Indus Select Account is a valuable account variant for NRIs to better optimize their financial situation and enjoy benefits, such as free family accounts, locker discounts, dedicated relationship manager, online banking, and more. Apply today to experience hassle-free banking!

India’s growing economy offers a range of financial products that provide investors with attractive returns. By opening a savings account in India, NRIs can easily invest in these opportunities and grow their wealth, risk free.

Additionally, India’s stable banking system and competitive interest rates make it a desirable alternative for NRIs to park their funds. The convenience of opening an NRI account allows for quick fund transfers to family members and efficient management of finances from anywhere in the world. IndusInd Bank’s Indus Select Account is a specialized banking solution that provides NRIs with easy access to their funds in India and hassle-free banking services.

In this blog, we will explore the distinguishing features and benefits of Indus Select Account, highlighting why it is a compelling option worth considering.

Features and Benefits of Indus Select Account

Indus Select Account offers a range of significant features and benefits, including:

Why Should You Opt for an Indus Select Account?

Apart from the benefits mentioned above, Indus Select Account provides numerous advantages, including attractive interest rates, customized services, and discounts, making it a smart financial choice for investors seeking opportunities in India. When you open an Indus Select Account, you can take advantage of a “buy 1 get 1 free” offer on movie tickets at BookMyShow and save up to Rs. 21,000 annually through cashback, discounts, and complimentary movie tickets. The account includes free statements, cheque books, duplicates, interest certificates, and other useful facilities. Furthermore, the account offers multiple investment options, such as mutual funds and fixed deposits, to help you increase your wealth.

Indus Select Account also offers an assortment of specially crafted debit cards that elevate banking and shopping experiences with exclusive perks such as complimentary lounge access, reward points, free issuance/annual fees, 1% cross-currency markup, and more.

So, wait no more! Experience hassle-free banking with exclusive privileges tailored for NRIs by opening an Indus Select Account. 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.

FASTag scanners are electronic devices installed at tool booths. Using Radio Frequency Identification (RFID) technology, they communicate with FASTag stickers, facilitating quick electronic toll collections as the toll amount is automatically deducted from the linked bank account or wallet. Through automated contactless payments, these scanners reduce traffic congestion at toll booths and save time.

Ever since FASTags were mandated in 2021 for vehicles driving through national highways, this humble tag has become ubiquitous in usage. Users simply need to link a mobile wallet or a bank account to their FASTag, and the applicable amount is automatically deducted from the linked account. Implemented by the Indian government to avoid congestion and long queues at national highways throughout the country, this cashless payment model facilitates electronic toll collection with ease.

 Working in unison as part of this well-ordered system is a device called the FASTag scanner. The scanner may seem simple, but its functionality is far from ordinary. It is due to this scanner that the cashless system works smoothly at toll plazas, eliminating the need for manual cash transactions, thus making way for a hassle-free payment experience for drivers.

What is a FASTag Scanner?

FASTag scanners are installed at toll gates to facilitate quick cashless payment collection by toll booths. Deploying advanced Radio Frequency Identification (RFID) and Electronic Toll Collection (ETC) technologies, the scanner is able to read and process information from the FASTag sticker on a vehicle’s windshield. This information includes the unique tag ID and the details associated with the linked account or wallet.

The scanner ‘communicates’ with the FASTag through radio waves each time a vehicle passes through a booth. This means users need not stop their vehicles or wait in long queues to make cash payments at a toll plaza. They can simply drive through as the scanner reads the FASTag even as the vehicle is in motion, and facilitates an automatic payment.

Do note that your tag must be connected to a prepaid wallet or bank account to ensure successful digital payments.

How Does a FASTag Scanner Work?

To enjoy the hassle-free experience of automatic toll payments, users must first buy FASTag online or offline from IndusInd Bank. If you already have the sticker on your windshield, it is important to check the FASTag balance before making a trip.

Now, when you cross a toll plaza, the toll amount is automatically deducted from the linked account or wallet. FASTag scanners are designed to be highly accurate and efficient. They are able to handle a large volume of vehicles, thereby reducing waiting times and fuel consumption.

This is how the process works.

When a vehicle enters the range of a scanner, it sends a signal to activate the RFID chip in the FASTag sticker. The sticker then transmits the information stored in it. When the scanner receives this information, it instantly processes the toll payment transaction and the amount is deducted from the linked account. Upon a successful transaction, the scanner signals the toll barrier to open, allowing the vehicle to pass through.

Finally, it generates a digital transaction receipt as payment proof for both the driver and the toll plaza operator.

Of course, the entire process takes place in a matter of seconds, thus ensuring a smooth flow of traffic at toll plazas.

What Happens if the Scanner Doesn’t Work?

Since FASTags are mandatory on national highways in India, toll payments for four-wheelers are only processed through this system. However, there may be instances where a user’s payment doesn’t go through due to a fault in the scanner or the tag itself.

This can happen due to:

Damaged or Expired FASTag

The scanner cannot read a tag if it happens to be damaged or expired. In such an event, the user must bear the penalty and pay double the toll amount in cash. In any case, it is imperative to approach your tag-issuing bank and get a valid and functioning tag as a replacement.

Damaged Scanner

If the toll payment isn’t processed despite the presence of an active tag and adequate balance in the user’s account or wallet, the toll booth scanner may likely be damaged. Government guidelines suggest that such an event marks the failure of the toll contractor to collect the applicable amount due to an infrastructural failure. Thus, users can pass through the booth without paying the toll.

Apply for a FASTag with IndusInd Bank

Here is how you can buy FASTag online from IndusInd Bank:

Step 1: Visit IndusInd Bank’s official FASTag website.

Step 2: Click on the ‘Login/Sign Up’ button on the top right.

Step 3: Fill in the required information. Both IndusInd Bank customers and non-customers can fill in their applications.

Step 4: Upload the documents and pay the charges depending on your vehicle class.

Next, we process your application and verify the details. Upon successful verification, you receive the payment tag at your doorstep in a few days.

Alternatively, visit your nearest IndusInd Bank branch to apply for your tag.

FASTag scanners have revolutionized toll collection and payment in India. Since the use of this tag is mandatory on all national highways, you must apply for a FASTag online or offline. IndusInd Bank offers a simple and seamless process to apply for a tag and have it delivered right to your doorstep!

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.

Getting a loan against property quickly can be a challenging task. But with some tips, you’ll be on the right path. These include maintaining a high credit score, having a stable income, adding a co-applicant, having a low debt-to-income ratio, and choosing a lender with whom you have an existing relationship.

A loan against property is a reliable way to secure large fund amounts, especially during financial emergencies. There are several loan against property benefits including lower interest rates – because it is a secured loan – flexible tenures, and tax benefits (subject to the purpose of the loan)

That said, securing a loan against property can be daunting for some borrowers, given that it requires putting up property as collateral. Additionally, the waiting period – from loan application to disbursal – can be quite long, given the number of checks involved. Fortunately, there are a few ways to speed up the process.

Read on to learn tips for obtaining a loan against property quickly and with relative ease.

1. Maintain a High Credit Score

Remember, your credit score is a measure of your creditworthiness. It gives your lender an idea of how likely you are to default on your loan payments based on your past loan repayment history. A lower credit score points to a higher chance of defaulting. Since a lower credit score indicates a higher probability of defaulting on low payments, lenders may take longer to verify your documents, increasing the loan processing time. You may also be charged a higher interest rate.

So, ensure you have a good credit score before you apply.

2. Have a Stable Income

Lenders believe that people with a higher income are more likely to pay their EMIs on time. What’s more, they tend to process the applications of such individuals relatively quickly.

So, ensure you have a stable income and don’t switch jobs quickly if you plan on applying for a loan. This will show your lender you have a stable source of employment and have the funds to repay your loan on time, making them more likely to sanction your loan quickly.

3. Apply with a Co-applicant

If you do not have a stable income to give your lender the confidence that you can repay the loan on time, you could apply with a co-applicant to improve your chances of  loan approval.  Co-applicants could include a spouse, a parent, or a sibling. It must be noted that if the property you wish to mortgage has multiple owners, it anyway becomes obligatory to apply with the other co-owners.

4. Have a Low Debt-to-Income Ratio

Along with the CIBIL score and income, lenders also check borrowers’ debt-to-income ratio to understand their loan repayment tendencies. Having a higher debt-to-income ratio signifies you spend a considerable portion of your income paying off your debts. So, if you take another loan, you may not be able to make the repayments in a timely manner. This may affect your odds of loan approval.

So, maintain a low debt-to-income ratio before applying for a loan.

5. Choose a Lender With Whom You Have a Relationship

Lenders may process your loan applications faster if you are an existing customer of the bank or have previously taken a loan with them and repaid it on time. This is because you have established their trust in you.

Apply for a Loan Against Property With IndusInd Bank

While the above tips can help you get a loan against property quickly, you can make the application process much easier by choosing a lending partner offering a transparent, hassle-free loan application process.

IndusInd Bank allows you to apply for a loan against property online. Once you fill in the details, a bank representative will contact you to help you complete the process. You could also call the phone banking number, or pay a visit to your nearest IndusInd Bank branch.

That is not all. IndusInd Bank also offers you the maximum value of your property through their loans, provides an attractive interest rate, and flexible tenures that last up to 20 years. Other loan against property benefits at IndusInd Bank include doorstep banking services and flexibility of end usage.

Apply for a loan against property with IndusInd Bank 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.