by Sathvik Nagraj | Mar 20, 2023 | Investment
Two Factor Authentication (2FA), also known as two step verification, is an extra layer of security used to protect online accounts and services. It adds an additional layer of protection beyond the traditional username and password combination by requiring two separate forms of authentication from two different sources before granting access.
In contrast, Multi-Factor Authentication (MFA) requires multiple independent credentials for a single user. 2FA provides increased security while still being convenient enough for everyday use.
In this guide, we will explain how two factor authentication works and outline ways to set it up on various platforms. We will also look at tips for keeping your two Factor Authentication secure.
Also check out our article on MICR codes and IFSC codes.
2FA vs MFA
- The two steps of two factor verification usually consist of verifying two separate pieces of information. It can be something you know (such as a password or PIN) and something you have (such as a phone or token). The two factors are designed to be independent. This makes sure access can be gained only if someone needs both pieces of information.
- Multi-Factor Authentication (MFA) is similar to 2FA but requires multiple independent credentials from the same user in order to access an account or service. With MFA, each of the factors must be approved separately and independently before access is granted.
Benefits of 2FA
- 2FA provides an extra layer of security for online accounts and services, helping to protect against unauthorized access.
- It adds a two-step verification process that requires two separate forms of verification from two different sources. This makes it much harder for someone to gain access to an account without both pieces of information.
- 2FA is more secure than a traditional username and password combination.
- It helps protect against phishing attacks, since two separate forms of authentication are required to access an account or service.
- 2FA can help reduce the risk of identity theft by making it harder for hackers to gain access to your personal information.
- It also provides peace of mind knowing that your accounts and services are better protected from unauthorized access.
Setting Up Two Factor Authentication
The process of setting up 2FA varies depending on the platform or service you are using. Here are some tips for setting it up:
- Ensure that two factor authentication is available and enabled on your account or service.
- Choose the 2FA that meets your needs, such as mobile app-based two factor authentication, two step verification using text messages or emails, or two factor authentication using biometric information such as fingerprints and facial recognition.
- Register any additional devices, such as a smartphone or tablet, that you would like to use for two factor authentication.
- Make sure to store two factor authentication codes securely and only use them when logging into your account or service.
- Keep all two factor authentication information confidential and never share it with anyone else.
- In India, two factor authentication can be set up using an OTP (One Time Password). This is usually sent to your registered mobile number.
- Banks and financial institutions are increasingly using two factor authentication for their customers to securely log in to their accounts and make payments.
- Government organizations such as the Indian Income Tax department also require two factor authentication for filing taxes online.
Conclusion
Two Factor Authentication (2FA) and Multi-Factor Authentication (MFA) are two important security measures that can help protect your accounts, services, and personal information from unauthorized access.
By setting up two factor verification on various platforms, you can add an extra layer of protection to keep your data safe.
Additionally, 2FA is becoming increasingly popular in India with banks and government organizations. They use it for their customers’ secure logins and payments. With these two factors in place, you will be better equipped to defend yourself against potential cyber threats.
by Sathvik Nagraj | Mar 17, 2023 | Culture & Money
Nowadays, most of us are using UPI for digital payments. PhonePe has more users compared to any other UPI apps. There are many features in PhonePe which people use in PhonePe. But most people are not aware of Autopay in PhonePe.
This feature helps you to make payments hassle free, automatically.
For example: If you set this up on your phone and link your bank account, your bills (Like electricity bill, water bill, Gas bill etc) can be paid automatically. This involves submitting Bank details and a few other steps. They are mentioned below:
Also check out our article on money management tips here.
How to Set Up Autopay in Phonepe?
Here are the steps to find Autopay settings on PhonePe:
Step 1
Open your PhonePe app and click on profile icon on Top left corner.
Step 2
After clicking on profile, you will see an option: “Autopay Settings” as shown below
Step 3
Click on Autopay settings and you will find all Autopay Transaction details if you have done any.
You can also set up autopay and cancel it anytime if needed.
Conclusion
Setting up Autopay in PhonePe is a simple and convenient way to manage your recurring payments.
With Autopay, you can avoid the hassle of manual payments and ensure that your bills are paid on time without any worry or stress. The feature provides a seamless and secure payment experience, making transactions faster and more efficient.
Whether it’s utility bills, insurance premiums, or loan payments, Autopay in PhonePe is an excellent option to streamline your payments and manage your finances with ease.
So, go ahead and set up Autopay today to experience hassle-free transactions!
by Sathvik Nagraj | Mar 10, 2023 | Savings
Choosing the right type of bank account in India is an important decision. Whether you’re looking to save money over time or need a business transaction account, it’s important to understand the difference between savings and current accounts. This will help you can make an informed choice.
Savings accounts are typically used by individuals who want to earn interest on their deposits through long-term saving plans. Current accounts are more suited for businesses that require frequent transactions and overdrafts.
In this article, we will explore the benefits of each type of account and provide tips on how to select one based on your needs and goals.
Benefits of a Savings Account:
- Savings accounts typically offer higher interest rates than current accounts, allowing customers to earn money over time on their deposits.
- Interest rates are usually tiered, meaning the more money deposited, the higher the interest rate earned.
- Savings accounts also tend to have lower minimum balance requirements than current accounts. This makes them more accessible to people with limited funds.
Benefits of a Current Account:
- Current accounts are better suited for businesses that require frequent transactions and overdrafts.
- These accounts offer customers the ability to make payments quickly, as well as an overdraft facility. This can be used in case of emergency cash shortages.
- Unlike savings accounts, current accounts do not offer an interest rate as they are meant to provide liquidity.
Tips for Selecting the Right Kind of Account Based on Needs and Goals
Everybody’s needs are different. Considering the key differences between savings accounts and current accounts, here are some tips to select the right kind of account.
Assess your individual needs:
Before selecting a bank account, take a few moments to assess what it is you need from an account. Establish a budget and determine whether you are looking for long-term savings or short-term transactions.
Consider any overdraft facility you may need and other associated costs such as monthly minimum balance requirements.
Compare rates
Once you have established what type of account is best for your needs, look at the various interest rates offered by different banks or financial institutions in India.
Make sure to compare the annual percentage rate (APR) as well as other fees such as account maintenance fees and overdraft fees.
Check for additional benefits
Some banks offer additional perks with their accounts, including rewards programs, free ATM card use, or even discounts on certain services.
Take a few moments to explore the various options available to determine which one offers the best overall value for your money.
Final Thoughts & Wrap-Up
When it comes to selecting the right type of bank account in India, it’s important to do your research and understand the differences between savings and current accounts.
Look into the benefits of each type of account such as interest rates, minimum balance requirements, overdraft facility etc. to ensure you make an informed decision. Be sure to compare rates and check for additional benefits such as rewards programs or discounts to get the best value for your money.
By following these tips, you can be sure to find the right account that meets your needs and goals.
by Sathvik Nagraj | Mar 10, 2023 | Investment
Real estate investments can be a great way to generate passive income and build long-term wealth. With the right strategies, you can earn passive income from real estate without having to work full time.
Investing in real estate has many benefits, including potential tax incentives that can help maximize your profits.
Before diving into the world of real estate investing, it is important to understand how the Indian real estate market works and what different types of investments are available.
The Types of Real Estate Investments
Different types of real estate investments offer various levels of risk and reward. Here are a few of the most popular options for investors looking to create passive income streams from real estate:
Residential Property Investments
These properties can range from single-family homes to multi-unit apartment buildings. They usually offer a steady stream of rental income and potential appreciation in value over time.
Commercial Property Investments
These investments include hotels, office buildings, retail spaces, and other types of commercial real estate that often bring in higher rental yields.
REITs (Real Estate Investment Trusts)
REITs (Real Estate Investment Trusts) are companies that own, operate, or finance income-generating real estate properties. They allow individual investors to invest in large-scale, income-producing real estate, such as shopping centers, apartment complexes, and office buildings, without having to purchase or manage the properties themselves.
Property Flipping
This type of investment involves buying undervalued properties, renovating them for resale, and then selling them for a profit. It requires significant capital up front. But, if done well, it can yield significant returns in a short amount of time.
Investing in Stocks
Investing in public stocks of real estate companies can be a passive way to earn income without owning any physical properties. This allows you to access a diversified portfolio of income-producing companies without having to manage them yourself.
Investing in Crowdfunded Real Estate
This type of investment offers investors the chance to invest in real estate projects with a small amount of capital. Crowdfunding platforms enable investors to pool their resources and access larger investments that would not be possible on their own.
Tax Benefits and Incentives for Real Estate Investors:
Indian tax laws provide investors with tax deductions on the income earned from rental properties.
- Property owners can claim depreciation allowances to reduce their taxable income, as well as deductions for maintenance expenses such as repairs and insurance.
- Investment in real estate can be a great way to reduce your taxable income by taking advantage of the government’s Capital Gains Tax Exemption.
- Investors can also benefit from tax credits and deductions available to those who invest in energy-efficient homes or properties located in designated economically distressed areas.
- Investors may be eligible for additional benefits such as exemption from stamp duty, attractive interest rates on loans, and other tax incentives.
How to Manage Your Properties?
After investing in properties, it becomes necessary to manage and monitor them. Here are a few tips to do the same.
Research Markets
Investing in a particular market should be based on thorough research and analysis of potential return on investment (ROI) opportunities.
Before investing, investors should seek advice from local real estate professionals to get an understanding of the local real estate market conditions, rental rates, and other factors that may impact their potential ROI.
Set Rental Rates
Setting rental rates that are competitive with the local market is essential to maximize profits from your investments.
When setting rental rates, take into account the quality of the property, amenities offered, and current rental trends in the area.
Hire a Property Manager
It is important to hire an experienced and reliable property manager who can take care of the day-to-day operations of your investments.
A good property manager can help you attract tenants, enforce contracts, collect payments on time, and handle legal issues.
Develop Cash Flow Strategies
To maximize profits from your real estate investments, you should have a cash flow strategy in place.
This includes setting up reserve funds to cover repairs and other maintenance costs and investing in additional properties to diversify your portfolio. It also includes investing in technology to automate rent collection.
Conclusion
Real estate investing is an attractive way for investors to make passive income. It has the potential to generate significant returns with a relatively low amount of capital investment. There are also tax incentives that can help reduce your taxable income.
Earning passive income from real estate requires research into local markets, setting competitive rental rates and hiring experienced property managers. It involves developing cash flow strategies in order to maximize profits from investments.
If you’re looking for ways to add passive income streams to your portfolio or diversify your investments, consider exploring how you can leverage the power of real estate investing today!
by Sathvik Nagraj | Mar 10, 2023 | Savings
Having a comprehensive understanding of personal finance planning is key for reaching your goals and making informed decisions about managing your finances. A financial plan can help you achieve your dreams, whether it’s saving for retirement or buying a home. Hence, it becomes necessary to understand the importance of a financial plan.
But creating an individualised financial plan that suits your needs can be difficult.
In this article, we will explore why having a financial plan in place is important, how to create one tailored to your needs and how to make informed decisions about managing your finances.
Why is it Beneficial to Always Plan your Finances?
Having a financial plan can be beneficial in reaching goals for a number of reasons. Some reasons why a financial plan becomes important are:
Providing Structure
First, having a financial plan provides structure and direction to ensure that your goals are achievable.
When creating your plan, you will need to set specific targets and timelines for when you want to reach those targets. This can help keep you focused on the task at hand and make sure that you are on track to achieve your goals.
Clarity
Additionally, having a financial plan can provide clarity in terms of understanding how much money is coming in and going out, so that you can better manage your finances.
Knowing where your money is going allows you to prioritise expenses and ensure that your budget remains balanced.
Better control
Having greater control over your finances is another key advantage of having a financial plan. With a financial plan, you will be able to set up a budget that is tailored to meet your individual needs.
This means that you will be able to better track and manage your spending in order to stay within the limits of your budget.
How to Create a Personalised Financial plan?
1. Identify your financial goals
2. Analyse your current financial situation and create a budget
3. Set up an emergency fund for unexpected costs
4. Create a plan to pay off debt, if applicable
5. Plan for your retirement by investing in savings accounts like Provident Funds
6. Research different types of investments to diversify your portfolio
7. Track progress regularly and make adjustments as needed
8. Seek professional advice from a certified financial planner, if necessary.
Here is what you need to remember before making any financial decisions:
Research your options
Before making any decisions about managing your finances, it is important to research the different options available.
This means looking into different types of investments, examining interest rates on loans, and understanding the fees associated with various financial products.
Consider short and long-term goals
It is important to consider both short-term and long-term goals when creating a financial plan.
Short-term goals are generally easier to achieve and can help set the foundation for your longer-term objectives.
Set realistic expectations
Setting unrealistic expectations is a common mistake that many people make when creating a financial plan.
It is important to be realistic about your goals, and to be aware of the risks associated with different investments.
Track progress regularly
Once you have established a plan, it is important to track your progress regularly.
This will help ensure that you are staying on track and making adjustments as needed in order to reach your goals.
Conclusion
The importance of a financial plan includes achieving your short and long-term goals. It provides structure, clarity, and control over managing finances so that informed decisions can be made.
When creating a financial plan, it’s necessary to identify your goals, analyze your current situation, set up an emergency fund if necessary, invest in retirement savings accounts, research different types of investments to diversify your portfolio, track progress regularly and make adjustments where needed.
Lastly don’t forget to seek professional advice from a certified financial planner when you need help with making the best decisions regarding personal finance planning. With the right strategy in place you will be able to reach all of your desired objectives!
