All posts by ANAND BHIDE

Critical things to bear in mind about a loan against property pertain to valuation and ownership of the property, loan pre-closure, repayment tenure, and loan processing & additional fees. Unlock the value of your property and reap several benefits with a loan from IndusInd Bank.

While it is good to be mentally ready for the surprises life throws at you, financial preparedness at all times is scarcely possible. There may be situations in which you need a large amount of money in one go, and you do not find an unsecured loan suitable for various reasons. It is under such circumstances that a loan against property can come in useful, and help you fulfil your monetary needs.

What is a Loan against Property?

A loan against property essentially means placing your property, residential or commercial, as collateral to gain access to a large sum of money. The loan funds can be used for varied purposes, ranging from a medical emergency to setting up or expanding a business. Both salaried and self-employed individuals are eligible for this loan. Since this is a secured loan, the loan against property interest rate is usually lower as compared to a personal loan or business loan.

Important Things to Know about Loans against Property

If you are planning to take out a loan against property, here are 5 points you should bear in mind:

1. Valuation of the Property

Banks and financial institutions evaluate your property, providing only a certain percentage of the property’s current market value. Depending on the lender’s policies, you may be able to avail of a loan amount equal to up to 60 percent of your property’s market value.

2. Ownership of the Property

It is mandatory to present all ownership documents to a lender to prove that you are indeed the owner of the property. Further, all co-owners must be made part of the loan. It must be noted that you do not need to move out of your home after you have taken out a loan against property. In fact, you retain ownership of the property throughout the tenure of the loan.

3. Option of Pre-Closure

As the borrower, you have the option of pre-closing your loan before the end of the tenure. If you obtained the loan on floating or variable interest rates, you will not be required to pay any charges for pre-closing the loan.

If your loan came with a fixed interest rate however, you may be charged 4-5 percent of the outstanding loan amount as pre-closure penalty.

4. Repayment Tenure

Loans against property typically come with long repayment tenures, enabling you to comfortably pay back the loan. What’s more, the tenures are fairly flexible, ranging from 1 year to 15 years.

5. Loan Processing & Fees

Compared to some other types of loan, a loan against property calls for simple documentation. Moreover, being a secured loan, the process of approval and disbursal is usually quick. However, in addition to the applicable interest rate, this type of loan may involve a few other charges such as loan processing fee and mortgage stamp duty among others.

Why Choose IndusInd Bank for a Loan against Property?

Regardless of whether you need funds for personal or professional purposes, IndusInd Bank offers some of the best loan against property solutions to help you unlock the hidden value of your property. Some of the benefits of obtaining an IndusInd Bank loan against property are as follows:

Ø Attractive loan against property interest rate

Ø Simple loan against property eligibility criteria

Ø Doorstep banking services and assistance

Ø Customized repayment tenures ranging from 1 to 20 years, depending on your repayment capacity

Ø Disbursal of a high loan amount for various needs like educational purpose, business purpose , medical expenses etc.

Ø Availability of overdraft facility

The prospect of pledging your property can be daunting. However, it is worth mentioning that a loan against property is one of the most popular types of loan, not least on account of factors like relatively low interest rates and long repayment tenure.

Unleash the real value of your property with an IndusInd Bank loan against property today!

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

Benefits of Platinum Aura Edge Credit Card for Government Employees

April 3, 2023 ANAND BHIDE Leave a comment

The IndusInd Bank Platinum Aura Edge Credit Card (For Govt. Sector Employees) has a great number of benefits for government employees. The benefits relate to earning cashback, entertainment, surcharge waiver, travel insurance, and plenty more.

Formal employment with the public or government sector arguably remains among the most sought-after and respectable professions in India. Although government jobs are widely coveted because they are believed to be ‘cushy’ and ‘comfortable’, most government jobs today entail work schedules just as hectic and intense as those of private jobs. What’s more, contrary to the popular notion of stagnation in public employment, many government servants these days achieve steady and rapid growth in their careers, very much like professionals in other areas of work.

With great work must come great rewards. IndusInd Bank offers a premium product, namely the Platinum Aura Edge Credit Card for the government sector employees, specially designed to enable government-sector employees to maximise their savings and better manage daily expenses. Here is a comprehensive look at the benefits.

Key Benefits of IndusInd Bank Platinum Aura Edge Credit Card

a) Cashback Benefits:

Augment your savings with 1% cashback on all retail purchases worth up to INR 10,000 in a statement cycle. Additionally, the cashback earned in the current statement cycle will automatically be credited to your credit card account in the subsequent statement cycle.

b) Entertainment Benefits:

Amplify the joy of leisure time with your family! Avail of one free movie ticket worth up to INR 200/- every 6 months in a calendar year on bookings made via BookMyShow.

c) Surcharge Waiver Benefits:

Commute and travel are essential, but why pay more? Enjoy a waiver of 1% on fuel surcharge at petrol pumps across the country and on railway surcharge while booking railway tickets via www.irctc.co.in and the IRCTC App.

d) EMI Benefits:

Simplify and manage your payments with greater ease! Convert your credit card purchases & outstanding balance into EMIs at just 1.1%* rate of interest per month, at zero processing fees.

e) Aura Edge Travel Insurance Benefits:

Fly in peace with travel insurance from ICICI Lombard General Insurance Company. Government employees who are IndusInd Bank Platinum Aura Edge Credit Card-holders get the following insurance coverage:

*Insurance Cover*	*Sum Assured up to*
Lost baggage	INR 1,00,000
Delayed baggage	INR 25,000
Loss of passport	INR 50,000
Lost ticket	INR 25,000
Missed connection	INR 25,000

f) Aura Edge Assurance Benefits:

How about a programme that gives you protection against fraudulent usage of your credit card? Get access to Total Protect, a first-of-its-kind programme that offers coverage for a sum up to the credit limit on your card. Total Protect covers you for:

Ø Unauthorised transactions in case of loss or theft of your credit card

Ø Counterfeit fraud which involves unscrupulous use of your card by means of counterfeit plastic

Additionally, get a free, personal air accident insurance cover of up to INR 25 lakh.

As a government employee, you have to juggle multiple roles, including taking care of your work and family responsibilities. The IndusInd Bank Platinum Aura Edge Credit Card For Government Sector Employees allows you to savour the delights of new-age shopping even as it simplifies managing your daily expenses, enabling you to spend and save prudently. The comprehensive sweep of insurance benefits are an added bonus.

Take your lifestyle up a notch with the IndusInd Bank Platinum Aura Edge Credit Cardtoday!

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MSME

How to Avoid Fees on Your Current Account

April 3, 2023 ANAND BHIDE Leave a comment

If you have a current account, you know that it’s important to keep an eye on fees and charges that can eat into your hard-earned money. While fees and charges are a necessary part of banking, there are ways to minimize them and keep your costs low. Here are some tips on how to avoid fees on your current account:

Keep a minimum balance: One of the easiest ways to avoid fees on your current account is to maintain a minimum balance. Most banks require you to maintain a certain balance in your account to avoid monthly maintenance fees. If you’re not sure what the minimum balance requirement is for your account, check with your bank.

Choose the right account: If you find that you’re paying too many fees on your current account, it may be time to switch to a different account that better suits your needs. Look for an account that has lower fees or no fees at all. Many banks offer free current accounts that come with no maintenance fees or monthly charges.

Use your bank’s ATM network: If you withdraw cash from an ATM that’s not in your bank’s network, you may be charged a fee. To avoid this, use your bank’s ATM network whenever possible. Many banks have large ATM networks, so finding a nearby ATM should be easy.

Monitor your account: Finally, it’s important to monitor your account regularly to make sure you’re not being charged unnecessary fees. Review your account statement each month and keep an eye out for any fees that you don’t recognize. If you do spot an error, contact your bank immediately to have it corrected.

Get an IndusInd Bank Current Account

If you are looking for a current account that offers competitive fees and charges, then consider getting an IndusInd Bank Current Account. IndusInd Bank offers a range of current account options that cater to the specific needs of different types of businesses. Additionally, IndusInd Bank offers a range of current accounts that come with several benefits.

Quick and hassle-free account opening: You can open an account with IndusInd Bank with minimal paperwork and get instant current account activation.

Choose your current account number: With My Account My Number feature, you can select a customized current account number that is easy to remember.

Account grouping for related businesses: If you have multiple businesses, you can group them together under a single account with common authorized signatories for ease of management.

Pre-approved loans: IndusInd Bank offers pre-approved loans to help you meet your instant capital requirements without any hassle.

Cheque and cash pick-up and drop-off facility: With this service, you can request for a pickup or drop-off of cheques or cash from the comfort of your office.

User-friendly mobile and internet banking: IndusInd Bank’s mobile and internet banking interfaces are designed to be user-friendly and convenient, allowing you to manage your account easily from anywhere and at any time.

Conclusion:

Fees and charges are a necessary part of banking, but you can minimize them by following these tips. By keeping a minimum balance, choosing the right account, using direct deposit, opting out of overdraft protection, using your bank’s ATM network, and monitoring your account regularly, you can avoid fees on your current account and keep your costs low.

Open Indusind Bank Current Account Now

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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Savings Account

Understanding interest rate on savings account: A detailed guide

April 3, 2023 ANAND BHIDE Leave a comment

Saving money is an essential aspect of financial stability, and savings accounts are one of the most popular ways to store your hard-earned cash. While savings accounts may seem like a simple and straightforward option, understanding the interest rates on them is crucial in ensuring that your money is working for you. In this blog post, we’ll explain what exactly a savings account is, what is the interest rate on savings account and how can you grow your money through the same.

What is a savings account?

A savings account is a type of bank account designed to help individuals save money and earn interest on their deposits. It is a simple and convenient way to store your money while earning a small return. Savings accounts are considered a safe and low-risk option for those who want to put their money away for future use or as an emergency fund. They typically have no or low fees and easy access to funds when needed, especially in the case of a Zero Balance Savings Account that eliminates minimum balance requirements. Overall, a savings account is a valuable financial tool for anyone looking to build wealth and achieve their financial goals.

What Are Interest Rates on Savings Accounts?

When you deposit money into a savings account, you earn interest on that money over time. Savings account interest rates refer to the percentage of your account balance that a bank or financial institution pays you for depositing your money with them. Interest rates are typically calculated and paid out either monthly or quarterly, and the amount you earn depends on the interest rate and the balance in your account.

How Do Interest Rates on Savings Accounts Work?

The interest rate on a savings account is the percentage that the bank or financial institution agrees to pay you for holding your money with them. For example, if the interest rate on a savings account is 2%, and you have Rs. 1,000 in the account, you’ll earn Rs. 20 in interest for the year. The interest is typically compounded, meaning that you earn interest on the interest that you’ve already earned. Let’s look at compounding of interest in detail.

What is compound interest on a savings account?

Compound interest on a savings account is a type of interest calculation where the interest earned is added to the principal amount, and the new total becomes the basis for calculating the interest for the next period. This means that you earn interest not only on your initial deposit but also on the accumulated interest.

Suppose you have Rs. 10,000 in a savings account that pays an annual interest rate of 5% compounded quarterly. After the first quarter, your account balance would be Rs. 10,125, which is the original Rs. 10,000 plus interest of Rs. 125. In the second quarter, the interest would be calculated on Rs. 10,125, not just the original Rs. 10,000. Therefore, the interest earned would be Rs. 127.03, which is slightly more than the interest earned in the first quarter because you are now earning interest on Rs. 10,125. This process repeats every quarter, and the interest earned keeps increasing due to the compounding effect.

Overall, compounding interest on a savings account can help your savings grow faster over time, as compared to simple interest, where interest is only calculated on the initial deposit amount.

How to grow your money using savings account interest rate?

Here are five easy steps you can take to maximize your earnings:

Choose a bank with a high interest rate – Although it may seem obvious, the bank you select and the interest rate they offer will have a significant impact on the amount of interest income you earn. IndusInd Bank Savings Accounts is a great option, as they offer competitive interest rates on industry-leading savings accounts.

Maintain an optimal balance – Since your interest is calculated based on your daily closing balance in your savings account, it’s important to keep your balance high. Instead of letting your money sit idle, invest it in your savings account to increase the base of your interest rate calculation.

Choose a savings account that aligns with your goals – When selecting a savings account, interest rate should not be your only consideration. It’s important to choose an account that aligns with your financial goals in the long term. For example, if you’re a senior citizen, consider investing in Indus Senior Citizen Savings Account which offers doorstep banking, minimal paperwork, and a variety of other benefits.

Consider an FD-linked savings account – To earn higher interest earnings, select a savings account that provides dual benefits. Indus Multiplier Max- FD linked Savings Account automatically converts any excess balance above a certain threshold limit in your savings account into fixed deposits. For example, any balance over Rs. 20,000 may be converted into FDs in multiples of Rs. 1,000, giving you double delights.

Take advantage of tax deductions on interest income – To encourage savings and investment, the IT Department offers tax deductions that you can claim to reduce your tax outgo and increase the amount of money you have available. These deductions can be claimed under Section 80TTA. Check out this link to learn more about the tax benefits of savings account interest income.

Choosing the right savings account

Trying to figure out which savings account is the best fit for you? Look for an account that meets your specific needs and goals while offering convenient access to your funds.

IndusInd Bank offers a variety of savings accounts that are tailored to meet your unique savings requirements. For example, the Indus Young Saver account is perfect for saving for your child’s future, while the Indus Diva Savings Account caters to the banking needs of modern women. These accounts come with competitive interest rates, rewards programs, cashbacks, discounts, and many other benefits.

With a range of options for cash withdrawals, including ATMs, online transactions, and payment via cheque and debit card, accessing your funds has never been easier. Choose IndusInd Bank for a savings account that truly fits your lifestyle and financial goals.

Open Indusind Bank Savings Account Now

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MSME

It is compulsory to open a current account for startups in India?

March 31, 2023 ANAND BHIDE Leave a comment

Starting a new business is an exciting time for entrepreneurs, but it also comes with many important decisions that need to be made. One of those decisions is whether to open a current account for the startup. In India, there is no legal requirement for startups to open a current account, but there are many benefits to doing so.

What is a current account?

First, let’s understand what a current account is. A current account is a type of bank account that is designed for businesses and other organizations to manage their finances. Unlike a savings account, a current account allows businesses to deposit and withdraw money as often as they need to. Current accounts also come with features such as overdraft facilities, checkbooks, and online banking that can be beneficial to businesses.

Why should MSMEs/startups open a current account?

Now let’s discuss why it may be beneficial for startups to open a current account. One of the main benefits is that it can help separate personal and business finances. By having a separate account for the business, it becomes easier to keep track of the money coming in and going out of the business. This can help with accounting and tax purposes.

A current account also offers convenience and flexibility. With a current account, businesses can make and receive payments easily through online banking, checkbooks, and other payment options. This can save time and effort compared to using personal accounts for business transactions.

In addition, a current account can also provide access to additional services and products that may be beneficial for startups. For example, some banks offer cash management services, business credit cards, and other financial products that can help manage and grow a business.

Which current account should startups open?

If you are looking for the best-in-class banking services for your enterprise, open a current account with IndusInd Bank. Here are 5 reasons why you should choose IndusInd Bank Current Account:

IndusInd Bank offers tailored banking solutions to cater to the specific needs of various industries, including IT/ITes, textile, telecom, shipping, agro import and export, and more.
With an IndusInd Bank current account, you can choose an easy-to-remember account number, whether it’s your anniversary date, mobile number, or lucky number.
IndusInd Bank’s current accounts offer flexible cash deposit limits that can adapt to your business’s dynamic transaction requirements today and tomorrow.
Our current account comes with a range of digital payment solutions, including POS devices, QR codes, Soundbox, and Payment Gateway solutions, so you can accept cashless payments from vendors, channel partners, customers, and more without any hassle.
IndusInd Bank provides user-friendly online banking portals, as well as secure mobile banking apps, making banking on the go simple, secure, and smooth.

That’s not all! You also get to experience hassle-free and secure doorstep banking services, including cheque pickups and on-call cash pickups, with IndusInd Bank’s premium doorstep banking offering for current account holders. So, what are you waiting for? Click here to open IndusInd Bank Current Account instantly, without any paperwork!

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What is a Loan against Property?

Important Things to Know about Loans against Property

1. Valuation of the Property

2. Ownership of the Property

3. Option of Pre-Closure

4. Repayment Tenure

5. Loan Processing & Fees

Why Choose IndusInd Bank for a Loan against Property?

Key Benefits of IndusInd Bank Platinum Aura Edge Credit Card

a) Cashback Benefits:

b) Entertainment Benefits:

c) Surcharge Waiver Benefits:

d) EMI Benefits:

e) Aura Edge Travel Insurance Benefits:

f) Aura Edge Assurance Benefits:

Get an IndusInd Bank Current Account

What is a savings account?

What Are Interest Rates on Savings Accounts?

How Do Interest Rates on Savings Accounts Work?

What is compound interest on a savings account?

How to grow your money using savings account interest rate?

Choosing the right savings account