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Education

How to Link Demat Account with Aadhaar

There is a legal process that must be followed before a person may invest in the stock market. First, have your Aadhaar card linked to your Demat account. The Securities and Exchange Board of India (SEBI), the market regulator, mandated that all broker houses link their clients’ Aadhaar numbers to their Demat accounts. The National Securities Depositories Ltd. (NSDL) then gave investors plans to link Demat account with Aadhaar online. [B-01] There is no documentation needed for linking when done online. Having both an Aadhaar number and a Demat account is vital for a variety of reasons. If you need to verify your identity or current residence in India, you can use your Aadhaar number which is a 12-digit number given by the Unique Identification Authority of India (UIDAI) of the Union Government. The shares in a Demat account are held electronically rather than physically. A Demat account is required to participate in the stock market. Papers you should have on hand when linking online Updated Aadhaar number PAN card Demat account number OTP that will be sent to your phone. What do you mean by Demat Account? Investing in physical equity shares is a time-consuming affair and you may also run the risk of getting counterfeit shares. A Demat account is vital for the safe and secure buying of shares. If you plan on doing any online trading, a Demat account will come in handy. You can store your stocks and securities in a digital, non-physical form. All physical share certificates are replaced with digital ones, making stocks more easily usable. To complete a trade using an online way of investing, having a Demat account number is a must. To buy the shares and keep them safe, investors can use a Demat account. It works just like a bank account in that money is deposited by the account holder with the bank, and a record of debit or credit balances is kept in a passbook. A person’s Demat account will be credited or debited when they buy or sell shares. It is possible to open a Demat account even if you do not own any shares, so long as you keep a zero balance in the account. How to link Demat account with Aadhaar online? One of the quickest ways to link Demat account with Aadhaar online is through the NSDL portal. These steps must be followed: Step 1: Find the ‘Click here just to Link Aadhaar to Demat Account’ link on the NSDL portal. Step 2: Click the ‘Get Started’ button on the NSDL Aadhaar linking portal (https://aadhaar.nsdl.com/AadhaarSeeding/). Step 3: Enter the verification code and your DP Name, DP ID, Client ID, and PAN. Step 4: NSDL will send a one-time password (OTP) to the user’s phone and email address. Step 5: All other data about the Demat account will be shown. If all that you see on the screen is correct, you can move forward. Step 6: Click on ‘Proceed’ after you have filled out your birth date and gender, and verify Aadhaar number. Step 7: Aadhaar will then send an OTP to the user’s mobile device. Step 8: Verify the details by entering the OTP number and clicking ‘Submit.’ Step 9: Demat account is thus linked to your Aadhaar card, and a message will be sent to your email and mobile phone. Factors to consider before linking Demat account with Aadhaar Before you link Demat account with Aadhaar, you need to keep in mind that: You can verify your identity with NSDL by linking your phone number and email ID. You can use OTP verification if your phone number is linked to your Aadhaar. Before you link the account, you will need to have your DP Name, DP ID, PAN, and other details. For security reasons, you should avoid entering sensitive data into Internet sites while using public or shared computers. The perks of connecting your Aadhaar number to your Demat account are many, so do not refrain from linking your Aadhaar to your Demat account. Value of linking Demat account to Aadhaar The perks of linking your Demat account and Aadhaar card are as follows: Demat accounts that have not been linked with Aadhar will be taken as fraud and closed quickly once the last date has passed. Since the Aadhaar number will be used to verify the account holder’s identity, filling out the e-KYC will be a quick thing after the Demat account has been linked with it. After Aadhaar is linked, investors have the choice to switch to any stock market brokerage firm they like. The system aids SEBI in keeping tabs on transactions and checking any attempts at fraud. The traders will know the entire process of investment, which will make it safer and easier to carry out transactions. More investors will enter the market as there will be an ease of trade and a higher volume of transactions. Less paperwork is needed for trading options, making future trading simpler for both new and old traders. [B-02] Conclusion It is now easier than ever to link Demat account with Aadhaar and start trading in shares and stocks. It helps to avoid cancellation of your trading account and enjoy the perks of safe trading. Finding a reliable financial partner who can give you a user-friendly trading platform and up-to-date market reports is very crucial. If you are looking for more content like this, head over to Piramal Finance website. This online platform is what you need to learn everything about topics related to identity proof, banking, finance, and more. For more information on financial matters or about personal loans, credit cards, and financial management, check out the blogs on their website!

08-11-2023

Education

Aadhaar card and PAN card linking: A step-by-step guide

Aadhaar has a 12-digit unique identification number and can empower you in many ways. It enhances security and trust in all transactions and makes it easy to carry out financial transactions and business. Similarly, a PAN card is useful in the filing of IT returns, as well as in claiming tax deductions. Additionally, PAN card holders can avail of income tax benefits. This document also serves as a valid proof of identity. Your Aadhaar and PAN are two essential documents for creating a sound financial portfolio. An Aadhaar card is essential for the authentication of a user and can prevent the creation of fake identities. [B-01] Who Does Not Need to Link Their PAN with Their Aadhaar Number? 1) Those who are not citizens of the country. 2) Those who are classified as non-resident Indians (NRIs). 3) Those who have attained the age of 80 years or more at any time last year. Risks of Not Linking Aadhaar with PAN Earlier, income tax returns could be filed without compulsory Aadhaar and PAN linking. In 2017, the government enforced the linking of the two documents. The initial deadline for PAN and Aadhaar linking was set as August 31, 2017, which was later extended to December 31 of the same year. The deadline was again extended to accommodate the growing bandwidth of digital users. The income tax department can impose a penalty of up to Rs. 10,000 for not having an active PAN. This fine will be imposed if the PAN becomes inoperative after the end of March 2023 due to non-linking with Aadhaar. If your PAN and Aadhaar are not linked by the end of March 2023, then your PAN will be considered null and void. Once the PAN is deemed non-operative, you will be unable to carry out essential income-related activities such as filing returns, opening a bank account, applying for a passport, visa renewal, or opening a demat account. What Do I Need to Link My Aadhaar and PAN? You will need the following things to link these your Aadhaar and PAN: A valid Aadhaar Card A valid PAN card An operational mobile number. How to Link Aadhaar and PAN India’s income tax department has released a straightforward guide to linking these two documents. Here are the steps: 1) Visit the income tax portal and go to the menu on the left. Click on the ‘Link Aadhaar’ option. This will open the page where you can enter your PAN and Aadhaar numbers, as well as your name as given in your Aadhaar card. 2) After submitting these details click on the link option. After a short verification prompt to confirm the details, the linking is completed. You may then proceed to check the Aadhaar and PAN link status. 3) Due to language differences and/or missed rectifications to a name change, there could be a mismatch between the name on your Aadhaar and PAN. In such cases, an Aadhaar OTP verification will ensure that this mismatch is bypassed to ensure the completion of document linking. An Alternative Method for Linking Aadhaar and PAN Follow the steps below to link your Aadhaar and PAN: 1) Log into your account on the e-filing portal using your login ID and password. If you have forgotten your password, you can reset it on the same page. Additionally, if you have not registered yourself on the portal yet, you can register by following the guidelines on the website. 2) Once you have logged in, you will be requested to link your Aadhaar and PAN accounts. In case you do not receive this pop-up, click on the ‘profile settings’ option in your browser to enable pop-ups. 3) Once you have clicked on ‘Link Aadhaar‘, enter the details and verify the existing information linked to your account. 4) Once the verification is completed, enter your Aadhaar number and the captcha verification code as the final step. Click on ‘Link Now’ to link the documents. A popup will confirm that your Aadhaar and PAN have been successfully linked. How to Link Aadhaar and PAN through SMS You can also link your Aadhaar and PAN accounts via SMS. Send the following message to 567678 or 56161. UIDPAN, followed by one space, your 12-digit Aadhar number, followed by another single space, and finally your 10-digit PAN. UIDPAN<SPACE><12 digit Aadhaar ><Space><10 digit PAN> An example is given below: UIDPAN 121233223322 AAAAAE456E Benefits of Linking Aadhaar and PAN Accounts Linking Aadhaar and PAN has various benefits. 1. Linking your Aadhaar and PAN will significantly reduce any chances of misusing fake PAN cards to hide income. This will prevent the misappropriation of funds and increase accountability. 2. The 12-digit Aadhaar ID is essential for all transactions such as property deals, opening bank accounts, business deals, and availing loans. The linking of PAN with Aadhaar will ensure that all your transaction details are safely stored in one place. 3. Users with more than one PAN account could potentially conduct illegal activities such as money laundering. Once the PAN and Aadhaar accounts are updated, the possibility of such activities is reduced drastically. 4. The linking of Aadhaar and PAN will also be beneficial for legal taxpayers in filing returns and other related activities. [B-02] Next Steps Get your Aadhaar and PAN accounts linked immediately to avail maximum benefits. With your transactions secure, you can build a great financial portfolio. Get in touch with Piramal Finance to get started. Piramal can also guide you with any other finance-related concerns that you may have. Read more related blogs on the Piramal Finance website, or explore their financial products and services, such as personal loans, credit cards, and financial calculators.

08-11-2023

How To?

Know How to Update/Correct Aadhar Card Online

Have you moved to a new city? Is your child now 5 or 15? Have you moved to a new permanent address because of your marriage or a new job? All these questions hint at one big question —do you need to update your Aadhar card details? All residents of India can voluntarily enrol to get their Aadhar card. The UIDAI issues an Aadhar number to each resident after a verification process. The Aadhar card has your demographic and biometric information. [B-01] Think of when you have to show your Aadhar as ID proof, which is often nowadays. Here are a few uses of Aadhar: You can use your Aadhar as an ID and your PAN card across India. You can use it for all government services and programmes. If you are eligible for government subsidies, your Aadhar allows you to avail of those. If you apply for a passport by attaching your Aadhar, the process becomes simple. Your Aadhar can be your single document to open a bank account. Pensioners can easily obtain their life certificates by submitting their Aadhar details. If you want to avail the benefits of certain government schemes, such as the Jan Dhan Yojana, your Aadhar is the only document required. If you have linked your Aadhar with your bank account, you can have your PF credited directly to your account. Your Aadhar acts as the single source of offline/online identity verification across India. Once you have your Aadhar card, you can use it to authenticate and establish your identity online and offline. When you have an Aadhar card, you don’t have to provide other supporting documents to access benefits and services. Even if you have to move from one part of India to another, your Aadhar is a portable proof of identity that can be easily verified. It is important to keep the details updated and correct. Let’s see how to correct or update your Aadhar card details online. This article will also tell you how to check your Aadhar card update status. Steps to Update Aadhar Card Online You can visit a permanent enrolment centre to update your Aadhar, but doing it online is easier and more convenient. Let’s see how. Visit the official Aadhar card self-service portal/website. Click on Login from the portal’s home page. Enter your 12-digit Aadhar number and the captcha code. Enter the OTP from your registered mobile number to complete the login process. Find the Update Your Aadhar tab to make the desired changes to your Aadhar card. After you choose the details that need updating, select the option Proceed to Update Aadhar. You will see the current details of your Aadhar card. Ensure you enter the correct new information, as the attempts to make changes to your Aadhar are limited. You must upload certain documents (PAN, Voter ID, etc.) for verification. Keep their soft copies ready. You should carefully check the preview of the changes on the screen before you make the final submission. You will need to pay Rs. 50/- as an update fee via credit/debit card or online banking to confirm and end the process. Once you submit the changes to your Aadhar online, you will receive a URN or Update Request Number immediately. Steps to Check Aadhar Card Update Status You may have to wait around three months to receive your updated Aadhar. So, it is essential to check the Aadhar card update status. Visit the official Aadhar or UIDAI official website. Enter your URN or SRN (Service Request Number) and the provided captcha code. Once you enter the URN, the portal will show your updated status on the screen. Sometimes, there may be unexpected delays in receiving your updated Aadhar. Mostly, this would be because of high traffic and requests. We recommend you check the Aadhar update status regularly and not worry about this. Please remember that UIDAI is the only website to check the status. If you want to cancel any changes or updates to your Aadhar card, you can do it after you check Aadhar update status. If your request is still pending, you are free to cancel. You can download and print the updated/corrected Aadhar card when it is updated. You will receive your new Aadhar card at the registered address through post. Things to remember while updating Aadhar card details online You get only a few chances to update your Aadhar, so cross-check the changes before submitting. The verification document should be genuine and self-attested, or UIDAI could cancel your Aadhar update request. Choose the language you are comfortable with while updating your details. Enter the updated details in BLOCK letters. Note the URN number before you close the tabs, and keep it handy. You will need this when you want to check Aadhar update status. [B-02] Conclusion Your Aadhar is the most sought-after number you will need to verify your identity. Thankfully, the internet has made it possible to update Aadhar details online without much time or effort. All you need to do is follow some simple steps and be patient until your new card reaches you. If you need more guidance with the above-mentioned processes, consult the experts at Piramal Finance. This online platform is what you need to learn everything about relevant developments and processes in the world of finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out the blogs on their website!

08-11-2023

Education

How to Check Aadhaar Card Status After Update Request is Submitted

Once you receive the Aadhaar Acknowledgement slip, you can easily check your Aadhaar Card update status both online and offline. To check your Aadhaar update status, simply enter your Aadhaar enrolment number. Are you wondering how? Continue reading [B-01] Checking Aadhaar Card Update Status Online with Aadhaar Enrolment ID In case you have submitted a request for an Aadhaar Card Update at the Aadhaar Update/Enrolment Centre, you will be needing your enrolment ID or EID as mentioned above. However, you need to follow the below-mentioned steps for the Aadhaar Card Update Status: Step 1: Visit the official website of UIDAI Step 2: Enter the 28-digit enrolment ID along with CAPTCHA details Step 3: Now, you need to click on the ‘Check Status‘ button Step 4: Once done, if you are Aadhaar Card will be updated, a message will appear on your screen displaying ‘Your Aadhaar is generated, and in case not updated, no such message will appear Checking Aadhaar Card Update Status Online without Aadhaar Enrolment ID In case, you don’t have a 28-digit enrolment ID, you can still check your Aadhaar Card Update Status with the help of your registered mobile number and email address. Follow the steps mentioned below to know how the Adhaar update status can be checked without Aadhar Enrolment ID: Step 1: Visit the official website of UIDAI Step 2: Click on the Aadhaar Number Step 3: Enter your full name, email address, or registered mobile number Step 4: Enter CAPTCHA details and click on the Send OTP button Step 5: You will be redirected to a new page to enter the OTP received. Click on the ‘login’ button Step 6: Now, your 28-digit Enrolment ID/Aadhaar Number will be sent to your mobile number through SMS or email address depending upon the mode chosen by you Step 7: Once you have received your EID, all you need to do is once again follow the steps mentioned above for checking Aadhaar Card Update Status Online with your Aadhaar Enrolment ID Checking Aadhaar Card Update Status via Update Request Number (URN) Besides the above two ways of checking the Aadhaar Card Update status online, you can also check your Aadhaar Card update status using a 14-digit URN. This number is generated once you finish the online application process of online address update only. The number will automatically appear on your screen after you click on the submit button. Moreover, URN will be sent to you on your registered mobile number as well. Follow the steps mentioned below to check the Aadhaar Card Update status via URN: Step 1: Visit the official website of UIDAI Step 2: Click on the ‘Check Enrolment/Update Status’ option Step 3: Enter the 10-digit URN Number Step 4: Enter ‘Captcha’ details Step 5: Click on the ‘submit’ button Step 6:The status of your Aadhaar update request will appear on the screen Checking Aadhaar Card Update Status Offline One of the other ways to check your Aadhaar Card Update is to do it offline. All you need to do is call on the Aadhaar Customer Service at1800 300 1947 or simply 1947 to know your Aadhar Card Update Status. The customer care executive will ask for your 28-digit enrolment ID and will inform you regarding your Aadhar Card status. What is an Aadhaar Enrolment ID? An Aadhaar Enrolment ID is a 28-digit number in which the first 14-digit consist of the enrolment number, and next14-digit consist of the date & time stamp. This number is mentioned at the top of the update acknowledgement slip that you receive from the Enrolment/Update Centre once you submit the request for change in your Aadhaar Card. The Aadhaar Enrolment ID will look like this:1234/12345/12345 dd/mm/yyyy hh:mm: ss Documents Required You need to submit the following documents for verification: To get your name updated you need to submit a scanned copy of your Proof of Identity. For updating your date of birth, you have to submit a scanned copy of your Proof of Date of Birth. For the complete list of documents required, you must visit the official website of UIDAI. Key Things to Know about Aadhaar Update Status You must keep the following things in mind regarding the Aadhaar Update Status: To show your Aadhaar update status in the database, it may take up to 90 days from the date of request. A fee of Rs.50 (inclusive of GST) is required to be paid for an online update of demographic information. You can get two types of changes in updated in your Aadhaar Card i.e. demographic details (such as your name, date of birth, email address, gender, etc. and biometric details (such as fingerprints, iris scan, and photograph). You can get your name updated on your Aadhaar Card twice in a lifetime. The gender and date of birth in your Aadhaar Card can only be updated once in a lifetime. Only the details requested by you to update your Aadhaar Card will be updated. no other information will change. You can also use the mAadhaar app to check the updated status of your Aadhaar Card. If you wish to cancel your update request, it is advisable that you must first check the update status. In case the update request is not yet picked, you can then cancel the update request. [B-02] Conclusion Aadhaar Card is considered to be one of the most important identity documents for availing of various services such as opening a bank account, opening a fixed deposit, or any other services. Hence, it is imperative to keep your Aadhaar Card updated to avoid any delay in your task. Read more related blogs on the Piramal Finance website, or explore our financial products and services, such as personal loans, credit cards, and financial calculators.

08-11-2023

How To?

Third-party Insurance: An Overview

Among the many types of two-wheeler insurance plans available, third-party coverage is the most basic. In case of any road accident involving the insurer’s two-wheeler, the policyholder is covered for every third-party liability (injuries on the body, death, and/or property damage). For third-party property damage, the extent of compensation is limited to Rs. 1 lakh, while the compensation amount for third-party bodily injury or death is determined by the court. [B-01] Bike Insurance for Third parties: Advantages A third-party 2-wheeler insurance plan has the following advantages: Easy documentation: Documentation for this plan is simple and can be completed in a few steps. Because the motorbike is not insured under this plan, fewer inspections and checks are required. This plan can also be purchased anytime while sitting in the convenience of your home. A simple online procedure: Nowadays, almost all insurance companies offer their services online, which includes purchasing insurance plans online. A purchase of an insurance policy can be made much more convenient and easier using an online purchase process. A financial commitment is not required: An insurance policy covering third-party liability for a two-wheeler protects the insured against any loss or damage caused to another person or property. The legislation mandates: According to the Indian Motor Tariff Act, you are legally required to insure your bike at least with a third-party liability plan. No Stress: Accidents can occur at any time and can leave you traumatised, especially if a third party suffers a loss and you are expected to cover the costs. The insurance company handles all the financial obligations against the third party for you, so you are relieved from mental stress. How to purchase Third-party two-wheeler Insurance online? Third-party two-wheeler insurance is easily available offline and online. With the advent of the internet, it has become more feasible to buy third-party insurance online without any hassle. Step 1: Visit the web address of any insurer and tap on the ‘Bike’ tab. Step 2: Enter the bike’s registration number. It is also possible to enter other details such as brand, model, bike variant, registration year, RTO location, etc., if you do not know your bike’s number. Step 3: Get quotes for bike insurance policies by entering your name & mobile number Step 4: Depending on your budget and needs, choose a bike insurance quote. Step 5: You will receive an email with the policy document after you make payment for the selected bike insurance policy. How can you renew the Third-party two-wheeler Insurance Policy online? The following steps will guide you through renewing your third-party bike insurance policy: Step 1: Visit the website of InsuranceDekho and click on the bike button. Step 2: Click the next after entering your bike’s registration number. Alternatively, you can fill in additional details such as the brand name, variant, model number, registration year, and registration city, if you don’t know your bike’s number. Step 3: Describe your existing two-wheeler policy expiry date and the name of your insurer. Also, you would want to let your insurer know if you have claimed on your previous policy. Step 4: You will also need to provide some other information, such as your name, phone number, and the desired insurance plan tenure. Step 5: Comparing policy quotes from different insurers will allow you to select the one that best suits your needs. Adding add-ons is also an option. A third-party insurance claim for a bike is quite straightforward. An insured individual as well as a victim can make a claim. The following are the claim processes for both parties: How to claim Third-party Insurance for a bike? Third-party bike insurance claim procedure if the damage is caused by you, to a third party’s bike: 1. After the accident, click the pictures of the damages. 2. The damaged vehicle details should be noted down. 3. Keep a record of the witness’ contact information if you find an eyewitness to the accident. 4. Act according to your insurer’s instructions after an accident. 5. File First Information Reports (FIRs) at the respective jurisdiction’s police station. 6. A lawyer can help you file a claim at the Motor Accident Claims Tribunal Court. 7. Present the incident to the court and provide the necessary documents and other details. 8. Get compensation for the property damage and bodily injury expenses by sharing the court’s order with the insurance provider. How to file a claim for Third-party two-wheeler Insurance if you are a victim? You can file a claim for third-party bike insurance as follows: 1. The third party involved in an accident or mishap should be notified of the incident by their insurer if they are the victim. 2. You have informed of the facts, and the two-wheeler insurer has agreed to transfer the case to the motor insurance claim tribunal based on such information. 3. The FIR copy and incident-related proofs should be submitted at the court hearing. 4. Bringing some eyewitnesses to court can also help you corroborate your claims. 5. A compensation amount will be determined by the tribunal based on all the facts presented. How does Third-party two-wheeler coverage work? An insured two-wheeler is insured for third-party property damage up to Rs.1 lakh under the third-party/liability-only policy. Courts determine compensation amounts in cases of bodily injury or death to third parties. A 100% compensation is provided by the insurer if both limbs or eyes are lost, a permanent disability is caused, or a third party is killed. In contrast, the insurer offers 50% reimbursement in cases of partial disabilities such as physical injuries, the loss of one leg, or the loss of one eye. Personal accident coverage can be purchased separately for the pillion rider. Two-wheeler driver’s PA or personal accident insurance of Rs. 15 lakh is required. What is not covered by a Third-party two-wheeler Insurance Policy? When making a claim, you must know what is and is not covered by your third-party bike insurance plan. The following are some common situations: Third-party bike insurance does not cover a policyholder’s insured bike in the event of loss or damage. A bike insurance policy wouldn’t cover you if you were driving drunk or without a valid license while riding your insured bike. It is not possible to claim for accidents that occur outside of the geographical boundaries of the cover. Contractual liability claims are not covered by third-party bike insurance. In addition, any claims arising from damage or loss caused by war or warlike conditions, or radioactive contaminants are not compensated by insurance companies. What is the Third-party bike Insurance Plan compensation process? Generally, third-party bike insurance plans compensate policyholders as follows: Nominees can claim 100% sum assured in the event of the insured’s demise. However, insurance companies may vary in the percentages offered for damage to body parts. A 50% compensation is offered if one eye or one limb is lost. It is possible to receive compensation of up to Rs. 1 lakh for damage to the property. Owner drivers or drivers who have valid RC or driving licenses will be offered compensation if they are driving the insured vehicle. [B-02] Conclusion Having third-party two-wheeler insurance is essential because it will cover any legal and financial repercussions that may follow from third-party injury or damage in addition to safeguarding you from a third person being injured, killed, or having property damaged. Therefore, one should not consider it as an unnecessary expense. If you need more guidance and assistance with availing of third-party insurance, visit Piramal Finance. Check out their blogs for more information on insurance coverage or about products like personal loans, credit cards, EMIs, and more.

08-11-2023

Education

How to Apply for a New Aadhaar Card Online?

Aadhaar is a 12-digit unique identification number that residents of India can obtain based on their biometric and demographic data. The Unique Identification Authority of India (UIDAI) collects the data. It serves as proof of identity and addresses anywhere in India. It is considered a reliable and secure way to establish an individual’s identity to avail of various government and non-government services in India. The online application process for the Aadhaar Card is straightforward. Residents who wish to enroll for an Aadhaar card can do so on the Uidai website. The whole process takes around 10-15 minutes to complete. [B-02] How to apply for a new Aadhaar card online? Applying for a new Aadhaar card online is a simple process. All you need to do is visit the official website of UIDAI and follow the step-by-step instructions mentioned below: Go to https://uidai.gov.in/. Under the 'Aadhaar Online Services' tab, select 'Enrolment' A new page will open, and you will be required to enter details such as your name, address, email ID, mobile number, etc. Once you have entered all the necessary details, click 'Submit.' You will now be required to enter biometrics details such as fingerprints and an iris scan. You will be given an acknowledgment slip once you have provided the biometrics details. This acknowledgment slip will contain the enrolment number, which you can use to track the status of the Aadhaar card application. The Aadhaar card will be delivered to your registered address within 60-90 days from the date of application. Which documents are required for a new Aadhaar Card? To apply for an Aadhar card online, you must provide certain documents, such as proof of identity and address. The list of documents required for an Aadhaar card is as follows: Proof of identity (POI) – This could be your passport, PAN card, voter ID card, driving license, etc. Proof of address (POA) – This could be your ration card, bank statement, utility bills, etc. Date of birth proof (DOB) – This could be your birth certificate, 10th standard mark sheet, passport, etc. Suppose you still need to get the documents mentioned above. In that case, you can provide an identity declaration signed by a Gazetted Officer or a Group A Gazetted Officer on a letterhead with your photograph duly attested by them. How do you check the Aadhar Card status online? Once you have applied for the Aadhar card, you can track the application status online. To check the status of the new Aadhaar card online, you will need to follow the steps mentioned below: Visit https://uidai.gov.in/ Under the 'Aadhaar Online Services' tab, select 'Enrolment' Select 'Check Aadhaar Status' on the next page under the 'Check Enrolment Status' section. You will be required to enter the enrolment ID and date/time stamp mentioned on the acknowledgment slip. Once you have entered all the required details, click on 'Check Status.' The status of the Aadhaar card application will be displayed on the screen. It usually takes 60-90 days for an Aadhaar card online application to be processed and delivered to the registered address. If you have not received your Aadhaar card within this period, you can visit the nearest enrolment centre with the acknowledgment slip to get a reprint of the Aadhaar card. How to download a new E-Aadhaar Card online? If you want to download a copy of the e-Aadhaar card, you can do so by following the steps mentioned below: Visit https://uidai.gov.in/ Under the 'Aadhaar Online Services' tab, select 'Enrolment' On the next page, select 'Download Aadhaar' under the 'Get Aadhaar' section You will be required to enter the enrolment ID and date/time stamp, which is mentioned on the acknowledgment slip Once all the required details have been entered, click on 'Check Status.' The status of the new Aadhaar card online application will be displayed on the screen You can now download and print a copy of the e-Aadhaar card It is important to note that to download a copy of the e-Aadhaar card, you will need a working mobile number. An OTP (one-time password) will be sent to this number to authenticate the download. Why is it important to have an Aadhaar Card? There are many benefits of having an Aadhaar card, some of which are mentioned below: It helps quickly identify individuals: An Aadhaar card contains all the necessary information about an individual, like name, date of birth, address, etc. Anyone can easily access this information, making it easier to identify an individual. It helps avail government benefits: Many government schemes, like LPG subsidy, MNREGA, etc., are linked with an Aadhaar card. This means an individual can avail of these benefits only if they have an Aadhaar card. It helps in banking transactions: An Aadhaar card can be used as a KYC (Know Your Customer) document while opening a bank account or carrying out any other banking transaction. It helps get a mobile phone connection: As per the new guidelines of TRAI (Telecom Regulatory Authority of India), linking one's mobile number with one Aadhaar is mandatory. This can be done by providing the 12-digit Aadhaar number while purchasing a new SIM card or verifying an existing number. It helps get a passport: According to the Ministry of External Affairs's new guidelines, linking one's Aadhaar number with one's passport is mandatory. This can be done by providing the 12-digit Aadhaar number while applying for a new passport or renewing an existing one. Thus, having an Aadhaar card has many benefits. It is helpful for individuals and the government as it helps in the better implementation of various schemes and programs. Conclusion Aadhaar is a 12-digit unique identification number that residents of India can obtain. It serves as proof of identity and address and can be used for various purposes, such as availing government services or opening a bank account. Anyone can apply for an Aadhaar card by visiting an enrolment centre near them or using the website. If you need more help understanding this process, visit Piramal Finance. This online platform is where you can learn everything about relevant developments and procedures in finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out the blogs on their website!

08-11-2023

Education

Here is How to Check EPFO Pension Status

If you are a member of the Employees’ Provident Fund and your retirement is near or you have already retired, you must be wondering about your pension amount under the Employees’ Pension Scheme,1995 (EPS). You will be provided with a 12-digit number under this scheme through which you can check the status of your pension on the official portal of the Employee Provident Fund Organisation. Keep reading to learn how you can check your pension status in detail. Steps to Find Pension Payment Order (PPO) Number To check your pension status the first and foremost thing that you need is the PPO number. Follow the simple steps mentioned below to find your PPO number to check pension status online: Step 1: Visit the official EPFO Portal (https://www.epfindia.gov.in/)Step 2: You need to click on the Pensioner’s portal under the services tab Step 3: Now, a new page will appear on your screen with a message i.e. ‘Welcome to Pensioners Portal. ‘Click ‘Know your PPO number’ which you can easily find on the right side of the pageStep 4: You need to know either your bank account number or PF number.Step 5: After this, a PPO number, Member ID, and pension type will be allotted to help you check your pension status online What is a PPO Number and Why do you need it? According to the Central Pension Accounting Office (CPAO), the first 5 digits of the 12-digit PPO number consists of the PPO issuing authority’s code number, the next 2 digits refer to the year in which the PPO number was issued, the next 4 digits refers to PPO’s sequential number, and the last digit refers to the check digit which is mainly for computer’s purpose. A PPO number acts as a reference number that is required for any sort of communication to be made to CPAO. Checking Pension Status Online through EPFO Portal Once, you have found out your pension number. All you need to do is follow the six simple steps mentioned below to check Pension Status online via the EPFO portal: Step 1:Visit the official website of EPFO and log in with your credentialsStep 2: You need to click on the Pensioner’s portal under the online service sectionStep 3: Now, you will see a new page appearing on your screen with the ‘Welcome to Pensioners Portal‘ messageStep 4: Now, you have to click on ‘Know Your Pension Status’ is mentioned on the right side of the pageStep 5: As the last step, you have to select your office, your office ID, and your PPO number.Step 6: Once done, you have to click on the ‘Get Status’ option to know the status of your pension. Eligibility for Employee Pension Scheme Below are a few conditions that must be met to be eligible for the Employee Pension Scheme: You must be a member of the Employees Provident Fund Organization. It is imperative that you must be above 50 years of age and must have completed 10 years of service to be eligible for an early pension under the Employee Pension Scheme. The eligibility criteria for a normal pension is that you must be at least 58 years of age. In case of the unfortunate event of the death of the pension holder, the family members of the deceased become eligible for the pension amount [B-02] What are the Various Types of Pensions under the Employee Pension Scheme? Take a look at the below-mentioned various types of Pensions under the Employees’ Pension Scheme (EPS): Widow PensionUnder this pension scheme, the widow of the pension holder becomes eligible for availing of the pension amount. The widow will be receiving the pension until she dies or decides to remarry. Child PensionIn case of the pension holder’s death, the surviving children of the family become eligible for availing the pension amount along with the monthly widow pension. The child will be receiving a pension until the age of 25 years. Orphan PensionEPFO members’ children will be entitled to receive the pension amount in case the member dies and there’s no surviving widow/ They will be receiving the monthly orphan pension of 75% value of the monthly widow pension amount. This benefit will only apply to the two surviving children. Reduced PensionThere’s a possibility of withdrawing an early pension in case the member has completed 10 years of service and is 50 years old but not more than 58 years. In such a case, the pension amount slows down at the rate of 4% each year until the member reaches the age of 58 years. Pension Forms Below are the types of pension forms that you need to submit to withdraw the pension amount: If you are an EPFO member and want to withdraw your pension before 10 years of service, you need to submit Form 10C. For monthly pension withdrawal after 50 years of age and monthly widow pension, child pension, etc., you need to submit Form 10D. If you are a pensioner or a guardian, you will have to sign a Life Certificate form claiming that you are alive. This form is required to be submitted where your pension account is active every year in the month of November to the bank manager. If you are a widow, you will have to submit a declaration i.e. Non-Remarriage Certificate that you are not remarried every year in November to the bank manager. Conclusion It can be seen that the Employee Pension Scheme is a great way to save money for a better financial future. Not only this, but EPS also helps you to save taxes when you earn interest. For more information on anything related to Banking & Financial Services, visit the Piramal Finance website today! Make sure your financial knowledge is up to date on essential services and products, such as personal loans and financial calculators, by reading the informative blogs on their website.

08-11-2023

Cards

Best Credit Card Bill Payment Apps in India

One of the most significant improvements in people’s lives is the fintech revolution, which changed how we buy things daily. We prefer cashless payments via credit cards because they’re faster, easier to carry, and more secure. Across the globe, credit card bill payments have become more prevalent in recent years, and in this article, we will let you know what are the best credit card bill payment apps in India that you can use. [B-01] Benefits of Credit Cards A credit card is a financial tool to pay for your shopping. It is also a way to gain rewards and save money. Due to this reason, most middle-class individuals have credit cards. Besides being easy to carry in your wallet, credit cards offer interest-free credit for around 45 days. Family members can also get free add-on cards. 1. Access to credit Credit cards work like a deferred payment plan, so you can use them now and pay later. Every time you swipe, money doesn’t go out of your account, so your bank balance doesn’t drain. 2. Incentives Some credit cards offer reward points on purchases. It is possible to accumulate these points and redeem them later. In recent years, co-branded cards have gained popularity. Companies compete with reputable brands to sell products and services at a discount. To suit your buying habits, you can select a wide range of options, such as petro cards, shopping, entertainment, and others. Many credit card bill payment apps give a percentage of money back to you for whatever you have spent with your credit cards. 3. Setting up a credit line The advantage of having a credit card is that it allows you to build up a credit line. As a result, banks can now view a consumer’s active credit history. The information you provide about your card repayments and card usage is required. It is well known that banks and financial institutions often use credit card usage to evaluate potential loan applicants’ creditworthiness. Hence, a credit card is essential for a future loan application. 4. EMI facility It is possible to defer payment on a large purchase using your credit card if you do not want to sink your savings into it. Furthermore, you can also pay off your purchase in equal monthly installments, preventing your bank balance from getting drained by a lump-sum payment. It is cheaper to pay through EMI than take out a personal loan to purchase a television or refrigerator. 5. Flexible credit You get an interest-free period with credit cards, meaning you need not pay any interest for a certain amount of time. In exchange for paying off your credit card bill on time, you can avail yourself of free, short-term credit for 45–60 days. Credit Card Bill Payment Apps: Benefits The internet is full of apps that you may use to make payments on your credit card bill, but which is the one that may be the best for you? And which one can give you more benefits? As a way of figuring this out, you can think about the following factors: Make sure you find an app that allows you to use UPI wallets/apps or your net banking account. If you pay your bills with the one that gives you cashback or a bonus, that would be a great choice. That can be a handy feature if the app gives you regular payment alerts to remind you when to pay your credit card bill. The program can provide an intelligent statement so that you have all the information you need about your payments and dues. This way, you can manage your finances better and ensure they are in order. Several apps allow you to check your credit score for free on their platforms. Users can find offers related to credit card bill payment in many apps, depending on the app they’re using. Indian Credit Card Bill Payment Apps 1. CRED With this platform, you can pay all your credit card bills in a single place, and you will also earn reward points on every rupee you spend towards the payment of your credit card bills. “CRED coins” are the reward points used in the CRED app, which you can exchange for a wide variety of products, services, and discounts. Upon redeeming your CRED coins on the app, you can receive offers within various categories and updates on these offers. Checking all the registered cards on the CRED is easy because, with a single click, you can see all the payment histories. You can even hang on to some of the amazing features like ‘kill the bill’ that will help you earn cashback on your upcoming payments. As soon as your credit card bill is made, you’ll get a reminder to pay it on time. This will help you avoid missing or delaying payments in the future. 2. Paytm Paytm is the most trustworthy credit card payment app in India, where you can get rewards after making credit card payments. There’s no permanent cashback structure, but the company is now running a limited campaign that allows users to get money back on their bills when they recharge their accounts. 3. Mobikwik The Mobikwik app provides the best credit card bill payment offers to pay bills in advance. The moment you pay your credit card bill with Mobikwik’s app, you receive Supercash rewards. You can use it to pay for other purchases on the app (up to 5%). 4. PhonePe It is possible to pay your credit card bill with the PhonePe app. In the process of paying your credit card bill, PhonePe offers scratch cards as part of its credit card bill payment offer. Once you’ve paid off your credit card bill, you will receive the reward. 5. Amazon Pay Amazon Pay provides premium services like credit card bill payment. It uses your personal information while optimizing the checkout process. With Amazon’s security and fraud protection, consumers can be confident while shopping at Amazon. Simple integration, in-built support, and ongoing optimization make starting easy. It also offers prizes frequently. [B-02] Bottom Line You can select the best credit card bill payment app after examining all the available options and comparing the benefits offered by each of these apps. Log onto Piramal Finance to read more such informative pieces.

08-11-2023

Education

Banking KYC (Know Your Customer): What is it and How Does It Work

There has been a noticeable increase in financial crimes. People pose to be someone else by using fake documents. Forging identities have fueled money laundering and terrorism industries. Several countries have lost their economic glories owing to these crimes. As a result, it has become essential for those operating in the banking and financial industries to complete customer identification processes. They should know their customers, have the right documents, and ensure measures are in place to avoid these issues. This guide will take you through what KYC means in banking and how it works to understand this process better. [B-01] What is KYC Meaning and KYC full form in Banking? KYC full form in Banking is ‘Know your Customer’ which translates to identifying your customer. It helps manage customer identity, know the factual details and check their financial profile. For the banking and financial industry, having all the relevant documents is the key to knowing their customer better. It helps in several ways: Prevents the occurrence of fraud. Ensures all bank accounts are updated as soon as the key document is updated. Manages and maintains their financial profile. Builds better relationships with the client. Regulations and protocols surround collecting KYC records for any organization. It is mandatory to follow these instructions to ensure banks have all the data necessary to recognize the client. Apart from getting the documents and processing the client’s identity, the organization should also know what work they do. It is equally important to know them in every possible way. Required KYC Documents Knowing your customer includes getting their identity and source of income. It will help banks to know where they work and what they do. Identity documents such as a driver’s license, Aadhar card and Passport could be proof of identity. There should be an address proof in this list of documents Apart from this banks might need proof of where you work. How Does KYC Work in Banking? Here we will discuss the steps involved in ensuring customer identity. KYC is acquiring customer information that includes name, address and other basic details. It includes checking all the documents that can provide the information to help identify the customer immediately. Banks will use both documents to identify the customer and non-document identification methods. For example, banks and institutions can use fingerprints to mark a customer’s identity. They can use other biometrics to complete the process. The KYC is the minimum requirement for anyone who needs an account with banks and financial institutions. The KYC processes, in the beginning, were cumbersome and prolonged. There were several nuances to this method that included forms and document collection. Traditionally, for KYC, the customers needed to visit the banks. However, with changing times, eKYC is the norm. Once the banks have approved the documents and other forms, you can access the account. However, in some cases, they can reject your claim to the bank account. For instance: If your signature on the identification document doesn’t match your signature on the form, your application can get rejected. Similarly, your chances of getting rejected are higher if your documents seem suspicious or if you haven’t submitted the proper documents. KYC works to understand if the documents submitted and the person submitting them are the same. This comparison will help banks and financial institutions approve the accounts for the right person. It will help them save a lot of issues in the future. What is the KYC Process? There are a total of three steps involved in the collection and verification of KYC details for KYC in banking. Step #1: Collecting the Information Banks want customers to fill out their information in forms. They can ask them to share the required data to open a bank account, access files or use the financial product. The forms will have several methods to collect data. This step is known as the customer identification program, where banks get to know the customer’s identity. Step #2: Upload Supporting Documents To prove that the information in the form is true, you will need to upload the necessary documents. For instance, you need to verify your name with a supporting document. You will need to upload the address document to verify that you have added the right address. Step #3: Verification Once you have filled out the form and added the documents, the bank will verify them. They will check if the information provided matches with the documents. They will also verify the validity of the documents. Banks and institutions need to ensure that the documents are not fake. They use several data validation techniques to ensure they have properly collected and verified the information. This is also known as customer due diligence, where the customer’s data is verified against government data. Continual Screening It is not enough for financial institutions to compare and verify the data once. They will perform this function continuously to ensure no data remains unverified. This continual measurement and monitoring of the records can help financial institutions avoid fraud and maintain healthy transactions. The Era of eKYC Traditionally, the bank representatives used to visit the customer’s place or make the customer visit the banks to complete the verification. However, with eKYC, things have changed. Banks can complete the verification process online via video calls. This has led to increased convenience for the banks and their customers. [B-02] Conclusion Knowing your customer effectively identifies your clients and ensures you have complete information about them. The banks and financial institutions can gain more support from this protocol as it will help them evade fraud before it occurs. It is essential to follow the protocols to ensure complete data collection for thorough identification of the customers. If you need more help with understanding KYC, visit Piramal Finance. This online platform is what you need to learn everything about relevant developments and procedures in the world of finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on their website!

08-11-2023