As per the guidelines of Reserve Bank of India (RBI), starting from February 1, 2011 all merchants in India are required to collect an OTP (One Time Password) in addition to information written on the Credit cards for all transactions done over phone (IVR). All banks in India are providing OTP directly to their customers for a secure transaction over IVR.
OTP brings multiple benefits for you and you will feel more secure while doing IVR transactions over phone. With OTP you are fully safe of fraudulent transactions made through Credit Card. So, use OTP and enjoy secure purchases over the phone (IVR). Just call your bank and get an OTP for your Credit Card.
What is One Time Password or OTP?
OTP is a numeric password which is valid for one time use only. As per Reserve Bank of India (RBI) guidelines starting from February 1, 2011, all merchants in India are required to collect an OTP in addition to information written on the Credit cards for all transactions done over phone (IVR). OTP is issued by the bank directly to the customer.
When do We require an OTP?
The OTP is required starting from February 1, 2011 onwards whenever you make a purchase by calling MakeMyTrip Call Center over phone. For such purchases you need to dial in the OTP in addition to your Credit Card Number, Expiry Date and CVV.
How can We obtain an OTP?
To obtain the OTP you should first register your mobile number with your bank. It is advisable to get it done as soon as possible. The process of registering the mobile number varies from bank to bank; hence its best to call the customer support of the bank that issued your Credit Card to know more.
Once your mobile number has been registered with your bank, you can obtain an OTP . Your bank will send the OTP to the registered mobile via SMS.
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Thursday, February 3, 2011
Wednesday, February 2, 2011
Infrastructure Bond – Save Tax or Make investment or Both?
Infrastructure bond are being issued by many companies, like ICICI, IDBI, LIC and many more. Infrastructure bonds are bonds that provide funds for the development of the real estate in the country. They are specialised bonds and can be issued for this purpose only that is the funds raised from the issue of infrastructure bonds can’t be utilised for any other purpose. There are certain point that a person should always remember before investing in any infrastructure bond that is the interest that is being provided on the bonds are fixed and so it does not provide any protection in the case of inflation. Second point to be remembered is that the person having infrastructure bond can place it in the bank for loan on the bond but the loan that is being given is based on the current market value of the bond and the credit worthiness of the bond and last but not the least infrastructure bonds are considered to be a safe investment but still there is no guarantee that the amount invested in the bond will be fully realised back at the time of the maturity or after the lock in period is over.
Infrastructure bond can be a good choice for investment as it provide with high return on the amount invested. There is no limit as to the amount that can be invested in the bond but as far as the tax saving is concerned there is a limit. A person falling in the highest slab of the income tax that is thirty percent can claim a tax saving of six thousand and not anything above that. That is a person investing somewhere round twenty thousand and is there in the highest slab of the income tax are eligible for deduction of twenty thousand and can save tax up to rupees six thousand. There is another benefit as to the deduction that a person claiming deduction is over and above the prescribed limit of one lack that is available to a person in chapter VIA of the income tax act and under the section 80C. an individual can claim deduction of one lack by investing in LIC, PPF, NSC and many more to claim the deduction and the benefit of the investment in infrastructure bond is available over and above the prescribed limit of one lack. Here the extra advantage of the twenty thousand is available only for infrastructure bond and not cannot be utilised by investment in any other kind of investments.
Infrastructure bond can be a good choice for investment as it provide with high return on the amount invested. There is no limit as to the amount that can be invested in the bond but as far as the tax saving is concerned there is a limit. A person falling in the highest slab of the income tax that is thirty percent can claim a tax saving of six thousand and not anything above that. That is a person investing somewhere round twenty thousand and is there in the highest slab of the income tax are eligible for deduction of twenty thousand and can save tax up to rupees six thousand. There is another benefit as to the deduction that a person claiming deduction is over and above the prescribed limit of one lack that is available to a person in chapter VIA of the income tax act and under the section 80C. an individual can claim deduction of one lack by investing in LIC, PPF, NSC and many more to claim the deduction and the benefit of the investment in infrastructure bond is available over and above the prescribed limit of one lack. Here the extra advantage of the twenty thousand is available only for infrastructure bond and not cannot be utilised by investment in any other kind of investments.
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