All posts by ANAND BHIDE

Fixed-income Investors sometimes put too much at risk for a tiny gain. Many times, they are caught up in the attractive interest rate on specific investment instruments without taking into account the associated risks.

We live in a time in which retail price inflation (as measured by the Consumer Price Index) is increasing. Also, the interest rates on fixed deposits have been at or near their lows over the past few years.

Being enticed by an additional small amount of interest on fixed deposits is understandable to make a little extra money.

However, it could be costly as well. To invest in corporate deposits, some investors emphasise credit ratings. However, it is essential to note that ratings for credit fluctuate is not considered.

That said, businesses like IndusInd Bank have displayed an admirable corporate governance system, have been open and transparent, performed the required proper due diligence and financial discipline, and created wealth for investors each year by building trust.

Comparatively to other banks, IndusInd Bank garners deposits with low-interest rates and is a safe investment.

Read this blog post till the end to understand everything about IndusInd Bank Green Fixed Deposits.

Understanding Green Fixed Deposits

IndusInd Bank has recently launched Green fixed deposits where the deposit proceeds will be utilised to fund projects assisting the UN’s Sustainable Development Goals (SDGs).
A green deposit is an FD type for investors aiming to invest their excess cash reserves in environmentally-friendly schemes. Such deposits will be provided to both corporate and retail consumers.
The Bank will employ the collections from these deposits to fund several sectors falling under the SDG category. These include renewable energy, waste management, green transport, greenhouse gas reduction, forestry, sustainable food, agriculture and energy efficiency.
The High Interest rates Fixed Deposits remains tempting, with an added benefit of 50 basis points for older adults. Simply put, it is comparable to a traditional bank deposit. However, the customers will be given a ‘Green’ and an ‘Assurance’ certificate corroborating the ultimate use of deposit proceeds towards the end of the financial year.
The declaration of ‘Green’ deposits’ is part of IndusInd Bank’s bigger responsibility of building value for all its stakeholders and staying focused on pushing the nation’s sustainable economic growth.

Benefits and Features

Customers will enjoy the below perks with IndusInd Bank Green Fixed Deposits:

Assurance certification from a respectable exterior consulting firm.
Deposits supported by insurance for up to Rupees 5 lakh
Less pre-mature withdrawal costs of only 1%
Added returns for the older citizens
High-interest rate.

Through this scheme, IndusInd Bank is setting an example of why everyone (individuals and businesses) must take responsible decisions towards environmental protection.

Conclusion

Keeping all the above information in mind, make sure you don’t make investments into IndusInd Bank Green Fixed Deposits sporadically.

Consider your individual investment goals, financial goals you’re targeting, your risk profile, duration to reach your goals, and the best asset allocation for your situation before deciding to invest.

We’re sure this blog post was helpful for you. Still got any questions? Ask us in the comments!

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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Credit Card

What is a Contactless Credit Card and What Makes it Safer to Use?

March 14, 2022 ANAND BHIDE Leave a comment

Contactless credit cards have been used in many countries for a long time. Moreover, they are becoming increasingly prevalent in India.

However, with each technological advancement, there are many questions. These can be, “How can these cards operate? Is it safe to use the technology?”

Well, contactless cards are one of the safest forms of payment. Read on to know all about these cards and how they secure your money.

What is a Contactless Credit Card?

If your bank card contains a sign that resembles the ‘wifi’ symbol, it is a contactless payment card.

These cards allow you to purchase without swiping your card. The transaction is completed by tapping the card against the card machine (merchant must also activate the card reader for card transactions).

It is convenient and eliminates the need to wait in huge lines to make a payment.

How Does a Contactless Card Works?

Near field communication is a technique used by contactless cards (NFC). When two NFC devices are brought alongside or within a few inches of one another, magnetic field induction allows them to communicate.

Furthermore, the best credit cards in India have a contactless chip and a radio waves (RFID) antenna. When you put your card over an intelligent reader, the radio frequency (together with a one-time code) assists you in completing your transaction.

Also, since you don’t have to input your PIN for transactions under Rs. 5,000, this payment method takes just a few seconds to process.

Is it Safe to Use Contactless Credit Cards?

The reliability of contactless cards has now become a topic of discussion for people with credit card comparison. What are the possibilities of walking by a contactless card reader and someone deducting your money without your knowledge?

This is a simple question with a proper fix. This is not going to happen. Due to several protection levels in a contactless card, the chances of this happening are next to impossible.

Let’s look at some useful facts about contactless cards to better understand how secure they are.

Theft Protection

The card and the scanner must be at least two inches apart for a direct transaction. As a result, the odds of theft are exceedingly minimal. Furthermore, if you believe you have been wrongfully charged against your card, you may always contact your card issuer. You will not be held accountable for the transaction in this manner.

Merchant Has no Record

When you perform a contactless purchase with your credit card online, the merchant never receives your identity, payment details, or CVV. Instead, the card sends just your bank details and a one-time pin or code to the reader.

It is Not Possible to Charge Twice

For each contactless operation, you must touch your card or be within several centimeters of the card machine. In addition, for each purchase, a one-time code is passed from the card to the reader. Furthermore, cashless point of sale (PoS) scanners are limited to one transaction per reader.

In Conclusion

Contactless credit cards are becoming one of the safest ways to pay. A thief would have a tough time recreating the one-time password that smart credit cards generate for each transaction.

These credit cards are far more secure than magnetic strips, which are more readily duplicated.

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Trends

How to Beat Traffic and Advance Speed at Toll Plaza with FASTag?

March 12, 2022 ANAND BHIDE Leave a comment

If you’ve been driving along highways in India, you already know that toll plazas accept payments automated using FASTag.

Beginning in February 2021, each vehicle that passes across NHAI (National Highways Authority of India) toll stations must be equipped with an active FASTag to enable automatic toll deduction.

The tolls will charge more than the usual amount if you pay cash. Therefore, getting a FASTag on your vehicle is advisable when driving along Indian highways. Keep reading this article if you don’t know what a FASTag is, how to Apply for FASTag Online or what precautions to take while crossing toll plazas.

Understanding FASTag

Fastag can be described as an RFID, i.e. Radio Frequency Technology for Identification, that assists in automatically deducting tolls from your account without having to stop at toll stations.

FASTag is mounted to the windshield of your car. When you pass a toll station, the Fastag device is detected by the sensors of the toll plaza and toll charges are automatically charged to your vehicle. You also need to do FASTag recharge to ensure your credits don’t get exhausted.

Working of FasTag RFID at Toll Plazas

Make sure you follow the below tips to ensure you don’t get into any hassle or end up paying more than you should.

When approaching the NHAI toll plazas with specifically designated FASTag lanes, drivers should slow down to verify the correct FASTag signposts.
The driver must be in the appropriate marked FASTag Lane with an approximate speed of 25-30 kmph. They must be at least 10 meters away from all other vehicles ahead of them on the road.
Suppose RFID tags are read by the reader installed in the toll plaza’s designated lanes and authenticated correctly. In that case, the driver will see the green traffic light that will direct them to go through the lane. The barrier will remain open.
Don’t stop your vehicle immediately after the green light is displayed or when the boom barrier has opened. Intentionally stalling during this time could cause the boom barrier to collapse.
If the RFID tag isn’t recognized or validated for any reason, the traffic light will change red. The driver should be careful because the boom barrier could be lowered at this point. A person at the plaza will verify the tag using the aid of the handheld reader.
Suppose the handheld reader successfully detects and validates the RFID tag. In that case, the vehicle will be allowed to enter the toll station. If, however, the RFID tag isn’t valid or banned, the driver must pay the fee in cash.

About FASTag from IndusInd Bank

It is the perfect solution to enjoy comfortable travel on national roads. It allows automatic removal of tolls and allows you go via the toll station without waiting for transacting.

Two Main Reasons to Use IndusInd Bank FASTag

Auto Recharge

CASA Customer is delighted with this option. The wallet is automatically funded through his bank account after getting a balance.

Auto Allocation

Customer tag will get credited automatically once the tag’s balance is low, with no manual intervention from customers provided sufficient funds are present in the customer’s wallet.

Still have questions? Ask us in the comments!

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Current Account

Common Mistakes to Avoid When Opening a Current Account

March 9, 2022 ANAND BHIDE Leave a comment

A current account is a zero interest rate bank account popular among business owners who carry out large amounts of transactions regularly. Like a regular savings account, current account holders can also withdraw, deposit and transact money but with higheror no limit.

Current accounts nowadays also come with the facility of direct deposit or auto-pay. The money is transferred to the payee’s account directly with no clearance requirements in this mode. This mode is a better alternative to cheque deposits or payments.

If you are looking forcurrent account opening details, and learn about the best bank for current account opening, look no further. As you will find the requisite information in this article.

It is also essential to learn about the common mistakes that many people make while opening a current account. The more information, the better chances of facing no issues in this regard. Let’s get started.

Not Keeping Track of the Account Balance

Current accounts come with the feature of unlimited cash withdrawals and other transactions. As a result, many current account holders miss checking the account balance. This leads to low balance and Non Maintenance Charges are deducted.

So, always keep track of how much balance is in the account and maintain the required minimum monthly balance.

Not Availing of the Overdraft Protection Plan

The current account can be linked to your savings account to avail of the overdraft protection plan. What does it do? In times of a low or no balance, the bank transfers some amount from the savings account to the current account.

Overdraft protection plan saves you from any declined card transaction or cheque bounces in case of a low current account balance. This also protects you from the hefty cheque bounce charges. It is to be noted that overdraft protection may not save you the charges related to low AMB (Average Monthly Balance).

Opening a Current Account with a High Fee Rate

Money is the most precious asset for all in today’s world. And you should always seek ways to reduce your expenses as much as possible. Another mistake that most customers make is opening a current account with a high fee charge. In such cases, commercial banks like Indusind has value for money current account offers to suit the business owners.

Overlooking the Transaction History

The digitised world has made everyone’s life easier and more vulnerable at the same time. One fundamental mistake that new current account holders make is not checking the transaction history. Why should you check the transaction history of your current account? To stay alert of any suspicious or fraudulent activity. If found any, then you can raise a dispute with the bank.

Final Word

These are the basic mistakes one makes while opening a current account. The current account does come with its own set of pros and cons. But if you steer away from the above mistakes, you can enjoy the benefits to their maximum potential. So, once you open a current account online, be sure to learn about the fees charged from the bank officials before you get started

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Manage your Finance

How Does a Credit Card Work?

March 7, 2022 ANAND BHIDE Leave a comment

Also referred to as plastic money or just plastic, credit cards are an easy and convenient way to make payments and build credit. Today, they are universally accepted, having more or less become an indispensable part of a modern lifestyle.

While most of us broadly know what a credit card is, many aspects of its usage remain shrouded in confusion and mystery, leading many to believe that a credit card does more harm than good. Here’s everything you need to know about credit cards, from how they work to how you can deploy them to your advantage.

What is a Credit Card & How Does It Work?

A credit card is a type of payment card issued by a bank or financial services company in which cashless transactions are made against a line of credit. Akin to a short term loan or advance, a credit card enables you to make purchases using the credit card issuer’s money. This is why every card comes with a set credit limit i.e. the total amount of credit that the bank is willing to lend you. If you try to exceed this upper limit, your transaction may be rejected by the credit card issuer.

Every month, you will get a statement from your bank giving you a list of all the purchases you made along with the total amount you need to pay, the minimum amount due, and date by which you need to pay. If you pay your credit card bill on time and in full without carrying any balance forward into the next billing cycle, you are not charged any interest.

Fees & Charges

There are several fees and charges associated with a credit card. To begin with, there is an annual maintenance fee. If you pay your credit card bill late, late payment charges are levied. Withdrawing cash from an ATM using your credit card typically attracts a steep fee. Additionally, using a credit card on your travels abroad can be rather expensive as foreign transactions usually involve a foreign currency mark-up fee which is charged as a fixed percentage of the transaction amount.

Benefits of Having a Credit Card

Credit cards offer a variety of benefits. The most important ones are as follows:

Credit cards are convenient, easy to carry, and safer than cash.
Credit cards unlock a wealth of freebies including discounts, cashback, air miles, and reward points that enable you to spend and save at the same time.
A credit card, used wisely, can have a positive impact on your credit report. All you have to do is pay your credit card balance on time and in full every month and maintain a credit utilization ratio – the amount of credit you have used divided by the credit you have been extended by the credit card issuer – below 30%.
While a credit card offers you a measure of financial flexibility and freedom to enjoy life, it also teaches you financial discipline, and how to plan and manage your funds better.

If you are planning to apply for a credit card online, being aware of the aforementioned facts can help you make an informed decision regarding whether or not you’d like a credit card, and if yes, then which one. Just make sure to do your research and opt for a credit card that addresses your particular lifestyle needs.

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Make Payments

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Credit Cards

Forex Cards

Understanding Green Fixed Deposits

Benefits and Features

Conclusion

What is a Contactless Credit Card?

How Does a Contactless Card Works?

Is it Safe to Use Contactless Credit Cards?

Theft Protection

Merchant Has no Record

It is Not Possible to Charge Twice

In Conclusion

Understanding FASTag

Working of FasTag RFID at Toll Plazas

About FASTag from IndusInd Bank

Two Main Reasons to Use IndusInd Bank FASTag

Auto Recharge

Auto Allocation

Not Keeping Track of the Account Balance

Not Availing of the Overdraft Protection Plan

Opening a Current Account with a High Fee Rate

Overlooking the Transaction History

Final Word

What is a Credit Card & How Does It Work?

Fees & Charges

Benefits of Having a Credit Card