All posts by IndusInd Bank

Your credit card opens up the world of personal finance to you. It offers a convenient and rewarding way to spend money online or offline. However, credit cards need to be used responsibly. Money spent on a credit card can be considered a short-term loan that the borrower needs to pay back within a specified time duration. If one fails to pay back the owed money during the grace period, they are charged an interest. The percentage of interest charged on credit card debt is called the annual percentage rate or APR.

Pick a Credit Card with a Low APR

It is worth finding a credit card with a low or reduced annual percentage rate or APR. Reduced APR allows you to use your credit card without the stress of high interest. This way, you can finance your next vacation, buy your dream outfit, or even purchase a car through your credit card.

Commonly, credit card interest or APR is meaningfully higher than other forms of credit – like a personal loan, home loan, or a line of credit. It means the best way to pay credit card bills is to pay in full. Here are some tips to help you with your credit card repayment if you are in debt.

1. Acknowledge It To Yourself

It is common to have a strong reaction to being in any kind of debt. However, when you accept being in debt, you can begin the steps to completecredit card bill payments. It is important to remember that credit card interest is often higher than other loans. It means paying your credit card bill in full, should be a higher priority.

2. Make Repayment A High Priority

Often, people wonder why they should clear credit card dues promptly. It’s due to their higher interest rates, called the annual percentage rate or APR. As per the logic of this interest rate, it is recommended to pay your credit card bill fully as quickly as possible. It should be a higher priority, which means it comes before other payments. An unpaid credit card bill may cost you more in interest than a home loan or a car loan until it is paid in full.

3. Automate Payments Where Possible

Automating recurring tasks can help you preserve your energy. For example, automating can be a simple answer to how to repay credit card bills without fail and delays. By automating your credit card bill payment, you can ensure timely and hassle-free repayments. This lets you save interest and optimise the remainder of your income or cash in hand.

4. Review and Alter Your Monthly Budget

The typical framework for a budget is 50% towards needs, 30% towards wants or lifestyle expenses, and 20% towards savings and investments. While you are repaying credit card debt, it is worth altering your budget for the duration. This may mean a moderate dip in lifestyle or short-term sacrifices till your debt is repaid.

5. Practice Moderation

While reviewing your monthly budget to reduce expenses, you can develop new spending habits. Moderation is often looked at as pain or sacrifice. However, sometimes we may notice that we are spending on things we don’t particularly want or enjoy. Moderation or reducing your spending on unnecessary things can be unlocked in different ways. It can mean being more intentional about what you spend on and why, without sacrificing what matters to you.

Credit card debt can be stressful because of its higher interest rates. However, you can escape credit card debt with clear-sighted action. Typically, this includes accepting your situation of being in debt to decisively act your way out. Start with making credit card bill repayment your highest priority.

Remove decision-making from this equation by considering automating credit card bill payments. You may have to review your monthly budget for this. Use your budget review to remove any expenses that may have become defaults you no longer find value in. Finally, consider a low APR credit card so you can use it without the stress of high interest.

Explore IndusInd Bank credit cards that suit your needs. We offer some great credit cards which you can apply for online as well.

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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Understanding Personal Loan Rejections and How to Improve Your Chances of Personal Loan Approval

February 27, 2024 IndusInd Bank Leave a comment

Are you feeling the pinch of financial stress, longing for a personal loan to alleviate the pressure, yet haunted by the fear of rejection? It’s a scenario many can empathise with. But fear not; understanding why lenders may reject your application is the first step toward securing that much-needed financial assistance. So, let’s delve into the five common reasons why personal loan applications hit a roadblock with banks. But before we embark on that journey, let’s take a moment to grasp the essence of personal loans.

Understanding Personal Loan

A personal loan is money you can borrow without needing collateral, based on your income and ability to repay. It can be used for various purposes like vacations, consolidating debt, or handling unexpected costs

Benefits of Personal Loans

Personal loans offer convenient access to funds with flexible repayment terms. The simple application process and minimal documentation requirements make obtaining a personal loan straightforward. Additionally, lenders prioritise quick approval and disbursement, ensuring timely financial assistance.

Exploring the Causes Behind Bank Rejections of Personal Loan Applications

Before delving into the reasons for personal loan rejections, it’s crucial to grasp the factors lenders weigh when assessing applications. While banks may offer instant personal loans, understanding why applications get rejected is paramount. Here are common reasons your personal loan request might be declined.

Insufficient Income: If your income is not deemed sufficient to comfortably repay the loan amount requested, banks may reject your application. They assess your income to ensure you can meet the monthly repayment obligations.

Poor Credit History: Banks assess your credit history to determine your creditworthiness. A poor credit history, characterized by missed payments, defaults, or bankruptcies, may lead to rejection as it indicates a higher risk for the lender.

High Debt-to-Income Ratio: Your debt-to-income ratio measures how much of your income goes towards debt repayment. If this ratio is too high, indicating that you’re already heavily indebted, banks may hesitate to extend further credit, fearing you may struggle with additional loan repayments.

Lack of Collateral: Personal loans are typically unsecured, meaning they don’t require collateral. However, if you’re applying for a secured personal loan and lack sufficient assets to pledge as collateral, banks may reject your application due to the higher risk associated with unsecured lending.

Incomplete or Inaccurate Application Information: Providing incomplete or inaccurate information on your application can raise red flags for banks. They rely on the information you provide to assess your creditworthiness and repayment capacity. Any discrepancies or missing details can lead to rejection.

Understanding these reasons can help applicants address potential issues before applying, increasing their chances of approval

Also Read: Understanding the EMI of a ₹2 lakh Personal Loan: A Comprehensive Guide

How to apply for a Personal Loan

If you are planning to apply for a personal loan online, simply visit the IndusInd website and fill out the required details, including your PAN Number, Mobile Number, Email ID, and current PIN code. Additionally, ensure you have the following documents ready:

PAN Card
Proof of residence such as Aadhar Card, Passport, or driving license in case your current address is different than your permanent address

Make sure you meet the eligibility criteria listed below:

Applicant must meet the personal loan eligibility requirement of being at least 21 years old.
- Maximum age at personal loan maturity should be 60 years or retirement age whichever is earlier.
Applicant must be an Indian citizen or resident
- Minimum net monthly income should be Rs.25000 for personal loan online application
- Should have completed minimum 2 years in employment and minimum 1 year in the current organisation.

Conclusion

In conclusion, understanding the common reasons for personal loan rejections empowers applicants to address potential issues, increasing their approval chances. Consider instant personal loans from IndusInd Bank for convenience and ease of access to personal loan solutions. Click here to learn more about things you must keep in mind before applying for a personal loan online.

Apply for a personal loan with IndusInd Bank today!

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Essential Criteria for Qualifying for a Personal Loan

February 27, 2024 IndusInd Bank Leave a comment

Imagine Sarah, a single mother, suddenly faced with unexpected medical bills for her child’s treatment. She urgently needs funds but finds it challenging to understand the eligibility criteria for a Personal Loan, given her limited income and average credit score.

To help Sarah and others like her, this blog provides essential details about Personal Loans. By understanding the process and seeking guidance from financial advisors, individuals can navigate the requirements and secure the funds they need for emergencies like medical expenses. Through clear information and proactive steps, borrowers can overcome hurdles associated with eligibility criteria and access the necessary financial support.

Let’s delve into the prerequisites for checking personal loan eligibility. Discover what criteria you need to be eligible to be able to secure financial assistance.

Eligibility Criteria for Personal Loan

As mentioned earlier, personal loan eligibility varies depending on the lending institution. Here’s a breakdown of the standard criteria typically assessed by every lender before approving Personal Loan requests.

Age: Lenders consider the age of the borrower as it reflects their ability to earn and repay the loan. Generally, individuals between 21 and 60 years are preferred as they are perceived to have a stable income. However, some lenders may extend loans to senior citizens with certain conditions.

Annual Income: Personal loan salary eligibility also holds significant importance. The borrower’s annual income is a significant factor in determining their loan eligibility. Lenders typically require a minimum monthly income, often around ₹25,000, to ensure the borrower can comfortably repay the loan.

Credit Score: A borrower’s credit score is a measure of their creditworthiness. A higher credit score, typically 750 or above, indicates a better likelihood of loan approval. Factors such as income, loan repayment history, and credit utilisation ratio contribute to the credit score.

Credit History/Debt: The borrower’s past credit history and existing debts impact their eligibility. A history of timely repayments improves creditworthiness, while excessive debts may raise concerns for lenders.

City of Residence: The location where the borrower resides affects their eligibility due to differences in living expenses between cities. Lenders may have varying criteria based on whether the borrower resides in a metropolitan or Tier II/III city.

Employer/Organization: The borrower’s employer or organisation plays a role in assessing their eligibility. Working for a reputable and established company enhances the borrower’s credibility, increasing the likelihood of loan approval compared to employment with a startup or less-known organisation.

Ensure that you fulfil the aforementioned requirements, as they are crucial for assessing your eligibility for a Personal Loan. Conducting a thorough personal loan eligibility check is essential before proceeding with your application.

Also Read: Personal Loan Interest Rates and Charges – IndusInd Bank

How to check your Personal Loan Eligibility

Obtaining a Personal Loan is a straightforward process. Simply visit IndusInd Bank with the necessary documents and apply in person. Alternatively, you can apply online by clicking here, and completing a simple application form. You can also calculate personal loan eligibility by using a Personal loan calculator.

A personal loan calculator is a tool used to estimate monthly payments and total repayment amounts for a personal loan. Click here to check the calculator.

Here’s a list of documents typically needed for a Personal Loan application:

Documents for Salaried Employees

Generally, banks require the below-mentioned documents to apply for a Personal Loan.

Application: Application form with photograph
Proof of Identity: Self-attested photocopy of any one of the following:
- Driving license
- Passport
- Voters ID
- Aadhaar
- PAN
KYC: Valid identity/Residence/Signature proof
Income proof:
- Form 16/ITR for the last 3 years
- Latest 3 months salary slip
Banking: Latest 3 months’ Salary Credit Bank Statement

However, new-age banks like IndusInd Bank do not require any physical documentation. The application process is 100% digital with no income-proof requirement. This simplifies the entire personal loan application process and makes the disbursal process quick and efficient.

Also Read: Using an Instant Personal Loan to Fund Your Dream Wedding: The Dos and Don’ts

To Conclude

Before applying for a Personal Loan from any lending institution, it’s crucial to verify your eligibility. A rejected application can negatively affect your credit score. If you believe you don’t meet the minimum eligibility requirements for a Personal Loan, it’s advisable to wait and enhance your eligibility before proceeding with the application.

IndusInd provides Personal Loans with straightforward eligibility requirements and no physical paperwork. With us, you can explore Personal Loan options tailored to various needs, including Education, Medical Expenses, and Travel.

Apply for a personal loan with IndusInd Bank today!

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Why Do Banks Need Special Approaches To Manage NRI Banking?

February 27, 2024 IndusInd Bank Leave a comment

As Non-Resident Indians (NRIs) increasingly look for investment opportunities in their home country, banks must develop special approaches to cater to this segment’s unique needs and preferences. IndusInd Bank offers different types of NRI bank accounts that NRIs can choose from.

As the world becomes increasingly globalised, more and more people are moving across the world for work, education, or family reasons. And with them, they carry their financial needs and wants. Banks must step up their game to cater to these unique requirements. According to a recent survey, there are more than 17 million Indian Non-Resident Indians (NRIs) living all across the world – making them a significant market for banks. Catering to their banking demands requires a specialised approach. Read on to understand why banks must adopt a different strategy to manage NRI banking.

Challenges in NRI Banking

Regulatory Challenges

Different countries have different laws and regulations on banking, making it challenging for banks to comply with them.
Banks must adhere to foreign exchange and anti-money laundering laws, which can be complicated and time-consuming.
Banks must comply with the regulations of the home country of the NRIs they are serving.

Operational Challenges

Time zone differences can make it difficult for banks to provide 24/7 customer service to NRIs.
Language barriers can also be a challenge when serving NRIs from different countries who speak different languages.
NRIs may have different banking needs and expectations than domestic customers, requiring banks to adapt their services and processes accordingly.

Cultural Challenges

NRIs may have different communication styles and preferences, which banks must accommodate to provide effective customer service.
Banks must also be aware of cultural nuances around financial planning and investing to provide appropriate guidance to NRIs.

5 Reasons Why Banks Need Special Approaches To Manage NRI Banking

Complex regulatory requirements: NRI banking is subject to complex regulatory requirements in both the home country and country of residence. Banks need special approaches to ensure compliance with all regulations.
Geographical and time zone differences: Banks must deal with geographical and time zone differences when managing NRI banking, which can create operational challenges and impact customer service.
Cultural differences: Cultural differences between the bank and NRI customers can create communication challenges and impact customer experience. Banks need to develop special approaches to understand and cater to the cultural preferences of their NRI customers.
Unique financial needs: NRI customers have unique financial needs, such as remittances, foreign currency transactions, and investment opportunities. Banks need to provide tailored products and services to meet these needs.
Increased competition: With the rise of fintech and digital banking, the competition for attracting NRI customers is increasing. Banks need unique approaches to differentiate themselves and provide exceptional customer experience to retain their NRI customers.

Conclusion

NRI banking is a lucrative and growing segment of the banking industry in India. Banks are adopting special approaches to manage NRI banking. By doing so, they can enhance their profitability and reputation and contribute to India and its diaspora’s economic and social development.

IndusInd Bank has long been at the forefront of catering to the NRI segment and offers a wide range of NRI banking services and products, including several types of NRI bank accounts with attractive interest rates such as NRE (Non-Resident External) account, NRO (Non-Resident Ordinary) account, and FCNR (Foreign Currency Non-Resident) account. Moreover, thanks to cutting-edge banking technology, NRI customers can enjoy face-to-face banking, check balance online through WhatsApp, and transfer money in various currencies such as USD, SGD and CAD among others.

For a rewarding NRI banking experience, contact IndusInd Bank and apply for an NRI account today!

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What are FASTags, and How Can It Help to Track a Vehicle?

February 26, 2024 IndusInd Bank Leave a comment

FASTags facilitate quick and convenient toll payments across state and national highways in the country. First introduced in 2014 as a cashless model to allow digital payments at toll booths, it uses Radio Frequency Identification (RFID) technology to automatically deduct payments from the linked prepaid account. Using this technology, FASTag can also help businesses and individuals track vehicles. Apply for a FASTag online with IndusInd Bank.

To ease the problem of traffic congestion on highways and long queues at toll plazas, the government of India introduced the FASTag facility in 2014. In 2021, the government mandated the use of FASTag for all four-wheelers passing through national highway toll plazas. To date, the system has been implemented at about 1000+ toll plazas with an aim to introduce a cashless toll payment collection model.

The National Highways Authority of India (NHAI), in partnership with banks and online payment platforms, provides FASTags to customers to enable quick and easy toll payments. Overall, this enhances the travel experience for consumers as they experience reduced wait times.

In addition to making highway journeys convenient, FASTag also acts as a real-time vehicle tracking tool.

What is FASTag?

FASTag is an easy-to-use, reloadable tag fitted on vehicles to enable quick toll payments across national highways in the country. It uses the Radio Frequency Identification (RFID) technology to automatically deduct payments from the linked prepaid account.

For instance, you can link your IndusInd Bank debit card to your FASTag account for electronic toll payments. When your vehicle passes through the toll plaza, the tag reader at the booth will read the FASTag affixed on the windshield and deduct the toll amount from your linked account. You will instantly receive an SMS alerting you of the transaction on your registered mobile number. This eliminates the need to stop for cash payments and allows for faster transactions.

If you have not applied for a FASTag online, you can easily do so by visiting the IndusInd Bank website. Go to our FASTag portal to create a FASTag account for your vehicle by filling in the application form along with the required documents. Make the fee payment according to your vehicle class, and the FASTag will be delivered to your doorstep.

How Does FASTag Help Track Vehicles?

Apart from facilitating cashless toll payments on national highways, FASTag can also help track the movement of a vehicle. This is made possible with the RFID technology used for automatic toll deductions in FASTags.

This RFID tag records the vehicle’s information in real-time as it enters a toll plaza.This information includes the plate number, location, timestamp, movement, and direction. The tracking feature is linked with the vehicle number and updated regularly.

All the data related to the vehicle location and movement is recorded in digital systems and is available for 72 hours. This facility is especially useful for businesses that operate vehicle fleets and want to track their location.

Register for a FASTag with IndusInd Bank

Implemented to encourage digital toll payments, FASTag has been successful in reducing congestion and waiting time on highways with automatic payments. FASTag also offers a convenient way to track a vehicle in real time. Thus, FASTag is a convenient and efficient way to travel on state and national highways across the country.

At IndusInd Bank, you can apply for a FASTag online, hassle-free. Enjoy a smooth online application process to buy or replace a tag. Furthermore, you can use your IndusInd Bank debit card, or net banking account to automatically conduct FASTag recharge online. Finally, you receive real-time SMS alerts on your registered mobile number for every transaction through the tag account.

Visit the IndusInd Bank’s FASTag portal for more details.

References:

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Guidelines to Transfer Money from Abroad to India

February 24, 2024 IndusInd Bank Leave a comment

NRI remittances are transfers of money from abroad to India through authorised providers approved by the Reserve Bank of India. Such transfers are known as “inward foreign remittances” or “inward remittances.” For instance, if you live in London and regularly send money to your family in India, the money they receive every month would be considered an inward remittance.

If you are new to this world and are a bit sceptical about money transfers, this article is for you. Read on to learn more about the guidelines for transferring money from abroad to India, the process involved in NRI remittances, and the benefits of the same in this article.

Guidelines for Inward remittance –transfer money from abroad to India

Guidelines have been established by the Reserve Bank of India (RBI) to govern the process of inbound foreign remittances to India. They are explained below: –

There are specific reasons for which an inward foreign remittance is allowed. When sending money to India, it is permissible only for purposes such as covering medical expenses, education fees, travel costs, investment opportunities, financial aid, living expenses, or as a gesture of gifting.
FIRC is mandatory which the recipients of foreign remittances receive from their banks in India. It acknowledges the transfer of funds from overseas and contains information like sender and recipient names and account numbers, the purpose of the transfer, exchange rates, and other details.
In India, inward foreign remittances can be received through the Rupee Drawing Arrangement (RDA) or Money Transfer Service Scheme (MTSS) authorised by the RBI via authorised dealer banks.
The RDA scheme enables unlimited personal inward remittances to India, while commercial remittances have an upper cap of Rs. 15 lakhs. Funds must be transferred directly to an Indian bank account.
In India, the MTSS scheme imposes a cap on the amount of inward remittance. Each individual’s inward remittance is restricted to a maximum of USD 2500.
A beneficiary is permitted to receive no more than 30 MTSS transfers per year.
To receive inward remittances in India, one must first establish an NRE account. This type of account, known as a Non-Resident External Account, is specifically designed for transferring foreign earnings to India and is not subject to taxation.
To cover family expenses, you can send money to India, but it’s not allowed to send money for purposes such as making donations, engaging in commercial activities, investing, purchasing property, or transferring funds to a non-resident external (NRE) account.

Process of NRI Remittances

You can conduct inward foreign remittance in India through different modes, such as wire transfers and electronic transfers.

Wire Transfers	Electronic Funds Transfer
This involves your bank acting as an intermediary to transfer money to the beneficiary’s account	This transfer is done using mobile, tablet apps or online platforms.To initiate the transfer, senders require certain details such as your full name, address, bank’s SWIFT code and purpose of transfer.Upon receiving the information, senders will initiate the transferThen you’ll be notified via email or phone when you receive the inward remittance.
It takes 3-5 business days to complete	Money can be transferred within a day

Benefits of NRI Remittances

NRI remittances can help inject money into the local economy and contribute to the growth of small businesses.
The inflow of money with inward remittances can result in job creation and economic development in the recipient country.
Inward remittances can help families pay for education and healthcare expenses, which can be expensive in some countries. So, there is an improvement in the overall health and education levels of the population.
Money transfer from abroad to India is an alternative source of income for some households, which can help them weather economic shocks and reduce their dependence on a single source of income.
Inward remittances can encourage people who previously did not have access to formal financial services to open bank accounts and use other financial products. This in turn can help promote financial inclusion and improve financial literacy in the recipient country.

Conclusion

India receives the highest amount of inward remittances globally owing to its large diaspora spread across various parts of the world. Advances in technology have made the transfer process easier, faster, and more secure. Consider factors such as fees, exchange rates, and security to ensure a seamless and cost-effective transfer process.

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How will FASTag mandating affect India?

February 23, 2024 IndusInd Bank Leave a comment

FASTagis an easy-to-use tag affixed to your vehicle’s windshield. It eliminates the need to pay in cash at state and national highway toll booths, streamlining the travel experience. Mandated for four-wheelers in 2021, FASTag has since resulted in many benefits for Indian consumers – reduced congestion, traffic, and waiting times. Apply for a FASTag with IndusInd Bank for smarter and greener journeys.

India has the second largest road network in the world, with 1.45 lakh kilometres of national highways. With a 59% growth in the last 9 years, the highway network has witnessed endless queues of vehicles at toll booths.

Enter the revolutionary FASTag, a technological innovation that has transformed this scenario of congestion and pollution on national and state highways. To introduce efficiency in payments and to reduce waiting times at toll booths, the Indian government introduced FASTag for automatic deduction of the toll fee. In 2021, the government made it mandatory for all commercial and personal four-wheelers to install FASTag for payments at toll plazas. Vehicles that enter a FASTag lane without having the tag must pay a penalty to cross the toll.

Since then, this small tag has redefined how we experience road travel, making it seamless, smarter, and more eco-friendly.

Unveiling the Game-Changer: FASTag

FASTag is an electronic toll collection system integrated with Radio Frequency Identification (RFID) technology. Its simplicity is remarkable: a small RFID sticker affixed to your vehicle’s windshield seamlessly linked to your prepaid account.

As your vehicle approaches a toll plaza, the RFID scanner reads the tag, and deducts the toll amount without requiring cash payment. This makes toll payments convenient, frictionless, and swift.

FASTag offers numerous benefits for a seamless travel experience. It eliminates long queues and waiting times at toll plazas by enabling vehicles to pass through the toll booths without a halt. It streamlines the traffic flow and reduces idling time. The idea is that as each vehicle does not need to stop to pay with cash, there will be faster movement through a booth, leading to reduced fuel consumption plus a significant drop in carbon emissions.

The FASTag toll collection system is operated by the National Payments Corporation of India (NPCI), along with various banks, and Indian Highways Management Company Limited (IHMCL). By mandating the use of FASTag, the government has taken yet another step towards making India a digital economy.

A Triumph of Accountability

Numbers speak volumes, and in the case of FASTag, they roar. On 29 April 2023, daily toll collection via FASTag peaked at a staggering INR 193.15 crore, marked by an impressive 1.16 crore transactions. Each transaction is meticulously recorded, ensuring every rupee finds its proper place, contributing to India’s infrastructural growth.

Currently, users can use FASTag at 1000+ toll plazas across the country, including state and national highways.

Driving into a Greener Tomorrow with IndusInd Bank

The journey towards smarter, greener, and more efficient transportation in India has just begun. At IndusInd Bank, we are committed to serving as a catalyst for change. IndusInd Bank’s FASTag program is a part of the National Electronic Toll Collection (NETC) initiative launched by the NPCI.

Users can get their own FASTag account by visiting any of the IndusInd Bank branches near them, or by calling the customer care number at 1860 267 7777. All you need to carry to the branch is:

KYC documents (originals and copies)
Vehicle’s RC Book

As the FASTag is linked to the user’s prepaid account, the applicable toll amount is debited automatically. FASTag recharge can be done by users online through debit cards, credit cards, net banking, and other online payment modes.

Ready to be a part of this digital journey? Apply today for FASTag online, or offline with IndusInd Bank and usher in a new era of travel!

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International Money Transfer Tips Every NRI Should Know

February 22, 2024 IndusInd Bank Leave a comment

Are you an NRI looking to make international money transfers? Whether sending money to family or investing in a business opportunity, navigating the world of international money transfers can be overwhelming. Fortunately, there are several essential tips and best practices that every NRI should know to make the process as simple and cost-effective as possible. From understanding different transfer methods to finding the best exchange rates, these tips will help you make informed and financially savvy decisions when transferring money across borders. This informative article will dive into the top NRI money transfer tips that every NRI should remember.

Top 5 International Money Transfer Tips Every NRI Should Know

1. Understand Exchange Rates

Exchange rates fluctuate daily and can significantly impact the amount of money you send or receive. It’s important to monitor the exchange rates and choose a favourable time to transfer. Also, be aware of hidden fees and charges that impact the exchange rate. By taking the time to understand exchange rates and associated costs, you can make sure you get the most of your international money transfer.

2. Choose the Right Transfer Method

When it comes toNRI money transfers, choosing the right transfer method is crucial to avoid unnecessary fees and delays. With the advent of technology, several options are available such as wire transfers, online transfers, and even mobile transfers. However, not all transfer methods are created equal. Some are faster, while others may offer better exchange rates. Remember the fees associated with each method, and check for any restrictions or limitations before initiating the transfer.

3. Check Transfer Fees and Commissions

Fees and commissions can add up quickly during international money transfers. That’s why checking the transfer fees and commissions before making any transaction is important. Banks and money transfer companies may have different fees and charges, so make sure you compare them and choose the most cost-effective option. Additionally, some services may offer better rates and lower fees for larger transfers, so be sure to keep that in mind when deciding on the amount to send. By being aware of transfer fees and commissions, you can ensure that you get the best deal and avoid unnecessary costs.

4. Verify the Recipient’s Details

When transferring money internationally, verifying the recipient’s details is essential for avoiding any errors or fraud. Ensure you have the correct name and bank account details, including the bank name, branch address, and routing number or SWIFT code. Double-checking these details can help avoid unnecessary delays or rejections in the transfer process. Verifying the recipient’s identification is essential, especially when sending money to a new recipient.

5. Monitor the Transfer

After initiating the NRI money transfer, keeping track of the transaction until it reaches the recipient’s account is essential. Regularly monitor the transfer progress and ensure that there are no delays or errors. Most money transfer services provide tracking options to monitor the transaction status. By monitoring the transfer, you can ensure that the recipient receives the money on time and with the correct amount. Additionally, monitoring the transfer helps detect potential issues and take appropriate measures to rectify those promptly.

Conclusion

You can make informed decisions and avoid costly mistakes with the right knowledge. So next time you need to transfer money out of the country, remember these tips and take action to make the most of your money. Always choose a reputable provider that can offer you competitive rates, low fees, higher NRI money transfer limit, and a range of transfer options to suit your needs.

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6 Tips for Using Credit Cards While Travelling

February 21, 2024 IndusInd Bank Leave a comment

Summary: Credit cards are the ideal travel companions for frequent travellers. These tools make financial management easy while offering convenience and a range of perks. However, it’s important to exercise financial prudence while using them. This includes understanding and utilising card benefits, setting spending limits, avoiding excessive cash withdrawals, and choosing credit cards that offer travel related benefits.

Be it a short business trip or a long international vacation, a travel companion you can never leave behind is your credit card. These convenient tools make it easy to manage finances on a trip, thanks to their wide acceptability, ease of transactions, and associated rewards. Your credit card is more than just a piece of plastic; it’s your key to unlocking a hassle-free travel experience. However, there’s a certain level of financial prudence required for card usage, as it’s easy to get carried away with spending. As many seasoned travellers know, mishandling credit cards, especially when travelling abroad, can lead to tricky financial situations.

Here’s a guide outlining six useful tips for credit card users, so you can embark on your next journey with confidence and peace of mind.

1. Apply for a Travel Credit Card

Geared towards frequent travellers, travel credit cards are designed to offer travel-related perks such as air miles, airport lounge access, and frequent flyer program memberships. If you travel frequently and seek luxurious experiences with exclusive privileges, consider applying for a card exclusively designed to meet your needs.

IndusInd Bank offers a range of travel-focused cards that promise to elevate both your domestic and international travel experiences. For instance, the IndusInd Bank Avios Visa Infinite Credit Card allows you to choose your preferred airline as well as your preferred international destination to maximise

benefits. At your selected destination, you earn 5X Avios on every INR 200 spent and enjoy a discounted forex markup of 1.5%.

2.Utilise Your Card’s Travel Benefits

Most credit cards today come with dedicated travel perks that can make your trip more convenient and rewarding. Look for the following perks on your card to travel in comfort:

Domestic and international airport lounge access
Extra reward points on travel spends
Zero foreign currency markup

Make the most of your card’s exclusive offers, discounts, and privileges to optimise your travel experience.

3. Limit Cash Withdrawals

Around the world, credit cards are widely accepted at merchant locations, both online and offline. While it’s wise to travel with some cash for exigencies, you can rely on your credit card for most transactions. But it is not advisable to withdraw cash at an ATM, especially internationally, as you may attract cash advance charges. These fees do not come with a grace period and are charged the moment you make a withdrawal.

4. Watch Your Spending

When you are travelling, especially on a vacation, it can be tempting to go overboard with spending. Thus, before you set out on your trip, set a budget goal. This number can be adjusted as you go. But, working with a budget in mind will help you spend mindfully.

5. Travel Protection Benefits

Depending on the type of credit card you own, you may be eligible for travel protection benefits that can secure your trip. Check your card for insurance coverage in the event of baggage loss or theft so you stay safe even in the unfortunate event of an emergency. IndusInd Bank’s credit cards offer complete travel protection to shield you from stress should an unforeseen event arise. To ensure a smooth journey, IndusInd Bank has partnered with The Oriental Insurance Company to provide cardholders with

insurance coverage for lost baggage, delayed baggage, loss of passport, lost ticket, and missed flight connections.

5. Observe Secure Spending

While travelling, take care to observe secure spending practices to safeguard your account against hackers and malicious intent. Avoid using public Wi-Fi networks to make transactions or check balances, as this may put your card information at risk. Additionally, never feed your card number into a website without a secure connection – look for the “https://” sign. Finally, keep a close eye on your statements and alert your bank in the event of an unauthorised transaction.

Apply for a Credit Card at IndusInd Bank

Credit cards make travel more convenient and rewarding. With our smart tips, you can make the most of your card’s benefits.IndusInd Bank offers a range of premium credit cards packed with exclusive travel privileges including discounted foreign markup fees, airline loyalty programme memberships, lounge access, and comprehensive travel insurance. Apply for a credit card online at IndusInd Bank by filling in your basic details and get an instant card delivered to you within 48 hours!

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Best Forex Cards in India All You Need to Know

February 19, 2024 IndusInd Bank Leave a comment

Summary: From hassle-free international transactions and competitive exchange rates to easy cash withdrawals from ATMs, the Indus Multicurrency Forex Card ensures financial flexibility abroad.

If you are an avid traveller and conduct transactions in foreign currencies frequently, you need a reliable financial management solution. Among the options available, forex cards have emerged as a popular financial instrument that provides flexibility, security and ease of conducting transactions abroad. The Indus Multicurrency Forex Card stands out as the best forex card for globetrotters and business travellers. Keep reading to learn why savvy travellers prefer this forex card and how it can make your trips easier and more enjoyable.

Understanding The Indus Multicurrency Forex Card

The Indus Multicurrency Forex Card provides a cashless option for carrying foreign currency when travelling overseas. This widely accepted card is available in 14 different currencies and protects users from fluctuations in foreign exchange rates. This forex card is a safer alternative to cash and offers greater convenience compared to traveller’s cheques.

How to Use an Indus Multicurrency Forex Card?

Follow these steps to use the Indus Multicurrency Forex Card at different locations.

At International ATMs

Insert or dip your card at ATMs with the Visa or Mastercard logo
Choose the account type Checking, Current or Credit
Enter your 4-digit ATM PIN, and select either cash withdrawal or balance inquiry
Collect your card and cash before leaving the ATM

At Merchant Outlets

Allow the merchant to swipe your card at the POS terminal
Enter the invoice amount and your 4-digit ATM PIN
Collect your card, purchase invoice, and transaction slip
To complete the process, sign on the merchant copy of the transaction slip

For Online Transactions

Log in to the international merchant website
Choose a credit card as the mode of payment
Enter the credit card number, expiration date, CVV2, and billing information
To enable second-factor authentication, enter your online password

Features & Benefits of Indus Multicurrency Forex Card

Purchase and Loading	1. Purchase your Indus Multicurrency Forex Card online at www.indusforex.com or any IndusInd Bank forex-enabled branch 2. Receive an instant ready-to-use card kit 3. Enjoy the convenience of loading and reloading your card multiple times to suit your travel needs 4. Experience the ease of Insta-Reload, a quick and simple procedure at www.indusforex.com
Convenience	1. Load up to 14 currencies on a single card, such as USD, EUR, GBP, AUD, CAD, AED, CHF, HKD, JPY, NZD, SAR, SGD, ZAR, and THBP 2. protection against currency fluctuations, with the exchange rate remaining unchanged once the card is loaded 3. Make international bookings and payments with the card at hotels, restaurants, stores, airlines, and petrol pumps at no extra charge 4. Avoid the hassle of waiting in queues to buy or exchange currency 5. Enjoy easy encashment upon your return to India, ensuring a seamless transition from your international travels
Account Tracking	1. Monitor your expenses and check the balance of your forex card on our website 2. Get instant transaction details on your registered mobile number or email ID to protect you against potential misuse 3. Streamline monitoring with the convenience of regular, periodic statements
Security and Safety	1. Withdraw cash from ATMs while ensuring the security of your funds 2. Call 1860 267 7777 from India or +91 22 6155 3100 from outside India to hot-list your card over the phone in case of loss or theft, or visit www.indusforex.com 3. Sign up for ‘Verified by Visa’ to enhance security during online transactions, either in advance or while shopping

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Forex Card or Cash Which is Better

February 15, 2024 IndusInd Bank Leave a comment

Summary: While cash offers a sense of familiarity in a foreign land, Forex cards are more secure and efficient. They protect you against exchange rate fluctuations and are widely accepted across stores, restaurants, and ATMs. With the Indus Multicurrency Forex Card, users can also enjoy added perks like instant SMS alerts, online tracking, and greater security.

Be it a short vacation, a work trip, or higher education, planning an international trip can be an exhilarating experience. Often, it requires careful and smart consideration of logistics. From booking flights to searching for accommodation, you must nail down each detail for a smooth overseas experience. However, one important aspect that holds significance is managing finances in a foreign land. While transacting in your own country is an intuitive experience, the same may not be true in a foreign land.

Travellers typically have the option of carrying cash or paying with a Forex card. While carrying cash is a more traditional approach, modern discerning travellers opt for the latter.

Forex Cards vs. Cash

Forex cards are prepaid travel cards that allow users to load them with the currency of the destination country at a locked-in rate. Secure and convenient, these cards allow you to manage all international payments seamlessly.

On the other hand, carrying cash comes with numerous risks and drawbacks. Not only is cash susceptible to theft and loss but also requires you to store it safely in a physical space.

Forex cards, with their ease of use and strict security measures, eliminate such concerns. These nifty cards are widely accepted across restaurants, shops, and ATMs, offering a seamless way to access funds in a foreign land. Thus, Forex cards hold a clear advantage over carrying cash in terms of convenience and flexibility.Additionally, modern cards such as the Indus Multicurrency Forex Card come with a host of exclusive features like multicurrency loading, zero exchange rate risk, easy account tracking, and more, making them an indispensable tool for savvy globetrotters.

Features and Benefits of the Indus Multicurrency Forex Card

If you are looking for the best forex card for your next international trip, IndusInd Bank’s Indus Multicurrency Forex Card is all you need. This card is packed with remarkable features like:

1. Convenience

Load up to 14 currencies on a simple card, including:

United States Dollar (USD)
Euro (EUR)
Great Britain Pound (GBP)
Australian Dollar (AUD)
Canadian Dollar (CAD)
Arab Emirates Dirham (AED)
Swiss Franc (CHF)
Hong Kong Dollar (HKD)
Japanese Yen (JPY)
New Zealand Dollar (NZD)
Saudi Riyal (SAR)
Singapore Dollar (SGD)
South African Rand (ZAR)· Thai Bhat (THB)

The Indus Multicurrency card shields you against currency fluctuations by locking the exchange rate at the time of loading the card. Travellers can use it to make seamless international payments at no extra charge. Withdraw cash from Visa-enabled ATMs globally, receive instant transaction alerts, and enjoy easy encashment after returning to India.

2. Purchase and Loading

Buy your Indus Multicurrency Forex Card online for maximum convenience or visit your nearest IndusInd Bank Forex-enabled Branch. Receive your ready-to-use card kit instantly and load or reload it as required on the go.

3. Account Tracking

The Indus Multicurrency Forex Card allows users to track their spending or check their balance easily through the website. Users also receive instant transaction information on their registered phone number and email ID to prevent misuse. The periodic regular statements further make it easier to track your spending.

4. Security and Safety

The Indus Forex Card comes with strict security measures for cash withdrawals and online shopping. Users can track their transactions and balance online or through instant SMS notifications. In case the card is lost or stolen, you can immediately hot-list it over the phone.

Simplify International Transactions with the Indus Forex Card

While carrying cash may evoke a sense of familiarity, the modern-day traveller would do well to enjoy the myriad benefits of a Forex card when visiting a new country. These cards are secure and efficient, and make international payments effortless. Clearly, these cards offer a much more convenient and flexible alternative to carrying cash overseas.Buy a Forex card at IndusInd Bank today and enjoy perks such as free airport transfers, and exciting discounts on experiences, sightseeing, and activities.

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Investment

Fixed Deposit: Know Why an FD Is a Relevant Option for Your Portfolio

February 9, 2024 IndusInd Bank Leave a comment

Fixed deposits are a safe and secure investment option for investors across risk profiles. Safe from market fluctuations, FDs offer flexibility, diversification, and tax savings. Build a robust portfolio with IndusInd Bank’s flexible and secure fixed deposits.

Building a robust investment portfolio is a matter of balancing gains with stability. Market-linked instruments such as stocks and mutual funds are certainly popular for their wealth-creation potential. However, market volatility always translates into risk, which can be offset by investing in risk-free instruments, such as fixed deposits.

FDsoffer fixed returns over a certain period, bringing certainty and stability to your investment portfolio. Thus, they are an excellent way to diversify your portfolio and safeguard your corpus against sudden market fluctuations. Undoubtedly, FDs make for a safe and rewarding investment avenue for investors of all risk appetites.

In this guide, we’ll bring you insights into the benefits and necessity of fixed deposits for any investment portfolio.

Five Reasons Why You Need Fixed Deposits in Your Portfolio

1. Safe from Market Fluctuations

FDs make for a highly beneficial addition to your investment portfolio due to their inherent safety and stability. Unlike market-linked investments, FDs are not subject to market volatility. Thus, your invested principal remains secure regardless of market fluctuations. This makes FDs an ideal choice for risk-averse investors. Additionally, the fixed interest rates offered by FDs provide a predictable income stream, a particularly valuable feature during economic downturns when other investments might underperform.

2. Flexible Investment

A primary benefit of investing in FDs is that you can customize the scheme as per your financial goals.

For instance, seeking regular interest payouts on a monthly, quarterly, half-yearly, or annual basis will provide you with a steady secondary income stream.

Or, if you are saving for a big purchase in the future or for your retirement, you can lock in your idle funds for the long term in a cumulative fixed deposit account. In this manner, your corpus increases over the fixed deposit’stenure, accelerating wealth growth.

3. Diversification

Diversification is all about balancing risk with reward. While equity, stocks, and mutual funds are excellent ways to earn substantial returns in the long term, they come with inherent risks. FDs serve as an excellent tool for balancing risk in a diversified investment portfolio, offering a haven during uncertain economic times.

4. Loan Against FD

If you are facing an immediate financial crunch, you don’t have to necessarily liquidate your FD. Banks nowadays provide loans against fixed deposits, which can essentially keep your investment safe while also providing you with financial assistance in times of need.

5. Tax Savings

As per Section 80C of the Income Tax Act, any investor can claim tax deductions amounting up to INR 1.5 lakhs per year with tax-saving FDs. However, a tax-saving FD comes with a lock-in period of 5 years in the course of which no premature withdrawal, loan, or overdraft facility is allowed.

Features & Benefits of IndusInd Bank Fixed Deposits

IndusInd Bank provides high-yielding and flexible FDs that can help you grow your wealth steadily. Here are some features of IndusInd Bank FDs:

● Flexible tenures: IndusInd Bank offers you flexible term options ranging from 7 days to 10 years, allowing you to plan for both the short and long term.

● Attractive interest rates: IndusInd Bank provides competitive fixed deposit interest rates so you can reliably grow your wealth

● Instant booking: You can open an FD with IndusInd Bank in just three simple steps without extensive paperwork. You only need your PAN and Aadhar Card to book a fixed deposit account.

● Tax saving: IndusInd Bank also offers 5-year tax saving FDs that allow you to further optimize your earnings.

Optimize your Portfolio with IndusInd Bank’s High-Yield Fixed Deposit Accounts

Fixed deposits are, undoubtedly, a crucial part of any investment portfolio. Whether short or long-term, FDs can help you earn a steady source of income and build a substantial corpus for your retirement.

Start building your portfolio with IndusInd Bank’s rewarding FD schemes. Enjoy attractive interest rates, flexible interest payouts, and hassle-free instant online booking with IndusInd Bank.

Learn more here.

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Investment

6 Features That Make IndusInd Bank FDs An Ideal Investment Choice

February 6, 2024 IndusInd Bank Leave a comment

IndusInd Bank fixed deposit offers outstanding benefits that make it stand out as an ideal investment choice. Advantages of IndusInd Bank’s fixed deposits range from hassle-free instant online booking and competitive interest rates, to flexible tenures, and flexible options for interest payments.

Prudent investment decisions are essential in attaining financial stability, and fixed deposits are a key instrument in this endeavour. Due to the increased focus on secure and reliable investment options, IndusInd Bank fixed deposits stand out as an ideal choice. This financial tool not only offers a safe haven for your money but also guarantees a reliable and steady source of income. If you are seeking consistent and attractive returns, exploring IndusInd Bank fixed deposits can be the key to your financial success.

Keep reading to explore six features that make IndusInd Bank fixed depositsan ideal investment choice.

6 Key Features of IndusInd Bank Fixed Deposits

Hassle-free Instant Booking	Provide your PAN and Aadhaar details to book your fixed deposit online in three simple steps
High-Interest Rates	Earn best-in-class fixed deposit interest rates starting at 7.75% (8.25% for senior citizens)
Auto-renewal Option	Upon the maturity of your fixed deposit, you can choose to extend the term of the deposit rather than withdraw the funds
Flexible Interest Payments	Interest payments can be made on a monthly, quarterly, half-yearly, yearly, or at-maturity basis
Flexible Tenure	You can choose from flexible tenures, ranging from 7 days to 10 years
Tax-Saving FD	By keeping your money in a fixed deposit for a period of five years, you can avail of tax benefits under Section 80C of the IT Act

How to Book a Fixed Deposit with IndusInd Bank Instantly?

You can book an instant fixed deposit with IndusInd Bank in three ways:

1. Through Web Application (Applicable for Non-IndusInd Bank customers as well)

Confirm your PAN & Aadhaar number
Provide your personal and fixed deposit details
Complete the Video-KYC process
Add money to your fixed deposit

2. Through IndusMobile

Use your Mobile banking ID to log in and select the deposit option
Choose ‘Create Fixed Deposit’ and carefully fill out the required details
The chosen amount will be debited from your savings account upon successful submission

3. Through IndusNet

Select the deposit option on your internet banking account
Click on ‘Open FD’ option and provide the required details
Select the desired amount to add to your fixed deposit from your savings account

IndusInd Bank Fixed Deposit Eligibility Criteria

You must fulfil the following requirements to open a fixed deposit account with IndusInd Bank:

Must be an Indian citizen
Must be 18 years of age or older
Must have valid KYC documents, including PAN and Aadhaar

The fixed deposit account can be opened by individuals, sole proprietorships, partnership firms, HUFs, limited companies, societies, clubs, trusts, guardians on behalf of minors, and associations.

Use IndusInd Bank Fixed Deposit Calculator to Calculate FD Returns

IndusInd Bank provides an online FD calculator to assist you in determining the accrued interest and the maturity amount for your fixed deposit. Follow the steps below to calculate fixed deposit returns with an IndusInd Bank FD calculator:

Access the FD calculator on this webpage
Type in the amount you want to invest in the fixed deposit (You can deposit a minimum of INR 10,000)
Select the tenure or duration of the fixed deposit
The interest rate for the chosen duration will be visible on the screen
After entering the required information, select the “Calculate Now” button
The FD calculator will display the total amount you will receive upon maturity

Secure your funds and receive assured returns with an IndusInd Bank fixed deposit. Book yours today!

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The Impact of Inflation on Fixed Deposits

February 2, 2024 IndusInd Bank Leave a comment

Inflation is an inevitable reality, reflecting the gradual increase in prices over time. In 2023, this trend was evident in India, where the inflation rate fluctuated around 5.5%. This increase affects various aspects of life, such as daily expenses, housing costs, education fees, healthcare, and travel. In this mix of impacts, investments such as fixed deposits get affected too.

Fixed deposits are bank offerings that promise consistent returns. They are well-known for their stability and predictability, qualities that attract many savers. However, this steady nature of fixed deposits also makes them vulnerable to the impact of inflation.

So, How Does Inflation Impact Fixed Deposits?

When you open afixed deposit account with any bank, you are promised a fixed interest rate. Suppose the rate is 4% per annum. This seems like a good return. However, if inflation rates are high, they can erode the real value of your returns. Let’s say inflation is 6%. Your FD returns become negative in real terms. You earn 4% from the deposit but lose 6% due to inflation. Thus, the actual value of your money declines.

Moreover, high inflation may prompt RBI to increase interest rates as a measure to control excessive spending, curb inflationary pressures, and maintain economic stability.

This situation can be unfavourable for existing FD holders. New deposits might offer higher interest rates, making older, lower-yielding deposits less attractive. Depositors with long-term FDs might find themselves locked into rates that are below the current market rate. If they withdraw their money before the maturity date, they may have to pay a penalty. This limitation can be problematic if they need funds to withdraw and invest in higher-yielding options.

Ways to Maximise Returns on Your FDs

While fixed deposits offer safety and guaranteed returns, they might not keep up with inflation. This mismatch is a huge risk for those who rely heavily on FDs for income, such as retirees. So, what should you do? Here are some steps you can take:

1.Choose an FD with higher interest rates

The interest rate is the most important consideration in outpacing inflation. You can consider IndusInd Bank Fixed Deposits to enjoy high interest rates on FD schemes. Simply book your FD online through your PAN and Aadhaar details. Complete your KYC instantly with the Video-KYC facility and choose a flexible amount and tenure.

2. Ladder your FDs

FD laddering means splitting your investment into multiple fixed deposits with different maturity dates. For instance, instead of investing a lump sum in a single 5-year FD, you can stagger investments across different maturities like 1 year, 2 years, and 3 years. When one deposit matures, you can reinvest it to keep the ladder going.

FD laddering offers benefits like diversification, access to liquidity, the opportunity for increased returns, and flexibility to adapt to changing interest rates.

3. Invest in tax-saving fixed deposits

Tax saver FDs qualify for tax deductions under Section 80C of the Income Tax Act. These deposits, with a lock-in period of five years, can help reduce your taxable income. Although the interest earned is taxable, the tax benefit on the principal amount makes this a wise choice for many, especially those in higher tax brackets.

4. Utilise senior citizen benefits

Senior citizens typically receive higher interest rates on fixed deposits. These rates are usually 0.25% to 0.50% higher than the regular rates, which can add up to a significant amount over time. If you are a senior citizen (above 60 years) or are investing on behalf of one, make sure to take advantage of high FD interest rates and other additional perks designed specifically for this age group.

Choose IndusInd Bank for Your FD Investments

While fixed deposits offer safety and predictability, inflation is a threat to their real value. Thus, you need to adopt smart strategies and practical choices to combat inflation and maximise your FD returns. Choosing Indusind Bank can be a wise move here as you will receive several benefits like:

High FD rates and exclusive perks for seniors
Easy online booking through video KYC
Diverse tenure options
Auto-renewal at maturity
Regular interest payment options
5-year tax saver FD option, and more.

So, secure your hard-earned money with IndusInd Bank Fixed Deposits – Apply today!

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Best Saving Account for Kids and Teens

February 2, 2024 IndusInd Bank Leave a comment

Teaching kids about finances is very important for parents. Why? Well, money skills are like seeds. If you plant them early, you can see them grow into strong, smart habits. Kids learn to plan for the future, realise the value of money, and build responsibility. These skills are prudent to help your kids learn big concepts like savings, budgeting, power of compounding, and investments. This knowledge helps them grow into adults with good financial habits.

A savings account can be a valuable asset in this journey. It is true that finding the right savings account for your kid is challenging but this step is important. After all, it’s not only about growing their money but also about their personal growth. This is about giving them tools that will help them thrive financially.

Having said that, let’s take a closer look at what features make a savings account best for kids and teens.

1.Kid Friendly Features

Ever thought about what makes a kids saving account truly kid friendly? Well, these accounts should have features customised to young savers, like no minimum balance rules, low fees, and useful educational tools.

Also, a good minor saving account must be easy to open and use. They should offer simple online access and user-friendly mobile banking apps. These features help kids quickly check their balance, move funds, get account statements, set savings targets, and monitor their accounts themselves.

2. Personalised Debit Card

With the Indus Young Saver Savings Account, your kid gets a customised debit card. They can use the ATM card to withdraw cash or shop online. This gives them a sense of ownership and also helps them learn how to spend smartly under your supervision. Along with this, a personalised cheque book is offered for easy offline payments. You can teach them how to write a cheque and use it to deposit, pay, or withdraw money.

3. Educational Resources and Rewards

A truly best children’s bank account should also offer tools or resources to teach them about saving and spending. From online books, pamphlets, websites to mobile apps, such educational resources can easily help children learn about saving money and investing easily in an engaging way.

Do note that some banks even offer rewards in the form of cashback, vouchers, points, etc. These rewards can motivate your kids to continue using their accounts and develop positive financial habits.

4. Customer Service

Consider the quality of customer service provided. It should be friendly, helpful, and 24/7 available. Also check whether they give support via channels like phone, email, in-branch visits or not. A bank that makes it easy for kids and parents to get help and access information means a smoother banking experience.

5. Verify Spending Limits

As a parent or guardian, you should be able to set withdrawal limits and decide the maximum amount your child can spend or withdraw from their account. This method helps to handle savings and stops overspending habits. Consider a youth savings account that lets you set your own limits. This flexibility means you can adjust the limit as per your child’s age, interest and saving plans.

Open a Kids Savings Account Now and Invest in Your Child’s Future

Selecting the right savings account for your child or teen is a task filled with so many considerations. From an easy minor bank account opening online process to user-friendly apps and from reasonable interest rates to useful tools, each factor plays a non-negotiable role. The goal is not just to find a place for your kid’s money. It’s about giving them a foundation to build good saving habits and money management.

So, are you ready to invest in your kid’s future? Consider Indus Young Saver, an exclusive savings account to give your junior a valuable head start. Created specifically for young savers, it has a user-friendly interface, educational value, and security features.

Visit your nearest branch and open an Indus Young Saver Savings Account for your kids today!

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Instant Personal Loans: A Convenient Answer to Your Financial Requirements

February 2, 2024 IndusInd Bank Leave a comment

Emergency financial needs can arise without notice and individuals often find themselves in need of quick and accessible solutions to meet their requirements. In such scenarios, instant personal loans become the most practical and convenient choice. Unlike other types of loans, the process of obtaining funds through instant loans is quicker and streamlined and proves helpful in times of urgency. Let’s shed light on the concept of these quick loans, exploring their significance and utility in addressing immediate financial needs

Understanding What an Instant Personal Loan is

An instant personal loan is a financial tool designed to provide swift access to funds without the lengthy approval processes associated with traditional loans. These loans, also known as digital personal loans, leverage advanced technology to streamline the application and approval procedures and make them an attractive option if you are seeking prompt financial assistance.

When it comes to meeting your funds requirements, IndusInd Bank offers one of the best personal loans in the industry with attractive rates starting from just 10.49% p.a. The online application process is quick, with no physical documentation and easy disbursal. You can seamlessly get instant personal loans of flexible amounts and tenures based on your requirements.

How Instant Personal Loans Can Help You Meet Your Financial Requirements

There are several ways in which a quick personal loan can help you meet your financial requirements, such as:

Speedy approval and disbursement: The primary advantage of instant personal loans is the rapid approval process. Unlike conventional loans that may take days for approval, digital personal loans often get sanctioned within hours. This expeditious process ensures that you receive the funds when you need them the most while addressing urgent financial needs effectively.
Flexible usage: Whether you are facing a medical emergency, need to cover educational expenses, want to cover the expense of a wedding, or plan a dream vacation, these loans provide the flexibility to use the funds as per your requirements.
Minimal documentation: Traditional loan applications often entail an extensive documentation process. Instant personal loans, on the other hand, typically require minimal documentation, simplifying the application process. For instance, IndusInd Bank offers personal loans that have a 100% paperless application process, which allows for the submission of application online, doing away with paperwork entirely and saving valuable time.
Competitive interest rates: Contrary to the misconception that quick loans come with higher interest rates, look for institutions like IndusInd Bank that offer competitive rates.
Convenience of online application: The digital revolution has transformed the lending process, enabling you to apply for instant personal loans from the comfort of your home.

Online application processes are user-friendly, allowing you to submit your application, track its status, and manage repayments seamlessly through digital platforms.

Situations When You Can Opt for an Instant Personal Loan

Some instances where you may need to opt for an instant loan include:

Unexpected medical expenses: Health emergencies can catch anyone off guard. Instant personal loans provide a quick financial cushion to cover medical bills, ensuring you and your loved ones receive the necessary care without delay.
Education-related costs: Pursuing higher education often comes with significant expenses. Whether it’s tuition fees, accommodation, or study materials, instant personal loans can bridge the financial gap and support your educational aspirations.
Debt consolidation: If you find yourself juggling multiple debts with varying interest rates, opting for an instant personal loan to consolidate these debts can be a prudent financial move. It simplifies repayment with a single monthly instalment and may even reduce the overall interest burden.
Home renovation or repair: Home improvements or unforeseen repairs may demand immediate financial attention. Instant personal loans offer a quick solution to address such situations, allowing you to maintain and enhance your living space without disrupting your financial stability.

Conclusion

In certain cases, where time is of the essence, instant personal loans emerge as a valuable resource. Their quick approval, flexible usage, and minimal documentation make them an attractive option for addressing various financial needs. IndusInd Bank further eases the instant loan application with its digital and interactive onboarding process that requires no physical documentation with instant approvals.

When used judiciously, instant personal loans can be a lifeline during challenging financial times, offering a swift and reliable solution to meet your immediate requirements. Apply for an instant personal loan today!

Apply Now.

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Mastering Online Shopping: A Guide to Using Credit Cards Wisely

February 2, 2024 IndusInd Bank Leave a comment

Shopping online has become increasingly common in India over the past decade as more people have access to the internet on smartphones and computers. While online shopping provides convenience, it also involves using payment methods like credit cards that need to be handled responsibly. This guide provides tips on making the most of credit cards for online shopping in a wise manner.

Best Credit Cards for Online Shopping in India

Best Credit Cards for Online Shopping in India

When starting to shop online regularly, it’s a good idea to have a credit card specifically suited for making digital purchases.

Key Factors to Consider in a Credit Card for Online Shopping

Cashback or Rewards:

Look for cards that offer cashback of 1-5% on categories like groceries, electronics, and apparel that cover most online purchases. Accumulating rewards can effectively lower your shopping costs.

No Cost EMI:

Many shopping-oriented cards let you convert high-value purchases into interest-free EMIs over 3-12 months. This makes large expenditures more affordable.

Secure Payment Gateway:

Leading shopping cards have advanced security features like one-time passwords and fraud monitoring to keep your transactions safe.

High Spending Limit:

Make sure your designated online shopping card has an adequately high credit limit so you’re never limited by funds during festival/end-of-season sales.

While different banks and issuers offer their own take on shopping cards, the features above can help maximize the benefit of using plastic for online expenditures.

Research and Compare Options to Pick the Best Credit Card for Online Shopping

Using Credit Wisely for Online Shopping

With rewards come responsibilities. Here are some ground rules for maintaining financial discipline with credit card spending:

Set and Stick to Budgets

Before shopping trips, decide how much you can realistically afford to spend that month. Cataloguing expenses helps curb impulse buys exceeding your means.

Avoid carrying balances

Only use as much as you can pay off in full when the statement comes. Rolling over debt incurs high interest costs that erase the rewards earned.

Shop Securely

Only make purchases from trusted retailers on secure payment pages starting with ‘https://’. Verify cards are protected by EMV chip & PIN technology for the highest security at merchants.

Earn and Use Rewards Prudently

Assess the real monetary value of earnings versus spending required to accumulate points. Redeem only for things you need rather than feel entitled to receive.

Build Credit History Responsibly

On-time payments help to establish a solid credit score over time. Occasional missed or late payments can hurt chances for loans/cards in future.

Stay within the Credit Limit

Going overboard, even just a little, impacts the ability to borrow larger amounts when truly required. Self-control maintains access to affordable credit.

The above basics keep rewards flowing in while preventing debt issues if followed diligently. With discipline, credit cards can empower safe, smart digital spending for years to come.

Conclusion

As online purchases increasingly dominate Indian spending, credit cards emerge as a useful financing tool when handled wisely. By understanding available options, utilizing rewards prudently and paying balances in full, digital shoppers can experience convenience while maintaining financial wellness.

When it comes to elevating consumer experience and convenience, IndusInd Bank’s credit card comes with special privileges and benefits that align with your financial well-being.

Apply Now.

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Best Credit Cards for Utility Bill Payments

February 2, 2024 IndusInd Bank Leave a comment

Credit cards have become an indispensable tool in personal finances as they provide numerous benefits. Among various expenditures, utility bills occupy a recurring and significant position. Leveraging credit cards for utility bill payments not only streamlines the payment process but also enables financial flexibility and convenience. Let’s explore the features and benefits of some of the best credit cards for bill payment.

Easing your Bill Payment through a Credit Card

Settling utility bills through credit cards is a convenient and seamless process that goes beyond mere facilitation. It presents an opportunity to manage expenses more efficiently while offering a host of perks such as discounts and rebates. In addition, it provides a range of features designed to enhance your overall financial experience.

Features of the Best Credit Card for Utility Bill Payments

When choosing a credit card for utility bill payments, you should evaluate the features that amplify its utility and provide convenience and benefits. The best cards typically offer:

A comprehensive bill payment platform: Seamless online transactions are important in our fast-paced lives. The best credit card for bill payment such as the IndusInd Bank Platinum Aura Edge Credit Card guarantees a hassle-free experience, allowing you to manage all your utility payments with just a few clicks. Whether it’s electricity, broadband, water, or gas bills, you can conveniently pay them while on the go.
Rewards and cashback: Opting for a credit card that generously rewards your utility payments is a wise move. The best cashback credit cards ensure that a percentage of your expenses is returned to your account as reward points, serving as a tangible financial benefit. The Platinum Aura Edge Credit Card offers up to 8X Rewards on select merchants for effective savings on your expenses.
Grace periods and interest rates: A card that provides a reasonable grace period and favourable interest rates ensures that you can manage your payments without unnecessary financial strain, promoting responsible financial behaviour. With the Platinum Aura Edge Credit Card, you get up to a 50-day grace period and one of the lowest interest rates in the sector.
Customised alerts and notifications: Stay on top of your utility bills by choosing a credit card that sends timely alerts and notifications. This feature acts as a proactive reminder, preventing oversights in bill payments and contributing to a more organised financial life.

Why IndusInd Bank Platinum Aura Edge Credit Card is the Best Credit Card for Utility Bill Payment

The Platinum Aura Edge Credit Card by IndusInd Bank stands out for utility bill payment facilitation. Here’s why it is one of the best credit cards for utility bill payments:

Generous cashback: The Aura Edge Credit Card from IndusInd Bank offers substantial cashback on utility bill payments. This feature makes it an enticing choice for those seeking tangible financial rewards while managing routine expenses. You can enjoy up to 4 saving points on grocery bills, 1.4 savings points on electricity, cell phone, and insurance premiums, 1.5 points on medical bills, and 0.5 points on all other expenses.

2. Flexible reward program: IndusInd Bank offers the flexibility to choose a suitable reward program for every Platinum Aura Edge Credit Card holder. You can choose among the Platinum Aura Shop Plan, Platinum Aura Home Plan, Platinum Aura Travel Plan, and Platinum Aura Party Plan. Each reward program comes with its own set of offers, savings points and more.

3. Competitive interest rates: Coupled with competitive interest rates, the Platinum Aura Edge Credit Card ensures that your financial interests are safeguarded. The inclusion of a reasonable grace period of up to 50 days adds a layer of flexibility, allowing you to manage your payments with convenience.

4. Contactless payment feature: The IndusInd Bank Platinum Aura Edge Credit Card comes with a chip-based contactless payment that allows you to shop at over 10 lakh merchants and over 30 million outlets across the country. Additionally, the credit card comes equipped with customised alerts, ensuring you never miss a due date. This approach to bill payments aligns with the modern consumer’s need for convenience and financial responsibility.

Conclusion

A careful consideration of features and benefits is required while choosing a credit card for utility bill payments. The credit card should not merely alleviate the financial burden but should also enhance the overall user experience.

The IndusInd Bank Platinum Aura Edge Credit Card emerges as the best credit card online for bill payment, providing rewards and incentives, online efficiency, and customer-centric features. You can easily apply for it online and enjoy seamless bill payment along with an unmatched reward program for each of your transactions.

Apply Now

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your unique 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 making any financial decisions based on the contents and information.

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Navigating the Personal Loan Landscape for Unlisted Company Employees

January 31, 2024 IndusInd Bank Leave a comment

Obtaining personal loans for salaried employees can be more difficult for employees of unlisted companies compared to those working for listed corporations. The lack of publicly available financial documents and shorter credit histories make this segment seem a higher risk to lenders. However, demand for flexible financing options from this growing professional group has led financial institutions to customize their personal loan offerings. Employees of unlisted companies now have avenues to access reasonable amounts within manageable repayment terms. This article provides an overview of the eligibility criteria, application process, loan terms and repayment strategies for individuals seeking personal loans while employed at private firms.

Eligibility Criteria and Application Process

The basic eligibility criteria include being an Indian citizen above 21 years of age with a minimum income of 25,000 per month depending on the city and loan amount sought. Most lenders allow salaried professionals with 1-2 years of work experience to apply. You may need to submit income proof like Form 16, recent salary slips of the last 6 months and bank statements. Credit score requirements range between 650 and 750 and vary from lender to lender. For institutions like IndusInd Bank, the application process is entirely online for personal loans, requiring no paperwork. A soft credit inquiry is conducted to give an instant decision in principle. Sanctioned loans are disbursed directly into the bank account within hours of approval.

Comparing Interest Rates and Loan Terms

Interest rates for personal loans tend to be higher than housing or auto loans since they are unsecured. The rate of interest offered by major players ranges from 12-24% per annum depending on factors like loan tenure, amount and credit profile. Go for lenders quoting attractive annual percentage rates (APRs) after factoring in all charges. For instance, IndusInd Bank has personal loans with interest rates starting from just 10.49%.

Tenures for IndusInd Bank personal loans vary from 12-48 months with flexible repayment options of EMILoan amounts start from Rs.30,000 going up to Rs.5 lakhs based on monthly income.

Use online rate comparison tools to find the best deal matching your specific requirements. Negotiate rates directly with customer care teams and check for ongoing festive offers too. Consider processing and pre-closure charges while choosing between multiple loan options.

Documentation and Approval Challenges

Income proof like six months’ bank statements and Form 16 may not be enough for unlisted private firms. In such cases, lenders ask for additional documents like listed company appointments letters, experience letters from clients or partners as income substantiation. Gaps in credit history also bring higher scrutiny during underwriting. Joint borrower or guarantor options also ease the approval process for those with thin files.

Strategies for Successful Loan Management and Repayment

To ensure on-time repayments:

Set EMI due date reminders and track finances regularly through net banking or apps.
Insure loan against risks like accidental death for coverage.
Maintain a healthy credit mix by using not more than 30-40% of the sanctioned limit.
Track CIBIL scores every 3-6 months and fix any errors to keep the reports clean.

Unlisted firms face greater challenges, but digital personal loans now offer viable financing. With responsible utilization and on-time repayments, borrowers can establish healthy credit histories paving the way for bigger loans in future. So, what are you waiting for? Apply for a personal loan today!

Apply Now.

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How to Get a Personal Loan without Visiting the Bank?

January 31, 2024 IndusInd Bank Leave a comment

Obtaining a personal loan has taken a considerable shift towards convenience with digital advancements. The advent of instant personal loans online has revolutionised the borrowing experience and has also eliminated the need for physical visits to the bank. In this age of rapid digitisation, all you need is a mobile device and an internet connection to access urgent funds anytime. Explore the ways to get online personal loans without visiting the bank.

What are Instant Personal Loans?

Before you know how to get personal loans from the comfort of your home, it is pivotal to comprehend what instant personal loans are. Unlike traditional lending mechanisms that entail prolonged processes and intricate paperwork, instant personal loans offer attractive financial solutions accessible online. These quick loans are designed to cater to urgent financial requirements and offer a streamlined application and approval process.

IndusInd Bank personal loans are a perfect example as you can obtain instant funds through online applications and no physical documentation. The onboarding process is easy and streamlined with instant approvals and, during the entire mechanism, you do not have to visit the bank branch. The best part is that instant personal loans from IndusInd Bank are much more affordable with lower interest rates and minimal charges.

How to get Instant Personal Loans Online without Visiting the Bank?

The transition from conventional to digital banking has offered the convenience of acquiring personal loans online without setting foot in a brick-and-mortar establishment. Keeping your comfort first, IndusInd Bank offers a quick and simple 4-step process to apply for an instant personal loan:

Apply online: Visit the IndusInd Bank personal loan section and click on the ‘Apply Now’ button where you will be prompted to enter your PAN number, mobile number, email ID, and pin code.
Offers for you: Based on your application and the information mentioned in the previous steps, you will get the best running offers on personal loans.
Complete the V-KYC process: To make the process quicker, IndusInd Bank has deployed a video KYC process that lets you verify your details and interact with you over a video call. You can schedule the V-KYC at your convenience.
Instant approval and disbursal: Upon successful verification and based on your eligibility, your loan application will be approved instantly. The funds will then be disbursed directly to your designated bank account.

What are the benefits of instant personal loans?

Rapid processing: The hallmark of instant personal loans from IndusInd Bank is the swift approval and disbursal process, ensuring that you promptly address your financial needs.
Convenience: The online application negates the need for physical visits to the bank, providing unparalleled convenience. The entire process can be executed from the comfort of your home.
Flexible repayment options: You get flexible repayment tenures ranging between 1 year to 4 years, thus allowing you to tailor the loan to suit your financial needs and repayment capabilities.
Transparent terms: IndusInd Bank is committed to transparency. The terms and conditions, including interest rates and fees, are clearly outlined, empowering you to make informed decisions.
Flexible uses: Instant loans from IndusInd Bank are collateral-free and can be used for almost any purpose. Whether it is an emergency medical expense, or planning a wedding or dream vacation, IndusInd Bank’s loans have your back.

Things to consider when applying for instant personal loans

Interest rates: Check the interest rates offered by the bank. Compare and choose a loan with the most competitive rates to minimise the overall cost. IndusInd Bank offers one the best interest rates on personal loans starting at just 10.49% per annum.
Fees or charges: Be vigilant about hidden charges. Thoroughly read the terms and conditions to identify any additional fees that may apply.
Repayment terms: Assess the repayment terms, including the tenure and frequency of payments. Opt for a plan that aligns with your financial capabilities.

Conclusion

The digital age has not only redefined lifestyles but has also transformed how people secure financial assistance. Instant personal loans online exemplify this shift and offer a seamless and efficient alternative to traditional funding methods. With due diligence, you can navigate the online financial landscape with confidence, securing the funds you need without the constraints of physical visits to the bank.

Embrace the era of convenience in financial transactions with IndusInd Bank personal loans and with a few clicks, unlock a variety of possibilities for your immediate financial requirements with affordability and mental peace. Apply for a personal loan 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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Understanding Personal Loan

Benefits of Personal Loans

Exploring the Causes Behind Bank Rejections of Personal Loan Applications

How to apply for a Personal Loan

Conclusion

Eligibility Criteria for Personal Loan

How to check your Personal Loan Eligibility

Documents for Salaried Employees

To Conclude

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Operational Challenges

Cultural Challenges

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Benefits of NRI Remittances

Conclusion

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Conclusion

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2.Utilise Your Card’s Travel Benefits

3. Limit Cash Withdrawals

4. Watch Your Spending

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5. Observe Secure Spending

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How to Use an Indus Multicurrency Forex Card?

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