Myths Busted About Online Bank Accounts

 

Digital Banking is considered necessary today. It has become widely popular owing to changing circumstances. Many have started using Digital Banking facilities as a necessity. Most banks realise the need for an online presence. Thus, they are offering Online Banking facilities to customers.

The online Saving Account opening is easy and takes a few minutes. However, many who need it in the current scenario hold back due to varied concerns. This happens due to a lack of awareness and familiarity with the concept. It stops them from taking the necessary steps despite its benefits. Let us break those myths and understand the concept better:

Lacks assistance

It is the common reason that holds back customers from this. Online Banking is easy, and you can operate it without any issues. However, the concern that gets highlighted is that they lack personal touch and guidance. This is a myth, as several online accounts have customer support available to help you with any issue round-the-clock. This assistance is in the form of chat, calls, and home visits.

Unsafe

This is another aspect that stops people from considering an online Bank Account. Although the internet is a tricky place, banks take safety concerns seriously. There are layers of security that every bank offers online. You need to verify your identity to complete any procedure. Options like two-step verification, codes, account details, etc., are provided for safety. 

Meant for tech-savvy people

Banks understand the inclusion of people with different perceptions. Online Banking caters to people from rural areas as well. The user interface and banking processes are simple to understand. Anybody with minimum technical knowledge can quickly grasp it. Hence, you can easily carry out all banking services online without being tech-savvy. 

Limits banking facilities

There is a notion that Digital Banking only means transferring money and paying bills. However, thanks to the Banking app, many options are now viable. You can do a range of activities without visiting the bank. Checking balance statement, opening an account, monitoring Loans, and more gets done online. 

Banking online is an essential step to take. Even banks encourage customers to avail themselves of all the benefits of an online Savings Account. You can carry out banking activities anytime, anywhere. It helps speed up banking activities. You can learn about its fundamentals from banks for clear understanding and ease. These settle quickly with efforts towards adopting the technology.

Preventive Measures To Consider When Opening A Bank Account

With the online revolution and increased smartphone usage, online accounts have become a norm. They are highly convenient if you cannot travel physically to open an account. You save on travel expenses, stress, and fatigue.

Now, you can open a Bank Account online with a physical branch or go to digital banks. The former provides easy opening an account, while the latter offers total online solutions. Whatever you opt for, safety is a concern. Internet Banking has become the primary target for stealing sensitive information. It is necessary to take security measures to tackle them. Here are some of the preventive measures to consider:

Create strong passwords

You need to sign up on the bank website to open the account. For this, you already have the customer ID and password given. You only need to go online and change the provided password. This is crucial whenever you log in each time you do Net or Mobile Banking. Hence, make sure you devise a strong passcode. Avoid using generic numbers, family names, birthdates, etc. Instead, opt for a complex combination of numbers, letters, and symbols.

Check for software updates

The device you use should be updated with the latest software. These are often required to fix bugs and other loopholes. Check whether it is the latest version before opening Savings Account. This way, you avoid any lagging or bugs.

Check the authenticity of websites

You receive several promotional emails for opening an account. These are advertising gigs stating the special offers and facilities provided by banks. However, they involve fraudsters as well. Never click on the provided links for opening the account. Always type the URL manually when doing Net Banking.

Secure data connections

The internet or broadband connection you use affects security too. It is crucial to use trusted and protected networks. Only opt for personal servers. Public WiFis in cafes, stations, outlets, etc., operate in a shared network. These are easy for hackers to use. It is best to avoid them when you open an account on a Banking app or a portal.

Understand bank's security measures

Banks inherently consider premium security steps to ensure your data stays protected. They secure their HTTPS sites, which you check by seeing the lock symbol on the website address. They encrypt your information to avoid stealing information. It is best to examine these minute details while opening the account.  

Use authentic anti-virus programs

These measures fail if your browser and computer are not secured. Install the latest virus and malware prevention software. It blocks out any fraudulent attacks on your device. It also alerts you when you open an unsecured link.

Is It Possible To Transfer Money From A Demat To Bank Account?

Demat Accounts are ideal for people interested in investing in different Share Market securities. They allow investors to hold all their investments in dematerialised or electronically. This means they need not worry about maintaining or losing their investment certificates or presenting them when they want to withdraw the investments.

Several investors are often confused about Demat Account and wonder if they can transfer money from their Demat to Savings Account. While this is impossible, you can transfer funds to your Bank Account through the Trading Account. Here is how:  

Demat is not money-oriented

Demat Accounts are essentially holding accounts. Its primary function is to store or hold investments digitally securely. This is an account where your market investments are safeguarded. Cash transactions do not happen through this account, which is why it is impossible to make transactions or fund transfers through this.

Used for viewing, storing, and managing investments

Besides holding securities, Demat Accounts are essentially passive account. You can log in to this account to see how your funds perform. You can view investment performance over the years. If you see a profitable fund or notice that you booked the profit you intended, you can take the call to buy or sell your investments. But they need to be taken through the Trading Account.

If you have opened them through a bank where you hold your Savings Account, you can also do these activities through the Banking app.

Role of Demat and Trading Accounts

The most important thing about Demats is that when you open the account, you need to open Trading Account and already have an online Bank Account. While you can hold your investments in the Demat, you can place orders to buy and sell the securities through your Trading Account. Funds are also transferred from the Trading to Bank Account. As such, the Trading Accounts are linked to your Bank Account.

Transferring funds from Trading to Savings Account

1. Login to the Trading Account
2. Find the fund transfer facility under the section ‘Accounts’.
3. Look for the manual transfer option provided by your broker to get the amounts credited to your Saving Bank Account.
4. If the manual transfer option is unavailable, you should request to your broker via call or online, and the funds get transferred to your Bank Account in T+ 2 working days.

Final word

When you decide to sell or withdraw some securities, you can complete the transaction through the Trading Account. You can remove the securities from your Demat, and the funds are transferred into your Bank Account. Similarly, when you invest in security, you can place the order from your Trading Account, which then reflects on your Demat, and the sums are debited from your Savings Account. Check if you are eligible for a free Demat when you apply.

Benefits Of NRE Accounts To Note Down

If you relocate overseas, make sure to open a Non-Resident Indian Account. The Non–Resident External or NRE Account is a type that allows you to deposit foreign earnings and remit funds instantly. Following are the benefits you should make the most of:

Repatriate funds with ease

If you are asked to list your banking concerns as an NRI, Remittance will be on the top. There is an influx of immigrants worldwide. Due to this, the number of Remittances done daily has also increased. While you live abroad, you may wish to take care of your family’s daily expenses or help a loved one during emergencies. This is possible with the help of an NRE Account.

You can initiate a Remittance request from your NRE Account using Internet Banking. Leading banks allow NRE Account holders to remit money at preferential exchange rates and zero processing fees.

Secures money

Your NRE Account deposits attract a competitive interest rate. Hence, an NRE Account is also considered a good investment vehicle. Secure your funds by opening an NRE Savings Account. The interest rate offered varies for each bank. Hence, it is best to research the market and opt for a bank with the highest interest rate. The interest returns further vary depending on your bank balance.

A higher bank balance translates to higher interest gains. Always try to maintain a higher account balance to maximise your savings.

Safeguards from heavy tax implications

Opting for an NRE Bank Account is ideal to avoid heavy tax implications. Unlike other Bank Account, you need not pay interest gains taxes on your NRE Savings Account. However, you need to pay taxes if you transfer funds from an NRE to an NRO Account. Besides its tax efficiency, NRE Accounts are widely popular for their high liquidity.

The principal sum and interest gains are fully repatriable. There is no upper limit to funds you can repatriate to your home country financially.

Make profitable investments

Are you someone who holds an interest in the Indian Stock Market? Then open an NRE Account and invest in the markets and other investment vehicles like Mutual Funds and Fixed Deposits. Link your NRE Account to your Demat Account. This way, you can trade shares easily.  Another advantage is that banks offer NRI financial services to their account holder.

This service allows you to access market research reports and receive expert opinions on investments.

Joint account holding

You can now hold an NRE Account with another NRI or Indian resident. Note that this is only possible on a former or survivor basis. This ensures that your loved one’s financial requirements are met even in your absence.

How Does Corporate Reputation Influence Employee Acquisition?

When it comes to corporate reputation, you may have read several articles that mention how corporate reputation influences customer purchases and sales. But did you know corporate reputation impacts employee acquisition too? Employees look for more than just a decent salary when taking up a job. They desire to work for a company with a stellar reputation that adds to their professional profile.

Most HR professionals and team leaders find it challenging to draw in good talent, given the company's reputation. Companies today are hiring corporate reputation campaigns firm to reform their company reputation. Here is a detailed overview of how they influence employee acquisition:

Working under a mentor

An employee's first interaction is with their reporting heads or mentor. They make a fair judgement about the company culture through the interaction with their mentor. If you have a good mentor on board, it boosts the company's reputation. Employees will be drawn to work under them.

Opportunity to grow

Every employee wishes to grow and become successful. If your company has a reputation for growth opportunities for its employees, you will receive several applications for a job opening. However, if the company does not promote your employee and prefers having a new boss often, you face challenges in employee acquisition and retention. Why will an employee want to work for an organisation that stunts an employee's growth?

When such a perception is known in the job market, it is time to hire a corporate reputation campaigns firm to help you clean up your image.

Work environment

Employees are conscious of their working environment. If you check company reviews from past employees, the work environment is the primary factor that they speak about. If your company has a reputation for a toxic working environment, getting new employees on board will be tough.

Trust in leadership

Employee acquisition also depends on the company leadership. For example, if you receive a job offer from the big shot, you will take it up without a second thought. Renowned leaders have built that trust within their employees. They know the company will do meaningful work and have lesser chances of running into losses.

Corporate affairs 

This means how a company's business grows with the support of the Government and its agencies. A company with a good reputation is more likely to get better government collaboration projects and gain better employees. Hiring a corporate affairs advisory firm is best as they provide strategies that should help you work seamlessly with the Government.

Guide To Planning A Successful Campaign Strategy

Are you planning to contest for the local municipal or state legislature elections? Then here's the ultimate guide you need to create a winning campaign strategy.

Define your goal

When contesting an election, your only goal is to win. But it is necessary to define victory clearly to make it achievable. In political elections, it is a rare scenario that you win every constituency. You need to focus on those constituencies for securing secure a win. List them down and research about their voter bank. This gives you a fair idea of the political campaign strategy plan you need to devise to win.

Evaluate the current scenario

A common mistake most campaign planners make is not considering the current country's situation. If your campaign is about changing people's perception of a political leader or party, you need to know the kind of leader the public wants. If you campaign for the ruling party, the voters have a fresh memory of the work done.

Building a case for re-election will be easy if the voter's opinion is in your favour. However, if they are unsatisfied with the work, you need to come up with a strategy accordingly.

Campaign with a message

Your campaign message should be a game-changer. We live in a fast-paced world today. Voters may lack time to listen to your campaign agenda in speeches and rallies. The only thing they seek to know is if you are making a difference in their life. Hence, you need to first develop a good campaign message. The simpler the message is to understand, the better it is.

Use fewer words but impactful ones. The same message should be communicated across platforms and campaign materials. If you struggle to develop a strong message, you can always get political campaign strategy plan experts on board. They hold immense knowledge about campaigning and know how to lure the audience. 

Plan a campaign schedule

Once you have a defined goal and decide on a campaign message, start planning the campaign schedule. Plan out which constituencies you wish to campaign in first. Who will be speaking at the rallies? When and where will these rallies take place? You should prepare a rally schedule daily.

Monitor and modify your plan

Even though you have the perfect campaign plan, you need to monitor them. Election campaigns are a lot about what happens during the moment. Your party can face backlash if a political leader's words are misinterpreted at a rally. You need to rethink your action plan and look for ways to control the damage.  Take inspiration from corporate reputation strategy here.

Corporate reputation strategies assess potential crises beforehand and have solutions ready for them. Adopt a similar approach while campaigning.

How To Tackle A Business Crisis?

A business crisis is an extreme scenario potentially threatening your company's growth and success. It can happen anytime. Both internal and external reasons can cause them. There is very little you can do to prevent them. However, you can prepare for it. Here is how to do so:

Identify possible crisis threats

All businesses are vulnerable to crisis. The type of crisis you face depends on the business you are into. Identify possible threats to your business. It could be financial or organisational challenges or a technological breach. Once you know the crisis your business can face, assess its impact on your business.

For example, if there is a data breach, understand how it will impact sales and revenue. It is easier to come up with a solution when you have a clearer idea of the crisis you are dealing with.

Plan of action

Always have a plan ready that you can follow in any crisis. Crisis preparedness planning helps you deal with the threat more equipped. During these scenarios, your company's reputation is at stake. Your competitors are looking for an opportunity to take advantage of your vulnerability. Hence, it is necessary to portray a strong front and build back. A crisis plan helps you do so.

Appoint a crisis leader

There is panic and uncertainty during the crisis, both internally and externally. In a situation like this, people need a familiar face they can trust. When preparing for a crisis response plan, decide who will lead the situation. Generally, the organisation head should be the face of a crisis. As per thought leadership research, people are more willing to trust leaders that reflect power and reliability in such times.

Train people involved

Everyone who is on the crisis response team needs should be trained. You cannot afford a single employee doing something wrong. It further aggravates the situation.  A significant part of the crisis response training focuses on crisis communication. Clear communication is necessary. This trains you for everything right from how to communicate to your employees to give satisfactory answers to the media without risking the company's reputation and more.

Conducting a mock run

Just doing crisis preparedness planning is not enough. You need to put your learnings to practice being 100% ready. Most crisis response trainers recommend doing a mock run post-training. Here, the company is given a hypothetical situation. You need to apply your learnings from the crisis training to practice and come up with a solution. A mock run lets you brush your learning and identify areas you need to work on.

Make sure to follow these steps because only then can you achieve success during any challenging circumstances.  

Understanding The Role Of Corporate Affairs In A Business

When you speak of corporate affairs in the business sector, people assume it relates to unethical practice. It is understood that a company is favoured either for vested interest or at the cost of the country's taxpayers. However, this is not true.  Corporate affairs, public affairs, or government affairs is a tool to engage the government to promote business interests. It is done by engaging with policymakers and regulators ethically.

If you find yourself struggling to gather the necessary government support to grow your business, you should consider hiring a corporate affairs advisory. These advisors focus on two important aspects: government relations and regulatory affairs.

Government relations

The political landscape of India is changing. These changes are announced in the business sector each day. To survive, each business should reassess its needs and seek out new profit avenues. For this reason, you should understand the current business policy and grasp its impact on your business. A corporate affairs advisor monitors the prevailing policy environment.

They provide all the details, helping you stay ahead of your game. This allows you to promote your business interest fairly and create new growth opportunities.

Regulatory affairs 

India is growing and moving ahead faster than expected. With rapid changes on the technological and economic front, it becomes necessary for each sector to upgrade and update. Healthcare, technology, and financial services are a few sectors facing challenges in keeping up with constant regulation. A corporate affairs advisory lets your business meet such regulatory compliance requirements often.

You may think consider it to be a regular change. However, failing to keep up with them can cost your operating license, putting you in deep trouble. Corporate affairs professionals work closely with the regulatory team to build mutual trust and find opportunities to collaborate for growth.

How to manage a company's corporate affairs?

Understanding your company's corporate affairs policies is possible through planning. Do not start right away by approaching policymakers and conducting meetings. Plan and learn why you should focus on corporate affairs for business growth. When you have a clear goal, start working towards it. Chalk out a corporate reputation management strategy. Your company's reputation plays a significant role in managing corporate affairs.

No one will want to collaborate if your company has a bad reputation. Analyse and identify areas of concern within your business. Discuss with your internal team and come up with a solution. Reach out to experts within your industry for expert advice. Do not forget to modify the plan of action when required. Stay updated with the latest policy changes always. 

Why Should You Invest In A Company's Reputation?

When buying a product, what are the factors you consider? The product offering and price are two primary factors you think of. Reputation of the brand is another crucial factor to check. You are a store to buy a mobile phone. It looks great, offers several features, and promises value for money. But will you buy it if the brand is not a renowned one? A bad brand reputation makes its product quality questionable.

If you wish to build customer's trust, increase profit gains, and attract better talent, you should invest in your company's reputation. A reputation management advisory chalks strategies and executes them to create a favourable brand image. Here are the reasons to invest in one.

Word-of-mouth advertising

There are numerous ways to advertise your product today. But word-of-mouth advertising is the strongest of all. Primarily in India, it spreads faster than expected. In India, we live in a close-knit community. The smallest purchase you make, you share it with your family and friends. If your brand has a decent reputation, it spreads quickly. You need not spend additional money on marketing. Your goodwill does it for you.

Earns higher profits

As the word starts spreading, people learn about the brand. They purchase and see what the product offers. Moreover, you need not convince the customer to buy the product. They have heard about your brand name, given the brand's good reputation, and are not hesitant to invest in them. This helps churn out a higher revenue. 

Access better talent

Are you struggling to get talented employees for your brand? The reputation management advisory helps with this. Today employees are looking for more than just a 9 to 5 job paying them a six-figure salary. They take ownership of their work and wish to work for a company they can take pride in. Work on building a good brand reputation, and aspirants look forward to working with you.

Channelise negative feedback rightly

We live in the dynamic digital age. A negative tweet can be why companies' stocks take a hit. Reputation management executives also focus on your company's online reputation. They identify negative feedback and address them immediately before things get out of your hand. At times just addressing the issue may not be enough to restore the company's reputation.

Hence, reputation managers employ a corporate reputation management strategy to channel negative feedback in the right direction. Preparing for such situations is necessary, so you are not caught off guard during a crisis.

What Are The Perks Of Opening A Wealth Account?

Wealth creation is something humans learn from a young age. Before taking up a career or following your passion, maximum people are confident about making enormous money. It takes a lot of smart work and precious possessions like time for multiplication. Maintaining important income objectives helps accomplish a degree of satisfaction with your capital.

A Wealth Account opening allows you to access a wide range of privileges and specialised wealth solutions to meet your financial goals and aspirations. You get guidance from experienced wealth managers having exclusive market insights. Besides, the competitive rates on remittances and global travel assistance is a boon, especially for Indians having relatives residing abroad. Here are the other perks:

Family privileges

Get exclusive access to lifestyle privileges. Take care of your family with global education and medical concierge. Travel with complimentary airport privileges like pick-up and drop-off, lounge access, meet-greets, and international travel assistance. Benefit from property management services, legal services, tax and trust planning, golf green fees waivers, and more.

Wealth solutions and market insights

Be among the first customers to get the latest market insights and highlights from Indian and International markets with group research. You can invest in sophisticated wealth solutions like Bonds, PMS, AIF, structured products, etc. Invest in online Mutual Funds from the comfort of your home using the Wealth Management Account.

Digital banking experience

Manage your portfolio anytime, anywhere with your digital banking partner. Experience the power to manage your life however you desire. Get access to secure login, super-fast remittances, smooth navigation, and swift payments.

Experienced specialists

Get support from a dedicated Relationship Manager for all your banking and Wealth Account opening needs. As your trusted wealth partner, your Relationship Manager co-ordinates with a team of experienced specialists to provide you solutions in line with your financial objectives.

Premium Banking benefits

Enjoy Premium Banking solutions like remote account opening worldwide, preferential rates on remittances, free unlimited ATM withdrawals, exclusive offers on Infinite Debit Cards, and much more.

Other conditions

It is mandatory to follow the Premium Banking proposition of maintaining a minimum relationship value of up to Rs. 30 lakh over six months of Wealth Account opening. The TRV is across all accounts in a family and calculated by aggregating average quarterly Savings Account balances and end-of-period Term Deposits, Insurance, investments, and Mortgage Loan outstanding. 40% of the net balance of the Home Loan or Loan Against Property will be considered for TRV computation.

Conclusion

Wealth Management services are appropriate for wealthy individuals with broad needs. The advisors are high-level professionals and experts who work individually as a single person or as part of a small-scale business. A client receives services from a single designated wealth manager or has access to a team of specified wealth members.