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

CANARA BANK INTRODUCES REVAMPED NET BANKING PORTAL

CANARA BANK REDESIGN THEIR NET BANKING PORTAL FOR INDIVIDUAL CUSTOMERS

Above video will teach you how to login in CANARA BANK NET BANKING new portal for individual customers (NOTE: This is not applicable for corporate or companies.)

The video has step by step instructions.

If you face any issue call their toll-free no 18004250018.