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Mistakes you ought to avoid when paying online bills: 

Everyone hates paying bills, but chances are you have a couple, at least. Naturally, the restrictions vary depending on who is collecting the money. You may mail checks or set up autopay or bot using your bank's bill payment services. A proper strategy when paying bills will significantly reduce unnecessary fees and double charges. Internet banking has benefited people a lot, even in terms of online billing. Here are several errors to keep away from when paying your invoices.

Not reading your statement.

You already have the bill and can pay it, right? More so if your payment schedule is automatic. Reviewing your statement is still a good idea, even if you use autopay. Your statement contains details regarding charges, fees, and other information. Check your statement carefully to make sure you are not getting charged for services you are not utilizing. Additionally, you can check your bill to determine if any unauthorized charges have been made.

Set it and forget it:

To ensure you don't skip or pay late, autopay can be a great tool. However, it's a good idea to double-check your payments, particularly your first payment, when setting up autopay in your Internet banking statement. Depending on the firm, your autopay account setup may take several business days. You might have to pay something in the interim. In some situations, it's conceivable that you will find out about a missing payment the following billing cycle.

Confirm that the business has the correct information and learn when the first payment will be deducted from your account. After that, confirm that the payment was successfully deducted from your account. Once your autopay is set up, ensure the money is deducted on time by checking in frequently.

Assuming a grace period:

Some businesses provide you with a grace period to make your payment. Therefore, even if you are late, you won't be penalized if you pay within a few days. But only some businesses provide this. There is no guarantee that your current landlord will be as understanding as your previous landlord started collecting a late charge on the fifth day of the month. A daily late fee could be assessed right away.

Not reviewing the price you are paying:

Remember that you can always shop around for a better deal. Never assume you are receiving the best deal. Consider various plans and prices before committing to a bill. Remember to routinely check to see if you are still getting the most outstanding value once you have committed to service. You can find a lower cost if you compare expenses for insurance.

Additionally, you can research several internet and mobile service providers. Check for a better offer, and inform your present provider that you could cancel. They might equal the cost of a rival. You can switch and save money if they don't.

Bottom line:

Online billing is made easy since the internet and mobile phones have given a significant breakthrough in people's lives. By following the above points, you can avoid billing mistakes. So, an online account opening in any indian bank is highly recommended.

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Short-Term vs. Long-Term Fixed Deposit

When it comes to financial planning, choosing the right investment option can make a big difference in achieving your financial goals. For these reasons, fixed deposits are the popular choice. You know what? You can watch your money grow steadily with predictable returns from your fixed deposit. They come with short-term and long-term options. But what are the advantages and which one should you choose? Instead of confusing yourself, continue to read this article to find out.

What are Short-Term and Long-Term FD?

Short-term deposits are investment accounts requiring a minimum investment of 7 days up to a maximum of 2 years. They allow you to deposit a specific amount of money for a short duration, enabling it to grow over time.

Long-term deposits are the type of investment where you can deposit your money for an extended duration ranging from 5 to 10 years.

Short Term vs. Long-Term FDs

Investing your money is about choosing the financial instrument and determining the duration you invest your funds. Short-term deposits offer minimal interest amounts compared to long-term fixed deposits.

However, they provide more flexibility and liquidity, which allows you to access your funds whenever needed. In the same way, long-term fixed deposits also offer higher liquidity and more gainful returns.

Advantages of Short-Term FD

Below are the most important advantages of short-term fixed deposits.

Liquidity

Because of the higher liquidity, short-term deposits will be the best choice for accessing your funds shortly. You can also break your short-term FD account without getting any severe penalties. This makes it an ideal choice for dealing with unexpected financial needs. You can easily check balance to monitor your investments.

Lowered Interest Rate Risk

With the short-term fixed deposits, you are less exposed to the interest fluctuations. If interest rates decline, your investments will not be locked for an external period. This allows you to reinvest with higher interest rates when the market grows.

Interest Rate Adaptability

They provide the benefit of being able to change your interest rates. If there are any rises in the interest rates, you can reinvest your funds in a new and higher interest rate after the maturity of your short-term fixed deposits.

Advantages of Long-Term FD

While short-term FDs have their own benefits, long-term benefits have more advantages.

Consistency and Predictability

Long-term FDs offer a consistent and predictable source of interest rates. You can benefit from this predictability if you search for a regular income stream or plan for a long-term financial goal.

Increasing Growth

The long-term FD allows your money to grow with the help of compounding. The interest amount you have earned from this is reinvested in your cash and increases growth over the period.

Increased Interest Rates

Compared to short-term FDs, long-term FDs offer higher interest rates. Thus resulting in higher interest rates over the period. This increase in interest rate helps you to grow your money effectively.

Wrapping It Up

Ultimately, the choice between long-term and short-term FDs varies depending on your needs and preferences. Short-term FD will be helpful for you if you need flexibility and access to your money in a short period. You can alsocheck transaction history to manage and review your investments. Long-term FDs will suit you if you want to grow your wealth over time, are looking for a steady income, or are planning your retirement. Choose wisely and enjoy the utmost benefit of FD it offers.

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Top five features of Fixed Deposit:

The best investment instrument offered by banks is Fixed Deposit.It helps people to save money. In FD, you can invest an extensive amount of money over a particular period of time at a high interest rate. Fixed Deposits can offered for a period ranging from 7 days to 10 years. That’s why FD is also known as a term deposit. If you want to withdraw the money, you will receive your amount on a periodic basis. It is not allowed to take the money before the end period, and if you want, you must pay the penalty. Here are some of the five features of fixed Deposits.

Guaranteed Returns:

A Fixed deposit provides guaranteed returns. The interest rate on money deposited in an FD is fixed at the time of account creation. This means that you are aware of the interest rate while receiving the money over a period of time. You will get the same amount at the time of opening an FD. Because they are not dependent on the market, so the returns are guaranteed. This makes the fixed Deposit more secure than other investments.

Rate of interest:

Investing money into a Fixed Deposit will earn a high return. Interest rates change depending on the term you choose. So check the interest rates with the bank. You can borrow up to 90% of your deposit amount at low interest rates. But it is a little higher than the FD rate. You can check your balance to verify your interest accumulation and total savings.

Safe and Secure:

The safest deposit way is a term deposit. Therefore, the money loss is not possible here. It is easy to earn money. Because they are owned by the Reserve Bank of India, so they are risk-free. Insurance and credit guarantee cover fixed Deposits up to one lakh rupees. This indicates that the DICGC deposit insurance system can protect money up to 5 lakh.

Growth in Savings:

The term chosen decides the return on investment. Because the longer term can increase the amount of investment. This provides term deposits with more money-making than regular savings. Bank branches offer 3% to 7% interest rates, which will help to increase the savings amount.

Extend the period for maturity:

If you want to withdraw the money before the maturity period ends, you want to pay the penalty. So, there is a facility to roll over the term deposit at the end of the period. You have the option to renew the Deposit automatically. Instead of creating a new one, it can extend the maturity period.

To conclude:

Analyzing the benefits of fixed deposit accounts, you can see that they provide the best to people with low risk. If you like fixed income accounts, this is one of the best offers for you. This type of investment has limited future profit. However, banks offer a sweep-in feature. It allows customers to transfer extra money from a savings account to a fixed deposit until they need it. By using this feature, you can increase the profit from your FD account.

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UPI: Cashless Travel Around The World

Imagine how nice it would be to travel around India without worrying about the money in your hand. Yeah! It is possible with UPI One World. National Payments Corporation of India (NPCI) introduces the 'UPI One World' wallet for inbound travellers visiting India across all nations of the world. It is designed to provide international visitors with a seamless, real-time digital payment with one UPI account. Let us see some details about UPI One World from the following.

UPI One World:

UPI One World wallet was first launched during the G20 summit hosted by India in 2023 and it is now available to people visiting from many more countries. The great advantage is it eliminates the need to carry cash and the complexities of foreign exchange transactions.

International travellers can use the UPI One World app as a UPI money transfer app to make payments at merchant locations by simply scanning the QR codes. The unused balance money will be transferred back to the original payment source, according to the foreign exchange regulations.

Travellers can obtain the wallet from the approved PPI (Prepaid Payment Instrument) provided at locations like airports, hotels and currency exchange offices.

Key Features Of UPI One World Wallet:

Simplified Currency Handling: It eliminates the need for travellers to carry physical cash or deal with complex foreign exchange procedures.

Identity Verification: To use the wallet, users must undergo a thorough Know Your Customer (KYC) process. During this process, they should present their passports and valid visas.

Track your Transaction: With this wallet, you can monitor your spending through the transaction history in the UPI-PPI app.

Steps To Use UPI One World Service:

Download the UPI money transfer app and sign in.

Verify the documents like the passport and valid visa are physically at the PPI.

The UPI One World Wallet will be issued on the international mobile number.

Load the INR value against the desired amount

Use the preloaded INR at merchant outlets.

Transfer the unused balance of money back to the original payment source.

Use UPI To Make Payments Abroad:

Making international payments with UPI is a new and exciting feature that is currently available to selected businesses in certain countries. As UPI acceptance is expanding globally, we can expect that international payments with UPI will become more convenient in the near future.

The UPI transfers within India are generally free, but International payments through UPI come at a cost. When you use UPI to make payments abroad, you will make an international transfer from your bank. The global transfer fee will be charged by your bank.

Summing Up:

As travelers fly to explore India, they will find a warm welcoming environment. UPI One World paves the way for the seamless experience of international travelers who travel around India. UPI money transfers another innovative step taken for the success of India. It shows the India's leadership in digital payments. Travelers can now immerse themselves in India's rich culture. They can enjoy the local cuisine, visit temples and explore markets without financial barriers. It invites travelers to experience the beauty of India.