Tips on how to improve your financial health?

How do you measure your financial health? Well, this can very well very be understood with the example of pin code and IFSC code. Suppose there is pin code of Bihar and pin code of Chhattisgarh, they are used to locate the particular place very easily just by entering pin code on a search engine, by knowing exactly the place you can send your belongings or materialistic things to your known or unknown person. In the same way, IFSC code works, suppose there is an IFSC code of HDFC, and IFSC code of PNB. By using these IFSC codes, first of all, you can easily make online net banking transactions and can also find out the bank address of a particular area.

In the same way, some methods are there that you need to adopt to know your financial health. These methods are the sources to attain optimal saving and measure perfectly your financial wealth as was explained taking help of IFSC code and Pin code, but here in place of pin code and IFSC code, some aspects need to be kept in the mind that will reflect the status of your financial health. So, let’s get started.

The basic rule of financial wellness is simple, always spend less and save more. If you apply this rule to your everyday lives, then surely you will be able to avail the financial benefits in the near future. But the reality has different faces sometimes as all of us are busy struggling to meet ends. Most of the people are found drowning in student loan, personal loan, home loan, business loan, credit card debts and so on. Plus, the rising price in everything today makes it even more difficult to survive easily for some of us.

You never know how things might come your way as the onus of responsibility wherein you have no other choice but to spend whatever pooled in money you have to get rid of the problem. You will always be trapped amidst personal and professional circumstances that will make you go money spoiler even if you don’t want to. So, how can you actually tackle these situations and ensure to maintain your financial health?

For this, you need to measure it in different ways and see results after some months in order to know what profits exactly you have in store. To understand this better, center for financial services innovation (CFSI) has put emphasis on some indicators that are effective in improving your financial health and bringing improvement in your financial life that often goes tumultuous and complex.

1. Spend less and save more- This is one of the underlying reasons where many people face the problems of paucity when it is utmost needed as they spend more amount of money than their income. As a result of which, they are not left with adequate money to be used for the right thing. You can gain momentum in your financial graph if from today onwards you make it your habit of saving more and spending less. Saved money can give ample benefits in a long-term journey.
2. Pay your bills on time- Make sure your bills of insurance, groceries, personal items, and other utilities are clear in every month to avoid the future burden. If you are aware of the consequences of missing out on monthly payment then surely you won’t compromise with paying bills on time.

Maintaining monthly financial chart is very important to keep things stable or else you will have lots of things piled up for the coming month that surely you won’t be able to bare. Always set reminders to pay even your variable expenses.

3. Make expenses on liquid assets for liquid savings- Nobody knows when situations can turn into turmoil so what you are earning, make sure to save that money and try to do liquid saving so that it can be converted into cash when required. A liquid saving has many benefits, you can make Jewellery, invest on automobiles or real estates when you are in serious need of cash these liquid assets can easily be converted into cash. So in this way, you will never face a problem of running out of money.

4. Have long-term savings- Your long term saving will always protect you from getting knocked down by circumstances. You won’t have to be dependent on anyone for financial support. At times, need arises in many ways that you are not left with money so, if you have savings for your bad times, it can be used to avert the situation instead of crying over why I didn’t save the money.

These aspects will always help you in leading a better life so long as financial issues are concerned. Managing the finance for the right time and keeping bad situations in mind makes your life far better than doing nothing. So, adopt these habits to secure your future financially.

Use of IFSC code and how to find it?

Just like a pin code is required to find a particular place such as (pin code of Delhi, pin code of Jharkhand), in the same way IFSC code is required for different bank branch, every bank and its branch has different IFSC code, such as (IFSC code of HDFC) (IFSC code of PNB). An IFSC Code is given by the RBI (Reserve Bank of India) to all the banks and its branches. You can find the IFSC code in the account passbook, cheque book, and on the RBI website. IFSC has different uses for e.g., during the e-fund transfer, you will require IFSC code.

What is an IFSC Code?

The full form of IFSC code is Indian Financial System Code; it is a unique alphanumeric 11-digit number which is used during the e-transfer of money for the transactions of IMPS, NEFT, and RTGS. You can easily find IFSC code on the account holder’s passbook, cheque book, and also on the Reserve Bank of India’s website. This code is allotted to each branch of the bank by the reserve bank of India. You won’t be able to work on most of the internet banking without an IFSC code as it requires IFSC code for transactions.

Commonly, RBI does not make any kind of update or change with regards to IFSC code. Lately, SBI (State Bank of India) changed the Indian Financial System Code in all the branches after its merger with five associate banks.

Importance of IFSC Code

There are three benefits of Indian Financial System Code:

1. It Provides Identification: This code is helpful in identifying the bank and its branch. Additionally, it provides unique identification to every bank and its branch.
2. Elimination of Errors:it comes to use in eliminating the error during the e-fund transfer.
3. E-transfer:An IFSC code is useful in making the electronic payment easier – NEFT, IMPS, and RTGS.

Use of IFSC Code?

This code has its own importance as it is used by the Indian Financial System to enable online money and electronic transfer. This code helps you easily transfer money through NEFT and RTGS. However, when it comes to using transfer funds through UPI, Aadhaar number is required in place of this code.

How to find the IFSC Code?

You can find the Indian Financial System Code by using three methods:

1. You can find it on the cheque leaf and bank passbook that are provided by the respective bank.
2. Go through the website, all the bank codes are listed on the Reserve Bank of India’s website.
3. One more way to find the code is, go on the official website of the respective bank.

What is a MICR Code?

Magnetic Ink Character Recognition or MICR Code is a reliable, fast, effective, and innovative technology. It is used to authenticate the legality and credibility of the paper documents during the process in banking. It is a nine digit numeric code that you can find on the bottom of the cheques. The same concept is found on MICR code which is followed in the barcodes except they can be easily read by humans.

This code is used by banks in order to verify the cheques before the process of clearance. However, this technology is used for other bank documents also as it is authentic. A MICR code includes details of cheque number, bank code, account details, and control indicator. A MICR code enables efficient, quick, and error-free processing of the cheques that is the reason it’s is used.

Some tips that help you make your engineering life better

Having an engineering degree in hand is a way to a rewarding career that offers you a handsome salary package in the leading and renowned companies. Most of the engineering students who regularly go to colleges have an edge over students who are deprived of it. In broad terms, most of the students from remote areas are not able to avail the facilities of such good colleges. But the developing period of India has made it possible for every student to have access to everything that uplifts their education. With the medium of the internet today, they can order the necessary study materials from any place they want to.

They just need to fill basic details about their personal information and other details such as pin code of Delhi, Bihar, Rajasthan or whatever place the student belongs to. In addition to this, you can order online as well in return of which you will have to pay the amount by filling your bank details such as account number of IFSC code of HDFC or IFSC code of PNB or whatever bank you are associated with.

With good study materials in hand, you can alter your lifestyle and way of thinking with each passing day, that’s what engineering degree gives you at the end of the day. However, before you prepare your mindset to get into the field of engineering, you will have to go through the hardships such as studying the B.Tech courses, a few late night studies, and some extra sessions to get you through the subsequent years.

There are some tips that will whittle down your burden of engineering life are as follows:

1. Prepare good notes, and keep them with you for practice

Engineering textbooks are brimming with ample information, but in order to succeed, you have to prepare yourself in a smart and active way. Though trouble will still be there, but with important highlights and pagemarkers, that selective information may come in handy. So, what you need to do is after the class is over, keep with you the useful textbooks and notes as reference. Notes, annotations, and highlighting points are helpful to make your way easier which you can go through anytime by having a glance at them for the reminder.

2. Establish a good relationship with your professors

In order to do well in exams, you will have to develop a healthy relationship with professors at B.Tech College, so you are comfortable in asking any of your queries. The connection should be strong so whenever you approach them, they can help you with your topics. Communicate well with your professors and seek help if ever you get stuck in your study materials or things that don’t get into your head, seek their help. Get into details of industry insights, any job, or better program for future references.

3. Be prepared with your queries both in class and out

Go through the topic they teach you most of the time, chances of those topics coming in the question paper are more. Anything that comes as a barrier in your knowledge, put it before them, they will help you clarify your doubts. Make the most of what they are teaching in their sessions and show your active participation in the study materials. They will openly come with comprehensive solutions with you to rectify your difficulty.

4. Make your own efforts to deal with problems before taking help

To be honestly speaking, no one is so interested in devoting their personal time for others on a repetitive mode. You will have to put out tremendous efforts to have an edge over other students or to fairly do well in exams. Make prolonged efforts to solve the problem until and unless you find it too hard to solve on your own.

You can take guidance from others and learn an alternative to get to the top, don’t try to immerse in finding the exact solutions by emulating others instead put emphasis on your own creativity. If you seek help, make sure you are in touch with that person to help you deal with such situations. Some of the best engineering courses make students go through questioning attitude to prepare them well for exams.

Following these tips will surely help you achieve good marks in exams and attain a good position. You have to realize the importance of good academics records to do well in professional life in the future. As you show agility and active participation in education, there are good chances for you to do well in your career.

 

The advantages and disadvantages of coaching classes that every student must know

Every student nowadays prefers to take coaching classes to score well in board exams, entrance exams, or competitive exams, it has become a trend for students to take admissions in coaching institutes as they consider them to be a better option to attain knowledge that they basically fail to get in any other medium of learning. The question that comes to mind now is if coaching institutes’ students are able to give an edge over the self-studied students.

This topic has turned into a debate whether it is compulsory for students to take help from coaching institutes or they are capable of scoring well with self-studies. In this article, we are going to discuss the advantages and disadvantages of coaching institutes for students who are little confused in deciding if they should go for it or not. (Though some coaching institutes also send coaching module to different states and major cities of India based on the pin code of the place, such as pin code of Bihar and pin code of Delhi). But the matter of the fact is to make students understand what could be beneficial for them.

Advantages of coaching students for aspiring students

• Correct guidance-Coaching institutes provide better career guidance as to what and how syllabus need to be prepared from 9^th to 12^th classes so that students are able to shape themselves accordingly for competitive exams, entrance exams, etc. In coaching institutes, the students not only get the correct academic guidance but also they are able to know better career options and choose the right path as per their interest and academic record. Coaching institutes are really helpful from where you can kick start your career and seek good career guidance from the connoisseurs of teaching.
• The personalization of studies- In school, teachers have to deal with 40-50 students in the class and they just focus on covering their syllabus for subjects in the time allotted to them. At coaching institutes, each student gets individual attention for all the subjects that they show the interest for. Coaching institutes provide better learning and development platform to students as per their requirement.
• Specific subjects are covered- In school, if due to some reason if a student is absent, he misses out on the important topic and loses track of studies. Students are not able to cover the missed-concepts even if they want to because every day they have to follow the ongoing concepts in the classroom.

But in the coaching institutes, they get to learn topics as per their comfortability and cover up each concept that they miss out at school. In school, students fail to understand the comprehensive chemical reactions concept whereas the same they learn with ease by following the concept from the starting in brief in coaching institutes and even if they fail to understand it at one attempt, they may ask the same thing multiple times for clarity.

Disadvantages of coaching institutes for students-

• Additional expenditure on education- Though, the facility of coaching is far away from the reach of students who belong to the far-flung areas but they can visit the nearest bank branch and order the coaching materials from the cities. Each branch has its IFSC code such as IFSC code of HDFC and IFSC code of PNB. This facility is good but comes with it the burden of expenditure that often becomes a barrier for middle-class and lower middle-class family.

Nowadays, the cost of education is rising with each passing year, and not all students are intelligent who without seeking the coaching institutes could score well, for those students, parents have to afford extra expenses on education so that their child gets good scores in academics.

Sometimes, teachers at school run the home tuition as well and parents think their child will get more attention and score well in academic as the teacher is known to the students but nothing happens the way parents think, teachers sometimes do not teach properly as their motive is to just earn an extra buck by giving tuitions.

• Burden of homework on students- Coaching institutes believe that homework is a good form of keeping students in touch with the study materials. Teachers in coaching institutes make students practice well to prepare for exams and entrance exams. But the sad part is students have to finish school homework simultaneously apart from the coaching work, going through the subjects taught in school and coaching institutes together make them feel burdened and they are not able to refresh them and devote enough time properly to subjects.
• Coaching academic structure is different- Coaching institutes follow a personalized study pattern whereas it is completely different in schools they follow the generic pattern for each batch in the classes. This comes across as a dilemma and confuses students if they should be in touch with schools studies or follow coaching classes’ methods.

Conclusion– The conclusion is that those who are brilliant can manage to prepare board exams, competitive exams, or entrance exams on their own but those students who need to learn better and score well and feel the need to join the coaching institutes, then joining coaching institutes is the best idea for them. But self-studies are also equally important as going to school and coaching institutes, this method keeps you focused towards your academics.

The role of current affairs for bank exams

Before moving on to the concept of current affairs, it is extremely important to have an alternative source of knowledge materials if accessibility to go online is hard in your far-flung city. You may simply go for an option of ordering study materials either through filling online form from some internet shop or send an envelope with all your enclosed details to the person located in big cities.

If anyone of you don’t have any digital platform to pay money, you can enter on your or friend’s phone to know which bank is near your location after putting the IFSC code, each place has different IFSC code, so it will reflect the list of all the banks based on IFSC codes in your city. For example, whether it is ICICI Bank IFSC codes in Delhi or BOB Bank IFSC codes in Delhi or any bank.

IFSC code will help you find the location of nearest bank followed by which you can send the amount to the owner or concerned person who will be sending you books for current affairs and bank exam from another city. It is for people who are basically not connected to the cities. It will really help.

Let’s now get into the comprehensive details as to why it is imperative to be in touch with current affairs and competitive bank exams materials. Current affairs are the only way that helps us connect with one another and weave us together in a thread. They bring us closer to the rich cultural diversities of our country. It is that one inexplicable aspect that you get to know about through current affairs as no other medium is as helpful in spreading knowledge about culture and rich history as is the current affairs.

Current affairs play a significant role in the academic domain and also in competitive exams. Current affairs for competitive exams are the buzz word in the market nowadays and very popular among youths who immerse in the studies day and night to clear government competitive exams. In banks exams, the maximum portion of question paper consists of current affairs questions that you will get to see in most of the competitive exams also.

Showing perseverance towards exams opens up the opportunities of jobs not in the bank sector only but in all the related fields which are possible only by being in touch with current affairs. Banking jobs are in demand due to the dissemination of finance and accounting domain in the country and resulting in the larger number of vacancies across India.

With the banking sector showing immense growth with each passing year, the inclination of large number of youths is towards these jobs that have made the competition very stiff and slowed down other leading career choices. Banking jobs are one of the reputable jobs that show you the prospects of going higher in career and brush up the professional skills to a large extent alongside.

These current affairs question is asked in interviews as well which often becomes a reason of halt if preparation is not enough. Banking sector and its related sectors are increasing manifold and making the competition tough among masses to be a part of it. So, a current affair really helps a lot and even if you are prepared enough still some of the intelligent students take around 4-5 attempts to clear the exams. So, storing the maximum knowledge of current affairs is essential to fortify your place in the competition. If your knowledge on current affairs is strong, you can easily succeed in any field.

Therefore, you need to stay in touch with all the bank exam samples and current affairs that will give you an insight of how the exam papers are going to be like and will help you upgrade as an individual also.

Advantages and disadvantages of using internet banking and IFSC code

(NEFT) national electronic fund transfer allows you to transfer your fund in an easy and secure way from one account to another account in India and also saves your enough time as compared to any other mode of transfer. There are no barriers for any firm, corporate, or individual to transfer fund from one branch to another, anyone can do this within a stipulated time without facing any inconvenience.

To complete the process of NEFT, you require payee bank account number as well as IFSC code of concerned branch. You will get this option of IFSC code in the internet banking while transferring the amount. In the beneficiary section, you will have to fill the details of the payee. Be it IFSC code of HDFC or IFSC code of PNB or any other bank. The option of putting IFSC code is there in internet banking which is must for the further process.

Apart from this, there are other modes of transferring fund as well from one bank to another such as RTGS, IMPS etc. In case of international transfer, you require details of swift code or BIC code of concerned bank. After receiving the swift code, you can transfer the money from one country to another after filling the details of the concerned person. In addition to this, if you are Delhi person, separate Pin codes of Delhi will be used for different IFSC code. Each area has the different pin code and so does the IFSC code for that area.

How the process works

1. Customer will need to fill details in the NEFT form to origin bank such as account number, beneficiary name, IFSC code, branch details, and the amount to be remitted.
2. Origin generates a message followed by that is sent to the NEFT service center.
3. NEFT service center operation team forwards the same message to NEFT clearing center (operated by national clearing cell, Reserve bank of India, Mumbai) for the next batch.
4. NEFT clearing center goes through the fund transfer transaction and then prepare accounting entries to be received from origin bank and then credit to destination bank.
5. A message is sent from NEFT clearing center to the destination bank and the same details are passed on to the beneficiary customer bank account.

Deduction as a service charge in case of outward transaction

Transaction up to 10,000rs 2.50rs are charged + (service tax)

Transaction between 10,000 to 1 lakh 5.00rs are charged + (service tax)

Transaction between 1 lakh to 2 lakh 15.00rs are charged + (service tax)

Transaction above 2 lakh 25.00rs are charged + (service tax)

For settlement timing

• Settlement timing of NEFT is currently being done on an hourly basis.
• Monday to Friday (9.00AM to 7.00 PM) 11 settlements are done and on Saturday only 5 settlements are done.
• Any transaction done after this stipulated time will be counted in the record of the next working day.
• NEFT gained great popularity because of these key features that actually works as facilities such as saving time.Anybody from anywhere can save time by opting for this convenient process.

Finally,You will find out the updated NEFT that will allow you to go through the details of branches database such as MICR code, swift code, customer care contact number, branch address details, BSR code, Mail ID, branch location, toll-free number, City, District, contact number etc.