Chillr Mobile App

Chillr is a “smart phone application” developed by Kerala-based start up Mobme Wireless. It was subsequently farmed out into a separate company promoted by Sony Joy, founder and CEO Chillr. Currently Bank of Baroda and HDFC Bank are the partner Bank.

It is a multi-bank mobile banking app that enables easy, secure and immediate transfer of money between its registered users. Users can transfer funds to other chillr users and also request money from them. It uses the immediate payment services (IMPS) of NPCI as backbone to transfer funds immediately. Users will require their Mobile banking MPIN to transact using this application. After registration, chillr application is directly linked to the Bank account where the customer’s Mobile no. is registered and Mobile Banking is activated.

Features and Services of ‘Chillr’

1.    Customers can send money through Chillr mobile app to both partner and non partner.

2.    Non partner bank customers can only received funds.

3.    Customers who are registered for Bank's Mobile banking facility can transfer money instantly to their phone book contacts without the need for account details of the recipient.

4.    Person to person (P2P) money transfer.

5.    Split bills amongst friends

6.    View transaction history.

7.    Check account balance.

8.    Request money from friends

9.    Mobile recharge and Utility Bill payments

Limit Of Transaction

1.    Minimum amount – Rs. 10/- per transaction.

2.    Maximum amount – Rs. 1000/- per transaction.

3.    Daily limit – Rs. 5000/-

Chillr mobile app is available on iOS, Windows and Android mobile platform.

At the time of installing Chillr -
You may used my Refferal code - ALOKK6756

Read More

Collateral Linkage Maintenance for LABOD account

In the previous, we learn about to Opening of LABOD account in finacle. When we open a LABOD account against the FDR, then we should have to link that FDR to the loan account for the purpose of lien & customer can't break this FDR before the settlement of LABOD account.
In other word, we should have to lien their FDR as security, in the bank custody along with their loan document & link this to the loan account.
Here to follow the step by which we make lien on FDR as collateral security.

Step 1 -
Use the Menu - HCLM

Step 2 -
Function - L-Lodge
Type - D-Deposits
linkage Type - A/c
A/c. ID - write the loan account number
then ACCEPT
As see below-

Step 3
Collateral Code - DEPOSITS
Collateral Class - 01A
Ceiling Limit - FD amount
Dr. A/c for fee - Loan a/c number
Nature - Primary
then VALIDATE

Step 4
Now go to the Particulars field
Received Date - 09-09-2016 (say)
Review Date - 08-09-2017
Due Date - 09-09-2017
Dep. A/c. ID - write the FD account number
Apportion Value - write the value of FD
then SUBMIT

Now we complete the process of collateral linkage.
I hope it will helpful, when you open a LABOD account after that you have to the linkage of FDR. If any suggestion and idea share with me, you can write down in comments.
Thanks...!!!

Read More

LABOD account opening in Finacle

Hello Friend,
In our previous post we tell about opening of Car loan account  and Festival Advance . Now here we comes with the Process of LABOD account opening in Finacle. We all know that LABOD ( Loan Against Bank Own Deposit) can be given toward the various deposit such as Fixed Deposit Receipt etc.

Here we discuss when a customer approach us for loan against their Fixed Deposit Receipt (FDR).
As we know we can given loan up to 95% of FDR and received Interest 1% more than the rate of interest of FDR.

First of all we considered the following case study after sanction that help us to complete the process:-



Case Study

FDR Amount:   75,000/-
Maturity Date:   23.07.2017
Rate of Interest: 7.30%

LABOD A/c opening Date : 09.09.2016
Lets require loan amount : 50,000


Now use the menu: HOAACLA

Step 1.

Cust ID: Write the Customer ID of Borrower
Scheme Code : LA172 ..then click on treesàSubmit

                            àLA172-LABOD-Non EMI-24361-Loan Agn Bank Own DepositàSelect

                                              Then àAccept


Step-2

General

Charge Level: Select from trees
Location Code: Select from trees as branch location
Mode of Operation: 001

è Validate

A/c Interest

A/c Pref. Int.(Dr) – 8.30
  ( Note: This is total of ROI of FDR and 1 i.e 7.30 + 1 = 8.30)
And Don't change in any other field, leave it as usual ,
see as below-

è Validate

Scheme

Loan Amount:– 50,000 (from above )
Loan Period:– 12
Credit file No. – write as per your branch
Review level:– select from trees
Review Authority: – select from tress as per your branch authority
Operative A/c ID:- Not needed
Debt Acknowledgement:-  usually date of a/c opening i.e 09.09.2016  

è Validate

LA Interest

Just à Validate

Flow Parameters

No of installments: 1
Installment start date : Maturity date of FDR
Int. Start Date : After one month
Installment freq. - Bullet ------ Date--------Previous
Int. freq              -  Montly-----09(date of a/c open)-----previous

See as below:

è Validate

Flow Details

Just validate

è Validate

Miscellaneous

Sector code: - 290.  Other Non Priority
Sub Sector Code: Select from trees As per borrowers
Occupation Code: - Select from trees As per borrowers
Borrowers Category:- Select from trees As per borrowers
Purpose of Advances: 09512
Mode of Adv: DA
Types of Adv: LABOD
Nature of Adv:
Gurantee cover code: NA
Industry type: NA
Free Code 3: TF

è Validate

Account limit


Sanction Date:-09.09.2016
Expiry Date- 09.09.2017
Document Date: 09.09.2016
Review Date: NOT REQUIRED
Sanction level: select from trees as per sanction letter
Sanction Authority: Select from trees as per sanction letter
Limit refence no:  writer as per sanction letter
Drawing Power: E-Equal

è Validate

Document

Document Code: DPNTL
Received Date: 06.09.2016
Expiry Date:06.09.2019

è Submit

Now temporary a/c generated.

I hope it will help you to open a LABOD a/c in Finacle. After opening a/c of LABOD, we should have to doing following -

Collateral Linkage Maintenance for LABOD account

Thanks.

Read More

SOVEREIGN GOLD BOND

The Government of India has launched the Sovereign Gold Bonds Scheme. As investors will get returns that are linked to gold price, the scheme is expected to offer the same benefits as physical gold. They can be used as collateral for loans and can be sold or traded on stock exchanges

The quantity of gold for which the investor pays is protected, since he receives the ongoing market price at the time of redemption/ premature redemption. The SGB offers a superior alternative to holding gold in physical form. The risks and costs of storage are eliminated. Investors are assured of the market value of gold at the time of maturity and periodical interest. SGB is free from issues like making charges and purity in the case of gold in jewellery form. The bonds are held in the books of the RBI or in demat form eliminating risk of loss of scrip etc.

BENEFITS

·         The Sovereign Gold Bonds will be available both in demat and paper form.

·         The tenor of the bond is for a minimum of 8 years with option to exit in 5th, 6th and 7th years.

·         They will carry sovereign guarantee both on the capital invested and the interest.

·         Bonds can be used as collateral for loans.

·         Bonds would be allowed to be traded on exchanges to allow early exits for investors who may so desire.

·         Further, bonds would be allowed to be traded on exchanges to allow early exits for investors who may so desire.

·         Capital gain tax arising on redemption of SGB to an individual has been exempted. The indexation benefit will be provided to LTCG arising to any person on transfer of bonds. The department of revenue has said that they will consider indexation benefit if bond is transferred before maturity and complete capital gains tax exemption at the time of redemption.

 

HOW CAN I BUY IT

Sovereign Gold Bonds will be issued on payment of rupees and denominated in grams of gold. Minimum investment in the bond shall be 1 gram. The bonds can be bought by Indian residents or entities and is capped at 500 grams.

WHERE CAN I BUY IT

Investors can apply for the bonds through scheduled commercial banks and designated post offices. NBFCs, National Saving Certificate (NSC) agents and others can act as agents. They would be authorized to collect the application form and submit in banks and post offices.
BSE and NSE are included as receiving offices, apart from the commercial banks, SHCIL, designated post offices 

WHO IS ISSUING THE BONDS

The Bonds are issued by the Reserve Bank of India on behalf of the Government of India. The bonds are distributed through banks and designated post offices. This should make subscribing to the bonds an easy affair. During redemption, "the price of gold may be taken from the reference rate, as decided, and the Rupee equivalent amount may be converted at the RBI Reference rate on issue and redemption"

Know-Your-Customer (KYC) norms

Know-Your-Customer (KYC) norms will be the same as that for purchase of physical form of gold. Identification documents such as Aadhaar card/PAN or TAN /Passport / Voter ID card will be required. KYC will be done by the issuing banks/Post Offices/agents.

Minimum and Maximum limit for investment

The Bonds are issued in denominations of one gram of gold and in multiples thereof. Minimum investment in the Bond shall be two grams with a maximum buying limit of 500 grams per person per fiscal year (April – March). In case of joint holding, the limit applies to the first applicant.

Rate of interest

The Bonds bear interest at the rate of 2.75 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.

Redemption

On maturity, the redemption proceeds will be equivalent to the prevailing market value of grams of gold originally invested in Indian Rupees . The redemption price will be based on simple average of previous week’s (Monday-Friday) price of closing gold price for 999 purity published by the IBJA.

Source: http://finmin.nic.in/

Read More

Public Provident Fund (PPF)

Public Provident Fund (PPF)

The Public Provident Fund (PPF) Scheme, 1968 is a tax-free & voluntary savings scheme that was introduced by the Ministry of Finance in India in the year 1968. The amount earned as interest on deposit in PPF account is totally tax free and we claim the deposit amount invested in PPF as Income tax deductions under Sec 80C.

Key Feature of Public Provident Fund (PPF) Accounts

1)    We can open a Public Provident Fund (PPF) account in any authorized and nationalized public sector bank and post office.

2)    Any Indian citizen above the age of 18 year can open a PPF account but there is no any upper age limit.

3)    Non-resident Indians (NRIs) cannot open a PPF account. However, if the account has open as resident and there after he leave the country and obtain non-resident status can continue to maintain their accounts until it matures.

4)    Interest rate announced and set by the government of India in the Union Budget.

5)    In the current Financial Year 2016-17, Interest rate is set to 8.10%.

6)    All tax saving scheme has a locking period of 5 years, in case of PPF there is also a locking period of 5 year after that we partially withdraw the amount of PPF.

7)    Amount in PPF can be deposit through branch and also from the Internet Banking facility provide by Bank.

Period:

The total period of PPF account is 15 year with an extension of another 5 year period so we can say the total period of PPF account after extension is 20 (15+5) years.

Interest Rate

As directed and announced by the government of India in their Union Budget, for current FY 2016-17 is 8.10%.

Minimum Deposit Amount

Account can be open with a minimum amount of Rs. 100/- but as per guideline of government of India, the minimum deposit should be Rs 500/- per financial Year for satisfactory running of the account.

Maximum Deposit Amount

The maximum deposit amount per financial Year is Rs. 1,50,000/-.     

Loan Facility

It provides the loan facility against the deposit held in their PPF account from the 3^rd year.

Nomination Facility

As per guideline of Government of India all account should have the nomination but it is not mandatory. By nomination in the account is it easy to withdraw after accident of account holder.

Transfer Of Account

The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by the subscriber. The service is free of charges

Tax Benefit

Amount deposit in PPF can be claim under Sec 80C.

KYC for PPF

1.    Passport

2.    PAN Card

3.    Aadhaar Card

4.    Driving License

5.    Voter’s ID

6.    Bank Account Statement

Thanks.

Read More