However, it will depend on the account holders whether they enjoy this facility or not. The decision was taken by the RBI to curb banking fraud in a fast-growing country.
Check fraud will be curbed.
The Positive Pay System is an automated tool that will check and investigate fraud. Under this system, the person issuing the check will have to provide some information related to the SMS check through electronic means such as mobile application, internet banking or ATM. Under this, the date of the check, the name of the beneficiary, the recipient and the amount of payment. After this, this information will be crosschecked before making the check payment.
The check will be stopped if any irregularities are found. The concerned bank branches will also be informed about this. The RBI has said that necessary steps will be taken in such a situation.
Big news for all customers of the bank this rule will change from January 1
New rules will be applied in check clear collection
Banks can make it mandatory in case of checks of Rs 5 lakh and above. Check transaction system (CTS) grid disputes will be accepted only under the new rules.
All banks will have to apply new rules in check clearing or collection. All banks have been asked by the RBI to provide complete information about the new check rule to customers before January 1, 2021.
Insurance: There are many benefits to buying motor insurance online, it saves time and money.
There are many benefits to buying motor insurance online, it saves time and money.
The cost of motor insurance purchased online is less than that of a policy purchased offline
It is also easy to renew. You do not need to re-fill the form for it
These days it would be better to take out an online policy if you are thinking of getting an insurance policy for your car. There are many benefits to buying an online policy. It saves you money but is also easy to buy. Today we are going to tell you about the benefits of buying a policy online.
Money is saved
The cost of motor insurance purchased online is lower than that of a policy purchased offline. You do not need to pay your agent's commission margin when you buy a policy online. In addition, there are no additional costs or commissions to pay when purchasing an online policy. This also reduces the cost of the insurance policy.
Work is done in less time
Buying an insurance policy online takes less time, you can easily buy it from home. Plus, you'll be getting rid of clutter you don't need. The whole job is done easily sitting at home.
Opportunity to compare with another plan
The advantage of online motor insurance is that you can learn about other customers' experiences before taking out a policy. In addition, you can compare the features of your insurance plan with the insurance of another company. This will allow you to choose the right policy for your vehicle.
Easy renewal process
For those who have purchased a policy online, it is much easier to renew it. You do not need to re-fill the form for this, as the data is already with the company. You can only renew your policy by paying online. In addition the insurance company informs you before the end of the insurance policy so that you can renew it in time.
Less paper work
Buying an online plan does not require much paperwork compared to buying an offline policy. In addition, information is less likely to be inaccurate.
It is necessary to take car insurance
The Motor Vehicles Act 1988 requires car and two wheeler insurance. Insurance covers damage caused by an accident or natural disaster.
Compare and buy insurance-policy market
Tax Saving Season:
Looking for ways to reduce your income tax for this fiscal year? Don't know where to invest to maximize your income tax savings?
policy bazaar toll free number 1800-419-7716
Download the Policy Market app now for:
1. Savings up to Rs. 23,400 income tax by purchasing health insurance for you and your parents
2. Savings up to Rs. To invest Rs 46,800 crore in ULIP plans or by purchasing a term insurance plan
The policy market is the largest insurance comparison application in India. You can simply compare and purchase from a wide range of insurance and investment products on the PolicyBazar app. To experience all the features and purchase a product on the PolicyBazar app you need to have either:
A non-resident Indian;
Or a person of Indian descent
With just a few clicks, the Policy Market app allows you to purchase any of the following products:
Life Insurance / Term Life Insurance / Term Insurance
Medical insurance / health insurance
Car insurance / motor insurance
Two-wheeler or motorcycle insurance
Investment Schemes - ULP, Child, Retirement, Pension and Tax Savings Schemes
Through the PolicyBazar application, you will get access to essential features like hospital locator and cashless garage locator. Other prominent features of the app are:
Compare: This feature helps to understand the different features of each product so that you make an informed decision before buying it. To compare, just shortlist the products that fit your budget and click Compare.
Manage: Using this you can easily buy, store and share all your products in one click
Shortlist: You can view all your shortlisted insurance products by clicking this button.
My Account: The Dedicated My Account button on the app gives you access to your policy purchase history, your search, your vehicle information, your credit, and your financial score.
Claim Assistance: Whether you want to purchase a product or need assistance with your current purchase, the Claim Assistance feature will provide you with a hassle-free customer experience.
Insta Renewal: This feature allows you to instantly renew your existing motor insurance policy with a single click.