Mobile Banking

Now it is old style to avail  banking services through making use of Credit and debit Cards. In case of  lost of these cards there is a possibility of misusing the same. Now its possible to avail banking services without using  these cards as mobile banking is getting more and more popular these days. In mobile banking not only  summary of account can be viewed but also Fund transfer from one bank to other, bill payments etc..can also be done.

The fund transfer limit in the savings account is being  increased to 50000 rupees in a day. The Icici bank has already started giving this service to about eighty lakh customers, whereas state bank of india has registered about 50,000 customers under this service. Realizing the importance of this service other banks too coming forward to provide mobile banking services to their customers.

                                      BEWARE OF FAKE MAILS OR MESSAGES

Spam is known thing for regular internet users. Sometimes spam mails can be seen in the inbox also. Those spam mails usually comes in the name of noted banks exactly like as if it is sent by bank officers from their official email id. Spam mail contents generally highlight the reasons like  net banking password update, account number update or it is in the form of enquiring the account status. These kinds of mails are undoubtedly spam  and it should be understood that someone is trying to grab the details of account holder. It is always better to put these mails to spam and delete the same permanently.

No bank asks any detial or updates relating to their customers account  through email. More importantly no bank asks their account holders to change their net banking  password through email. The password given to the net banking customers is the most confidential which is sent through two different couriers companies. The customer should always treat password as case sensitive and confidential and the same should not be disclosed to anyone under whatever circumstances it may be.

The bank transaction  runs not always only on trust but also based on confidentiality and private.The transaction happens between the customer and the authorized person of the bank, whether it is net banking, mobile banking the transaction runs confidential and private. So it is always good to be on  alert about the mails receives in the name of bank. If required and feel doubted of any such mails respective branch of the bank can be contacted to keep them informed. walk-in to the respective branches often and clearing the doubts is a healthy habit. Registering for SMS services, verifying transaction through ATM's mini statement at least twice a month etc., helps checking any unauthorized transactions if happened.

 Lastly wishing the readers of this article "happy mobile banking"   

   

CURRENCY EXCHANGE RATE- 12-06-2012

"Right Time to Transfer Pension Fund From uk To India as Pounds Increased over Rupee To Good Extent"

Currency	Rupee	US $	Euro €	UK £	Aus $	Japanese ¥	Singapore $	Renminbi	Taiwan $
1 Rupee  =	1	0.0179	0.0144	0.0115	0.0181	1.4237	0.0230	0.1142	0.5366
1 US $ =	55.8000	1	0.8012	0.6426	1.0082	79.4400	1.2839	6.3703	29.9430
1 Euro € =	69.6455	1.2481	1	0.8020	1.2380	99.1513	1.6025	7.9509	37.3727
1 UK £ =	86.8347	1.5562	1.2468	1	1.5436	123.6228	1.9980	9.9133	46.5966
1 Aus $ =	55.3480	0.9919	0.7947	0.6374	1	78.7965	1.2735	6.3187	29.7005
1 Japanese ¥ =	0.7024	0.0126	0.0101	0.0081	0.0125	1	0.0162	0.0802	0.3769
1 Singapore $ =	43.4613	0.7789	0.6240	0.5005	0.7726	61.8740	1	4.9617	23.3219
1 Renminbi =	8.7594	0.1570	0.1258	0.1009	0.1557	12.4704	0.2015	1	4.7004
1 Taiwan $ =	1.8635	0.0334	0.0268	0.0215	0.0331	2.6530	0.0429	0.2127	1

Debt Management

It is even not easy to just imagine buying a home without taking a home loan. Now a days it is common to come across that one's significant part of their earnings goes towards a home loan repayment. They are able to build an asset early in life through soft credit and reapaying the same in the long run, yet enjoy the asset right away. On the other hand, one can also come across defaulters who are chased by the collection agents to settle their dues on loans taken for varied purposes. To make the most of the debt it is important to understand the value of it and acts in a discplined manner.

 Eventhough one can make the most of the debt by using the same smartly, it does not come free and there is a cost associated with it. Changing demographics has led to a shift from save and buy to borrrow and buy. Debt can be differentiated as good and bad debt. For instance home loan to buy a house is a good debt. However, a loan for revolving credit on the credit card is undoubtedly bad debt. In fact, such debt gets one into a debt trap that can go on into the endless cycle. Moreover, good debt is relatively low interest bearing and usually it is raised to acquire productive long live assets also good debt got the potential of capital appreciation and income generation in the long run. In contrast, bad debt is consumption led and is mostly used to obtain assets that goes down in value and does not build any form of physical asset. For instance a car purchased through loan is only a fraction of that loan by the time it is completely paid for.

 The good debt can produce cash flows over time and be tax effecient whereas the bad debt consume resources leading one's towards debt trap. So its important to to know what exactly a debt trap cycle is. A debt cycle starts with expenses exceeding income, which results in shortage of cash. Then one starts getting into borrowing cycle to bridge the gap with the existing loan. The real worry starts probably having no end to the same. The prime reason for mounting debt is the interest component. The interest never stops as long as the loan repayment is on. Those who have come out of a debt travel will endorse the view that interest is a friend who is worse than the worst enemy that one can come across.

 One should understand that addressing the debt problem should not merely be seen as a legal obligation but also one's moral responsibility to repay the same. There are few strategies that can work in reducing and clearing the debt if it is implemented sincerley. Cutting unnecessary expenses to meet the current debt obligations, developing the personal budget to make a assessment of how much money one can bring in and how much money can be spent. The objective is to manage and keep an eye on spendng patterns, identifying necessities, prioritizing wants and trimming down discretionary expenses. There is no doubt assets can be built with the help of debt,  provided if the same is used prudently, at the same time it can also lead us into the debt trap which is a new friend worse than the worst enemy one can come across in life.