Category: Banking

Revolutionize Banking with DBS Bank

Posted on by Aziz Ampanwala

Banking globally has seen remarkable and significant turnaround when we talk about how banking is done these days, especially in this era of technology. I am myself a digital banker when it comes to core banking like money transfer thought IMPS or RTGS, atm withdrawal, issuing of account statement or maybe paying my bills. Now that everything is online and on the go, why waste time visiting the bank and waiting in long queue, when you are provided with the same service through online banking or app based banking.

On a contrary, one fine day, you decide to open a bank account to secure your hard earn money or save for you dream vacation, car or maybe a house, and once you know of the paper work and hassle involved in opening an account, you start to think otherwise, why is that so? I feel that in India to what I know and through past experiences, opening a bank account is not that easy, considering the technological advances, banking in India still lacks in adopting the technological advances when it comes to the KYC (Know your customer) process. For instance in a typical situation if you want to open an account, you will require to:

  • Fill a good 4 page form
  • 2 photos
  • 1 photo identity
  • pan card copy
  • 1 residential proof

So in all, a good time is occupied in doing all the formalities and paperwork, which can be fast tracked through loads of different technological advances which are adopted by other Asian countries.

Guess what! Recently I was searching for a Bank where I can open an account which had “no minimum balance maintenance” quarterly charges, and had all the banking core services included at no extra cost, though it was long struggle to find any, finally I came across DBS Bank, yes!

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DBS Bank  which is  Singapore’s best, Asia’s Safest titled, has been in the banking industry for around 4 decades and it has evolved with time and been adopting future ready banking technology with times.

With DBS bank’s new digibank program, opening “no minimum balance maintenance account” is possible, apart from that the star feature of DBS Digibank is that you can open a saving accounts hassle free and conveniently from where you are, the first step involves registering for the DBS e-wallet, now what this e-wallet does is makes paying much more easier, may it be phone/electricity bills to making a recharge to online shopping. After the e-wallet registration you can convert you e-wallet into a digital account without paperwork or signatures! Yes, you heard me right  for authentication   all you need is your Aadhaar no., PAN CARD and biometric for authentication, after that visit one of their many partner stores or call them to meet you at a place of your convenience.  It truly is a live more, Bank Less moment, once you have completed the simple process and start enjoying the bounty of banking services which they have to offer.

Digor the Dinosaurs (which is the DBS digibank Mascot)  survived extinction and embraced digibank by DBS Bank, which not only allows him to bank virtually 24X7, it also provides many bounties like 7% interest on saving a/c and host of freebies and coupons for online shopping sites.

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Apart from that we will be seeing our own legendary cricketer Sachin Tendulkar associated as brand champion with DBS Bank’s Digibanking program.

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A significant top up in security is their feature where no OTP (One time password) is required, thou   a better security is assured which is powered by automated authentication, safer than OTPs. So rest assured, the money is in safe hands.

To add some topping to all the above, they are also offering a 7% interest on saving and 10% cashback on shopping from a wide range of online merchants.

How prepared are you – Do your Homework

Posted on by Aziz Ampanwala

Planning for a Childs future in terms of education is always in the top priority whenever you ask parents, education is that framework which will secure a Childs future and that’s why the emphasis on quality education is a set benchmark with parents who are willing to invest in their Childs education. Now talking about a Childs future, the basic research as a parent you would do is understand what does your child aspiration is and what does he want to become, I know that children these days get easily inspired after watching certain things  and it keeps on changing multiple times, however if we consider cost of education in any field today compared to say 1 or 2 decades, you will be surprised to know the inflation rate in education sector has been soaring more than 300%, now that can set any parent on the back seat considering how to plan financial with such high inflation rate for Childs future.

The trend in India as we might have observed from our parents, their friends, neighborhood and society is that firstly education funds are not always the set priority and its heavily dependent upon funds from FD’s (fix deposits), inheritance funds left by grandparent for their grand children and in many cases which is common these days is education loans which I feel is more of a burden which creates pressure for both parent and child.

I would give a fair share to my parents for providing me quality education, they definitely understood that education is a must for a brighter future and kept saving from the very beginning, however the saving were not enough to fulfill the complete fees and we had to opt for other resources however the intend was always there.

We are now an educated bunch of youth developing in India and we sure know the importance of Education but what we lack is the understanding somewhere about what could be a healthy and profound solution of saving for our child’s education? Mutual funds! How does that sound? Yes, with the ever growing and developing market, mutual funds investment has that right algorithm to fight the mighty inflation, as the investment grows and evolves with market at a brisk consistent rate.

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Lately an initiative was conducted in many cities of India at Crossword and KidZania on-ground activation for NEW INVESTOR EDUCATION AWARENESS CAMPAIGN – #DoYourHomework by Axis Mutual Fund to better understand the parent and child relation in terms of aspiration sync, apart from that information regarding parent’s ideas and opinion on education savings for their children were also taken as a crucial parameter.

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Considering the data and research parameter from the campaign, Axis Mutual Fund came up with some healthy pointers and useful details in their micro-site do your Homework, if you browse through you will come across a custom made market ready calculator that will help you plan your Childs future, apart from that you can also download The Homework App, a space that will make you think and get guidelines on how mutual funds can be beneficial if investment is started from a early age of the child and multiple market aspects as well.

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Dont just Pay – PING PAY – Go Social By Axis Bank

Posted on by Aziz Ampanwala

What is the first thing that comes to your mind when you think of transferring some funds to your family, relatives, friends or office colleagues?

1) Go to bank and deposit cash/cheque transfer

2) Use Net banking, add beneficiary wait for a day for approval, and then transfer through NEFT

Anyways the above options works but not that effective when it comes to instant transfer, so to make things and life more simpler and fun Axis bank recently came up with a unique app named PING PAY, which is very social in nature and functionality, it gets connected with all your social accounts such as Facebook, whatsapp, twitter, google+ and many more and have them in your app list. Now you would ask yourself how it functions. How can i transfer or receive funds? SO on and forth, let me just share you some of the highlights of the app and how it does function:

 Before I start and explain you about the app, let me just tell you that this app “PING PAY” can be downloaded by anyone may it be Axis Bank Customers or non Axis Bank Customers, you will find out how it works in my briefs, to send and receive money, recharge both need to have the app on their respective devices to complete the process, mutual understanding I say :), though you shall require a Axis Bank account to send money and recharge or check your account balance. To receive funds you shall require linking your account with PING PAY app which is a simple process of providing your banks details, you can always add multiple accounts to it of different banks, so much for the versatile options in PING PAY.

 Let’s start off with registration process, it’s a simple 2 stage process in which:

1) You have to enter your mobile no. and accordingly you shall receive a confirmation code

2) Enter the confirmation code which you have received through SMS/Call and bingo you are good to start.

 After you are registration is done, the app will prompt to select social connects you want to activate and add in your list, some options of social connects will include: Whatsapp facebook, Twitter, email, SMS. Once you have activated the desired accounts a screen comes up prompting “Money”.

 So, what next? After the registration is done you can send money, receive money, send and receive recharges or simply know your Axis account details.

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A quick guide on how to send money through the Ping Pay interface,so once the registration is done you will get a while screen with a vivid pink button saying “Money”

1) All you have to do is press hold the button and drag it upwards towards the screen and you will see options popping up asking add friend and showing your recently sent connect details.

2) You can choose either of the options, if you select the add friend option, a side bar slides and show from which social account  you want to  choose the receiver of amount,

3) Once that is done you will see a screen that asks you to fill in the amount and confirms to whom you are sending the amount, to give it a social and fun twist you can add in dialogs pre feeded or type in with photos and voice record options as well,

4) Once all that jazz is done now the critical part, you have to set a PIN so that its secure and once you set the PIN you can either SMS or call the person and share that PIN, so that he can successfully do the transaction once he receives your LINK through PING PAY app, Ola money has been sent to the concern person, isn’t it simple!!

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 How to link your Axis Bank account with PING PAY app?

 Provide Internet Banking or Debt card details and you are ready to go, do those transactions!

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 How Receive Money through PING PAY:

1) As mentioned above the sender shall send you a link of the transaction and PIN code.

2) Once you open the link, you will be redirected to the app, if you have not downloaded the app it will prompt you to download it.

3) Then, once the app is open, in the notification panel you will have the feed of amount received and pending for approval (you must be thinking who will not accept money coming in right? But what if the amount is not satisfactory or over satisfactory, then you can proudly reject it).

4) Once you open the message, details of the transaction will be shown, after you approve the transaction, the app prompts you to select in which account you want the transfer to be deposited, isn’t that so convenient, I bet it is for me.

5) After you select the account, you have to enter the PIN (remember when the sender was completing his transaction he had to encrypt a secure PIN) and transaction completed.

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How to Ask Money through PING PAY, sounds interesting already!

1) All you have to do is press hold the button and drag it downwards towards the screen and you will see options popping up asking add friend and showing you’re recently sent connect details.

Note**: All the other options after point no.1 one is to be followed as per sending money details which is mention above, there won’t be any secure PIN option as no transaction is made and it is just a request.

Now if you are a NON Axis Bank customer using the app and you want to contact Axis Bank to open a account, then you can avail the option of sending a request for the same, just press hold the pink Money button and drag it upwards, a message will pop up saying you need to have a Axis Bank account to avail the services, and to open a account you have to press OK, a form comes up with basic details requires and they shall contact you with more details about the Bank.

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This post is about ‘Digital Axis‘ meet conducted by Axis Bank in association with BlogAdda.com 

Bike Finance option in Pune

Posted on by Aziz Ampanwala

Ok, so now i was sorted which bike to purchase, if you have missed the previous post, you can check it out here: Finding new bike in Pune

Next stop in my quest to purchase a bike was finance, thou dad said we shall pay in cash, still I convinced dad about considering bike finance in Pune  or minimal check loans as many banks and financial corporation are providing convenient payment options, minimal documentation and long durations tenures which helps in paying as per individuals budget and prevents from sinking the pocket empty in one go.

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Let me list a few major two wheeler loan providers in Pune  from the research I did while looking for the best one, a few in random list:

1) Bajaj Finance

2) ICICI Bank

3) HDFC bank

4) Tata Capital

5) Bank of India

6) State Bank of India

7) Kotak Mahindra Bank

If you are looking to compare them do consider the following parameters:4575652744_313x227

1) Interest rate (the lower the better)

2) Processing fees (has to be minimal)

3) Maximum repayment period (the higher the better)

Some of the basic documentation required as income proof in most bike loans procedures:

1) If you are salaried then

  • Should be 21 years or above
  • 3 months salary slip
  • Minimum gross income of 1.5 lacs per year
  • ITR or FORM 16 if applicable
  • Resident proof

2) If you are self employed then

  • Should be 21 years or above
  • Bank statement of 6 months minimum
  • Minimum gross income of 1.5 lacs per year after tax deduction
  • 2 years ITR with tax deductions if applicable

So, if you are sorted with your documentation, then you can avail the services of finance, however in this age where we compare every little thing before we purchase and as I have listed above some pointer for comparison. One major aspect is bike loan interest rate in Pune, let’s compare with an example for a better idea:

Loan Provider Rate of Interest Tenure Processing Fees
ABC Bank 10% 2 years 2% on total amount
ABC Finance 12% 3 years 1050.00
ABC Corporation 20% 2.5 years 1.5% on total amount
ABC FinCorp 15% 3 years 500.00

So which one is better? Considering the least amount of interest, processing fees and the maximum tenure period as a first option, in my example ABC FinCorp was providing a good interest rate with more tenure, so I would consider that as my first option as bike loan in Pune.

Summing all up, finding a decent bike finance in Pune is easy, considering you have proper documents in place, as approaching to any finance provider they require some guarantee that your pay back is considerable.

App Banking with Axis Bank

Posted on by Aziz Ampanwala

I am talking about 10 years back, few things which came to my mind when dad used to say beta lets go to the bank, it sound boring, lethargic and you knew the reason why your dad is taking you to the bank, basically it was less of a learning experience and more of a standing in the Q experience.

 Well banking has turned tables surprising when it comes to adopting new and secure technology and constantly updating themselves with time, in the prominent list of adaptability with cutting edge technology comes the name of a familiar and growth oriented AXIS Bank.

Axis bank to what I know  as a customer have always adopted according to the customer behavior time and time again, to add to the list they recently updated their app on mobiles with compatibility to every smart phone OS that includes Andriod, Apple, windows, blackberry.

To give a brief about their updated app and super cool features Axis Bank decided to have chai pe charcha session with bloggers from Blogadda portal, sounds very boring doesn’t it, however it was not the case as the host Mr. Parminder Panesar – Head – Media relations at Axis Bank made us feel at home (almost) with his casual chats yet precisely pointed features of the app that I shall brief below, some of the feature which really got my attention and  other banking app still need to work on:

 1) Registration:

The app registration is almost like a piece of cake, convenient and hassle free, there are 3 options to choose from:

A) If you know your debit card details, you can register OR

B) Net Banking Credentials will work too

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 2) Securely yours:

* You can only register one account per device at a time and that too your register sim card needs to be in the device, which I feel is a very secure oriented feature and this will help in keeping phishing off bay.

* A good feature in regards to security is even if your phone is idle for 5 minutes the app automatically logs off, considering that the user might not have the phone with him, I am impressed -details so minimal yet a possible threat is worked upon at Axis Bank.

* Setting the transfer limit, for the 1st time app download OR New registration, a limit is set to 30,000.00 which can be changed from a week time considering security reasons, and after that you can change and set your transaction limited upto 10,00,000.00.

3) Easy Login:

No need to add in login credentials and password, with Axis bank’s app you just need to remember your MPIN which is generated at the time of registration, so now you banking details are just 6 digits away isn’t the cool.

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 4) Convenience to the customer:

 A) Don’t you hate it when you login in to your account after putting in login id and password, then go and find account details, under that find current balance and finally after a good 2 minute struggle you get your own bank balance, but with the axis bank app, balance is just right in front of you after you login with your MPIN, just hardly takes 5 seconds.

 B) Amount transfers were never so easy:

* Instant beneficiary’s addition, well you can transfer money to other Axis bank or other non Axis bank transfers within minutes.

* The best part is if you are transferring to other Axis bank account, you just require the account holders registered number with the bank  and that’s it beneficiary added.

 * If you are transferring to non axis bank account, you only require the account holders a/c no and ifsc code isn’t that convenient compared to the sluggish form filling and waiting for a good 8 to 48 Hrs to get you beneficiary added before you can transfer funds.

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* Bill payments:

Large variety of bundled services for bill payment, telephones, cards, charity, DTH, Electricity, GAS etc. So now paying bill on the move just got dearer.

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 5) Edge Rewards point’s redemption on app:

One more handy feature is loyalty points redeem through your Axis bank app, what’s more your points instantly gets approved and you receive the coupons in just minutes, being said that the app also has a feature through which it can locate the nearest offers according to the category chosen.

There are many other features such as:

 *New Cheque book request
*Statement
*Cheque status and stop
*E-statement request / email registration
*Add beneficiary to favorites, once you have done a transfer, that so convenient on the go, just put in the amount and the transaction is done.

 That’s all in terms of the app, and they are still upgrading the app to better suit customer s requirement and the transformation is always on said Mr. Parminder.

 Had a wonderful time interacting with the staff of Axis bank as well as some fellow bloggers.

This post is about ‘Make the Axis Acquaintance‘ meet conducted by Axis Bank in association with BlogAdda.com