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Currently, the investment banking scenario in India itself is extensive. But let us begin with understanding what investment banking is? What are its functions? So, investment banking offers a host of services to clients. An investment bank acts as an intermediary to assist corporate, HNIs, and companies in raising capital. Also, investment banking services include advisory facilities like Merger & Acquisition.
Most of the companies require cash for expanding their business. Investment banks help in this by issuing securities to investors. These securities could be stocks, bonds, debt, etc. Investment banking services not only entail capital raising facilities but also focuses on the trading of securities, custodian services, AMC, and other facilities. With the help of investment banking services, businesses can raise funds for their projects as well as an expansion for making themselves bigger in the market. For this purpose, they employ trained bankers and execute the operations for maximising the revenues. Investment banks bridge the gap between large enterprises and investors. However, the major role of them is to advise the Government and businesses on how to meet their financial needs and procure the finances. Role as an advisor Raising funds for the company is a daunting task, and this is where the service of investment comes in picture. An investment firm can help sell the company’s shares by deciding the excellent price using sophisticated financial models. Financial analysts consider aspects such as earning potential, management team strength, and so forth while selling the stocks. Investment banks also provide advice at the time of merger and acquisition by advising the management on how worth the company is and help in restructuring the firm. Underwriting stocks and bonds Underwriting is the process where the investment bank takes financial risks in exchange for a fee. It includes conducting research and assessing the risk levels involved in the insurer’s business. An investment bank buys a specific number of stocks at a previously decided price and recalls them through the exchange. It is the job of investment banking services for preparing the documentation which must pass through the Securities and Exchange Commission before the company can sell stocks anymore. Documentation involves details like financial statements, management information, current ownership, and retirement planning. Other facilities Besides advice and helping to raise funds for companies, investment banking services also includes research, trading and sales, asset management, wealth management, and securitised products.
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Capital and investments are always beneficial if used correctly. It takes years to earn and invest but only seconds to spend money. Every penny saved is every penny earned. This wonderful proverb fits perfectly for banks and financial institutions. They help and encourage individuals to start saving from a young age with the help of attractive deposit interest rates and returns.
If an individual plans to open zero balance account, they should know the facts, features and benefits it offers. All banking resources provide some services to their customers which encourage them to continue saving and increases their trust and reliability on the bank. They can always approach banks for financial help in the forms of loans and EMIs for easy repayment. Online bank account opening with zero balance facility has facilitated individuals in many ways. It has saved their time and effort of visiting the bank, waiting in long queues, submitting forms for lengthy procedures, and lots more. They can access their account statements and account balance without any difficulty, at any time and anywhere. The need to maintain the Minimum Account Balance (MAB) gets eliminated without any charges or penalties. All applicants must submit KYC documents to the bank for verification. They get the bank passbook, chequebook, debit card, internet banking password, and other online facilities later. The zero-balance saving account is beneficial for employees and financially weaker sections of the society as they cannot afford the bank charges and penalty rates. Following are the facts about this account: No penalties: Many banks charge penalties to their customers who are unable to maintain a minimum account balance. But, in the case of salary accounts, they do not have to bear any balance and use it as and when required. As the name suggests, they do not need to keep any funds and can withdraw in lumpsum amounts during emergencies while maintaining as much money required. Internet banking facilities: Along with escaping minimum account balance charges, customers can also enjoy additional facilities such as a mobile banking app, internet banking on PCs and smartphones, and lots more. They can activate this service while they open a saving account with zero balance in any bank. Banking officials can explain the procedure to them in case they are unaware. ATM card, chequebook, etc.: Like a regular bank account, a zero-balance account offers facilities like ATM card, chequebook, passbook etc. The free ATM/Debit card is useful for making transactions globally. The free chequebooks have a fixed amount of leaves per year. Pay a nominal fee for a new chequebook. Accountholders and the rates of interest: Accountholders may choose how to operate their saving account: personally, jointly, or with either or survivor, etc. The rate of interest for the savings is like that of regular bank accounts. Conduct thorough research or seek help from a financial advisor when opening such an account. It is handy to be able to transfer cash between accounts, whether you transfer money from a deposit to a savings account or send money to pay monthly bills. Being able to make instant payments whenever you need to bring several benefits over writing cheques and waiting to clear them.
If you are abroad and need remittance, you can use the option of a quick money transfer facility to send funds to your loved ones. Speed One of the most significant advantages of online money transfer facility is the speed of the transaction. In comparison to cheques, which can take a week or more to collect and process, a transfer of money can be completed immediately and processed within a day or two. The speed of the money transfer operation makes managing your finances much easier and paying your bills on time. Security It can be risky to send a check in the mail. There is always the risk that the cheque may be lost or stolen as it makes its way to the receiver from your mailbox. If the cheque in the mail is lost, you might incur late fees when trying to convince your creditors that you made the payment on time. If the cheque is stolen, the robbers gain access to your routing number and account number, and they can theoretically drain your bank account with that information. Using international money transfer rather than cheques avoids such problems and provides immediate proof that your payment has been made. Flexibility Bank account holders can easily set up numerous external accounts and use them to move money back and forth at will. While the initial process of establishing and checking each account may take a few days, the transfer can be completed in a matter of minutes once the account has been set up. It makes it easy to transfer money to make a significant purchase, take advantage of higher interest rates or make sure that funds are available in an emergency. 24*7 You have access to foreign remittance facility 24*7. You need not go through the inconveniences of official banking hours waiting. This ease of transaction is a ssignificant advantage for urgent matters that are lacking with brick and mortar establishments. Many services also have round the clock support for on-phone customer service. This tool is particularly useful when you have poor internet connectivity or other transactional problems involving human assistance. Most providers have chat boxes where you can manage any queries related to the service. Most mobile banking apps do have the option of a money transfer facility for their customers too. Click hPrivate banking refers to a set of services for high net worth individuals (HNI) offered by a bank designed to grow wealth. Most of these Banking and Investment wealth management strategies are reserved for HNIs.
Customers with considerable assets are more likely to use financial solutions requiring significant investments such as hedge funds and real estate. Specialised funding options, retirement planning, succession planning and taxation solutions also get included in these services. Private banking's main advantage is the personalised service which comes from having an individual account manager. Often this account manager is available to the customer and provides wealth management strategies that are tailored to their situation. Defining privilege banking as wealth management is not entirely appropriate because private banking generally extends a much narrower set of financial alternatives. A private banker offers approaches that apply to the assets that the bank can access. At the same time, a more comprehensive wealth manager develops broad strategies covering all the assets of a client. Priority banking is distinguished into two types: active and passive. Active private banking involves the HNIs constant input and decision-making, while passive enables the bank to manage the assets without a significant direction. Most private banking has been of the passive variety in the past. Still, recent financial market turmoil has led to an era of more active customer management that wants to get more involved in the management process. Premium banking offers unique benefits to clients with substantial assets and often used to attract commercial banks to this class of clients.
There are many requirements and necessities that a person must meet in life. Most of them require urgent attention like education, housing, debt consolidation, weddings, medical expenses, and other things. It becomes difficult for many families to afford these expenses and give their children a brighter and better future.
People apply for a personal loan so that they can accommodate these expenses without much financial burden. They take these loans on EMI so that the repayment becomes more manageable with the help of instalments that should be paid every month. There are many loan calculators for calculating the approximate EMI that must be paid by loan borrowers. An EMI is a fixed monthly payment, part of the equally divided repayments, used to clear off outstanding loans. The personal loan calculator calculates the EMI depending upon the principal loan amount, rate of interest and loan tenure. The formula used by the calculator is- E = P x r x (1+r) ^n / ((1+r) ^n-1)
The personal loan EMI calculator brings the following advantages.
EMI may affect the monthly expenses until repayment. Some simple steps that can help reduce the loan EMI and manage outlays easily:
The personal loans calculator is a great tool to help calculate the EMI of any loan taken by individuals from banks. It can help them plan and regulate their expenses. People want to achieve success in life. They travel to different countries in search of job opportunities with better prospects and higher positions so that they can boost their careers. While they are away from home, they cannot ignore their families and their responsibilities towards them. Many wage earners have family’s dependent on them for financial requirements. Since they cannot visit their families often, they send them money so that their needs are met even in their absence.
According to experts, many farmers and industry workers who lived in the industrial revolution period moved to bigger cities in search of employment. They sent money back home so that their families could cope with basic needs. In short, remittance means the transfer of funds by people living in foreign countries to their families residing in their home country. It is a significant source of inflow of cash for any country. Developing countries benefit a lot from this. How does it work? The process of transferring money is quite simple. Wage-earners residing in foreign countries, also known as ex-pats, save a portion of their income to send it to their families in the home country. The whole procedure of online money transfer to an overseas country involves a legal channel – mail, bank transfer, money order, or an authorised money transfer operator. The expatriate sends money to the home country, which gets automatically calculated and converted as per the prevailing rates of exchange, before being credited to the receiver’s account in the home country’s currency. International money transfer methods help in transferring funds from one bank to another without visiting the bank branch. Banks have used technology to make their services more accessible, faster and convenient. Following are the options available:
Internet banking has gained wide popularity among the customers and NRI’s, as it is easy to transfer funds and make bill payments. Along with many benefits, an NRI account helps the non-resident Indian to send foreign-denominated currency to India in Indian currency. To apply for an NRI account online or to conduct NRI net banking, you can visit the bank’s website.
Reasons to use internet banking services:
As a first-time user:
Once you have received the welcome kit to conduct online banking transactions, follow these simple steps to activate the NRI banking services online:
Bottom line: Online banking has many benefits for NRIs – be it for instant fund transfer to Indian rupees or for investing in the Indian market. The high-end security and advanced banking features let NRI’s choose online banking as the safest and convenient option to select banking in India. Individuals open a bank account to store their savings in them for a lifetime. By saving from the beginning, there is a storage of money for future emergencies or requirements. People keep their income which is a result of their endless effort to work hard and prosper. But there is a condition: Maintenance of Average Monthly Balance (MAB). If account holders fail to maintain MAB, banks charge a penalty.
Is there an alternative for such accounts? With changes in the banking system and rules and regulations, many banks have made the process of saving account opening relaxed, faster, and hassle-free. They want every citizen to store their savings in accounts so that they remain safe, secured and available for use during tough times. Hence, they introduced a new type of account with maximum benefits to encourage people to open bank accounts. Banks introduced a facility for opening an account without maintaining a minimum balance. Such accounts are called zero balance saving account. The advantage here is, the bank offers usual facilities like that of regular accounts. Features and benefits Like every ordinary account, these accounts also have their features and benefits: 1.No minimum balance requirement Maintaining a minimum balance is not compulsory. Accountholders need not pay penalties, making this type of account desirable. 2.Free transactions The bank offers free transaction tools like ATM and debit cards to make transactions worldwide. A cheque book with a fixed amount of leaves and passbook provision is available in the welcome kit at the time of opening the account. Do note that the number of free transactions is limited in a month. 3.Internet banking Checking account balance and making transactions through internet and mobile has become quicker with this facility. Bill payments take place using mobile banking app. 4.Locker facility Banks may also offer safe deposit locker facilities based on the type of requirement. 5.Salary account holders There are special offers and privileges for salary account holders based on their companies or institutions. Documents required Offline or online bank account opening with zero balance requires customers to submit necessary KYC documents like identity proof, address proof, income statements (if any), and a photograph. By opening an account online, account holders can make transactions through mobile banking apps, UPI apps, and lots more. They can book tickets, pay for their daily needs, pay their bills, transfer funds from one bank account to another, on the digital platform. Conclusion The banking system has evolved with time and is accessible and convenient with its services. Banks not only take measures to benefit their existing customers but introduce schemes which attract new customers also. Since every service is available online, banks have not left any opportunity to make their customers happy and meet their requirements. These features provide account holders with the liberty to manage their accounts and use their finance wisely. Senior citizens can also benefit from zero-balance account opening online by using the internet. A bank account that is predominantly used for storing sums of money is called a savings account. A saving account is a financial instrument offered by all banks in India. These accounts hold amounts of money safely and assist individuals in earning interest on these sums of money. However, the interest rates earned on the account gets determined based on the minimum average balance maintained by the account holder. Any individual owning such an account can also make withdrawals at any time they want. These accounts have made the feature of storing money securely easy and convenient for their customers.
With the sudden rise of technological development and the revolutionary growth of the banking industry, the process of opening the account has become effortless nowadays. You can get an online saving account opening done in a jiffy. If you have access to data and computer, you can visit the bank website and with just a few clicks, they can open their saving account. A lot of banks have also provided mobile banking apps as a way to conduct banking anytime anywhere. The documents required for opening a savings account are listed below: 1. Photographs: All banks require at least two passport-sized photos along with the application. Identity and age proof: Any authentic, registered and recognised document which is issued by a legal entity and a competent authority, inclusive of recent photograph and the real full name of the individual, can be used as an ID proof. PAN card, voter ID, passport, Aadhaar, and driving license are the documents that can be used as ID proofs while applying for a saving account. Address proof: An authentic, registered and recognised proof of address which is issued by a legal entity that includes the address of the applicant can be used. A customer can provide driving license, voter’s ID, utility bills, passport as some of the documents for residence proof. Senior citizen proof: Several banks provide a senior citizen saving account to their customers. Any applicant who is elderly and wishes to open the account can go ahead with this. They must give proof of their age to the financial institution. The welfare department provides a senior citizen card and this document is the most preferred one as proof. A saving account comes handy during the time of an emergency when they require immediate funding. They are always accessible, making it convenient for individuals to handle their finances or withdraw funds from time to time. A saving account also offers an interest rate to keep the real value of money stable throughout the years. Holding a saving account improves an individual’s financial stability, as well as these funds in the account, generally hold a limit on the number of withdrawals that can be done. One of the most popular bank accounts is a saving account. It is a space for people to park their funds and have liquidity to withdraw the funds when needed. However, one feature of a saving account is that the depositor needs to maintain a minimum balance. Depending on the bank, the minimum account balance requirement changes as does the penalty for not meeting this requirement. If the minimum balance is not met, banks charge some form of penalty or a charge which is debited from the bank account.
On the other hand, banks also offer a zero-balance saving account which has no minimum balance requirements. Its features are as follows – 1.Zero penalties on balance: Unlike regular savings accounts, a zero-balance account has no penalty in case there is a low balance or zero balance maintained in the account. This can greatly help customers who have small savings that don’t meet the minimum balance requirements. However, some types of accounts may also restrict the maximum account balance as well. 2.Rate of Interest: A zero balance savings account earns interest at the same rate as a regular saving account in the bank. Since interest is paid at regular rates, this saving account becomes a good option for people with small savings to earn interest income. 3.Different accounts: Depending on the bank, there are different types of zero balance saving account:
4.Banking services: A zero-balance saving account provides all other facilities to the customer such as free internet and mobile banking. Along with this, the account provides users with an ATM cum debit card. This card can be swiped at merchants and used for e-commerce transactions. Once you log in to net banking and mobile banking app, you can get access to all of the facilities available there such as fund transfers, balance checking, opening fixed deposits and recurring deposits etc. The bank does not distinguish between a regular savings account and a zero-balance savings account in terms of the facilities offered. 5.Other banking facilities: A zero-balance savings account provides other facilities such as a free passbook facility, free bill payment facility, email statements, locker facility on payment of additional locker charges, cash and cheque deposit at branches, etc. You can opt for account opening online or offline. The process to open zero-balance account is very simple. You will need to submit your KYC documents along with a fully filled application form. Some accounts may only require a signature or thumbprint along with KYC documentation. Once the application is processed, the account will be opened. |
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October 2020
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