All posts by ANAND BHIDE

A savings account is the most trusted product in both – traditional and new age backing. It’s the safest way to earn interest on your money, while keeping it handy. Savings bank account interest rate is calculated on a daily basis in accordance with the RBI guidelines. The interest rate is based on the daily maintained closing balance in your savings account. At IndusInd Bank, we offer attractive interest rates on all our savings accounts. What if we told you that you can now start earning interest on your funds instantly, without any branch visits? Though it may sound too good to be true, it is true! Let’s find out how.

A 100% digitally journey to savings account opening

The convenience of opening a savings account instantly, from the comfort of your home has resulted from the increased demand for digitized methods in response to the conditions of the Covid-19 pandemic. You can now open a savings account within minutes without visiting any branch. The 100% digital account opening journey that you will experience with IndusInd Bank savings account opening will also eliminate the stressful paperwork process that customers face in traditional banking. Meanwhile, you will still get to enjoy similar features like and benefits like attractive interest rates, onboarding offers, instant virtual debit card, whatsapp banking etc.

Open a savings account instantly with IndusInd Bank: 5 simple steps

IndusInd Bank is dedicated to making this digital journey seamless and secure. With us, you can choose from best-in-class digital savings accounts like Indus Delite All you need is an internet connection, a smartphone and few minutes of your time to open a savings account from anywhere.

Documents needed – Just PAN and Aadhar!

The digital savings account at IndusInd Bank can be opened instantly only by using your Aadhar and PAN.

Step 1: Choose the account type

Select an account from a range of IndusInd Bank Savings Accounts that best suits your savings requirements. Our savings accounts are packed with most premium offerings in the industry and feature hand-picked cashback offers, rewards programme and other carefully curated delights you can actually use. Click on ‘Apply Now’ once you meet your match.

Step 2: Pick an account number of your choice

Click on ‘Open my Account’ and enter a mobile number which you wish to link to your account. This number will automatically become your savings account number. You can even change it to any other 10-digit number of your choice.

Step 3: Fill in the details

Once you get your mobile number verified by the OTP generation process, you will proceed to an online form. Fill in the details from the comfort of your home and proceed to funding.

Step 4: Fund your account and start earning interest

You can now add a desired amount of fund to your savings account are start earning interest instantly. Your funds will be safe and liquid, and readily available for withdrawal. Once funding is completed you can now proceed to Video KYC

Step 5: Video KYC from anywhere, anytime!

Video KYC is an automated video-based customer due diligence process. You can begin your video KYC from anywhere. When you start the Video KYC, one of our trained official will capture your live video along with your PAN Card. You may also be required to do a signature on a blank paper, a photo of which will be taken at the moment by the official and used for e-signature purposes.

Do more, live more

IndusInd Bank savings accounts offer you the freedom to make cashless transactions via debit card, online transfers via UPI, NEFT, IMPs and withdraw cash from the ATM while serving as a source of regular interest. You may even enable auto-payments for loan EMIs, insurance premiums for stress-free banking. Open an account instantly to enjoy competitive interest rates on your savings with IndusInd Bank.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

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Personal Loan

Make your Christmas a grand one this year with an instant personal loan from IndusInd Bank

December 23, 2022 ANAND BHIDE Leave a comment

Christmas is the season of celebration and joy. Not only Christians, but people from different religions celebrate this festival with their loved ones in equal fervor. The festival is known for becoming your loved ones’ personal Santa. So, this Christmas, the stars are aligning in your favour, and Mercury is no longer in retrograde.

With a big festival coming up, brands also start giving massive discounts on various products and services. So, if you are thinking of gifting the Smith machine to your friends for their home-based workouts, or a fine piece of jewelry to your wife or smartwatch to your partners, or even pet tracking devices and an auto food dispenser for your furry babies – its’ the season for you!

If you are still puzzled about how to tide over the festivities without dipping into your emergency funds, then read on. Keeping up with the Christmas celebrations and ensuring a joyful time for your family and friends can quickly pile up bills. So, instead of exhausting your savings, it’s better to apply for a personal loan to finance your big and small ticket purchases alike.

Here are the top ways you can make your Christmas a grand celebration

1. Home makeover

Have you been putting off home repairs for months? Are you inspired by all the architectural and décor ideas on Instagram? Do you wish your home reflected your personality so that you could invite friends and family to your home for a grand Christmas dinner? The best part about festivals is that they provide motivation to improve/upgrade all of this personal to you. An instant personal loanfrom IndusInd Bank helps you revamp your home without burning a hole in your pocket. We, at IndusInd Bank, provide personal loans at interest rates as low as 10.49% with no collateral and flexible repayment options.

2. Festival Shopping

New clothes, gadgets, precious jewels, etc. for loved ones are an important part of any festive celebration. But spending on multiple things at the same time can burn a hole in your pocket. Moreover, the festive season becomes an ideal time to indulge in self-care too, with multiple vendors offering massive discounts, so shopping for one and all makes sense. Therefore, it is easier to manage big-ticket purchases during the festive time with a personal loan.

3. Buying jewelry

India is a gold mine – literally. Gold consumption has increased in India to 797.3 tonnes in 2021 as both India and China control the gold jewelry market in the world. It’s not just a piece of jewelry for us, but an investment – an asset for the future. So, a festive time like Christmas is also an ideal time to invest in fine pieces of gold jewelry for your loved ones, or simply for investment purposes. You can apply for a personal loan to invest in gold coins or jewelry to use later on.

4. Paying off debt

Christmas represents new hope, a new beginning, and is synonymous with thankfulness. So why not clear off all your high-interest current debts and bills to start the new year afresh? This will help you take control of your finances and give your financial health a boost. Use an instant personal loan to consolidate all your high-interest debts and make one EMI towards one personal loan.

A personal loan is a great way to clear your debts as it provides flexible end-use and needs no collateral. You can also select a repayment tenure as per your affordability.

The Bottom Line

From sprucing up your home to indulging in travel, an instant personal loan is your one-way ticket to stress-free Christmas shopping this year. With IndusInd Bank, you can enjoy interest rates as low as 10.49%, flexible repayment tenure, no physical documentation and a complete digital application process.

Visit our website today to apply for a personal loan from the convenience of your home.

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Credit Card

All about Credit Cards: The Pros, Cons, and more

December 23, 2022 ANAND BHIDE Leave a comment

What is the first thing that comes to your mind when you hear the word credit card? A liability or a blessing? You may have heard about people using their credit cards irresponsibly and ending up in debt but financial experts call credit cards a smart financial tool that is more beneficial than using a debit card or cash. In fact, credit cards help you a big time in building your creditworthiness for those unforeseen cash-crunch situations. Interesting, right?

Let’s have a look at the benefits that you get to enjoy with a credit card.

Benefits of Credit Card

Welcome Benefits

Who doesn’t like complimentary things and freebies! Most of the credit cards come with exciting welcome gifts that may include brand vouchers, hotel stays, travel insurance cover, airport lounge access, and much more. Moreover, there are possibilities that when you spend a certain amount during a particular time period, the card fee is automatically waived.

Extended Budget

With a credit card, you’re not bound by budget limit. If there’s a sale coming up on your favourite brand and you’re in the month-end, you can always use your credit card to shop without worrying about budget constraints. And in case you end up spending too much, you also get the option to break your spends into convenient EMIs.

Exclusive Offers and Discounts

How do the word cashback and discount sound to you? Amazing, right? There are thousands of online and offline brands that offer exclusive offers to credit card users that they can avail in form of cashback or instant discount. This is one of the greatest enticing benefits that impacts the choice of customers while selecting a credit card.

Reward Points

What makes a credit card stand out from its competitors is the reward point system linked with it. Credit cards provide you with reward points for every transaction you make and these points can later be utilized to claim brand vouchers or you can simply cash out your available points.

Improved Financial Health

Timely repayment of your credit card bills and keeping your credit utilization to a certain limit ultimately helps in boosting your credit score. As your score improves, you are at a greater chance of getting a big-ticket loan should you need it someday. Many users with a low score or with no credit history apply for a credit card just to build/improve their credit score.

Added Security

Paying with a credit card is always a better choice in terms of security as well. Credit cards now come with either a MasterCard chip or a Visa chip that have zero liability coverage for unauthorized transactions. Even if you lose your credit card, you can always report the fraudulent transactions and you won’t be charged if the bank investigators find it true.

As you now know about the benefits of credit cards, let’s take a look at some of the disadvantages too.

Disadvantages of Credit Card

Overspending

One of the biggest responsibilities that comes with a credit card is of using your credit limit responsibly. Credit card users often spend too much beyond their repayment capability and end up in too much debt over time. Mindful and conscious spending is what can help mitigate this overspending risk.

High Interest Charges

In case of late bill payment, credit card providers charge you with high interest charges that eventually make your debt too high over time. Therefore, it is highly advisable that you always clear your dues on time.

Hidden Charges

Surcharges and hidden charges are one of the most annoying things about a credit card. Credit cards are generally fraught with tricky terms & conditions which you might not be aware of while making a payment. It’s the time when you see your credit card bill you realize that some additional charges have been included in your bill. To save yourself from this, always read the associated terms & conditions carefully while applying for a credit card.

Cash Withdrawal Limitation

Unlike a debit card, you cannot use your credit card to withdraw cash freely. Credit cards come with a limited cash withdrawal option and even have a high fee associated with it.

So, with all this information, you must be clear about how a credit card can be your best friend and your enemy.

Looking for the best credit card for you?

IndusInd Bank offers various credit cards that will fit into whatever requirements you have, seamlessly. No worries if you’re a movie buff, travel enthusiast, a regular shopper, or a golf enthusiast, our credit card offerings encompass it all.

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Personal Loan

IndusInd Personal Loan—Easy Money at Your Fingertips

December 22, 2022 ANAND BHIDE Leave a comment

As inflation continues to grow relentlessly, the rising cost of living has become an unavoidable fact for all Indians, regardless of the socioeconomic status. As a result, the demand for personal loans has gone up significantly in the last couple of years. Despite the availability of numerous borrowing options, personal loan continues to be the preferred choice for all unforeseen situations and essential needs, be it medical emergency, higher education, home renovation, debt repayment, or any other unplanned expense.

So, are you facing a cash crunch? If yes, then look no further! Whatever’s your need, you can count on Indus Easy Credit Personal Loan option to get money in real-time.

What makes Indus Easy Credit Personal Loan special?

Apart from easy online application and simple documentation, here’s how an Indus Easy Credit Personal Loan is special.

Quick disbursal
100% paperless process
No collateral or guarantor required
Low processing fee
Best-in-class interest rate
Loan amount ranging from ₹30,000 to ₹5 lakh
Flexible repayment tenure ranging from 12 to 48 months
Multiple loan options to suit varied needs

As you now know about the features & benefits of Indus Easy Credit Personal Loan, let us know how Indus Easy Credit Personal Loan can help you meet all your needs.

Indus Easy Credit Personal Loan Uses

We know your requirements are as unique as you. Here are some of the scenarios wherein an Indus Easy Credit Personal Loan would come handy.

Personal Loan for Education: Achieve your career goals with good education and then there’s no stopping you!
Personal Loan for Medical Expenses: When nothing goes your way, we’re there for you. Manage unexpected medical emergencies with ease
Personal Loan for Home Renovation: Turn your living space into your dream house. Get easy funds for home renovation
Personal Loan for Wedding: Your special one deserves everything special. Make that dreamy wedding happen
Personal Loan Balance Transfer: Unhappy with your current lender? Transfer your existing loan balance and enjoy Indus Easy Credit Personal Loan benefits

How to Apply for Indus Easy Credit Personal Loan?

Applying for an Indus Easy Credit Personal Loan online is a simple 4-step process that just takes a few minutes. Here are the steps involved.

Visit the IndusInd Bank Personal Loan page
Click on the ‘Apply Now’ button
Provide your personal details and loan requirement
Get the best loan offer as per your need
Complete Video KYC verification and digitally sign to validate & get instant disbursal

Bonus Tip

To complete the loan application process seamlessly, keep your identity, address and income proof documents handy. And most importantly, before signing the loan contract, read the associated terms & conditions carefully.

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MSME

Top 10 problems faced by MSME in India

December 21, 2022 ANAND BHIDE Leave a comment

The MSME, or the micro, small and medium enterprises are vital constituents of the Indian industrial sector. They contribute significantly to the GDP and export earnings besides meeting the social objectives of developing backward areas, reducing regional disparities, and providing employment opportunities to millions of people across the country. Despite this, MSMEs in India suffer from the problems of financial assistance, lack of business expertise, and technological obsolescence. Indian SMEs are also facing tough competition from their global counterparts due to liberalization, redundant manufacturing strategies and uncertain market scenarios.

Let’s take a look at the top 10 problems faced by MSMEs in India :-

1. Financial assistance – The most common problem that all small-scale businesses have faced, and are still facing is of credit. MSMEs struggle to obtain financial assistance due to several factors like absence of collateral, lengthy paperwork, and lack of trust in loan repayment capabilities. These obstacles remain despite the government’s conscious effort to provide easy credit line to MSMEs. To help your business overcome this, IndusInd Bank offers hassle-free MSME loans at attractive interest rates. Entrepreneurs can enjoy doorstep banking, customized product, comfortable repayment tenure, and much more.

2. Marketing – Increasing marketability of productsis a difficult task not just for MSMEs, but for large-scale businesses as well. Inconsistence and sporadic marketing efforts yield no results. When it comes to small-scale businesses, the lack of resources – time, money, and skilled employees make it impossible to increase visibility and generate quality leads. To help MSMEs overcome this, the NSIC (National Small Industries Corporation (NSIC) under the Ministry of MSME organizes frequent workshops to train enterprises in online and offline marketing of their products and services.

3. Technology – Majority of the MSMEs in India operate on stale and obsolete technology which obstructs them from keeping up with the new age world. This is despite the fact, that India is said to have the third largest pool of technologically trained manpower. Adoption of new technology and training employees with these technological upgradations is not only difficult, but also costly – especially for manufacturing businesses where the scope is not just in terms of software, but also in terms of production units. While lack of access to IT education is partly responsible for the technological gap, the biggest factor is lack of awareness which reduces willingness to investment in advanced tech solutions.

4. Upskilling – Skilled employees are essential for growth of businesses. Multi-national companies (MNCs) understand this and keep on-the-job training at the centre of their functioning. Unfortunately, small-scale enterprises fail in upskilling their manpower, unknowingly taking a hit.

5. Business expertise – While entrepreneurs may have subject matter expertise relevant to their goods and services, they might lack the business acumen needed to run an enterprise smoothly. These include funding & financing, tracking sales, managing input & output costs, etc.

6. Procurement of raw material – The prices of raw materials have increased manifold, especially since the beginning of the Covid-19 pandemic. For MSMEs in the manufacturing sector, the procurement of raw material is extremely important to continue operations. However, lack of bulk orders, credit facilities and transportation of raw material make the procurement tedious. To eliminate these limitations, the NSIC runs a ‘Raw Material Assistance Scheme’ which helps small businesses by financing the purchase of raw material – both indigenous and imported.

7. Hiring – MSMEs struggle to hire skilled and competent manpower. Lack of name recognition of the company reduces the talent pool from which MSMEs can hire employees as there are fewer responses to job postings by small-scale businesses. Even after finding the right candidate from this small pool, MSMEs lose the right candidate due to inability to offer competitive salary, job security and career development opportunities similar to larger organizations.

8. Innovation – The rate of changes is accelerating rapidly. The role of creativity and innovation has increased in this change process for survival. Businesses are becoming knowledge-based and their success & survival is directly related to their creativity, innovation, discovery and inventiveness. MSMEs will have to learn and imbibe the process of innovation in their day to day working to remain competitive.

9. Stiff competition from giant businesses – Indian MSMEs are finding it difficult to sell their products in the

domestic and international markets because of increasing competition. Small-scale enterprises face a tough competition from their global counterparts due to liberalisation, as well as from domestic giants due to their immense scale of operation. While the government does run protective schemes for such small-scale enterprises, the competition remains one-sided by and large.

10. Overall management – Inadequate management skills hamper business expansion and often cause non-competitiveness of small enterprises. A successful business must be able to grow workforce, cater to diverse customer needs, manage inventory, deal with new competitors, keep the supply chain running and sustain the company’s culture. More often than not, entrepreneurs undermine the importance of effective management and face numerous hurdles when the business expands at the later stage. To help your enterprise manage its finances batter, IndusInd Bank Current Accounts offers multiple money-managing solutions like dynamic cash deposit limits, smart cash management services and grouping of related accounts.

Conclusion –

The problems faced by the small traditional enterprises with poor support system and little exposure, particularly in accessing technology and maintaining competitiveness, have been formidable. The non-availability of institutional finance on affordable and easy terms is seen as the biggest challenge faced by MSMEs. Further adding to the limitations of MSMEs are lack of formalized contractual relations and the reliance on cash payments.

Apart from this, most of the small-scale enterprises do not have access to well researched database – whether it pertains to market intelligence or technology. This information needs to be disseminated proactively, and on a regular basis.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

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Here are the top ways you can make your Christmas a grand celebration

1. Home makeover

2. Festival Shopping

3. Buying jewelry

4. Paying off debt

The Bottom Line

Benefits of Credit Card

Welcome Benefits

Extended Budget

Exclusive Offers and Discounts

Reward Points

Improved Financial Health

Added Security

Disadvantages of Credit Card

Overspending

High Interest Charges

Hidden Charges

Cash Withdrawal Limitation

Looking for the best credit card for you?

What makes Indus Easy Credit Personal Loan special?

Indus Easy Credit Personal Loan Uses

How to Apply for Indus Easy Credit Personal Loan?

Bonus Tip