Your PAN (Permanent Account Number) card is a crucial document without which you can’t file your tax returns. That’s not all. Your financial transactions will also be limited and restricted. For example, if you don’t have a valid PAN card, you cannot deposit or pay more than ₹50,000 at a time.
Read to know the steps to apply for a PAN card online and offline.
How to Apply for a PAN Card Online
Follow these steps to apply online through the Protean eGov Technologies website or the UTIITSL website:
Scroll to ‘Application for allotment of New PAN (Form 49A) – applicable for Citizens of India’ or ‘Application for allotment of New PAN (Form 49AA) – applicable for foreign citizens’, whichever is applicable
Read through the guidelines, instructions, and do’s and don’ts
Click on the ‘Apply’ link once you’ve read the instructions and have the documents ready
Enter the required details to get a temporary token number
Fill in the application as per the instructions and ensure there are no errors
Navigate to ‘Apply PAN Card’ under the ‘PAN Card Services’ tab
Click on ‘PAN Card for Indian Citizen/NRI’ or other option, as applicable
Choose the applicable form, ‘Form 49A’, if applying as an Indian Citizen/NRI
Select your preferred mode, Physical or Digital and choose the sign option in case of latter
Choose the ‘Status of Applicant’ and ‘PAN Card Mode’
Note the reference number, which you can use till the application number is generated
Fill in the required details and complete the e-sign and e-verification
Pay the fees and submit your form
How to Apply for a PAN Card Offline
Here are the steps you need to follow to submit your application offline:
Download and print the form from the official website (UTIITSL or the Income Tax Department)
Carefully fill it in black ink and block letters
Attach the required documents and your photographs as per the dimensions (do not staple or clip)
Submit the documents and the application form to your nearest office within 30 days of payment
Armed with this information, be sure to apply at the earliest and link it with your Aadhaar card as soon as you get it. Doing so will make you eligible to get affordable financing from leading lenders like Fibe.
At Fibe, you can get an Instant Personal Loan for up to ₹5 lakhs through an entirely digital process. You can enjoy competitive rates and flexible tenures to ensure a stress-free experience. Download our Personal Loan App or log in to our website to apply.
FAQs on How to Apply for a PAN Card
How can I apply for a PAN card online myself?
The government has two websites through which you can apply. These are:
Protean eGov Technologies (NSDL) website
UTIITSL portal
Which documents are needed for a PAN card?
You need the following paperwork to submit your application:
ID Proof
Age Proof
Residential Proof
How can I apply for a PAN immediately?
To apply instantly, visit any of these websites and complete the process:
Protean eGov Technologies (NSDL)
UTIITSL
What is the fee for a PAN card?
This depends on your residential status, the form chosen, your mode of application, and whether you need a physical card. Here is an overview of the charges for Form 49A as per these factors:
Physical card is required
Dispatch place
Physical mode
Digital mode
Within India
₹91
₹86
Outside India
₹862
₹857
Physical card is not required
Dispatch place
Physical mode
Digital mode
Email ID mentioned in the application
₹61
₹56
Disclaimer: The charges are subject to change and exclusive of taxes
Can I apply for a PAN card online free of cost?
No, you will have to pay a fee even if you are applying digitally.
Can I get a PAN card in 2 days?
Yes, the Income Tax Department introduced an expedited process to get a PAN in 2 days. However, remember to apply carefully and ensure that everything is in order to ensure a seamless process.
How many days does a PAN card take?
Check the details of the number of days it will take for you to receive your PAN card:
Under the expedited process, you can get a PAN card in 48 hours, but it depends on your application and the documents submitted
It can take up to 2 weeks for the department to dispatch your PAN card under regular applications
How many times can we apply for a PAN card?
You can apply only once. The PAN allotted is a unique number. If you lose your card or if there are any errors, you can apply for a duplicate one or for rectification. However, you have to pay a fee for either of these services. In both cases, your number will stay the same.
The best UPI payment app in India in 2026 depends on how you use digital payments. For daily QR payments and bill payments, PhonePe and Google Pay are among the most preferred choices. For a government-backed, simple UPI experience, BHIM works well. For shopping-led rewards, Amazon Pay is useful, while WhatsApp Pay is convenient for sending money inside chats.
UPI matters because it has made instant bank-to-bank payments accessible to almost every smartphone user in India. According to RBI-reported payment system data, UPI accounted for 85.5% of India’s payment transaction volume in the second half of 2025, showing how central it has become to everyday payments. Source: The Economic Times
To compare the best UPI apps in India, we have considered:
UPI transaction limit
Security and authentication
Ease of use
Linked bank support
Rewards, cashback and offers
Best use case for customers
Quick Summary: Which UPI App Should You Choose?
User Need
Best UPI App Option
Daily UPI payments and merchant QR scans
PhonePe, Google Pay
Simple government-backed UPI app
BHIM
Amazon shopping and cashback
Amazon Pay
Payments inside WhatsApp chats
WhatsApp Pay
Bills, recharges and wallet-led payments
Paytm
Clean peer-to-peer transfers
Google Pay
What is UPI (Unified Payments Interface)?
UPI, or Unified Payments Interface, is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows you to link your bank account to a mobile app and send or receive money instantly using a UPI ID, mobile number, QR code or bank account details.
Unlike wallets, UPI usually transfers money directly from one bank account to another. You do not always need to load money into a separate wallet before paying. BankBazaar explains that UPI apps allow users to link bank accounts, send or receive money, pay bills and shop online securely on a 24×7 basis.
Common UPI Use Cases
You can use UPI apps to:
Pay at grocery stores, restaurants, fuel pumps and local shops
Send money to friends or family
Pay electricity, mobile, broadband and credit card bills
Recharge mobile and FASTag
Shop online
Set autopay mandates for subscriptions, EMIs or insurance premiums
Receive money through UPI ID or QR code
A simple way to understand UPI is this:
UPI is like carrying your bank account inside your phone, but with a PIN-protected payment layer.
Best UPI Payment Apps in India 2026 – Quick Comparison Table
UPI App
Parent / Operator
UPI Transaction Limit
Play Store Rating*
Best For
Google Pay
Google
Up to ₹1 lakh per transaction
4.3
P2P payments, bill payments
PhonePe
Walmart Group
Up to ₹1 lakh per transaction
4.4
Daily UPI payments, insurance, mutual funds
BHIM
NPCI / Govt. of India-backed
₹40,000 per day
3.5
Users who want a simple, zero-fee, government-backed UPI app
Amazon Pay
Amazon India
Up to ₹1 lakh per transaction
3.8
Amazon shoppers and purchase-linked rewards
Paytm
One97 Communications
Usually up to ₹1 lakh, bank/app limits may vary
Check latest store listing
Bills, recharges, wallet and merchant payments
WhatsApp Pay
Meta / WhatsApp
Up to ₹1 lakh per transaction
4.0
UPI payments within WhatsApp chats
Note: Ratings are indicative and may change over time based on app updates and user reviews. UPI limits may also vary by bank, account type, risk checks and transaction category. EnKash notes that UPI transactions generally have a daily limit of ₹1 lakh per bank account, while higher caps may apply for specific categories such as education, healthcare and capital markets. (Source: Enkash)
Top UPI Payment Apps in India: Features & Benefits
1. Google Pay
Google Pay, commonly known as GPay, is one of the most popular UPI payment apps in India. It is widely used for peer-to-peer payments, QR payments, bill payments and recharges.
Best for: P2P payments, bill payments
UPI transaction limit: ₹1 lakh per transaction
Play Store rating: 4.3
Operator: Google
Key Features of Google Pay
Simple and intuitive interface
Direct bank-to-bank UPI transfers
Supports multiple bank accounts
QR code payments for merchants
Mobile recharge, electricity bills, DTH and other utility payments
Rewards and scratch cards on eligible transactions
Bill-splitting feature for groups
Option to choose from multiple UPI IDs before payment
Why Choose Google Pay?
Google Pay is ideal if you want a clean, fast and easy-to-use UPI app. EnKash describes Google Pay as a payment-first UPI app focused on sending money, scanning QR codes and checking transaction status without heavy wallet-led clutter. (Enkash)
Example:
If you often split dinner bills with friends, pay your broadband bill and send money to family, Google Pay offers a smooth experience without too many extra steps.
2. PhonePe
PhonePe is one of India’s most-used UPI apps and is especially popular for daily merchant payments, QR scans, bill payments and financial services.
Best for: Daily UPI payments, insurance, mutual fund investments
UPI transaction limit: ₹1 lakh per transaction
Play Store rating: 4.4
Operator: Walmart Group
Key Features of PhonePe
Fast UPI payments through QR, mobile number or UPI ID
Utility bill payments and recharges
Insurance purchase options
Mutual fund investment options
Credit card bill payments
Gold purchase option
Multiple linked bank accounts
Wide offline merchant acceptance
Why Choose PhonePe?
PhonePe is useful if you want one app for payments as well as other financial needs. EnKash lists PhonePe among the top UPI apps in India for 2026 and notes its strong fit for merchant QR payments and broad payment use cases. (Enkash)
Example:
If you use UPI for groceries, fuel, mobile recharge, insurance renewal and investment tracking, PhonePe can work as an all-in-one payments app.
3. BHIM
BHIM, or Bharat Interface for Money, is a UPI app developed by NPCI. It is designed for users who want a simple, direct and government-backed UPI experience.
Best for: Users who want a government-backed, zero-fee UPI app
UPI transaction limit: ₹40,000 per day
Play Store rating: 3.5
Operator: NPCI / Govt. of India-backed
Key Features of BHIM
Simple UPI interface
Send and receive money using UPI ID, QR code or bank details
Supports multiple Indian languages
No-frills user experience
Option to validate payee details before payment
Utility bill payments
Autopay support for eligible recurring payments
Direct bank account transfers
Why Choose BHIM?
BHIM is a good choice for users who do not want too many extra features, cross-selling or wallet-led options. EnKash describes BHIM as the official NPCI UPI app that focuses on essential payment functions such as money transfer, fund requests and QR payments. (Enkash)
Example:
If your parent wants a simple UPI app only for sending money, paying small bills and scanning QR codes, BHIM can be a practical option.
4. Amazon Pay
Amazon Pay UPI works inside the Amazon app and is useful for users who shop frequently on Amazon or pay bills through the platform.
Best for: Amazon shoppers who want integrated rewards on purchases
UPI transaction limit: ₹1 lakh per transaction
Play Store rating: 3.8
Operator: Amazon India
Key Features of Amazon Pay
UPI payments within the Amazon app
Cashback and shopping-linked offers
Utility bill payments
Mobile recharge and ticket booking options
Amazon Pay Later and other finance-linked services, subject to eligibility
Convenient checkout for Amazon purchases
Transaction history within Amazon ecosystem
Why Choose Amazon Pay?
Amazon Pay is useful if you already use Amazon for shopping, subscriptions or bill payments. EnKash notes that Amazon Pay UPI is mainly used by people who already shop on Amazon and prefer paying for orders, subscriptions or bills without switching apps. (Enkash)
Example:
If you buy household items from Amazon every month and also pay electricity or mobile bills there, Amazon Pay can help you combine payments and rewards in one place.
5. Paytm
Paytm started as a recharge and wallet-led platform and later expanded into UPI, bill payments, ticketing, merchant payments and other financial services. It remains popular among users who prefer an all-in-one payments app.
Best for: Recharges, bills, wallet, merchant payments and bookings
UPI transaction limit: Usually up to ₹1 lakh, subject to bank and app rules
Operator: One97 Communications
Key Features of Paytm
UPI payments using QR code, mobile number or UPI ID
Mobile, DTH and FASTag recharge
Credit card bill payments
Electricity, water, gas and broadband bill payments
Movie, flight, bus and train booking options
Paytm wallet for eligible use cases
Merchant QR acceptance at many offline stores
Gold, mutual fund and insurance-related services
Why Choose Paytm?
Paytm is useful if you want a payments app that also supports recharges, bookings, wallet-based payments and merchant services. EnKash describes Paytm as an all-in-one payments app combining UPI, wallet, bills, recharges and offline merchant acceptance. (Enkash)
Example:
If you pay your electricity bill, recharge FASTag, book movie tickets and scan QR codes at local shops, Paytm can be convenient.
6. WhatsApp Pay
WhatsApp Pay allows users to send and receive money through UPI directly inside WhatsApp chats. It is useful for people who want to make payments without switching to another app.
Best for: UPI payments within WhatsApp chats without switching apps
UPI transaction limit: ₹1 lakh per transaction
Play Store rating: 4.0
Operator: Meta / WhatsApp
Key Features of WhatsApp Pay
Send money inside WhatsApp chats
UPI-based bank account transfers
Simple payment flow for contacts
Useful for small peer-to-peer transfers
No separate heavy payments interface
Works with linked bank accounts
Why Choose WhatsApp Pay?
WhatsApp Pay is convenient because many users already communicate on WhatsApp. EnKash lists WhatsApp Pay as a UPI option built directly into WhatsApp chats for quick peer-to-peer payments. (Enkash)
Example:
If your friend sends you a lunch bill reminder on WhatsApp, you can pay directly from the chat instead of opening another UPI app.
How to Choose the Best UPI App in India
There is no single best UPI app for everyone. The right choice depends on your payment habits.
1. Check Transaction Limits
Most UPI apps allow transactions up to ₹1 lakh, but actual limits can vary based on:
Your bank
Your UPI app
Type of transaction
New user restrictions
Risk checks
Category-specific limits
For example, a regular person-to-person transfer may have a different limit from payments made for education, healthcare or investments.
2. Look at Security Features
Choose apps that offer:
UPI PIN authentication
App lock or biometric login
Device binding
Transaction alerts
Payee name verification
Easy complaint or dispute support
UPI transactions use authentication and encryption, and users should never share their UPI PIN or approve collect requests without checking the recipient. EnKash highlights UPI security features such as secure PIN-based transaction processing, VPA usage and data encryption. (Enkash)
3. Compare User Experience
A good UPI app should help you complete common tasks quickly:
Scan and pay
Send money
Check balance
View transaction history
Raise a dispute
Change or reset UPI PIN
If you prefer a clean interface, Google Pay or BHIM may feel easier. If you want more services, PhonePe, Paytm or Amazon Pay may suit you better.
4. Check Linked Bank Support
Most leading UPI apps support major banks such as SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda and others. BankBazaar notes that UPI works across banks and even allows users to connect a supported bank account through different UPI apps. (BankBazaar)
5. Compare Rewards and Cashback
Rewards vary by app and time. Check:
Scratch cards
Bill payment cashback
Shopping offers
Merchant discounts
Recharge offers
Credit card bill payment benefits
For cashback-focused users, Google Pay, PhonePe, Paytm and Amazon Pay often provide periodic offers. EnKash notes that Google Pay, Amazon Pay, PhonePe and Paytm commonly offer rewards or cashback across eligible transactions, bill payments, shopping and recharge use cases. (Enkash)
How to Set Up a UPI Payment App: Step-by-Step
Setting up a UPI app is simple if your mobile number is linked to your bank account.
Step 1: Download a UPI-enabled app
Install an app such as Google Pay, PhonePe, BHIM, Paytm, Amazon Pay or WhatsApp from the official Play Store or App Store.
Step 2: Register with your mobile number
Use the same mobile number that is linked to your bank account.
Step 3: Select your bank
Choose your bank from the list. The app will fetch eligible bank accounts linked to your mobile number.
Step 4: Create your UPI ID
Your UPI ID may look like:
yourname@okaxis
mobilenumber@ybl
yourname@upi
Step 5: Set your UPI PIN
You may need debit card details, Aadhaar-based verification or other bank-supported authentication methods to set the UPI PIN.
Step 6: Start using UPI
You can now:
Scan QR codes
Send money
Receive money
Pay bills
Check balance
Set autopay mandates
BankBazaar’s setup flow also explains that users need to download a UPI-enabled app, register with the bank-linked mobile number, select the bank, create a UPI ID and set a UPI PIN. (BankBazaar)
UPI Safety Tips Every User Should Follow
UPI is secure, but user awareness is equally important.
Do’s
Use only official apps from trusted app stores
Set a strong phone lock
Enable biometric or app lock
Check the receiver’s name before paying
Review SMS and app notifications
Report failed or suspicious transactions quickly
Don’ts
Do not share your UPI PIN
Do not enter your UPI PIN to receive money
Do not scan random QR codes to “receive” refunds
Do not click suspicious payment links
Do not approve unknown collect requests
Do not share OTPs, card details or screen access
Remember: You need a UPI PIN to send money, not to receive it.
Conclusion
India has many online payment apps, but the best UPI app depends on what you need. Choose Google Pay for a clean payment-first experience, PhonePe for daily payments and financial services, BHIM for a simple NPCI-backed option, Amazon Pay for shopping-linked rewards, Paytm for bills and merchant payments, and WhatsApp Pay for quick payments within chats.
Using more than one UPI app can also be practical. For example, you may use Google Pay for peer-to-peer transfers, PhonePe for merchant payments and Amazon Pay for shopping rewards.
The same logic applies when choosing credit products. Before taking a loan, compare the lender, interest rate, processing fee, repayment flexibility and total cost. With Fibe, eligible users can access an Instant Personal Loan of up to ₹10 lakhs through a digital process. You can register on the Fibe website or download the Fibe Personal Loan App to check your offer and access funds conveniently.
FAQs on Best UPI Payment Apps in India
Which is India’s new payment app?
India has seen many new UPI and payment apps in recent years, including bank-led UPI apps, fintech payment apps and chat-based payment options such as WhatsApp Pay. However, established apps such as PhonePe, Google Pay, Paytm, BHIM and Amazon Pay continue to be widely used.
Which online payment app is best in India?
The best online payment app in India depends on your needs. PhonePe is useful for daily UPI and merchant payments, Google Pay is good for simple peer-to-peer payments and bill payments, BHIM is suitable for users who prefer a government-backed UPI app, and Amazon Pay is useful for Amazon shoppers.
Which UPI is best?
For most users, PhonePe and Google Pay are strong choices because they are widely accepted and easy to use. BHIM is best for a simple NPCI-backed experience. Amazon Pay is good for shopping rewards, while WhatsApp Pay is convenient for chat-based payments.
Which UPI app is safe?
Major UPI apps such as Google Pay, PhonePe, Paytm, BHIM, Amazon Pay and WhatsApp Pay operate within the UPI ecosystem. UPI payments use PIN-based authentication, encryption and bank-level verification. For safety, never share your UPI PIN, never enter your PIN to receive money and always verify the recipient name before paying.
Which UPI app is the best in 2026?
In 2026, PhonePe and Google Pay remain among the top choices for everyday UPI payments due to wide usage, ease of access and strong merchant acceptance. BHIM is a good option for users who want a simple government-backed app, while Amazon Pay and WhatsApp Pay are better for specific use cases such as shopping and chat-based transfers.
Which bank is best for UPI?
Most major Indian banks support UPI. Banks such as HDFC Bank, ICICI Bank, SBI, Axis Bank and Kotak Mahindra Bank are commonly used for UPI payments. The best bank for UPI is one that offers stable transaction success rates, quick SMS alerts, strong app support and easy dispute resolution.
What is the UPI transaction limit per day in India?
The general UPI transaction limit is usually up to ₹1 lakh per day per bank account, but this can vary based on the bank, app, user profile and transaction type. Some categories such as education, healthcare, capital markets and certain recurring payments may have higher permitted limits. (Enkash)
Which UPI app has the best cashback and rewards in India?
Cashback and rewards keep changing. Google Pay often provides scratch cards, Amazon Pay gives shopping and bill-payment offers, while PhonePe and Paytm provide offers on recharges, bills, merchant payments and other eligible transactions. Always check the latest offer terms inside the app before paying.
Can I use multiple UPI apps with the same bank account?
Yes, you can link the same bank account to multiple UPI apps such as Google Pay, PhonePe, Paytm, BHIM and Amazon Pay. Each app may create its own UPI ID, but the money is debited or credited from the same linked bank account. EnKash also notes that users can connect one bank account to several UPI apps. (Enkash)
KYC stands for Know Your Customer. In simple terms, KYC is the process through which banks, NBFCs, lenders, mutual fund platforms and other financial institutions verify your identity and address before offering financial services.
So, if you are wondering what is KYC, what is KYC in bank, or what is the meaning of KYC, the answer is simple: it is a mandatory customer verification process that helps financial institutions confirm that you are who you claim to be.
Whenever you open a bank account, apply for a personal loan, invest in mutual funds, buy insurance or complete other financial transactions, you may be asked to complete KYC. This guide covers the KYC full form, meaning, the types of KYC such as eKYC, CKYC and Video KYC, KYC documents required and the step-by-step KYC registration process online and offline.
What is KYC?
KYC means Know Your Customer. It is a verification process used by regulated financial institutions to identify customers and assess the authenticity of their personal details.
The process was introduced to make financial transactions safer and to reduce risks such as fraud, money laundering, identity theft and misuse of financial systems. For example, before approving a loan, a lender must verify the applicant’s identity, address and basic customer details. This helps protect both the borrower and the financial institution.
Think of KYC as the financial world’s identity checkpoint. It may feel like paperwork at first, but it plays a major role in keeping your money, accounts and transactions secure.
Why is KYC Important?
KYC is important because it builds trust between the customer and the financial institution. It also helps banks, NBFCs and other regulated entities follow anti-money laundering and customer due diligence requirements.
Here is why KYC matters:
Prevents fraud: KYC helps reduce fake identities and fraudulent applications.
Improves financial security: It ensures that accounts and loans are linked to verified individuals.
Supports legal compliance: Banks and NBFCs must follow RBI-prescribed KYC norms.
Protects customers: Verified records reduce the risk of identity misuse.
Enables faster approvals: Once your KYC is complete, many financial services become quicker and easier to access.
For instance, if you apply for an instant personal loan, a completed KYC process allows the lender to verify your details faster and process your application more smoothly.
Types of KYC in India
KYC in India can be completed in different ways depending on the institution, product and verification method.
Type of KYC
Meaning
Best suited for
Physical KYC
In-person verification using physical documents
Bank branches, offline applications
eKYC
Digital KYC using Aadhaar-based verification or other approved digital modes
Online loans, digital accounts, fintech apps
Video KYC
Live video-based identity verification with an authorised representative
Digital banking, lending and onboarding
CKYC
Central KYC record stored in a central registry
Reusing KYC across financial institutions
Physical KYC
In physical KYC, you submit self-attested copies of documents such as Aadhaar, PAN, passport or voter ID. A representative may verify your original documents in person.
eKYC
eKYC means electronic Know Your Customer. It is a paperless process where your identity is verified digitally, commonly through Aadhaar-based OTP or biometric authentication.
Video KYC
Video KYC allows you to complete identity verification through a live video call. You may be asked to show your PAN card, answer basic questions and allow location verification during the call.
CKYC
CKYC stands for Central Know Your Customer. Once your KYC record is registered in the central system, you may receive a unique KYC identifier. This can reduce repeated document submission across participating financial institutions.
What is e-KYC?
e-KYC is the digital version of the traditional KYC process. Instead of submitting multiple physical documents, you can verify your identity online through Aadhaar-based OTP, biometric authentication or other approved digital methods.
For example, if your mobile number is linked to Aadhaar, you may receive an OTP to verify your identity instantly. This makes the process faster and more convenient.
Benefits of e-KYC include:
Paperless verification
Faster onboarding
Lower chances of manual errors
Better customer convenience
Useful for instant loan and digital banking journeys
Secure verification through approved databases
However, e-KYC may require Aadhaar-linked authentication in many cases. If Aadhaar is not available or not linked to your mobile number, the financial institution may offer alternate KYC options.
KYC Documents Required for Verification
The documents required for KYC may differ depending on the financial institution and product. However, most KYC processes require three basic categories of documents.
1. Proof of Identity
These documents verify who you are. Common examples include:
Aadhaar card
PAN card
Passport
Voter ID
Driving licence
2. Proof of Address
These documents confirm where you live. Common examples include:
Aadhaar card
Passport
Voter ID
Driving licence
Utility bill
Bank account statement
Rent agreement, where accepted
3. Photograph
A recent passport-size photograph may be required, especially for offline KYC or certain account-opening processes.
In many digital journeys, your photograph may be captured live during Video KYC or through the app-based onboarding process.
How to Complete KYC Registration: Step-by-Step Guide
The KYC process can be completed online or offline. Here is a simple step-by-step view.
Online KYC Registration Process
Choose the financial institution or platform
This could be a bank, NBFC, investment platform or lender.
Enter your basic details
Add your name, mobile number, date of birth, PAN and other required information.
Upload or verify documents
Submit your identity and address proof digitally.
Complete OTP or biometric verification
If Aadhaar-based eKYC is available, you may verify using an OTP sent to your Aadhaar-linked mobile number.
Complete Video KYC, if required
A representative may verify your identity through a live video call.
Wait for confirmation
Once verified, your KYC status is updated by the institution.
Offline KYC Registration Process
Visit the bank branch, NBFC office or authorised centre.
Fill out the KYC form.
Submit self-attested copies of identity and address proof.
Carry original documents for verification.
Submit a photograph, if required.
Receive confirmation once verification is complete.
What is KYC Update?
A KYC update means refreshing or correcting your existing KYC details with the financial institution. You may need a KYC update if:
Your address has changed
Your mobile number has changed
Your identity document has expired
Your bank or lender asks for periodic KYC update
Your existing details are incomplete or outdated
For example, if you opened a bank account with an old address and later moved to a new city, the bank may ask you to update your KYC with a valid address proof.
KYC vs eKYC: Key Differences
Basis
KYC
eKYC
Meaning
Know Your Customer verification
Digital Know Your Customer verification
Mode
Offline or online
Mostly online
Documents
Physical or digital documents
Digital verification, often Aadhaar-based
Time taken
Can take longer
Usually faster
Convenience
May require branch visit
Can often be done remotely
Example
Submitting PAN and address proof at a branch
Verifying Aadhaar through OTP
In short, KYC is the broader process, while eKYC is one digital way to complete it.
KYC for Personal Loans
KYC is mandatory when you apply for a personal loan in India. Lenders need to verify your identity, address, PAN and other details before processing your application.
For a simple and convenient loan journey, you can apply with Fibe, an RBI-registered NBFC. Fibe offers personal loans of up to ₹10 lakhs with a simple KYC process, quick digital application journey and zero foreclosure charges. You can apply through the Fibe app or website and complete the process online.
FAQs on KYC Full Form, Registration & Documents
1. What is the KYC full form?
The full form of KYC is Know Your Customer. It is a verification process used by banks, NBFCs and financial institutions to confirm a customer’s identity and address.
2. What are KYC and e-KYC?
KYC is the overall customer verification process. e-KYC is the digital version of KYC, often completed through Aadhaar OTP, biometric authentication or other approved online methods.
3. What are the KYC documents?
Common KYC documents include Aadhaar card, PAN card, passport, voter ID, driving licence, utility bills, bank statements and a recent photograph.
4. What is the e-KYC process in India?
The e-KYC process usually involves entering your Aadhaar or PAN details, verifying through OTP or biometric authentication and completing any additional checks required by the financial institution.
5. What are the types of e-KYC?
Common types include Aadhaar OTP-based eKYC, biometric-based eKYC, offline Aadhaar XML-based verification and Video KYC.
6. What is an example of e-KYC?
Aadhaar OTP verification is a common example of e-KYC. You enter your Aadhaar details, receive an OTP on your registered mobile number and verify your identity digitally.
7. Is KYC mandatory for a personal loan in India?
Yes, KYC is mandatory for personal loans in India. Lenders must verify your identity, address and other details before approving and disbursing a loan.
8. How long does KYC registration take?
Online KYC or eKYC can be completed quickly if your documents and details are correct. Offline KYC may take longer depending on document verification and institutional timelines.
9. Can I do KYC without an Aadhaar card?
Yes, KYC can be completed without Aadhaar in many cases using other officially valid documents such as PAN, passport, voter ID or driving licence. However, Aadhaar may be required for certain eKYC journeys.
Need ₹50,000 and want to apply without visiting a branch? You can apply for a personal loan online using your Aadhaar card, directly from your phone. The process is simple, mostly paperless and can be completed in a few minutes.
Your Aadhaar card helps lenders verify your identity and address through digital eKYC. Once the checks are complete and your application is approved, the loan amount can be transferred straight to your bank account.
How to Get a ₹50,000 Loan on Aadhaar Card — Step by Step
Applying for a ₹50,000 loan with Aadhaar is usually a straightforward online process. Here is how it works:
Open the lender’s app or website
Download the official loan app, such as Fibe, or visit the lender’s website. Select the option to apply for a personal loan.
Register with your mobile number
Enter your mobile number and verify it using the OTP sent to you. After that, you can complete your basic profile.
Complete Aadhaar-based e-KYC
Share your Aadhaar details so the lender can verify your identity and address digitally. This reduces the need for physical document submission.
These criteria can vary from lender to lender. It is always better to check the lender’s latest terms before submitting your application.
Documents Required for a ₹50,000 Loan on Aadhaar Card
The documents required are usually basic. Most lenders may ask for:
Aadhaar Card for identity and address verification
PAN Card for financial verification and compliance checks
Salary slips or bank statements for the last 3 months
Active bank account details for loan disbursal
Selfie or live photo, if face verification is required
For many borrowers, Aadhaar and PAN are enough to begin the process. However, the lender may request extra documents based on your income, credit score or application details.
Benefits of Taking a ₹50,000 Loan on Aadhaar Card
Aadhaar-based digital loans have made borrowing faster and easier, especially for people who prefer an online process.
Quick e-KYC verification
Aadhaar helps lenders verify your identity and address online, which saves time and reduces paperwork.
Faster disbursal
After approval, the money can be credited to your account quickly. This can be helpful when you need funds for medical expenses, repairs, travel or other urgent needs.
Less paperwork
You do not usually need to submit several address proofs or physical documents. Aadhaar and PAN are often enough for basic verification.
Online application process
You can apply, upload documents, complete verification and receive the loan without visiting a branch.
Flexible repayment options
You can choose a tenure based on what you can comfortably repay every month. A longer tenure keeps the EMI lower, while a shorter tenure helps reduce the total interest paid.
Secure digital process
Trusted lenders use secure systems to protect your personal, Aadhaar and banking details during the application process.
Tips to Improve Your Chances of Approval
A few small checks before applying can help you avoid delays or rejection.
Make sure your Aadhaar and PAN details match
Your name, date of birth and other details should be the same across both documents. Even small mismatches can create problems during verification.
Keep your bank statements clean
Regular salary credits, a steady balance and no failed payments can make your profile stronger.
Maintain a good credit score
A healthy CIBIL score, ideally 700 or above, can improve your approval chances and may help you get better loan terms.
Choose an EMI you can manage
Do not select a repayment plan that puts too much pressure on your monthly income. Lenders also check whether the EMI fits your repayment capacity.
Enter your details carefully
Wrong Aadhaar numbers, spelling errors or incorrect dates can delay the process.
Avoid too many loan applications at once
Applying with multiple lenders at the same time can lead to several credit inquiries, which may affect your credit score for a short period.
₹50,000 Loan EMI at a Glance
Here is an approximate EMI estimate for a ₹50,000 loan at 12% annual interest:
Tenure
Approximate EMI
12 months
₹4,442
24 months
₹2,354
36 months
₹1,661
Your actual EMI may be different depending on the interest rate, processing fee, tenure and lender’s terms.
Why Choose Fibe for Your ₹50,000 Loan?
Fibe offers a digital personal loan experience for borrowers who want a quick and paperless process. Through Fibe’s Instant Cash Loan, eligible users can borrow up to ₹10 lakhs, get quick approval and choose repayment tenures of up to 36 months.
You can apply by downloading the Fibe Personal Loan App from the App Store or Google Play and completing the application online.
FAQs on ₹50,000 Loan on Aadhaar Card
1.Which app can give me a ₹50,000 loan?
You can apply through the Fibe app. After downloading the app, complete your KYC using Aadhaar and PAN. Once your application is approved, the amount can be transferred to your bank account.
2.What is the monthly payment on a ₹50,000 loan?
At 12% annual interest, the EMI is around ₹4,442 for 12 months, ₹2,354 for 24 months and ₹1,661 for 36 months. The exact EMI depends on your final interest rate and repayment tenure.
3.Is this type of loan secure?
Yes, when you apply through a trusted lender. Reputed lenders use secure digital systems and follow regulatory requirements to protect your Aadhaar, PAN and bank details.
4.What tenure options are usually available?
Many lenders offer repayment tenures between 3 and 36 months. A longer tenure lowers your monthly EMI but increases the total interest paid. A shorter tenure increases your EMI but can reduce the overall interest cost.
5.Can I get a ₹50,000 loan on Aadhaar card without a salary slip?
Some lenders may accept bank statements instead of salary slips, especially if your account shows regular income. However, most lenders will still need proof that you can repay the loan.
6.What is the interest rate on a ₹50,000 loan on Aadhaar card?
The interest rate depends on your income, credit score, repayment history, lender policy and chosen tenure. It is a good idea to compare loan offers before applying.
7.How long does approval take for a ₹50,000 Aadhaar card loan?
With digital e-KYC and automated checks, eligible applicants may get approval within minutes. In some cases, the lender may take longer if additional verification is needed.
Need ₹5,000 rupees urgently? In today’s world, you can get a ₹5,000 rupees loan online in minutes. The process is fully digital and there is no paperwork. Verification is super quick and bank transfer is instant. Small loans are designed to help in emergencies.
These emergencies could be medical emergencies, unforeseen expenses, sudden travel and many more. When there is a cash crunch, digital lending platforms make borrowing simple. They offer a 100% digital experience. The charges are transparent and the repayment options are flexible.
Why People Take an Instant ₹5,000 Loan?
A small personal loan may look minor, but it can solve immediate financial problems without disturbing your savings or long-term investments. Here are some common situations where borrowers opt for a ₹5,000 instant loan:
Paying electricity, internet or mobile bills before the due date
Managing emergency medical or pharmacy expenses
Covering fuel, travel or commute costs
Handling sudden repair expenses for gadgets or appliances
Paying rent shortfalls before salary credit
Managing online shopping or educational expenses
According to RBI’s digital lending guidelines, borrowers should always choose regulated lenders or verified lending partners to ensure transparency and safe borrowing practices.
Key Features of an Instant ₹5,000 Personal Loan
Feature
Details
Loan Amount
₹5,000
Loan Type
Unsecured Personal Loan
Collateral Required
No
Application Process
100% Online
Approval Time
Within minutes (subject to eligibility)
Disbursal
Direct bank transfer
Repayment Flexibility
Multiple tenure options
Prepayment Charges
Nil on Fibe
Documentation
Minimal KYC & income proof
Cost, Interest & Repayment for a ₹5,000 Loan
Before applying for a loan, it is important to understand the repayment structure and associated costs. Even though ₹5,000 is a small loan amount, comparing interest rates and repayment terms can help you borrow responsibly.
Here’s what you should know:
Interest rates vary based on your income, credit score and repayment history
No collateral or guarantor is usually required
Shorter tenures may reduce total interest payable
Flexible repayment options help keep EMIs affordable
Transparent lenders display all charges upfront
Early repayment options can help save on interest costs
Tip: Always borrow only the amount you genuinely need and choose an EMI that comfortably fits your monthly budget.
₹5,000 Personal Loan EMI for Different Tenures
Your EMI depends on the interest rate and repayment duration selected. Below is an estimated EMI illustration for a ₹5,000 loan at an assumed interest rate of 18% p.a.
Loan Tenure
Approximate EMI
Total Repayment
Approximate Interest
3 Months
₹1,700
₹5,100
₹100
6 Months
₹875
₹5,250
₹250
9 Months
₹600
₹5,400
₹400
12 Months
₹458
₹5,500
₹500
Disclaimer: EMI values are indicative and may vary depending on lender policies, applicable interest rates and borrower profile.
How to Apply for an Instant ₹5,000 Loan on Fibe?
Applying for a small-ticket personal loan online is simple and completely digital.
Follow these steps:
Step 1: Download the Fibe App or Visit the Website
Start your application through the official Fibe platform.
Even small loans should be borrowed responsibly. Consider these factors before applying:
Compare interest rates and charges
Check processing fees and late payment penalties
Read the lender’s repayment policies carefully
Borrow only what you can comfortably repay
Ensure the lender follows RBI-compliant digital lending practices
Why Credit Score Matters for Small Personal Loans
Even for a ₹5,000 instant loan, your credit profile may impact approval speed and loan terms.
A good credit score can help you:
Get quicker approvals
Access better interest rates
Improve eligibility for higher loan amounts in future
Build stronger financial credibility
However, many lenders also evaluate alternative factors like salary, repayment capacity and banking behaviour, especially for first-time borrowers.
FAQs on Instant ₹5,000 Personal Loan
Can I get a ₹5,000 loan without collateral?
Yes, you can get a ₹5,000 loan without any collateral. Most ₹5,000 personal loans are unsecured, so you don’t need to provide any collateral or security.
What would be the EMI for a ₹5,000 loan?
The EMI depends on your chosen tenure and interest rate. For example, a ₹5,000 loan for 6 months at 18% p.a. may have an EMI of approximately ₹875.
What is the minimum credit score needed for a ₹5,000 loan?
Most lenders prefer a CIBIL score of 750 or above. However, approvals may also depend on income, repayment history and overall eligibility.
Do I need a high credit score to get a ₹5,000 loan?
Not always. Some lenders may approve small-ticket loans even for borrowers with low or limited credit history, depending on other financial factors.
What documents are required for an instant ₹5,000 loan?
You typically need:
PAN Card
Aadhaar Card
Mobile number
Bank account details
Income proof (if applicable)
How fast can I receive the loan amount?
After successful verification and approval, the loan amount may be transferred to your bank account within minutes, depending on banking timelines.
Can I repay the loan before the tenure ends?
Yes, you can but you need to check the policies with your lender. With Fibe, you can enjoy zero prepayment penalties, allowing you to repay your loan early without additional charges.
You can check your HDFC Bank account balance instantly using the missed call number, SMS banking, WhatsApp banking, net banking, mobile app, ATM or UPI apps. The fastest way is to give a missed call from your registered mobile number or send an SMS to get your balance details within seconds.
If you have an HDFC Bank account, checking your balance regularly helps you stay on top of your expenses and plan your finances better. HDFC offers multiple online and offline balance check options, so you can access your account details anytime, anywhere.
HDFC Balance Check – A Quick Summary
Method
Type
How to Use
Availability
Key Requirement
Missed Call
Offline
Give a missed call to HDFC balance enquiry number
24×7
Registered mobile number
SMS Banking
Offline
Send SMS in prescribed format
24×7
Registered mobile number
WhatsApp Banking
Online
Send “Hi” on HDFC WhatsApp number
24×7
Registered mobile number + WhatsApp
Net Banking
Online
Login to HDFC Net Banking portal
24×7
Customer ID & Password
Mobile Banking App
Online
Check via HDFC Mobile Banking App
24×7
App login credentials
ATM
Offline
Visit ATM and check balance
Bank hours (varies)
Debit card & PIN
Passbook Update
Offline
Visit branch and update passbook
Branch hours
Passbook
Customer Care
Offline
Call HDFC helpline
24×7
Verification details
UPI Apps
Online
Check balance via UPI apps (GPay, PhonePe etc.)
24×7
UPI PIN
HDFC Balance Enquiry with a Missed Call
When opening an account with HDFC Bank, you must have given an email address and mobile number for important communication. Using your registered mobile number, you can give a missed call at 1800-270-3333 and know your account balance instantly. Once you call this HDFC Bank balance check toll-free number, your call will disconnect automatically and you will get the available account balance on your phone via SMS.
HDFC balance enquiry through SMS
To get your account balance via SMS, remember that you need to register for SMS banking services by HDFC Bank first. In case you have not registered with the SMS banking facility, you can send ‘register’ to 5676712 from the registered number.
Upon successful registration, you can send ‘bal’ to the same number to receive your account balance. Using this HDFC Bank balance check option is among the easiest and quickest ways to know your account balance.
This is yet another convenient way to check your HDFC Bank account balance. However, the number you use for WhatsApp must be the same as the registered mobile number to use this balance enquiry option. With a 24/7 facility, you can initiate an HDFC Bank balance enquiry through WhatsApp using the following steps:
Step 1: Save the number 70-700-222-22and send ‘SUB’ via WhatsApp
Step 2: Send a WhatsApp message “Hi” to this number
Step 3: Begin chatting to know your account balance
To make things easier, here is a summary of the various numbers you can use:
Alternative ways to check HDFC Bank account balance
In addition to the above, there are other ways you can use to check your HDFC Bank account balance. These include:
HDFC Bank Balance Check Through Net Banking
One way to know your account balance and other information related to your HDFC bank account is to use the net banking portal. Log in with your customer ID and password and choose relevant tabs based on your requirements. This way, you can get 24*7 access to all account-related information from the comfort of your home.
HDFC mobile banking app
The HDFC mobile app has similar features as net banking and offers a fast and convenient way to check your account details. With the mobile app, you can register using your customer ID and password like the net banking option. Once logged in, you can check your account balance and other details whenever you want.
ATM
Visit your nearest HDFC ATM to check your HDFC bank account balance with the help of your debit card.
UPI App
UPI transactions make money transfers convenient and instantaneous. That’s not all. You can also use these applications to know your HDFC account balance. However, ensure that you link your HDFC bank account with your UPI app.
Now that you are familiar with HDFC Bank balance check numbers and other ways to verify your account balance, you can choose your preferred option and stay on top of your finances. To bridge any monetary gaps, you can rely on quick financing on Fibe.
At Fibe, you can get an Instant Personal Loan of up to ₹10 lakhs at affordable interest rates and flexible repayment options. With simple eligibility criteria and minimal documentation, all it takes is just a few minutes to apply for the loan. Download our Instant Loan App or register on the website today to get easy access to cash whenever you want.
FAQs on HDFC Balance Enquiry
How to check my HDFC Bank account balance?
As an existing customer of HDFC Bank, you can check your account balance through various options. This includes giving a missed call at 1800-270-3333, sending ‘bal’ to ‘5676712’ or messaging via WhatsApp at 70-700-222-22.
You can also log in to your internet banking account, open the HDFC Bank mobile app, visit the nearest ATM or use any UPI app of your preference.
Can I check my HDFC Bank account balance by phone?
Yes. You can check your HDFC Bank account balance with your phone through various methods. This includes the missed call service, SMS service or using the bank’s WhatsApp service.
How to check HDFC Bank account balance through net banking?
The first step is to log in to your account with your credentials (customer ID and password). After that, you can navigate to the account summary section and check your account balance.
Staying updated with your bank balance is crucial in enjoying seamless transactions, no matter whether it is a savings or current account. In fact, this practice helps you plan your finances better, especially if you are expecting a big-ticket expense to come up.
ICICI Bank, a leading financial institution, offers easy digital banking services. If you’re an account holder, checking your account balance is simple! You can use the ICICI Bank balance enquiry number, log in online or try other quick options.
Read on to learn more.
Ways to Check ICICI Bank Account Balance
Explore all the quick and convenient methods to check your ICICI Bank balance anytime, anywhere.
Method
How It Works
Key Requirement
Availability
Missed Call Banking
Give a missed call to the ICICI balance enquiry number to receive balance via SMS
Registered mobile number
24/7
SMS Banking
Send a predefined SMS to ICICI Bank to get your account balance
Registered mobile number
24/7
WhatsApp Banking
Send “Hi” to ICICI’s official WhatsApp number and follow prompts
Registered mobile number linked to WhatsApp
24/7
iMobile App
Log in to ICICI’s mobile banking app to view balance instantly
Internet banking credentials
24/7
Internet Banking
Log in to ICICI Net Banking portal and check account summary
User ID & password
24/7
ATM
Visit any ICICI ATM and select ‘Balance Enquiry’
ATM/debit card & PIN
Depends on ATM availability
Passbook Update
Visit the branch or kiosk to update your passbook
Physical passbook
Bank working hours
Customer Care
Call ICICI customer care and follow IVR instructions
Registered mobile number or details verification
24/7
UPI Apps
Open apps like Google Pay, PhonePe and check balance via UPI
UPI PIN setup
24/7
Bank Branch
Visit nearest ICICI branch and request balance enquiry
Valid ID/account details
Bank working hours
ICICI Bank Balance Enquiry Via SMS
One way to check your account balance is by sending an SMS to 9215676766. All you need to do is send a message in this format:
IBAL<space><last 6 digits of your account number>
Make sure to send the SMS on this ICICI Bank balance enquiry number through your registered mobile number. Once you send the SMS, you will receive your account balance details via text in a few minutes.
ICICI Bank Balance Enquiry by a Missed Call
Call the following ICICI Bank balance checking number 9594612612 from your registered number. The call automatically gets disconnected once you dial, and you will then receive a text with the details.
ICICI Bank Balance Enquiry Via WhatsApp Banking
One of the latest options to make an ICICI Bank balance enquiry is to open your WhatsApp and message ‘Hi’ to 86400 86400. Through this number, you can access numerous banking and financial services requests, including checking your ICICI Bank account balance.
Here is a summary of the various modes you can rely on to check your ICICI Bank account balance.
Table Mentioned
ICICI Balance Check Via ATM
Through the nearest ATM. Visit an ICICI ATM near you and use your debit card to know your account balance. You can find the nearest ATM by visiting the bank’s official website and scrolling down to the ‘FIND ATM/BRANCH’ option on the personal banking page.
ICICI Bank Balance Enquiry Through Mobile Banking
Through the ‘iMobile Pay’ app, you can get quick updates on your account balance. Mobile banking is an easy and simple way to know the balance immediately.
Check Balance of ICICI Bank Account Via Customer Care Number
Another option to know your account balance is calling on this number – 1800 1080. Through it, you can get in touch with the customer care team. Give them the necessary information to know the balance in your account. If you are travelling overseas, you can call on: +912233667777.
ICICI Bank Balance Enquiry via Net Banking
Lastly, you can simply log in to your ICICI Internet Banking account to know the account balance. Visit the website and log in with your credentials to know your account information.
With these effective ways, you can get an instant account balance update on your mobile, helping you assess your finances. Knowing your account balance also helps you understand when you need a loan, and here’s where Fibe’s Instant Personal Loan can help.
At Fibe, you can get easy financing of up to ₹10 lakhs even if you are new to credit. Download Fibe Personal Loan App today and enjoy instant access to funds at easy repayment options.
FAQs on ICICI Bank balance enquiry
How can I check my ICICI Bank balance by a missed call?
To know your account balance via a missed call, give a call on this ICICI Bank balance enquiry number – 9594612612 from your registered number. The call disconnects automatically, and in a few seconds, you will receive a text with the information.
How can I check my ICICI Bank account balance by SMS?
To check your account balance via SMS, you can send a text like this: IBAL<space><last 6 digits of account number> to 9215676766 with your registered mobile number.
How do I check my ICICI account balance on WhatsApp?
ICICI Bank’s balance enquiry number for WhatsApp is 8640086400. Simply text ‘Hi’ and provide the necessary information to know the account balance.
How can I check my ICICI bank statement on my mobile?
You can get access to your ICICI Bank account statement in various ways. This includes visiting the bank’s website and opening the mobile app and logging in to your account. You can also register for e-statements on the bank’s official website. You can also get the details of your last three transactions by dialling 9594613613 from your registered number. Once the call disconnects, you will receive a text with the requested details.
One of the main components of salary taxation is TDS on salary or Tax Deducted at Source on salary. The salary you get each month is generally lower than the CTC mentioned at the time of your hiring. This is because taxes are deducted from your gross salary before you receive it.
The applicable rate of Tax Deducted on Source on salary determines the amount you get as monthly compensation. However, the tax authorities adjust TDS against your total tax liability.
To know more about this and how to calculate TDS on your salary, read on.
TDS on Salary: An Overview
TDS is a form of tax deducted by the payer when making the payment that is treated as income. As per the Income Tax Act of 1961, the payer must deduct a percentage of the total amount as TDS and deposit it to the IT authorities. The TDS percentage for salary depends on the income tax slab you fall under.
In the case of Tax Deducted at Source on salary, the employer needs to deduct TDS from your gross salary before making payment of the monthly dues. As per Section 192 of the Income Tax Act, TDS is compulsory and applicable to your regular salary as well as any advance or arrears.
The annually issued Form 16 reflects Tax Deducted at Source on salary. However, the total taxable value is zero if your income is below the basic exemption limit. Here is the basic exemption limit for different age groups:
Indian residents under 60 years of age: ₹2.5 lakhs
Indian resident seniors between 60 and 80 years of age: ₹3 lakhs
Indian resident seniors above 80 years of age: ₹5 lakhs
TDS on Salary Calculation
Your salary slips generally mention TDS. However, if you wish to calculate the value of TDS deducted from your salary manually, you can follow these steps.
Step 1: Calculate your total earnings for the year of assessment. Apart from your basic salary, your earnings will also include perks, commissions, bonuses, etc.
Step 2: Calculate your gross monthly salary by adding your basic salary with all other allowances and perks. Multiply this by 12 to compute your annual gross income.
Step 3: Compute your annual taxable income by deducting all the exemptions allowed as per Section 10 of the Income Tax Act from your annual gross income.
Step 4: Add the amount of income from any other source (house rent property, interest income, etc.) to the amount from the previous step.
Step 5: Subtract all the exemptions available under Sections 80C and 80D (i.e., up to ₹1.5 lakhs in a financial year on your investment in PPF, NPS, ELSS, etc.) from that amount.
Step 6: The basic salary component of your monthly income is fully taxable. However, some exemptions are available that you can avail of on perks and allowances. Subtract these exemptions from the amount obtained in the previous step to get your total taxable income.
Step 7: TDS applies to your salary at the applicable income slab rates based on the tax regime you choose.
Who is Liable to Deduct TDS on Salary?
The employer is responsible for deducting TDS on salary at the time of paying salary to the employee. Employers can only deduct TDS when making the actual salary payment if the employee’s salary exceeds the taxable income limit. If your salary is below or equal to ₹2.5 lakhs, employers will not deduct TDS from your salary.
Here are the employers who are liable to make TDS deductions on salary:
Individuals
Partnership firms
Public or private companies
HUFs (Hindu Undivided Families)
Trusts
Co-operative societies
When is TDS Deducted Under Section 192?
Under Section 192, an employer is liable to deduct TDS from an employee’s salary while paying their salary. Therefore, they deduct TDS every month since the employees receive their salaries monthly. The employer may have to face penalties and interest charges in case they fail to deduct TDS.
Now that you know about TDS on salary, you can plan your income and expenses along with the taxes based on this deduction. A large tax burden can sometimes strain your finances. However, you can get funds for all your financial needs with Fibe.
Fibe’s Instant Personal Loan offers up to ₹5 lakhs and you can qualify for them with ease as a salaried employee. Download our Instant Loan App or log in to our website to enjoy convenient access to funds.
FAQs on TDS on Salary
How to calculate TDS on salary with an example?
Suppose that you are below the age of 60 years and after all deductions, your gross taxable income is ₹10 lakhs. In this case, your total tax as per the slab plus 4% cess will amount to ₹1,17,000.
If the employer deducts TDS across the 12 months, your total monthly TDS will come to ₹9,750 as per the old regime. For ease and speed, you can use the TDS calculator on the Income Tax website.
What is the formula for calculating TDS on salary?
To calculate TDS on salary, you first need to calculate your annual gross income by adding all the perks, commissions, allowances, etc., to your basic salary. Deduct all the exemptions available under different sections of the Income Tax Act after adding income from any other source.
This would be the total taxable income based on which your tax slab will decide the rate of TDS on your salary.
How much TDS is deducted from salary?
As per Section 192 of the Income Tax Act of 1961, the TDS amount depends on the income tax bracket applicable to you.
Who pays TDS on salary?
The employer is liable to deduct TDS at the time of payment of salary to the employee and pay it to the Income Tax authorities.
How can I avoid TDS on my salary?
You cannot avoid TDS on your salary unless your income is under the minimum taxable threshold. However, you can reduce TDS by submitting investment proofs, insurance premium receipts and proof of other allowances and deductions to your employer at the start of the financial year.
Can I get a TDS refund on my salary?
Yes, if you have paid tax in excess, you can file for an Income Tax Return and get a refund.
When carrying out the tax management process and compiling various forms and slips, one thought that arises in every employee’s mind is about the tax-saving options for salaried professionals. So, if you, too, are wondering how to make the most of tax benefits for salaried employees, you are not alone.
The good news is that numerous means of saving tax are specified under certain sections of the Income Tax Act. However, the exemptions and deductions that you can get depend on certain factors, which include:
Your chosen tax regime (old or new)
Applicable tax slab
Total taxable income
To maximise your tax deductions, initiate the tax planning and management of your funds by keeping these factors in mind.
Useful Tips on Tax Planning for Salaried Employees
Tax planning and management are vital for all salaried taxpayers. Here are some of the useful tax planning tips for salaried employees:
Take Advantage of Tax-Free Components on Salary
Some components in your salary structure fall under the exemption and deduction provisions under the Income Tax Act. These include:
House rent allowance under Section 10(13A)
Education Allowance under Section 10(14)
Leave Travel Allowance
Invest in Tax Deductible Schemes
Many schemes provide tax benefits under Sections 80C, 80D and 24. These instruments include:
Employee’s Provident Fund
Public Provident Fund
National Pension Scheme
Medium Insurance Plan
File Tax on Time
File your returns well in advance to avoid last-minute issues and penalties for late filing. You can file your tax conveniently online through the Income Tax Department’s e-filing portal.
Tax planning for salaried employees requires a little forethought. By putting in some time and effort you can choose the best tax-saving avenues as per your needs. Here are some of the most popular means by which you can save tax as a salaried employee.
1. Employees’ Provident Fund
The contribution to this government-backed fund is mandatory for companies employing over 20 employees or those who have volunteered for EPF registration.
It offers an easy way to save and build a corpus for retirement.
You need to make contributions of up to 12% of your basic salary and dearness allowance towards this scheme, with the employer matching the contribution amount.
Your EPF contributions fall under Section 80C of the IT Act, allowing you a deduction of up to ₹1.5 lakhs.
Any interest you earn from your EPF account over ₹2.50 lakhs is taxable and subject to TDS.
2. Public Provident Fund
Another important component of tax management for salaried employees is investing in the Public Provident Fund (PPF).
Unlike EPF, anyone can contribute to PPF as this is not linked to an employer.
It is a great way to earn risk-free returns and save for retirement, as the scheme’s tenure is 15 years.
The PPF scheme enjoys an EEE status or triple level of exemption.
At the first level, the contributions you make towards the scheme annually are exempt from tax of up to ₹1.5 lakhs as per Section 80C.
At the second level, the interest you earn annually is tax-free.
The amount that you withdraw upon the end of your PPF tenure is also not subject to taxes.
It is a type of mutual fund that comes with a lock-in period of three years.
The scheme is called so because 65% of the asset allocation is made towards equity or equity-linked securities, making it subject to market risk.
Under Section 80C, ELSS allows you to enjoy tax benefits up to ₹1.5 lakhs.
You do not have to pay any Long-Term Capital Gains Tax (LTCG) if your returns are ₹1 lakh and below.
Additionally, you do not pay any tax on what you receive as a dividend.
4. House Rent Allowance and Others
House Rent Allowance or HRA is a component of your salary that is available to you if you live in a rented home.
Under certain conditions, you can enjoy partial or full exemption on your tax liabilities towards HRA.
Under Section 10(13A) of the Income Tax Act, you can deduct HRA from your taxable income.
The HRA receivables are fully taxable if you don’t live in a rented residence.
HRA, however, isn’t the only allowance you can enjoy. Some of the other ways to access tax benefits for salaried employees are via components such as:
Standard deduction
Leave travel allowance
Meal coupons
Relocation allowance
Education allowance for kid’s fees
Allowances related to reimbursement of expenses for phone, newspapers and more
5. Deductions Related to Loans and Health Premiums
Apart from salary-based allowances and investments covered under Section 80C, 80CCC and 80CCD, certain credit facilities also offer tax-saving options for salaried and non-salaried persons. These include:
You can get deductions on the principal repayment and interest payment up to the limit specified in the IT Act if you have a home loan.
If you are repaying an education loan, you can get a deduction on the interest you pay annually.
You can benefit from the premiums you pay for health insurance policies for yourself, your spouse and your kids, as well as your parents.
These benefits can go up to ₹1 lakh if you and your parents are above 60 years of age.
What’s more, health check-ups come under this total limit (up to ₹5,000), as do premiums paid by your employer on your behalf.
While these are some of the best tax-saving options for salaried individuals, there is a lot more you can benefit from in terms of the following:
Donations
Having a savings account and receiving a gratuity, gifts and gym benefits
Transport facilities from your employer
So, make sure to carry out tax planning for salaried employees methodically and in advance. In order to meet any of your financial goals, don’t break your investments or stop paying health insurance premiums. Instead, you can bank on Fibe’s Instant Personal Loan up to ₹5 Lakhs stress-free. Download our Personal Loan App or log in to our website to enjoy simple and easy access to funds.
FAQs on Tax Saving Options for Salaried Employees
How to do tax planning for salary income?
When carrying out tax management for salaried employees, keep in mind some factors that influence your tax benefits. These include:
Salary structure and allowances
Tax regime
Taxation slab
Taxable income
You can choose investments and claim deductions that maximise your tax benefits based on these factors.
How can salaried employees reduce taxes?
They can reduce taxes by making the most of allowances and investing in tax-saving instruments such as:
ELSS
National Pension Scheme (NPS)
Tax-Saving FD
Tax-Saver Fixed Deposit (FD)
National Savings Certificates (NSC)
How do you calculate tax for salaried employees?
Follow these simple steps:
Arrive at your total taxable income after subtracting all deductions, allowances and exemptions from the gross income.
Get the taxable amount after applying the applicable tax rate as per your slab.
How to save tax on a ₹7 lakh salary?
You can avoid paying tax completely by choosing the old regime and investing in instruments such as:
Credit cards offer an excellent way to purchase daily essentials, electronics and more as well as address emergencies. Using them, you can boost your savings through rewards, discounts and cashback. However, credit cards are a credit facility and require you to make timely payments.
Missing paying your bill by the due date, you not only pay a penalty but also accumulate interest on the balance. Credit card interest is very high compared to most other loans. This is why credit card debts can be some of your most expensive debts.
As your credit card debt accumulates on multiple credit cards, you may be caught in a debt trap. This makes it very challenging for you to repay your credit card debt. Moreover, delayed payments can affect your creditworthiness and bring your credit score down.
A simple way to tackle this is to consolidate credit card debt. This option, also known as credit card refinancing, is gaining popularity as it eases the stress of repayment. Read on to know more.
How to consolidate credit card debt?
When you consolidate your credit card debt, you take on a new loan, such as a personal loan, of an amount that covers all your existing credit card overdue amounts. Say you have 3 credit cards and have overdue payments on all 3:
Each of these cards may have a different annual interest rate of 35-42% p.a. and may come with different due dates. By merging them into one, you can combine your existing debts totalling ₹50,000 into one personal loan.
In comparison to credit cards, personal loans offer you a lower rate of interest. You just need to pay a single monthly instalment for all your dues instead of making multiple monthly payments at different times.
While you can also opt for a balance transfer facility or get a loan from friends or family to address your credit card debt, these methods come with certain challenges.
In the first case, you can transfer your overdue credit card balance to another credit card, but this requires a high limit, which you may not have. Additionally, doing a balance transfer requires you to pay off the balance within the free period, after which high-interest charges will apply.
In the second case, taking a loan from friends and family can cause stress due to the possibility of rifts caused by lack of clear terms and unmatched expectations.
Thus, credit card debt consolidation via a personal loan is a hassle-free way to proceed.
Key benefits of credit card refinancing
Streamlines repayment through one instalment per month
The top reason behind the popularity of taking a credit card debt consolidation loan is that it simplifies repayment. By paying just a single EMI, you can focus on meeting the deadline diligently while correcting your spending habits.
Helps improve your credit score
Your credit score increases when your new loan helps you to fully repay your credit card debt. It decreases slightly when the lender runs a hard inquiry before approving your loan application and also reduces a little when you take on a new loan. However, when you are regular with repayments on your debt consolidation loan, you can build up your credit score once again.
Reduces repayment costs with attractive interest rates
In comparison to interest rates applicable to credit card debts, interest rates on personal loans for debt consolidation are more pocket friendly. This allows you to clear your debt more affordably.
Facilitates quicker repayment
With credit card debts accumulating more and more interest on unpaid dues over time, you can get caught in a vicious cycle of debt. This can take a long time to steer clear of. When you consolidate credit card debt, you can eliminate debt much easier and much faster as it is cheaper to manage.
As you can see, credit card refinancing can be an ideal move for you if you have multiple credit card debts. However, before you do so, check the personal loan processing fee, interest rate and other charges to ensure you are saving money in the long run.
At Fibe, we offer instant funds without any hidden charges. You can get an instant personal loan of up to ₹5 lacs with flexible repayment options in just 2 minutes. There are no restrictions on use, so you can use the funds to consolidate your credit card debts with ease. Download our instant loan app or log in to our website to get the funding you need without any hassles.
Frequently Asked Questions
Does credit card consolidation hurt your credit score?
Yes, your credit score will decrease slightly when you opt for a new debt consolidation loan to pay off multiple credit card debts. However, your score will improve when you repay the loan on time and reduce your overall debt.
Can I use a credit card to consolidate debt?
Yes, you can use a balance transfer credit card to do this in some cases. However, it comes with its challenges, such as requiring you to have a high credit card limit and giving you less time to repay as compared to a debt consolidation loan.
Can credit card debt be eliminated?
Yes, you can get rid of credit card debt by taking the right steps. One way to do this is to consolidate your credit card debt into one loan, which you can repay as per your chosen tenure.
How can I settle my old credit card debt in India?
You can settle your credit card debt by talking to the bank which issued the card to you. This usually requires a lump sum settlement but can hurt your credit score quite substantially. A better approach is to go for credit card debt consolidation.
Can debt consolidation improve my credit score?
Yes, credit card debt consolidation can slowly improve your credit score by allowing you to clear high-interest credit card debt. When you pay your debt consolidation loan EMIs on time, your credit score increases over time.
What is the advantage of consolidating credit card debt?
The main benefit of consolidating credit card debt is to get rid of high-interest debts and replace them with one personal loan that comes with a lower interest rate. This also allows you to repay just one EMI instead of keeping track of numerous due dates.
