5 Tips to Manage Your Current Account

Current accounts are zero-balance-accounts generally used for frequent transactions. In a way, a current account is one of the best ways to manage large monetary transactions on a daily basis. They are preferred by people or organisation such as public enterprises or business people that have to execute regular transactions with banks. A current account offers various facilities like debit cards, cheque payments and contra-transactions.

Being a zero balance account, many people think that a current account does not cost them anything. But the charges applied on the current account are dependent on their usage. As a current account holder, you need to manage your account smartly in order to avoid being overcharged. You can use following tips to manage your account smartly and utilise all facilities offered by your bank.

Getting information about all the charges

Generally, banks charge their current account holders for different things such as foreign cash withdrawals, bulk transactions charges, and so on. You can find out about these charges from the bank’s website. Also, you can contact your bank to obtain the list of fees and services associated with the current account. Once you have the information about the types of charges and services related to them, it becomes easier to minimise or avoid them.

Setting up the text alerts

Automatic texts are the quickest way to know what is going on with your current account. You can check your current account balance with the help of text alerts. You can easily turn on free text alerts by changing the settings of your account on the bank’s website. The texts will inform you about every transaction happening and thus, will enable you to manage them.

Using mobile banking

Nowadays, every leading bank in India has developed a mobile app for smartphones. You can get your bank’s app from the app store. These apps are designed by experts. The apps are encrypted as well as a password-protected. Thus they are secure from online frauds. Moreover, you can easily set up your app with the help of your debit card linked to your current account.

The banking apps are very convenient to use. You can do everything that your bank does by using your phone, such as checking the balance, making payments or applications to change overdraft.

Speaking to your bank

All banks are constantly trying to provide their customers with good-quality services. You can walk up to the bank and talk with their representatives. The banks mostly want their customers to take advantage of every feature provided by them.

Switching the bank

If you feel like your current account and its services are not satisfactory, you can always switch the bank. But before just switching, it is wise to spend some time online researching the different services provided by other banks. This way, you can compare different banks and take a practical decision. Also, you should know that you do not need to go to the bank for a new account as you can open a current account online. Opening an online current account is hassle-free and time-saving.

Current accounts are generally opened to operate large volumes of payment systematically. Therefore, managing them with above tips saves you time and enables you to get benefitted from them.

5 Crazy Simple Ways to Save Money with Your Current Account

Current accounts are generally meant for daily transactions. Current accounts are no-interest deposit account that comes with an overdraft facility. This facility enables the current account holders to withdraw more money from the account than the actual balance. The facilities offered by a current accounts make them suitable for traders and business people who regularly access their accounts. Nowadays, many individuals are opening small business accounts due to their benefits.

Every current account holder should know that they actually save money by taking advantage of their features. This article will describe five crazy simple ways to save money with your current account.

Choosing the right current account

Current account holders are often provided with debit cards to carry out their transactions. The debit cards can be a fantastic way to earn while spending. You should know that debit card purchases are awarded cashback. As current account transactions are generally on the heavier side,  even 1% cashback can get you a significant amount. You can transfer this amount to your savings account with a good interest rate and get financially benefitted.

Saving the rewards earned on current account transactions

Many current account holders often forget to transfer the cash rewards they drew on a debit card or simply spend them for different purposes. By doing so, you lose the opportunity to save these additional funds.

Remember that current accounts are zero-interest account and thus, keeping additional money in them will not help you to grow your account balance. You can avoid this by setting an automatic transfer of your rewards to a savings account.

Seeking help from your spouse

Encouraging your significant other to open a current account linked to rewards is another wise move to accelerate your savings. This way, you can simply double up cashback rewards and transfer them to your savings account.

Balancing between spending and your budget

Although cashback rewards on a debit card will boost your savings, you need to balance between spending and your overall budget. Spending extra money just for the sake of cashback rewards is pointless.

Planning the budget

This is one of the most practical ways to save money with your current account. Plan your entire month’s budget by considering every regular expense like grocery, travel, and so on. One more thing you need to include in your budget is to decide the amount you wish to save in the same month. This practice will enable you to use your debit cards in order to obtain desired cashback from it.

Although saving and spending are entirely different actions, you can actually use your current account to save money. Just like opening an online current account is quick, transferring cashback earned on them to a savings account is also very simple these days. Taking help of an automatic transfer, you can boost the balance of your savings account.

The charm of Da Nang in Vietnam

Traveling to Vietnam will be very pleasant, the reason being cheap. Vietnam’s economic development is very powerful – from the start, there is no global restaurant franchise until now there is a luxury mall selling branded goods. Even now more and more local people can speak English.

Much can be explored in southern, central and northern Vietnam, which is the eighth place of the UNESCO World Heritage Site. From the south that is in Ho Chi Minh City, then to the middle can begin in Da Nang, to the north can begin in Hanoi. But this time, what we will discuss is about Da Nang. Here are a few reviews about Da Nang. If you are on vacation in Da Nang, it would be nice if you are looking for the hotel with the best service that you can get at https://premier-village-danang.com/.

Da Nang

Da Nang is the largest city in Central Vietnam. Formerly Da Nang was the center of the US water base during the Vietnam War, but today it is the most modern city compared to other cities in Vietnam. Being there feels like in a developed country because the building is relatively new and clean. Da Nang is centered on the Han River which is connected by 2 beautiful bridges, the Tran Thi Ly Bridge which resembles a sailboat and the Dragon Bridge in the shape of a dragon. At night, the two bridges are brightly colored so they are cool to be photographed. Even now there is a Sun Wheel, a 115 meters tall Ferris wheel.

Da Nang is a hub for visiting historic sites that are listed on UNESCO Heritage Sites such as Hue (imperial palace that resembles the Forbidden City in Beijing), Hoi An (15-19 century ancient city) and My Son (Hindu temple complex from 4-14 centuries). Another reason for tourists to Da Nang is the beach tour. East of Da Nang, there is a long white sandy beach, complete with luxury resorts – even one of Forbes’ World’s Most Luxurious Beach. You could say Da Nang is Vietnam’s Bali, favored by foreign and local tourists. MICE events (Meetings, Incentives, Conferencing, Exhibitions) on an international scale are often held there, such as the 2016 Danang BMTM.

The highlight of Da Nang tourism is the Marble Mountains, which is a series of 5 hills which, if translated, are called Land of Mountain, Water, Fire, Wood and Iron – each with a cave and a Buddha statue. If you have a minute, just go to Thuy Son (Mount Air) because you can ride using the elevator. The view from the top is cool! While the latest tourism site not far from Da Nang is Than Tai Hot spring. The extent of 165 hectares at the foot of the mountain, consisting of various hot and cold-water bathing pools, including Japanese-style hot spring.…

Here’s how Mumbai is emerging as a co-working hub in India

Coworking spaces have witnessed massive growth over the past few years and continue to grow at a steady rate. It is becoming a very beneficial and a preferred trend among budding business individuals and comes with its own list of perks. Coworking in Mumbai is becoming more and more popular, proving that the city is emerging as a well-known co-working hub in India.

Many people in India are now working in a start-up based community and these kinds of spaces are extremely beneficial for them. It helps individuals share ideas and brainstorm, thus creating a productive and positive work environment. According to reports, approximately 2.8 million square feet of flexible space were available in Mumbai as of June 2018.

Read more about Coworking in Mumbai to understand the concept of co-working space.

Growth of co-working spaces in Mumbai:

Mumbai has seen a rise in co-working spaces and is emerging as a co-working hub for various purposes. It is also an ideal location for this sort of development. Mumbai is considered to be India’s financial capital and one of the most expensive real estate in the country as well.

This is one of the main reasons for plenty of such co-working sites to arise

  • Opportunity to interact with like-minded people

Coworking spaces in Mumbai have made it easier for many people to actively engage in their business activities while also being able to interact with like-minded or other individuals who will expose you to various ideas and perspectives on work.

  • Escape from the monotonous lifestyle

The feeling of a monotonous lifestyle also vanishes with this concept. It gives a sense of purpose and accomplishment due to the productive environment in which you are placed.

  • Modern technology and amenities

The modern technology and amenities that can be used by individuals for these co-working spaces also make it an attractive option.

  • Better time allocation

Co-working space gives you the liberty to focus on your individual projects and give you better time management options. These spaces are meant to make you feel less stressed about your workload and provide a better and energetic environment with people who share the same thought process as you.

  • Work in peace

Regardless of the type of relationships you may or may not develop with the people around you in such spaces, even working around strangers in a coworking setup has its own benefits for those individuals who would like to work in peace at their own convenience.

  • Affordable option

As we are all aware of the fact that Mumbai is a very expensive city when it comes to real estate. Buying or renting an entire workspace can burn a hole in your pocket. Opting for co-working spaces will save your funds and you will also receive world-class amenities in it.

Coworking in Mumbai:

From all the above-mentioned points, it becomes crystal clear as to why coworking spaces are gaining so much popularity in India, particularly in Mumbai. The location, nature of people, business ventures, real estate scenario, economic scenario, etc. all make it a very suitable spot for Mumbai to emerge as a co-working hub.

Conclusion:

Coworking clearly has many advantages and Mumbai, also besides, offers a lot of perks for creating such an environment. The nation is counting on the growth of businesses and ideas and such spaces prove to be bringing us a step closer to success.

Motor Insurance: How Does IRDAI Define It?

Insurance Regulatory and Development Authority of India is the apex body who controls the insurance business in India. It guards the benefits of the policyholders, regulates, encourages and ensures orderly growth of the insurance sector in India.

The Indian Government has made third-party liability coverage mandatory for all vehicles. It is a legal obligation for the owner of the vehicle to compensate for the loss incurred by a third party due to an accident caused by the vehicle. Therefore, every vehicle owner needs to have at least third party insurance. Driving in India without a vehicle insurance cover is a legal offence according to the Motor Vehicles Act of 1988. The major function of motor insurance, for both two-wheelers and four-wheelers, is to acts as a defense line against any mishap.

Types of Insurance

As per the IRDA, motor insurance can be categorized into two parts:

  1. Third Party Liability Only Policy – A third party car insurance plan provides coverage against any legal liability arising out of injuries to a third-party when the policyholder is at fault. It covers damages and bodily injuries caused by the insured vehicle, to a third party person or property.
  2. Comprehensive Insurance Policy – A comprehensive car insurance plan offers complete protection against the damages caused to your car due to any mishap. This policy provides coverage for the damages caused to your car, third-party legal liability, theft, along with the personal accident coverage. This coverage can be boosted by selecting add-ons, such as engine protector, personal belongings cover, zero depreciation cover, etc. This cover offers full-fledged coverage. A comprehensive car insurance policy also includes coverage for fire, theft, riot, natural and man-made catastrophes that causes damages to your car.

The Insurance Regulatory and Development Authority provides complete guidelines about motor insurance for both two-wheelers and four-wheelers. To protect the interests of the insurance policyholders, IRDA presents some dos and don’ts about motor insurance policies.

Dos

Following are few tips about what to do when you plan to buy motor insurance policy in India:

  • Decide the general insurance provider from whom you are willing to buy a motor insurance plan. It is not necessary to buy motor insurance from the dealer. You can buy it from any insurer who fulfils your needs and requirements.
  • It is vital to read the entire insurance proposal form carefully. Keep a photocopy of the completely filled insurance proposal form as a record.
  • Go through the inclusions and exclusions mentioned in the insurance policy. Clear the concept, never hold any doubts for later.
  • Choose add-on features with the insurance policy that suit your needs and requirements.
  • During verification, provide all the important documents of your vehicle.

Don’ts

Be well versed while purchasing an insurance policy. Here are the things you should avoid when you buy insurance for your vehicle:

  • Don’t allow anyone else to fill your insurance proposal form.
  • If you face difficulty in understanding the language, seek help from the insurance provider.
  • Do not let your insurance policy lapse. Always try to renew your motor insurance within its due date.
  • Do not provide your insurance provider with incorrect information. This may land you in a legal situation.

5 Methods To Choose The Best Car Insurance Policy

Any vehicle that you buy needs an insurance policy. Buying a car insurance in India will give you many benefits. Many people buy car insurance without comparing or researching about it and jump into the premium factor directly. Based on the premium, people select their car insurance policy without considering the consequences of inadequate coverage.

There are 5 methods to choose the best car insurance policy:

1.      Compare Key Features Provided by the Insurance Coverage

Shortlist motor insurance policies and then analyse them in terms of the coverage they provide. All the key inclusions must be present in your insurance. Coverage of natural disasters, man-induced calamities, third party liability in comprehensive policies; monetary compensation for third party injuries or death and property damage in third party car insurance; provision to add personal accident cover and more.

2.      Roadside Assistance Cover

If you are stranded because of the engine breakdown or an accident or even if the tire of your car is punctured, you will be provided with the option of availing roadside assistance. This will enable you for calling your insurer as well as make a request for a sending a mechanic at your location.

3.      Zero Depreciation Cover

When a selection is made for adding zero depreciation cover to your car insurance policy, the insurance company waives off the depreciation on substituted car parts. The significance of this is that you receive the full cost of car parts and do not have to shell out any money from your own pocket.

4.      Options for a Flexible Car Insurance Coverage

A flexible coverage is always significant when you buy the best car insurance policy. There is no ‘one-size-fits’ kind of policy because the consumer base is varied. Your car insurance policy must depend on certain insurance needs. The insurer provider who offers the flexi-coverage facility should be prioritized over other needs. If a pre-existing package is offered by the insurance provider which is tailor-made according to your needs and requirements. A positive sign must be taken into consideration.

5.      Compare Insurance Premium Online

There are many great deals on the internet. However, it is essential that you visit reputed brand websites and purchase a policy from them rather than anywhere else. You will get a decent deal online if you take the time from your busy schedule and do a little research on the Internet.

When you compare car insurance plans online, you must keep certain points in mind:

·         Always compare car insurance plans that are offered by different insurance providers.

·         You must also ensure that the comparison site computes premium on the fixed IDV (Insured Declared Value).

·         Insurance premium quotes can be generated on car insurance premium calculators online.

When you buy any vehicle, buying the right cover for it is also very important. You must only choose the policy after carefully going through fine print because insurance policies are the very definition that is written in the policy wordings. You are still required to compare quotes from various insurance providers and see who is offering you the best deal. Therefore, always compare car insurance before finalizing.

7 Tips To Choose The Right Car Insurance

Cars are expensive and so are the prices of petrol and diesel are on the rise as well. Hence, looking for ways to cut other operating expenses is a smart idea. Nothing better than to start off with car insurance. Every car owner must buy car insurance compulsorily as law mandates it. People often go in search of a cheap car insurance and randomly pick any insurer after buying their first car without even looking at the details of the policy for years, which is not safe and might leave money on the table. You must not always go for a cheap but the best car insurance for you.

Below are 7 tips to choose the right car insurance and cut your premiums:

1.      Doing an annual rate check is important. For you to get the best deal available, you are required to check rates from other companies for making sure to get the best deal. You can also find insurance comparison tools such as the car insurance premium calculator online in order to receive personalized quotes in as fast as a few minutes by entering your vehicle’s and your personal details.

2.      Always go for a top-rated insurer. There are companies that are better in dealing with claims, payments and non-claim problems than many known insurers.

3.      Compare the claim settlement ratio of various general insurance provides. The ratio is the number of claims settled upon the total claims made.

4.      High deductibles reduces your premium, but in case of any accident, you will have to pay more out of pocket. If you did not meet with any accident i.e. you have a good driving record, you might have to gamble opting for a higher premium. You might save up to a 40 percent savings for this risk. Hence, setting the right deductible is important.

5.      Always review your coverage. You must have enough liability coverage in case of any bodily injury or property damage. Your coverage must increase over time as the costs and risks also increases. Minimal coverage will give you minimal protection.

6.      Determine the Insured Declared Value of your vehicle by computing the market value of your vehicle. Knowing the IDV would prevent you from paying any additional premium.

7.      Engage in safe driving practices while following all rules of the road. This will lower the probability of you even needing to make an insurance claim. You can avail the No Claim Bonus if you have not made a single claim in the entire policy term.

Most importantly, choose the right car. Make sure you are financially secure should an unfortunate event might ever occur. Nowadays, it is possible to buy anything and everything online. You can also buy car insurance online as well as compare different policies to buy the best policy.