I would be going for a holiday at the end of this month. I hold $500 in cash. Can I get this transferred to a pre-paid forex card? Or, convert into a traveller's cheque? Would there be any charges?
Regulations do not permit you to load the $500 cash directly to a pre-paid card. You should approach an authorised dealer (a money changer or a bank branch in your neighbourhood) to facilitate conversion to rupees first. Foreign exchange conversion charges will be applicable.
Lenders insist on a life cover to insure the borrower, so that in case of fatality, the loan will be taken care of. Is there a similar requirement or an option while taking a car loan?
It is not mandatory for a borrower to insure himself/herself against a loan. Hence, there is no insistence from banks or lenders.
However, there is an inherent need for insurance; in most cases a borrower seeks to cover long-term borrowings. Hence, there is some 'pull' for insurance (risk cover) on home loans and loans against properties.
In case of car loan or any unsecured loan, there is an option (not mandatory) to cover the risk. In fact, as a thumb rule, the concept of life insurance is based on 'human life value', derived taking into consideration individual's assets, earnings (current and potential) and liabilities (includes all loans amongst other outflows).
Two weeks ago, I was withdrawing money from an ATM (inter-bank transaction). My card got stuck in the machine. I got the card back, but the transaction went through, though no cash was dispensed. The transaction has still not been reverted. What must I do?
You should inform your bank explaining the facts, identifying the transaction that has been debited to your account for which cash has not been dispensed.
A written complaint can be sent to the branch where your account is maintained or lodged through email or telephone or any other designated channel.
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When the complaint is received, your bank will investigate and credit back the incorrectly debited amount.
RBI instructions say your bank will have to re-credit the debited amount within seven working days from the date of complaint.
You can also claim compensation if there is any delay in crediting. It is Rs 100 a day for each day of delay. The claim for it has to be lodged within 30 days from the date of transaction.
The writer is MD & head, private & business clients (India), Deutsche Bank. The views expressed are his own. Send your queries to yourmoney@bsmail.in
