You know how the saying goes, “Live with no excuses and travel withno regrets.” Well, there will be plenty of regrets if the majority of yourlong-awaited abroad trip is just spent on calculating conversion charges andrunning about trying to find a reasonable currency converter. But these hasslescan be eluded if, along with hotel bookings, plane tickets, and itinerary, theways to carry currency are also assessed beforehand.

From credit cards to traveller’s cheque, debits cards to Forex cards, there are plenty of payment options available for people looking forward to an abroad trip. The most prominent of these is the Prepaid Multicurrency Forex Card, and for the right reasons. It is an inexpensive and convenient currency carrying option, bound to make your trip memorable and leisurely. Let’s have a look at some of the utilities prepaid Forex cards bring to the table.

Benefits of Prepaid Forex cards

• Superior Conversion Rates

Transacting using a prepaid Forex card incurslittle to no markup fee. But what is a markup fee? It is the extra amountcharged in addition to the actual transaction value. Credit card transactionscharge as much as 3.5% markup fee for every swipe.

Thankfully, Forex cards are not at the mercy of such a supplementary fee. With a prepaid Forex card, you can enjoy hassle-free shopping, allowing you to bring home the choicest of souvenirs and memories.

• Unwavering Exchange Rates

But what if the exchange rate fluctuates? Don’t worry; the conversion rates are locked in at a fixed amount as soon as you load money into it. For instance, if you load 2000 USD into the Forex card, that exact amount will be deposited, regardless of USD-INR oscillations.

• Carry Multiple Foreign Currencies

If you’re looking to embark on a Euro trip, or a business trip involving multiple countries, it’s prudent to apply for a multi-currency prepaid Forex card. Having a Forex card which applies only to a single currency domain can lead to incurring markup fees as high as 3.5% when swiping outside the said domain.

On the other hand, multi-currency Forex cardsallow seamless transactions in 14 currencies on a single card without anyadditional rates. Moreover, the worldwide recognition of Forex cards allowshassle-free transactions in multiple areas, from shopping to paying a taxifare.

Direct withdrawal from international ATMs is also made possible with Forex cards and shop the favourite stores carefree. In case you are falling short, through IndusInd Bank, for instance,  you the option to reload upto Rs. 50,000 instantly, anytime, anywhere.

• Secure Transactions

Forex cards are chip and pin enabled, ensuring utmost security for the money loaded within. In case your card gets lost or is stolen, it can be blocked on a moment’s notice, and the loaded funds are frozen. Most of the times, a second Forex card is also provided, in addition to the primary, to ascertain a smooth-sailing experience. Furthermore, every transaction is paired up with an SMS message to alert you of any unsolicited transactions. Some Forex cards from banks such as IndusInd Bank come with ‘Set ATM Pin’ feature, which provides you additional security while currency transactions.

• Expenditure Management

Keep your spending in check with dedicated online portals designed to provide you with the necessary balance information, transaction history and set currency priority.

• Duty-free Benefits

Since duty-free stores only transact in foreigncurrencies, any residue amount in your Forex card can be used to buy enticing,duty-free items on your way back.

To conclude, Forex card is as essential as any product to have on overseas travel. When compared to other modes of transaction, like debit cards, credit cards, and travelling cheques, Forex cards come out as a clear winner. It’s secure and convenient, and on top of that, saves you a lot of money. Apply for a multicurrency Forex card at Ind

usInd Bank today and enhance your international travel experience.

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.

With a lot of banks eager to give you loans, you can easily buy the latest two-wheeler without worrying about the expenses. However, before choosing a loan, here are some important points to keep in mind so that you get the best bargain.

Loan Eligibility Criteria

Before you apply for two-wheeler loan, ensure that you qualify for availing the loan. For this, check with your lender’s eligibility requirements for a two-wheeler loan.

To availa two-wheeler loan, salaried individuals must –

• Be between 21 years to 60years (at the time of retirement)
• Have a minimum gross salaryof Rs. 10,000/month.
• Have a stable current employment for a minimum of 1 year.

Eligibilitycriteria for self-employed individuals –

• Age between 21 years and 65years.
• A minimum of 3 years’business experience.
• ITR of the last two years / Proof of business.

In case of the applicant not satisfying above mentioned criteria, a co-applicant satisfying the criteria can be added. Additionally, do not neglect your CIBIL or Credit score as it plays a key role in approval of your two-wheeler loan application.

Interest Rates

The rate of interest on your two-wheeler loan is the crucial deciding factor in the amount of money you will need to set aside each month towards loan repayment. So, it is vital to choose a lender offering the most lucrative interest rates out there. Do not make hasty decisions and zero-in on the first lending authority you find. Instead, compare the interest rates offered by different banks and then, conclude.

Documents Required

Lenderswant to convince themselves of your creditworthiness as a borrower and yourability for future loan repayment, and for this, you will be asked to furnish afew essential documents depending upon whether you’re a salaried individual ora self-employed individual. This could include basic documents such as –

• KYC documents
• Income Proof documents / Proof of business
• Bank statement for 6 months

*even customers without 6 months banking history can be funded; however, LTV’s will be restricted

Check with the bank before you proceed

Repayment Plan

Withouta solid repayment plan in place, you will find yourself staring right into anabyss of defaulted payments and major hassles down the road. So, take actionfrom the very beginning! It all starts with making the right choice of loantenure. Do not stretch your loan for too long in a bid to reduce your monthly EMIs.Your loan tenure should be decided after taking your monthly income intoconsideration. If you can afford to pay off your loan early, then do so by allmeans since it is always better to close the loan early than too late.

Once done, make it a discipline to set aside your monthly EMI at the beginning of the month and work your other monthly expenses around it. Opt for automatic payments with your bank; such steps thin out your chances of defaulting on a monthly EMI payment.

Last Few Words

The bottom line is that a two-wheeler loan comes with many benefits – besides giving you the independence of commuting as and when you please, it enables you to meet emergency situations with ease. Plus, due to easy EMI options, repaying your two-wheeler loan is easier than ever – a little planning goes a long way! Looking for your ideal two-wheeler loan? Get in touch with us for customized two-wheeler loan details! What you can expect is attractive interest rates, flexible loan tenure of up to 36 months, quick loan processing, and easy and hassle-free documentation.

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.

Earning money issimply one half of the equation, which only becomes complete and meaningfulwhen one practices saving, or better yet, investing. However, “an investorwithout investment objectives is like a traveller without a destination.” Incase you’re unsure about your options, but wish to play it safe and risk-free,there are two beneficial savings options for you – Fixed Deposit and RecurringDeposit.

Let’s understand all about them so that you can make an informed choice.

Understanding Each

Fixed Deposit

A Fixed Deposit or FD is a fixed-term investment option offered by banks wherein an individual can deposit a lump sum amount for a pre-determined period. During the lock-in period, the amount deposited with the bank will earn interest as per the rate at the time of locking in the deposit.

Recurring Deposit

Recurring Deposit or RD is another popular low-risk investment option offered by banks, especially useful for those who do not have a lump sum amount to invest. Under RD, an individual needs to deposit a pre-decided share of their income each month for short or long-term corpus creation.

Are There Any Common Features?

Despite their many differences, a Fixed Deposit and Recurring Deposit are similar to some extent. Firstly, each of the two is a fixed investment option; meaning, they are safe and secure, offering guaranteed returns at the time of maturity. Moreover, the interest rate in each of the case is known beforehand, and the same remains unaffected by other market conditions. This means that the interest rate does not change throughout the duration of the lock-in period.

Since the amount at the time of maturity can be known upfront in each of the two investments, both Fixed and Recurring Deposits are useful tools for fulfilling major financial goals such as children’s education, marriage, paying for an overseas trip, down-payment of a new home, etc. Finally, the money in each investment is locked-in until the time of maturity. In case you wish to make a premature withdrawal, you can do so by paying a penalty, which generally differs from bank to bank.

Major Differences between FD and RD

Now that we’ve looked at the overlapping features of FD and RD, let’s take a look at the many factors that make each a unique investment.

Manner of Investment

As mentioned earlier, a Fixed Deposit involves investing a lump sum amount for a fixed period. A Recurring Deposit, on the other side, is an investment option wherein you need to invest a fixed amount every month for a pre-decided tenure.

Tenure

The minimum tenure for which one can make Fixed Deposits is 6 months whereas the same for Recurring Deposits is just 7 days. However, the maximum tenure for each of the two investments is 10 years.

Interest

In case of aFixed Deposit, three options are available regarding the interest amount.Interest may be credited on a monthly or quarterly basis or at the time ofmaturity. However, in case of a Recurring Deposit, interest is paid directly atthe time of maturity along with the capital amount.

Also, the interest received on a Fixed Deposit is generally higher than that received on a Recurring Deposit. The reason being that in case of RD, the account holder deposits money on a monthly basis and hence, interest is earned accordingly as opposed to an FD, which is a lump sum amount.

Minimum Investment Amount

To open a Fixed Deposit account, you need to make a minimum deposit of Rs. 10,000 whereas to open a Recurring Deposit account, the minimum amount of investment is Rs. 500.

Taxation

Each of the twoinvestments is taxable; meaning, interest earned in each scheme is taxable, ifthe interest earned exceeds Rs10,000 in a financial year, the same will qualifyfor TDS payment at the rate of 10% ( The TDS willbe 20 percent, if you fail to provide the PAN information to the bank.

The bank also provides tax saver deposits Scheme with tenure of five years and deposit amount up to Rs. 1,50,000.

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.