WHAT IS BANK MITRA NEFT MOBILE BANKING RTGS LIFE INSURANCE

WHAT IS BANK MITRA NEFT MOBILE BANKING RTGS LIFE INSURANCE INFORMATIONS

bank mitra csp what csp ekyc, Life Insurance, Neft, RTGS, National Pension Scheme, govt schemes given below.

Bank Mitra /CSP (Customer Service Point)

Bank Mitra are those persons who act as agents of the bank in those places where the bank cannot be opened. Bank Mitra help in opening accounts under Pradhan Mantri Jan Dhan Yojana.

• POS- POS (Point of Sale) is called that point (place) from where the consumer has done a transaction for any goods or facility, for this any type of payment like cash, debit, credit card can be used. . POS is used in retail.
• Internet Banking- Take advantage of banking services sitting at home through the Internet.

It’s called banking. To provide security in Internet Banking, 128-bit confidential security cover has been given.

goes. The following services are provided through Internet Banking

9. Account Information
10. Getting Transaction Details 3. Dement Account Information
11. Online Income Tax Return Form Filling 5. Fund Transfer
12. Pay at the time of online shopping
13. Applying for DD and Check Online 8. Check Status and Stop Payment
14. Mobile and DTH Recharge

 

NEFT

NEFT (National Electronic Fund Transfer) is a national electronic payment scheme in which funds transfer from one account to another is done in batches (groups). There is no limit on fund transfer. Fund transfer can be done in the form of cash even without an account, whose limit is up to 50,000. 12 settlements are done through NEFT in a full working day. And on Saturday 6 settlements are done. NEFT works on Deferred Net Settlement (DNS) which does the transaction in batches.

• IFSC Code- IFSC (Indian Financial System Code) is an 11 digit alpha numeric code that identifies the branch of a bank. IFSC code is used in NEFT.

 

• ECS- ECS (Electronic Clearing System) is an electronic service for payment and collection of higher value through ECS, payment or collection can be done from one bank account to many bank accounts such as transfer of salary of employees and EPF pension. cut etc.

 

• RIGS RTGS (Real Time Gross Settlement) is a special type of fund transfer in which the money is transferred from one bank to another in real time (without waiting) which is called settlement. The settlement in RTGS is done alone, not in a group. Once payment is allowed, it cannot be stopped. RTGS is used in those places where there is a need to clear the payment immediately. The minimum amount for doing RTGS is Rs 2 lakh while there is no limit on the maximum amount.

 

• Difference between RTGS and NEFT- Fund transfer and clearance is done instantly in RTGS whereas in NEFT happens on hourly basis. The minimum amount for RTGS is Rs 2 lakhs whereas there is no limit for NEFT. In RTGS settlement is done alone whereas in NEFT settlement is done in batches.
• Necessity of insurance is necessary for the following reasons

 

1- Insurance provides protection.

2- Insurance reduces bank risk and losses. 3- Insurance gives peace to the mind.

4. Insurance promotes savings. 5- Insurance gives intensity to the economic growth of a country.

6- Insurance is helpful in reducing inflation.

 

• Life Insurance-

Life insurance is the insurance of a person’s life, on the death of a person, his family members get the amount of insurance which is called Sum Assured. To take life insurance, a person has to pay the installments of insurance which is called premium. Value of Life Insurance (Annual Income X 8) – Liquid Assets (Investment) + Liabilities (Expenses) + Effect of Inflation • Non Life Insurance (General Insurance) – This type of insurance is done for Assets like shop, car etc. To avoid financial loss due to any accident.

 

Types of Life Insurance

1- Term Insurance- The most primary is Life Insurance which gives Life Insurance but does not give saving or profit. This is the cheapest life insurance plan. On the death of the insured the dependent gets a specified amount. If the policy holder survives during the policy period, then nothing is given to him.

 

2- Unlike endowment plan term plan, in this plan after the policy term the sum assured is given to the policyholder along with profit (in case of survival). If the policyholder dies, then this amount is given to the dependent.

 

3-Unit Link Insurance Plan (ULIP)- This is a form of Endowment Plan. of ULIP

 

The performance depends on the market. There is a lot of similarity between ULIP and Mutual Fund.

 

ULIP is a combination of insurance and investment. Whereas Mutual Fund only

Related to investment.

4- Whole Life Policy- In this there is no time limit of the policy, rather the policy holder gets protection till the whole life. The policyholder pays premium for the whole life, after death, this amount is given to his dependents.

5- Money Back Policy-

This is the same policy as Endowment Plan but in this periodic

Payment is arranged. The remaining amount is given on the survival of the policyholder.

 

Upon completion, the entire amount is given to the dependent.

IRDA-IRDA(Insurance Regularity and Development Authority) is the autonomous body that regulates the insurance industry.

Repo Rate and Reverse Repo Rate- The rate at which RBI gives loans to commercial banks

It is called repo rate and the rate at which commercial banks lend to RBI is called reverse repo rate, when the repo rate decreases, the interest rate of banks becomes cheaper and demand increases, which increases inflation. Whereas taking loan from the bank becomes expensive when it is high and the demand decreases due to which the market collapses and as a result unemployment increases.

• Various Govt. schemes- Some of the schemes sponsored by the government are as follows

• Pradhan Mantri Suraksha Bima Yojana

It is a type of accidents insurances policy unders which the amounts of insurances you can claime any case of death or disabilitys at the time of accidents. It was valid for one year

Which has to be renewed every year by 1st June. Many Cases death or total disability and Rs. lakh in case of disability. A person between the age of 18 to 70 can join it. The annual premium is Rs 12 per annum. Aadhaar is mandatory for this policy. At present this scheme is tax free under 80. 2% TDS will be deducted if Form 15G or 15H is not submitted.

Pradhan Mantri Jeevan Jyoti Bima Yojana

In this scheme, there is a priority to get insurance power in case of death of the holder due to any reason. The family members of the holder will get an amount of Rs 2 lakh. The plan has to be renewed every year before March 31, for which the premium charge has been kept at Rs 330 per annum. Only a person in the age group of 18 to 50 years can take advantage of this scheme.

• Atal Pension Yojana

is a low cost pension scheme. This pension is available in the unorganized and small sectors.

Lent has been done to make the working people financially secure. over 60 years of age

Financial help is given to the people. You should have the following qualifications for this scheme

1- Citizens of 18 to 40 years can join in this. 2- It is mandatory to have Aadhar card.

2- Must have a savings account.

 

• Pradhan Mantri Mudra Bank Yojana

This scheme has been started to help small business. It will act as a regulator for MEDCO finance institutions and small scale industries. Many Objective this scheme see on yourself.

 

1- Small industries will be able to take bank loans easily. 2- Industry related training will be given.

3- Employment opportunities will increase due to the development of cottage industries.

• Pradhan Mantri Jan Dhan Yojana This scheme has been made keeping in mind the poor, so that savings can be developed in them and the importance of future security will be awakened. Some of the facilities given under this scheme are as follows.

 

1- Life insurance account holders will be given insurance coverage of Rs 30,000. 2- Loan Benefit- From the account opened under this scheme, the account holder can take a loan of up to 5000 / – after 6 months.

could.

3- Mobile Banking Net banking can be done from the accounts opened under PMJDY from normal mobile.

can.

4- Rupee card facility: The holders of PMJDY will be given a RuPay card, which they can use like an ATM.

Can do.

5- Zero Balance Facility Accounts opened under PMJDY scheme will be opened on zero balance.

Experiment

 

• National Pension Scheme

A scheme designed to provide financial assistance in old age. Pension was abolished in government jobs from 2003 and in 2009, provision was made to give pension through NPS. In this scheme, people of government and non-government sector can make pension by their own contribution, the subscriber of NPS is given PRAN (Permanent Retirement Account Number) card. Two types of accounts are opened under NPS. A. Tier-1 – This is a non-withdrawal account, from which money can be withdrawn only after 60 years. can go. Tax benefit on this B. Tier-2 – This is a simple saving account from where the subscriber can withdraw money. There is no tax benefit on this.

 

After retirement of NPS, the subscriber gets pension and on death, the full amount goes to the nomince. Before 2015, there was a provision of Swalamban Yojana, but now its place has been taken under Atal Pension Yojana.

• PFRDA NPS to PFRDA (Pension Fund Regularity and Development Authority) is operated by.

What is digital finance and banking?

• This is a type of EPF (Employee Provident Fund) Salary recipient

There is a retirement benefit scheme in which an amount (currently 12% of the salary) is deducted from the salary of the employee. The employer also contributes the same amount. If the Employee wants, he can deduct more than 12% from the salary but the employer contributes only 12%. The interest rate on EPF is 8.5% per annum. • After retirement from this account, money is withdrawn and this account can be transferred from one company to another. Loan facility is available on EPF account.

 

• PPF (Public Provident Fund)

This Account open any Indian Citizen. NRIs do not have the facility of PPF. The minimum deposit that can be made in this account is Rs.500/- annually and the maximum is Rs.1,500,000/- per annum. After 15 years, all the money can be withdrawn from the account or can be extended for the next 5 years on which interest is also available. PPF account can be opened in any post office, SBI and some nationalized banks. ICICI Private Bank also offers PPF facility. The interest on PPF account is decided by the Finance Minister, currently this rate is 8.7%. PPF account can be transferred from bank to post office and from post office to bank.• PPE (Public Provident Fund)- This account can be opened by any Indian citizen. NRIs do not have the facility of PPF. The minimum deposit that can be made in this account is Rs.500/- annually and the maximum is Rs.1,500,000/- per annum. After 15 years, all the money can be withdrawn from the account or can be extended for the next 5 years on which interest is also available. PPF account can be opened in any post office, SBI and some nationalized banks. ICICI Private Bank also offers PPF facility. The interest on PPF account is decided by the Finance Minister, currently this rate is 8.7%. Partial withdrawal up to 50% can be made after completion of 6 years of PPF. And after completion of 3 years, loan can also be taken on it.

 

• Mobile Banking

The facility of financial transactions is provided by Delhi institutions to their customers using mobile or tablet, which is called Mobile Banking. For this financial institutions provide a software called App. Earlier it was known as SMS banking. Mobile Banking is available 24 hours a day. Following tasks can be done with mobile baking

4. Account Balance and list of recent transactions
5.  Electronic bill payment.
6. Fund transfer |
7. ATM location |
8. 5. To request for check book and card.

How To Withrawal PF(EPFO) Payment your Bank Account

• Mobile Wallet

There is an account based on mobile in which money is stored, it is used for any payment. Since there is no cash in it, payment can be done this fy,

Hence it is called purse. This account is provided by a mobile wallet service provider and this mobile wallet can be used only in those places which are in the list of that mobile wallet service provider. Examples of mobile wallet are PayTM and M-Pesa.

Some Important Information

1- The first bank of India was Bank of Hindustan.

2- The largest bank of India is State Bank of India.

3- SBI was earlier known as Imperial Bank of India.

4- In the India 20 nationalize bank total 20 bank nationalize in the india.

5- Arundhati Bhattacharya is currently the chairman of SBI, who is the first woman chairman of SBI.

6- Urjit Patel is the new RBI Governor of India. Earlier Dr. Raghuram Rajan was the Governor of RBI.

7- Indan currency is controlled by RBI. 8- Full form of IFSC Code is Indian Financial System Code.

9- SWIFT (Society for Worldwide Interbank Financial Telecommunication) Code This is a code composed of 8 or 11 characters which is used for currency transfer from one country to another.

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