E Wallets

'E-Wallets'

 E-Wallet is a type of electronic card which is used for transactions made online through a computer or a smartphone. Its utility is same as a credit or debit card. An E-Wallet needs to be linked with the individual’s bank account to make payments. 
                                                
                                                  
Descriptions


E-Wallet is a type of pre-paid account in which a user can store his/her money for any ure online transaction. An E-Wallet is protected with a password. With the help of an 
E-Wallet, one can make Payments for Groceries, online Purchases, and Flight Tickets, among others. 

E-Wallet has mainly Two components, software and information.

 The software component stores personal information and providesSecurity and Encryption of the Data. The Information component is a Database of details provided by the user which includes their name, Shipping address, Payment method, amount to be paid, credit or Debit card details, etc. 

For Setting up an E-Wallet Account, the user Needs to Install the Software on his/her Device, and Enter the Relevant Information required. After Shopping Online, the E-Wallet Automatically fills in the user’s Information on the Payment form. To Activate the E-Wallet, the user needs to enter his Password. Once the Online Payment is made, the 
consumer is not required to fill the order form on any other website as the Information gets Stored in the Database and is updated Automatically.

E-Wallet stands for electronic wallet. It is a type of Electronic card which is used for Transactions made online through a computer or a smartphone. The utility of E-Wallet is same as a credit or debit card. An E-Wallet needs to be linked with the individual's bank Account to make payments. The main objective of E-Wallet is to make paperless money transaction easier.

Features  of  E - Wallet  / How does it work?

E-Wallet has mainly two components, software and information.

Software component stores personal information and provides security and encryption of the data whereas information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit 
card details, etc.
                           
How do I use E-Wallet?
                                                      
For Consumer:

1  Download the app on your device.

2  Sign-up by entering the relevant information.

3  The user will receive a password.

4 Load money using debit/credit card or Netbanking.

5 After shopping online, the E-Wallet automatically fills in the user's information on the payment form.

Once the online payment is made, the user is not required to fill the order form on any other website as the information gets stored in the database and is updated automatically.
                                                       
For Merchant
               
1 Merchant downloads the app on his/her device.

2 Sign-up by entering the relevant information. 

3 The user will receive a password.

4 Self-declare yourself as a merchant.

5 Start accepting payments.

                                     hat do I need to start using an E-Wallet?

1 Bank Account.

2 Smart phone.

3 2G/3G/4G connection.

4 A free wallet app .

Must Do Practices
Register your mobile number at bank for regular information by SMS for every transaction .
Never share your PIN to anyone.
Transact at only trusted merchants.
While at ATM, ensure no one is looking over your shoulder.

                              
The Top 20 Digital Wallets 

1) Airtel Money :

With the Airtel Money app, users can easily recharge prepaid accounts or pay postpaid bills. 

You can also shop online if your digital wallet has cash loaded in it. It’s also extremely safe 

as every transaction or payment you make requires a secret 4-digit mPin.

2) Citi MasterPass:

Citi MasterPass, a free digital wallet, helps make checking out while online shopping a 

speedier process. Once you’ve stored all your payment and shipping details in your Citi 

Wallet, simply click on the MasterPass button and it will take care of the rest.

3) Citrus Pay:

Citrus Pay, one of the top E-Wallets in India, it offers a Citrus wallet for customers as well 

as payment solutions to businesses. With a strong base of 800 million customers, it has 

definitely earned its spot as one of the best mobile wallets in India.

4) Ezetap:

Ezetap, a Bangalore based digital payment solution founded in 2011, offers business owners 

solutions to accept card payments via electronic devices. It also send customers e-receipts 

through an SMS or email.

5) Freecharge:

Freecharge, one of the most famous names right now when it comes to digital payment in 

India, has been known to target the youth in all their promotions. With equivalent amount 

of coupons given for every recharge you make, it’s a great option to save while paying your 

bills online.

6) HDFC PayZapp:

HDFC PayZapp, making digital payment in India simplified with one click payments, is one 

of the top online wallets in India. Users can easily compare flight and hotel tickets and even 

buy music or pay bills with the app. Simple connect your debit/credit card once and forget to 

worry about making payments.

7) ICICI Pockets:

While you might find a Pocket card redundant, considering you’re opting for an E-Wallet 

app to avoid using a card, they do have a pretty neat wallet app. It’s VISA powered and can be used on any Indian website, or to transfer money to email ids, WhatsApp contacts, and also just tap and pay your friends easily.


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#pocket
#transfer
#money
#card
#wallet
#digital
#payment
# MasterPass


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Deposits

What is a 'Deposits'

A Deposits can be one of Two Things:

1. A Transaction Involving a Transfer of Funds to Another Party for Safekeeping.

2. A portion of Funds that is used as Security or Collateral for the Delivery of a good.

BREAKING DOWN 'Deposits'

1. A Transaction Involving a Transfer of Funds to Another party for safekeeping.
This type of Deposits is identical to the money an investor transfers into a bank's savings or checking accounts. It can be made by individuals or entities such as corporations. The money is still owned by the person or entity that Depositsed the money, and it can 
be withdrawn at any time, transferred to another person's account, or used to purchase goods. Often, a person must Deposits a 
certain amount of money in order to open a new bank account, which is known as a minimum Deposits. This amount covers the costs associated with opening and maintaining the account.

Depositsing money into a typical checking account qualifies as a Transaction Deposits, which means that the funds are Immediately 
available and liquid, without any delays.
The Exception to this rule is a Time Deposits, also known as a Term Deposits or a Certificate of Deposits (CD), which is a savings Account that restricts Withdrawals within a certain time period. This time period varies from 30 days to around five years. In most cases, the Depositsor must give notice prior to withdrawing funds before the time limit Expires, and there are fees for doing so.
Interest on Depositss

When money is Depositsed into a Banking Account, it earns Interest. This means that, at fixed Intervals, a small percentage of the 
Account's total is Added to the Amount of Money Already in the Account. Interest can be compounded at Different Rates and 
Frequencies Depending on the bank or Institution, so it's a good Idea to look Around for the best Interest rates before committing to a savings account. Time Depositss, CDs, and other Accounts that restrict withdrawals offer a higher Interest rate, which allows you to 
save more money, more quickly.

2. A portion of funds that is used as security or collateral for the Delivery of a good.
Some contracts require a percentage of funds to be transferred before delivery as an act of good faith. An example is the initial margin Deposits required for entering into a new futures contract.

Depositss are also required on many large Purchases for which payment plans are required, such as real estate or vehicles. These Depositss, set at a certain percentage of the full Purchase price, are more commonly known as down payments, and they prove that you fully intend to follow through with the purchase. In the case of rentals, this is known as a security Deposits, and it covers the 
costs of any potential damages done to the property during the Rental Period, and it is often Refundable if the property is returned in 
good condition.

Bank Depositss consist of money placed into Banking Institutions for safekeeping. These Depositss are made to Deposits accounts 
such as savings accounts, checking Accounts and money market Accounts. The account holder has the right to withdraw Depositsed 
funds, as set forth in the Terms and conditions governing the Account Agreement.

BREAKING DOWN 'Bank Depositss'

The Deposits itself is a liability owed by the bank to the Depositsor. Bank Depositss refer to this liability rather than to the actual funds 
that have been Depositsed. When someone opens a bank account and makes a cash Deposits, he surrenders legal title to the cash, 
and it becomes an asset of the bank. In turn, the account is a liability to the bank.

A banking Deposits that has immediate and full liquidity, with no delays or waiting periods. Transaction Depositss can be transferred 
into other cash instruments, have electronic payments authorized against them, or otherwise be transacted by the financial 
institution solely at the request of the account holder. 

BREAKING DOWN 'Transaction Deposits'

Transaction Depositss must be held in reserve by the bank at all times; they stand in contrast to time Depositss and even Depositss 
into a savings account, which may have monthly limitations on the number of transactions or transfers allowed. 

Making a Deposits into a conventional checking account will be considered a transaction Deposits, as the account holder is allowed to withdraw the amount at any time. 

A time Deposits is an interest-bearing bank Deposits account that has a specified date of maturity, such as a savings account or 
certificate of Deposits (CD). The funds in these accounts must be held for a fixed term and include the understanding that the 
Depositsor can make a withdrawal only by giving notice.

BREAKING DOWN 'Time Deposits'

A bank is authorized to require Depositsors to give 30 days' notice before withdrawing funds from a savings account; however, passbook accounts are typically considered readily available funds and account holders can make withdrawals without giving notice. 

Certificates of Deposits (CD) are issued for a specified term, typically from 30 days (the minimum) up to five years. Although funds 
can be withdrawn from CDs without notice (on demand), there are penalties for early withdrawal.

 A brokered Deposits is a Deposits made to a bank by a third-party Deposits broker. A Deposits broker is a person who places other 
peoples' Depositss with insured institutions. The brokered Depositss are usually large-denomination and are often sold by a bank to 
a brokerage, which then divides it into smaller pieces for sale to its customers. Brokered Depositss make up one of two types of 
Depositss that make up a bank's Deposits liabilities. Core Depositss - such as Depositss to checking accounts, savings accounts and 
certificates of Deposits made by individuals - are the other key component of a bank's Depositss.

BREAKING DOWN 'Brokered Deposits'

Under FDIC rules, only well-capitalized banks can solicit and accept brokered Depositss. Adequately capitalized ones may accept 
them after being granted a waiver, and undercapitalized banks cannot accept them at all. By accepting brokered Depositss, a bank 
can gain access to a larger pool of potential investment funds and improve its liquidity. This improved liquidity within the banking 
system often gives banks the capitalization they need to make loans to businesses and the public. The bank can also save money by 
accepting brokered Depositss compared to handling an equivalent dollar amount of numerous smaller Depositss. Individuals can 
Elect to participate in brokered Deposits Transactions as they will usually pay a Higher Rate of Interest than Traditional Depositss.
Core Depositss are the Depositss that form a stable source of funds for a lending bank. Core Depositss are made in a bank's natural 
Demographic market and offer many Advantages to Financial Institutions, such as Predictable costs, and a Measurement of how loyal their customers are.

BREAKING DOWN 'Core Depositss'

In Addition to the Advantages mentioned above, core Depositss are generally less vulnerable to changes in short-term Interest rates than certificates of Deposits (CDs) or money market accounts. As the U.S. Federal Reserve gradually begins to raise rates, moving ahead in 2018, some financial institutions have increased their CD rates, accordingly. Consumers will look for higher rates in CDs (as this could enable them to increase their savings more quickly). If some banks raise CD rates in accordance with the Federal policy, others could follow.

A Deposits slip is a small written form that is sometimes used to Deposits funds into a Bank Account. A Deposits slip Indicates the 
Date, the name of the Depositsor, the Depositsor's Account number and the Amounts of checks, cash and coin being Depositsed. The bank clerk typically verifies the funds Received Against the Amounts listed on the Deposits slip and processes the slip to Indicate the Deposits was Received.

BREAKING DOWN 'Deposits Slip'

Upon entering a bank, the customer typically finds a stack of Deposits slips with designated spaces to fill in required information. The 
customer is required to fill out the Deposits slip before approaching the bank teller to Deposits funds. Additionally, Deposits slips are often included in the back of checkbooks, though the use of paper checks has declined through the 21st century.

A Book transfer is the Transfer of Funds from one Deposits Account to another at the same Financial Institution. Book Transfers are a 
way to eliminate check clearing float. Unlike with Interbank Transfers, these intra bank Transfers require little or no wait time.
BREAKING DOWN 'Book Transfer'
As stated above, Book Transfers are a means of Eliminating check clearing float, the time between when an entity Depositss a check 
and the Institution's Clearing of it. For example, if someone Depositss a check today, a period of days or weeks might lapse prior to 
the check completing Payment. This lapse enables the paying bank to earn some extra Interest on those Funds.


BY
HARSHITA TIWARI
Intern FinTech




#deposit
#fund
#bank
#money
#cerficate
#financial
#institution
#cash
#withdrawal
#fixed
#currrent


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Sounds Similar ? They aren't Same Physical property Vs Intellectual Property


                                                                                                                                   By   Akankhya Kabi

Sounds Similar  ?  They aren't Same !

Physical property 
Vs
Intellectual Property 
I own this house.This is my car.That book belongs to me.That music set is mine.

I have a story to make a movie.I have an idea to paint down.I have a concept to be penned down. 

This is some general connotations that we often hear.But which is a physical property and which an Intellectual property often is quite confusing for the common man.

Physical property refers to any tangible thing that we own.Like I bought a TV set from the market, I bought a T-shirt from a shopping mall.

Intellectual Property refers to any idea that has evolved through it intellect that might later take the shape of a physical property but carrying the intellectual property rights.

So basically we can say all intellectual property take the shape of a physical property but all the physical property that you possess might not have intellectual property rights.For example, you have a plot for writing a story, you cannot have that plot or idea get the tag of intellectual property right unless and until you pen down it or record your voice or through any such means because no one can read your mind so that you have a copyright over that.So you have to get that converted into a tangible object to get registered under intellectual property right.

Whereas on the other hand, suppose you buy an LG tv set or a Chetan Bhagat book or a Banarasi silk saree.We can definitely use them for ourselves but we cannot sell or lend those products for commercial purpose and earn out of the same until the Trademark, Copyright and Geographical Indication of those products expire from those companies, authors, and producers of the same.

We should always remember it is just the owner of the property who has been entitled to use, sell and even can damage his own property whereas the one who is in authenticated possession of the same has only the right to use and not to sell it for commercial purpose or damage it.


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Akankhya Kabi

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#phycical property_v_intellectual_property
#difference_between_them
#Law_for_common_man
#Alfa #Akankhya #kabi 



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Mortgage

What is a 'Mortgage'

A Mortgage is a debt Instrument, secured by the Collateral of specified Real estate Property, that the Borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by Individuals and Businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the Borrower Repays the loan, plus Interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on property." If the Borrower stops paying the Mortgage, the bank can foreclose.

                                                            
BREAKING DOWN 'Mortgage'

In a Residential Mortgage, a Home Buyer pledges his or her House to the Bank. The Bank has a Claim on the House should the Home Buyer Default on Paying the Mortgage. In the case of a Foreclosure, the bank may evict the home's Tenants and sell the house, using the Income from the sale to clear the Mortgage debt.

Mortgages come in many forms. With a fixed-rate Mortgage, the Borrower pays the same Interest rate for the life of the loan. Her monthly principal and interest payment never change from the first Mortgage payment to the last. Most fixed-rate Mortgages have a 15- or 30-year term. If market interest rates rise, the borrower’s payment does not change. If market Interest rates drop significantly, the borrower may be able to secure that lower rate by Refinancing the Mortgage. A fixed-rate Mortgage is also called a “Traditional" Mortgage. 

With an Adjustable-Rate Mortgage (ARM), the Interest rate is fixed for an Initial term, but then it fluctuates with market Interest Rates. The Initial Interest rate is often a below-market rate, which can make a Mortgage seem more Affordable than it really is. If Interest rates Increase later, the Borrower may not be able to Afford the Higher Monthly Payments. Interest rates could also Decrease, making an ARM less Expensive. In either case, the monthly payments are Unpredictable after the initial term.

Other less common types of Mortgages, such as interest-only Mortgages and payment-option ARMs, are best used by Sophisticated Borrowers. Many homeowners got into financial Trouble with these types of Mortgages during the housing Bubble years.

When Shopping for a Mortgage, it is Beneficial to use a Mortgage Calculator, as these tools can give you an idea of the Interest Rates for the Mortgage you're considering. Mortgage Calculators can also help you Calculate the Total cost of Interest over the life of the Mortgage.

[ Getting a Mortgage is a How nearly everyone Finances their newly Bought home but accruing certain amounts of long-term Debt doesn't mean you have to stop Investing. Learn how to Invest for the future, plan to create a Conservative Portfolio based on Individual Debt load and many other Financial skills in Investopedia Academy's Personal Finance for Beginners course. ]



                                                                   HOW IT WORKS (EXAMPLE):

Mortgage loans are usually Entered into by home Buyers without enough cash on hand to purchase the home. They are also used to Borrow cash from a Bank for other projects using their house as Collateral. 

There are several Types of Mortgage loans and Buyers should assess what is Best for their own Situation before entering into one. Types of loans are characterized by their term dates (usually from 5 to 30 years, some Institutions now offer loans up to 50 year terms), interest rates (these may be fixed or variable), and the amount of payments per period.

[If you're ready to buy a home, use our Mortgage Calculator to see what your monthly principal and interest payment will be. You can also learn how to calculate your monthly payment in Excel.]

Mortgages are like any other Financial Product in that their Supply and Demand will change Dependent on the market. For that Reason, sometimes banks can offer very low interest rates and sometimes they can only offer high rates. If a borrower agreed upon a high interest rate and finds after a few years that rates have dropped, he can sign a new agreement at the new lower interest rate -- after jumping though some hoops, of course. This is called "Refinancing."

                                                                            WHY IT MATTERS:

Mortgages make larger purchases possible for individuals lacking enough cash to purchase an asset, like a house, up front. Lenders take a risk making these loans as there is no guarantee the borrower will be able to pay in the future. Borrowers take risk in accepting these loans, as a failure to pay will result in a total loss of the asset.

Home ownership has become a cornerstone of the American Dream. For most people, their home is their most valuable Asset. Mortgages make home buying possible for many Americans. Mortgages are not always easy to secure, however, as rates and terms are often dependent on an individual's credit score and job status. Failure to repay allows a bank to legally foreclose and auction off the property to cover its losses.

BY
HARSHITA TIWARI
Intern FinTech


#mortgage
#house
#credit
#bank
#credit
#property
#loss
#repayement
#refinance

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