Tag Archives: Credit card

ICICI Bank New Home Loan Scheme Launched

Festive season has come, but the great reason for our happiness is that the ICICI Bank which is country’s largest private sector lender, has come into festive mood and introduced a 1 year and 2 year fixed cum floating interest rate scheme for home loan.


The new ICICI schemes at a glance:

Loan Amount

Fixed Rate of Interest (%)

Upto 25 lakh

10.50 – 1 yr

10.75 –  2 yr

25 – 75 lakh

11.00 – 1 yr

11.25 –  2 yr

Above 75 lakh

11.50 – 1 yr

11.75 –  2yr

The  current base rate for ICICI bank home loan is 10% but the problem for customer is it’s increasing day by day, so these both schemes are very lucrative.

1 Year Scheme:
In this scheme, Interest Rate will be fixed for first 1 year, after completion of which which it will be same as current market rate.  Interest rate also depends upon the home loan amount. For loan amount up to 25 lakhs  the fixed rate of interest is 10.50% and for 25 to 75lakhs the  interest rate is 11% whereas for above 75 lakhs loan amount  it is 11.50%.

2 Year Scheme:
It is similar to 1 year scheme. In this the interest rate for loan amount up to 25 lakhs is 10.75 % for 2 year and 11.25 % for 25 to 75 lakhs whereas it is 11.75 % for the above 75 lakhs.

If we compare the interest rate across both these schemes, interest rate is more than current market rate, but we should also keep in mind that, rates are not steady and in fact are increasing gradually, so Fixed Interest Rate will help you save your money.

But some financial advisor as Suresh Sadagopan, principal planner, Ladder7 Financial Advisors has said “Borrower should definitely go for One Year fixed Rate Scheme, as there will not be any significant shift of rate cycle in the next one year. However, the Two Year Scheme does not look very lucrative for a home loan buyer. Rates may fall below fixed rates in next two years, as rates are expected to come down after a year, after witnessing a year of unprecedented interest-rate hikes”

So celebrate your festival and save your money by availing these attractive Home Loan Offers 🙂

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Indian Railways Introduces New Guidelines For Tatkal Ticket Bookings From 11th Feb 2011 : To Carry Original Id Proofs During Travel

Are you planning to travel by train with a Tatkal Ticket on or after 11th Feb 2011 ?? If you are, you should be aware of the New Guidelines introduced by Indian Railways, otherwise you may end up paying a hefty price for your ignorance. In its latest circular released on 31st Jan 2011, Indian Railways has made it mandatory for passengers traveling on Tatkal Tickets to carry an Original Identity Proof during the course of their journey. Failing which they will be treated as Ticket-less Travelers and penalized accordingly.

If there are more than one passengers travelling on the same ticket, any one of the passengers will have to produce any Identity Proof in Original, failing which all passengers travelling on the said ticket will be treated as travelling without tickets and will be charged excess fare and penalty as per rules.

The Tatkal Ticket Booking Scheme was introduced in 1997, with a provision that passengers booking Tatkal Tickets would indicate their Identity Card Number at the time of booking and would be required to carry the same Identity Card during the journey. This provision was subsequently withdrawn in August 2004.

We already have a similar rule in place for all e-Tickets booked through IRCTC (Indian Railway Catering and Tourism Corporation), irrespective of whether its a Tatkal Booking or not. But now that rule has rightly been extended to cover all Tatkal Booked Tickets. According to Indian Railway Officials, the latest move to mandate an Original Copy of ID Card while travelling on a tatkal ticket, was aimed at putting to end massive complaints of Bulk Booking and the role of touts in cornering tatkal tickets. However it has clarified that you don’t need to carry it along while booking the Journey Ticket:-)

These are following 8 Original Identity Cards, which can be carried by passengers travelling on Tatkal Booked Tickets while travelling.

  1. Voter Photo Identity Card issued by Election Commission of India
  2. Passport
  3. PAN Card issued by Income Tax Department
  4. Driving Licence issued by RTO
  5. Photo Identity Card issued by Central/State Government
  6. Student Identity Card with photograph issued by recognized School/College for their students
  7. Nationalised Bank Passbook with photograph
  8. Credit Cards issued by Banks with laminated photograph

So next time, you go and get a Tatkal Ticket from a Broker/Travel Agent in your surrounding by paying extra, be careful, especially with this new regulation in place after 11th Feb 2011. The circular regarding this new guideline for Tatkal Ticket Booking is available at Indian Government’s website
http://pib.nic.in/release/release.asp?relid=69444

Secure Your Tele-Shopping Mobile IVR Credit Card Transactions Using 3D Secure OTP(One Time Password)

In an earlier post, I had mentioned about an RBI guideline about enforcing an additional password validation step for Credit-Card Transactions, done over Mobile/IVR Systems. This is now being called as IVR 3D Secure OTP (One Time Password). Here are the other relevant details regarding IVR 3D Secure OTP (One Time Password), which helps you secure your Mobile/IVR Transactions.

Q : What is OTP ?
Ans : An OTP (One Time Password) is a 6-digit numeric key to make your IVR/Mobile payments more secure.

Q : Is the OTP mandatory ??
Ans : Yes, RBI has made OTP mandatory for the successful completion of any credit-card transaction, done over Tele-Shopping/Mobile/IVR.

Q : How do I generate the OTP ??
Ans : You need to send a specific SMS to a bank’s designated number. Here are the numbers and message, that you need to be in SMS, for some of the popular banks.

  • ICICI SMS ‘IOTP XXXX XXXX XXXX XXXX’ to 5676766, where XXXX XXXX XXXX XXXX is your 16 digit card number.
  • HDFC SMS ‘PWD XXXX’ to 9717465555, where XXXX are the last 4 digits of your credit card.
  • Citibank SMS ‘OTP XXXX’ to 52484 or 9880752484, where XXXX are the last 4 digits of your credit card.
  • SBI SMS ‘OTP XXXX’ to 5676791, where XXXX are the last 4 digits of your credit card.
  • AXIS Every time you initiate an IVR-based transaction, the bank will automatically send you a one time password.

Q : I had generated the OTP, but forgot my mobile at home, how do I get my OTP  ??
Ans : Apart from your mobile number, OTP is also sent to the registered email address. So if you can get hold of your email account, you can get your OTP.

Q : I forgot to generate an OTP, but I have to complete an urgent transaction,  I am half way through, how do I get my OTP and complete my transaction ??
Ans : You can immediately call up customer service to request for your IVR OTP and an OTP will be triggered to your registered mobile number and email ID, while the transaction is in process.

Q: Is there any validity period for the IVR 3D Secure OTP?
Ans : IVR 3D Secure OTP is valid only for a period of 2 hours from the time of its generation(Some banks are allowing 12 hours limit, check with your bank, how much they offer). If not used within this period, it would get expired and a new IVR 3D Secure OTP has to be generated.

Q : Can I use the same OTP for performing more than one transactions?
Ans : No, You can’t. Each OTP can be used only once.

Q : Will this affect my online password and transactions?
Ans : No, it won’t. This OTP is only for IVR or mobile based payments – the payments made through a call center. Online transactions will continue to function as they currently do.

Update : As lot of banks were not yet ready, Implementation of additional password for Tele-Shopping/ Mobile/IVR(Interactive Voice Response) Transactions has now been revised to 1st Feb 2011. So existing process will continue till 31st Jan 2011.

Reserve Bank Of India Introduces New Guidelines For Tele-Shopping Mobile IVR Transactions

Reserve Bank Of India has introduced a new guideline for Tele-Shopping/ Mobile/IVR(Interactive Voice Response) Transactions, done using your credit card. As per this mandate, starting from 1st January 2011 onwards, all such transactions will require an additional password validation.

This  has been done in order to avoid credit-card abuses and frauds, due to stolen/misplaced credit cards and secure all such transactions, done over Mobile or an IVR System. In its present form, a credit-card transaction over an IVR System requires Credit Card Number, Card Expiry Date and CVV Number for successful completion.  So, if you lose your credit-card and it falls into wrong hands, they can easily use it to make any transactions over IVR System, as they have all the details relevant to your account, right on the credit-card itself  !!

After this guideline is in place, apart from the aforementioned three things(Credit Card Number, Card Expiry Date and CVV Number), two other things that are required for performing a secure IVR transaction is Mobile Number and an IVR 3D Secure OTP (One Time Password). Without this OTP(One Time Password), you cannot complete your transaction. So even if you lose your credit-card, you don’t need to worry as the person will not be able to generate the OTP for his fraudulent transaction !!

After doing the same in Securing Online Transactions done over internet, this move by RBI will definitely go a long way in Securing IVR/Mobile Transactions, thereby reducing credit-card misuses and fraud from stolen/misplaced credit-cards.

Update : As lot of banks were not yet ready, Implementation of additional password for Tele-Shopping/ Mobile/IVR(Interactive Voice Response) Transactions has now been revised to 1st Feb 2011. So existing process will continue till 31st Jan 2011.