transfer whereas RTGS is short for Real-Time Gross Settlement. NEFT is a payment system where the settlement of funds takes place in half-hourly batches. RTGS a payment system of continuous and real-time settlement of fund transfers. RTGS is preferred for urgent transfer of large amounts.

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ETF Vs Mutual Fund - ETFs and mutual funds both aid in the long-term growth of your money. Before investing in any product, keep in mind to take your risk tolerance, chosen investment horizon, and financial goals and objectives into account. The digibank app can be downloaded to get started investing.

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Key Takeaways

Mutual Fund managers pool money from various investors and invest them across asset classes.

Exchange-Traded Funds (ETFs) are a type of Mutual Fund.

ETFs are listed on the stock market, and you can buy and sell them like stocks.

ETFs have lower expense ratios than Mutual Funds.

You need a DEMAT account to trade ETFs.

Inflation is a reality of our times and if you want to beat it, investing is the way to go. Investing in market securities like stocks, bonds, and mutual funds enables capital appreciation. Today, Mutual Funds have become a preferred investment choice. However, ETFs, too, are catching up in popularity. Let us compare ETF Vs Mutual Fund to understand them better.

ETF Vs Mutual Fund - Meaning

Mutual Funds are investment vehicles where an Asset Management Company (AMC) gathers money from various investors and invests it across different asset classes, i.e., equity securities, debt securities, money market instruments, etc.

Exchange-Traded Funds (ETFs) are similar to Mutual Funds. They invest in securities, and the ETF units get traded on the exchanges like stocks. ETFs tracks indices such as BSE Sensex, Nifty Midcap 100, S&P 500, etc.

ETF And Mutual Fund - Differences

The following are the differences between ETFs and Mutual Funds

Minimum Investment

Like stocks, you can buy and sell any number of ETFs with no minimum investment limit. However, with Mutual Funds, you need to comply with the minimum investment limits for both SIP and lumpsum Mutual Funds investments.

Management and Expenses

Since ETFs mirror indices like BSE, NSE, etc., they are passively managed and thus incur lower expenses ratios. Mutual Funds are actively managed, leading to higher expense ratios, including entry/exit loads, fund managers fees, account charges, etc.

Liquidity and Trading

Only Debt Mutual Funds are highly liquid. On the other hand, all ETFs are liquid in the sense that they can be bought and sold on the same trading day. Also, unlike Mutual Funds, where you buy several units based on the Net Asset Value (NAV), you can buy ETFs at the market price.

Taxation

Whether it is ETF or Mutual Funds, both attract capital gains tax and dividend tax. However, the cost of ETFs is lesser than that of Mutual Funds, making ETFs relatively tax-friendly.

Risk

ETFs are traded like stocks; therefore, they tend to be highly volatile. With Mutual Funds, you can mitigate your risks by investing in debt or hybrid funds. The risks associated with investing in Equity Mutual Funds are at par with ETF investments.

Investment Horizon

Another point of difference between ETF and Mutual Fund surrounds investment horizons. ETFs are ideal for short-term goals since extreme market fluctuations can work in your favour. Mutual Funds allow capital appreciation over the long term.
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ETF vs Mutual Funds - Other Differences

Final Note

Whether you choose ETF or Mutual Funds, both will help your money grow. Remember to consider your risk appetite, preferred investment horizon, and financial goals and objectives before investing in either instrument.
For more similar lucrative mutual fund schemes like these, why not download the digibank by DBS app and explore? 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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ETF Vs Mutual Fund - Difference Between ETF and Mutual Fund | digibank by DB

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Mutual Fund managers pool money from various investors and invest them across asset classes. Exchange-Traded Funds (ETFs) are a type of Mutual Fund. ETFs are listed on the stock market, and you can buy and sell them like stocks. ETFs have lower expense ratios than Mutual Funds.

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Transfer Limit for RTGS | digibank by DBS

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Transfer Limit for RTGS | digibank by DBS

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RTGS Transfer Limit - The limitations and processing times for RTGS transfers are described by digibank. With the digibank app, you may send money online quickly.

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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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What a Recurring Deposit Is | DBS digibank

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What a Recurring Deposit Is | DBS digibank

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What is Recurring Deposit - Instead of investing your complete investment amount in one deposit at once, holders of recurring deposits can invest a certain amount at predetermined intervals for a predetermined duration. The digibank app can be used to set up a recurring deposit account.

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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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Small-Cap ETF - ETFs for small-cap companies invest in businesses with a lot of potential for growth. You might expect higher gains with fewer investment fees while using ETFs. One can download the digibank app to start investing.

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Key Takeaways

Small-Cap ETFs invest in a basket of securities of companies with smaller market capitalisation.

These ETFs have attributes of both mutual funds and stocks.

Small-Cap ETFs are listed on the stock market and get traded frequently.

Frequently traded ETFs are highly liquid.

NAV of Small-Cap ETFs gets impacted by market conditions and is subject to risks.

While mutual funds invest across asset classes, quite a few closely replicate the stock market. A fund that tracks the market index always aims to mirror its index's returns. Mutual Funds also require you to time the market and NAV, something that a stock-market-replicating fund does not need. Read on to find out more about Small-Cap ETFs and their benefits.

What is Small-Cap ETF?

Firstly, let us understand the meaning of Small-Cap and ETFs separately. Small-Cap is an indicative term for the market capitalisation of a company. A company with a market capitalisation of less than INR 500 Cr is a small-cap company, and stocks of such a company are called small-cap stocks. An Exchange Traded Fund or ETF is a basket of securities that are traded on stock markets. Therefore, Small-Cap ETFs are funds invested in the basket of securities of small-cap funds.

How do Small-Cap ETFs work?

Structure-wise and management-wise, ETFs are similar to mutual funds. Like mutual funds, ETFs gather money from investors and help investors to diversify their portfolios by investing across asset classes of small-cap stocks, bonds, etc. Small-Cap ETFs in India are listed on the stock exchanges and get traded as such. The price of the underlying assets is directly proportional to the share price of the ETF.

Fund managers manage the ETF actively or passively. Passively managed ETFs and Index Funds share similar characteristics, i.e., they follow a market index and invest in the companies listed on that index.
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Advantages of Investing in Small-Cap ETFs

Liquidity

ETFs have attributes of stocks. Hence, you can buy and sell Small-Cap ETFs on the stock exchange.

Lower costs

Usually, a mutual fund scheme comes with an expense ratio, entry and exit loads, management fees etc. However, the expense ratios of ETFs are relatively lower. Small-Cap companies sell stocks at lower prices to counter market conditions, making the overall cost of Small-Cap ETFs lower.

Diversification

When you purchase shares of a company, your returns are limited to the performance of that company. Small-Cap ETFs, however, enables you to allocate assets across equities of different small-cap companies.

Things to Consider

If not traded frequently, Small-Cap ETFs are illiquid, making it difficult to find buyers or sellers.

Small-cap companies are highly volatile. The NAV of such funds gets impacted by market conditions and is subject to systematic and unsystematic risks.

Small-Cap ETFs generate good returns during bullish market cycles, while you may accrue lower returns during bear markets.

Small-Cap ETFs require time to generate returns and should be held for the long term.

Short-term capital gains from ETFs held for up to one year are taxed at 15%, whereas long-term capital gains from ETFs held for over one year are taxed at 10%, without indexation benefits, if gains exceed INR 1 Lakh per annum.

Conclusion

Small-Cap ETFs invest in companies with massive growth potential. As an investor, you are fundamentally investing in multiple companies with ETFs. Therefore, with ETFs, you can expect to earn higher returns with lower investment costs.
Download the digibank by DBS Bank and start investing in minutes! Also, open your savings account with us. 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 Small Cap ETF? - A Detailed Guide | digibank by DBS

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Small-Cap ETFs invest in a basket of securities of companies with smaller market capitalisation. These ETFs have attributes of both mutual funds and stocks. Small-Cap ETFs are listed on the stock market and get traded frequently. Frequently traded ETFs are highly liquid. NAV of Small-Cap ETFs gets impacted by market conditions and is subject to risks.

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Internet banking Advantages and Disadvantages | DBS digibank

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Internet banking Advantages and Disadvantages | DBS digibank

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Internet banking Benefits and Drawbacks - digibank's analysis of the advantages and disadvantages of online banking makes it very evident that the former outweigh the latter. Downloading the digibank app will allow you to use internet banking.

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Key Takeaways

There are several advantages of internet banking and a few limitations.

Internet banking allows you to access banking services on the web.

You can initiate domestic and international fund transfers, pay bills and invest in Mutual Funds.

You can also order cheque books, check account balances, and open fixed deposits.

Cybercrimes for non-compliance with suggested security measures is a common disadvantage of internet banking.

Internet banking is an incredible invention. While it is available in almost all fields and industries, its presence in the banking sector has proven to be a game-changer. Internet banking has indeed transformed the way we conduct our bank transactions as we can avail of almost all kinds of banking facilities online. Let us assess the many wholesome benefits of internet banking along with a few limitations.

Advantages of Internet Banking

Some of the most prominent advantages of internet banking include the following:

Transferring Funds

With internet banking, you can transfer money from one account to another. You can initiate inter and intrabank fund transfers, domestically and internationally. You can send funds to beneficiaries within an hour using money transfer channels like NEFT, RTGS, and IMPS.

Booking Deposits

Another benefit of internet banking is that you can conveniently open fixed and recurring deposit accounts online. You can choose your preferred deposit type (cumulative or non-cumulative), amount, and investment term.

Paying Bills & Recharging

You can pay utility bills like electricity, telephone, gas, etc., from the comfort of your home and enable auto-debit options never to miss a payment. You can also effortlessly recharge your mobile and DTH connections through your internet banking account.

Tracking Account and Checking balances

You can constantly track your account and check account balances from anywhere, at any time, whether you are in India or overseas. You can get mini statements or download account statements from years ago under the 'view account statement' section on the internet banking platform.

Placing Orders For Bank Products

Internet banking also allows you to place orders for bank products like cheque Books and Bank Cards. You can order primary and add-on debit cards and even apply for credit cards and priority passes for international airport lounge access (if applicable).

Add-on Services

You can enjoy a wide variety of add-on services, including buying or selling mutual funds, buying insurance policies, and applying for various types of loans. Your internet banking account also allows you to set auto-payments for all recurring expenses.

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Disadvantages of Internet Banking

Like all things in life, internet banking also has a few disadvantages:

No Cashless Deposit Option

There is no provision for cash deposits. You must visit your nearest bank branch or cash deposit machine to deposit money.

Internet Requirement

Your access to Internet banking services can be hindered in the absence of a stable internet connection. It can also be affected when bank servers are down.

Internet Fraud

You could become a victim of internet fraud if you do not comply with the security measures prescribed by the bank, such as not setting strong passwords, sharing passwords, or not logging out from your internet banking account.

Final Note

The above comparison of the advantages and disadvantages of internet banking makes it clear that the benefits outweigh the consequences. Remember to follow the necessary security guidelines to ensure your account is always safe. Doing so will allow you to enjoy a seamless internet banking experience.
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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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advantages and disadvantages of internet banking

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Advantages and Disadvantages of Internet Banking | digibank by DBS

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There are several advantages of internet banking and a few limitations. Internet banking allows you to access banking services on the web. You can initiate domestic and international fund transfers, pay bills and invest in Mutual Funds. You can also order cheque books, check account balances, and open fixed deposits.

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What exactly is an EFT? | digibank by DBS

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What exactly is an EFT? | digibank by DBS

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What is Electronic Fund Transfer -Online fund transfers via the Electronic Fund Transfer System are governed by a small group of key parties. The digibank app makes money transfers simple.

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Key Takeaways

Electronic Fund Transfer (EFT) is an RBI-backed Electronic Payment System.

EFT enables the transfer of money via electronic mediums, reducing the dependence on cash or cheque transfers.

Your fund transfer request goes through several entities before reaching the beneficiary.

The National Clearing Cell (NCC) settles the fund transfer before transmitting the EFT data to the receiving bank.

EFT is time-saving and cost-effective.

The banking sector and its customers have benefitted the most from the invention of the internet. Gone are the days when you had to visit the bank for every transaction, no matter how big or small. A simple five minutes chore would take half a day. Today, thanks to the Electronic Fund Transfer facility, you can transfer money to any bank account without ever stepping out of the house. Read on to know more about ETF and how it works.

Electronic Fund Transfer - Meaning

Introduced in 1990 by the Reserve Bank of India (RBI), Electronic Fund Transfer (EFT) is the transfer of funds via electronic channels. EFT allows intra-bank and inter-bank transfers in a time-saving and cost-effective manner. Today, EFT has been replaced by a more efficient payment system - the National Electronic Fund Transfer, widely known as NEFT.
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How Does Electronic Fund Transfer Work?

With the Electronic Fund Transfer System, the online fund transfer is helmed by a few crucial parties. These include the sending bank, the sending service branch, the sending EFT centre, the receiving EFT centre, and the receiving service branch at the beneficiary bank. The below steps explain how EFT works.

1. You place a fund transfer request in your bank.

2. The sending bank consolidates all such fund transfer requests and sends them to the service branch.

3. The service branch transmits data to the EFT - the National Clearing Cell (NCC), which is an automated clearinghouse.

4. The NCC transmits the EFT data to another NCC on the receiver end.

5. The receiving NCC processes the data and forwards it to the beneficiary bank.

6. The bank branch credits the beneficiary account on the same business day of receiving the transfer request.

Benefits of EFT System

Having explained EFT meaning in banking, let us examine its many noteworthy benefits. The most apparent ones are as under:

24 x 7 Availability

You can place an EFT request 24x7x365. The RBI notifies banks and customers in case services are halted.

Real-Time Transfers

EFT enables you to send funds to beneficiary accounts on a real-time basis.

Nation-wide accessibility

Since most banks are EFT-enabled, the process of transferring funds to any corner of the country has now become hassle-free.

Zero Cost

The RBI does not levy fees on banks for EFT. Banks, too, pass on this benefit to their customers for online ETF services but may impose nominal charges for offline ETF payments.

Versatile Payment System

EFT is limited not only to fund transfers, but you may also use this facility to pay your credit card dues and loan EMIs, initiate inward foreign remittances and so on.

Final Note

Now that you know ETF payment meaning, you can utilise this facility for your everyday banking transactions. ETF is a time and money-saving facility. With a bit of assistance from an internet-enabled device like a smartphone or computer, you can initiate almost all kinds of transactions with the click of a few buttons.
Download digibank by DBS to effortlessly send money to your loved one with 100% confidence. Also, open your savings account with us. 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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Electronic Fund Transfer Meaning in Banking | digibank by DBS

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Electronic Fund Transfer (EFT) is an RBI-backed Electronic Payment System. EFT enables the transfer of money via electronic mediums, reducing the dependence on cash or cheque transfers. Your fund transfer request goes through several entities before reaching the beneficiary. The National Clearing Cell (NCC) settles the fund transfer before transmitting the EFT data to the receiving bank.

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Banking Institution for Savings Accounts | DBS digibank

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Banking Institution for Savings Accounts | DBS digibank

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Optimal Bank for Savings Accounts - The bank that most precisely suits all of your banking needs is the one with which to open a savings account. Downloading the digibank programme will allow you to start a savings account.

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Key Takeaways

A Savings Account helps you park your hard-earned money in a secure account.

The best Savings Account is the one that offers high Savings Account interest rates.

You must also consider whether the bank offers internet banking and other crucial facilities.

Check for banks with multiple branches nationwide.

Consider card offers and value-added services like low-interest loans, daily withdrawal limits, etc.

Your first-ever investment - a Savings Account, remains for your entire lifetime. Your money stays secured while earning interest. It acts as a reservoir from where you finance several expenses, including paying bills, loan EMIs, Mutual Fund SIPs, or initiating intra and inter-bank fund transfers. This article evaluates certain bank features to determine what makes a bank the best bank to open Savings Account.
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What Makes a Bank The Best Bank For Savings Account?

You can choose the best bank to open a Savings Account based on the following features that it offers:

Higher interest rates

Banks that offer above-average interest rates on minimum balances are factors to consider when choosing a bank account. That way, your money does not remain idle, and you can make it work. The higher your balance, the greater would be the interest earned. The interest is the bank's way of thanking you for availing of their service.

Location

Another factor for a bank to be the best is its number of branches and locations. Since citizens from the remotest parts of India need bank accounts, the bank must have branches in not only metropolitan cities but also small towns and villages. A bank account should be convenient and easily accessible, making it the best bank for account opening.

Mobile and internet-banking provisions

Banks are changing with time. Today, the internet is a quintessential part of almost all aspects of life. As a generation, we are getting used to things being brought to us. The same goes for banking. An ideal bank for consumers would be the one they can access online without visiting the branch.

Low-interest loans

For the most part, a bank has been a money-lending institution. To thrive in the competition, almost all banks offer several types of loans such as home loans, car loans, personal loan, etc. However, the best bank to open Savings Account would be the one that offers the lowest loan interest rate.

Choice of bank cards

Since cashless payment is the norm, banks should offer debit and credit cards. The best bank provides various categories of debit and credit cards, depending on the type of bank account you open.

Types of Savings Accounts

The Best savings banks offer numerous types of deposit accounts, i.e., fixed deposit, recurring deposit, women's Savings Account, senior citizen Savings Account, children's Savings Account, no-frills Savings Account, premium account, etc. As a customer, you should be able to choose your preferred account type.

Fees & charges

Banks levy various charges for the services offered, for instance, card issuance, account maintenance, etc. Essentially, you should choose one that levies lower charges and penalties so that your savings are higher than the costs incurred.

Final Note

A Savings Account is necessary for you to conduct all financial transactions legally and transparently. Ultimately, the best bank to open a Savings Account is the one that closely meets all your banking requirements.
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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Best Bank for Savings Account Opening | digibank by DBS

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A Savings Account helps you park your hard-earned money in a secure account. The best Savings Account is the one that offers high Savings Account interest rates. You must also consider whether the bank offers internet banking and other crucial facilities. Check for banks with multiple branches nationwide.

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How To Open A Bank Account Right Away | DBS digibank

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How To Open A Bank Account Right Away | DBS digibank

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All About Opening An Instant Bank Account - One can easily open a bank account online without going to the bank. The connection between your phone number and Aadhaar number is the only prerequisite. One can open a savings account by downloading the digibank programme.

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Key Takeaways

Instant bank accounts are Savings Accounts you can open online.

You can open these accounts without visiting the bank branch and submitting documents.

Visit the bank's website and fill in the application form to complete the online instant bank account opening process.

You must also complete the mandatory KYC process online.

Once your instant account is activated, and you can start banking instantly.

With the internet becoming an undeniable, inherent part of our lives, we can avail of all kinds of services online. Like most service providers, banks, too, are directing their business modules online. Today, banks allow customers to open online bank accounts instantly from the comfort of their homes. Moreover, the online instant bank account opening process is simple and takes a couple of minutes. Here is a brief guide on online instant bank account opening.

What Is an Instant Bank Account?

An instant bank account is one that you can open online without visiting the bank. The only prerequisite is that your Aadhaar number should be linked with your mobile number. Linking Aadhaar to mobile is necessary for the mandatory Know Your Client (KYC) formalities and is the last step in completing the instant online account opening process.
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Features & Benefits

Remote Account Opening: You can finish online instant bank account opening formality remotely, from any place, any time.

On Par With Regular Savings Account: The Reserve Bank of India (RBI) has mandated all online KYCs to be on par with regular KYC. Thus, you enjoy all benefits associated with traditional banking services.

Payments & Transfers: You can pay utility bills and enable auto-payments for loan EMIs, insurance premiums, etc. You can add beneficiaries and transfer funds to domestic and international bank accounts with nominal charges.

Hassle-free Investments: You can kickstart your investment journey with investment provisions offered by Instant Bank Accounts.

Speedy Loans: You can avail of paperless and completely digital loans with the shortest processing time.

Competitive Interest Rates: Enjoy competitive interest rates on your savings, fixed and recurring deposits in the instant bank account.

Instant Online Account Opening Guide

1. Install the preferred banking app or visit the bank website.

2. Select the open an instant bank account option and the preferred account type.

3. Fill in the online application form with your personal and contact information.

4. Upload scanned copies of your ID and address proof along with the Savings Account application form for completion of KYC process.

5. The bank activates your account instantly, and you can start using the mobile and internet banking facilities until your welcome kit arrives via postal mail.

Documents Required

Since the KYC process is online, you must scan your documents to upload them at the time of application. The list of documents required for instant online account opening includes:

Account Opening Form: Download the Instant Bank Account form and fill in the relevant details. Affix your passport size photographs.

ID Proof: PAN Card/Aadhaar/Passport/Driver's License/Voter ID/Employee ID with photo/Central or state government-issued ID cards.

Address Proof: Aadhaar/Passport/Driver's License/Voter ID/Rent Agreement/Latest Utility Bills

Final Note

There is no denying that instant bank accounts have made our lives a bit easier. Whether you are at home, in the office, or on vacation, you can complete the instant bank account opening formality from anywhere, any time.
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 purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Instant Bank Account Opening Online | digibank by DBS

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Instant bank accounts are Savings Accounts you can open online. You can open these accounts without visiting the bank branch and submitting documents. Visit the bank's website and fill in the application form to complete the online instant bank account opening process. You must also complete the mandatory KYC process online.

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The Process of Value Investing | DBS digibank

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The Process of Value Investing | DBS digibank

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Value Investing -Value investing is a long-term investment strategy in which investors search for stocks of businesses with competitive valuations and promising growth prospects. One can download the digibank app to start investing.

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Key Takeaways

Value Investing involves trading stocks based on the company's intrinsic value.

Stocks can be overvalued or undervalued.

The intrinsic value of a stock is imperative for Value Investing.

Discounted cash flow, P/E and P/B are a few ways to find the intrinsic value.

Value Investing allows for maximum returns over the long term.

With stock market investments, we aim to achieve capital appreciation. For years, economists have strategised ways to get the best returns on investment. One such economist, Benjamin Graham, introduced a means of stock market investment called Value Investing, where you build wealth over a long time with minimising risks. Read on to know more about Value Investing and how it works.

Value Investing - Meaning

Value Investments is a long-term investment strategy where investors identify stocks of companies that are undervalued but have a solid long-term prospectus. Such an investment approach requires in-depth knowledge of the market and the company's finances. Value Investing comprise two concepts - undervaluation and overvaluation. When a stock is trading at a lower price than its intrinsic value, it is said to be undervalued. Overvalued stocks trade at higher prices than their intrinsic value.
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How Value Investing Works

The fundamental of Value Investing is buying undervalued stocks and selling them when they exceed their intrinsic value. For example, stocks of Company X is being traded at INR 80 per share. When you analyse the company finances, you infer that the company has an excellent financial structure that brings its intrinsic value to INR 100, i.e., the currently traded stock is undervalued at INR 80. Investors believe that the share price will increase from INR 80 to INR 100 in the near future. Conversely, if you find the company's financial metrics poor and the intrinsic value to be INR 60, it implies that the stock is overvalued at INR 80.

Intrinsic Value and How to Derive It

The intrinsic value is the actual value or the maximum value of the stock at which you can buy the asset without incurring losses when you decide to sell it at a future date. Seasoned investors analyse various aspects of the company finance to determine the intrinsic value in Value Investing. These include:

Earnings Before Interests and Taxes (EBIT): Company's cash flow before adding expenses and profits.

Earnings Before Interests, Taxes, Depreciation, and Amortisation (EBTIDA): Company's cash flow before calculating the depreciation and amortisation expenses.

Discounted Cash Flow: Valuing an asset using the time value of money where the current cash flow is more than the future cash flow worth.

P/E Ratio: Price-to-earnings ratio or P/E ratio is the relationship between a company's share prices and its per-share earnings (EPS).

P/B ratio: Price-to-book value ratio or P/B ratio is the per-unit book value of a company's assets and per unit share price.

Who Should Opt For Value Investing?

Patience is the key to Value Investing. A company can be performing poorly in the short term, which can be stressful to an investor. However, you get optimum returns with minimal risks over the long term. Another prerequisite is that you possess thorough knowledge about market operations.

Final Note

Value Investing helps you beat inflation over time while earning noteworthy returns. The essence of value investing lies in understanding a company's prospects instead of judging current stock prices at their face value.
Would you like to explore more benefits of digibank by DBS? Download the app to start investing and even open your savings account with us. 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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Value Investing - What is Value Investing & How does it Work | digibank by DBS

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Value Investing involves trading stocks based on the company's intrinsic value. Stocks can be overvalued or undervalued. The intrinsic value of a stock is imperative for Value Investing. Discounted cash flow, P/E and P/B are a few ways to find the intrinsic value. Value Investing allows for maximum returns over the long term.

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How Does Asset Allocation Work? | digibank by DBS

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How Does Asset Allocation Work? | digibank by DBS

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What is Asset Allocation - Using the asset allocation strategy, money is divided among multiple asset classes in order to balance an investment portfolio's risk and return ratios. To get started investing, one can download the digibank app.

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Key Takeaways

Asset Allocation means distributing your funds across assets for investment purposes.

Asset Allocation helps you to diversify your portfolio and decrease the overall risk.

Asset classes include stocks, bonds and cash instruments.

Market regulator SEBI determines the equity to debt ratio.

In a dynamic Asset Allocation, fund managers have the freedom to adjust the allocation depending on the market.

All of us invest to achieve capital appreciation and optimum results. We aim to grow our wealth without eroding our capital. To this end, we must implement strategies to get maximum returns with minimum risks. We can do this by allocating assets across various asset classes. This article explains the meaning of Asset Allocation and its significance in mutual funds and financial planning.
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What Is Asset Allocation?

Asset Allocation is a way to distribute funds across several asset classes to balance the risk and return ratios of an investment portfolio. A fund house gathers money from investors and allocates the funds to different assets. Fund managers typically invest assets across various asset classes, including equities, fixed-income securities, cash and cash equivalents, real estate, etc., to increase your estimated returns while minimising risks.

How Does Asset Allocation Work?

Instead of allocating all your funds in a pure asset class, fund managers invest them in multiple asset classes. For example, equities underperform when the stock market is on the decline. However, fixed-income securities are not significantly impacted by market fluctuations. When you have funds invested in both equity and debt securities, the two complement each other during unfavourable market conditions. As such, diversifying your portfolio reduces the overall risk.

Types of Asset Allocation

Dynamic Asset Allocation

India's market Regular SEBI mandates the percentage of equity-to-debt asset allocation. However, in the case of Dynamic Asset Allocation, fund managers can freely adjust the ratio based on market conditions. Fund managers generally gravitate to debt funds to minimise losses during a bearish trend. Conversely, they allocate more assets in equity securities during a bullish market.

Constant - Weighting Asset Allocation

In Constant-Weighting, also known as Strategic Asset Allocation, fund managers usually follow the buy and hold strategy. For example, if share prices are falling, they buy more of those stocks, and contrariwise. That said, per SEBI norms, the proportions of the asset classes must not deviate more than 5%.

Tactical Asset Allocation

Tactical Asset Allocation involves a substantial knowledge of the market. Fund managers can stray from long term Asset Allocations and take advantage of market volatility. For instance, you invest in a mutual fund that invests 65% in equity and 35% in debt. When you think the market is in your favour, you can shift the proportion to 75% - 25%. The extra 10% will boost your overall equity returns.

100 minus age Asset Allocation

In the age-based investment strategy, you subtract your age from 100 and invest that number as a percentage in equity funds. If your age is 25 years, you subtract 25 from 100 and get 75. Hence, financial advisors recommend investing 75% in equities and the remaining in debt assets.

Final Note

Tactical Asset Allocation across asset classes empowers you to increase your profit potential while considerably mitigating risks. However, market conditions are unpredictable, and even the best-laid plans can fall through. Thus, it is crucial to review your investments periodically and make the necessary adjustments, including refining your asset allocation strategies.
Download the digibank by DBS Bank and start investing in minutes! Also, open your savings account with us. 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 Asset Allocation & What are its Types | digibank by DBS

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Asset Allocation means distributing your funds across assets for investment purposes. Asset Allocation helps you to diversify your portfolio and decrease the overall risk. Asset classes include stocks, bonds and cash instruments. Market regulator SEBI determines the equity to debt ratio. In a dynamic Asset Allocation, fund managers have the freedom to adjust the allocation depending on the market.

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Fixed Deposit and Recurring Deposit Differences | DBS digibank

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Fixed Deposit and Recurring Deposit Differences | DBS digibank

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Difference between Fixed Deposit and Recurring Deposit - Even though the customer has the last say, both fixed and recurring deposits are alluring, low-risk investments that can support your financial planning. One can download the digibank application to start a savings account.

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"Do not save what is left after spending, but spend what is left after saving." - Warren Buffet

We know how amazing it feels when it's salary day. That sweet ping on your phone saying that your account has been credited is the happiest you feel in the month. What if we told you that it is possible to save more for your big-ticket purchases without changing your salary. There are two ways to do it - invest in Fixed Deposits (FDs) or Recurring Deposits (RDs). Here we'll tell you about their features. We'll also show you how to know the difference between fixed deposits and recurring deposits.
Common Features Of Fixed Deposits and Recurring Deposits
Before we talk about recurring deposits vs fixed deposits. Let's see if they have a common ground. You could pick one over the other, but keep in mind that it usually depends a lot on what your personal preferences are.

Both of them are low-risk investments, which means that on maturity, you will get your original sum or the principal back along with interest. Also, the tenure for both can be anywhere between a few days to five years.

When it comes to taxability, the interest income for both fixed and recurring deposits is taxable at source (TDS) if it exceeds Rs. 40,000 in a financial year. The current TDS is at the rate of 10%. This rule is w.e.f. Assessment Year 2020-2021.

In case you're wondering if either an FD or RD can be used as collateral - yes, it's possible. This is a benefit for those of you who don't want to withdraw your money.

These are the common points, now let's look at fixed deposits vs recurring deposits.

Differences Between Fixed Deposits and Recurring Deposits Method of Saving
Fixed deposits are saving schemes where you invest in a one-time lump sum at a pre-determined interest rate. On the other hand, in a recurring deposit, you can set aside a fixed amount every week, month or quarter.
Investment Amount
Another essential feature of fixed deposits vs recurring deposits is the investment amount. In a fixed deposit, the initial investment amount is usually higher, for most banks it's Rs. 5,000. Whereas with a recurring deposit you can set aside comparatively smaller sums; for many banks it is as low as Rs. 500.
Withdrawal
You can partially withdraw from your fixed deposit, and the remaining amount will continue to earn interest. You cannot partially withdraw from a recurring deposit. However, you can withdraw prematurely from either of the two.

Now that you've seen all about FD vs RD; let's look at how to decide which one is good for you.
How Does One Choose Between The Two?
So, what's your goal when you evaluate FD vs RD? You technically want to be able to earn more interest income, but then, you're also cautious about how much money you want to put in.

An FD is a good option for those of you who are willing to invest a large sum of money in one go and for a longer time. If you have your eye on your favourite high-end laptop or a much-awaited short vacation, go for fixed deposits. The premature-withdrawal feature of an FD is a great way to raise funds in a contingency. So, if you need cash to pay for a medical emergency, look to your fixed deposit as a friend in need.

An RD is a good option if you're looking to get more from your monthly income. By investing comparatively smaller amounts at particular intervals, you can afford a few luxuries without leaving a dent in your budget. If you put aside, say Rs. 5,000 every month, you can use this amount for anything you'd want, or this can even help you in case your salary runs out towards the month-end.
Conclusion:
Both fixed and recurring deposits are attractive, low-risk investments to help you save; the choice is finally yours. Your final decision after considering all the common features and differences of fixed deposits vs recurring deposits will depend on the kind of financial requirements you have. You also need to consider how much you're comfortable investing. Both go a long way to help you on a rainy day, but understanding your investment needs is sure to help you move ahead in a direction where you'll eventually want to head to, so make the smart decision and start early.

If you're looking to open a fixed deposit or a recurring deposit quickly with zero paperwork, look no further than digibank by DBS. Download the app to get started.

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difference between fixed deposit and recurring deposit

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Knowing Fixed Deposits vs Recurring Deposits | digibank by DBS

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"Do not save what is left after spending, but spend what is left after saving." - Warren Buffet We know how amazing it feels when it's salary day. That sweet ping on your phone saying that your account has been credited is the happiest you feel in the month.

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How to Proceed if One Needs Money Right Away | DBS digibank

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How to Proceed if One Needs Money Right Away | DBS digibank

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How to Proceed if One Urgently Needs Money - The ideal source of emergency cash is a personal loan because it allows you to manage your financial issues at low interest rates. An application for a loan can be submitted by downloading the digibank app.

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Key Takeaways

A Personal Loan can help you access quick cash if you need money urgently.

Personal Loans are unsecured loans that require no collateral.

Banks approve Personal Loans with minimal documentation and disburse funds instantly.

A credit score of 650+ helps you procure the loan quickly.

You can repay the loan at your own pace, in pocket-friendly EMIs.

There could be times in life when you may need money urgently. A loved one could be battling a medical condition, or you may need funds for business expansion. In such situations, it can be challenging to arrange lumpsum cash in a short period if you do not know where to look. Instead of worrying, you should consider the options ahead of you. The most obvious choice is to take a Personal Loan. Here's how a Personal Loan can prove helpful if you need financial help immediately.
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The Role of a Personal Loan During an Emergency

A Personal Loan is a type of unsecured loan, i.e., the lender does not ask you to pledge any collateral. This loan gives you access to cash almost instantly, especially when you need money urgently. You can even apply for it online and get the funds in your account within 4 to 48 hours. These attributes make a Personal Loan the easiest-to-acquire loan.

Why Take a Personal Loan When You Need Money Urgently?

Instead of wondering who can help me with money urgently, consider applying for a Personal Loan. Here's why

You can get the loan with paperless documentation

You do not need to bother with unending documentation processes. Just visit the lender's website, check the loan amount you are eligible for, and fill the online loan application form. Also, submit scanned copies of your PAN, ID Proof, Address Proof, Monthly Income Proof, and Latest Bank Statements.

You get flexible repayment tenures & easy EMIs

You can repay your loan in easy Equated Monthly Instalments, in tenures lasting up to five years. So, if you need money urgently and wish to repay it at your own pace, a Personal Loan is the best option. You can even use Personal Loan EMI Calculator to check the estimated EMI amount before applying for the loan.

You need not worry about hidden costs

The last thing you need when you need financial help immediately is to worry about the various costs associated with loans. Thankfully, banks are upfront about all the charges associated with the loan, and you can even adjust these costs with your loan amount. Remember to read the loan document carefully or consult your loan officer for any charges associated with the loan.

You can get instant approvals & disbursals

As mentioned earlier, banks sanction and disburse loans in the shortest time possible. They simply access your documents and credit scores (which should be above 600 points) to approve your loan. Once your loan is approved, the bank directly credits the loan amount into your savings account. This proves incredibly beneficial when you need money urgently.

Final Note

So, the next time you find yourself asking, "who can help me with money urgently" consider approaching your bank for a Personal Loan. The Personal Loan allows you to tend to your financial emergencies at competitive interest rates, making it the best source of funds during contingencies.
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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A Personal Loan can help you access quick cash if you need money urgently. Personal Loans are unsecured loans that require no collateral. Banks approve Personal Loans with minimal documentation and disburse funds instantly. A credit score of 650+ helps you procure the loan quickly.

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Describe Pre Approved Personal Loan | digibank by DBS

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Describe Pre Approved Personal Loan | digibank by DBS

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What is Pre Approved Personal Loan - Banks provide pre-approved personal loans to their current clients who have a strong history of repaying their debts. To submit a personal loan application, one can download the digibank app.

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Key Takeaways

Banks offer Pre-approved loans to customers earning high income, capable of repaying debts on time.

A good credit score increases your chances of getting a pre-approved loan.

Steady income and timely repayment of existing debts help obtain pre-approved loans.

Check if you are pre-approved for a loan on your internet or mobile banking platforms.

Pre-approved loans require minimal documentation and are processed speedily.

In India, you can obtain two types of loans - secured and unsecured loans. Secured Loans require you to offer collateral or security against the borrowed money, whereas unsecured loans are collateral-free. Personal Loans and credit cards are widely known as unsecured loans. Personal Loans are the best when it comes to financing short-term expenses. Banks sometimes offer Pre-approved Personal Loans to customers. This article explains Pre-approved loans in detail.

What Is Pre-Approved Personal Loan?

A Pre-approved Personal Loan is a loan that banks offer their existing customers with a clean track record of debt repayment. Being a pre-approved customer means that the bank has approved your loan with minimal documentation. All you need to do is place the disbursement request, and the bank instantly credits the loan amount to your bank account.

How To Get Pre-approved For A Loan?

To qualify for a pre-approved Personal Loan, you must fulfil the following eligibility criteria:

Debt Repayment History: Timely repayment of previous and existing dues shows the bank that you can repay loans, and the same would continue for any future loans.

Clean Credit Score: A clean and healthy credit score comes with disciplined loan repayment practices.

Steady or Increased Monthly Income: A steady net monthly income indicates stable loan repayment abilities. It helps if your lender and salary account provider is the same bank.

Relation with the Bank: Having an existing relationship with one bank for all your financial needs gives you the leverage to obtain pre-approved Personal Loans. For instance, family or business accounts and fixed deposits make obtaining pre-approved loans incredibly easy.

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Pre-approved Loan Application Process

Follow the below Online Direct Application process for pre-approved loans

1. Log into your internet or mobile banking account.

2. Fill the online application form and submit the scanned copies of the required documents.

3. Once your loan is pre-approved, you can select the disbursal amount and tenure.

4. The bank will credit the amount into your savings account instantly.

You can contact your relationship manager or call the customer care helpline for assistance with the loan application process and get preferential Personal Loan interest rates.

Features & Benefits

Having explained what pre-approved loan means, let us assess its benefits:

Hassle-free paperless documentation: The physical documentation required for Pre-approved loans is inexistent. Just submit scanned copies of your ID proof, income and address proof along with your PAN Card to obtain the loan.

Shorter Processing Times: Pre-approved customers enjoy faster loan approval and disbursal.

Collateral Free: Pre-approved loans are Personal Loans, and like all Personal Loans, you need not pledge any collateral.

Flexible Tenures: You enjoy flexible loan repayment tenures with easy Equated Monthly Instalments.

Final Note

Banks proactively offer pre-approved loans to customers who they believe can repay the loan on time. Pre-approved loans indicate that you have a good credit score and a clean track record. You can obtain these loans to finance contingencies and leisurely expenses.
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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Pre-Approved Loan - What is Pre-Approved Personal Loan | digibank by DBS

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Banks offer Pre-approved loans to customers earning high income, capable of repaying debts on time. A good credit score increases your chances of getting a pre-approved loan. Steady income and timely repayment of existing debts help obtain pre-approved loans.

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Earnest Money Deposit Definition | digibank by DBS

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Earnest Money Deposit Definition | digibank by DBS

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What Is Earnest Money Deposit - Buyers frequently offer vendors an earnest money deposit (EMD) as a demonstration of their interest when making large or expensive transactions. The digibank app can be downloaded to begin investing.

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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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Interest on a Fixed Deposit of 30 lakhs per month | DBS digibank

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Interest on a Fixed Deposit of 30 lakhs per month | DBS digibank

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Monthly Interest on a Fixed Deposit of 30 Lakhs - A fixed deposit of INR 30 lakh has a monthly income that has been broken down by digibank. With digibank, one may open an FD account.

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Monthly Interest on One Lakh Fixed Deposit | DBS digibank

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Monthly Interest on One Lakh Fixed Deposit | DBS digibank

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Interest on a Fixed Deposit of One Lakh Per Month - With digibank, one can determine the monthly rate for a one lakh fixed deposit. To open a savings account, one can download the digibank app straight immediately.

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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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Investment vs. Savings Differences | DBS digibank

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Investment vs. Savings Differences | DBS digibank

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Difference between Investments and Savings - There is no unambiguous winner in the saves vs. investing argument. Saving is often the initial stage in the wealth-building process. One can download the digibank application to start a savings account.

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Key Takeaways

Savings and investments are two sides of the same coin.

Saving is the act of setting aside money in Bank Accounts and Deposits.

To invest means to allocate assets in various market securities.

While savings generate lower but safer returns, investments involve risks but can generate significantly higher returns.

Savings help achieve short term goals, while investments can help you realise your long-term goals.

Financial planning is the key to life-long financial security. It involves several strategies, from budget planning and strategic asset allocation to determining financial goals and gradually building your wealth. But to take the first step towards financial planning, you need to create savings and invest in various instruments and investment products. Let us analyse the difference between savings and investments in this article.

What are Savings?

Savings can be defined as the act of not spending your money to fulfil every single impulsive want you have. Instead, it involves setting funds aside for emergencies and future expenses so that you can access it at a moment's notice, whenever you need it. The most common way to create savings is to open a Savings Account in a bank and park away your idle money in it. The funds you park in a Savings Account typically do not involve any risks and earn you decent interest income.
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What are Investments?

An investment is the act of buying assets with the intention of growing your capital and achieving capital appreciation. It involves clearly defining your financial goals over the short and long term and taking measures to achieve them. When you invest in something - be it real estate, equity funds, mutual funds, etc., you have to consider your risk tolerance. You should be open to the idea that while your investment may result in capital appreciation, it can also put your capital investment amount at risk.

Savings vs Investing - What Should You Do?

Let us now compare the differences between savings and investment.

Products

Banks usually offer savings products. The most common products banks offer include Savings Accounts, Fixed Deposits, Recurring Deposits, and Tax-Saving Deposits. Conversely, investment products include various instruments in the financial market, including shares, stocks, bonds, mutual funds, etc.

Returns

The returns rate is a crucial point of comparison between savings and investments. While the former generates nominal and steady returns in the form of interest payment, the latter can generate a higher rate of returns resulting in actual gains. Investments can help you earn-inflation-adjusted returns, which can be significantly higher.

Risks

Savings products are generally less risky, keeping your capital amount secure. The bank returns the entire capital amount when your deposits mature. However, investments involve several risks such as market volatility, fluctuations, etc. You must, therefore, consider your risk tolerance before investing in any stock market instrument.

Goals

Saving money generally help you fulfil your short term goals. You can also create an emergency fund through savings. Investment products can help you achieve your long term goals like planning for your child's education, buying a house, etc.

Final Note

In the debate of savings vs investment, there is no one clear winner. The path to wealth creation typically begins with savings. You can invest in the financial markets, create bank fixed deposits, buy real estate, etc. Just ensure you consider your financial goals and risk appetites and continue saving and investing simultaneously.
Download digibank to open your Savings Account and begin your journey to making successful investments. 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 savings and investment

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Difference between Savings and Investment Explained | digibank by DBS

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Savings and investments are two sides of the same coin. Saving is the act of setting aside money in Bank Accounts and Deposits. To invest means to allocate assets in various market securities. While savings generate lower but safer returns, investments involve risks but can generate significantly higher returns.

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Alternatives for Salaried Workers to Lower Taxes| DBS digibank

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Alternatives for Salaried Workers to Lower Taxes| DBS digibank

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Options for Salaried Employees to Reduce Taxes - Out of all the available tax-saving solutions for salaried employees, one should pick one that significantly lowers their tax obligation. One can visit the digibank website to find out more about the best strategies to reduce your tax burden.

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Key Takeaways

There are several tax saving options for Salaried Employees in India

Salaried Employees can avail of tax benefits from their basic salary components.

HRA, LTA, gratuity are a few components that help you avail of tax benefits.

Explore investments under Section 80C to get tax deductions of INR 1.5 lakh p.a.

Salaried employees in the 30% tax bracket can invest in ELSS Mutual Funds and save up to INR 46,800 p.a. in taxes.

As an income-earning citizen of India, paying taxes is both obligatory and imperative. Your tax payments help the government with its development efforts. To ensure you are not burdened with tax payments, the government provides relief by offering various tax saving options for salaried employees. If you are one, keep reading to find out different options to maximise your tax savings.

Tax Planning For Salaried Employees

Below are some tax benefits salaried employees in India can enjoy

House Rent Allowance (HRA)

House Rent Allowance or HRA is a component of your salary. If you live in rented facilities, you can claim HRA tax benefits under section 10(13A) of the Income Tax Act, 1961. Tax saving benefits on HRA is based on the lowest of the three criteria mentioned below:

Actual HRA

Rent minus 10% of basic

50% of basic in metros/ 40% in non-metros

Leave Travel Allowance (LTA)

Your employer will provide you with the LTA to cover your travel expenses within India. Salaried individuals can claim LTA twice in a slot of four years, and the government determines the slot. The current slot for LTA is 2018-2021.

Employee Provident Fund (EPF)

EPS is another tax saving option for salaried employees. Under the EPF scheme, the employer and the employee contribute a total of 12% equivalent salary to an interest-generating Employee Provident Fund. The principal amount and interest on EPF deposits are tax-free for salaried individuals.
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Tax Benefits Under Section 80C

While discussing tax planning for salaried employees, we must also mention the various tax-saving options available under section 80C of the Income Tax Act of 1961, which enables them to claim deductions of up to INR 1.5 Lakh per annum.

Equity Linked Savings Scheme (ELSS)

ELSS Equity Mutual funds are tax-saving investments that salaried employees in the 30% tax slab to save up to INR 46,800 in tax payment. ELSS has a 3-year lock-in period, the lowest among all tax-saving schemes.

Public Provident Fund (PPF)

PPF is a tax-free investment vehicle for salaried individuals. It comes with a lock-in period of 15 years, provides guaranteed returns, and the amount invested, interest amount, and maturity amount is entirely tax-free.

National Pension Scheme (NPS)

NPS is another tax-saving option for salaried employees. Besides 80C benefits, you also get an additional tax deduction benefit of INR 50,000 on NPS under section 80CCD.

Life Insurance Plans (LIC)

Your Life Insurance premium payments are tax-deductible, so long as the premiums paid are less than 10% of the total sum assured.

Health Insurance

tax planning for salaried employees must also include health insurance. Based on your and your parent's age, you can claim deductions of INR 25,000 to INR 100,000 on premiums paid for dependent family members.

Conclusion

With so many tax-saving options for salaried individuals, you should choose that that help reduces your tax-out significantly. Ensure your investments align with your financial plans. Happy Investing.
Get the digibank by DBS app and start your investment journey now for a better future. 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 Options for Salaried Employees Explained in Detail | digibank by DBS

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There are several tax saving options for Salaried Employees in India Salaried Employees can avail of tax benefits from their basic salary components. HRA, LTA, gratuity are a few components that help you avail of tax benefits. Explore investments under Section 80C to get tax deductions of INR 1.5 lakh p.a.

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What exactly is Digital Banking | digibank by DBS

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What exactly is Digital Banking | digibank by DBS

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What is Digital Banking - Here is a detailed breakdown of the attributes and advantages of online banking. One can download the digibank by DBS app to have access to the best digital banking services.

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Key Takeaways

Digital Banking has essentially automated the banking processes in India.

Digital Banking allows you to conduct transactions on devices like computers, laptops, tablets, and mobile phones.

You can open a digital bank account without visiting the bank branch.

You can also make utility bill payments and set up billers.

With Digital Banking, you can access your bank account 24x7.

The world we live in is speedily transitioning into a digital one. Can you remember the last time you visited your bank after opening your account or waited in a queue to withdraw money at your bank branch? Such is the impact of technological advancements that the banking sector has been completely revolutionised. Let us find out what is Digital Banking and why is it more sought after than your brick-and-mortar bank branches.

Digital Banking - Meaning

Digital Banking means automating conventional banking through digital platforms like the web and internet-enabled systems like mobile devices. With Digital Banking, you can access almost all financial services at the tip of your fingers, all year round, irrespective of national or bank holidays. It entirely eliminates the need for you to visit the bank.
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Digital Banking - Features and Benefits

Compared to traditional banking, which requires you to visit the bank for every big and small transaction, you can conduct digital banking services from any corner of the world. Here are some of its best features and benefits.

You may access your bank account digitally via internet banking or eponymous mobile apps that you download on your smartphone from the application store.

You can now complete the account opening and the subsequent KYC process digitally via a video call. The Reserve Bank of India has permitted banks to conduct a Video KYC to open a bank account on par with a full KYC bank account.

Digital Banking comes with a host of online fund transfer provisions. You can transfer any sum of money to any bank account in India via NEFT, IMPS, RTGS or UPI or make overseas wire transfers.

You can also consolidate all your utility bills and set up billers instead of bothering with physical bill payments by logging in on the internet or mobile banking platforms of your bank to complete the payments.

You can recharge your mobile and DTH subscriptions online and enable auto-payment facilities so you do not miss any payment.

You can easily open fixed and recurring deposits, buy insurance, make investments or apply for loans on digital banking platforms.

You can check your account balances, get mini statements and pay off outstanding credit card dues without having to send a cheque to the creditor.

You can pay for expenses on online shopping websites via net banking or by entering your debit card details like card number, expiration date, and CVV and authenticating payments via OTP.

You get access to banking services 24x7, closely monitor your transactions and sign up for SMS alerts and notifications after every transaction by registering your mobile number with the bank.

Final note

Digital banking is one of the most significant breakthroughs of the banking institutions and financial sectors in India. Like all online banking transactions, digital banking works only if you have a secure and stable internet connection. While digital banking is primarily secure, it is not risk-averse. As such, you must not share your account login and password details with anyone.
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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Digital Banking - Meaning, Features, Benefits | digibank by DBS

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Digital Banking has essentially automated the banking processes in India. Digital Banking allows you to conduct transactions on devices like computers, laptops, tablets, and mobile phones. You can open a digital bank account without visiting the bank branch. You can also make utility bill payments and set up billers.

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Strength of Compounding | digibank by DBS

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Strength of Compounding | digibank by DBS

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Power of Compounding - As illustrated by digibank, the potential of mutual funds to compound interest can assist you in becoming wealthy. The digibank app can be downloaded to get started investing.

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Key Takeaways

Power of Compounding refers to reinvesting the accrued profits.

The interest earned on the principal amount is reinvested, thus increasing the principal amount.

Compounding assists with maximising the returns on investment.

Stay invested in Mutual Funds schemes with growth options to enjoy compounding benefits.

Use power of compounding calculators to compute your returns.

We invest to beat inflation and maximise our returns on investment. As an investor, you can leverage various time-tested strategies to get the best returns on investments. However, if you prefer to earn returns the old-fashioned, effective way, you can consider the compounding strategy. With compounding, your investments give you the best returns, and the interest earned keeps earning interest. Read on as we decode the power of compounding.

What Does Power Of Compounding Mean?

Before talking about the power of compounding, we need to understand its foundation - compound interest. Compound interest means the interest calculated on the principal amount and the accumulated interest. Investments like mutual funds or stock markets earn profit based on compounding, hence the phrase, power of compounding.

How Does Power of Compounding Work?

Let us say that you invest INR 1000 in an investment scheme with a 10% average rate of returns. Your returns would be INR 1100. Instead of redeeming the profits, you keep them invested for a long time. The 10% rate would be applicable on INR 1100, where you earn INR 1210. The longer you keep investing, the better compounding works.

Compound Interest Vs Simple Interest

While compound interest offers returns on returns, simple interest provides interest on the initial principal amount only. For instance, say your investment amount is INR 1,00,000 for 5 years at an expected return rate of 10%. Consider the below table to understand the interest accrued.
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Power Of Compounding in Mutual Funds

Growth Mutual Funds reinvest the yields from the underlying scheme. Interest is compounded monthly, quarterly, or half-yearly, depending on the Mutual Fund scheme. For instance, with the power of compounding in SIPs, if you opt for a monthly SIP, your returns will be compounded monthly, generating higher returns in the long term as opposed to lumpsum investments.

The Benefit Of Starting Early

The earlier you start investing, the more you allow your investments to grow. For instance, if you invest INR 10 Lakhs with a 10% expected return rate in 2021, your investment will amount to INR 27 Lakhs in 10 years (by 2031) and INR 73 Lakhs in 20 years (by 2041). You can use online power of compounding calculators and input various permutations and combinations of the principal amount, interest rates and investment period to compute your estimated returns.

Final Note

Compounding works on the fundamental notion that your interest earns interest. The power of compounding in stocks and Mutual Funds mainly helps maximise your returns significantly than through any other investment.
Are you interested in securing your financial future? If yes, then download the digibank by DBS app and start investing in mutual funds. You can choose from over 200 of the top-rated schemes*Download digibank Now C
*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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The Power of Compounding in Stocks, SIPs & Mutual Funds | digibank by DBS

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Power of Compounding refers to reinvesting the accrued profits. The interest earned on the principal amount is reinvested, thus increasing the principal amount. Compounding assists with maximising the returns on investment. Stay invested in Mutual Funds schemes with growth options to enjoy compounding benefits. Use power of compounding calculators to compute your returns.

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Internet Banking Types | digibank by DBS

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Internet Banking Types | digibank by DBS

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Types of Internet Banking - The various degrees of facilities provided by banks serve as the foundation for the numerous varieties of online banking services. Downloading the digibank app will enable you to enjoy the online banking services.

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Key Takeaways

Internet banking gives you access to various types of banking services online.

Most banks provide three different types of internet banking services.

Informational Internet Banking includes information on various products and services offered by banks.

Communicative Internet Banking allows you to perform simple transactions like applying for loans, checking balances, etc.

Transactional Internet Banking enables you to transfer funds and make payments.

Internet Banking also referred to as i-banking or net banking, is a provision that banks offer so that you can enjoy various banking services via the internet. This method of banking reduces your dependence on bank branches. You can access domestic and international fund transfer facilities, make utility bill payments, create fixed deposits, and do so much more via internet banking. The Reserve Bank of India (RBI) has classified internet banking services into three types. Let us access the different types of net banking services available in India.
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Types of Internet Banking

The different types of internet banking services are based on various levels of facilities offered by banks. Following are the 3 main types of internet banking levels.

1. Basic Level or Informational Internet Banking

The basic level refers to a bank's website, which provides information on various products and services it offers. You, as a customer, get limited access to general information available on the website and can send queries for detailed information via email. Typically, informational internet banking encompasses the basic banking provisions like the various types of accounts, loan offerings, priority banking facilities, real estate projects affiliated with the bank, nearest bank branch and ATM locations, etc.

2. Intermediary or Communicative Internet Banking

In this type of internet banking service, banks allow you to perform simple functions such as applying for various services like loans and raising queries regarding your account balances. Communication between the bank and the customer takes place via virtual chatbots. These chatbots are equipped to provide you with general information and redirect you to the customer care department if needed. You can make general inquiries about minimum balance requirements, fund transfers, types of bank accounts and cards provided, etc. Chatbots also answer basic queries such as types of loans available, interest rates and tenures on loans, and so on.

3. Advanced or Transactional Internet Banking

Transactional Internet Banking is the type of internet banking service that deals with all the money-based or payment transaction services. You typically need an active internet banking account and password to conduct money-based transactions like fund transfers, credit card bill payments, utility bill payments, creating term deposits, and investing in market securities. Transactional internet banking has streamlined fund transfers in India by introducing facilities like National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS). These fund transfer channels enable instant fund transfers with varying minimum and maximum transaction limits.

Final Note

Now that you know about the various internet banking types, you can use your preferred facilities based on your needs. At the heart of internet banking lies the idea that you can conduct all kinds of transactions and get access to whatever information you need without ever stepping foot in the bank. Internet banking has indeed made the banking process convenient. So, ensure you sign up for the service when you open your bank account.
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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Types of Internet Banking | digibank by DBS

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Internet banking gives you access to various types of banking services online. Most banks provide three different types of internet banking services. Informational Internet Banking includes information on various products and services offered by banks. Communicative Internet Banking allows you to perform simple transactions like applying for loans, checking balances, etc.

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Definition of a Mobile Banking App| DBS digibank

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Definition of a Mobile Banking App| DBS digibank

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What is a Mobile Banking App - digibank outlines the benefits and procedures for downloading mobile banking software. One can download the digibank by DBS application to access mobile banking services.

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Key Takeaways

A mobile banking app is a free-to-download application available on your mobile device.

You can initiate fund transfer via NEFT, IMPS and UPI payments with mobile banking apps.

You can check account statements and balances any time you want.

You can invest in term deposits, mutual funds or securities through these apps.

You must follow the necessary safety protocols for secure mobile banking transactions.

When mobile banking was introduced in 2002, the functions were limited to SMS banking. You could send texts to a unique number provided by the bank and carry out basic banking transactions like money transfers, balance checks, and mini statements. However, today's mobile banking applications are equipped to do so much more. Read on to understand how to download mobile banking apps and their many uses.

What Is a Mobile Banking App?

A Mobile Banking App is a free-to-download application that enables you to perform various banking activities using your internet-enabled mobile phone. Banks offer their eponymous apps, which you can download and install on your phone to conduct multiple functions.

How To Download a Mobile Banking Application?

Here are the steps for mobile banking app download.

1. Go to your phone's application store, i.e., Google Play Store for Android, App Store for iOS or Microsoft Store for Windows.

2. Type the bank app name in the search bar and tap on download.

3. The app gets installed on your phone, after which you can activate mobile banking by logging in with the credentials provided by your bank.

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Reasons To Use a Mobile Banking App

An extension of internet banking, Mobile banking apps are incredibly user-friendly. Here are some reasons why you should download and use these apps.

It is akin to carrying your bank in your pockets.

You can add and view beneficiaries for fund transfer purposes.

You can send money to bank accounts using NEFT, IMPS, RTGS or UPI.

You can view account balances and get account statements any time you want.

You can pay utility bills and credit card dues.

You can open fixed deposits and recurring deposits.

You can invest in Mutual Funds and other securities.

You get secure login features, including 2-stage and biometric authentication.

You can order cheque books, bank cards, and find nearby ATMs.

You can block banks cards instantly in case of theft or loss.

Mobile Banking Applications - The Dos & Don'ts

Following good mobile banking etiquettes goes a long way in ensuring bank account security. Below are the do's and don'ts.

Do not share your login credentials with anyone.

Avoid using unsecured or public internet networks to prevent your account from getting hacked.

Ensure that you log out of the banking app after every session.

Sign up for SMS and email notifications to get instant alerts after every transaction.

Most banks provide mobile banking apps for Android and iOS. However, many banks are yet to create their apps for Windows phones.

Final Note

Mobile banking applications allow you to carry banking activities using your mobile device. Most banks provide free mobile banking apps, which you can download on your internet-enabled phones in seconds. Once downloaded, you can conveniently conduct several types of transactions. While banks take all measures to protect your financial data, you too must follow all the safety protocols.
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 App - How to download Mobile Banking Application | digibank by DBS

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A mobile banking app is a free-to-download application available on your mobile device. You can initiate fund transfer via NEFT, IMPS and UPI payments with mobile banking apps. You can check account statements and balances any time you want. You can invest in term deposits, mutual funds or securities through these apps.

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Indian Banking Types Described | digibank by DBS

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Indian Banking Types Described | digibank by DBS

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Types of Banking - digibank offers a summary of the many banking solutions available in India. One can download the digibank by DBS app to use online banking.

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Types of Banking in India | digibank by DBS

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Types of Banking - digibank discusses the common types of banks prevalent in India in detail. Download the digibank app & open a savings account now.

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Services and Goods for Small-Scale Banking | DBS digibank

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Services and Goods for Small-Scale Banking | DBS digibank

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Services and Products for Retail Banking - Well-known retail banking products from Indian banks are being evaluated by digibank by DBS. By downloading the digibank app, one can acquire this.

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Key Takeaways

Retail Banking is the segment of banking that deals with retail customers.

Standard retail banking products are bank accounts, lines of credit and bank cards.

Individuals can open savings accounts, while business owners can opt for current accounts.

Debit card and credit card facilities are also part of the retail banking universe.

Personal Loans, Home Loans, Auto Loans, etc., are widely availed retail banking products.

The banking sector is divided into several branches depending on the type of services they offer. For example, there are banks whose clients are corporates and large institutions, also known as Corporate Banking. Some banks deal with high-net-worth individuals and offer Private Banking services. Similarly, the banking sector that serves the general public is called Retail Banking. Here is a list of retail banking products.

Retail Banking - An Overview

Retail banking is the branch of banking that provides essential financial services to individuals of the general public instead of businesses and giant corporations. Also known as private banking or consumer banking, it enables individual consumers to manage their funds, i.e., withdraw and deposit money, access credit facilities and other products for remote banking. Essentially, a retail bank is a commercial bank offering consumer products and services such as transactional accounts, loans and bank cards.
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Retail Banking Products and Services

Standard retail banking products include the following

Savings Account

Offered by most banking financial institutions, a Savings Bank Account lets you deposit cash in a brick-and-mortar bank branch or an ATM deposit machine. The funds in the Savings Account can be used to fund expenses like money transfers, bill payments, etc. Your bank provides nominal interests on your Savings Account deposits. You can access funds in your Savings Account through internet or mobile banking platforms.

Current Account

A current account is a retail banking product designed for business owners who typically need to conduct daily transactions. For instance, a shop owner may want to deposit daily earnings and withdraw large sums to manage inventory. Current account holders enjoy financial services like limitless deposits and withdrawals, pay-orders, cheques, overdraft facilities etc., to keep their businesses afloat.

Term Deposits

The list of retail banking products also includes term deposits. Retail banks offer fixed deposits and recurring deposits with competitive interest rates. As a retail banking customer, you can easily open a term deposit as most banks offer this facility. You can also open tax-saving term deposits that decrease your taxable income.

Loans

Loans are one of the most widely availed retail banking products. Banks offer an array of loans, including Personal Loans, Home Loans, Auto Loans, etc. Banks charge interest on the principal amount loaned. The maximum loan amount you can get and repayment tenure depends on the type of loan you choose. You can get anywhere from 70% to 100% finance based on the loan type.

Bank Cards

All retail banks offer debit cards to their retail customers. Debit cards enable you to access funds in your account anytime. You can use your debit card to shop online, pay bills, and withdraw cash from Automated Teller Machines (ATMs). Banks also offer eligible customers credit card facilities as part of their retail banking products and services.

Final Note

Retail banking offers everyday banking services to retail customers. You need the most basic retail banking product, i.e., a bank account, to access other types of retail banking products and services.
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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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List of Retail Banking Products and Services | digibank by DBS

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Retail Banking is the segment of banking that deals with retail customers. Standard retail banking products are bank accounts, lines of credit and bank cards. Individuals can open savings accounts, while business owners can opt for current accounts. Debit card and credit card facilities are also part of the retail banking universe.

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Types of Banking Services - digibank discusses the variety of banking services and products offered by a typical Indian bank. Downloading the digibank programme will allow you to start a savings account.

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Banking Services | Banking Products | digibank by DBS

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Banking Products and Services - digibank explains the banking products & services a typical Indian bank should provide. Download the digibank app & open a savings account now.

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Why is Retail Banking Important? | DBS digibank

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Why is Retail Banking Important? | DBS digibank

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Retail Banking - The stepping stones that lay the path for saving money and accumulating wealth are retail banks. Downloading the digibank programme will allow you to start a savings account.

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Key Takeaways

Retail banking encompasses the basic financial services banks offer their customers.

It is also known as personal banking or consumer banking.

It includes facilities like bank accounts and deposits, debit and credit cards, loan services, etc.

Commercial banks, co-operatives and credit unions are types of retail banking service providers.

You can open retail banking accounts online or visit bank branches.

Most banks worldwide offer a gamut of services encompassing the various needs of their customers. Today, you can invest in various market securities, open pension accounts, get investment advisory services, etc. However, one aspect of banking sticks to providing traditional banking facilities and is known as retail banking. Let us understand the various features and functions of retail banking in this article.

What is Retail Banking?

Retail banking is the branch of banking that concentrates on offering elementary financial services to its customer base. Also referred to as personal or consumer banking, it is designed for individual customers rather than large organisations or institutions. Essentially, retail banking gives you access to the necessary provisions to manage your money through bank accounts.
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Features of Retail Banking

A retail bank is one that provides everyday banking services. Typically, it includes the following.

General bank accounts

You can open Savings, Current, Salary accounts. Each account is further categorised into various types. For instance, a Savings Account can be a regular or premium account designed for women, children, or senior citizens, with broadly similar benefits.

Deposits

Retail banking services also include provisions to open fixed and recurring deposits. Fixed deposits are primarily of two types - cumulative and non-cumulative, whereas recurring deposits allow you to park a fixed sum of money each month and create savings with discipline.

Bank cards

Bank cards are an essential feature of retail banking services. Your bank generally gives you an ATM-cum-debit card to aid cash withdrawal and online and PoS payments. You can also apply for credit cards based on your account usage.

Loans

A loan is yet another retail banking provision you enjoy. You can increase your chances of getting approvals for various kinds of loans - home loans, personal loans, and automobile loans if you have an existing relationship with a retail bank.

Types of Retail Banking Entities

Retailing banking institutions are broadly classified into two types:

1. Commercial and Co-operative Banks

Commercial banks are the most common and easily accessible retail banks. These are for-profit organisations that earn money through interest rate spreads and transaction charges. Co-operative banks, also known as community banks, are also commercial banks. However, these banks function on a smaller level.

2. Credit Unions

Credit unions are smaller, non-profit organisations. They charge lower interest rates and provide higher return rates on savings account deposits. As non-profit organisations, credit unions do not have the physical presence of large banks and primarily sell their products and services online.

Final Note

There is no doubt that all of us need retail banking services in our daily lives. Retail banks are the stepping stones that pave the path for creating savings and building wealth. digibank by DBS is an excellent retail banking example. As a digibank customer, you can enjoy a bouquet of retail banking services. We also offer an array of investment facilities to help you reach your various time-bound financial goals.
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 purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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Retail Banking - What is Retail Banking | digibank by DBS

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Retail banking encompasses the basic financial services banks offer their customers. It is also known as personal banking or consumer banking. It includes facilities like bank accounts and deposits, debit and credit cards, loan services, etc. Commercial banks, co-operatives and credit unions are types of retail banking service providers.

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Indian Universal Banking Types | digibank by DBS

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Indian Universal Banking Types | digibank by DBS

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Universal Banking in India - The three categories of universal banking services offered in India are described by digibank. Downloading the digibank application will allow one to start a savings account.

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Key Takeaways

Universal banks are one-stop shops for all your financial needs.

Universal banking is categorised into three types.

It encompasses investment banking services for private investors and organisations.

It also involves wholesale banking services designed for large-scale companies.

Retail banking is another aspect of universal banking that includes everyday banking services.

That banking services have evolved tremendously is an understatement. Today, a bank serves as a wholesome financial house, offering a host of facilities that transcend mere accounts and deposits. Most Indian banks have become a one-stop-shop for all your financial needs. This transition has given birth to the idea of universal banking. Let us understand universal banking in India and its various types.

The Meaning of Universal Banking

A universal bank is nothing but a commercial bank with additional authority to act as an investment house and invest its money in non-allied companies. It is a system through which banks offer their regular, retail, and high net worth customers a bouquet of comprehensive financial services, including customised or tailored investment, retail, and commercial services.

Under universal banking, you get easy access to facilities like credit requirements, deposits, securities transactions, asset management, financial analysis, and underwriting services, among other things. Essentially, you get all the required financial services under one roof. This facility reduces your transaction costs and saves you precious time as well.
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Types of Universal Banking Services

Universal Banking Services in India are broadly categorised into three types based on their functionality. They are as under:

1. Investment banking services

Several public and private sector banks in India have started offering investment banking services. Such banks typically focus on providing services to various private investors and organisations. Also known as merchant banking, these banks generally offer their clients assistance with asset management, investment advisory services, raising capital, mergers and acquisitions, securities underwriting and securities trading, among other facilities. As is apparent, these functions of universal banking do not apply to everyday banking services.

2. Wholesale banking services

Wholesale Banking Services are typically designed for businesses and corporate organisations, as opposed to individual bank customers. These services usually involve lending and borrowing funds on a large scale, compared to retail banking services that deal with comparatively smaller loan amounts for individual customers. Each transaction in wholesale banking is typically in the tunes of crores of rupees and multiple accounts. For instance, a customer of a wholesale bank may need pension fund accounts for its employees. Government organisations and multinational companies are typically customers who obtain wholesale banking services.

3. Retail Banking Services

Retail banking is the most common type of universal banking service available globally. It is the type of banking that general bank customers and account holders are provided. Retail banking encapsulates the general banking facilities that include a wide variety of home, personal and auto loans and mortgage services. It also includes offering different types of bank accounts - Salary, Current, Savings Accounts, and more. Banks provide safe deposit lockers, fixed and recurring deposits, credit and debit cards, and other such everyday banking services under retail banking.

Final Note

With growing competition in the banking sector, most Indian banks are adopting a universal banking model to cater to the needs of their various clients. Universal banking enables banks to broaden their customer base. As a bank customer, you can enjoy an array of facilities under one umbrella, thanks to universal banking services.
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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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Universal Banking in India | digibank by DBS

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Universal banks are one-stop shops for all your financial needs. Universal banking is categorised into three types. It encompasses investment banking services for private investors and organisations. It also involves wholesale banking services designed for large-scale companies. Retail banking is another aspect of universal banking that includes everyday banking services.

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Your first Paycheck Management | DBS digibank

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Your first Paycheck Management | DBS digibank

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Managing your first paycheck - The most significant adult milestone is without a doubt receiving your first salary. One should spend their money wisely because they worked hard to earn it. One can open a savings account and effectively manage their finances by using the digibank app.

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Getting your first pay cheque is arguably the foremost milestone of adulthood. Wielding spending power may be exhilarating, but before your imagination runs wild on how you can spend your first salary here is some food for thought.

Here are the things you should do when you get your first pay cheque:

1) Building your stash: the 50/30/20 rule

How much should you spend, and how much should you save? A good guide is to follow the 50/30/20 rule. First, divide your take-home salary into the following portions:

50% - expenses on basic necessities

30% - miscellaneous spending

20% - savings and investments

2) Budgeting: master the big 50%

Without careful planning, your money will quickly diminish. Besides the obvious essentials-food, transport, groceries, telco bills, rent (if you're on your own), or allowance for the parents, prioritise things that make you happy and help in your growth.

For example, with your first pay cheque, you could pay for a weekend class to keep learning new skills. Or you could invest in a good suit to add to your workplace wardrobe, that could aid your career growth.

3) The next 30%: reward yourself

The next 30% can be used on "discretionary" spending or, simply put, what you allow yourself to splurge on. There is nothing wrong with rewarding yourself for all the hard work you put in - just make sure you spend within limits.

4) The final 20%: savings and investments

You need about three to six months' savings to be termed 'financially stable'. This means clear liquid money with zero debts to cover, saved up for emergency purposes. Life is full of surprises and you'll never know when you'll need the money. Your investments may form a part of this fund if they can be converted to cash quickly as and when needed.

If it helps, consider having two bank accounts: one for salary crediting and daily expenses, and the other to build your emergency fund.

Once you've settled the basics, look into growing your money. Learn how to make your money work harder. Speak to savvy friends or financial advisors on how your different spending and savings accounts should be set up.

5) Start by investing within your affordability

You don't need a lot of money to start investing. With just Rs. 500 a month, you can start investing via an SIP (Systematic Investment Plan) in the Mutual Fund of your choice.

You can also look into getting a basic insurance or investment-linked plan at this age, as premiums tend to be lower the earlier you start. Plus, having adequate coverage during emergencies allows you to remove one item from things to worry about.

Whatever your choice of investments, remember one magic word: Diversify. Spread your resources around.

6) Stay debt-free

If you start your early career with a few existing financial commitments - such as an education loan - always aim to clear these as quickly as you can. Stick to a lean monthly budget or use some of your savings to clear the debt. If you have multiple loans to clear, be diligent in setting aside funds each month to service your commitments.

The bottom line: Be purposeful in how you spend your hard-earned money. While you've definitely earned the right to reward yourself with your first pay cheque, cultivating a habit of prudent spending and financial discipline will be something your future self will thank you for.

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 to do with your first pay cheque | digibank by DBS

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Getting your first pay cheque is arguably the foremost milestone of adulthood. Wielding spending power may be exhilarating, but before your imagination runs wild on how you can spend your first salary here is some food for thought. How much should you spend, and how much should you save?

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A Quick Guide for Modifying a PhonePe UPI ID | DBS digibank

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A Quick Guide for Modifying a PhonePe UPI ID | DBS digibank

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How to Modify a PhonePe UPI ID - digibank offers a step-by-step tutorial for upgrading your PhonePe UPI ID. One may take care of all of their financial needs using the digibank app.

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How to Change UPI ID In PhonePe | digibank by DBS

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Know how to change UPI ID In PhonePe & decode PhonePe,UPI and the role of BHIM through this blog. Download the digibank app to make hassle-free payments now!!

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Paytm UPI PIN Reset: A Step-by-Step Guide | DBS digibank

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Paytm UPI PIN Reset: A Step-by-Step Guide | DBS digibank

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How to Reset UPI PIN in Paytm - This article goes into great detail regarding the Paytm UPI PIN reset procedure. The digibank app may be downloaded to make payments simple.

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How to Change UPI PIN In Paytm | digibank by DBS

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Know how to change UPI PIN In Paytm & how to reset UPI PIN in Paytm through this blog. Download the digibank app to make hassle-free payments now!!

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How to Reset a Google Pay UPI PIN | digibank by DBS

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How to Reset a Google Pay UPI PIN | digibank by DBS

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How to Reset UPI PIN in Google Pay - The Google Pay PIN can be readily changed or reset if the user wants to do so for security reasons or if they have forgotten it. One can download the digibank app from the website for quick payments and more information.

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Key Takeaways

Google Pay allows you to make cashless transactions.

GPAY transactions are supported by a system known as United Payment Interface or UPI.

You can change or reset Google Pay PIN through the GPAY app.

You must change your PIN regularly for security reasons.

You need your debit card if you forget the PIN and wish to reset it.

Many years ago, we visited our banks each time we needed cash. Then came the ATMs, which reduced our dependence on bank branches, followed by internet banking that made remote banking convenient. And now, the latest transformation in the financial sector is the introduction of cashless banking via mobile phones. Today, you can download apps on your mobile phones and transfer money by tapping a few buttons. This article talks about the Google Pay online payment app and how to change UPI PIN in Google Pay.

The Google Pay UPI Payment Method

Launched by the American Multinational Technology Company, Google, Google Pay is one of the most widely used payment apps. Also known as GPAY, it enables you to make all kinds of online payments. You can shop online, make utility bill payments, and initiate money transfers directly from your savings account over a system known as the Unified Payment Interface or UPI. You can conduct fund transfers using the GPAY app in seconds via a UPI address, mobile number, account number and a Quick Response (QR) code.
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How To Change UPI Pin In Google Pay?

If you wish to change your GPAY UPI PIN for security reasons, or if you have forgotten it, you can easily change or reset Google Pay PIN. Follow these simple steps to change your Google Pay UPI PIN for security reasons.

1. Launch the Google Pay App on your internet-enabled smartphone.

2. Tap on your display picture (DP) located on the top-right corner of the app.

3. Now select the 'Set up Payment Methods' sections on the app and tap on Bank Account.

4. Select your bank account for GPAY UPI payments.

5. Tap on the app's menu icon (the three dots) on the top-right corner and then tap the 'Change UPI PIN' tab.

6. Enter your old four-digit UPI PIN.

7. The last step is to enter your new 4-digit PIN. You must enter the PIN twice in the provided tabs and confirm the same.

How To Reset UPI PIN In Google Pay If You Forget The PIN?

1. Launch the Google Pay App on your internet-enabled smartphone.

2. Tap on your display picture (DP) located on the top-right corner of the app.

3. Now select the 'Set up Payment Methods' sections on the app and tap on Bank Account.

4. Select your bank account for GPAY UPI payments.

5. Tap on 'forgot UP PIN' in Google Pay.

6. Now enter your debit card number's last 6 digits along with the expiry date in MM/YY format.

7. The last step to reset Google Pay PIN is to enter the new UPI PIN twice and confirm it with the One-Time Password GPAY sends on your Registered Mobile Number via SMS.

Final Note

Now that you know how to reset UPI PIN in Google Pay, you can easily change your PIN as needed. You must change your PIN frequently for security reasons and avoid sharing your PIN as well.
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 purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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How to Change UPI PIN In Google Pay | digibank by DBS

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Google Pay allows you to make cashless transactions. GPAY transactions are supported by a system known as United Payment Interface or UPI. You can change or reset Google Pay PIN through the GPAY app. You must change your PIN regularly for security reasons.

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A Quick Guide for Resetting the UPI PIN | digibank by DBS

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A Quick Guide for Resetting the UPI PIN | digibank by DBS

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How to Reset UPI PIN - This short tutorial will show you how to quickly modify your UPI PIN. The digibank by DBS website provides a comprehensive description of the procedures.

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TLDR Points

A Savings Account bears interest on the deposit amount

It is a safe way to keep your money

It helps to reach financial goals

It is the first step towards getting credit from the bank

It helps to pay instantly for purchases

It automates bill payments

It keeps track of income for income tax purposes

Introduction
"Do not save what is left after spending, but spend what is left after saving." -Warren Buffet
Whether you are saving money to go on that expensive Mediterranean cruise next year or opening a fixed deposit next month, a savings account is a saviour for every individual's banking needs. Long gone are the days when you needed a bank account just to keep your money safe. Today, a savings bank account is your security guard, accountant, financial safety net, wealth partner, all rolled into one.

If you still don't have a savings account, read on to know why you should.
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Key Benefits of a Savings Account

Listed below are the seven benefits that come with holding a Savings Account and having a debit card:

1. Keeps your money safe

When you open a savings account, your mind is at peace, knowing that your money is in a secure electronic banking system.

2. Gives you a steady interest

The tortoise from the 'Hare and the Tortoise' story would be proud of a savings account. Why? Because just like the tortoise, accumulated interest moves ahead slowly and steadily.

3. Inculcates financial discipline

Cash is more easily accessible when kept at home. This leads to many frivolous spending and reduced savings. However, with a savings account, you will use it only for needed expenses. Furthermore, it helps to meet your goals, too. For example, got your eye on a cool 250cc motorbike? You can open a separate fixed deposit account and transfer a part of your savings regularly until you reach your financial goal to make a lumpsum withdrawal to buy the bike.

4. First step towards getting credit

When you have a fair amount of balance every month in your savings account, the bank will find you reliable enough to extend credit to you. You can get a credit card or a loan from your bank if they perceive that your monthly income can cover the credit or EMIs.

5. Enables instant payment services

You can use your debit card to pay for your purchases instantly. You can also link your debit card to an e-wallet or UPI service to make transfers from your account to other personal or business accounts. In short, without a Savings Account, you won't have a debit card, and without a debit card, you may not have instant payment services.

6. Enables automated bill payments

A pile of bills is yet another indicator of adult life. The tedious process of paying bills every month can be automated using your savings account linked debit card. You can instruct your bank to pay your bills with the money from the account automatically.

7. Helps with your income tax returns

Since all your income gets credited to your Savings Account, it will be easy to calculate your gross annual income. You needn't spend hours pulling your hair, trying to compile all your revenues. Moreover, you can download your bank account statements for income proof when filing your income tax returns.

Conclusion

There are several benefits of having a savings account. It doesn't just bring about financial discipline but also makes everyday transactions easier. It gives you access to credit facilities and helps keep track of your income tax returns. You can hold the account in your name or with a joint holder. The compelling reason to open a joint account is the choice you have. A bank account is now gone beyond conventional safekeeping; with it, you can access so much more.

With digibank, you can open a digital savings account and make your life easier and more meaningful right away. Open fixed deposits, recurring deposits, even mutual funds. Are you a shopaholic, you'll find offers on your debit card too! So why wait? Download the digibank by DBS app now.
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7 Key Benefits of Savings Account | digibank by DBS

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A Savings Account bears interest on the deposit amount It is a safe way to keep your money It helps to reach financial goals It is the first step towards getting credit from the bank It helps to pay instantly for purchases It automates bill payments It keeps track of income for income tax purposes "Do not save what is left after spending, but spend what is left after saving."

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How to Produce a UPI Pin | digibank by DBS

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How to Produce a UPI Pin | digibank by DBS

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How to Create UPI Pin - One can initiate immediate fund transfers by creating a UPI PIN. One can download the digibank app from the website for more details and to meet all of their financial needs.

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A beginner's guide on how to create a UPI PIN

Key Takeaways

The Unified Payment Interface (UPI) is a payment system owned by the NPCI.

UPI enables payments to bank accounts without the need for beneficiary bank details.

You can either send money via phone numbers or a virtual UPI ID.

UPI PIN is a 4 or 6-digit passcode that you must set for completing transactions.

You can set a UPI PIN when you add the bank accounts in a UPI-enabled application.

Advancement in technology has given the finance sector a greater impetus than ever. Fintech has led to innovations in many fields, but the one that stands out the most is the fund transfer system. We went from standing in queues at banks to transferring money directly by adding beneficiary account numbers, and now we can transfer money to a mobile number - thanks to UPI. Here, we talk about the basics of UPI and how to generate UPI PIN.

What Is UPI & UPI PIN?

Unified Payments Interface ( UPI) is a product owned and operated by the National Payments Corporation of India (NPCI). UPI aims to unite multiple bank accounts under one umbrella for hassle-free transactions instead of using multiple separate bank applications. In a UPI-enabled application, you can add more than one bank account, which you can use to transfer funds and check account balances.

The UPI personal identification number or UPI PIN is a 4 to 6-digit number you require to log into all UPI transactions. UPI PINs are bank-specific. For example, if you add 3 bank accounts in a UPI-enabled application, you must create 3 unique UPI transaction PINs.
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How To Generate UPI PIN

After downloading your preferred UPI-enabled app, complete the registration process by verifying your mobile number. If you have provided and registered your mobile number with your bank, you can retrieve the bank account number and add it to the UPI app by providing the OTP received on the mobile number. Once registered, here are the steps on how to create a UPI PIN.

1. After you link the account, you need to create a PIN for the selected account for completing UPI transactions.

2. Select the 'Set M-PIN' option and choose your account for which you want to set the PIN.

3. Enter the OTP you receive on the registered mobile number.

4. Set a 4-digit or 6-digit PIN (depending on the bank or UPI app) and confirm it.

5. You may be asked to provide the last 6-digits of your debit card linked to the bank account and expiry date.

Upon successful verification, you will receive a 'PIN Created successfully' notification.

How To Use the UPI PIN To Complete A Transaction

Besides knowing how to create a UPI PIN, here is how to use it to complete fund transfers.

1. Select the 'Pay' option and choose your preferred bank account.

2. Enter the beneficiary's virtual payment ID.

3. Enter the transfer amount and continue.

4. Submit and verify the details after entering the set PIN.

Your transaction is now complete, and the beneficiary will receive the funds in their account immediately.

Final Note

Knowing how to create a UPI PIN enables you to initiate instant fund transfers. UPI is one of the most convenient and hassle-free ways to make payments without bank account numbers. All you need is the beneficiary's UPI virtual payment address or mobile number to initiate the transaction.
Download digibank by DBS to effortlessly send money to your loved one with 100% confidence. Also, open your savings account with us. 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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How to Generate UPI Pin - How to Create UPI pin | digibank by DBS

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A beginner's guide on how to create a UPI PIN The Unified Payment Interface (UPI) is a payment system owned by the NPCI. UPI enables payments to bank accounts without the need for beneficiary bank details. You can either send money via phone numbers or a virtual UPI ID.

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Banking Cash Management Services | digibank by DBS

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Banking Cash Management Services | digibank by DBS

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Cash Management Services in Banking - A bank may be contacted by a business owner to handle the complex cash flow management needs of their company. To manage all of their financial demands, one might use the digibank app.

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Key Takeaways

Banks offer Cash Management Services to manage business cashflows.

You can set up POS and ECD terminals at merchant stores to receive money.

Businesses can receive payments through NACH, E-collections and CDMs.

Some banks also provide secure cash collection and delivery services.

You can make systematic payments via Cheque printing and bulk NEFT/RTGS through cash management services.

Running a business entails numerous parameters, including smooth operations and administration, along with the ability to generate profits. At every step, you need to have sufficient cash flows to manage your various expenses to ensure your business runs like a well-oiled machine. You need cash to pay your employees, vendors, utility bills, and more. You can manage all these expenses through Cash Management Services in India. Let us understand what it is and its types.

Cash Management Services - Meaning

Banks offer businesses a wide range of cash or treasury management services for smooth cash inflow and outflow. Cash management services include managing incoming money from customers with receivable solutions and at Point-of-Sale terminals. Services covered under cash management include paying your vendors, investors, and employees. As a business owner, you can avail of the following types of cash management services in banking.

Cash Management Services At POS Terminals

Businesses can receive payments at Point-of-Sale (POS) Terminals like merchant stores.

Mobile POS: An MPOS is a smartphone device where customers can make payments using bank cards.

ECD Terminal: These machines enable the swiping of credit and debit cards at merchant stores.

QR Codes: Businesses can use digital payment apps and set up Quick Response (QR) codes which customers can scan to make payments.

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Cash Management Services for Receivables

Businesses can receive payments from customers, banks, investors, shareholders, etc. Banks typically provide the following cash management services to businesses looking to accept payments in India.

Cash & Cheque Pick-up: Some banks offer multi-location cash pick-up, counting and verification facilities, along with local and outstation cheque collection services.

National Automated Clearing House (NACH): NACH is a National Payments Corporation of India (NPCI)-backed service. It allows a business to debit low-value transactions of larger volumes set up at uniform intervals, for example, Mutual Fund SIPs paid by investors.

E-Collections: Through e-collection, your customers can get your business' payment details and make recurring inward payments via Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

Cash Deposit Machines (CDM): You can request your bank to set up customisable CDMs in your business premises enabling high-value cash collection.

Cash Management Services for Payables

Running a business also entails paying your vendors and stakeholders. Payable cash management services in banking are as follows:

Cheque Printing: You can issue bulk cheques at the bank or your business premises. The digital signature facility allows vendors to receive payments instantly.

Bulk Fund Transfer: Through bulk payments, you can pay your employees and set up multiple debits for vendors using NEFT and RTGS.

Cash Delivery: Banks also offer safe delivery of cash to your doorsteps as well as to authorised recipients.

Final Note

The key to running a business smoothly is systematically managing it. As a business owner, you can approach a bank to manage your business operations pertaining to cash flows on a large scale. Banks can help streamline your cashflows through effective cash management services.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes and even open your savings account with us. 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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Cash Management Services in Banking | digibank by DBS

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Banks offer Cash Management Services to manage business cashflows. You can set up POS and ECD terminals at merchant stores to receive money. Businesses can receive payments through NACH, E-collections and CDMs. Some banks also provide secure cash collection and delivery services. You can make systematic payments via Cheque printing and bulk NEFT/RTGS through cash management services.

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How to Put a Check Into a Bank - Cheque deposits are often conducted at bank branches. To manage all of their financial demands, one might use the digibank app.

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Key Takeaways

You need cheques to deposit money, withdraw it, and make payments.

You can deposit cheques at your bank ATM by filling deposit slips.

You can also deposit cheques in Cash Deposit Machines

You need your debit card if you opt for CDM cheque deposits

Some banks provide drop-box facilities for cheque deposits

Long before ATMs and online money transfer services were available, we conducted most banking transactions via cheques. We needed cheques to withdraw money, deposit it, and make third party payments. Even today, cheques are not rendered redundant. Granted, its usage has reduced compared to, say, two decades ago, but they continue to remain in circulation. If you are taking baby steps in the banking world and wish to know how to deposit cheque in bank, read on.
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How to deposit a cheque at bank branches

The most common way how to a deposit cheque is at a bank branch. Here are the steps.

1. Visit your bank branch

Visit your bank and ask a bank representative to provide you with the cheque deposit slip. In most cases, the deposit slips are available in the lobby area, and you can directly take one or more slips as needed.

2. Fill out a deposit slip

Fill the deposit slip by providing the necessary information asked in it. You need to enter your name as on the cheque, your bank account number, cheque amount in words and numbers, the name and branch of the bank from where the cheque is drawn and the cheque number. You need to provide the cheque details in duplicate in two separate, perforated sections of the same slip.

3. Review the deposit slip

Review the details provided in the deposit slip, ensuring you have entered the current or savings account number properly for the funds to be deposited in your account. Banks may be unable to credit funds if the account details are incorrect.

4. Deposit the cheque and collect the receipt

Attach the cheque to the deposit slip, hand it over to the bank representative in charge of cheque collection and collect the cheque deposit receipt. The receipt is nothing but the second, perforated section of the deposit slip, with the bank's stamp.

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How To Deposit Cheque In Bank ATMs?

If you cannot visit your bank branch, you can also deposit cheques at select ATM kiosks with cheque depositing facilities. Here are the steps.

1. Visit the nearest CDM of the bank where you wish to deposit your cheque.

2. Insert your ATM-cum-debit card and enter the card PIN.

3. Insert the cheque per the instructions in the image of the CDM screen.

4. Press the confirm button after ensuring the cheque is scanned correctly.

5. Collect the cheque deposit receipt.

The bank credits the funds into your account within the shortest time possible.

Final Note

Unlike with cash withdrawal, where you can use other bank ATM, you cannot deposit cheques at other bank ATMs. Also, some ATM kiosks also have a drop box facility, to deposit cheques in an envelope akin to a deposit slip. Here, you will not get the cheque deposit receipt. As a DBS Savings Account holder, you can consult your relationship manager if you wish to know how to deposit cheques in DBS bank branches or ATMs and get the necessary information about your nearest DBS branch and ATM kiosks.
Download digibank today to experience the benefits of digital savings account. 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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How to Deposit Cheque in Bank | digibank by DBS

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You need cheques to deposit money, withdraw it, and make payments. You can deposit cheques at your bank ATM by filling deposit slips. You can also deposit cheques in Cash Deposit Machines You need your debit card if you opt for CDM cheque deposits Some banks provide drop-box facilities for cheque deposits Long before ATMs and online money transfer services were available, we conducted most banking transactions via cheques.

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How to Use an ATM to Get Cash| digibank by DBS

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How to Use an ATM to Get Cash| digibank by DBS

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How to Withdraw Money from ATM - digibank offers the numerous strategies for taking money out of an ATM. Further details are accessible on the digibank by DBS website.

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How to Withdraw Money from ATM | digibank by DBS

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Learn how to withdraw money from ATM, whether it’s with card or without card along with the ATM cash withdrawals - Dos & Don’ts. Download the digibank app to get started.

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Limit on ATM Withdrawals - The term "ATM Withdrawal Limit" describes the maximum amount or number of withdrawals you are allowed to make using your ATM card at ATMs operated by your own or other banks. To manage all of their financial demands, one might use the digibank app.

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Limit on Bank Cash Withdrawals | digibank by DBS

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Limit on Bank Cash Withdrawals | digibank by DBS

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Limit on Cash Withdrawals from Bank - Any bank withdrawal limitations must be followed, depending on the withdrawal method you choose. One might utilise the digibank app to manage all of their financial needs.

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Cash Withdrawal Limit from Bank Per Day | digibank by DBS

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Cash Withdrawal Limit from Bank - On certain withdrawal provisions, a cash withdrawal limit is imposed. Read on to know more & download the digibank app to open a savings account.

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How to Withdraw Money from an ATM Without a Card | DBS digibank

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How to Withdraw Money from an ATM Without a Card | DBS digibank

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How to use an ATM without a card to make a withdrawal - Without using an ATM, cardless cash withdrawals are possible. Even if your ATM card isn't nearby, you can still access the money in your account with a debit card. All financial requirements can be met through the digibank app.

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Key Takeaways

Cashless Card Withdrawal enables you to withdraw money without ATM-cum-debit cards.

You can use net banking for cashless withdrawals at ATMs.

You can also allow beneficiaries to withdraw cash with cardless withdrawals.

You must use the tentative OTP or PIN to withdraw money from ATMs.

Some banks let you withdraw money at affiliated local stores.

Most banking transactions in the modern era have become cashless as banks are ushering into the digital age. Today, you can use debit cards and credit cards to access funds in your account. Banks also permit cardless cash withdrawals at ATMs. This article explains cardless cash withdrawals and the process to go about it. Read on to know more.

Cardless Withdrawals at ATM

Cardless cash withdrawals without ATM Debit cards allow you to access funds in your account if you do not have your ATM card handy. As long as you have activated internet banking and downloaded the bank's mobile banking app of your bank on your smartphone, you can withdraw cash from ATMs without the card.
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How To Withdraw Money from ATM Without Card

Following are the standard steps on how to withdraw money from ATM without card.

1. Log into your bank's internet or mobile banking

2. Select the option of cash withdrawal at the ATM.

3. Enter the amount you wish to withdraw and continue.

4. You will receive a one-time password or a transaction ID on your registered mobile number.

5. Visit your nearest bank ATM and select the cardless cash withdrawal option on the ATM screen.

6. Select your mobile number and enter the OTP or the transaction ID received on the registered mobile number.

7. Enter the amount and withdraw the cash.

Cardless Cash Withdrawal by Beneficiaries

You can also provide access to beneficiaries to withdraw funds. Below are the steps:

1. Log in to your net banking account and set up the fund transfer request.

2. Add the beneficiary details and go to cardless cash withdrawal.

3. Reconfirm the details by entering the OTP sent on your RMN and wait for the beneficiary details to be activated.

4. The beneficiary receives an OTP and order ID via SMS ID on their RMN

5. The beneficiary can now visit an ATM, select the cardless cash option and enter the OTP, order ID and their mobile number, along with the cash withdrawal amount.

6. The ATM validates these details and disburses the cash.

Cardless Withdrawal at Local Stores

Some banks let you withdraw cash at local stores too. Here are the steps:

1. Log in to net banking and select cardless cash withdrawal at a local shop.

2. Enter the amount and generate a temporary PIN.

3. Enable your mobile GPS, and the bank will show you the affiliated merchant stores.

4. Select your preferred store, and you will receive a unique identifier on the RMN.

5. Visit the merchant store and provide the PIN and other details.

6. The merchant will validate your transaction and dispense the withdrawal amount.

Final Note

Cardless cash withdrawal is a unique facility that allows you to access cash without bank cards. It also enables you to ensure that your intended beneficiaries can receive funds quickly. You can visit your nearest ATM or designated grocery store to get the cash speedily.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes and even you can open bank account online with us. 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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how to withdraw money from atm without card

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how to withdraw money without debit card dbs digibank

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Cardless Cash Withdrawal - How to Withdraw Money from ATM Without Card | digibank by DBS

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Cashless Card Withdrawal enables you to withdraw money without ATM-cum-debit cards. You can use net banking for cashless withdrawals at ATMs. You can also allow beneficiaries to withdraw cash with cardless withdrawals. You must use the tentative OTP or PIN to withdraw money from ATMs. Some banks let you withdraw money at affiliated local stores.

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What is a Cash Deposit Device | digibank by DBS

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What is a Cash Deposit Device | digibank by DBS

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What is Cash Deposit Machine - You can deposit cash into your bank account using a Cash Deposit Machine (CDM), a self-service device. The digibank app can be used for all financial needs.

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Key Takeaways

A Cash Deposit Machine or CDM is a self-service machine to deposit cash in your bank account.

You can locate your nearest CDMs conveniently through the website of your bank.

You can deposit money using your debit card or bank account number.

An in-built automatic counter within the CDM counts the deposited cash.

You receive instant credit in your bank account.

While we move towards a cashless economy, we cannot eliminate cash deposits completely. After all, whether it is transferred through online or offline methods, cash is cash, and it is necessary for survival. You can deposit cash by either visiting your nearest bank branch or an ATM that allows cash deposits. This article explains Cash Deposit Machines and how you can use them to deposit cash into your bank account.

What Is Cash Deposit Machine?

A Cash Deposit Machine (CDM) is a self-service machine that enables you to deposit money in your bank account. You can find stand-alone CDMs in an ATM vestibule or use an ATM-cum-cash deposit machine. A slot in the machine automatically counts the money, and your account gets credited instantly.

How Does a Cash Deposit Machine Work?

While using the CDM, you need to input your account number or insert your debit card, and the machine reads and confirms your banking data. The CDM comprises a slot for you to place your currency notes, which it automatically counts. You can check the summary of your total denominations on the CDM screen. If the amount is correct, confirm the same, and the amount will be credited to your bank account.
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How To Deposit Cash in CDM Machine?

You can deposit cash in a CDM with or without your ATM-cum-Debit Card.

How To Deposit Cash in CDM with Card?

1. Insert your ATM-cum-Debit Card in the Cash Deposit ATM and enter your PIN.

2. Select the option to deposit money and enter the deposit amount.

3. Place your cash carefully in the cash deposit slot and click on 'continue'.

4. The machine will count the money, and your bank will credit the amount into your account.

How To Deposit Cash in CDM without Card

1. Select the option 'Cash Deposit Without Card' on the CDM machine.

2. Enter your online bank account number.

3. Place your cash carefully in the cash deposit slot and click on continue.

4. The machine will automatically count the money, and your bank will credit the amount into your account.

Reasons To Use CDM Machine

Like ATMs, you can easily locate your nearest cash deposit machines via your bank's website or through your mobile or internet banking platforms. Using a CDM to deposit cash allows you to:

Save time spent on waiting in long queues at the bank.

Skip the deposit slip filling process.

Not bother with segregating the denominations.

Receive instant credit into your bank account.

Receive your transaction receipt as proof of cash deposit.

Final Note

A CDM, like an ATM, is a time-saving, convenient facility. It proves especially helpful when you wish to deposit large sums between bank hours and holidays. You can deposit money effortlessly using your ATM-cum-debit Card or by simply entering your bank account number. Banks credit funds into your account instantly, and you can withdraw funds as you need.
Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes and even open your savings account with us. 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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Cash Deposit Machine - How to Deposit Cash in CDM | digibank by DBS

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A Cash Deposit Machine or CDM is a self-service machine to deposit cash in your bank account. You can locate your nearest CDMs conveniently through the website of your bank. You can deposit money using your debit card or bank account number. An in-built automatic counter within the CDM counts the deposited cash.

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Debit Cards for Airport Lounge Access| digibank by DBS

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Debit Cards for Airport Lounge Access| digibank by DBS

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Debit Cards for Access to Airport Lounges - Debit cards with lounge access are the best option for travellers with sporadic plans. One can download the digibank application to request a debit card.

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Key Takeaways

Most banks in India provide airport lounge access Debit Cards

You can get complimentary services, including free wi-fi and meals with lounge access Debit Cards.

You generally have to pay a nominal fee of INR 25 to enjoy these services.

The number of swipes you get per quarter depends on the type of card you have.

You can swipe your digibank Visa Debit Card at select airports in India.

Do you often travel for work? Do you love travelling for leisure? If yes, you may often find yourself at airports. In India, you need to arrive at airports almost 2 hours before the scheduled flight. If you are lucky, you can get done with your check-in and security formalities within thirty minutes. How then can you spend the rest of the time? The answer is comfortably, at airport lounges. But to access the airport lounge, you need airport lounge access Debit Cards. Let us learn more about them in this article.

Debit Cards With Lounge Access

Debit Cards with lounge access is a complimentary facility you get on your visa, master, and other Debit Cards. It allows you to enter select airport lounges where you can enjoy certain complementary services until your flight begins boarding passengers. These services differ from one airport to another and usually include free wi-fi, packed or buffet meals, beverages (complementary and/or paid), and access to workstations for laptops and charging points.
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digibank Debit Card Lounge Access - Features and Benefits

Some of the basic features and benefits of digibank Debit Cards with lounge access are as under

You can enjoy Debit Card lounge access facilities on digibank's Visa Signature and Visa Infinite Cards.

Digibank Prime Account holders will also be provided with this facility on the upcoming EMT Signature Card.

You must swipe your lounge access Debit Card and pay a nominal fee of up to INR 25 to enter the lounge.

You can utilise this facility at only select airports in India.

You must check the details of the airports accepting the digibank Visa Cards on the Visa website.

You can get the Debit Card lounge access facility without spending any specific minimum amount on your card.

Airport lounges are typically open 24x7, so you can enter them using your free lounge access Debit Cards anytime and enjoy the services.

Things to Remember

Depending on the Debit Card you have, you may swipe your card once, twice, or thrice per quarter.

If you have not used up your quarterly quotas in case of cards with multiple swipes per quarter, you may swipe the same card twice or thrice in the same month.

If you miss swiping your card in a given quarter, you may not carry forward or roll over the unused swipes into the next quarter.

You may swipe the card only at airports in India, at both the domestic and international terminals.

If you run out of your monthly or quarterly quota of lounge access, you can still swipe your card by paying the applicable charges and enjoy the lounge facilities.

Final Note

Lounge Access Debit Cards are ideal for people with erratic travel times. Whether you need to fly early in the morning or late at night, you can spend some time at your airport lounge and enjoy the complimentary services, the charges of which are borne by your bank.
Download digibank today to experience the benefits of digital savings account. 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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Airport Lounge Access Debit Cards - A Detailed Guide | digibank by DBS

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Most banks in India provide airport lounge access Debit Cards You can get complimentary services, including free wi-fi and meals with lounge access Debit Cards. You generally have to pay a nominal fee of INR 25 to enjoy these services. The number of swipes you get per quarter depends on the type of card you have.

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How to Use Net Banking - Most banking tasks can be completed online without going to a physical facility. One can get the digibank app and use this service.

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Key Takeaways

Net banking means to carry out banking activities through digital mediums like the internet.

Banks provide net banking login credentials at the time of account opening.

Once activated, net banking offers a host of banking services online.

You can transfer funds, make monthly payments, request bank cards and cheque books, etc.

Using net banking facilities saves time and reduces the need to visit the bank.

When internet banking was first introduced in the 1990s, most people steered clear of it. Some found it complicated, and others assumed it to be a risky mode of conducting banking transactions. However, internet banking has become incredibly common today. Account holders have embraced its many benefits, including the reduced dependence on brick-and-mortar bank branches. As an account holder, you too can enjoy its convenience and learn how to operate net banking. Here's an introductory guide.
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How To Activate Net Banking?

Let us first learn how to activate net banking. Here are the steps.

1. When you open your bank account, the bank provides you with a welcome kit comprising your account and internet banking credentials, including the customer ID and user ID and password for internet banking.

2. Visit the internet banking portal of your bank using these credentials and reset your password.

3. Go to the login page again and enter your user ID and new password. Your net banking account will be activated.

How To Use Net Banking?

Net Banking to Transfer Funds

Net Banking allows you to transfer funds between bank accounts without visiting the bank. Using transfer systems like NEFT, RTGS and IMPS, you can transfer funds from one bank account to another bank between the same or different banks. Here are the steps.

1. Click on the 'Fund Transfer' option and choose from NEFT, RTGS, and IMPS.

2. Add beneficiary account details such as their name, account number, bank and branch name, and IFSC code.

3. Enter the fund transfer amount and beneficiary contact details (for email/SMS alerts) and authenticate the transaction with a One-Time Password.

Net Banking To Download Account Statements

Besides knowing how to operate net banking for fund transfers, you can use it for other banking transactions like downloading account statements. Just click on 'Account Statements' on the net banking portal along with the timeframe of the transactions to download the statement.

Net Banking to Pay Utility Bills

The steps for how to use net banking for bill payments are as under.

1. Click on 'Pay Bills' and select the biller category, e.g., telephone, electricity, gas, DTH recharge, etc.

2. Enter the biller details, and your bank will fetch the details.

3. Make the payment and set up auto payment options for future bills.

You can also set up timely loan EMI repayments by following the steps mentioned above. By setting up standing instructions, you can repay your home loans, personal loans, car loans, etc.

Net Banking to Request Cheque Books and Bank Cards

Knowing how to use net banking also proves beneficial while requesting cheque books and applying for new or add on debit cards and credit cards. This way, you can conduct these basic transactions without visiting the bank.

Final Note

With internet banking, you can perform most banking activities online without physically visiting the branch. Time-saving and speed are the most apparent benefits of net banking, leading more people to embrace the internet.
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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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How to Use Net Banking | How to Activate Net Banking | digibank by DBS

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Net banking means to carry out banking activities through digital mediums like the internet. Banks provide net banking login credentials at the time of account opening. Once activated, net banking offers a host of banking services online. You can transfer funds, make monthly payments, request bank cards and cheque books, etc.

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How to Modify a UPI PIN: A Guide | DBS digibank

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How to Modify a UPI PIN: A Guide | DBS digibank

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How to Modify a UPI PIN - Learn why it's a good idea to change your UPI pin as well as how to do so with digibank. To make payments without fuss, one can do it right now using the digibank app.

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How to Change UPI Pin - How to Reset UPI Pin | digibank by DBS

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How to Change UPI Pin - Learn how to change UPI pin & the reasons to change UPI pin with digibank. Open a savings account right now with the digibank app.

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SIP Vs Lumpsum - Whether you opt for a SIP or lump sum, you may anticipate gains that are higher than average and outperform inflation. By installing the digibank app, one can select the best investment option for them.

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SIP vs Lumpsum - Know the Difference Between SIP and Lumpsum | digibank by DBS

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SIP vs Lumpsum - Invest a lumpsum amount or choose the SIP & invest in instalments by knowing the difference between SIP and lumpsum. Download the digibank to invest now.

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What is Balanced Fund - For investors with a moderate appetite for risk, balanced funds are perfect. One can use the digibank app to invest money.

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Key Takeaways

Balanced Funds are Hybrid Funds

These funds invest in 65% assets in equity and debt asset classes in pre-determined ratios.

The investment ratio for both Equity Balanced Funds and Debt Balanced Funds is 65%.

Balanced Funds assist with portfolio diversification.

They qualify for capital gains tax.

For investors, the primary objective is to accrue optimum returns with minimal risk. The only tested and proven way to earn maximum returns with minimum risk is through diversification. You can choose from various Mutual Funds schemes segregated by asset classes and combinations, types of market capitalisation, themes, sectors, etc. One such fund is the Balanced Mutual Fund. Let us understand what is Balanced Mutual Fund and its role in portfolio diversification.

What Is a Balanced Fund?

Balanced Fund is a Hybrid Mutual Fund that invests in pre-determined ratios of equity and debt securities. By investing in both securities, you benefit from capital appreciation through equities and a certain degree of risk mitigation through debt instruments.

How Balanced Fund Works and Types

Typically, fund managers allocate funds to equity and debt securities in pre-determined ratios. They may shift allocation between equities and debt up to a certain percentage. For example, if ABC Balance Fund allocates 60% in equities and 40% in debt, the fund manager has the option to go 10% over the pre-determined limit. When the stock market is not in your favour, the ratio could be 50%-50%, otherwise 70%-30%.

Balanced Funds are primarily categorised into two types:

1. Equity-oriented Balanced Funds, where the fund invests at least 65% in equities and the remaining in debt and money market instruments

2. Debt-oriented Balanced Funds, where the fund invests at least 65% in debt securities such as fixed-income securities, and cash and cash equivalent instruments, while the remaining gets invested in equities.

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Features And Benefits

Having explained what is Balanced Fund in Mutual Fund, here are its features:

Portfolio Diversification

Balanced funds invest across asset classes, i.e., equity, debt, and money market instruments, all in a single fund.

Minimising Risk

The equity market is highly volatile. When not in favour, it tends to decline at a rapid pace. Having a safe debt component adds a buffer to such volatility and reduces the portfolio's overall risk.

Rebalancing Fund

The asset allocation ratio is always specified; however, fund managers can shift the allocations to a specific limit when either asset class performs poorly.

7 Things You Should Know About Balanced Funds
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Tax Implications

Besides knowing the meaning of Balanced Fund, you should also be aware of its tax implications, which are as follows:

A Balanced Fund with a higher percentage of equity component is treated as equity funds for taxation.

Short-term Capital Gains (STCG), i.e., gains when the fund is redeemed within a year, are taxed at 15% and Long-term Capital Gains (LTGC), i.e., gains when the fund is redeemed after a year, are exempt from tax for an amount of up to INR 1 Lakh.

LTCG above INR 1 Lakh is taxed at 10%.

Balanced Funds with a higher debt percentage are treated as Debt Funds where gains redeemed within three years are STCG and taxed per income tax slab rate.

LTCG for gains redeemed after 3 years is taxed at 20% with indexation benefits.

Final Note

Balanced Funds are ideal for investors with a medium-risk appetite. They are an excellent addition to your portfolio. Indeed, they provide the best of both asset classes.
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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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What is Balanced Fund in Mutual Fund | digibank by DBS

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Balanced Funds are Hybrid Funds These funds invest in 65% assets in equity and debt asset classes in pre-determined ratios. The investment ratio for both Equity Balanced Funds and Debt Balanced Funds is 65%. Balanced Funds assist with portfolio diversification. They qualify for capital gains tax.

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Overview of the Balanced Advantage Fund | DBS digibank

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Overview of the Balanced Advantage Fund | DBS digibank

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Balanced Advantage Fund - For investors with a moderate appetite for risk, balanced funds are perfect. One can use the digibank app to invest money.

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What is Balanced Advantage Fund | digibank by DBS

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Balanced Advantage Fund - Know the things to be considered before investing in Balanced Advantage Funds. Download the digibank app & explore mutual funds today!

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Bond Definition and Bond Types| DBS digibank

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Bond Definition and Bond Types| DBS digibank

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What are Bonds - digibank explains what bonds are and how they differ from one another to help you make wiser investment decisions. The digibank app can be downloaded to make investments.

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Key Takeaways

Bonds are fixed-income debt securities where investors loan money to an entity to raise capital.

The coupon rate or interest rate for bonds can be fixed or floating.

Indexed bonds are linked to inflation-beating indices.

Investors can buy electronic gold through Sovereign Gold Bonds.

Most bonds come with longer investment horizons, lasting 5 or more years.

Stock market investments assist with capital appreciation and corpus creation. However, investing in the stock market entails bearing risks and losses. As an investor, you must attempt to mitigate your risks by diversifying your investment portfolios. You can use low-risk Bonds as a buffer to such volatile stock investments. Read on to know more about what are bonds and types of bonds.

What Are Bonds?

Public and private companies always need capital to expand their business. Typically, the required capital exceeds the loan amount a bank can lend. These companies then issue Bonds to public investors and raise money for the company. So, when you buy Bonds from a company, you lend money to them. Like any other loan, the borrower (i.e., the public or private company) pays interest on the loan amount. The bond-issuer also informs you about the interest rates or returns you can expect from your investment upon maturity. Therefore, by definition, bonds are fixed-income debt securities.
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Bond Terminology

Besides knowing what is the meaning of bonds, you should familiarise yourself with some bond-specific terms. The commonly used ones are as under:

Issuer: Company selling the bonds

Coupon Rate: Rate of Interest for holding the bonds.

Face Value: The price of the Bond on its maturity day.

Maturity Date: The day when the issuer pays back the amount.

Debt holder/creditor: Investors who own the bonds.

Types of Bonds

The different types of bonds to invest in India include:

Fixed Coupon Rate Bonds

These bonds come with a fixed interest or coupon rate since the day the company issues the bonds. Corporate Bonds and Government Bonds are usually of the fixed coupon rate type where the company pays interest yearly, half-yearly, quarterly or monthly until maturity or redemption.

Floating Coupon Rate Bonds (FRB)

Here, the coupon rates are not fixed and fluctuate until maturity. The variable coupon rate is re-set at pre-announced half-yearly or yearly intervals.

Capital Indexed Bonds

The principal amount is invested in an index to protect the principal amount of the investors from inflation.

Inflation-Indexed Bonds (IIB)

In IIBs, both the principal amount and coupon rate are protected against inflation.

Zero-Coupon Bonds

Zero-Coupon Bonds pay zero interest. Instead, these bonds get issued at a discounted price, and you can redeem them at face value at maturity. The return is the difference between the discounted price and the Bond's face value.

Sovereign Gold Bonds (SGB)

SGB investments entail buying gold in electronic or digital form. The interest rate is fixed at 2.5% per annum with 8-year tenure. You can redeem the Bond prematurely after the 5th year.

7.75% Savings Taxable Bonds

Issued in 2018, these bonds are high-yield and pay interest of 7.75% per annum. Coupons on such bonds are taxable, per Income Tax Act, 1961.

Final Note

Bonds are a safe addition to your investment portfolio. These investment instruments are regulated by the government and offer lower but guaranteed returns. With different types of bonds to choose from, you can select those that complement your investment goals.
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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What are Bonds & What are the Different Types of Bonds | digibank by DBS

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Bonds are fixed-income debt securities where investors loan money to an entity to raise capital. The coupon rate or interest rate for bonds can be fixed or floating. Indexed bonds are linked to inflation-beating indices. Investors can buy electronic gold through Sovereign Gold Bonds. Most bonds come with longer investment horizons, lasting 5 or more years.

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What Sets Stocks and Mutual Funds Apart | DBS digibank

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What Sets Stocks and Mutual Funds Apart | DBS digibank

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What differentiates Stocks and Mutual Funds - In this article from digibank, the distinction between equities and mutual funds is discussed. Downloading the digibank app allows one to make investments online.

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Key Takeaways

Investing your money in Mutual Funds and Stocks helps you beat inflation.

Stocks are company shares, while hundreds of company Stocks make up one Mutual Fund.

You can create a diversified portfolio of investments by investing in Stocks and Mutual Funds.

You can enjoy tax benefits by investing in a Mutual Fund Scheme.

If timed correctly, Stocks yield higher returns.

There is no doubt that Stocks and Mutual Funds are the most popular investment instruments in India. These market securities have repeatedly proven their inflation-beating abilities. However, since there are inherent risks and rewards associated with investing in both, most investors are typically unsure of the better investment option. So, we have compared the difference between Stocks and Mutual Funds. Read on to know more.
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Stock Vs Mutual Funds - The Basics

Stocks means shares of a company; therefore, investing in Stocks means investing in a single company. Mutual Funds pools money from several investors, and professional fund managers invest the capital in an unspecified number of stocks in one fund. Asset management companies employ Mutual Fund managers who study and time the stock market, buy the Mutual Fund units and base their investments on factors like investors' risk appetites, estimated returns, funds' market performance, etc. Conversely, you are essentially a self-appointed fund manager when investing in Stocks.

Mutual Funds Vs Stock Market - Which Is Better?

Consider these differences between stocks and mutual funds to decipher the better option.

Portfolio Diversification

When you invest in stocks, you essentially buy or sell shares of one company at a time. However, one mutual fund comprises a pool of different stocks based on themes, sectors, market capitalisation, etc. As such, it affords better portfolio diversification than investing in direct stocks.

Tax Deductions

A notable difference between Stocks and Mutual Funds is taxability. Investing in Mutual Funds like ELSS enables you to avail of annual tax deductions of up to INR 1.5 Lakh under Section 80C of the Income Tax Act, 1961. Tax benefits are not applicable on stocks.

Risk & Return

Risk and returns are critical points of comparison for Stocks Vs Mutual Funds. Stocks are deemed riskier investments but generate higher returns in a shorter duration. Since there are various types of Mutual Funds, you can adjust your investments based on your risk tolerance. E.g., consider Debt Or Index Funds if you have a lower risk tolerance and Equity Mutual Funds if your risk tolerance is high.

Market Timing & Entry

Trading in the stock market is all about timing. As an investor, you must time the market and make buying or selling decisions to prevent losses and maximise profits. It helps to enter the market when a company's stock is under=valued since its prices may only rise in future. As for Mutual Funds, you do not have to bother with timing the market; the fund manager takes care of everything. It, however, helps to check the star ratings, past performance, and NAV of funds before choosing a Mutual Fund Scheme.

Final Note

While it is essential to compare Stocks vs Mutual Funds, you should note that both investments come with their fair share of risk and reward factors. As a new investor, you can consider investing in Mutual Funds. As your risk tolerance grows, you can invest in stocks too and ultimately develop a diversified investment portfolio.
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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difference between stocks and mutual funds

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Comparing features to find out which is better - Stock Market Vs Mutual Funds | digibank by DBS

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Investing your money in Mutual Funds and Stocks helps you beat inflation. Stocks are company shares, while hundreds of company Stocks make up one Mutual Fund. You can create a diversified portfolio of investments by investing in Stocks and Mutual Funds. You can enjoy tax benefits by investing in a Mutual Fund Scheme.

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How Do Electronic Payment Systems Work?| DBS digibank

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How Do Electronic Payment Systems Work?| DBS digibank

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What is Electronic Payment System - The many forms of electronic payment systems and their benefits are described in this article by digibank. The digibank by DBS app can be downloaded to expedite payments.

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Key Takeaways

Electronic Payment System refers to making online transactions without cash or cheques.

The RBI regulates the electronic payment systems in India.

Electronic Clearing services allow banks and non-banking institutions to debit or credit money instantly.

NEFT, IMPS, and RTGS allow cashless fund transfers between bank accounts.

E-payment systems are safe, speedy and cost-effective alternatives to paper-based payment systems.

The Reserve Bank of India keeps introducing modern and convenient methods of fund transfers. Today, electronic payment systems have become extremely common in India, paving the path for a cashless economy. This article explains the types and advantages of electronic payment systems. Read on to know more.

What is Electronic Payment System?

Electronic Payment System (e-Payment) is a type of payment conducted via electronic or online mediums. Online payment systems eliminate the need for cash or cheque payments. It is a unique payment method that allows you to conduct online transactions via digital wallets, bank cards and internet banking systems. The funds are directly debited from your bank account.
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Types of Electronic Payment System

The RBI has introduced various cost-effective payment solutions as an alternative to cash transactions. The commonly used types of electronic payment systems include:

ECS Payments

For bulk and repetitive payments like salary credit, interest payment, dividend payments from companies, etc., the RBI introduced the Electronic Clearing Service (ECS) credit scheme in the 1990s. This system enables payers to credit a specific amount directly into the payees account on a particular date. ECS enables recurring payments to banks, Mutual Fund companies, service providers, utility companies, etc. The bank collects payment from your account and passes it on to the relevant companies.

Electronic Fund Transfers: NEFT, RTGS, and IMPS

National Electronic Fund Transfer (NEFT), Real-Time Gross Settlement (RTGS), and Immediate Payment Services (IMPS) are three modes of electronic fund transfers. With NEFT, you can transfer any amount of money, while the minimum transaction limit for RTGS is INR 2 lakhs. These transactions are cleared in half-hour batches, whereas IMPS transactions have a daily limit of INR 5 lakhs and are instantly cleared.

Clearing Corporations

Clearing Corporations settle trades in money markets, foreign exchange markets and government securities. Banks and other financial institutions set Clearing Corporation of India Limited (CCIL) as an industry-wide clearing company across India.

Pre-Paid Payment Systems

These include the purchase of goods and services using bank cards. You can use internet and mobile banking facilities, third party or bank digital and mobile wallets, and credit and debit cards to make payments on domestic and international e-commerce websites.

Advantages of Electronic Payment System

Having explained what is e-payment system, here are its primary advantages.

Lower costs

E-payments eliminate the costs associated with paper cheques, cash and postage. Payments conducted via electronic payment systems like credit card or debit card charges, processing fees, internet fees, etc., are lower.

Highly accessible

You only need an internet-enabled device like a smartphone or computer to access the various type of types of electronic payment systems from any place, any time.

Speedy transactions

You can buy the product within seconds, transfer money, pay your loan EMIs, get salary credits, and more with electronic payments.

Final Note

E payments have undoubtedly revolutionised the banking sector. Today, you can book all types of services and buy almost anything without exchanging a single rupee in cash. All transactions are quick and secure, making e payments the ideal money transaction method.
Download the digibank by DBS app to get started and even open your savings account with us. 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 Electronic Payment System | digibank by DBS

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Electronic Payment System refers to making online transactions without cash or cheques. The RBI regulates the electronic payment systems in India. Electronic Clearing services allow banks and non-banking institutions to debit or credit money instantly. NEFT, IMPS, and RTGS allow cashless fund transfers between bank accounts.

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What is E Payment - The advantages of electronic payments are described by digibank. The digibank app allows you to use e-payment services.

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What is e-Payment & What are the Advantages of e-Payment | digibank by DBS

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What is Electronic Payment - digibank explains advantages of e payment along with its types. Download the digibank app & transfer funds digitally now.

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How do Digital Transactions Operate in India? | DBS digibank

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How do Digital Transactions Operate in India? | DBS digibank

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How do digital payments work in India - Learn about the various digital payment methods and what they entail. By using the digibank by DBS app, one can transmit money.

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Key Takeaways

Digital payments allow cashless and paperless transactions.

You need an internet-enabled device to conduct these transactions.

It is a safe, quick, and convenient way to transfer funds.

Popular digital payment methods include bank cards, mobile and internet banking, UPI, mobile wallets, etc.

You can avail of digital payment services 24x7x365.

The increased use of smartphones and the internet has paved the path for several different payment methods. Today, you can conduct cashless transactions and support the Digital India initiative by the Indian Government. This has all been made possible because the population has embraced digital payment systems. Read on to learn about the types of digital payment methods in India.

What is Digital Payment?

Digital payments are essentially payments conducted through electronic, internet-enabled mediums. You can complete these transactions via internet-enabled devices, on which you can access your savings account and conduct various banking transactions, including fund transfers. You can choose from a multitude of digital payment options to conduct digital transactions.
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Types of Digital Payments Methods

Having explained what is Digital Payment in India, let us understand the different payment methods.

Bank Cards

Bank Cards include credit, debit, and prepaid cards offered by banks. Not only can you choose from a variety of Bank Cards, but they provide a convenient and secure way of making payments. You can safely use two-factor authentication to enjoy online shopping and make payments at Point of Sale (PoS) machines. You may also use bank cards at Micro ATMs (Automated Teller Machine) to digitally complete transactions.

UPI

United Payments Interface (UPI) allows you to link multiple bank accounts through one mobile application. This mobile banking application enables you to enjoy banking features and conduct merchant payments simultaneously. You can download your bank's mobile UPI app on your Android or IOS enabled smartphone and conduct the transaction.

Internet and Mobile Banking

Internet banking, also known as online banking or e-banking, allows you to conduct various financial transactions digitally. It is an electronic payment system wherein you, as the customer of the bank, can use its website to initiate digital payments. You can also use internet banking services like IMPS, NEFT and RTGS to transfer funds securely. You can also send funds via these methods through the Mobile Banking App of your bank. You need to download the bank app on your phone, log in, and choose your preferred type of digital payment system to complete the transaction.

Mobile Wallets

You can carry cash digitally by linking your credit or debit card to mobile wallet apps, downloadable on your internet-enabled smartphones. You can link your bank account or bank cards to the digital wallet and load money on it. Once done, you can use the funds in your digital wallet and make payments via your smartphone, tablet, and even smartwatch.

Final Note

There are various advantages of Digital Payments that make it a convenient fund transfer method. You can conduct instant and quick payments in seconds with such cashless payment options. You can choose the type of digital payment system based on the fund transfer amount. While digital wallets are ideal for smaller transactions, it is better to use bank cards, and internet and mobile banking for high-value transactions. The good news is that Digital payment services are available 24x7, 365 days. All these features make digital payments the most viable payment service in India.
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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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What is Digital Payment & What are the Types of Digital Payment | digibank by DBS

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Digital payments allow cashless and paperless transactions. You need an internet-enabled device to conduct these transactions. It is a safe, quick, and convenient way to transfer funds. Popular digital payment methods include bank cards, mobile and internet banking, UPI, mobile wallets, etc. You can avail of digital payment services 24x7x365.

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Indian Domestic Money Transfers| digibank by DBS

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Indian Domestic Money Transfers| digibank by DBS

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Domestic Money Transfer in India - digibank explains what domestic financial transfers are and their characteristics. One can send money to their loved ones online by utilising the digibank app.

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Key Takeaways

Domestic Money Transfers allow you to send funds across bank accounts in India.

Different DMT methods include cash wallets, SMS transfers, and internet and mobile banking.

DMTs are safe, reliable, and are completed in real-time.

You require the bank details of the beneficiary and a valid mobile number.

You can initiate DMT transactions anytime of the week, at any hour.

In the age of the internet, the methods of sending money have changed and become more convenient. Today, you can opt for an electronic transfer of funds and remit money from anywhere. While facilities like Wire Transfers allow you to send funds across international borders electronically, you can just as easily initiate instant domestic fund transfers as well. With Domestic Money Transfers (DMT), you can conduct funds transfers within banks in India. To learn more, continue reading.
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What is Domestic Money Transfer?

Direct Money Transfer is a service that allows you to send money to any bank account in India electronically. You can transfer funds between accounts held in the same bank or financial institutions or across multiple institutions. You can opt for a DMT even without having a bank account. Since such transfer services are backed by computer systems and require very little manual intervention, they can be conducted online. These online money transfers are instant, safe, and reliable.

How to Conduct Domestic Money Transfer in India?

You can easily facilitate fund transfers via various online and offline DMT services. Here are the many ways to utilise the DMT facility in India.

Cash/Mobile Wallet

You can download digital or mobile wallets of banks and various third-party UPI providers in India. Certain third-party wallets and digital payment methods also allow cash to account transfers wherein you can send cash directly to the beneficiary's bank account. Several banks also have their own eponymous wallets that facilitate direct fund transfers into the beneficiary's bank account. You can also initiate wallet to wallet transfers. The latter option is particularly useful for those sections of society that do not have access to bank accounts.

Net and Mobile Banking

You can initiate domestic fund transfers is via the internet and mobile banking platforms of your bank. This type of fund transfer involves three methods - National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Services (IMPS). While IMPS facilitates instant fund transfers, it takes approximately 30 minutes for beneficiaries to receive funds via NEFT and RTGS. You need details such as the beneficiary's name, bank branch and name, IFSC code, and mobile number of the beneficiary to initiate fund transfers through these methods.

SMS Transfers

Senders and beneficiaries who do not have internet-enabled smartphones but use Global System for Mobile Communications (GSM) phones can also conduct Domestic Money Transfers in India. Senders must dial *99# on their mobile phone and select their preferred fund transfer method from a mobile number, IFSC code and bank account number, and UPI ID. Key in the necessary details of the chosen fund transfer method, and follow the IVR instructions to complete the transaction.

Final Note

With so many ways to conduct Domestic Money Transfers in India, you can easily choose your preferred option. All fund transfer methods are safe, with robust encrypted firewalls facilitating secure fund transfers. However, it is best to conduct fund transfers via your own bank's internet banking platform, mobile app and digital wallets.
Download the digibank by DBS app to get started and open your savings account with us. 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 Domestic Money Transfer in India Explained in detail | digibank by DBS

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Domestic Money Transfers allow you to send funds across bank accounts in India. Different DMT methods include cash wallets, SMS transfers, and internet and mobile banking. DMTs are safe, reliable, and are completed in real-time. You require the bank details of the beneficiary and a valid mobile number.

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What a Dormant Account Is | digibank by DBS

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What a Dormant Account Is | digibank by DBS

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Dormant Account Explained - digibank explains how to make sure that your bank account is always active. One can revive a dormant account 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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What is Wire Transfer - Money can be transferred internationally as well as domestically using the Wire Transfer service. Installing the digibank by DBS application enables one to initiate a wire transfer fast and effortlessly.

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Key Takeaways

Wire Transfers, also known as bank transfers, enable you to electronically send funds from one location to another.

Banks often work with other banks, also known as intermediaries.

You can send funds internationally with Wire Transfers.

International Wire Transfers are conducted through the secure SWIFT network.

Wire Transfers are quick, convenient, and come with nominal charges.

Thanks to the internet, the banking sector has been revolutionised. Now, you can enjoy all kinds of banking services from the comfort of your home. You can also send money worldwide in a quick and hassle-free manner with Wire Transfers. Read on to understand Wire Transfer Meaning and significance.

What is Wire Transfer?

The term Wire Transfer is usually used in the context of international fund transfers. A Wire Transfer enables the electronic remittance of money from one country to another. Such electronic transfer of funds relies on a global network facilitating transfers. Transfers are administered by banks and financial institutions worldwide. Since a Wire Transfer takes place between two banks, it is also known as a Bank Wire Transfer.
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How Do International Wire Transfers Work?

International Wire Transfer services take place through the Society for Worldwide Interbank Financial Telecommunication or SWIFT network. The SWIFT network is vast and includes various banks and financial institutions across the world. It is a messaging protocol used to send information from one bank to another.

To initiate a Wire Transfer, you must visit your local bank and provide beneficiary and bank account details. It also helps to know the SWIFT code of the recipient bank. Once you wire instructions, the sending bank provides the transfer instructions to the receiving bank. In most cases of international Wire Transfers, where the same bank does not exist in two different geographies, banks wire money through their network of intermediary banks.

While most people use Wire Transfers to send money overseas, you can use them domestically, as well. The Wire Transfer time for international transfers is typically 1-5 days, whereas a domestic Wire Transfer can be completed within a few hours.

Wire Transfers Fees and Charges

The cost of Sending a Wire Transfer typically depends on various factors. Bank levy charges based on the fund transfer amount. The fee also depends on whether the sending and receiving bank is the same or whether an intermediary bank is involved in the transfer process. Typically, banks waive off Wire Transfers fees for same bank transfers.

How to Conduct a Wire Transfer?

Having explained wire payment meaning, let us understand the process of initiating a Wire Transfer. You must provide the following details to your local/sending bank to initiate wire money transfers.

The name, address, and phone number, of the beneficiary.

The bank details of the beneficiary, such as their bank name, bank account number, and branch name.

The amount of money to be sent.

The receiving bank's information like their name, address, and bank identifier, i.e., a routing number or SWIFT Code.

The reason for conducting the transfer.

Final Note

The Wire Transfer facility enables you to send money across national and international borders. It is also relatively inexpensive. Remember to check Wire Transfer Fees and timeframes before initiating a transfer. With digibank, you can opt for world-class remittance services, including Wire Transfers from any corner of the world, through our internet and mobile banking platforms.
Download digibank by DBS to effortlessly send money to your loved one with 100% confidence and even open your savings account with us. 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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Wire Transfer Meaning - Find out What is Wire Transfer Here | digibank by DBS

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Wire Transfers, also known as bank transfers, enable you to electronically send funds from one location to another. Banks often work with other banks, also known as intermediaries. You can send funds internationally with Wire Transfers. International Wire Transfers are conducted through the secure SWIFT network.

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How to Insert Cash into an ATM| DBS digibank

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How to Insert Cash into an ATM| DBS digibank

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How to Deposit Money in ATM - This article describes how to use an ATM. The details are more extensive on the digibank by DBS website. To send payments quickly, one can use the digibank app.

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Key Takeaways

Depositing money via ATMs is the most timesaving way to deposit cash in a bank account.

You can use your ATM cum debit card to deposit money.

You can also deposit money with your account number if you do not have a debit card.

Certain ATMs have slots to place the cash, and the machine automatically counts the money.

You get an SMS confirmation on ATM deposits, and banks credits funds into your account instantly.

There was a time when depositing cash in your bank account was a tedious task. You had to visit the bank and wait in long queues for a mere 5-minutes chore. However, with Automated Teller Machines or ATMs, becoming the norm, cash deposits have become convenient. You no longer need to visit banks for depositing money in your account. Now you can directly deposit money at ATM kiosks. Find out how to deposit money in ATM in this article.

Deposit Money in ATM - The Facility

ATMs that allow you to deposit money are known as Cash Deposit Machines or Automated Deposit-cum-Withdrawal Machines. These ATMs enable you to save time and conveniently deposit cash in your Bank Accounts. You get instant credit of funds into your bank account and can deposit funds 24x7x365 at select ATM kiosks offering cash deposit facilities.

There are two ways to deposit money in ATM - with and without the ATM card. Below are the steps for each type of transaction.

How To Deposit Cash In ATM With The ATM Card?

1. Insert your ATM cum Debit Card in the Cash Deposit ATM and enter your PIN.

2. Select from Current or Savings Account, click on the 'deposit money' option, and enter the deposit amount.

3. Place your cash carefully in the cash deposit slot and click to continue.

4. The machine will count the cash automatically and display the amount to be deposited.

5. If the amount is correct, click on 'Continue'.

The machine will deposit the amount and will generate a receipt with the transaction summary.
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How To Deposit Money In ATM without Card?

1. Select the 'Cash Deposit Without Card' option on the ATM Screen and enter your online bank account number.

2. Click 'Enter' if the name of the account holder displayed is correct.

3. Place your cash carefully in the cash deposit slot and click to continue.

4. The machine will count the money automatically and display the deposit amount.

5. If the amount is correct, click on 'Continue'.

The machine will deposit the amount and will generate a receipt with the transaction summary.

Things To Remember

While you can withdraw money from ATMs networks of any bank across the country, you may deposit cash only in your designated banks, that too at specific cash-deposit kiosks.

You should be aware of the cash deposit policies of your bank - the maximum deposits permitted with or without the ATM card.

You can check for cash deposit ATMs on your bank's website.

Ensure you deposit cash in ATMs in well-lit areas.

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Final Note

Now that you know how to put money in ATMs, you can conveniently deposit cash at any time. ATM deposits save you from possible threats associated with storing money at home. Remember to check the ATM cash deposit limits of your bank before initiating the transaction.
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 purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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how to deposit money in atm without card

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How to Deposit Money in ATM - A Stepwise Guide | digibank by DBS

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Depositing money via ATMs is the most timesaving way to deposit cash in a bank account. You can use your ATM cum debit card to deposit money. You can also deposit money with your account number if you do not have a debit card.

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How to Obtain a UAN Number | DBS digibank

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How to Obtain a UAN Number | DBS digibank

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How to get UAN Number -Here is a step-by-step guide that will show you how to get a UAN. To handle all of one's financial needs, one can download the digibank app.

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Key Takeaways

UAN stands for Universal Account Number.

UAN is a 12-digit unique identification number that allows you to access your EPF Account.

Your employer has your UAN details, and you can ask them for the Universal Account Number.

You can get your UAN number from the UAN or EPFO Portal.

You may be required to submit a few documents to your employer to generate your UAN.

When you start a new job, most employers in India open an Employee Provident Fund (EPF) Account for you in which they deposit a percentage of your salary for savings. The employer also creates a Universal Account Number (UAN) for your EPF account. The UAN helps you keep an eye on the amount of money deposited in the account and occasionally withdraw or transfer funds without employer intervention. But do you know how to get UAN number? Find out the different ways to do so in this article.
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How To Find UAN Number

From Your Employer

If you have newly joined a company, your employer will ideally provide you with your Universal Account Number upon opening your salary account. If you do not get the same, you can consult someone from the Human Resources or Finance department in the company and ask for the UAN. You can also find the UAN number on the salary slips, which also mentions the sums deducted for monthly PF contributions.

From UAN Online Portals

Below are the steps on how to know UAN number online

1. Visit the UAN Portal and click on 'Know Your UAN Status.

2. Enter the relevant details like your Aadhaar number, PAN, etc. You can ask your employer for your PF number/member ID and fill in the form displayed on the screen.

3. If you know the PF number/member ID, select your state and the Employee Provident Fund Organisation (EPFO) office from the dropdown.

4. If you decide to use your Aadhaar card to get the UAN, enter those details.

5. Now, enter your name, date of birth, mobile number, along with the captcha code and click on 'Get Authorization PIN'.

6. You receive a PIN on your registered mobile number provided at the time of application.

7. After you enter the PIN on the screen, click on 'Validate OTP'.

8. You can now view the UAN button, which you can click on, to get the UAN on your mobile number via SMS.

UAN Number Generation

When you first start working, your employer will ask you to submit a few documents to generate your UAN. Generating the UAN is a one-time process, and the Universal Account Number remains unchanged throughout your employment years. The documents required to generate UAN are as follows:

Bank Account Details: Bank Account Number, Bank Branch, IFSC Code

Proof of Identity: Aadhaar Card/Driving License/Passport/Voter ID

Proof of Residence: Electricity Bill/Telephone Bill/Rent Agreement/Ration Card/

PAN Card

Aadhaar Card

Conclusion

We hope this article answers your query on how to know my UAN number. Your UAN number is a unique 12-digit number that lets you access your EPF account any time you want. Using this single platform, you can withdraw or transfer your PF balance any time you wish. While employers help you open the account, they may not intervene or have any say on how you manage the account.
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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How to Get UAN Number - Easy Steps on How to Find UAN Number | digibank by DBS

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UAN stands for Universal Account Number. UAN is a 12-digit unique identification number that allows you to access your EPF Account. Your employer has your UAN details, and you can ask them for the Universal Account Number. You can get your UAN number from the UAN or EPFO Portal.

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Documents Needed to Open a Bank Account | DBS digibank

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Documents Needed to Open a Bank Account | DBS digibank

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Required Documents When Opening A Bank Account - digibank provides a detailed explanation of the bank account papers needed to start an online account. A savings account can be opened via the digibank app.

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Key Takeaways

digibank by DBS enables you to open bank accounts online.

Download the digibank by DBS application to initiate your account opening process.

The bank undertakes an online verification procedure known as the KYC.

You need to upload digital copies of documents that prove your identification and your address.

You must mandatorily submit self-attested copies of your Aadhaar and PAN card copies for ID and address proof verification.

To begin your banking journey, you can open a Savings Bank Account. A Savings Account is the most basic bank account wherein you can deposit your money to create savings and earn interest on the deposits. Thanks to the digital era and innovations in banking, you can now open a bank account online from the comfort of your home. You can open the account by submitting scanned, self-attested copies of a few documents to open the account instantly. Here is a comprehensive list of the documents required for opening bank account online.

Documents Required for Bank Account Opening

You need to download the digibank by DBS application to open your Savings Bank Account. Once you download the app, you can go to the account opening section, which details the list of documents you need to submit. Let us first look at the basic documents you require to open a bank account:

Duly filled account opening form

1 identity proof document

1 copy of PAN card

1 address proof document

Self-attested passport photographs

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Accepted Bank Account Documents In Each Category

Accepted Identity Proof Documents

Aadhaar Card

Passport

PAN card

Voter ID card

Driving license

Any Government issued/ Defence issued ID card

Photo ID card issued by a Post Office

Any photo ID card of a University recognised by the UGC (University Grants Commission) or the AICTE (All India Council for Technical Education). A student ID will only be valid if you are a bonafide student at the educational institute.

Pension payment orders if you are a retired Central/State Government employee or a PSU (Public Sector Undertaking).

Accepted Address Proof Documents

Aadhaar Card

Passport

Driving license

Voter ID card

Ration card

Registered leave and license agreement (either a sale deed or a lease deed.)

Income tax assessment order

Any utility bill not older than two months. These can include electricity bills, telephone bills, water bills, etc.

Bank statement from another bank

Salary slip from your employer

Once you submit the documents required for your bank account, the bank verifies your documents through a process known as KYC or Know Your Customer. With digital accounts, the bank conducts the process online or via e-KYC.

Things to remember

Keep digital copies of the required bank account documents handy to complete the account-opening procedure efficiently.

Always self-attest the digital copies of the documents that you need to submit.

You can link your Aadhaar card to the bank account for a faster KYC approval.

If you do not have a PAN card, you need to fill Form 60 stating the reasons for not owning a PAN card.

If you change your residential address, you must update your address details linked to your bank account.

Conclusion

Opening a bank account is a quick process if you keep the required documents ready. You can even open a bank account online within a few minutes and start utilising all the facilities that go with a digital bank account.
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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documents required for opening bank account

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Documents Required For Opening Bank Account | digibank by DBS

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digibank by DBS enables you to open bank accounts online. Download the digibank by DBS application to initiate your account opening process. The bank undertakes an online verification procedure known as the KYC. You need to upload digital copies of documents that prove your identification and your address.

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Features of a Savings Account | DBS digibank

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Features of a Savings Account | DBS digibank

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Characteristics of a Savings Account - The digibank website has further information about the features, benefits, and significance of savings accounts. The digibank by DBS app can be used to start a quick savings account.

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6 Benefits & Features of Savings Account | digibank by DBS

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Read the article to understand six savings account features such as quick financial transactions, passbook and cheque facility, etc. Download the digibank app to open a savings account now.

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Debit Card EMI Eligibility | DBS digibank

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Debit Card EMI Eligibility | DBS digibank

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Eligibility for Debit Card EMI - This step-by-step tutorial will show you how to determine whether your debit card is eligible for an EMI. The digibank app can be used to submit an application for a debit card.

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Key Takeaways

You can make cashless transactions through a Debit Card linked to your bank account.

EMI on debit cards is a facility that enables you to pay off high-value transactions in pocket-friendly, monthly instalments.

The Debit Card EMI facility is available for online and offline purchases.

Check eligibility for Debit Card EMI by contacting your bank.

Check the payment section on online shopping portals to see if you are eligible for EMI on debit card facility.

Card-based shopping has become the new normal. Today, you can easily swipe your Debit or Credit Card at retail establishments, merchant stores, and online platforms to make purchases. However, sometimes, you may want to make big-ticket purchases with your debit card but may not have adequate funds in your account. In such a case, you can use the EMI on debit card facility to fund your purchases. Find out more about it in this article.

What is EMI on Debit Card?

The abbreviation EMI stands for Equated Monthly Installments and is generally used in the context of home loan, personal loan, auto loan, etc. The lender essentially loans you a fixed lump sum of money (known as the principal amount) and charges you interest on it. You can repay the principal amount along with the interest component in pocket-friendly instalments, known as EMIs.

Earlier EMIs were only available on big-ticket items. However, today, you can get the EMI on debit card facility on various online and merchant store purchases. For instance, if you wish to buy the latest smartphone or a luxury product like a watch or a designer bag, you can do so with the EMI on Debit Card Facility.
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How to Check Debit Card EMI Eligibility?

EMI on debit cards is a relatively newer facility. As such, you will find this option only at select stores and online shopping platforms. You can run the debit card EMI eligibility check for online shopping websites in their payments section to check which debit cards you can use to avail of this facility. As for merchant stores and other retail outlets, it is best to call the stores ahead of your visit to check if you fit the debit card EMI eligibility criteria.

Steps to Follow for EMI on Debit Card Facility

1. Visit a merchant store, retail establishment, website, or mobile app of the shopping platform, after checking if they offer the EMI on debit card facility.

2. Select the product you want to purchase.

3. Head to the payments page.

4. Choose your preferred repayment tenure and select the option of Debit Card EMI while swiping the card.

If you are shopping online, you must provide the Debit Card details and verify the transaction via OTP. If you are shopping in person, you will have to input the Debit Card PIN to authenticate the purchase.

Final Note

The EMI on debit card facility can help you fund your necessary purchases without burning a hole in your pocket. Unlike other loans, you can get this facility at very low interest rates (sometimes zero), but the repayment tenures are usually short, lasting only 3 to 12 months. Use your digibank by DBS Debit Card to avail of the EMI on debit card facility and make contactless payments with utmost ease and convenience.
Happy shopping with the digibank by DBS debit card! Download the app to open your digital savings 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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EMI on Debit Card - How to Check Debit Card EMI Eligibility | digibank by DBS

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You can make cashless transactions through a Debit Card linked to your bank account. EMI on debit cards is a facility that enables you to pay off high-value transactions in pocket-friendly, monthly instalments. The Debit Card EMI facility is available for online and offline purchases. Check eligibility for Debit Card EMI by contacting your bank.

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What Is a Growth Mutual Fund? | DBS digibank

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What Is a Growth Mutual Fund? | DBS digibank

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Growth Mutual Fund - The growth mutual fund is defined in this article, along with some of its main characteristics. By installing the digibank by DBS app, one can begin investing.

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Key Takeaways

A Growth Fund is a type of Mutual Fund that invests in growing companies.

The primary objective of investing in Growth Funds is capital appreciation.

With Growth Funds, you receive little to no dividend since the earnings are reinvested in the company.

Growth Funds provide high returns but are also subject to higher risks.

Growth Funds are managed by fund managers and provide diversification.

Imagine if you could have invested in companies that are now household names when they were starting out. Now, with Growth Mutual Funds, your imagination can turn into reality. You have the chance to earn high returns by investing in growing companies that are on the fast track to progress.

What is a Growth Mutual Fund?

A Growth Mutual Fund is a type of Mutual Fund through which you can invest in stocks of emerging companies. Comprising of companies with a track record of high revenue or potential for growth, this type of Mutual Fund aims to achieve maximum capital appreciation. Since the main aim is capital appreciation, you will receive little to no dividend payouts. The earnings are reinvested towards the growth of the company.
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Features of Growth Mutual Funds

High Returns

With Growth Funds, you have the potential to earn high returns. Since most investors find this type of Mutual Fund appealing, fund managers take special care while curating companies in a Growth Mutual Fund Portfolio.

High Risk

This type of Mutual Fund is more suited for investors with higher risk tolerance. Investors with moderate to conservative risk appetites or those who do not have adequate knowledge about the markets should steer clear of these investments.

High Volatility

Growth Funds can be highly volatile and experience sudden rises and drops. The value of your investment can grow substantially but may also fall equally fast, especially during market corrections and other socio-political factors that affect market prices.

Tax Efficiency

Growth Funds are subject to Long-term Capital Gains Tax in India. You have to pay 10% LTCG on profits exceeding INR 1 lakh for investments held over a period exceeding one year. However, they are more tax-efficient compared to value stock mutual funds.

Expert Management

Like all mutual funds, Growth Funds are also managed by professional fund managers who carefully create investment strategies and identify the companies to invest in. The fund managers also make buying and selling decisions on your behalf, based on your investment objectives.

Diversification

Investing in Growth Funds allows you to diversify your investment portfolio and potentially invest in funds that create profits in a shorter time frame.

Who Should Invest In Growth Mutual Funds?

Growth mutual funds are most suited to long-term investments. And while these investments can fetch you high returns, you must brace for market volatility, price fluctuations, and other risks associated with this investment. As such, you must evaluate your risk tolerance before investing in Growth Mutual Funds.

How to Invest in a Growth Mutual Fund?

Now that you know what is Growth Fund, you can invest in it easily. digibank by DBS. digibank is equipped with top-notch research facilities that help identify and pick investments tailored to suit your needs. With an array of investment options at your disposal, you can select investments suiting your risk profile. Invest in mutual funds via the digibank mobile app or the ibanking website from the comfort of your home!
Download digibank to explore the different mutual funds on offer. Also, open your savings account with us. 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 a Growth Mutual Fund | digibank by DBS

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A Growth Fund is a type of Mutual Fund that invests in growing companies. The primary objective of investing in Growth Funds is capital appreciation. With Growth Funds, you receive little to no dividend since the earnings are reinvested in the company. Growth Funds provide high returns but are also subject to higher risks.

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How to Apply Online for a Personal Loan | DBS digibank

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How to Apply Online for a Personal Loan | DBS digibank

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How to Apply for a Personal Loan Online - The three simple procedures for acquiring a quick personal loan are covered in a succinct instruction from digibank. One can apply for a personal loan by downloading the digibank app.

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Key Takeaways

Personal Loans are collateral-free, unsecured loans.

You can send applications for Instant Personal Loans online on lender websites or through net banking.

Loan approval and disbursal processes are completed in the shortest timeframes.

Banks offer attractive interest rates on an Instant Personal Loan

You can avail of flexible loan tenure from a year to 5 years.

Do you want a start a new business or visit your dream vacation destination? Are you facing medical emergencies and thinking, 'I need money urgently'? If yes, then an Instant personal loan is the solution to your problems. These urgent cash loans come with fast-paced approvals. Keep reading to know more about how to get Instant Personal Loans.

What is Instant Personal Loan?

As is apparent from the term, an Instant Personal Loan is a loan you can get within the shortest time frame. Such a loan does not involve any cumbersome process of visiting the bank for days and providing heaps of documents. Instead, you can apply for this loan online, on the bank's website or through your internet banking account, if you have an existing relationship with the bank. You can get quick loan approvals and expedited disbursals in the shortest timeframes, sometimes within hours on the loan application day.
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How to Get an Instant Personal Loan?

Get Personal Loan Instantly in three easy steps.

1. Check if you are eligible

You must ensure that you are eligible for the loan. You should be a salaried employee or a self-employed individual in the age group of 21 to 60 years (at the time of final EMI repayment). The lender will also ask you to provide your CIBIL score, which should be at least 600 points to get Personal Loan instantly. You can check your Personal Loan eligibility with help from an online Personal Loan Eligibility Calculator. Also, check the maximum loan amounts offered, the Personal Loan interest rates, and loan repayment tenures.

2. Begin the loan application process

You can now begin the actual loan application process. Simply visit the website of the lender and navigate to the Instant Personal Loans section. Once you click on the tab, a new page featuring an online form will pop up. You need to fill the online form, providing your basic information like your name, address, e-mail, contact number, net monthly income, etc.

3. Submit the documents and await approval

Upon filling and reviewing the form, you must submit scanned copies of your documents for KYC purposes. You will need scanned copies of your PAN Card, and any government approved ID and address proof document, along with your latest bank statements or salary slips as proof of income and credit score. Attach these documents with the online form, send your application and pay a one-time (non-refundable) loan application fee. The bank reviews your application, and if it deems you eligible, you will get Personal Loan Instantly.

Final Note

Now that you know how to get Personal Loan instantly, you can apply to fund emergency or leisurely expenses. Banks typically provide speedy disbursals of the loan amount, and you will get quick cash in your Savings Account. The loan approval and disbursal occurs within hours for pre-approved Personal Loan customers, and you can repay the loan in EMIs over flexible tenures of up to 5 years.
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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How to Get Instant Personal Loan in 3 Easy Steps | digibank by DBS

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Personal Loans are collateral-free, unsecured loans. You can send applications for Instant Personal Loans online on lender websites or through net banking. Loan approval and disbursal processes are completed in the shortest timeframes. Banks offer attractive interest rates on an Instant Personal Loan You can avail of flexible loan tenure from a year to 5 years.

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Future of Banking: Consequences & Results | DBS digibank

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Future of Banking: Consequences & Results | DBS digibank

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Future of Banking - digibank discusses the potential effects of digital banking on the banking sector. Users of the digibank app can access useful financial services.

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Digital Banking - Future of Banking Technology | digibank by DBS

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Future of Banking - digibank presents a guide on digital banking along with its significance in the future. Download the digibank app to use digital banking.

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How to Change an ATM PIN if You've Forgotten It | DBS digibank

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How to Change an ATM PIN if You've Forgotten It | DBS digibank

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How to Change an ATM PIN - This tutorial will walk you through each step of updating your ATM PIN. Simple payments can be made with the digibank 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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Mutual Funds for Gold in India | DBS digibank

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Mutual Funds for Gold in India | DBS digibank

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Indian Mutual Funds for Gold - This article describes the advantages and uses of Indian gold mutual funds. To learn more about the various widely available mutual funds, one might visit the digibank website.

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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.
Download digibank to explore the different mutual funds on offer. 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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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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Pan Card Check for CIBIL Scores | digibank by DBS

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Pan Card Check for CIBIL Scores | digibank by DBS

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CIBIL Score Check via Pan Card - How to use a PAN Card to check your CIBIL Score online is described by digibank. The information is more comprehensive on the digibank by DBS website.

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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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In India, how much does plastic surgery cost?| digibank by DBS

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In India, how much does plastic surgery cost?| digibank by DBS

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What is the Cost of Plastic Surgery in India - According to digibank, personal loans can be used to pay for cosmetic surgery in India. One can apply for a personal loan via the digibank app by downloading it.

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Key Takeaways

Many people opt for cosmetic or plastic surgery to improve their looks or fix physical deformities.

Cosmetic surgery procedures are expensive and not covered under health insurance.

Personal Loan is an ideal funding option to pay for Plastic surgery costs.

Get paperless loans with instant approval and disbursal

A healthy credit score of 600+ improves your chances of getting a Personal Loan sanctioned.

Plastic surgery is a type of procedure that involves the restoration, reconstruction, or alteration of the human body. Also known as cosmetic surgery, this invasive medical procedure can be classified into two types - reconstructive surgery (which involves hand surgery, microsurgery, acid and burn treatments, etc.) and cosmetic or aesthetic surgery. Since plastic surgery is typically considered an aesthetic procedure, it involves high costs. However, you can bear expenses associated with Plastic surgery with the help of Personal Loans. This article explains plastic surgery costs in India and how you can obtain a Personal Loan to finance it.

How Much Does a Plastic Surgery Cost in India?

With its affordable costs associated with cosmetic surgeries, India has witnessed a boom in medical tourism in the last few years. Plastic surgery costs 30-50% lower in India, compared to most developed countries. One can undergo plastic surgery procedures like hair transplant, tummy tuck, breast reduction and breast lift. They can also undergo surgical procedures like liposuction and rhinoplasty, known commonly as a nose job. Plastic surgery costs primarily depend on the type of cosmetic procedure you undergo.

Plastic surgery can sometimes be critical, especially in the case of burn victims and victims of acid attacks. Such tragic accidents can leave a person completely disfigured. The estimated cost for these procedures depends on various factors. Cosmetic surgeons and plastic surgeons in India may charge anywhere between INR 10,000 to INR 200,000 per sitting. The cost also multiplies based on material cost, surgeon fees, room costs, follow-up appointment costs, etc. Thankfully, Personal Loans can help finance your cosmetic makeover.
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Personal Loan for Plastic Surgery Cost - Features & Benefits

Personal loans are unsecured loans, so you do not have to provide any collateral to avail them.

Documentation requirements for Personal Loans are minimal, and the loan application is verified and approved quickly.

Funds are disbursed in your savings account with 4 to 48 hours, depending on your existing relationship with the lending bank.

You can use the sanctioned amount for any purpose, without any end-use restrictions, including paying for plastic surgery cost in India.

You can apply for loans of up to INR 15 lakhs depending on your eligibility and the lender's policy. Your eligibility depends on several factors like your age, income, credit score etc.

Eligibility for Personal Loans for Plastic Surgery Costs

Indian residents within the age group of 21-60 years (at the time of final EMI repayment) are eligible for Personal Loans.

Salaried and self-employed individuals with a minimum net monthly income of INR 20,000.

Applicants must show a minimum credit score of 600 and above to be eligible for Personal Loans.

Final Note

Plastic surgery in India may be a leisurely or necessary expense. You can pay for plastic surgery costs in India with the help of Personal Loans. Ensure you research the various factors and costs associated with plastic surgery before undergoing treatment and sending your Personal Loan application.
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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what is the cost of plastic surgery in india

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Plastic Surgery Cost in India - Treatment Cost in Detail | digibank by DBS

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Many people opt for cosmetic or plastic surgery to improve their looks or fix physical deformities. Cosmetic surgery procedures are expensive and not covered under health insurance. Personal Loan is an ideal funding option to pay for Plastic surgery costs.

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Personal Loan Approval Based on CIBIL Score | DBS digibank

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Personal Loan Approval Based on CIBIL Score | DBS digibank

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Approval of Personal Loans Based on CIBIL Score - The minimal CIBIL score required for a personal loan is described by digibank. One can download the digibank app to apply for a personal loan.

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Key Takeaways

CIBIL or credit score is a 3-digit numeric indicator of your credit health.

When applying for a Personal Loan, the primary criterion is to have a good CIBIL Score.

Your CIBIL score plays a critical role when lenders evaluate your loan application.

The credit score also determines the maximum Personal Loan amount you can get.

An excellent credit score empowers you to negotiate a lower Personal Loan interest rate.

Collateral-free and unsecured, Personal Loan comes with numerous benefits, including paperless documentation, swift loan approvals and disbursals, and flexible repayment tenures. And while you can avail of these Personal Loans easily, you need to ensure you fulfil the key criterion of the lender. You need to ensure you have an excellent CIBIL score. Let us understand why a good credit score is crucial in the Personal Loan procurement process and how much CIBIL Score is required for Personal Loan.

What is a CIBIL Score?

Out of the four licensed credit bureaus in India, the TransUnion Credit Information Bureau of (India) Limited or TransUnion CIBIL is the most renowned. CIBIL is a 3-digit numeric indicator of your credit history, ranging between 300 and 900. The way it works is, financial institutions provide your loan and credit card bills repayment progressions to the CIBIL, which in turn makes a credit report comprising your credit score.
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Importance of CIBIL Score for Personal Loan

Personal Loans are unsecured and collateral-free loans which means you do not have to worry about mortgages. You do, however, need a certain credit score so that lender can rest assured about your loan repayment capacity. Essentially, your credit score is like a grade you receive for performing well on your credit payments.

Security

A good CIBIL Score indicates that you have repaid your loans or credit card bills on time. It assures lenders that you will continue doing the same in the future. Your creditworthiness and capability to repay the loan are the primary factors for lenders to grant the loan.

Ease in Approval

Your credit score is the first thing lenders check when you send your Personal Loan application. Lenders are more inclined to approve and disburse loans to candidates with higher credit scores. Consequently, they may be apprehensive considering your application if your CIBIL score for Personal Loan is low.

Loan Amount and Interest

The loan amount you receive depends on your credit score. You can get high-value Personal Loans with high credit scores. Also, a high credit score places you in a position to negotiate interest rates offered on the loan.

Minimum CIBIL Score Needed for Personal Loan

Most banks generally require you to show a minimum credit score of 600 while applying for Personal Loans. Applicants with a CIBIL score of 750 are more likely to get their loan processed, approved, and disbursed swiftly. If you cannot produce the minimum CIBIL score needed for Personal Loan, the lender may approve your loan but levy a higher interest rate.

Conclusion

It is impossible to predict when a financial crisis may occur. A Personal Loan can help you tackle such a crisis. Since Personal Loans are collateral-free, the only way to avail one is with a high credit score. A good CIBIL score for Personal Loan expedites your loan application process and provides quick access to funds.
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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What is the Minimum CIBIL Score for Personal Loan | digibank by DBS

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CIBIL or credit score is a 3-digit numeric indicator of your credit health. When applying for a Personal Loan, the primary criterion is to have a good CIBIL Score. Your CIBIL score plays a critical role when lenders evaluate your loan application. The credit score also determines the maximum Personal Loan amount you can get.