Articles by Bankingontips The Bankingontips Blog


Digital Banking Fraud

Ways to protect your money from digital frauds

Tue Mar 12 2019 / By: Nupur Sharma

Digital banking fraud has increased in numbers with the increasing use of the internet and mobile apps for financial transactions. Recently in the Reserve Bank of India, around 900 plus banking fraud in the amount of Rs. 1 lakh in April–September 2018 involving ATM, debit cards, credit cards and Internet banks.

Many of us do multiple online transactions every day, as we move to a digital and paperless business. But there are many undesirable risks with the ease and convenience of doing online transactions that could threaten you.

The easiest and best way to ensure that no digital fraud occurs is to educate yourself. Let's look, then, at the three most popular digital frauds taking place in India.

OTP Theft 

OTPs are a popular method of conducting safe finance transactions these days from ordering food online to paying credit card bills and shopping online. It has a ton of loopholes too, however.

OTP theft usually happens when your phone is malware infected, or if you are bound to disclose a fraudster to your OTP. Newer people are more likely to become involved in online banking.

Never disclose anybody, including bank officials, your personal and important details such as your card data. Remember, no bank will ever request you to provide the verification or renewal details of your card on your phone. And, do not click any link from any unknown numbers that has been suspicious. You give fraudsters access to their personal details by clicking on such links to make it easy to obtain your OTPs.

Fake Mobile Banking Apps

Mobile apps may pose a major threat to your money while they are convenient. Today, Google Play offers many fake mobile applications from leading banks like ICICI, SBI, Axis etc. that can make differentiation between fake and original apps harder.

Once this fake application is downloaded, the Malware can steal and rob you of your money from the account and card details. So it is advisable to always use antivirus software to protect your phone against malware and internet security problems to make sure your personal information is not misused.

SIM Swap

SIM swap is again one of the most popular tricks used by fraudsters to obtain your personal bank information through vishing, phishing, malware and so on. Once you have access to your personal information your original SIM is blocked, and a fake ID proof is given to you. Then, a single password (OTP) on the duplicate SIM is easier for them to initiate financial transactions.

Make sure you always sign up for SMS and email alerts that can help you track various activities on your bank account in an effort to avoid getting into this trap. This ensures that the bank sends you a message notice for all financial transactions, even if you don't receive a SMS warning. Also, keep track of your bank statements and all banking history so that problems or irregularities can be identified quickly.

Finally, continue to check the connectivity status of your phone. It is clever to contact your mobile operator immediately to make yourself safe if you receive notifications not for a long time.


Credit Score

Facts about Credit Score you didn’t know

Sat Mar 09 2019 / By: Nupur Sharma

Confused about your credit score? Don’t worry. In this article, we're going to share some incredible facts you didn't know about your credit.

Your Credit Score isn’t affected by your savings

Your loan score reflects your credit history only. In short, your credit card or EMI information about your loans will only be reflected in your information such as a house loan or a automobile loan. So you are bound to improve your credit value if you make repayments diligently.

You can make multiple soft inquiries of your Credit Score  

A direct inquiry from a credit office or an authorized third-party entity concerning your credit score is a soft inquiry. Countless soft queries have no influence whatsoever on your credit score.

Your credit information can't be edited directly by your credit bureaus 

While credit offices are generating your credit report, they are generating it with input by various banks and other NBFCs. You are not authorized to edit / delete your credit data directly. Instead, you can only update your credit report based on the information provided by the lenders concerned.

No credit history will not mean good credit score

You couldn't be more mistaken when you think that having no credit history would mean a good credit score! It's a common Credit Score myth. However, even if you have no credit history, you should know you're still in possession of a credit score. But it's not going to be anything that you can praise.

Even if you haven’t checked it, your Credit Score exists

Your credit score has only one simple rule. If you have a history of credit, then you have a credit score! So regardless of whether your credit score has been verified or not, it is possible to obtain your credit score if you have ever borrowed money from a bank or got a credit card. Banks and other NBFCs send credit transaction history to credit offices in a monthly report from their borrowers.

Low Credit Score will not always mean no loan

While there may be different rules for different banks, a low loan score doesn't always mean a credit. You may still be able to receive a loan, but you may not get the better interest rates compared to a good credit score.

Every year you have the right to a free credit report

Were you aware that you can receive your credit value once a year for free? RBI directed all credit offices to provide credit information once a year to individuals who have a free credit report. If you require this report more than once, it can be provided for you at a small fee.

Check Your FREE Credit Score

Personal Loan

Borrow MoneyNo Interest

How to borrow money without paying interest?

Wed Feb 27 2019 / By: Nupur Sharma

It's never a fun task to go from pillar to post to collect funds. After all, scrounging for money can lead to one sleepless night too many. How much has your vacant bank account or all the unpaid debts that have accumulated over the years been moving?

Well, for a personal loan you could always apply. Today, it is easier than ever to secure a personal loan, as the whole process is totally unpapered and your loan can be approved with a few days.

However, if the interest you have to pay for the loan scares you, you can borrow money here other ways without worrying about the interest spectre above you.

• Asking friends & family: While borrowing money of friends and family can be bit of a hesitation, ' it is likely time to swallow your pride and ask them to rescue you from your difficulties if you are financially in the dumps. While you're here, some grovelling might go a long way too. Usually your friends and family will help you more often than not financially and will probably not ask you to pay interest on the amount you borrowed unless it's a bunch of thieves. They also allow you to refund the amount for a significant period of time, which can give you the leeway to get back on track with your finances.

• Getting a credit card: You can use your Credit Card to make payments or purchases without paying an interest jackpot on your expenditure, whether you believe it or not. Well, it's really quite simple if you're wondering how. Credit cards give you a free interest grace period that begins with the purchase with the card, until the minimum payment has been due. The duration usually varies between 21 and 28 days. During that time, you can make payments and purchases by using your credit card without any interest.

• Balance transfers: Balance transfers are great ways to borrow money for an extended time frame without paying any interest on the amount. Check out a credit card with a rate of 0 per cent for the first 6 to 12 months or beyond. These are usually introductory rates that are offered to entice customers to make the switch from one Credit Card issuer to another.

Investment and Saving

Senior CitizenSave TaxInvestments

Investments to save tax for senior citizens!

Tue Feb 26 2019 / By: Nupur Sharma

What really happens once you retire? Have you been wondering?

It's so confusing for those who have just gradually gone into this area. Not all adapt well to the beginning of this new reality. Most of the time takes, sometimes years before the traces of the life they once lived are dusted off. Pension is a temporary pit stop–you learn to take a break, get your breath in control, and restart your entire life.

Tax-Saving Investments 

Like everything else, careful planning and careful implementation are necessary. If you are uncertain if you are doing the right thing, you can explore some options to save taxes.

Senior Citizens Saving Schemes (SCSS)

This scheme, as the name implies, is intended solely to respect the elderly. In order to invest in this scheme, the applicant must be over the age of 60. Senior citizens should open a SCSS account with a post office or a bank that offers this scheme to benefit from this scheme.

National Savings Certificate (NSC) 

Another very popular investment scheme in India is a national savings certificate. As NSC is an investment tool for fixed income, it is usually safe and safe. Currently, they earn a fixed interest of 7.6 percent per year, not unfavourable because it is a savings bond. It is covered by Sec 80C and you can thus invest up to 1,5 lakh of Rs in this obligation per year (for tax savings). One thing you must remember about NSC is that it is supplied with a 5-year lock-in period. While investing in NSC, do remember to keep the time horizon in perspective.

Fixed Deposits (FD)

Fixed deposits were always the resource of both employed and pensioners. Banks pay a rate approximately 0,5% higher for pensioners. Much like SCSS and NSC, Fixed Deposits too are covered under section 80C. The FD is a 5 years lock-in period and senior citizens do not have to pay any tax when the interest income is Rs 50,000 or less.

Post Office Monthly Income Scheme (POMIS) 

Although POMIS is not as popular as the other investment options, it is a good source of regular income. This is a five-year investment scheme, with an annual investment interest of 7.7%, allowing a deduction under Section 80C of up to 1.50000 Rs. POMIS offers a guaranteed monthly payment in the best way. If you are the sole investor and Rs 9 lakhs if you apply for a shared account you can invest as much as Rs 4.5 lakhs in this account.

In addition, investment in ELSS schemes can be considered. Even if they are risk-taken by mutual funds, they still have very lucrative returns. There is no single fit-all formula available on the market as far as investment is concerned. Consider your appetite for risk, look for a calculated shift and time horizons.

Invest Now In Fixed Deposit

Investment and Saving

Weekend TripFinancials

Financial tips to keep in mind before taking your weekend trip

Tue Feb 12 2019 / By: Nupur Sharma

A short weekend trip is sometimes just what we need to relax and relax after a busy work week. There are therefore some financial tips that must make your mind more comfortable before you get out to ensure that the only baggage you carry during your trip is a change in clothing!

Paying those phone bills

Although you're likely only traveling a short distance, paying outstanding mobile dues would be prudent. Without a network, you certainly won't want to be far from home, especially if a short trip in the wilderness or the mountains has been planned. You never know when a sudden emergency can pull your head, so don't try to try a destiny here.

Furthermore, you must reload the phone with enough money if you are a prepaid user, to ensure that you are not concerned if you need to make calls. And of course, ensure that you carry a phone loader or a handheld loader. You can certainly invest in a portable loader on all your future journeys.

Clearing credit card dues

Even if, before leaving, you cannot pay a significant portion of your outstanding credit card dues, at least try paying fair sums to release your credit limit. This might be safe if you run out of money or if you must pay a heavy fee to take care of a sudden medical emergency or something.

But only if necessary, remember to use it. Just as you're on a mini vacation doesn't mean that you should leave and swipe away your card in the world without any care. Training restraint always or you might get more stressed than ever from your trip.


Regardless of whether you are on a trip or not, you and your family should be at the top of your list of financial priorities under unforeseen circumstances. You can tell yourself you just have to leave for a few weeks, so what could be the worst thing?

Well, we don't mean to frighten you, but when accidents and sudden incidents happen you never know. If you and your loved ones are to protect yourself, you should not skimp on good Car Insurance and Health Insurance policies.

Even though we know you are now thinking why I need to do so much for such a small trip. The thing is that the duration isn’t the thing that will matter in case of any incidents. What is most important is that you be prepared always. Happy tripping! 


Budget 2019Interim Budget

Full Budget vs Interim Budget, what’s the difference?

Tue Feb 12 2019 / By: Nupur Sharma

Annual budget is submitted for the next financial year by the Government of India in February each year. You get all the tax saving options, including your Home Loan, Fixed Deposits and Credit Fund. If it is an election year, however, the government would present a' vote on accounts' (VOA) or an interim budget, just as it is in the 2019 elections year.

So, what is the budget of the VOA / interim? How does the whole budget differ? How long is the VOA time gap with its entire budget? We’ll tell you.

What’s an annual budget?

There are two parts of an annual budget: one is the summary of the government's previous year's revenues and expenses and the second are the suggested methods of raising tax money and spending them on welfare measures across the country in the individual segments.

When the Finance Minister makes the annual budget speech, he or she will hold detailed debates before a vote for or against the proposals is taken in Parliament. After that, it is said that the financial bill is passed. Usually this process runs until March 31st.

What’s an interim budget?

It is not practical for the new government to prepare or debate the whole budget after the elections and pass the bill before the new financial year begins. In February therefore, the ruling government would notify the new government in an interim budget or in a vote on its account and, in a few months after the elections, will follow suit with a full budget.

The interim budget will include the income and expenses reported by the new Government in the past year and the costs proposed in the coming months. The income portion of the budget is not suggested by tax collection. The VOA procedure would seek Parliament's approval. The funds for these are available once approval is obtained.

Also, the pre-election period, during which a code of conduct is established, contains an interim budget or VOA. A few months before. It would impose any major blows on central and state governments, since it might shift the voting pattern in favour of the governing government. Moreover, the governing government cannot present a full budget in the new government's perspective and approach.

Only the ruling government's revenue and expenses of the last year and also the parliamentary node of the costs proposed to be made during the next few months are covered by the VOA / interim budget. While, a full budget is an annual full budget, including last year's report card, income and spending through tax and welfare measures and wise businesses in the following financial year.

When the year of election comes, a vote is submitted by the ruling government and the full budget is submitted only after the new government has taken the oath. The time gap between them is usually no longer than six months.