All posts by ANAND BHIDE

When you’re applying for a credit card, the most important factor that affects your approval is your CIBIL score. CIBIL score is a three-digit number that represents your creditworthiness and your repayment ability. It is an important factor that lenders consider while making a decision on approval. A high CIBIL score indicates that you are a responsible borrower who is likely to repay the loan on time. While a low CIBIL score means that you may have trouble getting a loan or a credit card.

If you are looking to improve your CIBIL score, here are some key pointers you must follow.

1. Pay Your Bills on Time

The most important factor that affects your CIBIL score is your repayment history. Late payments can severely impact your credit score, so it’s crucial to make sure you pay your bills on time. Set up payment reminders, automate payments or make a schedule to pay your bills on time.

2. Maintain a Low Credit Utilization Ratio

Your credit utilization ratio is the amount of credit you use with respect to the total available credit limit. For example, if your credit card has a limit of ₹50,000, and you have used ₹25,000, your credit utilization ratio is 50%. A high credit utilization ratio depicts you as financially unstable which can negatively impact your CIBIL score. To improve your CIBIL score, it’s essential to keep your credit utilization ratio low. It is advised to keep your credit utilization ratio under 30%.

3. Monitor Your Credit Report Regularly

Your credit report contains information about your credit accounts, payment history, and other details that lenders use to determine your creditworthiness. It’s essential to check your credit report from time to time to ensure that all the information is correct. If you notice any errors or discrepancies, you should immediately inform the credit bureau and get them corrected.

4. Keep Old Credit Accounts Active

Financial experts advice that even if your old credit accounts are no longer in use, don’t close them. Keeping your credit accounts open active for a longer time can help improve your credit score. Closing a credit account can reduce your available credit, which can increase your credit utilization ratio.

5. Avoid Making Too Many Credit Inquiries

When you apply for a loan or a credit card, the lender will mark an inquiry into your credit report. Making multiple inquiries in a short span of time can negatively impact your CIBIL score as it portrays you as a credit-hungry individual to lenders.

6. Increase Your Credit Limit

If you have a good payment history, you can ask your lender to increase your credit limit. This can help lower your credit utilization ratio and improve your CIBIL score. However, you should not use this as an opportunity to overspend.

In conclusion, improving your CIBIL score requires discipline and responsible credit behavior. By paying your bills on time, maintaining a low credit utilization ratio, monitoring your credit report, keeping your credit accounts active, avoiding too many credit inquiries, and increasing your credit limit responsibly, you can improve your credit score and enhance your chances of getting approved for loans and credit cards.

If you’re looking for a lifetime free credit card that offers amazing discount offers and rewards, IndusInd Bank has a range of options to match your lifestyle and needs. Apart from exclusive brand discounts, you also get to enjoy reward points that never expire and exquisite welcome benefits.

Apply 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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MSME

Can current account holders use UPI?

March 23, 2023 ANAND BHIDE Leave a comment

Unified Payments Interface, popularly known as UPI, is a revolutionary payment system that has transformed the way people in India transfer money. It allows for seamless and instant transfers between bank accounts using a mobile application. UPI has made banking simpler, faster, and more secure. However, many people are still unsure about whether current account holders can use UPI. In this blog post, we will answer this question and explain everything you need to know about UPI and current accounts.

Firstly, let’s understand what is a current account. A current account is a type of bank account that is primarily used for business transactions. It is designed to facilitate frequent transactions and withdrawals, making it ideal for businesses that need to manage their day-to-day expenses. A current account holder can deposit and withdraw money as and when required and can also avail other services such as overdraft facilities, cheque books, and online banking.

Now, coming to the question of whether current account holders can use UPI – the answer is yes. UPI is available to both savings account holders and current account holders. UPI enables users to link their bank accounts with a virtual payment address (VPA) and make transactions using their mobile phones. To link a current account with UPI, the account holder needs to register for UPI using the mobile banking app or website provided by their bank. Once the registration process is complete, the current account holder can use UPI to make and receive payments.

If you wish to offer your customers more ways to pay, open a current account with IndusInd Bank.

As digital payments become more and more prevalent in India, businesses are looking for banking solutions that can help them accept payments quickly, easily, and securely. That is why IndusInd Bank Current Accounts come with multiple payment solutions that make it easy to accept digital payments without any hassle.

IndusInd Bank Current Account empowers your business with the ability to accept contactless card payments. Using a POS device, you can accept payments from customers using their debit or credit cards. This not only makes it easier for customers to pay, but also enhances the overall customer experience.

In addition to contactless card payments, the IndusInd Bank Current Account also allows you to accept payments through QR code and UPI. These payment methods are becoming increasingly popular in India, and businesses that offer them are more likely to attract and retain customers.

That’s not all, you can even order a soundbox for your business to real-time audio confirmation of payments using the Indus Merchant Solutions App. IMS app makes it even more convenient for you to manage your payments via digital ledger, auto-settlement of payments, 24X7 access to account details and the ability to accept payments anywhere, anytime!

With multiple payment solutions and the all-in-one mobile banking app Indus Merchant Solutions, you can easily accept payments from customers and manage your finances on-the-go. This not only saves time and effort but also improves the overall efficiency of your business.

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

Is it bad to have a lot of money in a savings account?

March 23, 2023 ANAND BHIDE Leave a comment

Savings accounts are a popular choice for many individuals who want to keep their money safe while earning some interest. However, is it bad to have a lot of money in a savings account? To answer this, let’s take a closer look at what happens to your money in a savings account.

Firstly, it’s important to understand that when you deposit money into a savings account, the bank pays you interest on your balance. The interest rate varies depending on the bank, the type of savings account, and other factors. You can grow your wealth over time with the power of compound interest on savings account. Compound interest means that you earn interest not only on your initial deposit but also on the interest that your money earns. By leaving your money in the account and letting the interest accumulate, your savings will grow faster. Additionally, IndusInd Bank Savings Accounts offer higher interest rates that help you earn more interest and grow your savings even faster.

So, is having a lot of money in savings account bad?

No. Quite the contrary, having extra money in a savings account can provide a sense of financial security and stability. Savings accounts are low-risk and easily accessible, making them an attractive option for individuals who want to keep their money safe while earning some interest.

1. Emergency Fund: A savings account is an ideal place to keep an emergency fund. This money that is set aside can help cover unforeseen expenses such as medical bills, car repairs, or job loss. Having a substantial amount of money in a savings account can provide peace of mind, knowing that you have a safety net to fall back on in case of an emergency.

2. Short-Term Goals: Savings accounts are also great for achieving short-term financial goals. If you’re saving up for a vacation, a down payment on a home, or a wedding, a savings account can help you reach your goal faster. By having a lot of money in a savings account, you can earn interest on your money while working towards your financial goal.

3. Easy Access: Unlike many other investment options, the funds in your savings accounts are easily accessible, which means that you can withdraw your money at any time without penalty. This is especially useful in case of an emergency when you need access to your funds quickly. With a savings account, you can rest easy knowing that your money is safe and easily accessible whenever you need it.

4. Low-Risk: Savings accounts are low-risk investments, which means that you don’t have to worry about losing your money. Unlike stocks, bonds, or mutual funds, savings accounts don’t fluctuate in value, making them a reliable place to keep your money.

5. Interest Income: As mentioned earlier, the interest that you earn on your account balance is a great way to get guaranteed returns. The interest rate on IndusInd Bank Savings Account helps you multiply your wealth faster. Your funds will be accessible at all times while you earn attractive returns on it with IndusInd Bank.

The IndusInd Bank Savings Account is simple to use and comes with great benefits. With attractive interest rates, a paperless account opening process, and 100% digital banking via the IndusMobile App, managing your account is easy. You can even pick an account number of your choice and enjoy discounts & offers from top brands. Start saving for your future today with the IndusInd Bank Savings Account!

If you still do not wish to keep more than a certain amount in your savings account, you can use the remaining balance to book an FD. Booking a fixed deposit (FD) is a good idea for many reasons. Booking a Fixed Deposit (FD) can be a great investment option for those looking to grow their savings in a safe and predictable manner. With an FD, you can lock in your money at a fixed interest rate for a specified period, which can range from a few months to several years. This means that you can earn a higher interest rate compared to other investment options in the market, while also having the peace of mind of knowing that your investment is secure.

IndusInd Bank Fixed Deposits can help you achieve your financial goals by providing a guaranteed return on your investment, which can be particularly useful if you’re saving for a specific expense such a home down payment or a child’s higher education. By booking an FD with IndusInd Bank, you can take advantage of the benefits of a safe and stable investment option, while also ensuring that your savings are growing at a predictable rate.

Click here to book instant FD

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Will a current account be closed if it has zero balance?

March 22, 2023 ANAND BHIDE Leave a comment

The business sector in India has undergone a remarkable transformation over the past few decades and is now recognized as one of the most dynamic and diverse in the world. With a large and growing consumer base, a vibrant entrepreneurial ecosystem, and a favorable policy environment, India has become a hub for several industries, including information technology, manufacturing, healthcare, and services. The business landscape is also witnessing significant changes driven by the emergence of new technologies. Additionally, the government’s initiatives such as Make in India, Digital India, and Startup India have created a conducive environment for businesses to flourish. To thrive in this dynamic business landscape, having a current account becomes an essential financial tool for businesses.

A current account is a critical financial tool for businesses that require a high volume of transactions. It allows them to make and receive payments easily and provides the flexibility to make frequent deposits and withdrawals. This is essential for businesses to manage their day-to-day expenses effectively and ensures that their cash flow remains uninterrupted.

A current account is essential for businesses to conduct daily financial transactions.
It provides the convenience of making unlimited transactions without restrictions on withdrawals and deposits.
It helps in managing cash flows, providing overdraft facilities, and maintaining a record of financial transactions.
A current account can be used to receive payments from customers, make payments to suppliers, and manage salaries and wages for employees.
It provides access to various banking services, such as internet banking, mobile banking, and cheque books, that can help in streamlining business operations.

IndusInd Bank offers a wide range of current accounts to meet the unique banking requirements of businesses. Whether you are looking for a current account that can cater to your present banking needs or one that can support your future expansion plans, IndusInd Bank has got you covered.

By opening a current account with IndusInd Bank, you can enjoy a range of benefits, including instant account opening with minimal paperwork, an account number of your choice with the My Account My Number feature, and account grouping for related business entities with common authorized signatories.

Moreover, IndusInd Bank Current Accounts come with pre-approved loans that can be availed instantly to meet your capital requirements. The bank also provides a cheque/cash pick & drop facility on call, which is extremely convenient for businesses that require frequent cash or cheque deposits. Additionally, you can open IndusInd Bank Current Account without any branch visits using Video KYC!

Minimum balance on current accounts

Banks also mandate a minimum balance requirement in a current account, which refers to the minimum amount of money a customer must maintain in their account at all times. This requirement can vary based on account type, location, and usage among different banks. Failure to maintain the minimum balance may result in a nominal fee or account closure, depending on the bank’s policies. One question that often comes up with current accounts is whether a current account can be closed if it has a zero balance.

Will a current account be closed if it has zero balance?

The short answer is that it depends on the bank’s policies and procedures. Some banks may close a current account if it has been inactive for a certain period of time, such as six months or a year, regardless of the balance. Other banks may allow the account to remain open even if it has a zero balance, as long as the account holder continues to meet certain conditions, such as making frequent deposits or maintaining the minimum balance.

One reason why a bank may choose to close a current account with a zero balance is that it can be costly to maintain. Banks incur costs for providing account holders with services such as ATM withdrawals, online banking, and customer support, even if the account has no funds. Additionally, the bank may be unable to recover these costs if the account holder does not generate any revenue or profit for the bank. In this case, it may be more cost-effective for the bank to close the account rather than continue to incur costs.

However, there are also reasons why a bank may choose to keep a current account open even if it has a zero balance. For example, the bank may view the account holder as a potentially valuable customer who may generate revenue in the future. The bank may also want to maintain a relationship with the account holder and may see the current account to do so. Additionally, the bank may be willing to offer incentives, such as waiving fees or providing preferential rates, to encourage the account holder to continue using the account.

If a current account holder is concerned about their account being closed due to a zero balance, they should review the terms and conditions of their account agreement and contact their bank to discuss their options.

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Savings Account

Can you link multiple debit cards to one savings account?

March 22, 2023 ANAND BHIDE Leave a comment

Saving money is an important part of financial planning, and having a savings account can be a great way to get started.

A savings account is designed for individuals to save money for future use. It is a great way for individuals to keep their money safe and earn interest on their account balance. In a savings account, you can deposit and withdraw money as and when required. Let’s look at why it is important to have a savings account:

Why have a savings account?

1. Emergencies can happen at any time:

One of the most important reasons to have a savings account is to have a safety net in case of emergencies. Unexpected expenses, such as car repairs, medical bills, or job loss, can come up at any time, and having a savings account can provide you with the funds you need to cover these expenses without going into debt.

2. Provides a way to meet your financial goals:

Whether you’re saving up for a down payment on a house, a new car, or a vacation, a savings account can help you reach your financial goals. By regularly depositing money into your savings account, you can steadily work towards your goal. With interest income on savings account, you also feel a sense of accomplishment as you watch your savings grow.

3. Helps you budget your money:

Having a savings account can also help you budget your money better. By setting aside a portion of your income into your savings account each month, you can create a budget for your expenses that allows you to live within your means while still saving money for the future.

4. Provides a source of passive income via interest:

Many savings accounts offer interest rates, which means that your money can earn more money over time. The attractive interest rate that IndusInd Bank offers on savings account makes them a great way to earn passive income without taking on a lot of risk.

5. Can help you build credit:

Having a savings account can also help you build credit, especially if you’re just starting out.

If you are looking for a reliable and hassle-free savings account, go for IndusInd Bank Online Savings Account which offers a range of features to help you manage your money easily and securely. With 100% digital account opening via Video KYC, instant online banking services, and competitive interest rates, our savings account is designed to meet your financial needs. Plus, enjoy a host of benefits, including free ATM withdrawals, cashback on transactions, and discounts on shopping and dining. Whether you’re saving for a rainy day or planning for the future, our savings account has got you covered.

Now that you know the importance of having a savings account, let’s take a look at what role do debit cards play in making our lives easy.

What is a debit card?

A debit card is a payment card that allows you to access funds from your bank account electronically. It works like an electronic check or an ATM card and is linked to your savings account. With a debit card, you can make purchases at merchants that accept card payments, withdraw cash from ATMs, and make online purchases. When you use your debit card to make a purchase, the funds are deducted from your linked bank account.

IndusInd Bank debit cards also offer additional features, such as rewards points on purchases, cashbacks, offers & discounts across top brands, purchase protection and lots more.

Is it possible to link multiple debit cards to one savings account?

It depends on the bank’s policy and the type of debit card you have. Some banks may allow you to link multiple savings accounts to your debit card, while others may only allow you to link one savings account. If your bank does allow multiple savings accounts to be linked to your debit card, you may be able to select which account is used for each transaction, depending on the type of transaction and the available balance in each account.

It’s important to check with your bank directly to see what their policy is on linking multiple savings accounts to your debit card, as this can vary depending on the bank and the type of account you have.

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If you wish to offer your customers more ways to pay, open a current account with IndusInd Bank.

So, is having a lot of money in savings account bad?

Minimum balance on current accounts

Will a current account be closed if it has zero balance?

Why have a savings account?

1. Emergencies can happen at any time:

2. Provides a way to meet your financial goals:

3. Helps you budget your money:

4. Provides a source of passive income via interest:

5. Can help you build credit:

What is a debit card?

Is it possible to link multiple debit cards to one savings account?