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It’s not just clothes, shoes or cameras that can be bought online. Kochi-based Finex Forex and Veeble Softech offer an online foreign exchange service called www.extravelmoney.com . Forex through the online route can involve lesser hassle and time constraints than the usual route of approaching your bank or exhange service provider.
So for getting forex for that vacation overseas, simply log on to their website. Submit details on the type of forex product, currency, amount, travel purpose and, of course, KYC details.
Your booking is confirmed and you get the exchange rates. Make payment through online transfers via internet banking, NEFT or RTGS, or even demand draft and cheque. The forex will either be home-delivered or you can collect it at partner outlets; the service has tied up with Muthoot Forex. It is currently available in about 15 states.
KYC relief, at last
Is your bank testing your patience with repeated requests to update your KYC (Know Your Customer) details? Well, some relief is on your way. The Reserve Bank of India has asked banks and all-India financial institutions to remove the requirement of ‘positive confirmation’ of details every two or three years with respect to medium- and low-risk customers.
This comes on the back of the RBI simplifying KYC norms a couple weeks ago — such as a single document being proof enough for both identity and address, removal of redoing KYC documentation when you shift accounts from one branch to another of the same bank, and so on.
Kids ahoy
It’s never too early to develop that savings habit. State Bank of India has launched two bank accounts for children, named Pehla Kadam and Pehli Udaan. Both accounts are for minors.
The Pehla Kadam account, however, needs the parent or guardian to be the joint holder in the account. The Pehli Udaan account can be opened and operated singly by a minor who is over 10 years old, who can sign uniformly. Specially-designed cheque books and ATM-cum-debit cards are added on.
Limited access to internet and mobile banking are allowed; so parents don’t fret. Facilities are restricted to bill payments, opening of fixed or recurring deposits or topping up. The daily transaction limit in internet banking is ₹5,000 and for mobile banking is ₹2,000.
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