PRADHAN MANTRI VIDYA LAKSHMI KARYAKRAM ( PMVLK) : VIDYA LAKSHMI PORTAL FOR EDUCATION LOAN

SINGLE PORTAL FOR EDUCATION LOAN IN INDIA

Govt. of India has set-up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well as Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram (PMVLK) to ensure that no student misses out on higher education for lack of funds. The launch of the aforesaid Portal is a first step towards achieving this objective.

The IT based mechanism under the Pradhan Mantri Vidya Lakshmi Karyakram is meant to provide students a single window electronic platform for Scholarships and Educational Loans.

Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.

The Vidya Lakshmi portal has been made live on 15.08.2015. The students can apply online for Education Loan to any Bank, in the application format designed by IBA through the subject portal i.e. www.vidyalakshmi.co.in. The Bank to which the application is directed by the NSDL portal has to download the same from their web site through the interface software and forward to concerned branches for logical closure of the application.

The salient features of the Vidya Lakshmi portal are as under:

Primary objective is to provide students with easier access to loans and Govt. scholarships through a single portal.

The portal serves as a single entry point for availing education loan in the Country.

The portal provides linkage to various Govt. scholarship portals.

The portal has provision for common Education loan application loan form for all banks.

The portal facilitates all member banks to access applications made by students through common loan application forms.

New procedure for obtention of 15G and 15H | Income Tax New Rule

Banks are obtaining Form15G/15H in triplicate from the eligible persons and submit one copy to the Income Tax authorities every month after retaining a copy for branch records.

The following is the new procedure for obtention of 15G and 15H.

1.The formats of Form 15G/15H are modified. The new formats are available at banks. The new modified forms are to be obtained with effect from 1st October 2015.

2.Declaration by person claiming receipt of certain incomes without deduction of tax can submit in the New forms 15G/15H in any of the following manners:

In paper form

Electronically after duly verifying through an electronic process in accordance with the procedures, formats and standards.

National Pension System (NPS) as an investment option for NRIs

RESERVE BANK OF INDIA HAS PERMITTED NON-RESIDENT INDIANS (NRIs) TO SUBSCRIBE TO THE NATIONAL PENSION SYSTEM GOVERNED AND ADMINISTERED BY THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA).

As per extant FEMA provisions NRIs are not allowed to subscribe to National Pension Scheme (NPS). However, with a view to enable NRI’s access to old age income security, RBI , in consultation with the Government of India has enabled National Pension System (NPS) as an investment option for NRIs under FEMA 1999, vide their A P (DIR Series) Circular No. 24 dated 29.10.2015. Accordingly, NRIs may subscribe to the NPS governed and administered by the Pension Fund Regulatory and Development Authority (PFRDA), provided such subscriptions are made through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act.

The subscription amounts shall be paid by the NRIs either by inward remittance through normal banking channels or out of funds held in their NRE/FCNR/NRO account. There shall be no restriction on repatriation of the annuity/ accumulated savings.

Banks are advised to take note of the above and bring the same to the notice of their constituents and customers concerned.

How to Use CANARA BANK MOBILE APP

1.Self Registration, validation through OTP and Activation:

One of the bottlenecks for the users to start using the Mobile Banking was the need to visit the Branch/ATM to get the account activated. In the enhanced version the Registration and activation are simplified as under:

a)Apart from registering through the Branch/ Sending SMS for registering for Mobile Banking, the Users can register for Mobile Banking through the Mobile Banking Application itself by opting for “New Registration” and inputting the

Registered Mobile Number.

b)The User ID and default MPIN would be displayed and SMS would also be received. Thereafter, the handset is validated and OTP (One Time Password) would be received through SMS. The OTP received through SMS is automatically updated in the Application without requiring the user to input the same.

c)Then the system directs the users to Change the default MPIN.

d)On changing the default MPIN the user is directed to the Activation Page. User has to input the ATM Card Credentials in the Mobile Banking Application itself to activate the Mobile Banking.

2.Retrieval of User ID

There was no option in Mobile Banking for retrieval of User ID and the user had to approach the Bank to get the User ID. Now the user would be able to retrieve the User ID by opting for „Forgot User Id‟ in the Login Page and inputting the Registered Mobile Number.

3. Resetting of MPIN:

As the Login is with User ID and MPIN, in the login page itself „Forgot MPIN‟ option has been provided to enable the users who have forgotten the MPIN to reset the same and then login.

While resetting the MPIN, User is required to activate his/her Mobile Banking afresh with the help of their Debit Card in the Application itself.

4.Option for Term Deposit Enquiry:

This option enables the user to enquire about the details of the Term Deposits under the Customer ID with which Mobile Banking has been registered.

5.Option for Loan Enquiry:

This option enables the user to enquire about the details of the Loans under the Customer ID with which Mobile Banking has been registered.

6.Display of Sub Menus under each Main Menu:

Display of Sub Menus under each of the Main Menu has been introduced to enable the customers to use the options with ease.

7.Personalization of the Home Page :

The Home Page of the Mobile Banking Application has been personalized to include the User Name and to provide an option for the User to add the Profile Picture of his/her choice.

8.IMPS Beneficiary Maintenance:

To enable the users to put through the IMPS transactions with ease, maintenance of IMPS Beneficiaries has been introduced. The beneficiaries can be maintained Type wise i.e. different lists can be maintained as under:

a)Beneficiaries for Transfer based on Mobile Number (P2P)

b)Transfer based on Account Number (P2A) and

c)Payments to Merchants (P2M).

9.Favorite Transactions at one click:

The latest IMPS transactions put through are stored under Favourites (Star at the bottom of the Screen). On clicking on the Favourites the list of transactions would be displayed and the User can transfer funds by just tapping on any of the transactions displayed without rekeying in the details.

10. Video Help and FAQs within Application:

The Video Help would guide the User in putting through the transactions, whenever the users needs guidance, he/she can go through the Video Help and then put through the transaction.

The FAQs incorporated in the Application covers all the areas of the Mobile Banking and the user can go through the same for any clarifications required regarding Mobile Banking.

11. Single Link for Downloading App irrespective of Operating System:

On clicking on the Short Link received through SMS, the Operating system of the Handset would be validated. The Users would be directed to the relevant Play Store viz. Google, Apple etc. to update the latest version of Mobile Banking / Register for Mobile Banking.

12.The updated Mobile Banking User Manual would be released on 19.11.2015 and would be available in Cannet.

13.Logout Option has been introduced, by invoking it, the user would be able to Log Out of the Mobile Banking Application.

14.Customers would be able to call the Call Center by just tapping on the Phone Numbers displayed under Contact Us.

15.On Logging Out, if the User wants to Log in again, he/she can do so by clicking on the “Login Again Button” in the Logout Screen.

New Banknotes Introduced By RBI for the visually impaired

Banknotes with new numbering pattern and special features for the visually impaired have been introduced.

1. Reserve Bank of India is issuing Banknotes in Mahatma Gandhi Series 2005 with a new numbering pattern and special features for the visually impaired in ₹ 100, 500 and 1000 denominations (images of banknotes enclosed).

2. In the new numbering pattern, the numerals in both the number panels of these denominations ascend in size from left to right, while the first three alphanumeric characters (prefix) remain constant in size. Printing the numerals in ascending size is a visible security feature in the banknotes so that the general public can easily distinguish a counterfeit note from a genuine one.

3. Special features for the visually impaired have been introduced in order to make it easier for them to identify banknotes, the size of the Identification Mark in ₹100, 500 & 1000 denominations has been increased by 50% and angular bleed lines - 4 lines in 2 blocks in ₹ 100, 5 lines in 3 blocks in ₹
500 and 6 lines in 4 blocks in ₹ 1000 denominations, have been introduced.

4. The design of banknotes of ₹100, 500 and 1000 denomination is similar in all other respects to the current design of banknotes in Mahatma Gandhi Series 2005. All the banknotes in these denominations issued by the Reserve Bank in the past will continue to be legal tender.

New Banknotes by RBI 

CANARA BANK NET BANKING : First Time User Tutorial

If you are using CANARA BANK for the first time, then follow these easy steps to start your net banking.

NOTE: Bank or Branch will not automatically start your net banking if you have ticked or selected net banking in your form.

Applying for net banking is a separate process, mentioning in the form is your acceptance that transaction done through net banking or debit card is your responsibility.

STEP 1 : Go to https://www.canarabank.in/

STEP 2 : Click on circled option as shown in image

STEP 3 : New Window will open as shown

Please click " I AGREE" option to continue, if you are interested then you can read all the conditions.

STEP 4 : New Window will open in which you have to feed all the information according to guidelines after the image:

Please follow below Guidance to fill all the options above:

1. Please fill 13 digit account number which you can  get from your front cover of welcome kit given to you by CANARA BANK official while opening new account, or you can see that no inside your passbook if you are an old customer.

2. Please enter full 16 digit debit card given in welcome kit, in case you do not have debit card, get it issued by your home branch.

3. Please enter your full mobile no given in bank records, no need to write +91 before mobile no.

4. Then write your customer ID which is always written on your passbook or on your welcome kit.

Each customer has unique customer id in every bank as per RBI rule.

When you will enter all the information correctly, please continue to next page


STEP 5: A new window will ask you to put one OTP which is one time 6 digit password sent on your registered mobile no and a new password which should satisfy following conditions :

1. One Upper Letter
2. One numeric character
3. Minimum 8 & Maximum 12 characters
After punching password as per your choice. Move to Step 6

STEP 6: You will receive SMS confirming your net banking registration

Then login with new password which you have set in STEP 5 by visiting https://netbanking.canarabank.in/entry/ENULogin.jsp#

NOTE : Your customer ID which you have entered in STEP 4 will become your USER ID.

For doing transaction on canara bank, please follow our next post on how to set your transaction password in simple steps on www.canarabank.com to do online money transfer.

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How RBI Repo Rate affect Indian economy and Why Loan rate has come down

Why deposit rates have gone down explained in simple story.

Dear Citizens
Santa ki kahani
Santa: I have heard recently that Mr. Rajan has reduced Repo
Rate by 50 basis points and everyone is saying that this is good
for the market. Loan EMI may also come down. What is this rate
cut means actually? I want to understand this.
Banta: To understand this you first need to know, how does a
bank function.
Santa: Why?
Banta: Because all these are inter-related. Tell me – what does
a bank do?
Santa: Bank takes money from depositors and gives loan to
earn interest. That way they keep everyone happy and make a
profit also.
Banta: Correct, but there are more to it. Let me explain this in a
very simplistic way. Bank needs money. Bank can get money
from depositors like you and me and also from RBI. But bank
also needs to pay certain interest to us and also to RBI.
Santa: Ok.
Banta: Let us try to understand first – what happens when we
deposit, say, Rs. 100 with a bank.
Santa: I know that. Bank gives that Rs. 100 to someone who
needs a loan.
Banta: No, it is not that simple. Remember, though bank can
earn interest by giving away loans, but it is also very risky.
There are many cases of loan defaults. This way banks can put
all our money into high risk areas. It has to be protected.
Santa: How?
Banta: Ok, RBI has made it mandatory that upon receiving, say,
Rs. 100 – banks first have to deposit Rs. 4 with RBI. RBI keeps
this Rs. 4 in its current a/c and hence banks do not receive any
interest on this money. This is known as Cash Reserve Ratio or
CRR, which is currently at 4%.
Santa: Hmmm, then?
Banta: RBI has also made it mandatory that upon receiving,
say, Rs. 100 – banks need to compulsorily buy central and
state govt. securities of Rs. 21.50. Of course banks will earn
some interest income here. This is known as Statutory Liquidity
Ratio (SLR), which is currently at 21.50%.
Santa: Ok, so you mean to say that upon receiving Rs. 100,
banks can spend only Rs. 74.50 at its own will.
Banta: Correct. 100 – (4 + 21.50) = 100 – 25.50 = 74.50
Santa: But you were saying that banks can also borrow from
RBI. What interest banks pay to RBI?
Banta: Before 30th September, banks were paying 8.25%
interest to RBI when it borrows money from RBI. Now this rate
has been reduced by 50 basis points. So banks now need to pay
interest to RBI, if it borrows from RBI, at the rate of 7.75%. This
is known as Repo Rate.
Santa: Can fixed deposit rate be affected by reduction of Repo
Rate?
Banta: Of course. If banks get money from RBI @7.75%, why
will banks pay higher interest to you and me? One year FD rate
is already revised by many banks and it is equal to or very close
to 7.75%.
Santa: But as now banks are getting money at a cheaper rate,
then they should reduce the loan interest rate i.e. passing on
the benefits it receives.
Banta: Correct. They should. And on that hope market is
cheering. If companies get loan at a cheaper rate, they will
likely to expand their businesses. That will create more jobs,
more income and boost the economy.
Santa: How is inflation linked to this?
Banta: See, when loan becomes cheaper, people tends to
borrow more. That means people will have more money to
spend. This will increase the demand for goods, and if supply
does not increase to match this demand, then prices will
increase.
Santa: So there is a chance, that inflation may rise also?
Banta: Well, yes. But inflation depends on many other factors as
well, like production (industrial and agricultural), manufacturing,
export – import, foreign currency movement etc. So inflation
may increase or may not.
Santa: One last question. Like we deposit our money with
banks, can banks also deposit their money with someone?
Banta: Yes, they can deposit with RBI and earn interest too.
This interest is typically 1% less than the repo rate. This rate is
known as Reverse Repo Rate.
Santa: Great! So now I understand CRR, SLR, Repo Rate,
Reverse Repo Rate and their impact on deposit rate, loan
interest rate and on inflation. Thanks.
Banta: Welcome!

Important Banking Awareness Questions for Customers

Full forms and Banking Terms explained

1. MICR code consists of how many digits?
Ans: 9 digits.
(First three digits denotes city, next three digits
representing the bank and the last three digits
representing the bank branch)

2. What is the minimum limit in RTGS system?
Ans: 2 lakhs (there is no upper limit in RTGS)

3. What is full form of CTS?
Ans: Cheque Truncation System

4. Under which service, customers may access their
bank account and perform basic transactions from
any of the member branch offices.
Ans: Core Banking Solution (CBS)

5. Exchange of cash flow in different currency is
known as:
Ans: Currency Swap

6. Assets or loans which stop performing after 90
days is known as:
Ans: Non Performing Asset (NPA)

7. Who controls the Monetary Policy in India?
Ans: RBI (Reserve Bank of India)

8. Which card is
issued by NPCI (National Payments Corporation of
India)?
Ans: RuPay Card

9. Definition of Current Account deficit:
Ans: A measurement of a country's trade in which
the value of goods and services it imports exceeds
the value of goods and services it exports.

10. Full form IFSC –
Ans: Indian Financial System Code

11. Commercial paper can be issued for a maximum
period of:
Ans: 365 days or 1 year.

12. The Mutual funds in India follow accounting
standards laid by:
Ans: SEBI (Securities and Exchange Board of India)

13. Minimum amount for Certificate of Deposit has
been fixed at:
Ans: Rs. 1 Lakh

14. AML is a term mainly used in the financial and
legal industries. Expand the term AML:
Ans: Anti Money Laundering

15. PIN is a number allocated to an individual and
used to validate electronic transactions. Expand
PIN:
Ans: Personal Identification Number

16. What is Repo rate?
Ans: It is the rate is the rate at which RBI lends
money to the commercial banks.

17. What is Stale Cheque?
Ans: A cheque which is presented to a bank after 3
months from date of issue is considered as stale
cheque and will often not be honored for cash or
deposit at a bank.

18. What is Bancassurance?
Ans: The selling of life assurance and other
insurance products and services by banking
institutions.
19. The objective of KYC guidelines is to prevent
banks from being used, intentionally or
unintentionally, by criminal elements for money
laundering or terrorist financing activities. What is
the full form of KYC?
Ans: Know Your Customer (KYC)

20. Know Your Customer (KYC) guidelines are
issued under:
Ans: Section 35A of the Banking Regulation Act,
1949

21. In BSBDA (Basic Savings Bank Deposit Account)
the credits in a financial year does not exceed
rupees:
Ans: Rs. 1 lakh

22. In BSBDA (Basic Savings Bank Deposit Account)
the balance at any point of time does not exceed
rupees:
Ans: Rs. 50,000

23. In BSBDA (Basic Savings Bank Deposit Account)
the withdrawals and transfers in a month does not
exceed rupees:
Ans: Rs. 10,000

24. At which rate RBI give loans to commercial
banks?
Ans: Repo rate

25. Full form of CASA:
Ans: Current Account Saving Account

26. In what denominations Commercial Paper (CP)
can be issued?
Ans: Rs. 5 lakh

27. What is the minimum denomination of Treasury
bills to issue in India?
Ans: Rs. 25,000

28. Who cannot issue Certificate of Deposit (CD)?
Ans: Regional Rural Banks (RRBs) and Local Area
Banks (LABs)

29. Expand ASBA:
Ans: Application Supported by Blocked Amount

30. Depositor Education and Awareness Fund
(DEAF) is maintained with:
Ans: RBI

31. Cash Reserve Ratio (CRR) is the amount of
funds that the banks have to keep with:
Ans: Central Bank (RBI)

32. What is the maximum amount per transaction
NEFT limit for cash-based remittances to Nepal?
Ans: Rs. 50,000

33. What does CAR stands for?
Ans: Capital Adequacy Ratio

34. IFSC code consists of _____ alpha numeric
code.
Ans: 11 digits
(The IFSC is an 11 digit alpha numeric code, with
the first four digits identifying the bank, fifth is
numeric (kept 0) and the last six digits represent
the bank branch.)

35. When money is lent or borrowed for one day or
on overnight basis it is known as:
Ans: Call Money

36. When money is lent or borrowed for between 2
days and 14 days it is known as:
Ans: Notice money

37. When money is lent or borrowed for a period of
more than 14 days, it is known as:
Ans: Term money

38. Treasury Bills and Certificate of Deposit are
considered as the ____instruments.
Ans: negotiable money market

39. Commercial Paper (CP) is an unsecured money
market instrument issued in the form of a _____.
Ans: Promissory note.

40. What is the upper limit in Public Provident Fund
(PPF)?
Ans: Rs. 1.5 lakhs

41. As per RBI guidelines, with effect from April
1, 2012, the validity period of Cheques, Demand
Drafts, Pay Orders and Banker's Cheques is _____.
Ans: 3 months

42. What is the time limit for an asset or loan to
be declared as Non-Performing Asset?
Ans: 90 days

43. Deposit Insurance and Credit Guarantee
Corporation (DICGC) does not cover:
Ans: Primary co-operative societies

44. RBI measure to liquidate the market:
Ans: Repo rate.

45. Full form of EFT:
Ans: Electronic Fund Transfer

46. Fastest mode of transaction:
Ans: RTGS

47. Alphanumeric code on cheque is known as:
Ans: Indian Financial System Code (IFSC)

48. Bank pays interest on savings account?
Ans: Daily Basis

49. What is the loan limit for education under
priority sector for studies abroad?
Ans: Rs. 20 lakh
(Loans to individuals for educational purposes
including vocational courses upto Rs.10 lakh for
studies in India and Rs. 20 lakh for studies abroad
are included under priority sector.)

50. RuPay Card is an Indian version of credit/
debit card is launched by which organization:
Ans: NPCI (National Payments Corporation of India)

51. Fixed Deposit (FD)Account may be opened for a
minimum period of:
Ans: 7 days

52. What is the minimum amount required to open
a Fixed Deposit (FD)?
Ans: Rs.1000

53. The Banks has converted all ‘no - frills'
accounts’ into:
Ans: Basic Savings Bank Deposit Accounts

54. 'Pradhan Mantri Jan Dhan Yojana' is a Scheme
for:
Ans: Financial inclusion

55. How much overdraft facility to be provided in
'Pradhan Mantri Jan Dhan Yojana' scheme?
Ans: Rs. 5,000

56. In CBS, C stands for:
Ans: Core

57. In CRAR, A stands for:
Ans: Assets (Capital to Risk Weighted Assets Ratio)

58. IMPS - Immediate Payment Service is an
interbank electronic instant mobile money transfer
service through mobile phones in India, the facility
is provided by:
Ans: NPCI (National Payment Corporation of India)

59. The Central Bank of India has adopted new
measure of inflation:
Ans: Consumer Price Index (CPI)

60. When a cheque is torn into two or more pieces
and presented for payment, such a cheque is
called:
Ans: mutilated cheque

61. How much fee charged to file a complaint
under Banking Ombudsman? Ans: Banking
Ombudsman does not charge any fee

62. Who is the appellate authority in Banking
Ombusdsman?
Ans Deputy Governor of RBI 63. If any customer is
not satisfied by the decision of Banking
Ombudsman, customer can appeal against the
award before the appellate authority within how
many days from the date of receipt?
Ans 30 days

64. ATMs or Cash Dispensing machine which are
owned and operated by Non-Banking Financial
Companies are called:
Ans: White Label ATMs.

65. RBI gave in-principle for Banking license to:
Ans: IDFC and Bandhan

66. Minimum capital requirement for new banks in
private sector is:
Ans: Rs. 500 crore

67. A Non-Banking Financial Company (NBFC) is a
company registered under the:
Ans: Companies Act, 1956

68. Minimum capital requirement for Non-Banking
Financial Company (NBFC) is:
Ans: Rs. 500 crore

69. The NBFCs are allowed to accept/renew public
deposits for a minimum period of:
Ans: 12 months ( and maximum period of 60
months)

70. A NBFCs cannot offer interest rates higher
than the ceiling rate prescribed by RBI? What is
the present ceiling?
Ans: 12.5 per cent per annum

71. Minimum capital requirement for Foreign banks
that want to set up operations in India is:
Ans: Rs. 500 crore

72. What is the minimum paid-up capital
requirement of both small banks and payments
banks in India?
Ans: Rs. 100 crore

Why you should not laminate property papers for Bank Loan

Forwarded as received.......

Please read till the end : 👇
CAUTION : Laminating Property Documents & Other Certificates
 
Most of us are tempted to get the documents laminated so as to preserve them.

"We had our property documents laminated for their safe keeping. This was years ago.
Recently we tried for a bank loan by mortgaging the property docs. At the final stage of verification of original documents, the Bank Lawyer flatly refused even to look at the documents saying that they are laminated. The reason being that, since they are laminated, the original documents cannot be differentiated from the colour photocopies. Appears, it was a hard learned truth as the Bank was duped by the colour photocopies of the original documents, duly laminated and presented.

We were asked to get the documents de-laminated ! else forego the loan.

The concept of de-laminating was something like "OMG, Is it possible ?" to us. We started searching those who can de - laminate documents.

The internet gave us the address of one at Lahore in Pakistan. That apart,  we got another person in Bangalore who quoted Rs 3500 per document, with 20 documents on hand, we were looking at cool 70 K for de -lamination. We were about to be robbed.

At last we could find some one at Mysore who agreed for Rs 500 per paper. We rushed to Mysore from Bangalore, got them done. The whole experience has left us with lot of knowledge.

We have a lesson here. Pl do not laminate the original property documents. The Banks will not touch them. No loans can be taken on them. Even the buyers would hesitate at the time of sales. Further, Please be careful while receiving such laminated documents in a transaction. Whilst browsing, I have also come across where the people have run into Visa problems while submitting the laminated mark sheets, degree certificates."

Do pass it to other friends too.....

How to claim Interest Subsidy in Education loans from Banks

According to vidya scheme by Central government one can claim Interest Subsidy by submitting two documents at the branch where you have availed education loan

First know your eligibility for availing Interest Subsidy:

1. Your family income should be less than Rs. 450000.
2. Loan period should be in moratorium which means course should not have finished.

Moratorium period is course period + 1 year if the student have not got the job or course period + 6 months if the student has got the job within 6 months of completing the course.

3. Course should be in India and technical course which means from university recognized by UGC or Indian Government. Students studying abroad are not eligible.

Documents required to be submitted at the branch once during the tenure of the loan or validity of the documents.

1. Agreement executed with Rs. 200 e-stamp paper executed between you and bank

2. Income certificate given by Tahsildar should be submitted in original to the loan branch

All the formats for above documents are available at all branches which you need to execute with concerned authorities.

Best Saving Bank Account Product in India

People often try to find out which bank they should opt out for opening Saving Bank Account because everybody doesn't enjoy Salary Account.

One should look for following services or features in Saving Bank Account :

1. Time taken to open an account - Most of the Banks have their mechanism and this is the information vary from branch to branch.

2. Minimum Balance and Penalty - This is where SBI CANARA BANK PNB beat Private Banks which has strict minimum balance and huge penalties condition

SBI charges Rs. 50 per month whereas HDFC can cut upto Rs. 300 exclusive of taxes.

3. Net Banking - Most PSU banks you have to apply for net banking separately whereas Private gives Net Banking along with account opening which can be frustrated

4. Charges in Non Home Branch - Private Banks take lot of charges if you are doing transaction in different branch even SBI has started taken charges but bank like CANARA BANK does it with no charges.

OUR RECOMMENDATION : CANARA BANK 

1. Quick Opening

2. No Charges at NON HOME BRANCH 

3. GOOD NETBANKING feature which you can start yourself no need to visit branch

4. Min Balance : 1000 & Penalty of Rs. 30 per month for not maintaining minimum balance

How to identify Bank name in CIBIL report & How one can improve his CIBIL Score?

Understanding CIBIL as Banker or Applicant

How customer can improve his CIBIL Score?

After extracting CIBIL report of any Applicant/Borrower/Guarantor ,there are number of loan accounts/ credit card/same accounts in borrower as well as guarantor’s capacity/Gurantor‘s detail as Joint holders/ same account multiple times is reflected.

In some accounts there are showing some overdue amount, settled/write off status .

When we ask/seeking clarification from applicant for these, applicant says that he/she don’t know about this or don’t know the bank/financial institution details.

For these accounts applicant has to request to CIBIL for informing lender’s detail.

Now you may also get the details of the same without writing to CIBIL.  For these problem, CIBIL has provided , “SELF SERVICE PORTAL” free of cost on home page of website www.cibil.com,
Process to be followed:

1. Click on 1st Option i.e. "Identify the lender name and loan account number of an account on your credit report"

2. Enter the CONTROL NUMBER of CIBIL report extracted/provided by bank, enter captcha image & click on submit.

3. Provide your personal & Identification details in the next page as mentioned in the CIBIL report provided by the Bank & click on submit.

4. Thereafter provide the account details as specified in your report & click on "Submit".

5. A message will be displayed informing details of your account & enquiries requested has been emailed on the email Id provided in the online application form.

AFTER GETTING THIS INFORMATION, APPLICANT PROCEEDS FOR RESOLVING THE ISSUE.

Regards

Latest Income Tax Rules India at a Glance 2015

A TO Z OF INCOME TAX PROVISIONS AT A GLANCE:

1. Detailed information of Income Tax is available on www.incometaxindia.gov.in

2. As per Income Tax Act, Income is taxable under five heads- Salary, House Property, Business or Profession, Capital Gain and Other Sources.

3. Salaried person must obtain Form 16 from his Employer Every Year.

4. Income Tax Return should be filed by considering Form 16 and other Income.

5. Transport Allowance is exempt up to Rs.1,600 per month.

6. 30% Standard deduction is available on Income from House Property.

7. Income to be considered as deemed let out on second House property.

8. For self-occupied house property, deduction of Interest on Housing Loan is allowed up to Rs. 200,000/- and for other house property actual expenditure of Interest on Housing Loan is allowed.

9. Repayment of Principal amount of Housing Loan is deductible u/s 80C up to Rs.150,000/-.

10. Tax Audit is compulsory if sales turnover exceeds Rs.1 crore in case of business.

11. Tax Audit is compulsory if the Gross Receipts of Professionals exceeds Rs.25 lakhs.

12. If sales turnover is below Rs. 1 crore, then net profit of 8% or higher is to be taken as business income otherwise tax audit is required.

13. The Due Date for Tax Audit and income Tax Return is 30th September.

14. Assessee other than Company and those eligible for Tax Audit are required to file Income Tax Return before 31st of July. Extended date is 31st Aug for F.Y. 2014-15.

15. Accurate Stock Valuation should be done on 31st of March.

16. Cash payment should not be made to a person in single day exceeding Rs.20,000.

17. Cash Payment limit for Transporters is Rs.35,000/-.

18. Loans, deposits and Immovable Properties transactions should
not be carried out above Rs.20,000 in cash.

19. Business loss can be carried forward to Next 8 Years.

20.  Tax Audit applicable assesses should deduct TDS on particular transactions.

21. TDS should be made on the date of Credit or Payment basis of whichever is earlier.

22. TDS payment should be made on or before 7th day of Next Month.

23. TDS Returns are to be filed Quarterly.

24. TDS returns can be revised any number of times.

25. TDS should be deducted and paid if applicable.

26. If TDS is not deducted then deduction of 30% of Expenditure
is not allowed.

27. Late filling of TDS return attracts late filing fees of Rs.200 per day.

28. Long Term Capital Gain will arise if transfer of specified Capital Assets is made after 3 years.

29. Generally Long Term Capital Gains is taxable @ 20%

30. STT paid Long Term Capital Gain on Shares,etc is exempt from Tax.

31. Short Term Capital Gain is Taxable @ 15% if STT is paid.

32. Capital Gain on Immovable Properties is chargeable at Stamp
Duty Value or Selling Price whichever is higher.

33. Dividend received from domestic company is exempt from Tax.

34. Agricultural Income is exempt from Tax.

35. Gifts received form stranger of an Amount exceeding Rs.50,000 is taxable.

36. Income Tax is not chargeable on Gifts received at the time of Marriage, Will, and in case of Succession and from specified relatives.

37. Maximum deduction limit u/s 80C, 80CCC and 80 CCD is Rs.1,50,000.

38. Deduction of Medical Insurance Premium is available up to Rs. 25,000.

39. Deduction of Medical Insurance Premium paid for Parents is available up to Rs. 20,000.

40. Deduction limit of Interest earned on Saving Accnt is up to Rs.10, 000.

41. Income earned by a Minor child is clubbed in the hands of Parents.

42.  Every Taxpayer should verify his Form 26AS.

43. Form 26AS provides the Information regarding the TDS, Advance Tax paid and details of refund.

44. Notice may be sent to the Taxpayer if the Income mentioned in Form 26AS and the Income Tax Return filed is having difference.

45. Basic Exemption Limit for individuals for FY2015-16 is Rs.2,50,000.

46. Basic Exemption Limit for Senior Citizen i.e. above 60 years age is Rs.3,00,000.

47. Basic Exemption Limit for Super Senior Citizen i.e. above 80 years age is Rs.5,00,000.

48. Advance Tax is to be paid if Tax Liability during the year exceeds Rs. 10,000.

49. 12% of Surcharge is applicable if Income Exceeds Rs. 1Crore.

50. Income Tax Return should be filed if Income exceeds Basic Exemption Limit.

51. 30% of Tax applicable on Income of Partnership Firm, Company, LLP etc.

52. For Companies – Minimum Alternate Tax and for other Assesses
– Alternate Minimum Tax rate is 18.5%.

53. Details of all Bank Accounts have to be given in Income Tax return.

54. Passport number is required to be given in Income Tax return.

55. Detail of Fixed Assets held in Foreign Country is required to be given in Income Tax return.

56. If taxable income of Individual is less than Rs. 5 Lakhs then relief of Rs.2,000/- is available in Tax.

57. Aadhar Card No. is required to be mentioned in Income Tax return.

58. E-filling of return is compulsory if income exceeds Rs. 5 lakhs.

59. In Income Tax, E-filling of return can be done for Previous 2 Years only.

60. PAN Card is essential for Taxpayer and it should not be used as Id Proof.

61. From FY 2014-15 Depreciation is to be calculated as per New Companies Act.

62. Domestic Transfer Pricing is applicable on transaction exceeding an Amount Rs.20 Crores.

Hope you will find it useful.

How to avail Education Loan from Banks & Documents Required

To avail education loan is easy especially if your requirement amount is below 4 lacs.

Following are the details regarding security which is common to every bank and no bank can change it as it is set by RBI to ensure good service to citizens. Please ref

https://rbi.org.in/scripts/NotificationUser.aspx?Id=369Security

Particular	Security
Upto Rs. 4 lacs loan amount	Only Parent/ Guardian as co-borrower
Above Rs. 4 lacs to Rs. 7.50 lacs loan amount	Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*. *Third Party Guarantee can be replaced with Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower) as given in latest Income Tax Return is 3 times of the loan amount.
Above Rs. 7.50 lacs loan amount	Parent/ Guardian as co-borrower and tangible collateral security

In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law

Documents Required (List is common to every bank including private banks)

• Original Letter of admission

• Completely filled in Loan Application Form

• 2 passport size photographs

• Original Statement of cost of study which is FEES STRUCTURE given by college

• PAN Card of the student and Parent/ Guardian not mandatory for student in most of the bank 

• AADHAR Card of the student and Parent/ Guardian

• Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)

• Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)

• Student/Co-borrower/ guarantor's bank account statement for last 6 months

• IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee) or Income certificate given by STATE government to poor people whose children want to pursue higher education

• Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower

• Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

For people who doesn't earn above 4 lacs can avail interest subsidy from government time to time.

Every bank need to process or reject education loan in 15 days as time line set by most of the banks and closely monitored by RBI.

How you can withdraw cash from ATM without DEBIT CARD in India ICICI BANK & CANARA BANK

When you dont have debit card and want cash immediately during the night or you have been pick pocketed. Indian Banks have easy solutions for you which you can share with your friends in case of emergency or for friends who enjoy travelling.

Banks have their own names for this service which has instead promoting this service has not made people aware of this service.
ICICI bank call this service as cashless withdrawal and Canara Bank calls it as easy cash.

WITHDRAWAL WITHOUT ATM CARD

Follow these easy steps and withdraw cash without debit card  :

OPTION 1 : THROUGH NETBANKING

Step 1. Request for Cardless Cash Withdrawal at www.icicibank.com

• Log in to www.icicibank.com with your Internet Banking user ID and password.
• Register a recipient
  • Go to 'manage payee' section and select 'add Cardless Cash Withdrawal payee'
  • Enter recipient mobile number, name and address
  • Confirm recipient registration by entering Unique Registration Number (URN) received on your registered mobile number
• Create Cardless Cash Withdrawal transaction
  • Go to 'Transfers' section and select 'Cardless Cash Withdrawal'
  • Select an account to make a payment and select Cardless Cash Withdrawal recipient from the registered recipient list
  • Enter transaction amount
  • Authenticate transaction using your debit card grid
  • Your selected account will get debited

Step 2. SMS from ICICI Bank

• You will receive a unique 4-digit code on your mobile from ICICI Bank
• Please share the 4-digit code with recipient.
• The recipient will also receive a sms with a unique 6-digit code on their mobile phone from ICICI Bank.

Step 3. Cash withdrawal from ICICI Bank ATM by recipient

• You will receive a unique 4-digit code on your mobile from ICICI Bank. Please share the same with recipient.
• recipient has to visit a specified ICICI Bank ATM and enter the following details:
  • The recipient mobile number
  • The 4-digit code (as received by the sender)
  • The 6-digit code (as received by the recipient)
  • The amount to be withdrawn (in INR)
• Cash will be dispensed on successful authentication of all these four parameters. The entire amount needs to be withdrawn by the recipient as a one-time transaction.

OPTION 2 : THROUGH ATM ONLY

First Sender or Account Holder should follow below steps :-

Step 1 : Go to CANARA BANK ATM machine swipe your card and select main menu after putting ATM pin

Step 2: Go to easy cash and put value of not more than Rs. 5000 along with receiver's mobile no to whom you want to send money

Step 3: ATM machine will ask sender to put confirmation code which he will communicate to receiver on calling him on phone.

Both Sender and Receiver will receive SMS having pin and Sender has to send 

Now Receiver or person who wants to withdraw should follow below steps

STEP 4: Based on SMS received by receiver he can go to any other CANARA BANK ATM which has easy cash option on ATM on home menu. Click EASY CASH and punch his or her mobile no.
System will ask for two passwords confirmation code which will be told by sender on phone & pin which will come on receivers phone as SMS.
CASH will come out and sender will receive an SMS. 

NOTE : You can send easy cash to yourself as you need it in emergency during travelling if you lose your luggage. An easy cash is active only for 1 week and you can do maximum Rs 5000 in a day.
Only ATM with DEBOLD brand are enabled for EASY CASH. 

How to help your grand parents to submit Life Certificate sitting at home or abroad

If you have grand parents at home who are pensioners as ex-central government employees or state government employees, you can help them to submit life certificate to pension disbursing agency mostly which are banks in 99.9% cases.

Just follow few steps and you can help them submit life certificate from anywhere even from abroad to keep earning pension.
But first understand and know why life certificate are required to be submitted in month of November

Why you need to submit life certificate every year in month of November  ?

In order to keep receiving pension by the pensioner or family in case of family pension, he has to prove that he is alive and in healthy mental state.


Follow below steps and help them, do share with your friends to help their seniors.

STEP 1: 

Enrol Yourself

Download the PC/ Mobile application or alternatively visit the nearest Jeevan Pramaan Centre to get your self registered.
Provide necessary information like Aadhaar number, Pension Payment Order No(PPO No.)
Bank Account No., Bank Name and your Mobile number.

STEP 2: 

Aadhaar Authentication

Provide your biometrics, either a finger print or Iris and authenticate your self.
(Jeevan Pramaan uses the Aadhaar Platform for on-line biometric authentication )

You have to visit Jeevan Praman center to submit your finger print or eye scan in the month of November.

NOTE : Iris means eye scan which you have given while registering for Aadhaar

JEEVAN PRAMAN

STEP 3 : 

Access your Certificate

You can download a PDF copy of the certificate from the Jeevan Pramaan website by providing
the Jeevan Pramaan ID or Aadhaar number.

OR

Life Certificate.

After a successful authentication a SMS acknowledgement is sent to your mobile number including your Jeevan Pramaan Certificate ID.
The certificates are stored in the Life Certificate Repository for making it available any time and any where for the pensioner and the Pension Disbursing Agency(Banks)

STEP 4 (SHOULD BE DONE IN MONTH OF NOVEMBER)

Electronic Delivery

The Life Certificates can also be electronically delivered to the Pension Disbursing Agency, without any manual intervention.
(Pension Disbursing Agency can get in touch with our team, to enable the e-delivery facility )

For delivery of life certificate electronically you have to use bio-metric device which is available online which you can gift it to your grandparents. Sitting at home they can submit by scanning their registered finger. 

NOTE : Please mention full account no, full ppo no for convenient service from platform

REFER https://jeevanpramaan.gov.in for more information