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UPI QR Cardless Cash Withdrawal via ATM – How?

Shitanshu Kapadia
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0
UPI QR Cardless Cash Withdrawal via ATM – How?

Cardless Cash Withdrawal is a wonderful facility where you can withdraw cash at ATM without using a debit card. 

Imagine the situation where you have forgotten your ATM card at home and you are in urgent need of cash. In that case, you can make use of your UPI ID and withdraw cash from ATM. 

This facility is available at many ATMs in India. Now, this facility will be interoperable. Not only that RBI has proposed that a Cardless cash withdrawal facility will be mandatory at all ATMs.

Interoperable cardless cash withdrawal gives multiple benefits to the customer. This facility will reduce the chances of fraud and also provide convenience to the customer. 

Let’s take a close look at cardless cash withdrawal and find out – How UPI QR-based interoperable cardless withdrawal works? and How this new facility will help customers?

UPI QR Cardless Cash Withdrawal via ATM

How does Interoperable Cardless Cash Withdrawal Works?

Under the cardless cash withdrawal facility, you can withdraw cash without making use of a debit card at ATM. 

The request for cardless withdrawal can be initiated for a minimum of Rs.100 per transaction and up to a maximum of Rs.10000 per day or Rs.25000 per month. This limit is decided by the bank and is subject to change from time to time.

This facility will become Interoperable means inter-usable. 

Till now, only existing customers of the bank were allowed to withdraw cash without ATM cards at a specific ATM center. 

This means if you are a customer of ICICI bank and want to use a cardless cash withdrawal facility, you need to make use of the ICICI Bank ATM. You cannot use any other bank’s ATM for making a cardless transaction. You need to locate a nearby ICICI bank ATM and perform a transaction. 

Once interoperability is in place, you will be able to withdraw cash from any other nearby bank’s ATM using UPI.

The facility of interoperability is to be implemented by all banks within the stipulated timeline as per RBI Mandate. 

Cash Deposit Machine Locator – How to find CDM Near You?

Benefits of Cardless Cash withdrawal using UPI  

Benefits associated with cardless cash withdrawal using UPI are given below.

#1 No physical interface – ATM card required for performing cash withdrawal. 

#2 Elimination of card skimming, card cloning, and tempering frauds. 

#3 Digital Interface (App) for doing transactions using UPI. 

#4 Interoperability allows you to make use of other banks’ ATMs for the withdrawal of money.

#5 Ease of usage doing a transaction with UPI and App based verification.

#6 Absolute freedom in terms of withdrawing cash in a secured way at any ATM.

How to Use UPI QR Cardless Cash withdrawal?

To make use of this facility you need to follow the steps given below.

  1. Visit the nearest ATM center. 
  2. From ATM screen select the “Cardless withdrawal QR UPI” option.
  3. Enter the withdrawal amount on the ATM screen.
  4. You will be able to see a QR code on the ATM screen.
  5. Make use of Bhim UPI, Bank Application, Google Pay, or PayTM to scan the QR code.
  6. Check the amount and detail appearing on the mobile app.
  7. Enter the PIN and select Pay Now to perform a transaction.
  8. Now press the Cash Option tab at the ATM. 
  9. ATM will dispense the Cash.

In case withdrawal fails at the ATM due to a technical issue or any other reason and amount is deducted from the bank account. You need to inform the bank to correct the transaction.

The facility of QR UPI withdrawal is enabled by many banks.

Over to You

In my opinion, it is a very good facility that gives you freedom of money withdrawal at any ATM without using a debit card (using UPI and QR code). Not only that this facility will also eliminate the possibility of fraud (card skimming, card cloning) and misuse.

Do you think that introducing this facility is helpful? Share your thoughts via sending us an e-mail at info@moneyexcel.com

Rock West Forex Trading Platform – Review

Shitanshu Kapadia
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0
Rock West Forex Trading Platform – Review

Forex Trading is one of the most popular method to make money. Forex Trading means trading in foreign currency. You might have noticed that value of dollar is going up every day. Trader willing to take advantage of this appreciation in short term or medium term can participate in forex trading.

If you are keen to do forex trading for making this post is for you. In this post, we will review Rock West Forex Trading Platform in detail.

rock west trading

What is Forex Trading Platform?

Forex Trading platform is an application/website interface offered by forex currency broker to the customer for doing trading in forex market.

The forex trading platform can be an online web-based portal, mobile app, stand-alone installable application or combination of all of these.

Rock-West Forex Trading

Rock-West offers high quality online trading platforms with a minimum deposit requirements and multiple payment methods. Rock-West is relatively new and offers forex, crypto and commodity trading for traders.

You can create trading account at Rock-West, upload your KYC documents and start doing deposits and withdrawal in your account. You will be provided with demo account for learning.

Rock-West is secure and reliable. The company have policy to collaborates with credible financial institutions and liquidity suppliers. Rock-West is a registered regulated organization that places a big premium on safety and transparency.

Rock West offers two types of trading platforms.

  1. RWTrader
  2. Meta Trader 5

RWTrader is a purpose built trading terminal to ease your start in trading. Embedded learning and risk protection tool for traders. Meta Trader 5 is trading platform for the advanced traders.

Let’s take a look at Key features of RWTrader (Rock West) Trading platform.

Key Features of RWTrader Platform

Assets

You will get facility of trading in multiple asset class. The trading instrument includes FX pairs, Crypo currency pairs & commodities.

Trading Terminal

RWTrader trading terminal is available on both android as well as window platform. It is intuitive trading platform that provides one click buy and sell facility.

Risk Protection for Traders

This platform comes with Risk Protection facility. You can avoid unexpected losses by setting maximum loss amount for every open orders.

Zero Commission

It is zero commission platform. This means this platform grants zero commissions on the client deposits for a wide range of payment methods.

Negative Balance Protection

Rock-west provides negative balance protection and compensate your negative balance that can occur in case of market volatility.

Market Trends and Forecasts

This platform has inbuilt analytics facility. You can get one click report for market trends and forecasts. This research is backed by leading industry experts and trusted consulting agencies.

Pros

  • Zero Commission
  • Fast and Intuitive interface
  • Available on Andriod and Windows platform
  • Risk protection system
  • Market trends and forecasts facility
  • Demo Account with learning facility
  • Secure and reliable

Cons

  • Relatively new platform
  • Platform for iOS is under development

Final Words

Rock-West is a new generation of forex brokers. Rock-West have used latest technologies to build innovative trading platform.

RWTrader is user friendly, suitable for beginner who have no experience of trading in the forex market.

It has stock forex, crypto, commodities, everything you could want to trade. You can verify yourself. The spread is very high and commission charges are zero. This is very good for online traders.

Disclosure : The financial instruments offered by the Rock-West are high-risk products that are traded on margin and carry a risk of losing all Client’s initial deposit. These kind of products can fluctuate significantly and present a high risk of capital loss, therefore these products may not be appropriate or suitable for all clients.

Which Mirae Asset Mutual Fund is best in SIP?

Shitanshu Kapadia
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0
Which Mirae Asset Mutual Fund is best in SIP?

Mirae Asset Mutual Fund is among India’s fastest-growing asset management companies. The consistent outperformance of its equity funds has been the primary driver of its exponential growth.

Mirae Asset Investments is a multi-asset manager that provides cutting-edge strategies to help customers accomplish their goals in an ever-changing environment. Mirae Asset was founded in Asia and now has a footprint in 15 countries all over the globe, where they collaborate to run a fully diversified investment online platform. The organisation has 59 programmes and handles more than 82,000 crore INR in assets. The fund firm provides a diverse range of mutual fund plans, as well as ETFs, in the areas of stocks, debt, and balanced. It is driven by its fundamental ideas.

In this post, I will share Top Performing Mirae Asset Mutual Funds. Additionally, I will also share why to invest in SIP? and How does SIP work?

Why invest in SIPs?

A SIP enables you to put a little quantity in your mutual fund plan on a monthly basis. When you set up a SIP, a specific sum is withdrawn from your bank each month and invested in your preferred mutual fund.

If you’re looking to invest in mutual funds but don’t have a large sum of money to spare, then a Systematic Investment Plan—or SIP—is your best bet.

Mutual funds are generally considered less-risky financial instruments and investing in them requires a relatively high investment horizon. When compared with other forms of investment (debt, equity, real-estate), mutual funds offer the highest levels of liquidity, transparency and flexibility but are also characterised by higher asset growth potential and low investment risks. So if you do not mind your investment being locked for long, then a SIP might be the perfect choice for you.

Best Mutual Funds to Invest in 2022 – Top 10 Mutual Funds India 2022

How does SIP work?

When you participate in any mutual fund plan through SIP, you buy a particular number of funds equal to the sum you invest. When buying through SIP, you do not need to predict the markets because you gain from both positive and negative market movements.

When the marketplace is down, you can buy more fund units, whereas when the marketplace is up, you should buy less. Because the net asset value of all funds changes daily, the cost of buying may fluctuate from one instalment to the next. The cost of buying balances out over years and comes out to remain on the cheap side. This is referred to as rupees cost averaging. If you invest in lump sum mutual funds, you do not receive this benefit.

Top Performing Mirae Asset Mutual Funds

Top-Mirae-Asset-mutual-fund-sip

#1 Mirae Asset Emerging Bluechip Fund

Rationale 

  • Emerging Bluechip Fund has a 1-year return of 23.84%. Since its inception, it has generated an average yearly return of 24.39%. Every two years, the fund has almost doubled the amount invested in it.
  • The capacity of the Emerging Bluechip Fund plan to provide consistent returns is greater than that of other funds in its category. It has an above-average capacity to minimise losses in a sinking market.
  • The bulk of the fund’s assets is invested in the finance, tech, medical, automobile, and energy industries. In comparison to other mutual funds in its category, it has acquired less exposure in the finance and tech fields.
  • The top five holdings of this mutual fund are ICICI Bank Limited, Infosys Limited, HDFC Bank Limited, Axis Bank Limited, and State Bank of India.

Note – Returns details are calculated as of April,2022.

#2 Mirae Asset Tax Saver Fund

Rationale

  • Tax Saver Fund has a 1-year return of 23.77%. Since its inception, it has generated an average yearly return of 21.75%. Every two years, the fund has almost doubled the amount invested in it.
  • The capacity of the Tax Saver Fund plan to provide consistent returns is greater than that of other funds in its category. It has an above-average capacity to minimise losses in a sinking market.
  • The bulk of the fund’s assets is invested in the finance, tech, medical, automobile, and energy industries. In comparison to other mutual funds in its category, it has acquired less exposure in the finance and tech fields.
  • The top five holdings of this mutual fund are Infosys Limited, HDFC Bank Limited, ICICI Bank Limited, Reliance Industries Limited, and Axis Bank Limited.

5 Best Hybrid Mutual Funds to Invest in 2022 – Up to 30% return

#3 Mirae Asset Great Consumer Fund

Rationale

  • Mirae Asset Great Consumer Fund has a 1-year return of 24.57%. Since its inception, it has generated an average yearly return of 17.97%. Every two years, the fund has almost doubled the amount invested in it.
  • The capacity of the Great Consumer Fund plan to provide consistent returns is on-par with other funds in its category. It has a below-average capacity to minimise losses in a sinking market.
  • The bulk of the fund’s assets is invested in Consumer Commodities, Materials, Financial Services, Automobiles, and Consumer Discretionary. In comparison to other mutual funds in its category, it has acquired less exposure in the Consumer Commodities, and Materials fields.
  • The top five holdings of this mutual fund are ITC Limited, Bharti Airtel Limited, Hindustan Unilever Limited, Asian Paints Limited, and Axis Bank Limited.

#4 Mirae Asset Large Cap Fund

Rationale

  • Mirae Asset Large Cap Fund has a 1-year return of 20.91%. Since its inception, it has generated an average yearly return of 17.77%. Every two years, the fund has almost doubled the amount invested in it.
  • The capacity of the Large Cap Fund plan to provide consistent returns is on-par with other funds in its category. It has a below-average capacity to minimise losses in a sinking market.
  • The bulk of the fund’s assets is invested in the finance, tech, medical, automobile, and energy industries. In comparison to other mutual funds in its category, it has acquired less exposure in the finance and tech fields.
  • The top five holdings of this mutual fund are Infosys Limited, ICICI Bank Limited, HDFC Bank Limited, Reliance Industries Limited, and Axis Bank Limited.

Conclusion:

If you’re looking for an ideal mutual fund to invest in, Mirae Asset Mutual Fund might be the right way forward. Its performance has been consistent and impressive, making it an excellent addition to any investment portfolio. If you are not sure how to start investing in mutual funds, take a bit of time to read up on the things you should know. That way, you can determine whether mutual funds are the best investment for your needs. Because of their flexibility and ease of use, there are many reasons why investing in mutual funds is something you should seriously consider.

Credit Score Impact Analysis CIBIL Score Simulator

Shitanshu Kapadia
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0
Credit Score Impact Analysis CIBIL Score Simulator

CIBIL Score Simulator – Knowing and Improving credit score is extremely important when it comes to applying for a credit card or loan. 

The credit card company and bank check your credit score to approve your loan and credit card application. A low CIBIL score means rejection of a loan application. 

There are multiple ways to check and improve your credit score. Even I have shared 7 ways to improve credit score in my previous post.

However, I feel that you need a tool that helps you to perform an impact analysis on your credit score for your financial actions.

For example, if you pay off your credit card bills or if you take a new loan what impact it will make on your credit score. Now, you can do behavior analysis and know credit score impact by using the CIBIL score simulator. 

CIBIL score simulator is a wonderful tool. Let’s explore further and try to get answers – What is the CIBIL Score simulator? How to use CIBIL Simulator to do impact analysis. 

Credit Score Impact Analysis CIBIL Score Simulator

Before knowing more about the CIBIL simulator let’s take a look at what is CIBIL score and What Information Credit Information Report contains.

What is CIBIL Score?

A CIBL Credit Score is a three-digit numeric number that is issued by the credit agency CIBIL to the individual. 

A CIBL score shows a summary of your credit history. The value of your CIBIL credit score ranges between 300 -900. The credit score plays a crucial role in deciding your trustworthiness and capacity to repay the loan. 

The report mentioning information about CIBIL credit score in detail is known as a Credit Information Report.

Your credit score should be higher to get approval for high-value credit.

Here is a quick summary of the credit score range, credit health, and risk level.

Credit Score Range Credit Health Risk Level
850 – 900 Excellent Very Low Risk
750 – 850 Good Low Risk
650 – 750 Fair Moderate Risk
500 – 650 Poor High Risk
300 – 500 Bad Very High Risk

 

What information Credit Information Report Contains?

The credit information report (CIR) contains a record of all your credit transaction such as loan EMI, credit card payments & history. 

The CIR report contains the following information.

  • CIBIL score & credit summary
  • Types of credits taken by you till date.
  • Loan sanctioned amount by the bank and outstanding amount.
  • Detail of loans where you stood as a guarantor.
  • Your loan repayment history, delay, and default.
  • Inquiries that were made for your CIR by various banks.
  • Your employment detail and job profile.

5 Best Apps to check credit score for free in India

What is CIBIL Score Simulator?

CIBIL Score Simulator is a facility that you can use to simulate different credit behaviors on your existing CIBIL report to generate a simulated CIBIL score. 

It means you can simulate your credit behavior and exactly predict your credit score by using this tool.

Few examples where you can apply this tool to know the impact are –

  • At the time of opting for a new loan or closing an existing loan.
  • Paying outstanding credit card dues.
  • At the time of opting for or applying for a new credit card.
  • Opting for a credit card EMI facility.
  • Credit card limit enhancement.

This means this tool is extremely important and helpful to understand how your credit behavior can affect your CIBIL score.

You can make informed financial decisions by using this tool. 

You can even improve your credit score by using this tool.

How to use CIBIL Score Simulator for doing credit score impact analysis?

You require an active CIBIL member account (paid account) to access the CIBIL score simulator. 

As a paid member, you will get a tab called “Score Simulator” in your CIBIL account.

Follow the step given below to perform a credit score impact analysis.

  • Open the score simulator tool from your CIBIL profile.
  • Select from the given credit behaviors (simulations).
  • Enter the required additional information. E.g if you opt for a new credit card, you will be asked for a ‘Credit Limit’.
  • After entering the required information, you will be able to see your credit score and simulated credit score side by side.

The subscription charges of CIBIL are Rs.550 for 1 month, Rs.800 for 6 months, and Rs.1200 for a year. Note – These charges are as of April 2022 and are subject to change anytime.                                                                       

Benefits of using CIBIL Score Simulator

  • Predicting credit score by simulating credit behaviors.
  • CIBIL score impact analysis for credit behavior – Increase or decrease in credit score. 
  • You can improve your credit score by performing simulations and doing actual credit transactions.
  • Helps you in making informed credit decisions to achieve your financial goals.

How to get Free CIBIL Credit Score Report?

FAQ on CIBIL Score Simulator 

Is it a Free tool?

Credit simulator by CIBIL is paid tool and available only to members who have taken a CIBIL subscription. 

Does using a score simulator impact my credit score?

No, it is just a simulation tool to know the impact on the screen. The usage of this simulation tool does not change or impact your credit score. 

Can I add a new simulation to this tool on my own?

No, as of now you need to use available simulations on this website. You cannot add any new simulation (Credit behaviors) on your own.

Over to You

I think it is a very good facility that helps in doing credit score impact analysis. 

However, CIBIL should offer this facility at a lower cost or for free. 

Have you used this facility? Do you think this facility is helpful?

Speak your mind and share with us at info@moneyexcel.com

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