What is Unified Payment Interface?

It isn’t just demonetisation that has led to the use of cashless sources of making payments. At the beginning of the year, Jan 2016, the National Payments Corporation of India (NPCI) announced Unified Payment Interface. It came into operation on 11 April, 2016. This is one of the biggest steps taken by the Indian Government to bring about a banking revolution in the country. There are many people who still have the question, ‘What is unified payment interface?’ It is a new mode of payment through which people can access multiple bank accounts and make transactions.

In order to understand ‘What is UPI?’ is not such a complex thing. At present, each time that we have to make an online payment, we are required to fill in details such as account type, bank name, IFSC code, account number, etc. Mentioning all these details over a phone can get taxing. Usually, banks take a time period of 12 hours to add the account of a new payee and only after that a transaction can take place. The main aim of UPI is to skip through this long process. No longer do account holders need to wait for so long.

UPI is a single platform via which you can receive or send money simply from a smartphone with your Unique ID on your Aadhaar card as well as a phone number or do so without having to mention bank account information and just the virtual payment address. There are a number of banks that are now UPI-enabled such as Axis Bank, SBI, HDFC, Canara Bank, Yes Bank, and many others. UPI is available 24x7 and requires a single authentication making online payments easier like never before. It is very beneficial for the merchants as well who will enjoy seamless collection of funds from all the customers.

If you haven’t yet downloaded UPI on your smartphone, it is time you do so for a unique online payment experience!  

Income insurance plan is great for salaried people

Everyone earns for a living either through their own business or a service. If you are one of those who is dependent on your job for an earning, it is important to have a back-up plan as well. All of us know that life is unpredictable and when you are the sole breadwinner of the family, it is prudent to think about the worst possibilities. After all, your family is used to living in a certain way and they are completely dependent on you for every single need. Have you ever thought of a day when you will no longer be around? How is your family going to manage then?

With the growing expenses as well as requirements, it doesn't matter how much you save. What is important is a strong cushion to support your family. What if you stop earning income owing to an unfortunate event which leaves you disabled or what if you are no longer around? Think of the changes that they will have to go through overnight. Purchasing a salary insurance plan is one of the best ways to safeguard your loved ones. This is one of the best plans for those whose income is dependent on a job. This plan ensures that a regular source of income continues even in your absence or in case you are not physically stable to work.

The amount of safety will be dependent on how early you purchase the plan. This is because the earlier you purchase the income plan, the more the amount of money that will be received by your family at a later stage. Also, the premium amount will not be a burden for you to pay. While this plan can be purchased up till 60 years of age, it is recommended that one buys as they begin their married life or for those who have dependents as parents or other family members. The salary insurance plan takes into consideration every aspect of your financial responsibilities and chalks out the right amount of savings for the future. 

Beginners Guide to Invest In the Share Market

By the time a person starts to earn, they realise that simply earning and saving money is not enough. Inflation always cuts into the value of stagnant money, which is why investing is crucial. In order to accumulate enough finances to meet future goals, one must invest in avenues that will multiply the savings. This is the major reason why people turn to the share markets for wealth generation. If you know how to invest, the share markets are a promising approach towards long term wealth creation. However, before you being to invest in the share markets, you should be aware of the basics.  

How to Begin trading?

In order to start trading in the share markets, you must have an online demat account and a trading account. A demat account is just like a bank account, but for shares. The shares that you purchase from the stock market are stored in an electronic form in a demat account. On the other hand, a trading account acts like an intermediary who facilitates the buying and selling of shares. Whether you decide to undertake share trading individually or through a broker, you need to have a demat account and a trading account.

How to open a demat account online?

You can open a demat account with a bank or a brokerage firm. After selecting the firm of your choice, you can follow these steps to open an online demat account:-

• Download and fill up the online demat account opening form and submit it with the required documents such as PAN card, address proof etc.
• Read carefully through the terms and conditions in the form and clarify any doubts with the brokerage firm.
• Once the forms are processed, you will be provided with the account number and client ID.

How to buy and sell shares?

As a beginner, it is always better to start trading with a broker or a brokerage firm. The broker will buy and sell the shares on your behalf. All you need to do is inform the broker about the company name, the quantity as well as the price at which you are willing to buy to sell the shares. The trading of shares in India, takes place through the two main stock exchanges, NSE and BSE.

Four Useful Tips to Successfully Trade In the Stock Market

Investing in the stock market can be a frightening as well as an exciting experience at the same time. Trading in the stock markets can be a highly profitable if you know where to invest. With the advent of online trading, investing and trading online stocks has become easier. One can easily access information about various stock in the Indian share market. Many online broking websites provide information about the shares such as NSE top gainers, BSE top gainers etc. on daily basis. Information is the key to successful trading in the stock markets. Apart from keeping tabs on the latest business information, here are few more useful tips to profitably trade in the share markets:

1. Follow stop loss order: Stop loss order is the fundamental step of profitable trading. With a stop loss order, a trader can sell a stock automatically when the price drops to a certain point. For instance, you buy a share for Rs 100 and the price drops to Rs 90, the stock will be sold automatically. Hence with a stop loss order you can be clear about the limits of loss, you are willing to bear.

2. Practice: Trading in the stock markets is a skill and it can only be developed through constant practice. With experience you will learn the do's and don’ts of trading. When you become an experienced investor you can spot amateur investors and trap them by taking an opposite position. This becomes profitable as a lot of amateur traders investors buy and sell shares at the wrong point.

3. Invest according to your means: If you are an amateur investor, start by investing only small amounts in the share market. As you gain more experience, you can increase this amount gradually. However make sure that  share market investment, is from your own pocket and not borrowed money.

4. Stock volume: A stock needs to have enough volume for it to be tradable. To trade profitably, a stock should have a daily average volume of 500,000 shares. Beginners can start trading with Nsifty 50 stocks. 

Watch out the video which explains when is the right time to invest:

Benefits of 3 year Two Wheeler Insurance

Two wheelers are by far the most popular means of travel for the common man in India. They form nearly 70% of the traffic in our country and their popularity can be attributed to the fact that they are cheaper and more convenient compared to four wheelers. However, in order to be able to ride your two-wheeler in the country legally, it is a must to have a two wheeler insurance for your vehicle. As most insurance providers give out insurances for a year’s period, it is a bit of a pain to renew your insurance every single year.

The result of this is that most people tend to ignore their two wheeler insurance policy, and often get delayed when it comes to renewing motor insurance. This leads to them using their vehicles without an insurance for a certain period of time. In order to avoid this, insurance providers such as ICICI Lombard, Bharti AXA, etc. have started off with a scheme of long term two wheeler insurance in India. These long term schemes allow you to sign up for a two wheeler insurance for a period of two or even three years, and saves you from the hassle of approaching the insurance provider every single year.

In addition to this, there are a number of other advantages that come with a long term two wheeler insurance in India. As insurers will be able to cut down on the administrative costs of providing insurance, the benefits of this reduced costing will be directly transferred to the customer. They can now buy a three year cover of insurance at a significantly cheaper price compared to buying a single year policy on three different occasions. One can also buy an extended two wheeler insurance policy online. This will not just further reduce the cost of insurance, but will also allow customers to sign up for an insurance plan from the comforts of their home.

Secure Money in a Health Insurance Plan

We think of investing, purchasing our dream house, that piece of jewellery or purchasing a big car, but do we remember our health in the midst of this? Health insurance is one of the essential needs of today. With soaring medical expenses, there is an ever increasing requirement of sufficient funds.

 For most of the people, it is even difficult to meet the daily expenses. It is important to be practical and prepare for times that may be unwanted or sudden in nature. This is the reason health insurance is crucial to one’s life and therefore, the earlier one purchases it, the better it is.

What are the benefits of purchasing a health insurance plan? There are many besides it being tax saving in nature. For example, when a person falls ill and has to be hospitalised, the health insurance covers for the expenses incurred. This is the most urgent time when people may run out of money, however, with a health insurance plan, one does not have to worry. Besides, the insurance also takes care of his or her recovery expenses which is called as convalescence benefit. There are a few policies which may also cover for an extended stay at the hospital.

The other advantages for keeping your loved ones insured for health include attendant allowance. These are expenses covered for adults who may be looking after a child who is hospitalised. If there is a transplantation surgery, the insurance provider cover for the cost of the same. Besides, a few may cover for the expenses incurred by the donor of the organ. Some insurance providers also cover domiciliary treatment of the insured. With the occurrence of critical illnesses, there are insurance companies which provide lump sum for them as well. Aegon Life, Bajaj Allianz, and ICICI Lombard are some of the health insurance providers in India.

Must watch video on health insurance:

The Benefits of having a Credit Card

Credit cards are one of the most popular modes of payment. This card that is so easily swiped at any store has a number of advantages associated with it. When you use a credit card in a disciplined manner, you can avail of the best deals and offers. It is the simplest way of replacing funds anywhere you go. There are number of banks that offer credit cards in India such as Axis Bank, ICICI Bank, Yes Bank and many others. Take a look at the advantages and choose the bank which gives you the best offers on credit card.

Free of interest
Every bank issues a credit limit to the credit card holder. This is the maximum amount of money you can expend on your credit card. The statement for the credit card is generated every month along with the amount to be paid before the due date.
Tip: If you have paid the entire amount before the due date, you will not be charged interest on the same.

Signup Bonus
Most of the banks offer signup bonus on credit cards when the new card is approved. The benefits extended to the card holder can be in the form of travel miles, bonus points, cashback, or a free gift.
Tip: You must compare signup bonus offered to you by several banks. Here are the Best Credit Card Signup Bonus Offers of 2016

Credit History
One of the advantages of having a credit card is that it enables you to build your own credit history. The timelier your payments, the better will be your credit score. If you wish to apply for a loan, your credit history will be looked at by the respective bank in order to consider you as a loan applicant.
Tip: Pay your dues on time.

Cashback
Quickly becoming popular among credit card holders, cashback is something everyone wants to take advantage of. It is possible to earn it on every rupee that you spend. This can range from 0.25 per cent to 1 per cent, depending on the type of card you hold.Apart rom this there are many more offers on credit card
Tip: Check for the number of points you earn and the point value.

Check out this video below on how to apply for credit card

What are the Essential things to consider if you are a Parent?

While marriage is a responsibility, having children to look after is an even greater task. Planning well for the future of your children is something that must be considered from the moment they are born. This would definitely avoid the panic attack you are bound to have when you hear of their career plans and have no funds to back you.

As a parent, one needs to be careful of how to go about things while planning their children’s future. Mentioned below are a few essential points to take into consideration where children are concerned:

Encouraging creativity: Forcing your children to take up a path only to carry out your unfilled dreams will only lead to them being pressured. Encouraging them in trying creative activities will help broaden their scope in choosing a path most suitable for them.

Save for their future: Ensuring that you begin saving right from the start for our kids is prudent choice to make to allow them to choose their preferred career path. Forcing your child to forego his plans of going for MBBS due to lack of finances is a situation no one wants to face. Availing child insurance plans can help you save for their future and venture into the field of their choice without hesitations.

Offer moral support: While you may have provided your child with every material thing required to live a contented life, your presence and support can go a long way in giving them the motivation they need to pursue their academics as well as career. Helping them improve in the areas they are weak at can help in increasing their confidence a great deal.

By encouraging your children to pursue their goals, you can help them be a better future for the country.