Services

Aadhaar Enabled Payment System (AEPS)

Aadhaar Enabled Payment System is a payment service empowering a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, remittances through a Business Correspondent.

The services available under AePS

Under AePS currently following services are present:

• Balance Enquiry
• Aadhaar to Aadhaar Fund Transfer
• Cash Withdrawal
• Cash Deposit
• BFD

The above services are available in both inter-bank and intra-bank modes.

Bharat Bill Paymeny System (BBPS)

• Gone are the days when you could pay only one bill at a time. Bharat BillPay offers all recurring payments at one destination.
• It offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills, etc. and also other repetitive payments like insurance premium, mutual funds, school fees, institution fees, credit cards, Fastag recharge, local taxes, housing society payments, etc. at one single window. An effective mechanism for handling consumer complaints has also been put in place to support consumer regarding any bill related problems in Bharat BillPay.
• Bharat BillPay has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt with Be-assured symbol

Bharat BillPay brings all the recurring payments at one-touch through any mobile or laptop or the retail shop to enable a faster, convenient and secured experience. Look for Bharat BillPay logo or B and pay all your recurring payments at one-go

Money Transfer (DMT)

Acs Money has come up with Domestic Money Transfer (DMT) which is an assisted service to facilitate money transfer needs of unbanked, under-banked and migrant people in India.

DMT is Cash to Bank A/C remittance service offered through Business Correspondents (Agents/CSPs) who bring the transaction touch-points closer to the customers. Our Business Correspondents (BC) are based across the nooks and corners of the country, who transfer money on behalf of their customers using our DMT platform. By using this service, the customers can send money instantly to any IMPS/NEFT supported bank account in India. Receiver will get the money credited into the bank account within seconds. It is available 24*7 across the year, during non-banking hours and on banking holidays as well.

Safe, Secure & Quick Transactions

Our Business Correspondents are well equipped and authorized to use our safe and secure DMT systems to transfer your money to your loved ones, instantly.

Assisted Fund Transfer

Send money to your loved ones instantly, even if you don't have a bank account. Through our DMT service, you can send money to any IMPS/NEFT supported bank account in India.

You don't need to have a bank account to send money to your loved ones.

TELECOM / DTH Recharge

• Prepaid Mobile Recharges
• DTH Recharges
• LPG Cylinder payments
• FASTag Recharge
• Insurance Premium Payments
• Credit Card Bill Payments
• Cable TV Bill Payments

(BBPS), (NPCI)

• Since the biller is part of the Bharat Bill Pay System (BBPS) system, a BBPS logo appears on the bill payment screen
• BBPS is a National Payment Corporation of India (NPCI) initiative. It enables interoperable bill payment services to customers and provides instant payment confirmation
• NPCI, as the central unit, also undertakes clearing and settlement activities related to transactions routed through BBPS, thus enhancing customer confidence and experience

How much time will it take for a payment to be accepted by the biller?

• Some billers take up to 3 business days from the date of transaction on Acs Money to confirm payment receipt.
• If the payment has still not been accepted after 3 business days, the transaction will be cancelled by Acs Money and a refund will automatically be processed to your wallet.
• Refunds to Acs Money balance will be instant, while refunds for payments made using other payment methods may take up to 2-4 business days, depending upon company policy.

MIRCO ATM

"Micro ATMs would particularly help address the problems that people are facing in rural and semi-urban areas, where the ATM network is not as strong currently", Department of Economic Affairs Secretary Shaktikanta Das.

There are about 201861 ATMs in India, according to RBI data. Of these, 1,03,282 are onsite and 98,579 offsite. But for the cash starved citizens, this is not enough. Filling up ATMs has been affected because bank staff are under pressure . It is taking far longer to get money for loading and carrying to ATMs. Technical changes for recalibration involved software as well as hardware work. More than 1,000 professionals are on the job.

Similar to bank ATMs, the micro Automated Teller Machine (ATM) also provide traditional services like withdrawing cash, balance enquiry, cash deposits and much more. However, the micro ATMs are best for carrying out cash transactions in situation when bigger ATMs are running dry. Micro ATMs as the name suggests are a mini version of an ATM. They are developed with features like point of sales (POS), connecting banking networks through GPRS for carrying bank-related transactions. Equipped with card swipe facility, the micro ones can even operate via fingerprint scanner. Generally, these mini ATMs are situated in remote or mobile locations.

Here’s how Micro ATMs operate!

To operate this portal, a person has to undergo verification process such as Aadhaar card with fingerprint scanning or card swipe option. Once verified, he or she will be able to select options for various transactions like cash deposit, fund transfer, eKYC based saving account, Aadhaar seeding, cash withdrawal, balance enquiry and service request acceptance. Note, these options can be different depending upon banks or fintechs.

What are Micro ATMs?

Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it. In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach. Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.

How is it more convenient ?

• According to bankers, the cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000. ( cite copy, and link)
• It is portable
• Micro ATM has connectivity through GSM, hence it can travel from village to village, said Das during a press interaction on Monday.

Disadvantages:

• Micro ATM cannot provide 'anytime' money. Hence if the bank correspondent is unavailable or the shop keeper has shut his shop, the account holder will not be able to undertake any financial transaction.

How does micro ATM work ?

• Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural people ). The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.

What is life insurance premium?

Insurance is a contract between the insurance company and the life assured and every contract to be enforceable under law must involve a valid consideration. In this case, premium is the consideration which makes the contract complete.

An insurance premium is generally expressed as premium per thousand rupees of sum assured and is illustrated in the form of tables of premium rates by insurance companies. Premium varies across insurance plans, policy terms, sum assured and the age of the proposer. Periodicity or mode of premium payment depends on the type of policy chosen and also on the payment options that the policy offers.

In advance

Premium is required to be paid in advance and can be paid via cash up to Rs 50,000, (the limit set by IRDA for cash payments) cheque or DD. Further, most insurance companies have provided for payment of premium online.

Rebate for sum assured

Typically most companies offer rebates for higher SA (higher than a certain amount). This is because the cost of servicing of all policies of the same type being almost the same, a higher SA means lower servicing cost per unit of SA. Consequently, this translates to higher profits/returns per unit of SA or per unit of premium paid for the company.

Rebate for periodicity of premium

In case of periodic premium payment policies one can normally choose to pay premium annually, half yearly, quarterly or monthly depending on one’s cash flow situation. However, higher the frequency of premium payment higher the cost of servicing (collection, processing and administrative costs) for the company. Also, if the premium is paid at one go for the whole year the funds are available (for investment) to the company for longer than in monthly mode of payment. Consequently, the company can earn more returns on the premium paid.

In case of single or limited premium payment policies this rebate is often already worked into the premium rate as the mode of payment is structurally built into the policy.

Rebate for online payment

It needs to be mentioned here that a company’s servicing cost for premiums paid online is normally lower than for those paid physically. Additionally, the company also saves on commissions generally paid to agents in case of physically sold policies. Therefore, varying from company to company, rebate may have already been given before the online premium payment rates are quoted. Consequently, the premium rates quoted would already include the rebate, else the rebates offered may be higher than those offered for physical payment.

Extra Premium

The normal premium tables are meant for people who do not carry any additional risk or ‘standard lives’ in insurance parlance. In case of standard lives the ordinary premium rates are applied. However, in case of people who carry extra risk because they suffer from health problems such as diabetes or heart disease or work in hazardous occupation the insurer may charge extra premium over and above the normal rate.

Extra premium is also charged for any additional insurance covers (called ‘Add Ons’ or ‘riders’ in insurance jargon) are bought along with the base policy.

Level premium

When the premium charged under a policy remains the same throughout the duration of the contract, it is called level premium. In this case premium level is guaranteed and cannot be changed by the company at a later date. This is advantageous for both the life assured and the insurance company and therefore most life insurance plans except some term insurance plans involve level premium payment.

Term insurance policies are associated with level premiums or increasing premiums depending on the type of policy and the insurance company. In term insurance policies the mortality risk of the life insured increases year by year and therefore the cost of insurance also increases yearly. Consequently, the premium chargeable also increases annually. However, in many term policies the insurer averages out the premium chargeable over the entire policy period and the average premium is charged as a level premium throughout the policy tenure. Such term insurance policies are characterized by level premium payments.

The advantages of level premium are:

• As mortality risk increases with the age of the insured the actual premium chargeable at higher age is much more than that chargeable when a person is young. It may happen that the premium applicable when the life insured is older may be too high for him to pay and a policy lapse due to non-payment of premium would leave him without insurance cover at an age when he needs it most.
• Persons with good health may drop out and the insurance company may be left with only sub-standard lives as time goes by.
• It is administratively difficult for the insurance company to keep track of, levy and collect varying premiums.

Increasing and decreasing premium

A term plan with increasing premiums (as explained above) is a typical example of increasing premiums.

Decreasing premium is applicable in mortgage redemption policies where the premium goes down with the decrease in the policy holder’s outstanding loan amount.

Single premium

Single premium policies are normally targeted at people who are in the higher income bracket or those who have idle money with them.

Non-payment & late payment of premium

In case the premium is not paid on the due date, the policy is considered as lapsed and the policyholder loses its benefits.

Most policy contracts, however, provide for a 'grace period', which gives the policy holder an additional period of time after the due date for the payment of the premium. During this period, he can pay the premium without any extra charge and the policy will still continue to be in force. For all life insurance policies other than term insurance, for monthly mode of payment, the grace period is usually 15 days, while for other frequency of payments (quarterly, half-yearly or yearly) it is usual one month but not less than 30 days (This means that in case of February generally 30 days grace is still given). For term insurance policies, the grace period is normally 15 days.

Tax benefit available only for premium paid for specified persons

Under Section 80C of the Income Tax Act, any amount paid by a policyholder towards life insurance premium for self, spouse or his/her children can be claimed as deduction from taxable income. Premium paid for policies in the name of any other third party (other than spouse or children) such as parents (father / mother / both) or in-laws is not eligible for deduction under section 80C. If a person is paying premium for more than one insurance policy, all the premiums can be included. The benefit is available for life insurance policies sold by all insurance companies – both public and private sector.

The only inputs required for a customer to do a transaction under this scenario are

• Bank Name
• Aadhaar Number
• Fingerprint captured during enrollment.

Objectives

To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like cash deposit, cash withdrawal, Intrabank or interbank fund transfer, balance enquiry and obtain a mini statement through a Business Correspondent

• To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
• To sub-serve the goal of RBI in electronification of retail payments.
• To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency.
• To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.
• To facilitate inter-operability across banks in a safe and secured manner.
• To build the foundation for a full range of Aadhaar enabled Banking services.

What is Aeps mini statement?

Aadhaar Enabled Payment System (AEPS) is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent.

Cash Diposit

Acs Money Reatailer can Cash Diposit upto Rs. 10,000/- Any Bank Account by customer account number.

Objectives

• At first add customer mobile number, name, account number and IFSC code.
• Click on "Get Name", and show customer name.
• Select Fund Transfer Mode as "IMPS" or "NEFT"
• Type sending Amount two time.
• Click on Money Transfer.

What is Cash Diposit?

A cash deposit usually refers to money that is added to a checking or savings account, either via a bank teller or an automated teller machine (ATM). Funds are generally available for withdrawal immediately following this type of transaction. As a form of security, a cash deposit may also be required for a number of services or rental items. In these cases, the value of the deposit may or may not be refundable at a later date, depending on the terms of the agreement.

When cash is deposited at a financial institution, the consumer is usually required to complete a deposit slip that contains specific information about the account. This typically includes a bank account number, the name associated with the account, and the dollar amount of the deposit. While some banks impose a waiting period when checks are deposited, cash is usually available immediately after the transaction is complete.