Many banks are offering free on line services to know your banking and other transactions through the bank. Earlier this facility was offered only by International banks. Now even the Nationalised banks are also offering this facility. This is in addition to facilities like ATM to their customers.
To ease and update yourself about your financial transactions availability of online services being offered by various financial institutions.
Public Provident Fund (PPF) account
If your PPF account is at an SBI branch, you can skip multiple trips to the bank to invest your money. Log in to your Net Banking account and transfer the money to the PPF one. For this, the link the PPF account to the savings account in the same branch. Another advantage is that since you cannot invest more than Rupees 25,000 at one go at your home branch you have to make at least four tips to invest Rupees 1 lakh. Also, as the PPF is a tax saving instrument, most investors deposit money just before their employers ask for tax declaration leading to long queues in the bank. Even if your PPF account and savings account are in a different bank, add the PPF account in your Net banking list of third party transfer. Though the savings account can be in any bank, it is necessary for the PPF account to be an SBI branch.
A good credit score is essential if you want to take a loan as it assures the lender that you are diligent about paying your dues. It can also help you get a speedy approval and negotiate for a better rate of interest. So, you should check your credit score periodically. You can do this by logging in to the Website of the credit Information Bureau (India) Ltd, cibil.com. You will have to pay Rupees 450 to access the credit report. The site will ask you to key in your details as well as a scanned copy of your address proof. After you pay on the site, you will get a registration ID. To ensure authenticity, the site will ask you three questions related to your credit history. Once you clear this process, the credit score will be e-mailed within four days.
If the authentication process fails, you need to print a copy of the payment receipt. You will also have to attach self-attested identity and address proofs and courier these to Cibil’s office. The credit report will reach you in 10-12 days.
Employee Provident Fund (EPFs)
If you have switched jobs and have applied for transfer of money from your previous EPF account to the new one, you can check the status of your application at epfIndia.com. This website is run by the office of the EPFO and allows you to track your account status online. Apart from this, you can check the total amount in your account. For this, you will have to put in your PF account number and address of the office where your company’s PF account is maintained. The site will ask for your mobile phone number and send a message mentioning the total amount in your account.
Before paying tax, it might be a good idea to know how much has already been deducted from your accounts. The best way to check this is through Form 26 AS, an annual tax statement that lists your total outgo. You can get it by registering yourself at the tax information network site of the IT Department, tinnsdl.com. Being able to access the tax statement online has made the process convenient for taxpayers. Before filing your tax return, you should check Form 26 AS as this will help you avoid a TDS mismatch.
However, you will only be able to view your tax statement online after filling up a verification form and submitting it at an income tax office. You can personally pay a onetime fee of Rs 17 or have someone collect it, which will cost you Rupees 110.
The above facilities benefit the customer and the banker all the same. This will increase the productivity of all concerned and will end up in saving a lot of time. Some of the benefits are detailed above.