David Powell


A Walk-Through the Uses and Benefits of IFSC Codes for Fund Transfers

Indian Financial System Code (IFSC) is a unique code for a bank branch. It contains 11 alphanumeric digits and is used by all the Indian banks, which have the facility of RTGS, NEFT, IMPS, and online payment settlement systems. The Reserve Bank of Indias (RBI) has issued this code to bank and its branches in order to streamline their electronic funds transfer process.

If you wish to transact money online through net banking, then providing IFS code of the beneficiary bank is mandatory. It is essentially asked when adding a payee or directly performing a quick transfer. You can easily search for an IFSC on specific bank’s and RBI’s official website.

Explanation of IFSC’s Structure

In the 11-digit code, the initial 4 characters signify the bank’s name. The 5th character is a zero and kept for future scope for expansion of the bank branch. The 6th character signifies the bank location. You can find this code on the cheque slip and cheque-book and the front page of the bank passbook.

For instance, the SBI IFSC starts with SBIN (representing the bank, State Bank of India), followed by a zero (0), and if the code is of Dwarka, New Delhi branch, then it will read as SBIN0004384, where the last 6 digits signifying the bank-branch.

The Benefits of IFSC Codes

Below provided are some of the benefits of using an IFSC.

  1. Smooth Instant Transfer of Money: By using IFS code, fund transfer online can happen quickly between a bank account to another without any errors. It saves time and is of great convenience.
  2. Locates a Branch Accurately: The code helps to identify the correct branch. It also denotes a branch by its location, eliminating the risk of duplication.
  3. Keep Away Frauds: Any transaction using this code occurs in a secured manner as each ban-branch has a unique IFSC. Thus, infringement by any third-party is impossible.
  4. Paperless Money Transfer: Unlike offline transfers and deposits, IFSC code facilitates online transactions, making room for paperless money transactions. Printing cost can be thus easily avoided and it is a wise way to ‘go green’.
  5. Addition of an Authentic Payee:When making a transfer online, you have to add a payee. The payee can be added only when you enter the IFSC of the beneficiary’s bank branch. A payee will be added successfully only when the IFSC and account number are in tandem with each other.

Online Fund Transfer Methods That Use IFSC

Below provided are the online fund transfer systems, which utilize IFSC.

  1. NEFT (National Electronic Funds Transfer): Funds transferred by using NEFT are settled in specific batches during a day. There is no ceiling on the minimum and maximum amount for transfer. You need to enter details such as beneficiary’s account name, account number, account type, and IFSC code of the branch, and the amount for transfer, a high security password sent to your registered phone number, to complete the transaction.
  2. RTGS (Real Time Gross Settlement): This system is used for high-value transactions. The minimum limit of the amount you can send is Rs. 2 lakhs. For the transfer to take place, you have to provide the payee’s account number, name, transfer amount, and the IFS code of the receiver’s bank branch. Amount transferred reflects into the bank account of the beneficiary immediately or within 2 hours.
  3. IMPS (Immediate Payment Service): Through IMPS, you can send money to a beneficiary instantly and on a real-time basis. You can use this service during holidays and weekends as well, unlike NEFT, where transactions do not take place during non-working weekends. IFSC code is mandatory to process IMPS transactions.

The above-given is a brief about IFSC code, its benefits, and uses for transactions via net banking and IFSC enabled payment apps/wallets. Refer this information if you need to make any relevant transactions using an IFS code.

Payday Loans Online Same Day No Credit Check

There’s no shame in borrowing money when you are placed in dire situations as long as you know you can pay it back. That’s the beauty of short-term loans that you can apply for and avail online. Set against your regular income, payday loans spare you from having to reach out to family and friends for some cash.

While the amount approved for these loans is smaller than what you would have had if you borrowed from a bank or other traditional lending agency, it will likely be enough to keep you afloat for a month or a few. As another plus, you only get to borrow what you can actually pay back, which makes it safer on your part because you know you have the means to do so.

Getting Out of Financial Crisis with a Payday Loan

The typical working class American will have little to no savings in the bank that’s big enough to deal with any sudden financial problem. You might have a huge utility bill coming up, a major home or car repair that needs attention, an illness or hospitalization, a mortgage, or whatever else that needs instant cash.

Short-term loans are a very helpful when it’s the middle of the month and it’s not until the end when your regular salary arrives. When pushed into a dire financial situation, some people get desperate and feel like they have no choice but to seek help from a loan shark, who will definitely charge exorbitant interest rates and take advantage of the situation.

Fortunately, times have changed and the government has placed safeguards that govern payday loan providers so that you can safely borrow money and don’t end up in more financial trouble than you already are. Take note that the rules covering payday loan lenders differ in every state, so it’s best that you do your research first.

Advantages of Same Day Approval Loans

The thing about same day approval instantly at Green-Touch and other similar payday loan providers is that borrowers can get access to the cash within a few hours. You can apply in the morning, wait a few minutes for an approval, and then a day max to have the money deposited to your account. If you need cash right here, right now, this is a smart and safe bet.

Another advantage is that quick loans no credit check same day are discreet, especially when you avail from a direct lender. Legitimate loan agencies will make sure that your personal information remains confidential and will not be shared with marketing and advertising agencies who could send you spam emails or make cold calls.

If you’re not too comfortable about going to a lending agency in person, online payday loans also allow you to apply for and claim the cash even without having to make an appearance. Everything is done online and over the phone.

Common Same Day Loan Requirements

The requirements for quick loans loans no credit check same day are similar across different states, although some lending agencies might require specific documents, depending on their guidelines. In general, you will only be asked to present a government-issued ID, a proof of income, and an active checking or savings account.

The process is easy and quick. When you have all the requirements ready, you can have your much-needed money in your bank account in no time.

What is the possible way to remove collections from student loans?

Have you ever noticed collections in your credit report? What impact do they leave on credit reports?  A credit is issued to the customers by any financial organization for a timeframe of one to seven years and they need to repay the whole amount at the end of the signed tenure period. There are several customers who wish to remove the collections account from their credit score. If your loan is in default for not paying the amount due for 270 to 365 days then the student loan immediately goes into default if it includes collections, and will also be charged fees in addition to student loans you owe. Once such situation arises the balance of your loan should not be less than $4000,is immediately known as acceleration.

If you choose to pay for deleting collections, make sure you have the agreement in writing to make it as a proof and let the collector do what you want from him. Thus the collection agencies often create a collection report that does not reflect accurately the consumer’s creditworthiness. So it’s our duty that we should contact the collector immediately and request for debt validation, and if the collection agency doesn’t respond accurately then they are also forced to remove the debts from your credit reports which show negative impact on your credit scores. After all having a student loan in collection reports can have serious consequences on your credit score.

Best ways to eliminate student loans from your collections:

Whether you have taken a private loan or federal it is going to affect your credit rating, so it is important to get out the student loan debt from your collections to get back on track:

  1. Ensure the information regarding the debt collection agency is accurate and you don’t owe any money of that kind at all. Dispute the debt from your account as it may be included default into your account and the loan must have taken by someone else.
  2. Try to settle your debt from collection agency to remove it from your account by paying it lump sum so that you can get a good amount of cash handy. This should be written in agreement for future benefit.
  3. Paying off your remaining debts in collections is another valuable option to resolve your student loans as early as possible.
  4. Consolidate your private loans or federal out of collections by your financer to refinance your loan amount worth $4000.
  5. If you are unable to resolve you debt in collections then you must declare bankruptcy to the collector.


How often we find our debts clear in our account from collection reports? Sometimes they tend to be default in our account on other person’s name. So it is important to resolve the debt in collections agency to make your account clear of any debts to maintain your credit score and get good cash handy once again in your account. You can also get more information here

Best Term Insurance Plans

For a good period of time, public-sector insurance companies dominated the industry for term insurance plans. However, in recent times, standardization followed by the digital boom in the insurance segment brought about major changes for good. Now, you will find that many private insurance companies have included term insurance plans as a part of their offering.

In this piece, we will look into what term plans are and how to choose the right one to secure the future of your near and dear ones, thus ensuring complete peace of mind.

Everything You Need To Know About Term Insurance Plans

A term insurance plan offers to cover you for a particular period or a defined “term” of years. The premiums for such plans are lower compared to endowment policies since it is a pure risk insurance product, which means that the benefits are only payable on your demise during the policy period to your nominees and nothing is paid on surviving the defined policy term.

The features of term insurance plans are as under:

  • Flexible Policy Term: One of the main benefits of such policies is the flexibility it provides in its duration. You can opt to be covered for as little as a year and as long as 40 years or till age 80 or even more.
  • Death Benefit: In the event of your demise during the policy term, your nominee will be paid the sum assured.
  • Low Premiums: When compared to other life insurance plans, the premium for term insurance plans is reasonably low.

While determining the premiums, the insurance company will take into account the cover amount, your age at the time of policy purchase, your current annual income and the policy period.

How is term insurance different from other life plans?

Life insurance policies can be availed in various forms – endowment policies, unit linked insurance plans or money back policies. Such plans are basically investment plans where a lump sum gets paid to your nominee in the event of your demise or offer you a maturity benefit if you survive the policy tenure. Term insurance, on the other hand, is purely a death benefit plan which pays out the sum assured to your nominee if you pass away during the policy period. Should you outlive this period, the insurance provider is not going to pay any survival or maturity benefit.

Riders offered in term insurance:

Several term insurance plans come with extra benefits referred to as riders, which can enhance your coverage. Riders can be opted on your base policy for an added premium. Below are some of the riders that are offered with term insurance:

  • Accidental Death Benefit Rider: In case an accident results in your untimely death, you nominee stands to get added benefits in the form of additional sum assured.
  • Waiver of Premium: You will not be required to pay future premiums if you become permanently impaired. In case the life insured and proposer are different, all future premiums are waived off in case of death of the proposer under this rider.
  • Critical Illness: During the policy tenure, if you suffer from any of the listed critical illnesses, the insurance company will pay an amount equivalent to your chosen sum assured.

How To Buy Term Insurance Plans?

Term insurance plans can be purchased through the official website of insurance broker, Coverfox in just a few clicks. All you need to do is enter a few personal details like age, gender and mobile number and then click on View Quotes. For better results, it is recommended that you mention your smoking habits, annual income, and policy period. This will enable the broker to assess your needs better and accordingly fetch policies that match them.

When you compare policies of different insurance companies, make sure to take into account the premium rates, features, claim settlement ratio and average time taken to settle claims. Although premiums do play a huge role in determining your policy choice, it mustn’t be the sole criterion for selecting an insurance policy. Take into account the features that you are getting for a particular premium rate. Another very important factor to be considered when you compare different policies is the claim settlement ratio. Look for those insurance companies that have a high and consistent claim settlement ratio as such insurers are reliable and can be trusted for claim payment.

To find the most suitable term insurance plan, get in touch with Coverfox’s customer support team by dialling 022 6179 2900. You can also visit the company website to compare all the insurance policies offered by the leading players in the industry and buy the plan that fits your insurance needs and budget.

Everything You Need To Know About Liquid Funds

What are liquid funds?

They are open-ended schemes which invest primarily in debt and money markets with maximum maturity period of 91 days. The maximum maturity time maybe equal to or less than 91 days. Because of it low tenure period, these funds help you avoid risk due to rate volatility. And provide high liquidity to your funds and a stable source of income.

So liquid funds have zero risks?

No, but they are extremely low risk funds which have high liquidity and low interest rate risks.

Because they are very short term term schemes, the risks associated with interest rate fluctuations are very low. Returns on these kinds of funds are also less prone to volatility compared to debt funds.

Are liquid funds similar to other debt funds?

While liquid funds have similar investment strategy as debt funds, the shorter duration of maturity period makes it a more attractive investment option for people who want to park their for shorter amount of time without losing their returns.

What are the benefits of investing in a liquid fund?

Most of the time people think mutual funds are very long term investment options and let their money sit idle in their savings bank accounts, schemes like liquid funds help people earn higher returns and liquidity on their investment for very short period of may also help new investors to know how their money will perform when invested in mutual funds.

How are liquid funds are taxed?

If the funds are held for less than 3 years, the gains from liquid funds are added to investors income and they are taxed at their marginal rate of tax. If the liquid funds are held for more than three years, the long term capital gains tax will be levied.