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Lesson ID 121017
Version 03/02062022

E-PRODUCTS

Electronic banking has many names like e banking, virtual banking, online banking, or internet banking. It
is simply the use of electronic and telecommunications network for delivering various banking products and
services. These banking products are known as e- Products. Through e-products, a customer can access his
account and conduct many transactions using his/her computer or mobile phone.

Importance of e-Products:

We will look at the importance of e-Products for banks, individual customers, and businesses separately.

Banks

1. Lesser transaction costs – Electronic transactions are the cheapest modes of transaction.

2. A reduced margin for human error – Since the information is relayed electronically, there
is no room for human communication or interpretation error.

3. Lesser paperwork – Digital records reduce paperwork and make the process easier to
handle. Also, it is environment-friendly.

4. Reduced fixed costs – Lesser need for branches translates into a lower fixed cost.

5. More loyal customers – Since e-products are customer-friendly, banks experience higher
loyalty from its customers.

Customers

1. Convenience – A customer can access his account and transact from anywhere on
24x7x365 basis.

2. Lower cost per transaction – Since the customer does not have to visit the branch for every
transaction, it saves him both time and money.

3. No geographical barriers – In traditional banking systems, geographical distances could

hamper certain banking transactions. However, with e-products, geographical barriers are
reduced.

Businesses

1. Account reviews – Business owners and designated staff members can access the accounts
quickly using an online banking interface. This allows them to review the account activity
and also ensure the smooth functioning of the account.

2. Better productivity – E-products improve productivity. It allows the automation of regular

monthly payments and a host of other features to enhance the productivity of the business.
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3. Lower costs – Usually, costs in banking relationships are based on the resources utilized.
If a certain business requires more assistance with wire transfers, deposits, etc., then the
bank charges it higher fees. With e-products, these expenses are minimized.

Mobile Indian Bank offers all in one mobile banking application IndOasis for the customers with
banking several enhanced features providing all banking facilities at a single platform. IndOasis
IndOasis mobile application has the combined features of IndPay and erstwhile BHIM Indian Bank
UPI application.
It enables user to perform major banking operation through application on 24 x 7 basis
anywhere and anytime without visiting the branch.

Financial Services
➢ Fund transfer within Indian Bank and Other Bank through NEFT/IMPS and Instapay
(Instant Payment)
➢ Mobile and DTH recharge
➢ Electricity, Water and Telephone Bill Payment
➢ Credit Card Bill Payment
➢ Opening of Term Deposit Account, etc.
Non-Financial Services
➢ Balance Enquiry
➢ M-Passbook (Mini Statement with last 50 transaction)
➢ Stop payment of cheque
➢ Raise cheque book request
➢ Password reset, etc.
Value Added Services
➢ Standing Instruction
➢ Transaction Lock / Unlock Facility
➢ Raise Complaint
➢ Locate Nearest Branch
➢ Closure of FD/RD/VRD/STD/MMD
➢ Scan and Pay facility for with bank fund transfer
➢ ASBA Application, etc.
Internet Indian bank provides anywhere, anytime banking facility to the customer through Internet
Banking banking, named as “IndNetBanking” - a quick, simple and convenient way of Banking for the
customer.

Self-Registration for Internet Banking through internet can be done for single account holder.

ATM Card credentials are necessary for “IndNetBanking” self-registration.

Joint account holders and current account holder need to contact branch for INB facility.

Financial Services
➢ Fund transfer within Indian Bank and Other Bank through NEFT/IMPS and Easy
pay (Instant Payment)
➢ Mobile and DTH recharge
➢ Pay Taxes
➢ Electricity, Water and Telephone Bill Payment
➢ Credit Card Bill Payment
➢ Opening of Term Deposit/NPS Account
Non-Financial Services
➢ Account statement for specific period
➢ Mini Statement
➢ Stop payment of cheque
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➢ Cheque Status Enquiry

➢ Raise Cheque book request

Value Added Services

➢ Standing Instruction
➢ Instant Beneficiary Addition
➢ Account wise TDS Details
➢ APY, PMJJBY, PMSBY registration
➢ Application for ASBA
➢ E-Filing of Income Tax
➢ E-Interest Certificate
➢ TDS Certificate
➢ Submit Form 15-G or 15-H, A2
➢ Get Form 26 S
➢ Aadhaar seeding facility
➢ Tax E-receipt
➢ Download Form 16 A
➢ E mail statement subscription
➢ Transaction Lock / Unlock Facility
➢ Raise Complaint
➢ Locate Nearest Branch
➢ Closure of FD/RD/VRD/STD/MMD
➢ ASBA Application, etc.
PoS Indian Bank offers Point of sale solution for enabling merchants to accept cashless payment
for goods/services using all types of debit/credit/prepaid cards

Key features:
➢ Cashless, hassle-free collection
➢ Next day settlement
➢ No charges for – Installation, PoS stationary, Late batch settlement
➢ 365-day 24x7 Training/Handholding/support for the merchants

Target Customers: Any person/entity can avail PoS for collecting money through
debit/credit/prepaid cards such as retail merchants, proprietors, partnership firms, trusts,
Corporate, Hospital, Hotel Etc.

Easy way to avail PoS: Submit PoS application form along with KYC documents and
necessary Agreement to the nearest branch -> Branch will send the document to ZO-> ZO
will forward the application to CO ->CO will enrol merchant and create Merchant ID. After
validation Terminal will be dispatched to the merchant.

The consignment number will be sent to the merchant’s registered phone number.

Bank will make instalment call to the merchant upon receiving the terminal and activate the
terminal through tele banking.

Benefit to the merchants:

➢ Reduce risk of counterfeit notes
➢ Exclusive Mobile App for viewing Transaction, raising and tracking service request
➢ Cashless Payment Acceptance
➢ Hassle free reconciliation
➢ Eliminate Physical cash handling
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Commercials:
➢ Cost of terminal is borne by Bank
➢ No monthly connectivity charges for PSTN terminal
➢ Flexible rental slab for merchants based on the volume of transaction
➢ MDR charges for debit cards are as per RBI guidelines
Cash@POS Cash@POS facility enables cash withdrawal at Indian Bank POS terminal using any Bank’s
Debit or prepaid cards at different merchant establishments in order to allow more cash point
and for greater customer convenience.

Salient Features:
➢ Available only against Debit card or Pre-Paid card issued in India by any bank.
➢ The minimum amount of withdrawal per day will be Rs.100 and thereafter in
multiples of Rs.100/- subject to maximum of Rs. 2000/. Maximum no. Of
Transactions per day per card is 3 and Rs.2000/-.
➢ No charges will be collected from the card holder for cash withdrawal by merchant.
➢ An incentive at 0.50% of the transaction amount with a minimum of Rs.1/- and
maximum of Rs.5/- on each successful cash transaction will be paid to the merchant.
The amount is inclusive of GST.

Advantages to merchant:
➢ Reduces cost of cash handling
➢ Increased customer footfall
➢ Potential sources of revenue to the merchant
➢ Enhanced cash management
➢ Avoid cash transit risk
Debit Card ATMs and Debit cards constitute the most used Alternate Delivery Channel in the Banking
Industry today. As a result of the increase in the number of avenues for usage of cards and the
initiatives like Financial Inclusion and Promotion of Digital Transactions, the number of users
and transactions through the debit card has increased manifold.

Eligibility Criteria:
➢ All Individuals having savings bank / current accounts / Proprietorship accounts
including visually challenged and illiterate customers.
➢ Minors above 12 years, if the account is opened under “IB Smart Kid”.
➢ Add on cards can be issuer in the second customer’s name, for accounts opened under
E or S, A or S. 4. Non-resident account holders.
➢ Kisan Credit Card customers.
➢ Mudra account customers.

The following limits are configured for debit, based on different varieties of card product:

Card Product ATM Cash Limit POS / E-Com Aggregate

Purchase Limit Limit
Domestic RuPay 50,000 50,000 1,00,000
Classic Card
Rupay Platinum Card 50,000 1,00,000 1,50,000
RuPay PMJDY Card 50,000 50,000 1,00,000
Master Card World 50,000 1,00,000 1,50,000
Card
Master Card E-purse 50,000 50,000 1,00,000
Card
RuPay Senior Citizen 25,000 50,000 75,000
Card
RuPay Mudra Cards 10,000 10,000 20,000
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RuPay KCC 50,000 50,000 1,00,000

Master Card IB 50,000 1,00,000 1,50,000
Surabhi cards
RuPay IB Digi cards 10,000 10,000 20,000
RUPAY Pungrain card 50,000 1,00,000 1,50,000
(Arthia)
RUPAY Kishore 2,500 2,500 5,000
Domestic NCMC Card
RUPAY Platinum 1,00,000 2,00,000 2,00,000
International Debit
Card (eALB)
VISA EMV 25,000 25,000 50,000
International Debit
Card
VISA Gold Debit Card 50,000 1,00,000 1,50,000
VISA Platinum Debit 1,00,000 2,00,000 3,00,000
Card
RuPay Debit Select 50,000 with an 1,00,000 with an 1,50,000 with an
Card option to increase option to increaseoption to
up to Rs.1,00,000 up to Rs.4,00,000 increase up to
based on customer based on customer Rs.4,50,000
request and ZM request and ZM based on
recommendation. recommendation customer
request and ZM
recommendation
Credit Bank issues General Purpose Credit Cards in association with M/s Visa International as its
Card Primary Member. Following variants of Visa cards & Rupay Cards are offered in the Personal
Card segment:

VISA RUPAY
Global Gold Card Classic Card
Global Platinum Card Platinum Card
Domestic Bharat Card Select Card
Secure Card Secure Card

The features and credit limits of credit card range are given below:

Sl. Product Card Limit range Other Terms / Features

No. Name Type
1 Bharat Card Domestic Rs.10,000 to EMI Facility – NO Cash Limit – 25%
(VISA Classic) Rs.19,999 Minimum amount payable monthly–
10 %
2 Rupay Classic Domestic Rs.10,000 to EMI Facility - Yes Cash Limit – 25%
Rs.25,000 Minimum amount payable monthly–
5%
3 Business Card Global As requested EMI Facility – NO Cash Limit – 40%
VISA (Gold/ by the Minimum amount payable monthly–5%
Platinum) & customer Reward points –1 point valued at Re.1
Rupay for every Rs.200 spent – to be
(Platinum/ credited on 500 points accruing.
Select)
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4 Visa-Gold Global Rs.20,000 to EMI Facility – YES

Card / Classic Rs.99,999 Cash Limit – 40 %
Card Minimum amount payable monthly–5
%
Reward points –1 point valued at Re.1
for every Rs.200 spent – to be
credited on 500 points accruing.
5 Visa Platinum Global Rs. 1,00,000 EMI Facility – YES
Card and above Cash Limit – 40 %
Minimum amount payable monthly–5
%
Reward points – 1 point valued at
Re.1 for every Rs.200 spent – to be
credited on 500 points accruing.
6 Secure Card Global Minimum of Term Deposit Period – Minimum
(Card to be Rs. 25,000 One Year
issued against or 100% of EMI Facility – YES
lien on the the Deposit Cash Limit – 40%
total amount in amount or Minimum amount payable monthly-
Term Deposit lesser limit 5%
offered as requested by Reward points – 1 point valued at
security) the Re.1 for every Rs.200 spent – to be
customer. credited on 500 points accruing.
Accrual of
Interest on
term deposit
will not be
considered
for
enhancement
of Credit
Card Limit
Merchant Merchant acquisition is primarily referred to as the mechanism of providing necessary
Acquisition infrastructure for facilitating payment of goods and services purchased.

Merchant Acquisition in our Bank can be carried out through the modes as mentioned below-
I. Point of Sale (PoS) machines
II. QR (Quick Response) Code
III. Aadhaar Pay
IV. Unified Payment Interface (UPI)
V. Payment Gateway Services

QR (Quick Response) Code: QR Code generated for every merchant will be unique which
contains the details of merchant’s bank account or pointers to merchant’s bank account.
Customers use their Mobile Payment App to scan the QR Code and make payment from their
account to the merchant’s account. Both merchant and customer get an SMS informing the
details of the payment transaction for the sale made

Aadhaar Pay: In Aadhaar Pay which is developed in association with UIDAI and NPCI,
merchant needs a smart mobile device with Aadhaar Pay App installed along with biometric
fingerprint scanning facility. While making a purchase, merchant will enter the sale details,
enter the Aadhaar number of the customer and fingerprint of the customer will get captured.
The fingerprint is authenticated by UIDAI and the amount will be debited from the account
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mapped to Aadhaar number in the Aadhaar Payment Bridge with NPCI. Merchant will get a
notification in the mobile App and customer and SMS.

UPI: Merchants will download the UPI App of our Bank in their smart mobile phone; register
their virtual address in UPI. Merchants will inform their virtual address to the customer for
making payment for the purchase. Customers will transfer funds from their account to
merchant’s account using the virtual address.

Payment Gateway Services: Merchant can receive their payments through Internet where
customer can make payment using net banking, cards, UPI etc.

Prepaid Prepaid Payment Instruments (PPIs) are payment instruments that facilitate purchase of goods
Cards and services, including financial services, remittance facilities, etc., against the value stored
on such instruments. PPIs may be issued as cards, wallets, and any such form/ instrument
which can be used to access the PPI and to use the amount therein.

Transaction Limit: The limit on cash withdrawal and purchase of goods and services using
PPIs are defined as per the limits applicable on Debit cards and the holder is allowed to use
the PPI for these purposes within the overall PPI limit applicable.

Gift Instruments: Banks shall issue prepaid gift instruments subject to the following
conditions-

➢ Maximum value of each prepaid gift instrument shall not exceed Rs.10,000/-.
➢ These instruments shall not be reloadable.
➢ Cash-out or refund or funds transfer shall not be permitted for such instruments.
➢ KYC details of the purchasers of such instruments shall be maintained by the Bank.
Separate KYC would not be required for customers who are issued such instruments
against debit to their bank accounts in India.
➢ Bank shall adopt a risk-based approach, duly approved by the Board, in deciding the
number of such instruments which can be issued to a customer, transaction limits, etc.
➢ The gift instruments may be revalidated after date of expiry through issuance of new
Prepaid Card instrument.
IND PFMS ➢ PFMS is a web-based application with the objective of tracking and monitor the
CSS SNA– ultimate utilization of funds released under all Plan schemes of Government of India
a product (GoI).
for Govt
Schemes ➢ The scheme aims at establishing a suitable on-line MIS and Decision Support System
(DSS) for the Plan Schemes of Government of India.
➢ Direct Benefit Transfer (DBT) is processed and sent to both Aadhaar based & non-
Aadhaar based bank accounts through NPCI.
➢ Bank will open SNA account mapped to Child Nodal Account having zero Balance
as per the Scheme guidelines.
➢ Exclusive software is available for the Govt Departments for the implementation of
the CSS SNA scheme.
➢ Bank is having robust IT infrastructure for handling huge volume of transactions.
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➢ Dedicated support for the Govt Departments during the implementation of the
scheme.
Merchant ➢ Merchants can accept cash through UPI QR by displaying the QR code instead of
QR Code accepting cash.
Solution
➢ The students/customer can scan the QR code and make payment using any UPI App.
➢ On successful transaction credit SMS will be sent to the registered mobile no.
➢ Merchants need to submit the application to Branch. Branch will create the UPI ID
and generate QR code in printable form.
➢ The QR code can be displayed in the counter for the customers to scan and make
payment.
➢ NIL Charges for availing QR Code.
➢ NIL Charges for the transactions as per present RBI guidelines.
e-RUPI e-RUPI Issuance:
Issuance & ➢ e-RUPI issuance facility available for Govt./Corporate entities through branches and
Redemption Corporate Net Banking.
➢ Redeemable Pre-paid vouchers can be generated by Corporates/Govt. entities for
Maximum Rs. 10,000, pre-dominantly for COVID-19 vaccines and other purposes
too.
➢ No Banking relationship required for the beneficiary. Vouchers shared in the form of
QR codes/SMS string. Final redemption at Merchant’s end.
e-RUPI Redemption:
➢ The Merchant can Install and register for Indian Bank Corporate Merchant App.
➢ The Merchant can scan e-Rupi vouchers using the App and redeem the voucher. The
voucher amount gets credited to the merchant account instantly.
➢ They can generate Dynamic and Static QR for collection of amounts.
➢ The Merchant will get Voice Notification after successful redemption.
➢ View recent transaction and get transaction statement in the App.
➢ The App can be used by verified agents only with registered mobile no.
IB Small ➢ UPI App for merchants to generate QR to accept payments.
Merchant
App ➢ Merchants with inward credit through UPI less than 1,00,000/month are categorized
as small merchants with by NPCI.
➢ The Prerequisites for IB Small Merchant App is merchant should have an A/c seeded
with Mobile no and an android phone.
➢ IB Small Merchant App is available in Google play store.
➢ Merchants can download the app and install in their mobile phone.
➢ Small merchants can self-onboard themselves as UPI merchant through IB Small
Merchant App.
➢ Merchants can generate create UPI for SB account No.
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Indian ➢ FASTAG is a “TOLLGATE PAYMENT SOLUTION”.

Bank -
FASTag ➢ Customers already having FASTag of another service provider can also buy Indian
Bank FASTag.
➢ After activation of Indian Bank FASTag, Customer will have to remove old Tag from
vehicle’s screen and paste Indian Bank FASTag.
Indian ➢ DigiLocker is a flagship initiative of Ministry of Electronics & IT (MeitY) under
Bank Digital India programme.
services in
DigiLocker ➢ DigiLocker aims at ‘Digital Empowerment’ of citizens by providing access to
authentic digital documents to the citizen’s digital locker account.
➢ The various documents issued by various Departments/ Organisations in DigiLocker
are deemed to be at par with original physical documents as per Information
Technology Rules, 2016.
➢ Indian Bank is registered with DigiLocker as an Authorized Partner. Indian Bank
services available in DigiLocker:
✓ e-Passbook (front page)
✓ Interest Certificate
✓ Account Statement.
DigiLocker services can be availed through DigiLocker Website
(https://www.digilocker.gov.in/dashboard) or DigiLocker app (available in Google Play Store
& Apple App Store). Only DigiLocker Registered Users can avail DigiLocker services.

Reference:
Sl. Circular / Resource Date
No.
1 Policy on Digital Products & Services for FY 2021-22 01.04.2021