How to Manage Daily Expenses, post Demonetization of Rs. 500 and Rs. 1000 notes
Posted on: 14/Nov/2016 11:21:18 AM
With the recent demonetization of certain currencies, it’s time to go cashless when you can. Here are a few tips for you.
Use your bank cards - debit or credit - to do most of your payments. This ensures timely payments while helping you save valid cash that you possess. Several banks and non banks also offer prepaid cards. These are generally available against a particular value and can be easily used for transactions at any swipe machines, as long as it you keep recharging them from time to time.
Create an e wallet for yourself. All you need to do is keep recharging it from time to time using net banking. Wallets also have cash back facilities.
Online Fund Transfers, or OFTs, are another way to transfer money. It is basically the transfer of money, digitally, from one bank account to another. This can be either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff. There are 3 types of fund transfer facilities that are available in every bank - National Electronic Funds Transfer, NEFT, Real-Time Gross Settlement, RTGS, Immediate Payment System, IMPS.
NEFT can be easily used for everyday transactions. So, say if you are out of cash anytime, you could probably ask one of your friends to transfer money from their account to your NEFT fund transfer.
RTGS can be easily used for major amount transactions. This is because the minimum that needs to be transferred through RTGS is Rs. 2 Lakh.
IMPS has an upper limit of Rs. 2 Lakh. It is available in the bank’s non-working hours as well and the payment is made immediately. This is better to be used in emergency situations.
