Thursday, December 27, 2012

CTS (Cheque Truncation System) Cheque

Cheque Truncation System (CTS) aims to make cheque clearance more efficient and reduce the clearance time of cheques to one day, thereby trimming down the floating time considerably. India processes as many as 1.2 billions cheques annually and therefore, the implementation of this system would drastically cut down the waiting period involved. The system will be implemented nationwide from April 1, 2013.
Sample CTS Cheque

An online image-based cheque clearing system, the collecting bank branch would deploy scanned images along with the magnetic ink character (MICR) of the cheque which will be sent out electronically using their Capture System, removing the need for physical/manual transfer of cheques. The captured images and the data is then signed and encrypted and sent to the Clearing House or the central processing location and thereafter forwarded to the drawee or paying bank.

Read More


Tuesday, December 18, 2012

NEW Saving bank account without any MINIMUM balance(No hidden charges) - ICICI b2 digital banking

 So when was the last time you visited your bank's branch? A month ago - 2 months maybe even 3 months ago? Why haven't you walked in to a branch? Simple - you didn't need to.
India and the world as we know it is moving towards a new paradigm where users demand world class service - as and when they want it.When we talk about anytime anywhere service then first thing came into mind is digital service.
If you identify with this philosophy then welcome to the world of b2 digital banking. Welcome to ICICI b2!
ICICI bank has statrted a unique idea of branch free banking with some limited access.
When ATMs were introduced, we thought that why do we need ATMs when we have good old branches? ICICI b2 banking is the next step in the evolution of banking. It's a bank, where everything is done online and since you don't need branches, so they don't offer them. you can enjoy all the conveniences of banking at your finger tips and your money grows faster. b2 understands that today’s banking is not just about payments and transfers. Hence along with these it offers other benefits like bill payments and mobile recharge.
 Features in ICICI b2 banking
    No hidden charges/zero charges
    8 % Interest rate
    No premature penalty
    Online transfer of Balance
    virtual e wallet for online payments
    No minimum balance requirement.
    24X7 banking
    Pre approved Loan without any documentation
    Online credit card
    Online draft request and free delivery any where in India
    Online RD and FDR account
    Free bills payment
    Mobile recharge facility
    Online help line service
Features not in ICICI b2 banking
      No ATM card
    No Debit Card
    No passbook
    No physical statement .
    No cheque Book
    No /limited access to branch


Tuesday, December 11, 2012

Allowance in Salary will also included in PF deducation

Under the Ministry of Labour and Employment It has been directed that according to new regulation PF(Provident Fund) of a employee should be deducted form  of sum total of  the basic pay and allowances . The new circular will cut the decease the salary of the employees. but that PF amount will  pleasure with you .It will increase the amount of PF deduction but at the same time it same amount will be contributed by Employer which will ultimately help employee in long run

Internal Review of the EPFO ​​in Mumbai on November 30, after meeting all EPF offices across the country it is circular. So far employee contribution is done as   twelve per cent of the basic pay and DA . Following the release of the new circular the  companies who  being manipulate in employee basic salary and break it into different allowance to reduce PF amount will now under pressure . Now for calculating employee PF Basic and other allowance will be added . That means Convenace, medical, education etc these will be the part of PF calculation

Suppose a person's gross salary is Rs 33. It's basic salary 25 thousand, 5 thousand and night shift allowance allowance convenyance allowance as 3 thousand .In normal case  PF contributions on basic pay at the level of Rs 25,000 is made that means his PF contribution will be 6000. But according to the new circular allowances are also  attached to the Basic and then PF contribution  will be calculated which will come around 7,920

This nearly 960 bucks in your pocket and the salary will decrease. If there is no employer's contribution then there will deduction  of Rs 1920 from salary

According to Top government officials,that merely issuing guidelines by Former Central Provident Fund commissioner (CPFC) RC Mishra triggered a controversy by issuing a circular on his last day in office has no relevance; instead amendment in the EPF Act by Parliament is the only way to enforce new norms for PF contributions.
Read More


New cheque system in Indian banking system form 1 Jan 2013 - Cheque Truncation System

Have you wondered why bank has been sedning SMS and call to replace your old cheque book before 1 JAN 2013. the answer is INDIAN bank is moving toward faster and quicker Cheque Clearnce method. This new cheque system is called CTS which stands for Cheque Truncation System
Earler with the instruction of RBI this project was tested as pilot project with some banks across few location in INDIA finally RBI has made it mandatory to use CTS enable cheque book
In this  system the Cheque will be cleared in a day which normally takes days days on an average.
In present context all the cheques are sent directly physical to the respective  bank  to which cheque bleongs to for clearance, but in  this new  System , the banks will send the digital version of cheques to the other bank and the clearance will be done almost same day

Here are few feature listed below by which you can identify whether your cheque book is CTS enable or not

1) All CTS-2010 Cheques will have a watermark with the words “CTS INDIA”, which can be seen against a light

2) It should have a bank logo that will be on cheque with a Ultra Violet Ink , which can be seen only under UV Scanners.

3) The Cheque Truncation System 2010 enabled cheques will not allow any alterations. If there is any mistakes, the cheque will be invalid

4) It should have text  at the bottom of all the cheques “payable at par at all branches of the bank in India”

5) It should have  IFSC and MICR code on the cheque

6) Sign the cheque will a darker ink, so that your signatures are valid for scanning.

7) It should have the wordings “please sign above this line” at right bottom


Monday, November 26, 2012

Soon access your Bank account detail using *99# on Basic Mobile phones

In coming days bank account holders will be able to access their accounts, transfer funds, check balances and request cheque books by simply dialing *99# from their basic mobile phones,including the most basic GSM handsets.

While some bank have already rolled out similar services for example in SBI it is *595# but now *99# will be a universal code to access account details across all banks.  *99# connectivity is under the Unstructured Supplementary Service Data (USSD) platform where each dial-in results in a live connection with the bank's server.
This is similar to the system used in pre-paid phones to check balances. The user's numerical literacy would be enough to operate the account .Best feature that I liked is that it not based on SMS or GPRS connectivity,  so there's no charge on the user end.


Sunday, November 4, 2012

Understanding Meaning of Number at botton of Cheque

Most of us have came across the money transaction using Bank Cheque. We must have filled the cheque and have given to someone or you might have got the cheque to get it cashed. We just look at amount the ammount and submit for encashment :D .Have you ever noticed the four set of number on the bottom of cheque. What is number all about have you ever tried to find out what this number means. I am going to explain the meaning of that four set of number

There are basically four set of number present in Indian Cheque.

1) Cheque Number
First set of numbers represent the cheque number. It is a six digit number (refer image)

2)MICR code

MICR stands for Magnetic Ink Character Recognition. It is a method that helps route the cheque to where the money exist. This is used to efficiently transfer your money.

Read More


Tuesday, October 2, 2012

Bank of INDIA started MISS call based Balance Enquiry

In wake of easy and better customer facility now its time for BANK of INDIA which is provides miss call based SAVING bank account balance enquiry.

Now Bank of India customer can get account balance from saving account using miss call.Customer can give miss call on 02233598548  from their registered mobile number.Disconnect the call after rings . Savings account balance will be sent as SMS


Thursday, September 27, 2012

Get Money without ATM card -palm impression withdrawl

Have you forgot your ATM at HOME. No need to panic Japanese bank has started a machine that will require just your Palm impression to withdraw money .
A regional bank in Japan  started operating ATMs for cash withdrawals , deposits and balance inquiries that do not require plastic cards but instead identify account holders by scanning their hands.
 Account holder need to input their birthday, place their palm on the sensor and input a PIN at an automated teller machine. Once this process is completed the desired amount entered is provided by ATM machine.
Registration is required at a teller counter beforehand. and the bank said customers may access their accounts even if they lose cards or passbooks after a major disaster, for instance.


Friday, September 21, 2012

Check your EPF (Employees' Provident Fund) Account Passbook

Check your Employees' Provident Fund (EPF) Passbook online. Users have to register with the Member Portal of the Employees' Provident Fund Organization (EPFO) to check the passbook online. Details such as mobile number, date of birth, email id etc. are required for registration. Identification proof number such as PAN, AADHAR, NPR (National Population Register), Bank Account, Voter ID, Passport or Driving is also required. The facility at present is only for the members for whom the employer has uploaded the Electronic Challan Cum Return for the wage month of May 2012 onwards.

Register online to view your EPF Account Passbook.
•  The facility at present is only for the members for whom the employer has uploaded the Electronic Challan Cum Return for the wage month of May 2012 onwards.
•  There is no need to create and remember any user id and password. You have to use your mobile number and any of your following identification proof number such as PAN, AADHAR, NPR (National Population Register), Bank Account, Voter ID, Passport or Driving
   License to register and thereafter to login.
•  You can add multiple id numbers (one id against each of the listed types) and any one along with the mobile number can be used for the login.

•  One mobile number can be used for one registration only.
•  A registered member can view only one account details under one establishment. In case you are having more than one account under one establishment, please apply for transfer through the Form 13.
•  One member can view up to a maximum of 10 accounts under different establishments. The 10 accounts can be viewed any number of    times. Get your old accounts transferred to the current one by using the Transfer Form 13.
•  Facility to display the accounts of inoperative accounts will be provided later through a request mode.
•  The facility is not for the current members of establishments having exemption under the EPF Scheme 1952.
for more details and FAQ visit here


Friday, September 14, 2012

NATIONAL MASCOT DESIGN CONTEST 2012 by Income Tax Department,GoI

Income Tax Department invites all artists and designers, both professionals and amateurs, to develop a Mascot to be used in all advertising and communications of the Department. Make sure that the Mascot you develop captures the vision and values of the Income Tax Department and exhibits a definite brand recall value. The Mascot should be captivating and inspiring, particularly to the young and future taxpayers. Don’t miss this rare opportunity of exercising your creativity and bagging a cash reward of Rs. 1, 00,000/-.Contest last date of entry is 23rd Sept 2012
 Click here for guideline to be follow for MASCOT
Cick here for submission form


  • The Mascot should visually unify the vision and values that Income Tax Department wants to promote,     such as:
    • Payment of tax as a value norm in the society and a core duty of every citizen.
    • Payment of tax as a contribution of citizen in Nation building and ensuring a better future for coming generations.
    • Depiction of Income Tax Department as an enforcement agency as well as a facilitator for voluntary tax compliance
    • Depiction of Income Tax Department as a friend to every honest taxpayer.
  • The design must be original, visually appealing and distinct. It must be easily adaptable to various means     of communications.
  • Mascot can be sent in any pose, however, design in front, back and side views with colour schemes are     preferred. Use different sheet of A4 size paper for different posture.
  • Design along with suggestions like size, pedestal details is welcome.
  • A brief concept note in support of the design may also be provided.
  • More than one design can be sent, however, each design must be sent separately, as a separate entry.
  • Entry can be sent in two ways:
  •     1. By Post
    • Send your entry on an A4 size paper in an envelope superscribed as “Mascot Design for Income Tax Department” by ordinary post to Post Box No. 6005, New Delhi-110001.
    • Every entry must carry the entrant’s name, address, phone number, e-mail address on front or back of the ‘Mascot Design’ in BLOCK LETTERS.
        2. By Email
    • Entry in high resolution JPEG format can be sent by email to
    • The subject of the email must mention “Mascot Design for Income Tax Department” and the e-mail must contain the entrant’s name, address and phone number.
  • Every entry must be sent along with the “Submission Form” which can be downloaded from the website by clicking the link “Download Submission Form”. Any entry without     “Submission Form” shall be rejected.
  • There is no entry fee for the contest.
  • This contest is open to Indian citizens only. Both amateurs and professionals can participate.
  • Income Tax Department will not be responsible for any damage or loss in transit.
  • No entry will be returned and all entries will remain the property of the Income Tax Department.
  • No digital manipulation/tampering of an original design will be accepted.
  • Entries conforming to given specifications will only be accepted.
  • Employees and family members of the executing agency and Income Tax Department are not eligible to     participate in this competition.
  • Entries received after the last date will not be accepted.
  • The decision of the Selection Committee appointed by the Income Tax Department will be final and no     questions or objections will be entertained.
  • Prize will be given only after the receipt of the original award winning Mascot design and the winning     participant will be informed by the Income Tax Department.
  • No payment other than the prize money will be made to the winning contestant.
  • The Income Tax Department will retain the right to use the winning Mascot in any manner it deems to fit.     The winner shall have no right to claim or share any gain, financial or otherwise, arising out of the Mascot.
  • Income Tax Department reserves the right to change or alter the terms and conditions or to withdraw the     contest whenever it desires.
     Souce:Income Tax Department,Govt. of India


    Sunday, September 9, 2012

    BOI(Bank of India) launches SMS based complain

    After implementing the  unique idea of complain by SBI(State bank of India) Now its time for Bank of India to start this service. Recently Bank of India has completed it 107th foundation day.It has also started SMS based complain service to it customer.
    With the launch of it new website it has started displaying this information in its banner. The new website for BANK of INDIA is . Those people who are familiar with OLD site they can visit is new site at domain is now redirecting to . There is a link for OLD website on the HOME page.
    The basic format of complain is like this,You need to send SMS in this format

    PROB<SPACE> 4digit BRANCH CODE<SPACE>PROBLEM DETIAL send to 9266625588


    Tuesday, September 4, 2012

    RBI asked bank ATM to remove ATM Cash Retraction

    What is cash retraction: Whenever you use your card at an ATM to withdraw cash, you have to get a few seconds to a little over a minute to collect the cash money. This time-lint varies from bank to bank.  if you are distracted for any reason for example if you are on  a call on your mobile and  you are unable to collect your money within that time limit, the ATM swallows the cash and keeps  it in a separate tray in the machine. The amount is re-credited to your account after a while.

     But from  now according to RBI guidline, if you fail to collect the cash, the ATM won’t (retract) eat it up. Instead, the money will remain at the mouth of the ATM, till the time the greens are collected. Which means, for some reason, if you forget to collect the cash (and this does happen), as soon as it is spitted out, someone else might be able to take it.  Banks like HDFC Bank Ltd already have posted this notice on their website and ATM screens

    The good thing is that you will not be at the mercy of a time-window to collect your the cash. The disadvantage of this sytem is that, you forget to pick the cash this would lead to loss. So, the next time you are at the ATM, be careful to take you dispened cash completely


    Friday, August 31, 2012

    SBI launched SMS based complain process

    Indian largest banking institution SBI has started SMS based complain service. SMS Unhappy is the latest facility launched by the Bank to improve customer service.  The service is available 24 x 7 and you do not need to visit the branch to register your grievance.  All you need to do is to send just one SMS to the Bank.  It is thus paperless and one more Green Initiative of the Bank.

    If you are not happy with the services offered by our Bank, just SMS “Unhappy” to 8008202020 and our dedicated “happy executives” will call you and get details regarding from you.  They, together with your branch will resolve the issue to your satisfaction.  The quick resolution of all your banking related troubles will surely bring a smile on your face. Go ahead and try it and have problem solved :)


    Saturday, August 25, 2012

    Check CIBIL score before your apply a LOAN

    CIBIL Score for Individual
    If  you are looking for Home loan,Car loan or new credit card Check your CIBIL TransUnion Score and Credit Information Report first, as this can make your loan processing faster, smoother and simple
    The CIBIL TransUnion Score is a 3 digit numeric summary of your credit history which indicates your financial & credit health. The Score is derived from your credit history as detailed in the Credit Information Report [CIR] and ranges from 300 to 900 points. Your credit score tells the lender how likely you are to pay back loan or credit card dues based on your past repayment behavior. The higher your score, the more the chance of your loan application getting approved!
    Did you know, 90% of new loans sanctioned are to individuals with a credit score of 700 and higher!
    Your CIBIL CIR is provided to you along with your score, because it is the basis on which your credit score is generated. It's a record of your credit history. i.e past loans or credit cards availed from various loan providers. who are members of CIBIL for more information please go to the Frequently Asked Questions section.
    If you want to get your CIBIL score and CIR click here and fill this form and know what is probability of your Loan

    CIBIL Company Credit Report (CCR)

    A CIBIL Company Credit Report (CCR) can achieve this In today’s day and age, your business needs to be responsive to rapidly evolving market needs. Be it daily working capital, or for any expansion plans, you always need an access to finance.
    A CIBIL Company Credit Report (CCR) is a record of your company’s credit history. This report is used by loan providers to make informed lending decisions - quickly and objectively.

    Just to make you understand about Loan approval process here is flow chart which will help you to understand better.


    Monday, August 20, 2012

    Income Tax Rates Slab for financial year 2012-2013

    Income Tax Rates for financial year 2012-2013 (Assessment year: 2013-14)
    Upto Rs. 2,00,000
    Rs. 2,00,001 to Rs. 5,00,000
    Rs. 5,00,001 to Rs. 10,00,000
    Above Rs. 10,00,000
    Upto Rs. 2,00,000
    Rs. 2,00,001 to Rs. 5,00,000
    Rs. 5,00,001 to Rs. 10,00,000
    Above Rs. 10,00,000
    Individual of 60 years or above (Senior Citizens)
    Upto Rs. 2,50,000
    Rs. 2,50,001 to Rs. 5,00,000
    Rs. 5,00,001 to Rs. 10,00,000
    Above Rs. 10,00,000
    Individual of 80 years or above (Very Senior Citizens)
    Upto Rs. 5,00,000
    Rs. 5,00,001 to Rs. 10,00,000
    Above Rs. 10,00,000
     As per budget presented on 28th Feb, 2011Pranav Mukherjee proposed changes forincome tax rate slabs as per below.Apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if it is invested in long term infrastructure bonds.


    Sunday, August 19, 2012

    History of Indian coins

     Indian coin that we see in present time has evolve a lot with it own timeline which can be broadly divided in these category 
      1) The Frozen Series 1947-1950 
      2)The Anna Series
                3)The Decimal Series
                4) Naya Paisa Series 1957-1964  
                5)Aluminium Series 1964 on wards

    The Frozen Series 1947-1950 
     This represented the currency arrangements during the transition period upto the establishment of the Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies.
    1 Rupee = 16 Annas
    1 Anna = 4 Pice
    1 Pice = 3 Pies
    The Anna Series
    This series was introduced on 15th August, 1950 and represented the first coinage of Republic India. The King's Portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one Rupee coin. In some ways this symbolised a shift in focus to progress and prosperity. Indian motifs were incorporated on other coins. The monetary system was largely retained unchanged with one Rupee consisting of 16 Annas.

    Rupee OneNickel
    Half RupeeNickel
    Quarter RupeeNickel
    Two AnnaCupro-Nickel
    One AnnaCupro-Nickel
    Half AnnaCupro-Nickel
    One PiceBronze

    Read More


    Give a miss call and get a bank account balance for Punjab National bank customer

    Now Punjab national bank customer can get account balance from saving account using miss call.Customer can give miss call on  1800 180 2222 or 0120-2490000 from their registered mobile number.Disconnect the call within three rings so as to prevent from connecting to Customer care. Savings account balance will be sent as SMS


    Thursday, August 16, 2012

    Know more about your PAN(Permanent Account number) number Structure

    The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :-
     i. Full name of the taxpayer;
     ii. Date of birth / Date of Incorporation;
     iii. Status;
     iv. Gender in case of individuals; and
     v. Father’s name in case of individuals (including in the cases of married ladies)
     These five fields are called core fields, without which PAN can not be allotted

    The fourth character of the PAN must be one of the following, depending on the type of assesse:
    C — Company
    P — Person
    H — HUF(Hindu Undivided Family)
    F — Firm
    A — Association of Persons (AOP)
    T — AOP (Trust)
    B — Body of Individuals (BOI)
    L — Local Authority
    J — Artificial Juridical Person
    G — Govt
    Read More


    Wednesday, August 15, 2012

    Get ICICI bank account balance by missed call

    ICICI bank has came with innovative idea to its customer to get their account balance using missed call from register mobile. Customer who has registered their mobile number they can avail this facility.To get the balance all they need to just give a missed call to 022-30256767 from your registered mobile and receive a SMS.

    The idea seem very innovative because as of now most of bank charge premium SMS rate for SMS banking which is very much costly from Rs 3 to Rs 5 per query.With this idea ICICI bank has at least managed to reduced SMS call charge to its customer. Hope such facility will be provided by other bank. Try this and post the comment.


    Free Electronic Signature for filing Online tax return

    When income tax return is e filed without digital signature then  hard copy duly signed ITR-V is required to be send to CPC , Bengluru with in 120 days from uploading the xml file at site.
    But most of time some people fail to send it in due course of time or there might be some postal delay or missing postal
     ITD is currently working on finding a solution to this issue. CPC has been periodically sending email and more recently SMS reminders to all the email addresses and mobile numbers which are stated in the ITRs, wherever ITRVs have not been received.
    The facility will help taxpayers who do not have a digital signature. It will save them from the mandatory requirement of sending a hard copy of the return filed electronically through speed post to the department’s central processing centre in Bangalore.

    Acquiring an electronic signature will not involve any cost for the taxpayer, as it will be provided by the department. At present only those having digital signatures acquired through specified vendors by paying the required charges need not send the hard copy of the return to the department after filing electronically.ITD is set to introduce a free of cost and easy to operate electronic signture facility to file income tax return online