State Bank of India (SBI) has reviewed the requirement of maintaining Monthly Average Balance (MAB) and the charges for non-maintenance of MAB. In this context SBI would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges. In respect of the rest, it has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors. Therefore, this is in addition to the already exempted categories under PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD).
Location: Any State in India
Occupational Category: Relationship Banking
Salary:Rs 30,000 to 40,000
Description: Federal Bank Ltd. Seeks energetic candidate to join as officer in Scale 1 .
Age Requirements:Candidates shall not exceed 26 years as on 01.07.2017 (candidates should be born on or after 02.07.1991) for being eligible for the post of Officer.
- Relationship Banking
- Customer Facing Roles
- Graduation with minimum 60% marks from any recognized university or other institutions established by an Act of parliament or declared to be deemed as a University under Section 3 of U G C Act, 1956
- Should have obtained minimum 60% marks for SSC or equivalent exam & 60% marks for Plus 2 or equivalent exam.
- Candidates should have acquired the stipulated educational qualification through regular mode of study.
- Candidate who joins the Bank as Officer in Scale I will be offered the following pay scale:`23700-980/7-30560–1145/2-32850–1310/7–42020DA, HRA, CCA will be paid as per rules of the Bank in force from time to time depending upon the place of posting. Medical Aid, Hospitalization Scheme, Leave Fare Concession,retirement benefits and other perquisites will be admissible as per Bank’s rules
- Annual Ex Gratia based on bank’s performance
If interested in this position, read full notification of bank here
Date Posted: 2017-08-21
Valid Through: 2017-09-04
SBI Cut Interest Rates on Savings Bank Deposits
India's largest lender State Bank of India (SBI) on Monday cut interest rates on savings bank deposits by 0.5 per cent. Banks were flushed with liquidity after Government's demonetization move last year.
The new interest rates on savings bank deposits will be come into effect from 31st July.
Now, for saving deposits balance up to Rs 1 crore, SBI will offer a rate of 3.5 per cent as compared to 4 percent earlier, the bank said.
However, for saving deposits balance above Rs 1 crore, rate of interest has been retained at 4 per cent per annum.
To promote digital banking, SBI had earlier reduced charges levied on Real-time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transactions up to 75 per cent.
NEFT and RTGS are electronic money transaction mechanisms used to transfer money between two different bank accounts anywhere in the country.
Banks, including HDFC Bank, ICICI Bank and Axis Bank, from March 1 started levying a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
The charges will apply to savings as well as salary accounts effective from Wednesday, HDFC Bank said in a statement.
According to HDFC bank’s new rule, apart from having to pay an additional Rs 150 for the fifth transaction after four free ones, consumers will have to pay cess and an additional service tax.
While a transaction of Rs 25,000 from a non-home branch won’t cost you a penny, anything above Rs 25,000 will be charged Rs 5 per thousand or a minimal amount of Rs 150 once and for all. The tax and cess will be applicable on this amount as well.
At a home branch, if the cumulative cash (deposit and withdrawal) exceed Rs 2 lakh, a transaction charge of Rs 5 per thousand rupees or Rs 150 (plus tax and cess) will be levied.
According to HDFC, there will be no charge or tax for minors and senior citizens up to an amount of Rs 25,000 per day.
Third party transactions above Rs 25,000 won’t be allowed. Only a transaction up to Rs 25,000 with Rs 150 charge will be accepted.
However, the cash handling charges imposed after the note ban have been removed completely.
THE CASE WITH ICICI BANK
In case of ICICI Bank, the charges are the same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others.
According to details on ICICI Bank website, there will be no charge for the first four transactions a month in the home branch, while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. The third party limit would be Rs 50,000 per day.
For non-home branches, ICICI Bank would not charge anything for the first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.
For cash deposit anywhere, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for the first cash deposit of a calendar month and Rs 5 per thousand thereafter. ATM intercharge charges have also been re-introduced.
FOR AXIS BANK ACCOUNT HOLDERS
At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.
When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.
Lucky Grahak Yojana- Digital Payment Lucky Draw
(AN INITIATIVE UNDER DIGITAL INDIA CAMPAIGN)
Lucky Grahak Yojana- Digital Payment Lucky Draw - Promoting Digital India and cashless banking are one of the main objectives of our government. Now, working towards the same initiative, Government of India has launched Lucky Grahak Yojana and Vyapar Yojana, rewarding the customers through exciting cash prizes.
The prize money goes up to Rs 1 Crore and daily 15,000 people would get prize. The prize winner would be decided on the basis of lucky draw to be conducted in April-2017.
One important thing is that the draw is applicable from back date, i.e., from 8th November’2016, the day of demonetisation. Lucky draw has started from 25th December’2016 and will go for 100 days.
Thousands of people are going to get rewarded through this scheme. Government is spending around Rs 340 Cr for this Digital payment lucky draw.
Prizes under Lucky Grahak Yojana
There are various types of prize fixed under this lucky Grahak Yojana. There would be daily prizes, weekly prizes and Mega prize.
Daily Prize To Lucky Consumer
Daily prize limit is fixed as Rs.1000/- and 15000 people will get rewarded daily. This will go on for 100 days.
Mode of Transactions
UPI PSP App
AEPS ( Aadhar Enabled Payment System)
Weekly prizes are worth Rs 1 lakh, Rs 10,000 and Rs. 5000 for Consumers and the same will be distributed among 7000 consumers.
At present it is decided that The Mega draw would happen on 14th April, on the day of Ambedkar Jayanti. There will be 3 prizes: 1st prize of Rs.1 crore, 2nd being of Rs.50 lacs and 3rd prize of Rs.25 lacs.
Who is eligible for Lucky Grahak Yojana
The prizes would be given to those consumers who pay using the cashless mode/digital payment. The payment should done from any of of the following mode.
- Unified Payment Interface (UPI)– This is mobile app based payment system. Most of the banks has integrated the UPI to their existing mobile apps. SBI Pay, PNB UPI, Axis Pay, BHIM and PhonePay are the standalone UPI apps.
- USSD *99# Banking– This system of payment is for those who don’t have a smartphone or internet. To use this type of payment you have to dial *99# from your feature phone.
- Adhaar Enabled Payment System (AEPS)– This payment system does not require phone, internet or signature. This is done on the micro ATM using your Adhaar and fingerprint. The merchant uses Aadhaar payment app to get money.
- Rupay Card– This may be debit or credit card like Visa and Mastercard. The NPCI has developed this payment gateway. All JanDhan Account holders have got this type of debit card
To know more about these payment methods, click here http://bankfdrates.com/how-to-go-cashless-after-demonetization/
Who are not eligible under Lucky Grahak Yojana
- Payments made through digital wallets like paytm, mobiwik, freecharge, buddy etc are not eligible under the scheme unless and until consumer has chosen UPI mode of transfer which is available in those wallets which have integrated with UPI like Phonepe.
- Any payment made through the Mastercard or visa Debit/credit card is not eligible for the Lucky Grahak Yojana
- Payments made through net banking are also not eligible.
Amount Limit for Lucky Draw
The scheme is mainly launched to promote digital methods of payment among lower class, poor class and middle class people which is why the lower and upper limit of money spend is limited by government. The digital and card payments of more than Rs 3000 would not be eligible for lucky draw and there is a minimum transaction limit of Rs 50. Every transaction between this limit would be eligible for lucky draw. The more you use the digital payments, more would be chance to get a prize.
Modus Operandi of Lucky Grahak Yojana
We have already told that transactions done through Rupay Card, UPI, USSD and AEPS are eligible under the draw. Now all of these transactions go through NPCI (National Payments Corporation of India) platform and NPCI will settle these transactions and also lucky draw will be decided on the base of these settlements.
In the first lucky draw conducted on 25th December, The NPCI has taken 8 crore transaction during 9 November to 24 December.
On daily basis, transactions are categorised on the basis of mode i. e. Rupay, UPI, USSD and AEPS and a lucky draw is conducted for each category. The NPCI uses especially developed software for this lucky draw. The computer selects the lucky winners of each category.
The lucky transaction IDs are communicated to the respective bank through which the transactions were initiated. The banks identify the account holder of that transaction and all of this will happens within 24 hours.
Now, the bank gives back the bank account numbers of lucky winner to the NPCI and NPCI credits the Rs 1000, in each of the account using the Niti Aayog funds. Thus after the announcement, the winners get Rs 1000 within 48 hours in their account.
How To Know The Result of Lucky Grahak Yojana
Follow the steps to find out if you have won under the Lucky Grahak and Digi Dhan Vyapar Yojana.
Go to the https://digidhanlucky.mygov.in/ website
- Depending on whether you are a Consumer or a Merchant, click on the corresponding button
- In the box that appears next, provide the mobile phone number registered with your UPI/ USSD/ RuPay/ AEPS account
- You will receive an OTP, which you must enter in the box that appears in the middle of the screen
- Click the Try Your Luck button
- The next message will show if you have won under the Lucky Grahak Yojana and Digi Dhan Vyapar Yojana
If you have made a payment via the above mentioned approved methods but get the No Information Available message, you can provide more details, such as your card number in case of RuPay, VPA for UPI transactions, Aadhaar number for AEPS, and mobile number (once again) for USSD payments.
This is the first time government has launched any such scheme to reward consumers and each and every consumer should take benefit of the scheme.
Prime Minister Narendra Modi today launched UPI based mobile payment application called BHIM (Bharat Interface for Money) - a rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data).
How does it work?
Register your bank account with BHIM, and set a UPI PIN for the bank account. Your mobile number is your payment address (PA), and you can simply start transacting.
Send / Receive Money: Send money to or receive money from friends, family and customers through a mobile number or payment address. Money can also be sent to non UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.
Check Balance: You can check your bank balance and transactions details on the go.
Custom Payment Address: You can create a custom payment address in addition to your phone number.
QR Code: You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR Code for display.
Transaction Limits: Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours.
Supported Banks: Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Dena Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, RBL Bank, South Indian Bank, Standard Chartered Bank, State Bank of India, Syndicate Bank, Union Bank of India, United Bank of India, Vijaya Bank.
This is the era of demonetization and start of cashless banking for India. While this bold move by PM Modi is commendable and will brighten India’s future but at the same time public is struggling for lack of cash in ATM machines and long queue’s in bank branches.
With this note, you should also know that there are many ways of paying all your bills, utilities and even do daily shopping without any cash in hand. You don’t need to stand in ATM’s or branch queue’s daily for your money needs.
Here is a quick glance of what you can do with these payment methods:
- Pay utility bills like electricity, water, telephone etc.
- Recharge mobile, DTH etc.
- Buy your daily groceries and even vegetables and fruits.
- Shop in malls or departmental stores.
- Pay for food in restaurant or online ordering.
- Booking of railway tickets, air tickets or any other travel tickets.
Now, we will begin with various types of payments methods which may ease your daily life to a great extent:
- Electronic Wallets
- UPI – Unified Payment Interface
- USSD – Unstructured Supplementary Service Data
- AEPS – Aadhar Enabled Payment System
- Cash/Point of Sale Machines
Various wallets are available in India through which you can do all online payments and even shop in some stores. You need to transfer money from your account in these wallets and use them wherever you want. Top wallets in India are:
PayTM is one of the largest electronic wallets cum e-commerce platforms in India, offering its customers a digital wallet to store money, make quick payments and purchase all sort of items.
After demonetisation, PayTm has also tied up with various stores like big bazaar where you can shop and pay through wallet. Even some tea and milk stalls and vegetable as well as fruit vendors now accept payment through PayTm.
PayUMoney, a Gurgaon-based company that provides online payment solutions launched its wallet service last year. This e-wallet by PayUMoney enables the user to store cash and pay for various services and transactions.
MobiKwik is an independent mobile payment network that allows its users to add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces.
Citrus Pay is also a popular e-wallet app for cash storage, payments and money transfers.
Besides these top wallets, other known e-wallets are:
UNIFIED PAYMENTS INTERFACE (UPI)
Unified Payments Interface was launched by NPCI (National Payments Corporation of India) to facilitate towards government’s and RBI move of cash less and more digital society.
UPI is built on IMPS platform (Immediate Payment Service Platform) and basically powers bank accounts of various participating banks (in NPCI) to carry out following functions:
UPI platform can be used for:
- Immediate money transfer through mobile device round the clock 24*7 and 365 days.
- Single mobile application for accessing different bank accounts
- Single Click 2 Factor Authentication .
- Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
- Bill Sharing with friends.
- Merchant Payment with Single Application or In-App Payments.
- Scheduling PUSH and PULL Payments for various purposes.
- Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
- Donations, Collections, Disbursements Scalable.
- Raising Complaint from Mobile App directly.
USSD (UNSTRUCTURED SUPPLEMENTARY SERVICE DATA)
You must be aware that telecom operators use USSD platform for mobile recharge and enquiries like balance, various offers etc. Now, we can use the same platform for banking service and fund transfer also on the basis of your registered mobile number. The connection to the server of your bank goes through the servers of telecom companies and NPCI handles all the technicality of this USSD service. A special number *99# is fixed to access the banking services. This number works across the banks and his system of banking transaction is termed as the NUUP (National Unified USSD Platform).
NUUP uses USSD to perform various financial, non-financial and value added services. You can not only check your balance and see mini statement but also send money. There are some more options such as show MMID, generate OTP and change M-PIN.
USSD code For Different Languages
USSD code is available in regional languages also. Currently, this service is available in 10 regional languages along with Hindi and English.
- English *99#
- Hindi *99*22#
- Tamil *99*23#
- Telugu *99*24#
- Malayalam *99*25#
- Kannada *99*26#
- Gujarati *99*27#
- Marathi *99*28#
- Bengali *99*29#
- Punjabi *99*30#
- Assamese *99*31#
- Oriya *99*32#
However, at present USSD in languages other than English can be used only for following three services viz Balance enquiry, Mini statement and Funds transfer using IFSC and Account number
How to use USSD: This flowchart will show how you can use USSD for payments and other facilities:
Dial *99# from your registered mobile and wait for 5 seconds.
Enter the three letter abbreviation of your bank name or first four-letter of bank IFSC or first two digits of bank’s numeric code and hit send or call button.
You will see some options for the services. It can be different for different banks. These options are-
- Account Balance
- Mini statement
- Send money using MMID
- Send Money using IFSC
- Send money using Aadhaar Number
- Show MMID
- Change M-PIN
- Generate OTP
You can use any desired option like for sending money using IFSC, you need to press 4 from your mobile and thereafter enter beneficiary account number and IFSC code.
USSD uniquely offers payment through Aadhaar number. If the Aadhaar number is linked to the beneficiary account, then you can transfer money using Aadhaar number. Enter 5 and submit to access next menu. Enter beneficiary Aadhaar number, amount and remarks (optional) and click submit to go to the next step. Enter your mobile banking M-PIN and last four digits of your account number and submit to transfer money. A confirmation screen showing success response will be displayed.
Charges and transaction limit for USSD Banking
The telecom service providers will charge to use NUUP services. However, TRAI has set a maximum limit of ₹ 1.50/ transaction but you need to contact your telecom service operator to confirm exact charges. The transactions limit for NUUP is set to ₹ 5000 per transaction by Reserve Bank of India (RBI).
Aadhaar Enabled Payment System (AEPS)
Like UPI and USSD, this is another step taken by NPCI towards digital India which enables you to get money through your Aadhaar number and data.
AEPS (Aadhaar Enabled Payment System) requires you to register your Aadhaar number in your bank account and then through BC (Banking or Business Correspondents) you can get your money without any need of debit card or signature or visiting branch premises.
Main functions which are at present enables through AEPS (Aadhaar Enabled Payment System) are:
- Balance Inquiry
- Cash Deposit
- Cash Withdrawal
- Aadhaar to Aadhaar Fund Transfer
Except Fund transfer, one can perform all the transactions through the banking correspondent of any bank. For fund transfer, you will need the BC of your own bank.
Modus Operandi of Aadhaar Enables Payment System (AEPS)
You must be thinking how one can withdraw money with only Aadhaar number and what if someone uses someone else’s Aadhaar number. When you enrolled for Aadhaar, UIDAI took your fingerprints and iris image which are unique for each and every person. AEPS uses this basic for verification of transaction.
The fingerprint is authenticated by the UIDAI. In response to a transaction, UIDAI tells to the bank about the authenticity of the user. Once, UIDAI authenticates, the bank gives green signal to the transaction.
So, in the Aadhaar Enabled Payment System following 6 institutions are involved.
- You, the bank customer
- Banking correspondent – The facilitator of AEPS
- The bank of BC – The bank to which banking correspondent is attached
- Your Bank – the bank with which you held the bank account
- NPCI – It does switching, clearing and settlement of transactions
- UIDAI – For finger-print authentication
Charges of AEPS
Using AEPS for banking transaction is quite easy but a bit costly and charges can go upto Rs 15 for one transaction. UIDAI may charge a nominal fees for authentication, however it is not charging yet. The NPCI charges 10 paise for authentication and 25 paise for settlement. And finally, the bank can charge 1% of the transaction value if it is related to other bank. The minimum fess for other bank transaction would be Rs 5 and maximum fees would be Rs 15. (source-UPI website)
POINT OF SALE MACHINES
PoS machines are also very helpful in this move towards digital India and cashless banking. Nowadays almost all merchants purchase one or other PoS machine and you can simply swipe your debit or credit card there to pay for your purchase or food bill or anything else. Usually, merchants pay fee to the bank for PoS transactions but some merchants may also charge you some percent of total billed amount.
The government is set to issue the fifth tranche of the sovereign gold bond scheme on 1 September.
The tenure of the bond will be for a period of eight years with an exit option from the fifth year to be exercised on the interest payment dates.
The gold bonds will be sold through banks, Stock Holding Corporation of India Ltd (SHCIL), designated post offices and recognized stock exchanges.
The investors will be compensated at a fixed rate of 2.75% per annum payable semi-annually on the initial value of investment. These bonds are available in nearly all banks. Government pays commission to banks for selling the bonds.
Fore more details go here: Govt website