All posts by ANAND BHIDE

Digital money transactions and transfers via credit cards, debit cards, and online banking have become commonplace today. However, despite their ease and convenience, no one can deny the risks associated with the security of your money when using these payment methods.

Fortunately, there is something known as an OTP (One-time Password) which acts as an added layer of security, ensuring it won’t be easy for cyber thieves to steal your money. Here is a comprehensive guide to what OTPs are and how they help protect your online credit card transactions.

What is an OTP?

The OTP is a unique number code consisting of four to six digits, briefly valid, and randomly generated by the bank to authenticate your credit card transactions.

For instance, if a thief happens to steal your credit card, they can see all its information, including the confidential CVV (Card Verification Value). But that’s not how an OTP system works. Here, even if someone else uses your card, they won’t be able to complete the transaction without entering the OTP – which only you have access to.

How does an OTP help Secure Credit Card Transactions?

Let us take the help of an illustration. You wish to use your credit card to buy an expensive pair of shoes from an Italian brand. When buying online, there is no-one to check the legitimacy or ownership of your card. This is where an OTP will verify your identity and the legitimacy of your credit card.

The process begins when you put in the credit card details on the store’s website. Once you have submitted the requisite information, the store merchant will promptly send a request to generate an OTP to either your registered mobile number or email address, or both.

After you have received the OTP, you will have to enter it on the website to complete the transaction. The transaction will only push through if you input the correct OTP.

Thus, a thief would need access to your credit card AND your registered mobile number or email address to be able to successfully use your credit card. This puts one more hurdle in the path of those out to commit fraud.

Things you Need to Know about an OTP

A major deterrent for cyber thieves, OTPs are used by more than 60 million credit card users in India to validate and complete their online transactions. Here are some useful facts about OTPs:

OTP is time-restricted; you will not be able to authenticate a transaction if you do not use the OTP within a few minutes, usually ten or fewer, from the time of it being generated.
OTP can be used only once and should not be shared with anyone.
Transactions in which an OTP is required includes all types of online payments including shopping and utility bill payments.
Receiving an OTP without requesting for one immediately alerts you to possible fraudulent activity being conducted using your card
OTP serves as a quick and hassle-free one-time solution that effectively saves you the bother of remembering multiple passwords.
OTPs are only generated for online transactions. If you were to walk into a store and swipe your credit card, you would have to punch in your 4-digit credit card PIN.

Why you should Choose IndusInd Bank Credit Cards

Trusted by thousands of Indian credit card users, IndusInd Bank credit cards, in addition to being packed with exclusive benefits and rewards, boast highly robust security features.

For instance, credit cards like the Platinum Aura Edge Credit Card, Nexxt Credit Card, EazyDiner Credit Card and Legend Credit Card are chip-based contactless cards that enable faster and 100% secure transactions that protect the card-user against fraudulent purchases through encryption and dynamic data technology.

Additionally, these cards come with the unique ‘Total Protect’ feature that provides insurance cover for an amount equal to the credit limit on your card for unauthorized card transactions – both in case of theft – and in case of counterfeit fraud.

IndusInd Bank offers different types of credit cards, each laden with a unique bouquet of benefits, tailored to meet varying lifestyle needs and preferences. What’s more, it is easy to obtain an instant credit card with IndusInd Bank. Designed for the convenience of customers, we offer a 3-step, 100% paperless application process and give instant approval. Apply for your IndusInd Credit Card 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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Investment

Investing Money? Top Factors to Consider Before Investing in a Fixed Deposit

February 24, 2023 ANAND BHIDE Leave a comment

A fixed deposit is a reliable and secure form of investment. All the same, you should consider a range of factors before putting your money in one. These factors include inflation, interest rate, FD tenure, premature withdrawal, interest pay-out options, and tax deduction.

In India, putting money in a fixed deposit (FD) is like heeding a piece of wisdom passed down through the generations. A form of investment that has seen millions repose trust in it for decades, fixed deposits remain attractive to risk-averse and risk-tolerant individuals alike. Moreover, a fixed deposit account is extremely simple in the way it works, contributing, in no small measure, to its popularity even among people unacquainted with the world of finance and banking. But putting your hard-earned cash in any money-growing scheme represents a modicum of risk. Exercising caution before you take that leap of faith is imperative. Even for something as reliable as an FD, it is essential to be aware of all aspects in order to make sure your capital remains secure and you earn the expected returns which can be calculated using FD Calculator.

So if you are planning to invest in a fixed deposit, here six critical factors you must keep in mind.

1. Rate of Inflation

Inflation erodes the purchasing power of money over time. It is therefore important to estimate your FD returns after taking the rate of inflation into account. For instance, if the rate of inflation is 6% and your FD offers you an interest of 7% per annum, the FD amount is growing by an additional 1%.

2. Rate of Interest

Although unaffected by market conditions, the FD rate of interest is not the same across banks. It is thus prudent to shop around and compare the rates of interest offered by different banks before opening an FD account.

It also must be noted that the interest rate on your FD varies with the tenure, with longer terms – ranging between 2-5 years – usually earning a higher interest.

3. The Tenure

Leading banks nowadays offer tenures ranging from 7 days to 10 years. Since different investors have different requirements, you should choose the tenure carefully, keeping your personal preferences and liquidity needs in mind.

4. Interest Pay-Outs

With a fixed deposit account, you may choose the frequency of your interest pay-outs –monthly, quarterly, half-yearly, annual, or at maturity. It must be borne in mind that FDs are categorised as cumulative and non-cumulative depending on the interest pay-out. In the former, the interest compounded on the invested amount is paid at the time of maturity; in the latter, interest pay-outs are given at chosen intervals.

5. Premature Withdrawal

In case an emergency strikes, you do have an option of making a partial or complete withdrawal from your FD before the maturity date. Premature withdrawals are typically subject to a penalty which varies from bank to bank.

6. Tax Deduction

Your FD interest income will be subjected to Tax Deducted at Source (TDS) if it exceeds INR 40,000 in a year. With a tax-saver FD, you could avail of tax benefits of up to INR 1.50 lakh in a financial year. However, this type of FD comes with a lock-in period of 5 years and cannot be withdrawn until maturity.

Why Choose IndusInd Bank Fixed Deposit?

An IndusInd Bank fixed deposit has all the classic benefits expected of an FD. It is highly secure, the interest rates are attractive, and there is a good deal of flexibility offered in terms of tenure, amount, and interest pay-out options. IndusInd Bank also offers Tax Saver FDs for those looking at the tax-saving aspect.

Booking an IndusInd Bank FD itself is a simple and hassle-free 3-step process requiring only basic KYC documents such as PAN and Aadhar card.

So, don’t let your funds sit idle; invest in a fixed deposit today!

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Credit Card

IndusInd Bank Next Credit Card – India’s First Interactive Card

February 23, 2023 ANAND BHIDE Leave a comment

Have you ever seen a card that interacts with you and allows you to switch between multiple payment options using in-built buttons?

Well, you can now experience uniqueness in a whole new way with IndusInd Bank Nexxt Credit Card that comes with interactive buttons and LED lights.

You must have never seen anything like that ever, right? Of course, because this is the only credit card in India to offer such unique features. But this is not the only outstanding thing about this credit card, you also get to enjoy savings of up to ₹24,100 on your regular spends and up to ₹2400 savings on fuel surcharge, annually.

Wish to know more in detail about IndusInd Bank Nexxt Credit Card rewards and benefits. Read through to know more.

IndusInd Bank Nexxt Credit Card Rewards

Like every feature of this card, rewards that come along with IndusInd Bank Nexxt Credit Card are truly next level. Have a look at all the features below.

Earn 1 reward point for every ₹150 spent using your IndusInd Bank Nexxt Credit Card.
Claim exclusive deals on top brands like MakeMyTrip, AJIO, Tata CLIQ, Flipkart on IndusMoments.
Use your accumulated reward points for Airline Miles. 100 Reward Points = 100 InterMiles.
Convert your reward points into Club Vistara points easily. 100 Reward Points = 100 Club Vistara points.
Convert your reward points to cash easily. 1 Reward Point = ₹ 0.75 cash value.
Directly pay your bills using your reward points with ‘Pay with Rewards’ feature at selected merchant stores.

IndusInd Bank Nexxt Credit Card Benefits

Get an Oberoi Gift Voucher and enjoy luxurious stay at one of the best Oberoi Hotels across the country.
Explore the exquisite collection of products of one of the most premium brands, Montblanc.
Access 30 global luxury brands across 30 cities in India with Luxe Gift Card.
Get an exclusive Postcard Hotel stay voucher and enjoy a luxurious stay across the country.
Get discount vouchers from Vouchagram and avail offers on brands like Amazon, Flipkart, Zee5, Apollo Pharmacy, Pantaloons, Bata, Raymond, Charles and Keith, Hush Puppies, Uber, Ola and more.
Buy 1 movie ticket on BookMyShow.com and get another one for free. Claim up to 2 free movie tickets every month.
Enjoy 1% fuel surcharge waiver on all fuel stations across the country and get annual savings of up to ₹2400
Stay protected against loss/theft and counterfeit fraud with insurance under the ‘Total Protect’ feature.
Enjoy a complimentary personal air accident insurance cover of up to Rs 25 lakh and fly worry-free.
Toggle between different payment options: Credit, Reward, or EMI using in-built card buttons.

Apply Online for IndusInd Bank Nexxt Credit Card

Visit the IndusInd Bank Nexxt Credit Card page
Click on the ‘Apply Now’ button
Provide your contact and PAN details
Verify your address details
Choose ‘IndusInd Bank Nexxt Credit Card’
Complete Video KYC verification

That’s it! After completing the process, your card will be delivered to your address within 2-3 days.

Apply Now

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Personal Loan

How to Calculate Amortization of Personal Loan & its Benefits

February 23, 2023 ANAND BHIDE Leave a comment

Amortization refers to paying off your loan through principal and interest payments over time. Benefits of calculating amortization include easier evaluation of loan options, a better understanding of your loan, and assistance in making better financial decisions, among others.

For most people, the idea of taking out a loan evokes some dread and trepidation. A loan is, after all, a liability that a borrower has to shoulder until it is paid off in full.

But that said, a personal loan is very often the only feasible option when faced with a financial emergency that calls for a substantial amount of money. Besides, this loan type is also extremely convenient for those in need of urgent funds – it is collateral-free and can be repaid in monthly instalments.

If you are planning to apply for a personal loan, it is important to gain a thorough understanding of all its aspects. One of these is amortization. Here is everything you need to know about calculating amortization of your personal loan and its related benefits.

What is Amortization?

In simple terms, amortization is a technique used to lower the value of an intangible asset or a loan over a period of time.
Speaking specifically of a personal loan, amortization refers to the process of spreading out the repayment of the loan over time via regular instalments of interest and principal such that it is paid off in full by the maturity date.
This is carried out with the help of an amortization schedule i.e. a structured payment method such as an Equated Monthly Instalment (EMI).
Usually, an amortization schedule allocates a higher percentage of the EMI towards interest early in the loan. But with each subsequent payment, the payment towards the principal amount increases and the repayment of monthly interest decreases.

How to Calculate Amortization of Personal Loan

The best way to understand amortization is through an amortization table. An amortization table neatly details each month’s loan payment as well as how much of that monthly payment goes towards interest and how much to the principal.

The table below is an amortization table or schedule, illustrating how each EMI you pay affects your loan. For example, you avail of a personal loan of INR 20,000 at an interest rate of 5% and a tenure of 60 months. A personal loan EMI calculator can help you calculate the EMI, which comes to roughly INR 377.42. Here’s the amortization schedule for the first four and last two months.

Month	Opening Loan Balance	EMI	Principal Repaid	Interest Repaid	Closing Loan Balance
1	INR 20,000.00	INR 377.42	INR 294.09	INR 83.33	INR 19,705.91
2	INR 19,705.91	INR 377.42	INR 295.32	INR 82.11	INR 19,410.59
3	INR 19,410.59	INR 377.42	INR 296.55	INR 80.88	INR 19,114.04
4	INR 19,114.04	INR 377.42	INR 297.78	INR 79.64	INR 18,816.26
59	INR 750.16	INR 377.42	INR 374.30	INR 3.13	INR 375.86
60	INR 375.86	INR 377.42	INR 374.29	INR 1.57	INR 0

Benefits of Calculating Amortization of Personal Loan

The practical benefits of calculating amortization are as follows:

1) Offers a better understanding of your loan: Amortization helps potential borrowers understand how their loan repayment works, laying out the different parts of a loan in detail.

2) Evaluate loan options with ease: By highlighting the cumulative cost of interest, an amortization table helps you evaluate loan options with ease.

3) Make informed financial decisions: Banks typically offer different interest rates. Knowing your amortization schedule in advance can help you make prudent, well-informed decisions about which personal loan to choose and from which lender.

4) Adjust the timeline in future: Being aware of the cumulative amount of interest through the amortization schedule may encourage you to adjust the loan’s timeline.

You could make additional payments to reduce the principal amount, bringing down the cost of interest in the months to come.

IndusInd Bank Personal Loan EMI Calculator

If you are looking to take out a personal loan, it is best to opt for one with terms tailored to your requirements. The easiest way to identify such terms is to use a personal loan calculator which provides details of your payable EMIs. Additionally, it often helps you figure out your repayment pattern with an amortization table displaying the breakup of the repayable loan amount.

If you wish to calculate your EMI based on the principal amount and interest, you may always rely on IndusInd Bank’s highly accurate personal loan EMI calculator. This free, easy-to-use, and efficient online tool shows instant results, allowing you to plan your future financial liabilities with care.

Apply for a Personal Loan Now!

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Credit Card

How Can I Avail Lifetime Free Credit Cards with IndusInd Bank

February 23, 2023 ANAND BHIDE Leave a comment

A credit card is powerful financial tool, highly useful to contemporary lifestyles due to its convenience and flexible payment options. Credit cards come with attractive discounts, promotions, and deals, making them a smart choice for users.

The annual fee is an important factor to consider when searching for the best credit card. Many individuals seek credit cards with maximum benefits and minimal charges. Some even look for lifetime free credit cards to avoid paying any fees. To meet these demands, several credit card issuers today offer a variety of lifetime free credit cards.

A lifetime free credit card is one that has no joining or annual fee. With these cards, you can enjoy all the benefits of a credit card without worrying about added expenses.

IndusInd Bank offers a selection of lifetime free credit cards with an easy and convenient digital application process. These credit cards are packed with exclusive features and benefits to maximize your savings and ensure a smooth payment experience.

Read on to explore how IndusInd Bank’s lifetime free credit cards offer a range of exclusive benefits.

IndusInd Bank Lifetime Free Credit Cards Benefits

The table below elucidates the key features and benefits of IndusInd Bank’s lifetime free credit cards.

Highly Rewarding	Earn reward points for every purchase made with your credit card and win additional bonus points on reaching spending milestones.
Lifetime Fee Waivers	Select from IndusInd Bank’s free credit card range and enjoy lifetime benefits without paying any fee.
Reward Points that Never Expire	The credit card reward points never expire, allowing you to redeem them at your convenience or even convert them into cash to pay off your credit card balance.
Fuel Surcharge Exemption	You can enjoy a waiver on fuel surcharge fees at petrol pumps throughout India.
Access to Airport Lounge	Experience the luxury of complimentary airport lounge access at selected domestic and international airports.
Cashback Offers	Save more with IndusInd Bank’s lifetime free credit cards, featuring attractive cashback deals and offers.
Total Protect	Insurance cover for unauthorized transactions in case of loss/theft of card.

How to Apply for a Lifetime Free Credit Card with IndusInd Bank?

Follow the below-mentioned steps to apply for an IndusInd Bank lifetime free credit card online:

Step 1: Visit IndusInd Bank website and enter your basic details such as your PAN number, mobile number, email ID, and pin code to get started.

Step 2: Confirm your address information.

Step 3: Compare the offers and rewards and select the credit card that closely fits your needs.

Step 4: Complete your application with an instant video KYC.

Step 5: The credit card will be delivered to your address within 2-3 business days.

Why Should You Choose IndusInd Bank Lifetime Free Credit Cards?

With a lifetime fee waiver, IndusInd Bank credit cards allow you to maximize your benefits, indulging in premium lifestyle privileges all through the year at zero cost! Additionally, you can enjoy a host of lucrative offers when shopping for clothes and groceries, making dinner reservations, booking flight or movie tickets, and much more. These cards are ideal for new cardholders, young professionals, or anyone who doesn’t want to pay a fee for their credit card!

Need a lifetime free credit card? Apply online today.

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What is an OTP?

How does an OTP help Secure Credit Card Transactions?

Things you Need to Know about an OTP

Why you should Choose IndusInd Bank Credit Cards

1. Rate of Inflation

2. Rate of Interest

3. The Tenure

4. Interest Pay-Outs

5. Premature Withdrawal

6. Tax Deduction

Why Choose IndusInd Bank Fixed Deposit?

IndusInd Bank Nexxt Credit Card Rewards

IndusInd Bank Nexxt Credit Card Benefits

Apply Online for IndusInd Bank Nexxt Credit Card

What is Amortization?

How to Calculate Amortization of Personal Loan

Benefits of Calculating Amortization of Personal Loan

The practical benefits of calculating amortization are as follows:

IndusInd Bank Personal Loan EMI Calculator

IndusInd Bank Lifetime Free Credit Cards Benefits

How to Apply for a Lifetime Free Credit Card with IndusInd Bank?

Why Should You Choose IndusInd Bank Lifetime Free Credit Cards?