How to change Registered Mobile Number in SBI online?

How to change Registered Mobile Number in SBI online?

SBI (State Bank of India) now providing facility to change your mobile number registered with your SBI account online without visiting the branch. To use this facility, you must have SBI Internet banking facility and active ATM cum Debit card. Using this facility, you can change your mobile number immediately using Internet Banking. In this article, I will tell you how to change registered mobile number in SBI online.

State Bank of India (SBI) is one of the best and largest public sector banks in India. SBI provides a lot of banking products and services to its customers. If you have discarded your old mobile number and have taken a new one, then follow the below procedure to update the new number in your SBI account.

 

How to change Registered Mobile Number in SBI online?

Follow the below mentioned steps to change your registered mobile number in SBI online

Step by step process

1. Visit OnlineSBI (https://retail.onlinesbi.com/retail/login.htm) and login using your net banking user Id and password.

2. Click on the “Profile” tab.

3. Now click on “Personal Details”.

4. Enter your SBI profile password and click submit button.

5. It will display your name, email Id and mobile number registered in SBI internet banking.

6. Here you have to click on the link “Change Mobile Number-Domestic only (Through OTP/ATM/Contact Centre)”.

7. A new screen with “Create Request” will appear, enter your “new mobile number”.

8. Re-enter your mobile number to confirm it and click on “Submit” button.

9. You will see a pop-up message as “Verify and confirm your mobile number xxxxxxxxxx” on the screen. To proceed, click “OK”.

10. In the next screen you will see following three different options for approval of change of registered mobile number in SBI online.

a) By OTP on both the Mobile Number.

b) IRATA: Internet Banking Request Approval through ATM.

c) Approval through Contact Centre.

Change Registered Mobile Number in SBI online By OTP on both the mobile number

If you are having both the old and new mobile number, then the registered mobile number change can be approved online using OTP on both mobile number option.

1. Select the option “By OTP on both the Mobile Number” and click on “Proceed” button.

2. Select your SBI account for which you are holding the debit card and click on “Proceed” button.

3. In the next screen, you will find the ATM cards associated with your SBI account. Select your ATM card and proceed.

4. In the next screen, you will see SBI’s Payment Gateway. Enter your card details like card number, expiry date, holder's name, PIN and the characters visible in the box. Click on “Submit” button.

5. Verify and click on “Pay” button.

6. After successful validation, Internet Banking will send an OTP along with reference number on both the mobile numbers (Old and new mobile number).

7. Now you have to send SMS from both the mobile numbers (old and new mobile number) to 567676 within 4 hours in following format

ACTIVATE <8 digit OTP value> <13 digit reference number> to 567676

e.g. ACTIVATE 12345678 UM12051500123

8. On successful validation of the OTP and reference number, the new mobile number entered by you will be copied in Internet Banking, CBS and ATM. You will also receive a successful message in this regard on your mobile number.

Hope the above article will help you in changing your registered mobile number in SBI online.

You may also like to read: SBI Recurring Deposit Account (RD Account)

You may also like to read: SBI Quick – Missed Call Banking

You may also like to read: How to change/generate SBI Debit Card PINonline and offline?

You may also like to read: Pay your Bills using SBI e-PAY service /Internet Banking

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How to change Registered Mobile Number in SBI online? 

Smart Ways to use Diwali Bonus, How to use Diwali Bonus

Smart Ways to use Diwali Bonus | How to use Diwali Bonus?

It is the time for Diwali, the festival of lights. The festival of Diwali is a joyous moment for employees as they receive Diwali bonus from their organization. With Diwali bonus money in hand, everyone is a little lost about where to use or spend this extra amount. Spending all the money of your Diwali bonus on unnecessary purchasing is not a good idea. 

Therefore, this Diwali use your Diwali bonus amount to fulfill your goals which you have set for yourself this year. If you have not planned till now then here are some  ideas where you can use your Diwali bonus amount judiciously.

Ways to use Diwali Bonus

Pay Off Your Loans

If you have some high-cost debt such as credit cards or personal loans then pay off these loans first. If cannot pay them in full, at least make sure you pay part payment of these loans. By paying these types of loans you are reducing your financial burden. So make sure when you receive your Diwali bonus, it should be your first priority to pay off your high-cost debt.

Create an Emergency Fund

It is always advisable to have at least 6 months expenses set aside for any emergency needs. Often people are not able to create an emergency fund from their regular salary due to some other commitments like EMIs, insurance premiums, SIPs etc. Diwali bonus can be a good source for creating an emergency fund if you have not created it till now.

Buy Insurance

Life is unpredictable and nobody knows what will happen with him/her in the next moment of time. Therefore, it is always advisable to buy life insurance in advance. Life insurance ensures that your family will get financial support when you are no longer around to care for them. If you have not taken the insurance like health insurance and life insurance. Then with this Diwali bonus, you can buy an insurance plan with yearly mode payable at the time of Diwali. This will be the best gift for your family.

Plan for Tax Saving

In the last month of the financial year, mostly all of the employees will have to submit proof of tax saving to their HR department/employer. You can invest this Diwali bonus money in some tax saving instruments which are eligible under 80C of income tax act. This will save you from making wrong decision for tax saving options in the last moment. Investments of Rs. 1.5 lakh is allowed to be exempt from taxable income under section 80C of income tax act.

Long-Term Investment

You can use your Diwali bonus to plan your long-term investment if you have not planned till now due to some other commitments. You can allocate bonus money to your long-term goals such as the purchase of a house, children higher education, and retirement. Long-term investments help in accumulation of the required corpus.

Use it as Down Payments

Most of the employees have a wish list always ready before Diwali. If for a long time you were also wishing that you could buy a car, a home or some expensive jewelry. Then go ahead and use this Diwali bonus as down payments for these purchases. Buying a house or gold are always good investment options.

Diwali Shopping

There is nothing wrong in shopping for self and for family members. It could be shopping for jewelry, purchasing a consumer durable like a new refrigerator, TV, washing machine etc or even shopping for clothes. But always differentiate between your wants and needs before you go out for shopping. Make sure you spend your Diwali bonus amount only on essential gifts or purchase items which you need the most.

Hope the above article will help you to use your Diwali bonus judiciously.

Note: This post was originally published in November 2015 and has been completely updated for accuracy and comprehensiveness.

Also read: How to invest in mutual funds online?

Also read: SBI PPF Account - How to open PPF account in SBI?

You may also like to read: NSC (National Saving Certificate)

You may also like to read: Small Saving Schemes

If you liked this article, share it with your friends and colleagues through social media. Your opinion matters, please share your comments.

Smart Ways to use Diwali Bonus, How to use Diwali Bonus

Free Credit Report | How to get your free credit report

A credit report is a detailed report of your financial history related to all forms of credit. The types of credit instruments which are part of your credit report include credit cards, home loan, car loan, personal loan etc. Basically, a credit report includes information about the way you handle your debts or how well you repay each of your debt obligations.

Whenever you apply for a loan or a credit card, the lenders use these reports to determine your credit worthiness and to make lending decisions. In this post, let’s look at how to get your free credit report.

Information Included in a Credit Report

The following items mainly included in your credit report.

1. Personal Identifications: Your name, current and previous addresses, telephone number, date of birth, your spouse’s name, current and previous employers etc.

2. Credit History: Information about credit you may already have, such as credit card, loan or mortgage.

3. Banking information: Specific information about each account, such as opening date, balance and payment history.

4. Public records: Information on bankruptcy filing and a credit-related court judgment against you.

5. Credit report inquiries: A record of all the people who have inquired about your credit information.

6. Consumer statements: All the statement made by you to explain a situation in a dispute with a financial institution / creditor.

How to get your Free Credit Report?

The Reserve Bank of India has told all credit information company in the country to give one Free Credit Report to every consumer once every year from January 2017. Now you can access a detailed free credit report in the electronic form once every calendar year from each credit bureau. The credit information companies have displayed the process of getting a free credit report on their websites as per the guidelines issued by RBI.

From where you get your Free Credit Report?

Now, you can apply for your free credit report only once from January to December from each of the following four credit information companies.

1. Experian Credit Information Company of India Private Ltd

2. Transunion CIBIL Ltd

3. Equifax Credit Information Services Private Limited

4. CRIF High Mark Credit Information Services Pvt. Ltd.

All four Credit Information Companies maintain detailed records of your credit history using their own set of methodology. The process of applying for a free credit report is different for all Credit Information Companies.

Experian Credit Information Company of India Private Ltd

Experian Credit Information Company of India Private Ltd is a subsidiary of Experian Information Solutions, Inc. It offers credit information report for consumers and business services. It provides credit information services in accordance to the CICRA Act of 2005.

To get your free credit report and credit score from Experian, you have to visit its website (www.experian.in) then click on the link “Ger your free credit report & score”. Fill in your name (as per your PAN card), email address and mobile number. You will receive OTP on your mobile number. Once you enter the received OTP, you will be taken to a new page. Here, you need to enter your date of birth, gender, PAN number, address and PIN code. Accept the terms and conditions by checking the box and click on “Get Report” tab. After you complete this process your Experian Credit Report & Score is displayed on the screen. You can download your credit report in HTML or PDF format for future use. The entire process of getting your credit report is simple.

Transunion CIBIL Limited

TransUnion CIBIL is India’s leading credit information company with one of the largest collections of consumer information.

To obtain your free CIBIL Score and Credit Report, visit official website of Transunion CIBIL Limited (www.cibil.com). Click on the link “Click here to get your Free Annual CIBIL Score and Report online”. Fill in the personal details as requested in the form and submit this to complete step one. In the next step, fill more information about you like date of birth, gender, address and an identity proof number to complete step two. Next you need to verify your identity. Thereafter, it will ask “Would you like to upgrade to?”. Click on “No thanks” for the free report. Then, the login credentials will be sent to your registered email id. To access your credit report and other CIBIL services, you have to login to myCIBIL.

Equifax Credit Information Services Private Limited

Equifax is a joint venture between Equifax Inc., USA and seven leading Indian financial institutions - State Bank of India, Bank of Baroda, Bank of India, Kotak Mahindra Prime Limited, Religare Finvest Limited, Sundaram Finance Limited and Union Bank of India.

To obtain your free full credit report and credit score from Equifax, you need to download Equifax App from Google Playstore or the iOS App store. Once download is complete, you need to provide your email address to receive your temporary pin. Login using your email and temporary pin to create a 6-digit login. Thereafter, provide your personal information and Aadhar card to authenticate your identity. A one-time password will be sent to your Aadhaar registered mobile number. Enter that OTP in the Equifax App and provide your personal details. Login to Equifax App after 24-hours to authenticate your identity based on your credit history by answering the few questions. Once authenticated successfully, your password protected full free credit report will be sent to your registered email address within 24-hours.

CRIF High Mark Credit Information Services Pvt. Ltd.

CRIF High Mark Credit Information Services Pvt. Ltd. is India's only full-service credit information bureau which comprehensively covers credit information for all borrower segments.

To check your free credit report and credit score from CRIF High Mark, you have to visit its website (www.crifhighmark.com). Now click on the link “Free Credit Score” to check your free credit report and credit score. Enter your email address to get started. Now enter your full name, date of birth, mobile number, gender, and your father’s name or spouse name. You will receive OTP on your mobile number. Enter your identification documents to complete search. Either PAN or UID is necessary. Here you need to enter and validate your address. Now you will be taken to a new page. Here, you need to choose for a free credit report. Once done, an authentication link will be sent to your email Id within 24 hours. You need to authenticate to get your free credit report. Once done, your free credit report will be generated within 7 working days.

Also read: How to start a SIP?

Also read: 7 Habits that can make you rich

Also read: Free Credit Score & Report from Paisabazaar

Also read: How to use Google Tez App?

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How to set your financial life in order?

How to Set your Financial Life in Order?

Life and money are inextricably linked with each other, whether we like it or not. Our financial priorities keep on changing as the years pass. For many people, it is difficult to think of anything less enjoyable than taking care of their finances. But it is very important to do personal economic checkup every few months like we do for our health. There are simple ways to keep a track of how your finances are doing. So, let’s get started.

10 Simple Ways to Set your Financial Life in Order

1. Set financial goals
You need to set financial goals for yourself. You should have some goals for which you are trying to save money. Your financial goals can be short-term or long-term as per your needs. For example for buying a new car in near future or after two years, saving for children higher education or saving money for retirement. Different people have different goals for saving money according to their needs. Setting these of goals will make it easier to save money for that particular goal. Setting financial goals will make you move from where you are now to where you want to go.

2. Keep a record of your expenses
The important rule of saving money is to know where and how much you are spending every month. You have to make a note of all your expenses to examine them at the end of the month. It will take few minutes to write down your expenses every day. This way you will come to know about your spending on useless expenses. This data will help you in making your budget for the next month.

3. Make a budget
Now you have an idea of where and how you are spending every month. On the basis of this now make a budget for the next month’s expenses and income. With the help of this budget, you can track your income against your expenses. You should also keep at least 10-20 percent of your income as saving every month. If you are unable to save that much then this is the right time to cut down on your non-essential expenses. Making budget not only keep a tab on your habit of over-spending but also encourage you to find some ways to earn extra income to increase your savings.

4. Check your credit score
Check your credit score and credit report annually for free from Equifax Credit Information Services Private Limited, TransUnion CIBIL Ltd, or Experian Credit Information Company of India Pvt. Ltd. A credit report is a detailed report of your financial history related to all forms of credit. A credit score of 750 or above is good. Free Credit Report. How to get your free Credit report? 

5. Get insured
Life is uncertain and life insurance can provide financial help to your family if something tragic happens to you. Nothing can replace a loved one but an advance planning with life insurance can make things easier for those, you leave behind. This type of security for family is priceless. And do not stop with just life insurance cover. With rising medical expenses, you also need to buy health insurance to cover you and your entire family. Health insurance or mediclaim policy provides financial cover to individuals for any unforeseen medical emergencies, be it an illness or an accident that has led to hospitalization. With the rising cases of illness like cancer and cardiac diseases, it is also important to have a critical illness cover. How to choose Term Insurance   

You can also Read: Why do you need Life Insurance

6. Save for retirement
Plan for your retirement when you are in your early age because you have the advantage of time that older people do not have. It is always good to have enough money at the time of retirement so that you do not have to rely on your kids for your expenses. So start investing for your retirement and put some part of your income every month in a good and suitable retirement plan that will help you reach the target you have set for your retirement.

7. Build an emergency fund
Future is uncertain and we could not predict the future. So you should keep aside at least six months worth of expenses in an emergency fund for emergencies. The size of the emergency fund varies according to individual needs and circumstances. While building an emergency fund, you also need to take into account your existing insurance premiums and other EMIs if any that need to be paid regularly. The habit of building emergency fund will make your life easy and you can tackle any financial emergencies easily. However you have to make sure that you do not withdraw money from this fund unless it is for emergencies.

8. Track your net worth
Keep a track of your assets and liabilities. Tracking your assets and liabilities will show you where you stand financially today. Just subtract your liabilities from your assets to know your net worth. This is a good way to measure your financial health at a particular time. By updating your net worth over time, you can see the progress you make towards achieving your financial goals you set.

9. Get out of debt
It is very stressful to be in debt. If you have taken a loan, you have to pay it back, no matter what are the circumstances. Make a proper plan to get out of debt (if you have any) and stick with your plan until debt is paid off. It is never easy to get out of debt but at the same time it is no impossible. The most important step is to stop adding to debt – put your credit cards aside and pay all your bills with cash or using your debit card.

You can also read: Money Saving Tips
You may also like to read: How to invest in mutual funds online?

10. Accumulate assets
Everyone wants to have more money. Increase in assets is the key to building wealth. You can improve net worth by reducing your liabilities and increasing your assets. All the wealthy people have a large number of assets. If you want to build wealth then you have to acquire assets. Accumulation of income generating assets can transform your life.

If you liked this article, share it with your friends and colleagues through twitter or facebook. Your opinion matters, please share your comments
How to set your financial life in order?

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Ways to teach children about money matters?

In the complex financial world, it is very important to teach your children about money matters. Regardless of whether you acknowledge it or not, money matters are a necessary piece of your life and will also guide that of your child.  Money related or budgetary choices include additionally everything in our lives now. In this way, it is better to give that managing skills and information to your children today to help them become better individuals tomorrow. In this post, let’s look at the ways to teach children about money matters.   

Teach children about money matters

Teaching children about money matters is an important skill. Money skills should be taught from an early age. The more financially savvy your children are the better money spending choices they will make throughout their life. Most parents exceed expectations with regards to teaching safety, well being and good behavior, but with money matters, only a few parents know where to begin and when to begin.

Teaching children about money matters

You must be thinking about the appropriate time to talk to your children about money matters. But introducing simple terms like pocket money, piggy bank, savings, spending, earnings, budgeting, and the loan would not be difficult from the age of 5-7 years. Teaching children about money matters, financial terms or concepts can be done in many ways.

Ways to teach children about money matters

Following are some best and easy ways to teach children about money matters.

1. Buy Piggy Bank for your Children

Buy a piggy bank toy for your children. This toy will help children to understand the concept of savings. Your children may want to buy later like a toy or something else so ask them to spare a certain amount of money to pay for it. Encourage your children to save some money from their pocket money and put in the piggy bank. This is an easy way to teach children the concept of savings. This way you can explain your children the concept of savings accounts in banks.

2. Give some Pocket Money to your Children

Give your children some amount of pocket money to teach them about money matters. You should link this pocket money to some optional expenses such as chocolates, ice creams, books or stationery. This will teach them the importance of earning their money. This way they will also learn about how and what they spend. To work out an amount of the pocket money that suits your family budget, sit with your children and work out a list of optional expenses that will be part of the pocket money.

3. Discuss Money with your Children

As a parent, you should discuss money matters with your children to ensure that your children develop an interest in finances. In any case, it doesn't mean revealing to them each detail of family finance. It essentially means being straightforward in an age-appropriate manner about your financial situation. Regardless of whether you're extremely well off or not, an honest talk about this subject makes your children feel more secure and more responsible. This way your children will be well prepared for the future.

4. Include your Children in Budgeting

Teaching your children early to work within a financial plan pays off enormous for them down the road. While planning your budget, use the opportunity to teach your children a few lessons about the budgeting. Clarify what budgeting is about and why it is critical. Including them in your own budgeting process helps them develop good habits from the early age. Additionally, tell them about why overspending, borrowing and paying interest are not good habits. Also, explain to them how to prepare a shopping list and other purchasing lists.

5. Set an Example for your Children

Parents have a great influence on their children. Children tend to imitate what we do instead of what we say. So, it is important to practice first what you are trying to teach to your children. Always keep in mind that children take in a ton by watching parents. Be cautious and mindful of your activities at grocery stores, shopping centers, banks, hotels and so on particularly when children are around. There are two important ways children learn, observations and repetition.

6. Savings Accounts for Children

Take your children to a bank to open their saving accounts. Most of the banks have launched saving accounts for children above the age of 10. These saving accounts can be operated by children without any supervision from parents. So, take them to the nearest bank branch to set them off on the path of banking. Children need to be taught how manage their money at an early age as some point or another they will be exposed to the utilization of credit and debit cards.

You may also like to read: Howto set your financial life in order?

You may also like to read: Howto start a SIP (Systematic Investment Plan)

You may also like to read: Money Saving Tips

You may also like to read: 7 Habits that can make you rich

If you liked this post, share it with your friends and colleagues through social media. Your opinion matters, please share your comments.