Understand what a personal loan is, how it works and its uses before you get one.

What is Personal Loan and How it Works? - Kotak811

811.svg

<h2>Personal loans: Meaning &amp; definition</h2><p>At present, people are opting for personal loans to suffice their fund crunch, if any, to spend on something important to an individual. Personal loans help people borrow money from lenders, banks or financial institutions and pay it in instalments with set interest rates.</p><p>This article will walk you through the meaning, definition, and how personal loans work in detail.</p><p style="margin-left:0in;">As the name suggests, a Personal loan meaning is simple and easy. It is a loan that an individual takes which does not require any collateral or security. It is also offered to people with limited documentation and is fast in the process.</p><p style="margin-left:0in;">These funds can be used for any financial need that a person feels. Weddings, travel, and higher education are some of the examples that come under personal loans. These can be settled in estimated monthly instalments, also commonly known as EMI.</p><h2>What can you use a personal loan for</h2><p>Personal loans can opt for different purposes as needed by the people. After you know what is a personal loan you must also know some of the common types of personal loans that one can opt for as per their needs and wants as follows</p><ul><li>Wedding Loan</li><li>Travel Loan</li><li>Home Renovation Loan</li><li>Pension Loan</li><li>Personal Loan for Students</li><li>Festival Loan</li><li>Small Personal Loan</li><li>Personal Loan for Women</li><li>Personal Loan for Salaried Employees</li><li>Personal Loan for Government Employees</li></ul><h2>How does a personal loan work?</h2><p style="margin-left:0in;">The majority of loans function similarly to personal loans. After receiving your loan application and supporting documentation, the Bank evaluates your creditworthiness and extends an offer. The money is deposited to your bank account when you accept it, where you can use it however you like.</p><p style="margin-left:0in;">Depending on the loan amount, term, as well as interest rate, an individual must return the loan in equivalent monthly instalments (EMI).</p><h2>Can you get a personal loan instantly?</h2><p style="margin-left:0in;">Yes, we can get a personal loan instantly. In India, various lenders, financial institutions, and banks offer instant loans with minimum documentation. All we need to do is apply online from these portals, submit some of our documents, including a salary slip, Aadhar card, and Pan card, and then get your loaned amount in your bank account with the rate of interest as decided by the institution.</p><p style="margin-left:0in;">You can do your research and know the banks and financial institutions that offer such loans on an instant basis if you feel funds crunch in some money matters.</p><h2>Everything about personal loan interest Rates, tenure and repayment</h2><p>Things you need to know about personal loans before you opt for the same are as follows-</p><p><strong>1. Interest rates for personal loans:</strong> It might vary depending on factors like tenure, income, occupation, and credit history. The rates are not fluctuating; they are fixed. Also, it is decided by Institution in accordance with regulatory guidelines by RBI.</p><p><strong>2. Ways to get a personal loan:</strong> It is simple to obtain a loan from a renowned Indian Bank, especially if your paperwork is in order and you have a solid credit history. It is advantageous if you are an existing client of the Bank. Applying for a loan is possible through Net Banking, the Bank’s website, an ATM, or a local branch near you.</p><p><strong>3. Loan duration and repayment options:</strong> You can acquire a loan for a duration that works for you. You must pay back the loan in equal monthly payments, sometimes known as EMIs, of a certain amount each month.</p><h2>What are the documents required for a personal loan</h2><p style="margin-left:0in;">There is a simple process of documentation that needs to be fulfilled when applying for a personal loan. The documents that you will need are as follows -</p><p>Even though each lender has its requirements for documentation, here are a few that you must include with your application:</p><ul><li>Evidence of income (salary slip, bank account statement, ITR - Income Tax Return forms).</li><li>Identification and residency documentation.</li><li>Authenticated copies of your diplomas and licenses (this is applicable only for self-employed applicants).</li></ul><h2>Final words</h2><p>A personal loan is a financial tool that helps people when they feel a financial crunch in matters that require instant money. it is a helpful way to empower people to finish tasks that require more money than the saved amount of an individual.</p>

large_Personal-Loan-featured-image-desktop.jpg

medium_Personal-Loan-featured-image-desktop.jpg

small_Personal-Loan-featured-image-desktop.jpg

thumbnail_Personal-Loan-featured-image-desktop.jpg

Personal-Loan-featured-image-desktop.jpg

thumbnail_what-is-personal-loan-162x160.png

what-is-personal-loan-162x160.png

thumbnail_personal-loan-mobile.jpg

personal-loan-mobile.jpg

What Is Personal Loan & How It Works?

Understand what a debit card is, how, it works, its features and its benefits before you get one.

Debit Card: Features & Benefits

<h2>What is a debit card: Meaning and definition</h2><p>When you <a href="https://www.kotak811.com/open-zero-balance-savings-account">open a zero balance savings account</a> or any other <a href="https://www.kotak811.com/savings-account">savings account</a> of your choice, there are most chances that you are given a debit card with it. The card can be considered plastic money, which has made our lives easier. All we need to do is enter a pin or tap the card where we want to make the payment. Unlike credit cards, we are saved from the hassle of buy now pay later.</p><p>Let us know the details about this kind of card and what features benefits, and information it holds for the common people who have opened bank accounts and want to know what is a debit card that is accompanied their account.</p><p>A Debit Card is considered a plastic currency or money. Individuals can use it to purchase items when they are not carrying cash. Generally, the banks give a Debit Card to customers who hold a Savings Account to link it to their account. All transactions that are made with the help of a Debit Card are reflected in your bank account statement or passbook. The bank statement helps an individual keep track of expenses and transactions using the card.</p><p>A bank issues Debit Cards in partnership with institutions like RuPay, Mastercard, and Visa. The card holds a 16-digit unique number for each customer that is commonly known as the Debit Card Number. The digits are split into two parts. To understand the debit card meaning one must also know certain things like the starting 0-6 digits specify the issuer company to determine whether the card is Mastercard or Visa. Digits 7-16 identify the bank that issues the debit card, account type, and more. The card also consists of an Expiry date in front and a 3-digit <a href="https://www.kotak811.com/insights/debit-cards/what-is-cvv-in-debit-card">CVV</a> (card verification value) number at the back of the debit card.</p><p><strong>Read More: </strong><a href="https://www.kotak811.com/insights/credit-cards/visa-vs-mastercard">What is the Difference Between Visa and Mastercard?</a></p><h2>How a debit card works</h2><p>After we have understood what a debit card is, and it's meaning we must know how a debit card works and how can we do transactions with the help of this card issued by the bank with our saving account.</p><p>There are 3 major ways in which you can use your debit card to do transactions that are as follows -</p><p><strong>Offline</strong></p><ul style="list-style-type:disc;"><li>A retailer enters the customer's product purchase information in the card transaction machine they hold.</li><li>The retailer then swipes the customer's debit card through the card-swiping machine.</li><li>After that, the customer must enter their unique Debit card PIN to verify the transaction.</li><li>The retailer gets the payment for the purchase after successful verification, and the bank sends an instant notification to the customer regarding the purchase made and the amount debited.</li></ul><p><strong>Online</strong></p><ul><li>A customer must know the basic details to make an online transaction like - The cardholder's name.</li><li>The 16-digit debit card number is mentioned on the card.</li><li>The CVV number is mentioned on the backside of the issued card.</li><li>The card's expiry date is mentioned on the front of the card.</li></ul><p><strong>PS: The user can save these details to make any purchases from the same platform later.</strong></p><ul><li>After entering the details, the customer will receive a (one-time password) OTP sent to the mobile number registered with the bank.</li><li>Lastly, the customer must enter the PIN after entering the OTP to complete the transaction.</li></ul><h2>ATMs automatic teller machine</h2><p>To complete a debit card transaction for the purpose of cash withdrawal at an ATM, the customer must first insert the debit card into the ATM and read through the screen for the next step.</p><p>The customer will then have to select the type of account, enter the total amount they wish to withdraw, and enter the Debit card PIN. After that, one can collect cash from the ATM.</p><h2>Features and benefits of a debit card</h2><p>Besides understanding the Debit card meaning and how it is used online, offline, and at an ATM, you must also be aware of its salient features and the benefits that it offers its customers. Some of the most commonly known features are as follows-</p><ul><li>Debit Cards are fast, contactless, easy, as well as convenient ways to make payments ad perform transactions online and offline.</li><li>They help you make real-time payments from your linked bank account and save you from the hassle of withdrawing money from the bank's long lines and queues.</li><li>Banks come up with a vivid range of discounts, offers, and the current favourite cashback options on different types of Debit Cards.</li><li>You can use Visa and MasterCard-enabled Debit Cards in any country worldwide by facilitating international usage.</li><li>You can load digital wallets using your Debit Card and make UPI payments, making it a digitally fit bank account as the masses currently need.</li><li>The debit card also gives you an EMI option which makes it easier to make bigger purchases without the need for credit cards or loans.</li></ul><h2>Things to keep in mind when using a debit card</h2><p>There are certain things that you must keep in your mind when users start using your debit card. We must know that it is related to our finances, and it must be used with some consciousness. Hence, here are some of the things that must be taken into account when using your debit card-</p><ul><li>One must keep their PIN private.</li><li>Be cautious when making a payment to a vendor while purchasing an item or paying for a service.</li><li>Keep checking your account statements, balance and added information on a daily basis to know your finances and be safe from frauds if any.</li><li>ATM pins must be changed from time to time to safeguard yourself from any fraud.</li><li>Dispose of your old debit cards with consciousness – cut them into pieces and then throw them if they are no longer in use.</li><li>Make payments and transactions on a secure network.</li></ul><h2>All you need to know about contactless debit cards</h2><p>A contactless debit card is a bank-issued card that is known to be encrypted with Radio Frequency Identification (RFID) or Near-field communication (NFC) technology. It is also known as the NFC debit card.</p><p>The card uses the latest development in secure payments technology. It permits debit cardholders to spend for their transactions without physically giving over the card to the vendor or the merchant. It saves us from carrying the card and from various types of fraud that take place.</p><h2>Final words</h2><p>Carrying a debit card is like having your saved money with you that can help you in paying, withdrawing, or making any transactions anytime, anywhere as required. With the advancements in the banking industry, such cards have stolen the style of banking and have become a household necessity. Ensure that you use your bank account debit cards and finances responsibly.</p>

large_what-is-debit-card-featured-image.jpg

medium_what-is-debit-card-featured-image.jpg

small_what-is-debit-card-featured-image.jpg

thumbnail_what-is-debit-card-featured-image.jpg

what-is-debit-card-featured-image.jpg

thumbnail_what-is-debit-card-162x160.png

what-is-debit-card-375x350.png

what-is-debit-card-featured-image-mobile.jpg

thumbnail_what-is-debit-card-featured-image-mobile.jpg

Before you get a personal loan, learn about the types of personal loans and which one suits your needs.

How to Choose Best Credit Card Based on Your Needs | Kotak 811

<p>Opting for personal loans in India is quite popular, but did you know that there are various types of personal loans that can be opted for by people as per their needs and demands? We can fairly say that in the last decade, the industry of personal loans has seen colossal growth across the nation. Different types of personal loans will also help you in tax redemption if that is something you are looking for.</p><p>We have a list of personal loans that individuals can opt for as determined by their needs.</p><h2>Wedding loan</h2><p>Weddings in India are significant events with various functions involving both the groom and bride. Many couples and their parents take loans from the bank to suffice the amount they desire to spend on the wedding. It helps in enjoying the functions and not draining out all the savings in the long run.</p><h2>Travel loan</h2><p>Yes, that is one type of personal loan. If you enjoy travelling and find happiness in exploring new places but cannot opt for the option, then this loan is specially curated for you. You can take a bank loan for your travel purposes and enjoy your tour across the places you wish to see.</p><h2>Home renovation loan</h2><p>We all know people who have taken loans to build or buy a house, but have you met someone who has taken a bank loan to renovate their house? Yes, this is a possibility now. You can opt for a personal loan from a bank to renovate your space no more worries about draining out savings.</p><h2>Pension loan</h2><p>This type of loan is specially curated for people who are retired. Some banks provide personal loans to senior citizens based on their application. Various banks provide a few times with the amount the pensioner used to get in a month before applying for a bank or financial institution loan.</p><h2>Personal loan for students</h2><p>The banks provide personal loans for students to study or pursue a course, career, or degree. Education costs are increasing, and students require loans to complete their education. It helps them get into the universities and colleges of their choice. Personal loan for students is a boon for pupils who want to study further but face immediate money constraints.</p><h2>Festival loan</h2><p>Different lenders and financial institutions offer people personal loans to celebrate festivals with friends and family with ease and joy. This is another type of personal loan that is new in the market and is turning out helpful for people feeling short on cash at the time of festivals.&nbsp;</p><h2>Small personal loan</h2><p>Small personal loans, as the name suggests, are the loans that one might need; they feel a funds crunch of a small amount at the end moment of making payments like a child’s higher education, wedding plans, etc. this can be availed from banks, lenders, and financial institutions.</p><h2>Personal loan for women</h2><p>This type of personal loan is specially designed for women. Today, women have broken the typecasts and have come forward to work and create a life of their own. To empower this, various banks come up with loans that are tailor designed for women to suit their needs and desire to grow so on and forth in life.</p><h2>Personal loan for salaried employees</h2><p>If a salaried person wants to apply for a personal loan, then they must be a minimum of 21 years of age and a maximum of 60 for these types of personal loans. They can apply for a personal loan if they have a work experience of 2 years, in which one year should be with the current employment.</p><h2>Personal loan for government employees</h2><p>A loan designed for people who work in public sector departments of a state or centre. This loan can be used for multiple uses but is only given to people working in government sector jobs. The eligibility for this loan provides valid proof of work in the government sector.</p><h2>Final words</h2><p>Personal loans are like supporters in bicycles. It adds up as help in situations where you need money to get a job done or make a payment in real time. This also comes up with options to pay part money each month that does not let you feel the burden on your bank accounts.</p>

Types Of Personal Loans Available In India

Understand what is e-banking. Internet Banking, otherwise called net banking as well as online banking.

E-Banking: Advantages, Disadvantages & Importance - Kotak 811

<p>On account of its high-level web services and mobile apps, online banking had come into the spotlight way before the coronavirus hit the world with its claws. Be that as it may, like never before, business proprietors presently depend on this technology to meet their banking needs from the security and convenience of their homes.</p><p>In the event that you're considering involving an online bank for your business, it's critical to gauge the advantages of e-banking and disadvantages to figure out how these imaginative banking highlights are having an impact on the manner in which business proprietors connect with their money. In the present changing world, businesses utilize online banking to supplant face to face visits to a bank branch. It offers an assortment of web-based services to make financial transactions online with ease.</p><h2>What is E-Banking or Online Banking</h2><p>The first thing we must understand is what is e-banking. Internet Banking, otherwise called net banking as well as online banking, is an electronic installment framework that empowers the client of a bank or a financial establishment to make financial or non-financial transactions online by means of the internet. This help gives online admittance to pretty much every banking administration, generally accessible through a neighbourhood office including reserve moves, deposits, and online bill installments to the clients.</p><p>Internet banking can be gotten by any person who has enrolled for online banking at the bank, has a functioning bank account or any financial establishment. In the wake of enlisting for online banking offices, a client need not visit the bank each time he/she needs to benefit from a banking administration. It isn't simply convenient yet additionally a protected technique for banking. Net banking entryways are gotten by novel User/Customer IDs and passwords.</p><h2>Significance of E-Banking in Today’s World</h2><p>Here are the absolute best elements of internet banking that an individual must know:</p><ul><li>Gives admittance to financial as well as non-financial banking services.</li><li>E-banking allows them to check their bank balance at any time of the day when the client requires it.</li><li>Make payments to different accounts as and when required with ease and speed.</li><li>Keep in mind the contracts, credits, and savings account that is connected to the bank account.</li><li>Free from any fraud that the banking system can hold.</li><li>Safeguarded with secret ID and secret passcode.</li><li>Clients can apply for the issuance of a cheque book online.</li><li>Purchase general insurance.</li><li>Set up or drop programmed recurring payments and standing requests.</li><li>Keep in check the investments connected to the bank account the customer holds.</li></ul><h2>Advantages of E-Banking</h2><p>Even after having a great option to bank whenever, from any place, there are different advantages of e-banking that a customer can enjoy. You may have the option to:</p><h3>Cover bills online</h3><p>This may be one of the top benefits of online banking since you don't need to cut out time from your day to go to the bank. You can essentially sign into your account and take care of your bill online immediately. For expanded proficiency, you may have to set up robotized bill installments, which assist you with dealing with your income when you have regularly scheduled installments to and from merchants.</p><h3>Funds Transfer made easy</h3><p>You might have to do a fast money move to a client or merchant, or you might have to move money starting with one account and then onto the next. Rather than sending an enlisted check and sitting tight for it to clear, you may safely move the money online.</p><h3>Deposit checks online</h3><p>As opposed to heading to a bank office and holding up in line, you might have the option to deposit really looks at online in minutes. Furthermore, in light of the fact that most financial organizations have an app that imitates its services from your telephone, you can continuously bank in a hurry. Besides, a few banks offer every minute of everyday client care, so you can address a client support delegate whenever.</p><h3>Bring down your overhead charges</h3><p>If by any chance your business does banking online, your banking charges might be lower, as online banks might not need to pay for the cost and upkeep of branches, and those savings might be moved to you. Besides, they might have all the more no-charge choices that add to your savings.</p><h2>Disadvantages of E-Banking</h2><p>Like everything throughout everyday life, internet banking also holds a couple of perils or disadvantages. Now that we know what is e-banking and what are its advantages, let us throw some light on what are its disadvantages.</p><h3>No Cashless Deposit Option is available</h3><p>There is no arrangement for cash deposits. You should visit your closest bank office or funds deposit machine to deposit money in the bank account, it cannot be done with the help of e-banking.</p><h3>Requirement of good internet speed</h3><p>Your admittance to Internet banking services can come to standstill without the availability of a steady internet connection. It can likewise be impacted when the bank servers are down or facing any technical issues.</p><h3>Internet fraud or trickery</h3><p>You could become a survivor of internet extortion on the off chance that you don't comply with the safety efforts recommended by the bank, like not setting strong and unique passwords, sharing passwords, or not logging out from your internet banking account.</p><h2>How to Get Started With E-Banking/Online Banking</h2><p>Each account holder needs to enroll for an online banking administration at his/her bank where they have an account so as to gain admittance. Most banks give a net-banking sign-in unit or kit as and when you apply for an account in a particular bank. To begin using net banking for your day-to-day transactions, follow these methods -&nbsp;</p><ul><li>Download the application form from your bank's true website, finish filling up the form and then take up a print of the same. You can even visit the bank branch straightforwardly and finish up the application form for net banking.</li><li>Present the application form at the bank.</li><li>After the bank does a thorough verification, you will get a special User ID and secret phrase utilizing which you can sign into internet banking.</li></ul><h2>Final Thoughts</h2><p>The above comparison of the benefits and burdens of internet banking clarifies that the advantages offset the consequences. Make sure to observe the important security rules to guarantee your account is dependably protected. Doing so will permit you to partake in a consistent internet banking experience.</p>

Understand what is e-banking. Internet Banking, otherwise called net banking as well as online banking,

large_benefits-of-e-banking-featured-image-desktop.jpg

medium_benefits-of-e-banking-featured-image-desktop.jpg

small_benefits-of-e-banking-featured-image-desktop.jpg

thumbnail_benefits-of-e-banking-featured-image-desktop.jpg

benefits-of-e-banking-featured-image-desktop.jpg

thumbnail_benefits-of-e-banking-162x160.png

benefits-of-e-banking-162x160.png

thumbnail_benefits-of-e-banking-featured-image-mobile.jpg

benefits-of-e-banking-featured-image-mobile.jpg

E-Banking: Advantages, Disadvantages & Importance

In this article, we will understand how credit card EMI works and what are some of the things that need to be kept in mind while making a purchase with the help of a credit card.

How Credit Card EMI Works In India | Kotak 811

<h2>All you need to know about credit card emi</h2><p>Planning to buy something expensive but facing funds crunch at the current moment? This is the key concept of how credit cards work. It is a card that is issued by banks to its customers which allows them the option of buy now, pay later. You can make a purchase according to the purchasing power given by the bank and make the payments later according to the cycle, or you can also pay the loaned amount in the form of an EMI. But is paying the loan amount in EMI a good option?</p><p>In this article, we will understand how credit card EMI works and what are some of the things that need to be kept in mind while making a purchase with the help of a credit card.</p><p style="margin-left:0in;">Some of the banks offer their customers the option to convert their payments into EMI - <strong>Equated Monthly Instalments</strong>, which is an option to pay the amount in small portions each month. It helps in saving us from the pressure that can be felt while paying the amount all at once. There are some factors that must be kept in account while we are dealing with the answers to the question - of how credit card EMI works.</p><h2>Tenure</h2><p>While you opt for the EMI option, the tenure to pay the amount is somewhere between three months to eighteen months. It is the time within which you can complete your payments as per the plan chosen by you.</p><h2>Interest</h2><p>Looking for a good bargain? There are some banks that offer no cost EMI and some other banks charge EMIs per se if you chose a plan for 6 months, 9 months or so forth. Look into the interest rates, research, and then opt for an EMI option.</p><blockquote><p><span style="color:#252525;">Kotak811 offers a </span><a href="https://www.kotak811.com/open-zero-balance-savings-account">zero balance account</a><span style="color:#252525;">. Opening an online bank account requires no branch visit.</span></p></blockquote><h2>Processing fee</h2><p>Some of the banks charge a small amount while converting your payments into EMI, termed as processing fees and some of the banks in the system offer no such cost to convert your amount into EMI.</p><p>You must choose the bank that best suits your needs.</p><h2>Available credit</h2><p>Look into the available credit or understand it better the purchasing power of your credit card. It must be either less or equal to the amount you have to pay as EMI, or else your request for EMI will be rejected. This is one of the ways how credit card EMI works in India.</p><h2>Reduction of credit limit</h2><p>Also known as a temporary reduction of the credit limit. As soon as we opt for an EMI option the bank blocks the amount for which we have sent an EMI. The bank starts increasing the credit limit with a sum of the amount each time you make a payment.</p><h2>Foreclosure &amp; cancellation</h2><p>In this case, if you accumulate the pending amount and you wish to repay the amount before the tenure ends, you can do so. In this case, too some banks charge a small amount for cancellation and some simply close the EMI period.</p><h2>Does credit card emi impact credit score?</h2><p>Opting for the EMI plan will have no negative impact whatsoever on your credit score but missing any EMI payment negatively affects your score. Hence, while the buy now, pay later opportunity is considered easy and convenient, defaulting on your payment cycle will affect your credit score the same way any other delayed credit payment will. You must also know how EMI is deducted from your credit card for the safety of your funds and to ensure that you do not miss your EMI payment dates.</p><h2>How to convert credit card payments to emi</h2><p>Your bill can be converted into EMIs in one of two ways. You have two options for turning your purchase into an EMI: either at the time of purchase or after paying off any outstanding balance.</p><p>Merchants provide EMI alternatives on credit cards for the majority of expensive goods. Make careful to inquire about EMI possibilities with your merchant or vendor before making a significant purchase.</p><p>You can choose smart EMI choices for credit cards by connecting to your <a href="https://www.kotak811.com/savings-account">savings account</a> through net banking and deciding to convert your outstanding debt into EMIs. You can also go to the nearest branch and ask a bank representative to help convert your remaining debt into EMIs. Your eligibility for smart EMIs is determined by your <a href="https://www.kotak811.com/check-your-cibil-score">credit score</a>, this is how credit card EMI works in different banks of the country.</p><h2>What you need to keep in mind when converting to emi</h2><p>Some things must be considered while you look for EMI options. If an individual is looking for an EMI option that is for more than three months to repay the outstanding, opt for EMIs. If an individual needs an EMI option for less than three months, the person should avoid EMIs, as rotating credit can multiply your debt at a fast pace. Also, look for different options to fund your purchase.</p><h2>Final words</h2><p>While it is comfortable to get your credit card bills converted into EMIs, it is also essential to evaluate the different aspects that have a significant part in changing your credit card statements into EMIs. If you plan to go for an EMI purchase on your credit card, make sure to loan the amount for a short span. A credit card EMI calculator can also play a significant role if you wish to select the maximum amount you can afford to spend on your credit card.</p>

All You Need to Know About Credit Card EMIs

large_how-credit-card-emi-works-desktop.jpg

medium_how-credit-card-emi-works-desktop.jpg

small_how-credit-card-emi-works-desktop.jpg

thumbnail_how-credit-card-emi-works-desktop.jpg

how-credit-card-emi-works-desktop.jpg

thumbnail_160x160.png

Credit-Card-EMI-160x160.png

thumbnail_how-credit-card-emi-works-mobile.jpg

how-credit-card-emi-works-mobile.jpg

How Credit Card EMI Works In India

From saving, and investing, to taxation, we look at various factors about personal financial planning

Everything You Need To Know About Personal Financial Planning - Kotak 811

<h2><span style="color:black;">What is personal finance?</span></h2><p><span style="color:windowtext;">Financial planning in India is essential for a fruitful and financially solid way of life and gives you the edge over the dangers and burdens of low funds on occasions of need. Appropriate personal financial planning permits you to meet your life objectives and satisfy your goals through better roads. It assists you with fostering a confident and restrained standpoint toward your likely future and causes you to take command of how your money functions for you.</span></p><p><span style="color:windowtext;">Planning how you spend/contribute and use your money-related corpus is fundamental for you to accomplish financial soundness and strength. Seen in the Indian context, there are sure some important things that you should understand for core individual financial planning.</span></p><p><span style="color:black;">To go ahead and understand more details on personal financial planning we must first understand what personal finance and its impact are on our day-to-day monetary life. Personal finance, as a term, covers the concepts of dealing with your money, saving, and financial planning. It likewise incorporates banking, budgeting, contracts, investments, insurance, planning for retirement, as well as tax planning. One can consider that personal finance comprises the whole business that offers financial types of assistance to people and prompts them about financial and investment open doors.</span></p><h2><span style="color:black;">Aspects of personal finance management and planning</span></h2><p><span style="color:black;">Now that we have understood what personal finance management and planning is, we must understand in detail the aspects that it comprises. This will give you a clearer picture of how to manage your personal finance with ease and in the best possible way.&nbsp;</span></p><h2><span style="color:black;">Income</span></h2><p><span style="color:black;">Income is the money gotten by an individual (people or business) intermittently every day, week after week, month to month, or yearly. Income incorporates money related as well as non-financial sums of remittances and perquisites. All income is taxable under income tax except if explicitly excluded.</span></p><h2><span style="color:black;">Savings</span></h2><p><span style="color:black;">Savings is the balance amount that is left in parts after meeting the consumption needs of a person. Individuals who purchase using a </span>credit card<span style="color:black;"> and have gradual EMI commitments would have close to nothing or none to save money on a month-to-month premise. Savings help in pooling up funds for a financially stable future.</span></p><p><span style="color:black;"><strong>Must Read:</strong> </span><a href="https://www.kotak811.com/insights/investment/6-reasons-why-you-should-start-investing-early">6 Reasons Why You Should Start Investing Early</a>&nbsp;</p><h2><span style="color:black;">Investments</span></h2><p><span style="color:black;">Investments are resources that permit money to grow in the long run. Investments are made with the goal to profit from the appreciation of value as time passes and are the apex when we talk about personal finance 101. They produce income in two ways for financial backers. Financial backers, first and foremost, can sell it and acquire it from capital additions. Secondly, the investors can acquire from normal income as interest or profits.</span></p><h2><span style="color:black;">Taxes</span></h2><p><a href="https://www.kotak811.com/insights/savings/gross-income-vs-taxable-income">Taxes</a> <span style="color:black;">are exacted by governments on their residents to create income for undertaking activities to support the economy of the nation and to increase the expectation of living of its residents. The power of the government to demand taxes in India is gotten from the Constitution of India, which dispenses the ability to collect taxes to the Central and State governments. All taxes imposed inside India should be supported by an accompanying regulation passed by the Parliament or the State Legislature.</span></p><h2><span style="color:black;">Spending</span></h2><p><span style="color:black;">Consumer spending is the all-out money spent on definite labour and products by people and families for personal use and happiness in an economy. Contemporary proportions of consumer spending incorporate all confidential acquisition of sturdy merchandise, nondurable products, and services.</span></p><h2><span style="color:black;">Personal financial planning process: A step by step guide</span></h2><p><span style="color:black;">If you are also keen to understand personal finance and want to have a personal finance 101 guide that can help you in understanding the process a little better? If yes, then you must know about this step-by-step process that will help you in managing your personal finances like a pro!&nbsp;</span></p><h2><span style="color:black;">Write down your financial goals</span></h2><p><span style="color:black;">You must always know your financial goals before you make a start. Having short medium and long term goals shall surely give you a boost to save, earn and invest money to reach that particular goal.</span></p><p><span style="color:black;"><strong>Must Read:</strong> </span><a href="https://www.kotak811.com/insights/investment/how-to-set-investment-goals">How To Set Investment Goals</a>&nbsp;</p><h2><span style="color:black;">Create and stick to a budget</span></h2><p><span style="color:black;">Never underestimate the power of creating a budget for yourself. Having a small budget that defines earnings, savings, expenditure, and savings will make you self-aware of your finances. Hence, making you a better financial decision maker.</span></p><h2><span style="color:black;">Find ways to increase savings</span></h2><p><span style="color:black;">Find out more ways to save. Be it less impulse buying, investing in mutual funds, stocks, shares, SIPs and more, as suited to you. This will help you make money from money and your funds won’t just sit in your wallet.</span></p><h2><span style="color:black;">Pay off any debt</span></h2><p><span style="color:black;">Understand that paying off debts, loans, EMI and even friendly debts from friends and family is important. A – it reduces the financial burden on your shoulders. B- you must pay off debts as it incurs interest that might lose you that extra cash you can save.&nbsp;</span></p><h2><span style="color:black;">Plan for retirement</span></h2><p><span style="color:black;">It might sound like a plan for the future, but let us give you an insight, it is not. It shall be started in the late 20s to have enough funds when you grow old and sit retired in a comfortable rolling chair.</span></p><h2><span style="color:black;">Invest in mutual funds</span></h2><p><span style="color:black;">Investing in Mutual funds has found its base in the market currently. It helps us in growing our money. One must do they own research while investing in mutual funds. Even though they are currently gaining a name on the finance front, the market is subject to financial risk and doing good research and then investing will help you in having a better standing when it comes to personal finance management.&nbsp;</span></p><h2><span style="color:black;">Start an emergency fund</span></h2><p>Starting an emergency fund in the form of a&nbsp;<a href="https://www.kotak811.com/open-zero-balance-savings-account"><span style="color:#1155CC;">zero balance savings account</span></a> is a<span style="color:black;"> great way to stand tall in times of emergencies. Experts say that having your 3 to 6 months of earnings as your emergency fund can help you best survive at the time when an emergency walks in.&nbsp;</span></p><h2><span style="color:black;">Get insured</span></h2><p><span style="color:black;">Getting insurance is also on the list as it takes off the pressure of spending a hefty amount on health issues if any, getting good health insurance for yourself and your family and staying under protection in times of need.&nbsp;</span></p><h2><span style="color:black;">Final thoughts</span></h2><p>If you want to have great financial health in the long run, managing your finances shall be the best route you take.</p>

From saving, and investing, to taxation, we look at various factors about personal financial planning.

large_personal-financial-planning-desktop.jpg

medium_personal-financial-planning-desktop.jpg

small_personal-financial-planning-desktop.jpg

thumbnail_personal-financial-planning-desktop.jpg

personal-financial-planning-desktop.jpg

thumbnail_personal-finance-tips-375x350.png

personal-finance-tips-375x350.png

thumbnail_personal-financial-planning-mobile.jpg

personal-financial-planning-mobile.jpg

Personal Financial Planning

Learn about different types of bank accounts and make decisions when opening a bank account.

Types Of Bank Accounts In India | Kotak 811

<h2 style="margin-left:0in;"><span style="color:#0E101A;">Various types of bank accounts available in India</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">Nowadays, everyone from business families, students, workers, labourers, and public and private employees have a bank account. We can practically say that almost everyone in the nation holds at least one Account or the other from the&nbsp;types of bank accounts&nbsp;offered by the banks.</span></p><p style="margin-left:0in;"><span style="color:#0E101A;">Hence, we are here to discuss some of the most promising and popular bank accounts that a citizen of the nation must know about.</span></p><p style="margin-left:0in;"><span style="color:#0E101A;">At first, just four&nbsp;types of bank accounts&nbsp;were working in India. These incorporated the Current Account, Savings Account, Recurring Deposit Account and Fixed Deposit Account. Be that as it may, later, different sorts of bank accounts were presented with the progression in the banking area.</span></p><h2 style="margin-left:0in;"><span style="color:#0E101A;">Savings account</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">As the name recommends, the savings accounts can be opened by an individual or mutually by two individuals with the plan to set aside cash as saved funds. </span>The fundamental advantage of opening a&nbsp;<a href="https://www.kotak811.com/open-zero-balance-savings-account"><span style="color:#1155CC;">zero balance savings account</span></a> among <span style="color:#0E101A;">the&nbsp;different types of bank accounts&nbsp;is that the bank pays you interest for opening this kind of Account with them.</span></p><h2 style="margin-left:0in;"><span style="color:#0E101A;">Given beneath are a couple of highlights of the savings account:</span></h2><ul><li><span style="color:#0E101A;">There is no restriction to the times the account holder can deposit money in this Account, yet there is a limitation on the times money can be withdrawn from this Account.</span></li><li><span style="color:#0E101A;">The pace of interest that an account holder get fluctuates from 4% to 6% per annum.</span></li><li><span style="color:#0E101A;">There is no minimum balance that should be kept up with for this sort of an account.</span></li><li><span style="color:#0E101A;">The savings account holders can get an ATM/Debit/Rupay Card if they wish to.</span></li></ul><p><span style="color:#0E101A;"><strong>Must Read:</strong> </span><a href="https://www.kotak811.com/insights/savings/current-account-vs-savings-account"><span style="color:#1155CC;">Key Differences Between Current &amp; Savings Account</span></a><span style="color:#0E101A;">&nbsp;</span></p><h2 style="margin-left:0in;"><span style="color:#0E101A;">Current account</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">A </span><a href="https://www.kotak811.com/open-current-account/en"><span style="color:#1155CC;">current account</span></a><span style="color:#1155CC;"> </span><span style="color:#0E101A;">is a deposit account for brokers, entrepreneurs, and business visionaries, who need to make and get more frequent instalments. These accounts hold more fluid deposits with no restriction on the quantity of transactions each day. Amongst the different types of bank accounts - Current accounts permit overdraft office, pulling out more than whatever is currently accessible in the Account. Additionally, dissimilar to savings accounts, where you procure some interest, these are zero-interest-bearing accounts. You really want to keep a minimum balance between having the option to work current accounts.</span></p><h2 style="margin-left:0in;"><span style="color:#0E101A;">Demat accounts</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">A Demat Account is another one in the list of&nbsp;types of bank accounts&nbsp;and is a kind of bank account for your share certifications and distinguished securities that are held in an electronic configuration. Demat Account is an abbreviation for dematerialization account and makes the most common way of holding investments like offers, securities, government protections, Mutual Funds, Insurance, and ETFs more straightforward, getting rid of the problems of actually dealing with and upkeep paper shares and related documents.</span></p><h2 style="margin-left:0in;"><span style="color:#0E101A;">Given the focuses that a competitor concerning the DEMAT account should realize:</span></h2><ul><li><span style="color:#0E101A;">There are just two depository associations that deal with this kind of bank account in India. This incorporates: National Securities Depository Limited and Central Depository Services Limited</span></li><li><span style="color:#0E101A;">This works with a simple exchange of bonds and offers.</span></li><li><span style="color:#0E101A;">Assists in conducting pushing free transactions of offers.</span></li><li><span style="color:#0E101A;">KYC is expected to open the DEMAT Account.</span></li><li><span style="color:#0E101A;">Transaction cost is diminished.</span></li><li><span style="color:#0E101A;">Brokers can work from anyplace.</span></li><li><span style="color:#0E101A;">The exchange of securities should be possible with decreased desk work</span></li></ul><h2 style="margin-left:0in;"><span style="color:#0E101A;">TASC account</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">TASC Accounts delivers innovative products and services to conform to the requirements of Trusts, Associations, Societies, Clubs, Educational Institutions, Non-Government Organizations (NGOs), and Companies those are governed by the Companies Act, 1956 /2013. The Central Government of India has licensed it under Section 25/Section 8 of the Act, or under the related provision in the Indian Companies Act, 1913 and allowed not to add to their names the words like 'Limited' or Private Limited as well as Hospitals.</span></p><h2 style="margin-left:0in;"><span style="color:#0E101A;">Fixed deposit account</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">To stop your funds and procure a fair pace of interest on it, there are various types of bank accounts, like fixed and repeating deposits.</span></p><p style="margin-left:0in;"><span style="color:#0E101A;">A fixed deposit (FD) account permits you to procure a fixed interest rate for keeping a specific amount of money secured for a given time frame, that is until the FD develops. FDs range from a development time of seven days to 10 years. The rate of interest you procure on FDs will shift contingent upon the residency of the FD. By and large, you can't pull out money from an FD before it develops. A few banks offer an untimely withdrawal office. Yet, the interest rate you procure is lower.</span></p><p style="margin-left:0in;"><span style="background-color:transparent;color:#000000;font-family:Calibri,sans-serif;"><strong>Must Read: </strong></span><a href="https://www.kotak811.com/insights/savings/know-how-does-fixed-deposits-works">What are Fixed Deposit Accounts &amp; How Do They Work?</a></p><h2 style="margin-left:0in;"><span style="color:#0E101A;">Recurring deposit account</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">Among the types of bank accounts in India, a recurring Deposit account or RD account is a type of Account wherein the account holder must consistently deposit a fixed sum until it arrives at the fixed maturity date.</span></p><p style="margin-left:0in;"><span style="color:#0E101A;">The elements of the Recurring deposit account have been examined underneath:</span></p><ul><li><span style="color:#0E101A;">Any individual or an Institution can open a recurring deposit account either independently or together</span></li><li><span style="color:#0E101A;">Intermittent or regularly scheduled payments that should be added can be pretty much as low as Rs.50/ - or may change from one bank to another</span></li><li><span style="color:#0E101A;">The scope of months for which an RD account can be opened changes from half a year to 120 months</span></li><li><span style="color:#0E101A;">The interest rate shifts relying on the bank you decide to open an account with</span></li><li><span style="color:#0E101A;">A selection office is likewise accessible for RC accounts</span></li><li><span style="color:#0E101A;">A passbook is given for this kind of bank account</span></li><li><span style="color:#0E101A;">Untimely withdrawal of the sum is allowed, given an amount of the sum is deducted as a punishment</span></li></ul><h2 style="margin-left:0in;"><span style="color:#0E101A;">NRI account</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">There are various bank accounts in India for Indian-beginning individuals living abroad. These accounts are called abroad accounts. They incorporate two sorts of </span><a href="https://www.kotak811.com/savings-account">savings accounts</a><span style="color:#0E101A;"> and fixed deposits - NRO or non-resident ordinary and NRE or non-resident external accounts. Banks additionally offer foreign currency non-resident fixed deposit accounts</span></p><p style="margin-left:0in;"><span style="color:#0E101A;">The NRI Accounts are additionally partitioned into three kinds, and the&nbsp;types of bank accounts&nbsp;in India&nbsp;that NRIs can open are as follows:</span></p><ul><li><span style="color:#0E101A;"><strong>NRO (Non-Resident Ordinary Rupees) Account </strong>- This will permit you to move your foreign income effectively to India. It very well may be opened as an FD/RD/Current/Savings account. These accounts can be opened by an individual or together opened</span></li><li><span style="color:#0E101A;"><strong>NRE (Non-Resident External Rupees) Account</strong> - When an Indian resident moves to another country to work there, his/her Account should be converted into an NRE account. This Account can be mutually opened with an Indian resident</span></li><li><span style="color:#0E101A;"><strong>FCNR (Foreign Currency Non-Resident) Account -</strong> This sort of Account can be opened to deal with an international currency. It must be as a Term deposit and can be withdrawn after the maturity period, as it were.</span></li></ul><h2 style="margin-left:0in;"><span style="color:#0E101A;">Conclusion</span></h2><p style="margin-left:0in;"><span style="color:#0E101A;">There are more kinds of accounts that might fall under different categories of savings bank accounts, and citizens can choose according to their needs and demands. However, these are some of the country's significant types of bank accounts that citizens can hold to manage finances.</span></p>

Various Types of Bank Accounts Available in India

large_types-of-bank-accounts-featured-image-desktop.jpg

medium_types-of-bank-accounts-featured-image-desktop.jpg

small_types-of-bank-accounts-featured-image-desktop.jpg

thumbnail_types-of-bank-accounts-featured-image-desktop.jpg

types-of-bank-accounts-featured-image-desktop.jpg

thumbnail_types-of-bank-accounts-375x350.png

types-of-bank-accounts-375x350.png

medium_types-of-bank-accounts-featured-image-mobile.jpg

small_types-of-bank-accounts-featured-image-mobile.jpg

thumbnail_types-of-bank-accounts-featured-image-mobile.jpg

types-of-bank-accounts-featured-image-mobile.jpg

Types Of Bank Accounts In India

IMPS Full Form: Understand the Immediate Payment Service (IMPS) and its meaning in banking here. Get to know its uses, advantages, timing and charges of IMPS transactions, etc.

What is IMPS Meaning in Banking: How to Do it, Timing, Charges & Limits - Kotak 811

<h2 style="margin-left:0in;">IMPS Meaning in Banking: How to Do it, Timing, Charges &amp; Limits</h2><p style="margin-left:0in;"><span style="color:black;">In the last decade, the banking sector in India has evolved by leaps and bounds. Gone are the days when sending and receiving money involved long, cumbersome processes, not to mention the long wait to receive credits. Today, you can transfer funds in seconds, and your beneficiaries can receive them instantly.</span></p><p style="margin-left:0in;"><span style="color:black;">Thus, you can initiate a quick&nbsp;online fund transfer if you need to send money to your loved ones during emergencies or pay for your utilities, groceries, and more. One such revolutionary mode of online payment is IMPS.</span></p><p style="margin-left:0in;"><span style="color:black;">Let us find out what IMPS and transfer are and the many ways in which you can initiate them.</span></p><blockquote><p style="margin-left:0in;"><span style="color:black;">Kotak811 is the first Indian bank to offer </span><a href="https://www.kotak811.com/open-zero-balance-savings-account">zero balance account opening online</a><span style="color:black;"> using the Video KYC process.</span></p></blockquote><h2 style="margin-left:0in;"><span style="color:black;">IMPS Meaning and Full Form</span></h2><p style="margin-left:0in;"><span style="color:black;">IMPS stands for Immediate Payment Service (IMPS), which is used in the Indian banking system to move money from one bank account to another. When only NEFT and RTGS facilities were available in India, the system facilitated real-time, interbank electronic money transactions 24 hours a day, 7 days a week.</span></p><p><span style="color:black;"><strong>Must Read: &nbsp;</strong></span><a href="https://www.kotak811.com/insights/money-transfer/rtgs-meaning">RTGS Meaning in Banking: How to Do it, Timing, Charges &amp; Limits</a></p><p style="margin-left:0in;"><span style="color:black;">Multiple methods, including SMS, the Internet, ATMs, and mobile phones, allowed users to utilize the facility. It is supported by the Reserve Bank of India, operated by NPCI (National Payments Corporation of India), and built on the National Financial Switch (NFS) (RBI). NPCI launched IMPS as a test program in 2012.</span><br><span style="color:black;">Advantages of IMPS</span></p><p style="margin-left:0in;"><span style="color:black;">The following are the advantages of IMPS for consumers and give us the best understanding of what is IMPS:&nbsp;</span></p><ul style="list-style-type:disc;"><li><span style="color:black;">The MMID, Aadhaar number, and cellphone number can all be used to transfer funds.&nbsp;</span></li><li><span style="color:black;">The Debit and Credit Confirmation are provided to you using IMPS instantly via SMS.&nbsp;</span></li><li><span style="color:black;">The funds will be credited to the beneficiary's account via IMPS in seconds.&nbsp;</span></li><li><span style="color:black;">IMPS is risk-free, cost-efficient, and secure.&nbsp;</span></li><li><span style="color:black;">There is no minimum transaction threshold for IMPS.&nbsp;</span></li><li><span style="color:black;">Even on weekends and holidays, IMPS is available.&nbsp;</span></li><li><span style="color:black;">The customer can make both intrabank and interbank payments.&nbsp;</span></li><li><span style="color:black;">Mobile phones, internet banking, and even ATMs all support IMPS.&nbsp;</span></li><li><span style="color:black;">It is optional to be aware of the beneficiary's account number and IFSC while using IMPS.&nbsp;</span></li></ul><h2 style="margin-left:0in;"><span style="color:black;">How to do IMPS?&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">For IMPS, you’ll need a </span><a href="https://www.kotak811.com/savings-account">savings account</a>,<span style="color:black;">&nbsp; a cellphone number or an Aadhaar number. When money is sent between bank accounts using IMPS, your mobile phone is used first to establish a connection between you and your bank account. Unlike NEFT and RTGS, IMPS does not instantaneously transfer money to the beneficiary's account. Your account is used to transmit the funds to your mobile number. The money is transferred from the recipient's mobile number to the corresponding mobile number. Finally, the beneficiary's account is reached from their cellphone number.</span></p><h2 style="margin-left:0in;"><span style="color:black;">To complete an IMPS transaction, pick one of the available modes from the list below:</span></h2><p style="margin-left:0in;"><span style="color:black;">Sign up for mobile banking to conduct an IMPS transaction through your bank's mobile app. After successfully registering, you can launch the app and send money to someone else.</span></p><p style="margin-left:0in;"><span style="color:black;"><strong>Internet Banking: </strong>Sign up with your bank for the Internet banking service so you may access the page and begin sending money.</span></p><p><span style="color:black;"><strong>Must Read: </strong></span><a href="https://www.kotak811.com/insights/money-transfer/advantages-disadvantages-of-e-banking">E-Banking: Advantages, Disadvantages &amp; Importance</a></p><p style="margin-left:0in;"><span style="color:black;"><strong>ATM: </strong>You can perform the money transfer at the closest ATM of your bank if you are not registered for mobile banking or Internet banking services. Along with features like checking account balances and cash withdrawals, ATMs can start an IMPS transaction.</span></p><h2 style="margin-left:0in;"><span style="color:black;">IMPS Charges</span></h2><p style="margin-left:0in;"><span style="color:black;">There is a specific cost for each IMPS transaction you complete. The fee is determined by the amount being transferred. Additionally, an 18% goods and services tax is applied. The formula for calculating IMPS transaction fees is shown in the table below:&nbsp;</span></p><p style="margin-left:0in;"><span style="color:black;">It applies to both the government and banks to facilitate IMPS fees. As a result, there are some unique fees associated with IMPS transactions.</span></p><ul style="list-style-type:disc;"><li><span style="color:black;">With GST, transfers up to Rs. 10,000 would cost Rs. 2.5.</span></li><li><span style="color:black;">Transfers between Rs. 10,000 and Rs. 10,00,000 will be charged a GST of Rs. 5.</span></li><li><span style="color:black;">Transfers between Rs. 10,00,000 and Rs. 20,00,000 will be charged a GST fee of Rs. 15.</span></li></ul><h2 style="margin-left:0in;"><span style="color:black;">IMPS timings and limits</span></h2><p style="margin-left:0in;"><span style="color:black;">IMPS is normally available around-the-clock. When adding a new beneficiary to conduct a new funds transfer, some banks could have timing constraints. Some banks place a time limit on adding beneficiaries in order to facilitate IMPS transfers.</span></p><p style="margin-left:0in;"><span style="color:black;">The transaction cap for IMPS transfers is typically set at Rs. 2 lakhs. Banks, however, are free to set their maximum amount for each IMPS transaction. Additionally, the transaction limitations might be strict for the first few days after you add a new beneficiary. Before beginning a transaction, confirm the limit with your bank.</span></p><h2 style="margin-left:0in;"><span style="color:black;">IMPS: Frequently Asked Questions&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">There are some questions that people have to understand what is IMPS. Here are the answers to some frequently asked questions that need to be cleared for a better understanding of this money transfer procedure.</span></p><h2 style="margin-left:0in;"><span style="color:black;">How to check IMPS status?&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">Checking the status of an IMPS fund transfer status is as simple as it is to complete an IMPS transaction. However, it is only possible to accomplish this by using the IMPS Reference Number.&nbsp;</span></p><ul style="list-style-type:disc;"><li><span style="color:black;">Following each IMPS transaction, you would obtain an IMPS reference number from the relevant bank.&nbsp;</span></li><li><span style="color:black;">You must use your login information to access your net banking or mobile banking account.&nbsp;</span></li><li><span style="color:black;">Find the 'Payments &amp; Transfer' option and click it on the next screen.&nbsp;</span></li><li><span style="color:black;">Next, select "Transaction status" and then "View Completed Transactions" from the menu that appears.&nbsp;</span></li><li><span style="color:black;">If you follow the instructions above, checking the status of any recent transaction you've made using the IMPS fund transfer system will be simple.</span></li></ul><h2 style="margin-left:0in;"><span style="color:black;">How to track IMPS transactions?&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">Tracking your IMPS reference number is an easy way to determine the specifics of your most recent transaction. To verify your IMPS transaction's status, connect to your net banking or mobile banking account. Using the distinct IMPS reference number, the bank provides following each successful IMPS transaction, it is simple to track an IMPS reference number.</span></p><p style="margin-left:0in;"><span style="color:black;">You can also track down any IMPS reference numbers or obtain information about your most recent IMPS transaction by calling your bank.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Final Words&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">You can use this service whenever you want now that you know what IMPS transfer is and how it can be used in various ways. One of the fastest and safest money transfer services is IMPS. Additionally, sending a sizeable sum of money in one transaction is very economical. IMPS provides even more financially inclusive services because people can utilize them without an internet connection.&nbsp;However, we must know that these details are subject to changes in guidelines made by the Reserve Bank of India.</span></p>

Not sure what IMPS is and how to do it? Here’s a complete guide on IMPS with its meaning, charges, timings, etc.

large_imps-meaning-desktop.jpg

medium_imps-meaning-desktop.jpg

small_imps-meaning-desktop.jpg

thumbnail_imps-meaning-desktop.jpg

imps-meaning-desktop.jpg

thumbnail_imps-meaning-375x350.png

imps-meaning-375x350.png

thumbnail_imps-meaning-mobile.jpg

imps-meaning-mobile.jpg

IMPS Meaning And Full Form

NEFT Full Form: Understand the National Electronic Funds Transfer (NEFT) and its meaning in banking here. Get to know its uses, advantages, timing and charges of NEFT transactions, etc.

What is NEFT Meaning in Banking: How to Do it, Timing, Charges & Limits - Kotak 811

<h2>NEFT meaning in banking: How to do it, timing, charges &amp; limits</h2><p>An integral component of our daily life has been banking. Many of our responsibilities have gotten easier to do since it went online. You don't need to visit the bank and wait in huge lines before making a money transfer request. You no longer need to fill out challans, withdrawal paperwork, or checks. NEFT is a method of sending money online that is currently in use. Read more about NEFT's meaning and specifics in this case.</p><p>If you want to know NEFT meaning, then it is National Electronic Funds Transfer and is known as NEFT when abbreviated. It's a form of money transfer that makes it possible to make individual payments within India. You can transfer money between accounts through the NEFT service, owned and run by the Reserve Bank of India. You can start transfers between your own two bank accounts or from your account to other people's accounts at various banks. However, you can only do this transaction if your bank supports NEFT.</p><h2>Advantages of NEFT</h2><p>Here are some reasons to choose NEFT (National Electronic Funds Transfer) over the other online money transfer options:<strong>&nbsp;</strong></p><ul style="list-style-type:disc;"><li>The transmission of funds is simple, practical, and practical thanks to NEFT.</li><li>Immediately after the transaction is complete, both the sender and the recipient of the funds are alerted.</li><li>Since every NEFT transaction occurs online, a third party is never involved.</li><li>NEFT is cost-effective since it eliminates the need for demand draughts or checks when transferring money.</li><li>You can use NEFT to pay your loan instalments, credit card dues, EMIs, and other debts in addition to transferring money.</li><li>Because the RBI is involved, NEFT transactions are secure.</li><li>Any account holder, including individuals, businesses, and corporations, can conduct NEFT transactions. The only prerequisite is that both parties' banks must support NEFT.</li></ul><p><span style="background-color:transparent;color:#000000;font-family:Calibri,sans-serif;"><strong>Read More: </strong></span><a href="https://www.kotak811.com/insights/money-transfer/neft-vs-rtgs">NEFT Vs. RTGS: Know The Main Differences</a><span style="background-color:transparent;color:#000000;font-family:Calibri,sans-serif;">&nbsp; &nbsp;</span></p><h2>How to do NEFT?</h2><p>To send money using NEFT, follow the steps listed below.</p><ul style="list-style-type:disc;"><li>Firstly, you’ll need a savings account. You can easily open a savings account like a <a href="https://www.kotak811.com/open-zero-balance-savings-account">zero balance account</a> within minutes with Kotak 811’s video KYC feature.</li><li>Once created, use a laptop or mobile app to access your <a href="https://www.kotak811.com/savings-account">savings account</a>.</li><li>Choose "NEFT" under the "Fund Transfer" tab.<strong>&nbsp;</strong></li><li>By selecting the "Add Beneficiary" tab, you can choose an existing beneficiary or add a new one. Enter their information, including their mobile number, bank name, branch, and IFSC code. After another 30 minutes have passed after adding a new beneficiary, you can start the transaction.</li></ul><h2>NEFT Charges</h2><p>The following extra charges are associated with NEFT transactions as a money transfer fee:</p><figure class="table" style="width:0in;"><table style="border-color:hsl(0, 0%, 0%);border-style:solid;"><tbody><tr><td style="border:1.0pt solid windowtext;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;"><strong>TRANSACTION AMOUNT&nbsp;</strong></p></td><td style="border-bottom-style:solid;border-color:windowtext;border-left-style:none;border-right-style:solid;border-top-style:solid;border-width:1.0pt;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;"><strong>TRANSACTION CHARGES</strong></p></td></tr><tr><td style="border-bottom-style:solid;border-color:windowtext;border-left-style:solid;border-right-style:solid;border-top-style:none;border-width:1.0pt;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;">Less than or equal to Rs.10,000.</p></td><td style="border-bottom:1.0pt solid windowtext;border-left-style:none;border-right:1.0pt solid windowtext;border-top-style:none;height:23.25pt;padding:0in;text-align:center;width:158.25pt;"><p style="text-align:center;">Rs.2.5 +GST&nbsp;</p></td></tr><tr><td style="border-color:hsl(0, 0%, 0%);border-style:solid;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;">10,000 - 1 Lakh</p></td><td style="border-bottom:1.0pt solid windowtext;border-left-style:none;border-right:1.0pt solid windowtext;border-top-style:none;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;">Rs.5 + GST&nbsp;</p></td></tr><tr><td style="border-bottom-style:solid;border-color:windowtext;border-left-style:solid;border-right-style:solid;border-top-style:none;border-width:1.0pt;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;">1 Lakh – 2 Lakh</p></td><td style="border-bottom:1.0pt solid windowtext;border-left-style:none;border-right:1.0pt solid windowtext;border-top-style:none;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;">Rs.15 + GST&nbsp;</p></td></tr><tr><td style="border-bottom-style:solid;border-color:windowtext;border-left-style:solid;border-right-style:solid;border-top-style:none;border-width:1.0pt;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;">More than 2 Lakh</p></td><td style="border-bottom:1.0pt solid windowtext;border-left-style:none;border-right:1.0pt solid windowtext;border-top-style:none;height:23.25pt;padding:0in;width:158.25pt;"><p style="text-align:center;">Rs.25 + GST</p></td></tr></tbody></table></figure><h2>NEFT Timings and limits</h2><p>Until December 2019, NEFT transactions could only be carried out on weekdays from 8:00 AM to 6:30 PM and on weekends from 8:00 AM to 12:30 PM. On Sundays, NEFT transactions cannot be made. However, NEFT transactions will be available 24/7 from any location beginning in January 2020.</p><p><span style="background-color:transparent;color:#000000;font-family:Calibri,sans-serif;"><strong>Read More: </strong></span><a href="https://www.kotak811.com/insights/money-transfer/neft-vs-imps">NEFT Vs. IMPS: Understand The Key Differences</a><span style="background-color:transparent;color:#000000;font-family:Calibri,sans-serif;"><strong>&nbsp; &nbsp;</strong></span></p><h2>Final Words</h2><p><span style="color:black;">You can utilize NEFT at any time now that we've covered what it is, how it functions, its benefits, and how to start an NEFT transaction. It is a practical, simple, and rapid form of online fund transfer that does not require going to a bank. However, we must know that these details are subject to changes in guidelines made by the Reserve bank of India.</span></p><h2 style="margin-left:0px;">&nbsp;</h2>

Not sure what NEFT is and how to do it? Here’s a complete guide on NEFT with its meaning, charges, timings, etc.

large_neft-meaning-desktop.jpg

medium_neft-meaning-desktop.jpg

small_neft-meaning-desktop.jpg

thumbnail_neft-meaning-desktop.jpg

neft-meaning-desktop.jpg

thumbnail_neft-meaning-375x350.png

neft-meaning-375x350.png

thumbnail_neft-meaning-mobile.jpg

neft-meaning-mobile.jpg

NEFT Meaning And Full Form

RTGS Full Form: Understand the Real Time Gross Settlement (RTGS) and its meaning in banking here. Get to know its uses, advantages, timing and charges of RTGS transactions, etc.

What is RTGS Meaning in Banking: Benefits, Timing, Charges & Limits - Kotak 811

<h2 style="margin-left:0in;"><span style="color:black;">RTGS meaning in banking: How to do it, timing, charges &amp; limits</span></h2><p style="margin-left:0in;"><span style="color:black;">One method for settling payments to the receiver instantly and without having to wait a while for the settlement to take place is Real-Time Gross Settlement (RTGS). One must know that once the payments are complete, it is not possible to cancel the RTGS services.</span></p><p style="margin-left:0in;"><span style="color:black;">Real Time Gross Settlement is what RTGS stands for as we mentioned in the earlier paragraph. It is a technique for transferring money that enables real-time, gross settlement transfers between bank accounts. "Real-time" suggests that RTGS transactions are handled as soon as the sender initiates them, and "gross settlement" denotes that instructions for transferring funds are carried out one-to-one, this is RTGS meaning that one must understand before proceeding with the transactions.&nbsp;</span></p><p style="margin-left:0in;"><span style="color:black;">Since these settlements are made throughout the day virtually instantaneously, RTGS lowers total risk. Unlike </span><a href="https://www.kotak811.com/insights/money-transfer/neft-meaning">National Electronic Funds Transfer</a><span style="color:black;"> (NEFT), which makes settlements in batches, this system does not do so. As a result, clients may pay additional fees for the gross real-time cash transfer.</span></p><p style="margin-left:0in;"><span style="background-color:transparent;color:#000000;"><strong>Read More: </strong></span><a href="https://www.kotak811.com/insights/money-transfer/neft-meaning">NEFT Meaning in Banking: How to Do it, Timing, Charges &amp; Limits</a></p><h2 style="margin-left:0in;"><span style="color:black;">Features &amp; advantages of RTGS</span></h2><p style="margin-left:0in;"><span style="color:black;">Here is everything you need to know about RTGS money transfers: After Knowing RTGS's meaning, let's examine its characteristics and advantages.&nbsp;</span></p><ul style="list-style-type:disc;"><li><span style="color:black;">When you choose RTGS through a bank branch, there is no upper restriction on the amount you can transfer.</span></li><li><span style="color:black;">Real-time fund transfers into the bank accounts of your intended beneficiaries can be started and finished using RTGS.</span></li><li><span style="color:black;">Within 30 minutes, the beneficiary receives the fund credits.</span></li><li><span style="color:black;">To carry out RTGS transactions, you are not required to submit checks or demand draughts.</span></li><li><span style="color:black;">Your money is protected from theft, loss, and fraudulent beneficiary encashment.</span></li><li><span style="color:black;">You may start the transfer from any location with internet and mobile banking.</span></li><li><span style="color:black;">RTGS transactions are endorsed legally by the Reserve Bank of India.</span></li></ul><h2 style="margin-left:0in;"><span style="color:black;">How to do RTGS?</span></h2><p style="margin-left:0in;"><span style="color:black;">The following lists the steps for transferring money via RTGS:</span></p><p style="margin-left:0in;"><span style="color:black;"><strong>Step 1:</strong> Enter your username and password to sign into your </span><a href="https://www.kotak811.com/savings-account">online savings account</a>.</p><p style="margin-left:0in;"><span style="color:black;"><strong>Step 2: </strong>Navigate to the homepage and select the Funds Transfer link.</span></p><p style="margin-left:0in;"><span style="color:black;"><strong>Step 3:</strong> Select RTGS and enter beneficiary and payee information, including account number and IFSC code.</span></p><p style="margin-left:0in;"><span style="color:black;"><strong>Step 4: </strong>Review each detail before submitting. The payee's account will be instantly credited with the amount.</span></p><h2 style="margin-left:0in;"><span style="color:black;">RTGS charges</span></h2><p style="margin-left:0in;"><span style="color:black;">There are no fees associated with RTGS transactions when&nbsp;making transfers online. If the RTGS transaction is carried out at a bank branch, there is a fee of Rs. 15 + GST.</span></p><p style="margin-left:0in;"><span style="background-color:transparent;color:#000000;"><strong>Read More: </strong></span><a href="https://www.kotak811.com/insights/money-transfer/neft-vs-rtgs">NEFT Vs. RTGS: Know The Main Differences</a></p><h2 style="margin-left:0in;"><span style="color:black;">RTGS timings and limits</span></h2><p style="margin-left:0in;"><span style="color:black;">When understanding the RTGS meaning you must know that the Transactions are accessible every day and at any time. A 24/7/365 service is provided. It doesn't matter if it's a bank holiday; you can transfer money anytime.</span></p><p style="margin-left:0in;"><span style="color:black;">While there is no maximum limit on RTGS transfers set by the RBI, there is a lower limit of INR 2 lakh per transaction. Additionally, you should confirm the upper limitations on RTGS transactions imposed by the bank if you decide to execute an RTGS transfer through internet banking because they can vary from bank to bank.</span></p><h2 style="margin-left:0in;"><span style="color:black;">How much time does RTGS take?</span></h2><p style="margin-left:0in;"><span style="color:black;">RTGS transactions can be carried out around the clock, except for the cut-off period between 11:30 p.m. and 00:30 a.m.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Final Words</span></h2><p style="margin-left:0in;"><span style="color:black;">Now that you know the RTGS meaning, you can use it for high-value transactions. You must make sure both the sending and receiving banks are RTGS-enabled bank branches to complete an RTGS transfer effectively. Additionally, remember that RTGS transfers occur in the RBI's books and that the payments are final and irrevocable. However, we must know that these details are subject to changes in guidelines made by the Reserve Bank of India.</span></p>

Confused about how to do RTGS payments? Here’s a complete guide on RTGS meaning, how to do it, limits, charges, etc.

large_rtgs-meaning-desktop.jpg

medium_rtgs-meaning-desktop.jpg

small_rtgs-meaning-desktop.jpg

thumbnail_rtgs-meaning-desktop.jpg

rtgs-meaning-desktop.jpg

thumbnail_rtgs-meaning-375x350.png

rtgs-meaning-375x350.png

thumbnail_rtgs-meaning-mobile.jpg

rtgs-meaning-mobile.jpg

RTGS Meaning And Full Form

NEFT vs RTGS: Find out the difference between NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement).

NEFT vs RTGS: What's the Main Difference? - Kotak 811

<p style="margin-left:0in;"><span style="color:black;">Online money transfers are available in three different ways in India. These include Immediate Payment Services (IMPS), Real Time Gross Settlement (RTGS), and National Electronic Fund Transfer (NEFT). These electronic payment systems let you transfer money between banks in the same nation. NEFT and RTGS are well-liked among these payment options, especially by business owners who frequently conduct numerous transactions. Therefore, it is essential to comprehend NEFT and RTGS's differences. Let's start by defining two different forms of fund transfers that is NEFT vs. RTGS.</span></p><h2 style="margin-left:0in;"><span style="color:black;">What is NEFT&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">NEFT, or National Electronic Funds Transfer, is an electronic means of online money transfer that is governed by the Reserve Bank of India. The majority of Indian banks offer the </span><a href="https://www.kotak811.com/insights/money-transfer/neft-meaning">NEFT</a><span style="color:black;"> feature for mobile and internet banking. There are no extra transaction fees associated with NEFT money transfers. The processing of NEFT transactions happens in various batches. The cut-off time for these transactions has been established by the Reserve Bank of India.</span></p><p><span style="color:black;"><strong>Must Read:</strong> </span><a href="https://www.kotak811.com/insights/money-transfer/advantages-disadvantages-of-e-banking">E-Banking: Advantages, Disadvantages &amp; Importance</a></p><h2 style="margin-left:0in;"><span style="color:black;">What is RTGS</span></h2><p style="margin-left:0in;"><span style="color:black;">Real-time Gross Settlement, or </span><a href="https://www.kotak811.com/insights/money-transfer/rtgs-meaning">RTGS<span style="color:black;">,</span></a><span style="color:black;"> refers to the process through which funds are moved instantly and without delay from one bank account to another. If you need to transfer a sum equal to or greater than Rs. 2 lakhs in real time, RTGS is an ideal payment option. Contrary to NEFT, RTGS does not adhere to any particular processing methodology; as a result, the money is settled instantly and without any delays. Every transaction and instruction are executed using RTGS, which streamlines and expedites the money transfer procedure.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Difference between NEFT and RTGS</span></h2><p style="margin-left:0in;"><span style="color:black;">However, the difference between the two must be known to the people so that the transactions that they make are fraud free and we know exactly how much we need to take care of before we make a transaction.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Transaction charges&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">If the transfer is made online with NEFT, no fees are assessed. However, fees could be charged for offline NEFT transactions through a bank branch that requests the service. Regarding RTGS transactions, there are no fees associated with this kind of fund transfer.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Timings</span></h2><p style="margin-left:0in;"><span style="color:black;">You can transfer money at any time of day using online RTGS and NEFT operations. Both services are accessible and available around-the-clock, every day of the year. However, because certain banks and their branches are in charge of initiating the transfers, the offline NEFT facility is governed by the policies and deadlines of those institutions.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Amount limit</span></h2><p style="margin-left:0in;"><span style="color:black;">As previously stated, NEFT transactions are not subject to minimum or maximum transfer limits. It is simple and convenient to transfer amounts ranging from 10 to 1,000,000 INR in a single transaction. Though, there is a minimum restriction of INR 2 lakhs for each transaction using RTGS. You can transfer any amount of money with RTGS because there is no maximum transaction limit. However, it should be remembered that banks may set upper limitations based on their sense of risk.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Which one is faster</span></h2><p style="margin-left:0in;"><span style="color:black;">It is clear from the distinctions mentioned above that NEFT vs. RTGS is two quite different fund transfer methods. While no minimum or maximum amount can be sent via NEFT, RTGS transactions can only be completed if the transfer value is equal to or greater than Rs. 2 lakhs. Similar to how RTGS transactions are performed instantly, NEFT transactions take about two hours to process.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Who manages NEFT and RTGS</span></h2><p style="margin-left:0in;"><span style="color:black;">While the Reserve Bank of India (RBI) introduced NEFT and RTGS, the National Payments Corporation of India (NPCI) introduced IMPS.</span></p><h2 style="margin-left:0in;"><span style="color:black;">When to use RTGS and NEFT</span></h2><p style="margin-left:0in;"><span style="color:black;">If you must select between these two payment choices, you can do so based on your needs, which are listed below:</span></p><ul style="list-style-type:disc;"><li><span style="color:black;">If you need to transfer a modest amount and the transaction doesn't need to be completed immediately, you might use NEFT as your fund transfer method.</span></li><li><span style="color:black;">As an alternative, RTGS should be your preferred method of financial transfer if you need to send a sizable sum of money immediately.</span></li></ul><p><span style="color:black;"><strong>Must Read</strong>: </span><a href="https://www.kotak811.com/insights/money-transfer/rtgs-meaning">RTGS Meaning in Banking: How to Do it, Timing, Charges &amp; Limits</a></p><h2 style="margin-left:0in;"><span style="color:black;">What do you need for NEFT and RTGS</span></h2><p style="margin-left:0in;"><span style="color:black;">RTGS and NEFT online transactions require a current or </span><a href="https://www.kotak811.com/savings-account">free savings account</a><span style="color:black;">. A person without a bank account can still transmit money using NEFT. Such a person must deposit cash at the closest bank branch that supports NEFT. A beneficiary with a bank account at a different bank supporting NEFT may be the transfer recipient. For these transactions, a cap of INR 50,000 applies. </span><a href="https://play.google.com/store/apps/details?id=com.msf.kbank.mobile">Click here</a><span style="color:black;"> to download the app for such transactions.</span></p><h2 style="margin-left:0in;"><span style="color:black;">Final Words&nbsp;</span></h2><p style="margin-left:0in;"><span style="color:black;">No matter which method you select, it is crucial to remember that they are both equally safe, secure, and controlled by the Reserve Bank of India. NEFT and RTGS are reliable payment methods that help the digital, cashless goal of developing the nation's advanced economy. However, we must know that these details are subject to changes in guidelines made by the Reserve bank of India.</span></p>

Wondering whether you should use NEFT or RTGS? Understand the differences to use the right mode for your needs.

large_neft-vs-rtgs-desktop.jpg

medium_neft-vs-rtgs-desktop.jpg

small_neft-vs-rtgs-desktop.jpg

thumbnail_neft-vs-rtgs-desktop.jpg

neft-vs-rtgs-desktop.jpg

thumbnail_neft-vs-rtgs-375x350.png

neft-vs-rtgs-375x350.png

thumbnail_neft-vs-rtgs-mobile.jpg

neft-vs-rtgs-mobile.jpg

NEFT Vs. RTGS: Know The Main Differences

IMPS vs NEFT: Learn about the difference and similarities between NEFT and IMPS. Know what IMPS and NEFT are and how they work.

NEFT vs IMPS: Know The Key Differences - Kotak 811

<p>There are many ways to make bank-to-bank payments, but all of them depend on the time and the amount you want to transfer to another account. Mobile or internet banking, visiting a bank branch, depositing a cheque, there are many ways in which one can make transactions.</p><p>Among distinguished modes of payments and the boom of digital money transfer- commonly known as UPI, also got popularity in daily payments and transactions from one bank to another.</p><p>However, IMPS and NEFT are some of the most widely known and used transactional methods that the common masses prefer. Let us know the details about the same.</p><h2>What is an NEFT</h2><p>NEFT- also known as National Electronic Funds Transfer, is an electronic funds transfer method of the Indian banking system; these services are available 24*7 and are operated by the Reserve Bank of India. However, the payee can send money to another account in batches.</p><h2>What is an IMPS</h2><p>Immediate Payment Services, also known as IMPS, is another method of electronic funds transfers from a payee to a receiver account - a nationwide funds transfer system maintained by the National Payments Corporation of India. The service is also available for funds transfer 24*7, like NEFT. However, we must know that these details are subject to changes in guidelines made by the Reserve bank of India.</p><h2>Difference between NEFT &amp; IMPS</h2><p>Though both are electronic funds transfer systems and work 24*7, there are some differences that one must keep in mind before initiating the transactions. Both of these methods are safe and involve negligible risk of fraud, both falling under the purview of the Reserve Bank of India. There are some fundamental differences between IMPS and NEFT that are as follows-</p><h2>Transaction charges</h2><p>The transactions made by NEFT demand no charges for any funds transfer as long as it is done with the help of online services. On the other hand, if the transaction is initiated at the bank branch of the bank, then the charges may apply. In the case of IMPS vs NEFT, the transactions made in IMPS are chargeable, and the per transaction rate differs from bank to bank as decided. However, it mostly ranges from Rs. 2.5 to Rs. 25.</p><h2>Timings</h2><p>Rather than a difference, the timings of both transactions have no difference. Both can be used 24*7 and 365 days. It even works on Sundays and holidays. Also, it works on bank holidays and bank offs as well.</p><h2>Amount limit</h2><p>However, there is no set lower cap on the transactional amount of both services, IMPS transactions have a maximum limit, but NEFT does not. The maximum limit as per the IMPS transaction has a set cap of Rs. 20,000, but there is no cap for NEFT when we talk about IMPS vs NEFT.</p><p><strong>Must Read: </strong><a href="https://www.kotak811.com/insights/money-transfer/imps-meaning">IMPS Meaning in Banking: How to Do it, Timing, Charges &amp; Limits</a></p><h2>Which one is faster?</h2><p>As the name suggests, IMPS transfers the funds instantly into a beneficiary's account. It takes a maximum of half an hour for the amount to be credited to the receiver's account. On the other hand, NEFT works on a batch basis. It makes the payment in batches as it is settled on a one-to-one basis transferring money between enabled banks with the help of electronic messages. It is not a real-time money transfer platform like its counterpart, IMPS.</p><h2>When to use IMPS and NEFT?</h2><p>Every type of money transfer satisfies some distinct wants and demands of the payee and their recipients. Your needs and the goal of the transfer will ultimately determine which payment method is ideal for you. Let's imagine, for illustration purposes, that you are in charge of paying your parents' rent in a distant city. You want to provide them with monthly payments. NEFT and IMPS are both available. Due to the quick transfer capability, you can now use the IMPS fund transfer technique if your parents require money immediately. You can use the NEFT fund transfer method if they can wait for the transfer of funds, and you do not want to pay the transaction fees associated with IMPS.</p><h2>For NEFT</h2><p>If you have any type of <a href="https://www.kotak811.com/savings-account">savings account</a> like a&nbsp;<a href="https://www.kotak811.com/open-zero-balance-savings-account">0 balance account</a>, you can make NEFT transfers by logging in to the bank’s net-banking portal. Next, you must add an NEFT beneficiary by entering the beneficiary's account number, account type, IFSC code, name, and contact information. Finally, after your bank verifies that the intended beneficiary has been added, you must go to the NEFT Fund Transfer tab. The recipient to whom you want to transfer funds must then be chosen and the beneficiary's account information will appear. The transfer Amount and Remarks (optional) must then be entered. The beneficiary will get your NEFT funds in an hourly batch transfer.</p><p><strong>Read More</strong>: <a href="https://www.kotak811.com/insights/money-transfer/neft-meaning">NEFT Meaning in Banking: How to Do it, Timing, Charges &amp; Limits</a></p><h2>For IMPS</h2><p>You must first log into your bank's net-banking portal to perform an IMPS transfer.&nbsp; Next, you must add an IMPS beneficiary by providing the beneficiary's account number, account type, IFSC code, name, and contact information.&nbsp; Finally, after your bank verifies that the intended beneficiary has been added, you must select the IMPS Fund Transfer tab.&nbsp; The recipient to whom you want to transfer funds must then be chosen. The beneficiary's account information will show up when you do that. The amount and the remarks must then be entered.&nbsp; Once the payment has been verified, the transaction will be finished. Since this is an IMPS transaction, money will be transmitted right away.</p><h2>Final Words</h2><p>NEFT and IMPS are both effective payment methods. Although IMPS has a restriction, it can be used for instant transfers. You can use NEFT to send more significant amounts of money. You should also compare the fees you pay for various types of transactions. When it comes to small transactions, IMPS is by far the most widely used traditional method of payment. However, as an online payment method, nothing tops the UPI money transfers. Unlike IMPS and NEFT, UPI transactions with Paytm have no restrictions and may be carried out whenever and from wherever.</p>

If you are confused about whether to you IMPS or NEFT, here are their differences so you which is better, faster, and has lower charges.

large_neft-vs-imps-desktop.jpg

medium_neft-vs-imps-desktop.jpg

small_neft-vs-imps-desktop.jpg

thumbnail_neft-vs-imps-desktop.jpg

neft-vs-imps-desktop.jpg

thumbnail_neft-vs-imps-375x350.png

neft-vs-imps-375x350.png

thumbnail_neft-vs-imps-mobile.jpg

neft-vs-imps-mobile.jpg

NEFT Vs. IMPS: Understand The Key Differences

Master the art of cash deposit at ATMs with our comprehensive guide! Learn step-by-step instructions on how to securely deposit cash in your bank account using an ATM.

How To Deposit Money In An ATM - Kotak 811

<h2>How to deposit money in atm machine?</h2><p>It's usual to use an ATM to withdraw money, but how many of you also use it to deposit money? It's safe to say that a relatively small percentage of consumers use ATMs to deposit cash. While some people are unaware that it is possible to deposit money at an ATM, most people are unaware of how to do it. Cash deposits, however, have grown more practical as Automated Teller Machines (ATMs) have become the norm.</p><p>You don't need to go to the bank any longer to deposit money into your account. Rather you can now deposit money immediately. In this post, you'll learn how to deposit your cash into an ATM or CDM.</p><p>There are some ways how to deposit money in an ATM. We will investigate some of the major ways that can help us in understanding how we can head to an ATM, also known as CDM (Cash Deposit Machine), and submit the money directly into the account, subject to clearing.</p><blockquote><p><span style="color:#252525;">Kotak811 offers a </span><a href="https://www.kotak811.com/open-zero-balance-savings-account">zero balance savings account</a><span style="color:#252525;">. Opening an online bank account requires no branch visit.</span></p></blockquote><p>Below mentioned are some of the major ways in which you can deposit money.</p><h2>Depositing cash in atm with a card</h2><p>There are numerous ATMs open all hours of the day and night, on weekends, and even on holidays. Depending on the machine, the actual steps could change. However, if you are depositing cash at the ATM of your bank, you'll normally follow these instructions and understand how to deposit money in an ATM.</p><ul><li>Put your <a href="https://www.kotak811.com/debit-cards/811-debit-card">debit card</a> in and your PIN.</li><li>Choose "Deposit."</li><li>Insert the cash after entering the desired deposit amount.</li><li>Verify the deposit's monetary value. If you want a receipt, the ATM will ask you for one after it has received the money.</li><li>Take your card and receipt.</li></ul><p><span style="background-color:transparent;color:#000000;"><strong>Must Read: </strong></span><a href="https://www.kotak811.com/insights/savings/things-to-do-if-atm-transaction-fails">Things To Do if ATM Transaction Is Failed</a><span style="background-color:transparent;color:#000000;"><strong>&nbsp;&nbsp;</strong></span></p><h2>Depositing money in an atm without a card</h2><ul><li>If by chance you do not have your card, but you need to deposit some cash in the ATM, these are the steps that you would need to follow and understand how to deposit money in the ATM -</li><li>Simply select "Cash deposit without a card."</li><li>Enter the account number you want to deposit money into.</li><li>The account holder's name will appear on the machine.</li><li>Click "Enter" if the displayed name is accurate.</li><li>Click "Continue" after placing the cash in the cash deposit slot.</li><li>Cash will be sorted by machine, and a summary will be displayed.</li><li>Click "Deposit" if the cash summary is correct.</li><li>The money will be transferred, and a receipt will be produced.</li></ul><h2>Can i deposit cash at any atm?</h2><p>Generally, the answer is no, you cannot make deposits at ATMs that are not connected to your bank. This differs from cash withdrawals from ATMs, where you often can do so even if you don't have an account with the bank that owns the ATM (usually for a fee). The Co-op ATM network is used by some credit unions to access shared ATMs.</p><h2>ATM deposit limit</h2><p>As per the rules set by the Reserve Bank of India, the per-transaction cap is Rs. 49,900 for cardless deposits and Rs. 2,000,000 for debit card transactions (subject to the account ceded with PAN number).</p><p><span style="background-color:transparent;color:#000000;"><strong>Must More: </strong></span><a href="https://www.kotak811.com/insights/savings/know-how-does-fixed-deposits-works">The Ins and Outs of Fixed Deposit Accounts</a></p><h2>Things to remember when depositing money via atm</h2><p>There are a few things that we must keep in mind when we are depositing cash in the ATM. Follow these steps to be safe while depositing your cash-</p><ul><li>You can withdraw money from any bank's ATM network located throughout the nation, but you can only deposit cash into the specified banks, and only at designated cash-deposit kiosks.</li><li>You should be informed of your bank's policies regarding cash deposits, including the maximum amounts that can be deposited with or without an ATM card.</li><li>The website of your bank has a list of ATMs that accept cash deposits.</li><li>Make sure to use ATMs in well-lit places while depositing money.</li></ul><h2>Final words</h2><p>You may easily deposit cash whenever you want now that you know how to use an ATM. Deposits made at ATMs protect you from any risks related to home money storage. Before beginning the transaction, keep in mind to check your bank's ATM cash deposit limits.</p>

Wondering how to deposit money in an ATM? Here's a complete guide on how to do it with and without your ATM Card.

large_how-to-deposit-money-in-an-atm-desktop.jpg

medium_how-to-deposit-money-in-an-atm-desktop.jpg

small_how-to-deposit-money-in-an-atm-desktop.jpg

thumbnail_how-to-deposit-money-in-an-atm-desktop.jpg

how-to-deposit-money-in-an-atm-desktop.jpg

thumbnail_deposit-cash-in-atm-162x160.png

deposit-cash-in-atm-162x160.png

thumbnail_how-to-deposit-money-in-an-atm-mobile.jpg

how-to-deposit-money-in-an-atm-mobile.jpg

How To Deposit Money In An ATM

Confused about whether to invest in shares or mutual funds? Learn the difference between mutual funds and shares to pick the one that suits you best.

Difference Between Shares and Mutual Funds: Which is Better? - Kotak 811

<h2>Shares and mutual funds</h2><p>Both mutual funds and shares share similar sources and are considered the most attractive investment tools, but the way we invest in them is different. As per the recent 2022 data, almost 30% of the Indian population invests in mutual funds, and 10% of the population shows interest in shares/stock investments.</p><p>There are other differences between shares and mutual funds, and knowing them will definitely help you as an investor choose the right one to fuel your financial goals.</p><p>In this article, we will discuss mutual funds and shares and compare them to decide which one is better.</p><h2><span style="color:#252525;">What are shares?</span></h2><p>Shares can be defined as the units of ownership you have in a company’s entire capital. This affects the shareholder when the company makes profit or losses.</p><p>A company issues shares to raise capital and enhance the company’s value. Shares are purchased by shareholders in order to have a stake in the company's equity.</p><p>There are two ways in which you can make money by investing in any company’s shares: capital gains (Profit earned by selling assets such as shares, bonds and real estate) and dividends (A dividend is a part of the profit or earnings a company pays to its shareholders). Depending on your needs, you can decide to invest in a particular share for the long or short term.</p><p>Share prices are influenced by several factors; one is that when a company performs well, its share price shows an upward trend. Inflation and interest rate changes also impact share prices.</p><p>As an investor, you can directly invest in shares through your Demat account.</p><blockquote><p>Kotak811 offers <a href="https://www.kotak811.com/open-zero-balance-savings-account">zero balance account opening online</a>&nbsp;without any physical documentation.</p></blockquote><h2><span style="color:#252525;">What are mutual funds?</span></h2><p>Mutual funds are collective investment schemes where money from different investors is gathered together in a pool and invested in different investment options such as bonds, gold, securities, shares, and equities.</p><p>In mutual funds, too, the investor takes part in the company’s losses and profits. The major difference between shares and mutual funds is that, unlike shares, mutual funds are managed by fund managers and have some added benefits. Mutual fund investments are affordable, diversified, offer tax benefits, have professional management, and offer easy liquidity.</p><h2>What is the distinction between shares and mutual funds?</h2><p>Some of the most common differences between shares and mutual funds are:</p><ul><li>When it comes to shares, the investor has to manage the investment himself. Mutual fund investments are managed by a professional fund manager.</li><li>In shares, the investor has to invest in individual shares. Whereas in mutual fund investments, the entire amount is invested in a diversified set of assets based on goals.</li><li>Shares are more open to risk. The risk factor is there in the case of mutual funds, but it is much lower since the amount is invested in various assets.</li><li>Mutual fund investments are more diversified as you can invest in various assets.</li><li>Mutual fund investments are also cost-effective, as you can decide the amount you want to start with. But that is not always the case with shares.</li></ul><h2><span style="color:#252525;">Final takeaway</span></h2><p>You may invest in shares and earn more, but at the same time, you need to know the market trends. Mutual funds are meant for everyone. You can start small with little or no knowledge. Mutual funds also help you achieve long-term financial goals if you hold them for longer.</p><p><span style="background-color:transparent;color:#000000;"><strong>Read More: </strong></span><a href="https://www.kotak811.com/insights/investment/how-to-set-investment-goals">How To Set Investment Goals</a></p><p>Both mutual funds and stocks have their positives and negatives but ultimately, the needs of the investor, the knowledge they have about the market, and the kind of risk they can handle determine which mode of investment they should choose.</p><p>Every investor has different objectives, and it is best practice to choose the right investment depending on the purpose, investment timeline, and risk.</p>

Both share similar sources and are considered the most attractive investment tools.

Difference Between Mutual Funds and Shares

large_mutual-funds-and-shares-desktop.jpg

medium_mutual-funds-and-shares-desktop.jpg

small_mutual-funds-and-shares-desktop.jpg

thumbnail_mutual-funds-and-shares-desktop.jpg

mutual-funds-and-shares-desktop.jpg

thumbnail_mutual-funds-and-shares-mobile-block.jpg

mutual-funds-and-shares-mobile-block.jpg

medium_mutual-funds-and-shares-mobile.jpg

small_mutual-funds-and-shares-mobile.jpg

thumbnail_mutual-funds-and-shares-mobile.jpg

mutual-funds-and-shares-mobile.jpg

Difference Between Mutual Funds & Shares

Learn the 5 essential points to prepare yourself for investing and become investment ready. Gain insights into developing a long-term investment mindset.

Mastering Investment: 5 Points On How To Be Investment Ready - Kotak 811

<h2><span style="color:#252525;">Understand your options for investment</span></h2><p><span style="color:#252525;">Getting into investment is still regarded as difficult, and the primary reason for this is a lack of awareness. When it comes to investment, we tend to blindly follow others, but such an approach never works. Every step that we take should be calculated and well thought out.</span></p><p><span style="color:#252525;">A well-informed approach is ideal when looking for the perfect investment options. In this article, we will share some points that will help you become investment ready.</span></p><blockquote><p>Kotak811 offers <a href="https://www.kotak811.com/open-zero-balance-savings-account">zero balance account opening online</a>&nbsp;without any physical documentation.</p></blockquote><p><span style="color:#252525;">Be it shopping or investment, it is always a good idea to know all your available options before making the deal. A decision made with half awareness will lead to mistakes and may not match your financial requirements.</span></p><p><span style="color:#252525;"><strong>Must Read: </strong></span><a href="https://www.kotak811.com/insights/investment/6-reasons-why-you-should-start-investing-early">6 Reasons Why You Should Start Investing Early</a></p><p><span style="color:#252525;">There are a huge number of </span><a href="https://www.kotak811.com/insights/investment#content">investment</a><span style="color:#252525;"> options available; some will be the perfect choice for your financial goal. Some may not be the right choice for you. But to invest in the right option, you must know about it, evaluate it, and then invest. So, if you want to invest wisely, you must conduct some preliminary research.</span></p><h2>Evaluate risk</h2><p>Risk is part of the investment. Before you invest in any of the financial instruments, you should be aware of your risk appetite. Once you know how much risk you can handle, evaluate the available options based on your risk appetite, and then invest.</p><h2>Don’t put everything in one bucket</h2><p><span style="color:#252525;">A mixed and diversified approach is always the best way to invest. Putting all your eggs in one basket will make your investment vulnerable and more prone to lose. You must first determine your financial goals and invest accordingly.</span></p><p><span style="color:#252525;">Your investment should be determined by factors, such as the risk involved, your current debt, existing premiums, the number of dependent members, the maturity amount you are looking for and how much you can invest every month.</span></p><p><span style="color:#252525;">When you know your investment goal, it is a good idea to take the advice of a professional financial adviser. A professional will advise you on which items to place in which buckets in order to meet your financial objectives.</span></p><p><span style="color:#252525;"><strong>Must Read:&nbsp;</strong></span><a href="https://www.kotak811.com/insights/investment/how-to-set-investment-goals">How To Set Investment Goals</a></p><h2><span style="color:#252525;">Before investing, know about the conditions involved</span></h2><p><span style="color:#252525;">Stock research is important before you invest. It is much like getting a projection of how the stock might perform in the long run. Learning about a stock entails looking at a variety of factors, such as the company's standing, its financial strength, how the stock has performed in recent years, and so on.</span></p><p>Looking up all these factors will give you a good idea of how much you should put in that stock.</p><h2><span style="color:#252525;">Know when to exit, hold, and reallocate</span></h2><p><span style="color:#252525;">It is important for you to make sure your money isn’t going down the drain. Keep revisiting the performance of your investment to ensure it is on track and supports your objectives. If any specific investment is not performing the way you expected it would, there is always a chance to recalibrate your investment portfolio.</span></p><p><span style="color:#252525;">Knowledge is your biggest asset when it comes to investment. Make sure you take no half-informed steps while investing.</span></p>

Getting into investment is still regarded as difficult, and the primary reason for this is a lack of awareness.

How To Deposit Money In An ATM

How To Write a Cheque? A Step-By-Step Guide

Earn up to 7% interest p.a. in your Savings A/c with ActivMoney.

Popular Searches

Applications open for being different, full time.