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How Online Payment Services Are Helping Retailers To Grow Their Business

How Online Payment Services Are Helping Retailers To Grow Their Business #transformingindia #digitalpayments

Online payments have transformed into a core aspect of Indian e-commerce and have enabled skyrocketing growth and success of businesses in recent times. RNFI and the growing popularity of its services are a testament to the increasing acceptance of online payment solutions and their widespread impact on enabling retailers to expand their businesses.

RNFI is one of the numerous solution providers…

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Online bank account opening with zero balance

Zero Balance Account from Kotak Mahindra Bank

Kotak 811 lets you choose between a zero balance account or an 811 Edge savings account based on your needs, which acts as a one stop solution for all your financial needs and day to-day transactions.

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What is required to open Zero Balance Savings Account?

There are ways to open zero balance account. You need Aadhaar Card and Pan Card along with other documents. Within 4 Minutes* you can open a Zero Balance account.

Online bank account opening with zero balance is provided by Kotak Mahindra Bank. There are 2 other benefits if you open a zero balance saving account with Kotak. You get a secure credit card and Book and FD (Fixed Deposit).

For more details visit Kotak.com

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What is a Zero Balance Account?

Savings Accounts

Banks offer savings account, a type of deposit where you can deposit your money and savings. In most cases, savings account come with a minimum average requirement that you need to maintain to avoid paying maintenance fee. Depending on the bank the minimum balance can be calculated on a monthly or quarterly basis.

Also, you receive interest on your deposit.      

What is Zero Balance Bank Savings Account?

Zero balance account is a kind of savings account with zero charges on non-maintenance of balance. This means that the account gives you the flexibility to spend without worrying about maintaining a minimum average balance.

Types of zero balance savings accounts

There are three main types of zero balance savings account. Basic Savings Bank Deposit (BSBDA), Basic Savings Bank Deposit (BSBDA) Small Account and accounts opened online through Aadhaar OTP authentication.    

Online Zero Balance Savings Accounts

Online zero balance accounts are savings account that you can open instantly online through Aadhaar OTP authentication. However, not all online savings accounts are zero balance accounts.

Indian citizens above 18 years of age can open the account. Generally, these accounts are meant for individual use and joint accounts may not be available.

You can download the bank’s mobile banking app or fill the online account opening form to open the account. PAN, Aadhaar card and Aadhaar linked mobile number are needed to open the account. The account is opened after successful verification of the Aadhaar OTP.  These account are e-KYC accounts and are valid for 12 months by visiting the bank branch or meeting with a bank official with the required KYC documents. Few banks also provide with the facility to complete your KYC process through the Video KYC process.  

Basic Savings Bank Deposit (BSBDA)

Having a bank account is the sign of financial inclusion. However, in India, many people don’t have a bank account. So, Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in 2014 to ensure financial services to everyone. Basic Savings Bank Deposit (BSBDA) is the bank account opened under PMJDY.  

People who have other bank accounts are not eligible to open BSBDA.

Individuals above 18 years with a valid photo id proof and address proof can open the account.  Accounts opened through valid KYC documents don’t have any restrictions.

BSBDA Small Account:

Individuals who don’t have a valid Photo ID proof and address proof as per the bank’s acceptable list of documents can open a BSBDA Small Account by submitting a self-attested photograph and signature/thumbprint.

Customers need to provide KYC documents within 12 months from the date of account opening to continue using the account. If unable to furnish documents within 12 months, customers need to provide evidence of application of the KYC documents. In this scenario, the account can be extended for another 12 months.

However, as the account is opened without any KYC documents, several restrictions are put in balance. The total balance in the account should not exceed Rs. 50,000 at any point of time. Also, the total credits in all the account should not exceed Rs. 1 lakh at any point of time and the total withdrawals and transfers in the account should not exceed Rs. 10,000 in a month.

Features of Zero Balance Accounts

Zero Balance Saving Account has different features. Here are some of the features.  

No minimum average balance: Many depositors may not be able to maintain an average balance. Zero balance savings account solves this problem. These zero balance accounts don’t have any minimum average balance requirement so you can utilize your money without thinking about maintaining the minimum average balance.

No initial deposit: In case of a regular savings account, banks charge an initial deposit amount that customers need to pay on account opening. However, zero balance accounts don’t have any initial deposit amount.

Earn Interest: Account holders receive interest on their zero balance accounts just like a regular savings account. The interest earned from the deposits is credited at the end of every quarter.  

Passbook: Customers receive passbook to check their account activity.  

Debit Card: Debit card is also available for zero balance account holders. Basic savings account holders get a free RuPay Debit Card that they can use to carry out transactions within India.

However, for online savings zero balance account customers, the issuance of debit card will depend on the bank.

Cheque book: Zero balance customers can avail cheque book facility. A cheque is considered as a valid proof of bank account for different uses such as investing in stocks and mutual funds among others.  

Internet Banking: Internet banking facility is another feature of the account. Through internet banking, customers can transfer money, pay bills, shop online instantly without spending any cash.

Other banking facilities: Customers who have completed the KYC process can avail different banking products such as Fixed Deposit (FD), Recurring Deposit (RD) that can help you save money for the future.    

Conclusion: Zero balance savings account is like a regular savings without any minimum average requirement. Basic Savings Bank Deposit Account can be an ideal financial tool for customers to enter the formal banking system and gain various financial assistance.

Individuals above 18 years of age with a PAN card and Aadhaar card can open an online zero balance account like Kotak 811 from the comforts of their home without any paperwork.

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Things to Avoid When Buying a Used Car

Things to Avoid When Buying a Used Car

The sales of used cars in India are rising in India with every passing year. Even a decade ago, the scenario was not like this. Most people who bought second hand cars did so from people within their circle of faith comprising of friends, relatives, neighbours etc. There were very few dealers of used cars and they did not have the necessary infrastructure to convince a buyer about buying a car…

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Most Selling Maruti used cars in Mumbai

Maruti is a brand which has captured the senses of the Indian car buyer perfectly. The company has understood the needs of the common public of India and manufactures cars that fulfill the wants of car buyers. Maruti has been on its dream run ever since it partnered with Japanese car maker Suzuki to make the Maruti 800. The car took the Indian market by storm for its compact design, affordable pricing and fuel efficiency. The design was a complete revolution in the market of the Fiat Padmini and HM Ambassador. It had a dream run of 30 years before being taken off the market by Maruti Suzuki. Used car markets are still flooded with used Maruti 800 which is available at a price sub Rs 1 lakh. The later versions of the car were introduced with the duo engine which allowed the car to run on both petrol and LPG.

Maruti Cars are quite popular in the city, particularly in Mumbai. The city is quite congested and the number of cars is quite a lot. Despite the large number of flyovers that have been constructed in the city, the authorities have been unsuccessful at decongesting the city. Residents of the city have to own a vehicle which is easy to drive and manoeuvre, has high mileage and a low turning radius and affordable pricing. Maruti fits all the requirements quite seamlessly. There are quite a few Maruti cars which are popular in the city. Some of the popular Maruti cars have been discussed here: Maruti Alto 800 The Maruti Alto has been in circulation for more than 10 years. It was introduced with a 1000cc engine as well, called the Alto K10. When the production of Maruti 800 was stopped in 2012, the Alto 800 was promoted as the replacement for the car. It has sold around 1 lakh units in 2013 and the sales are touted to remain the same for 2014 as well. The design philosophy of the car is completely new. The air dam is hexagonally shaped, much like that in the Renault Pulse, the headlights are like those on the i10 while the front grille is tiny and nothing like that which has been seen in Maruti cars. The car has a 796cc engine which is powered either by petrol or by CNG. Both the cars produce the same kind of efficiency- 48 bhp at 6000rpm. The gearbox is a 5 speed manual one with FWD. The car is available with both power steering and non power steering. Used Maruti Alto 800 cars are available in Mumbai for Rs 2 lakhs to Rs 3 lakhs. The car has been quite recent and hence you would not have to settle for a very old car. Moreover, it is quite fuel efficient and available in attractive colours such as Forst Blue, Torque Blue, Granite Grey, Blazing Red, Superior White and Silky Silver. It is easy to maintain the car and will last you quite a few years. The demand for the car is high and hence you can fetch a good amount in the pre-owned cars market when you go to sell it.

The Maruti Wagon R too has been around for almost a decade. Recently it completed selling 5 million vehicles since it was launched. The R in the Wagon R stands for recreation. The design has been borrowed from a vehicle which the Suzuki manufactures in Japan. The Wagon R comes with a 998cc engine which is compatible with petrol, CNG and LPG. The company is planning to launch a diesel version of the car too which will have a 970cc engine.

The price of a Wagon R is between Rs 3.5 lakhs to Rs 4.5 lakhs. However, the diesel variant shall be priced at Rs 5.5 lakhs. The mileage offered by the petrol trim is around 20.51 kmpl while for the CNG model the mileage is around 26.6 km/kg. The diesel model shall offer a mileage of roughly 23 kmpl. The car comes with added features such as seats upholstered in leather, Kenwood audio system with dual din, aux-in and Bluetooth support, full wheel cover and rear spoiler. For used Maruti Wagon R, you would have to pay around Rs 2 lakhs to Rs 3.5 lakhs, depending on the number of kilometres travelled by the car. You also need to take into account whether it is the duo model or the regular petrol one.

Maruti Omni Launched in 1985, the car is quite iconic because it was shown to be the kidnappers’ getaway vehicle in Hindi movies and serials. The Omni is available in two versions, one which seats five people and has a lot of boot space at the back and another is an eight seater which has two rear benches facing each other and no space for luggage. The car is priced between Rs 2.4 lakhs and Rs 2.5 lakhs.

The car has an 800cc engine which is powered either by petrol or by CNG. Its mileage is around 14.7kmpl on an average. The engine is mounted under the front seat which is why the bonnet does not protrude. It has a four speed gear which is manually transmitted.

The used Maruti Omni is available for less than Rs 1.5 lakhs. It is a highly utilitarian car and can be used for a variety of purpose such as delivery services, ferrying people to and fro etc.

Maruti Swift The Maruti Swift was launched in 2005 and ever since then; the car has been selling like hot cakes. The design of the car and availability of petrol and diesel engines has made it a hot favourite of car owners in the country. The car was recently given a facelift and after that its sales have improved further. The diesel engine is a 1248cc one while the petrol engine is 1197cc one. Both the cars have manual transmission. The diesel engine offers a mileage of 22.9kmpl while the petrol engine offers 18.6kmpl.

The used Maruti Swift is available for less than Rs 3.5 lakhs (depending on the number of kilometers travelled and the age of the car).

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Comparing between iPhone 4s vs iPhone 5

The iPhone 5 was one of the most awaited phones of 2012 and the Cupertino company had left no stone unturned to showcase its prowess in phone making. Here is a comparison of the iPhone 5 with the iPhone 4s 32GB, just to see whether the 4s manages to measure up to the iPhone5.

Design The iPhone 5 is the first iPhone which has a change in the screen size since the launch of the first iPhone back in…

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Blackberry and Windows Phone taking on Android and iOS

Blackberry and Windows Phone taking on Android and iOS

The Blackberry OS, Blackberry 10 and the Windows Phone8 by Microsoft were made as updates to an existing mobile operating system whereas the Android by Google and iOS by Apple were made from scratch. Much like the iOS and Android, the Windows Phone8 or WP8 and Blackberry 10 were made for converting hand held devices such as used blackberry phonesand tablets into pocket PCs. Both the OS0- the BB…

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Comparing between iOS and Android OS

Comparing between iOS and Android OS

Smart phones are one of the most important devices of today’s time and the two biggest players in terms of operating systems are the iOS and Android. Both the software was launched around 6-7 years ago. The iOS is developed and distributed by Apple whereas Google holds the reins on Android. The primitive Android phones came without virtual keyboards or multi touch capacity or app store. In 2008,…

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The LG G3 vs the HTC One M8

The LG G3 vs the HTC One M8

The LG G3 vs the HTC One M8

Even though the flagship G3 by LG has entered the market last of all, it is the one with most of the bells and whistles. It has the first QHD screen with 2560X1440 resolutions from a big market player along with the unmatched autofocus laser system. However, is it a match for the HTC One M8 with Duo Camera and premium chassis?

Designing The LG is a very popular phone,…

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How to buy wired headsets for your Laptop or Smartphone?

How to buy wired headsets for your Laptop or Smartphone?

A lot of people opt for wired headphones over wireless ones because they feel the connection in such headphones is better. Many opt for them because they do not want to charge headphones or batteries attached to their headphones. But that does not mean that they would have to stick to the earphones provided by the manufacturer for their phone. There are a number of good quality wired headphones…

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Reviewing the Nexus 4

Reviewing the Nexus 4

The Nexus phones are one of the most awaited ones among Android phone users because they offer you unparalleled experience of using the Android platform without any customization in user interface or skin of the operating system. The Google Nexus 4 is manufactured by LG and even though it is slightly old and the Nexus 5 is already available, a lot of people prefer to buy Nexus 4because of its…

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Nokia Lumia 800- The Nokia and Microsoft Association Begun

At one point in time, Nokia was the leading manufacturer of phones in the cell phone market. However, with the advent of software such as iOS and Android along with large scale entry of makers such as Samsung and LG, the market share of Nokia started dwindling. For a long time, Nokia tried keeping the popularity of its Symbian operating system afloat. However, in the end, it buckled up to pave…

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Comparing between the Nexus 5 and LG G3

Both the Nexus 5 and the G3 are produced by the same company. When the Nexus 5 was launched, it sent a buzz through smart phone users because of the availability of Android KitKat on the phone. A similar kind of buzz has been sent through the smartphone market because of the availability of QHD on the G3, the first of its kind in the world. If you are wondering whether to buy the LG G3 or buy…

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Reviewing the Nexus 5

Reviewing the Nexus 5

The Nexus 5 is one of the swankiest and up to date phones that you can buy. Google partnered with LG manufacture the device and it sent fans of smartphones into a tizzy with its looks and features. Even months after its launch, you can still buy Nexus 5 as an advanced phone. However, there are quite a few phones available in the market that offers similar specs at similar pricing. Does the Nexus…

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Comparing the LG G3 with the Samsung Galaxy Note 3

Comparing the LG G3 with the Samsung Galaxy Note 3

LG’s latest flagship phone, the G3 is perhaps the firs phone which has QHD and its internal components are entirely drool-worthy and its metallic look lends it a lot of oomph. Almost 9 months ago, another phone was launched which demanded such attention- the Galaxy Note 3. It is still one of the best phones that can be bought now. Here, we pit the two technological marvels against one another to…

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Sony Xperia Z1 vs the Google Nexus 5

The Google Nexus 5 has been brought to you by LG and it is a very successful android phone. However, the Sony Xperia Z1 Compact is also a good handset to buy. Therefore, it would always be a bit helpful if you manage to compare between the two handsets before deciding which one you would like to buy. It always helps to research a bit before buying a new Smartphone when you want to buy nexus 5. Because there are numerous Smartphones available in the market, you need to decide which one is the best for you and suits your needs the most.

Display and Design The Sony Xperia Z1 Compact has its own distinctive look that can give the competition a run for their money. As a matter of fact, the Xperia line of phones looks very premium and the Z1 Compact just falls in line with them. The eye catching design and high quality of built of the Sony Xperia Z1 Compact make it desirable in terms of appearances. However, the phone is a little on the heavier side weighing almost 137 grams. This can be attributed to the IP58 and IP55 certifications from Sony. The phone from Sony is resistant to water, dust and rough handling. The dimensions of the phone are 65X9.5X127mm which makes it a perfect pocket sized phone. When it comes to the display, the 4.3” screen has Triluminos built in it which runs on FHD or 720X1280p resolutions which translates into a pixel density of 342 ppi. Being a premium phone that is heavily priced, it can be expected of the Sony Xperia Z1 to have flawless display, but it does not. Nevertheless, it is quite resilient and takes repeated drops and beats without any problem. When the design of the Nexus 5 is concerned, it fails to impress. The body is made of plastic which is nothing to boast of but makes the phone less prone to smudges and fingerprints and also scratches. The phone is lighter than the Sony at 130g and bigger at 138X8.6X69mm. What impresses on the buy nexus 5 phone, is its IPS display unit of 5” with a 1080X1920p resolution, which produces a pixel density of 445ppi. The screen is larger and better and there is no compromise on it. The hues look sharp and vibrant and the display unit is pleasing to the eye too! Software and Hardware The Z1 Compact has a tough hardware which has a Snapdragon Qualcomm quad core 800 processor which ticks at 2.2GHz. Almost 16GB internal storage is offered and there is 2GB RAM too. The storage on the Z1 Compact can be expanded using a MicroSD card. However, the Z1 Compact does not feature the Android KitKat 4.4.2 and has the customized Jelly Bean 4.3. Even though it is not quite bad, most buyers have come to expect the Android KitKat on high end phones at least. On paper at least, the Nexus 5 is at par with the Z1 Compact. The 800 Snapdragon quad-core Qualcomm Processor installed on the Nexus 5 has an improved clock speed of 2.3GHz. The RAM included in the Nexus 5 is also 2GB and you have the option of buying the 16GB or the 32GB model. However, the storage space cannot be expanded as there is no additional memory slot in the phone. The LG Nexus 5 on the other hand, offers the unedited version of the Android KitKat 4.4.2 which is certainly a benefit over the Xperia Z1 Compact. No modification has been done to the OS by LG. Battery, Camera and Price When you consider the camera of the phone, the Z1 Compact hardly has any competition. The primary

camera is a mammoth 20.7 megapixels shooter and it is one of the most advanced ones available in the market among Android phones. This shooter is used in a number of Sony models such as the Z1, Z1 Compact and Z2 even. The quality of photographs cannot be rivalled by any of the other phones in the market right now. Therefore, in terms of the photographs licked, the Sony Z1 compact wins hands down. In terms of the battery, a 2300 mAh battery has been installed in the Z1 Compact which produces a good service, although not something to be impressed with. The phone is a good one to be used for everyday purposes. However, when it comes to the price tag, it is a tad too steep at Rs 38,000 approximately. Even though the phone is a high quality one, the price tag is quite intimidating. It might even be a little too much to pay for Android 4.3. On the other hand, the Nexus 5 does not have a camera as good as that in Sony but it is quite usable. The 8 megapixels primary shooter is good enough for clicking high quality photographs while the 1.3MP secondary camera is ideal for clicking selfies. Nevertheless, using the focus feature of the Nexus 5 can be quite difficult and hence you should keep that in mind. The Nexus 5 also packs in a 2300mAh battery which ensures decent performance through the day. The point where the Nexus 5 truly outshines the Z1 Compact is the price. For the Nexus 5, you would have to pay around Rs 25000 roughly. The difference in price is by a big margin and hence more affordable to a lot of people. Great value is brought to the table by the Nexus 5 and Sony certainly has it tough to match the phone. Final Word The Z1 Compact by Sony turns out to be the better phone in every respect. Even though the Nexus 5 appears to have good hardware, the Sony Z1 Compact has outperformed it in every respect. It is more stable and feels better when put under a load. The quality of build is better on the phone and its camera is unmatched. However, the Nexus 5 is a good phone and is less expensive compared to the Z1 Compact. If money is not an objective, then the Xperia Z1 Compact is the choice to make. Otherwise, the buy Nexus 5 as it is also a good enough choice because it offers large value for money that you are paying.