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India.com
13 hours ago
- Business
- India.com
From bank accounts to new mobile connections and more: What is KYC and why is it mandatory for availing key services?
Representational Image What is KYC: From opening a new bank account to purchasing a new SIM card, or availing any financial service like credit cards, bank loans, etc, KYC is the first step required by the service provider to authenticate their customer. But what exactly is KYC, and why is it mandatory to avail key services in India? Let us find out. What is KYC and what are the required documents it needs? In layman's terms, KYC or Know Your Customer is a process used by a service provider or company, such as a bank or a telecom service provider, to ensure that their customer is a real entity, and the details furnished by him/her to avail a service, are not fake or fraudulent. KYC process requires government-issued documents that the company can use to authenticate the identity, address, and other details of the customer. Depending on the service, the most commonly required documents for KYC process include the Aadhaar card, PAN card, passport, voter ID card, and/or driving license. Most KYC processes require customers to provide copies of these documents in person or via live photo or video verification. Why banks, financial services, digital wallets require KYC? KYC is a mandatory process in banks, and indeed the entire financial sector, as it significantly reduces the chances of financial crimes like money laundering, fraud accounts, etc. KYC ensures that the person availing any financial services, like taking out a loan or opening a new bank account, is the same one in submitted documents. Banks and other financial institutions can provide limited services without KYC, and may even freeze bank accounts if the process is not completed on time. Similarly, digital wallets like Paytm, PhonePe, Google Pay, Amazon Pay, etc, have limited functionality without KYC, which is required to enjoy full access to their services. Why new mobile connections need KYC? Akin to financial services, telecom service provider require KYC before issuing and activating a new SIM card to ensure that the person availing the service is the same one in the documents. Today, mobile operators commonly use Aadhaar-based eKYC where a customer's identity verified via OTP. Various KYC methods Apart from Aadhaar-based eKYC, customers can also opt for a physical KYC by filling up relevant forms and submitting photocopies of the required documents. Additionally, several bank services require Video KYC in which a bank agent confirms the identity and details of the customer via a live video call.
Mint
3 days ago
- Business
- Mint
Applying for an ICICI credit card? Here's the credit score you should aim for
As of May 2025, ICICI Bank generally requires a credit score of 750 or above for considering and approving most of its credit applications i.e., personal loans and credit cards. A high credit score simply reflects respectable credit behaviour. It reassures lenders of timely repayments and reduces risk. As per ICICI Bank's official website, eligibility criteria vary across different card types and loan products. Still, a strong credit profile always remains a consistent pre-requisite for securing loans from ICICI Bank. Even the Reserve Bank of India (RBI) continues to highlight the importance of responsible credit underwriting by financial institutions. The regulator advises credit card users and borrowers to regularly monitor their credit scores on a consistent basis. This is important to avoid overleveraging and effective financial management, especially in an environment where financial awareness has limited reach. There are several factors that cumulatively influence the eligibility of individuals while they are applying for a credit card with ICICI Bank: Criteria ICICI Bank standard requirement Credit score A score of 750+ is preferred Minimum income ₹ 2.5 lakh annually (varies by card type) Employment type Salaried or self employed with steady income Existing debt loan Low debt to income ratio preferred Credit history Minimum 6 to 12 months of active credit usage Note: The criteria discussed above is illustrative in nature. For the detailed requirements on a case to case basis refer to the official website of ICICI Bank and discuss with the certified customer support executive. A very low credit score i.e., a score in the range of 650 to 749 might also assist in qualifying for select credit instruments from ICICI Bank but with reduced credit limits and several restrictions on repayments. There are also options of applying for secured credit cards such as ICICI Bank Instant Platinum Credit Card. This card provides for credit against a fixed deposit of ₹ 50,000 and does not require any credit score. 50,000 and does not require any credit score. An individual's credit utilisation ratio, repayment history, along with the total number of active credit accounts are increasingly used to carry out eligibility and background assessments. The ICICI Bank provides its credit card users with several unique credit card options. For example, for shopping (Amazon Pay), fuel (HPCL super saver), travel (MakeMyTrip) and premium users (Emeralde, Sapphiro). The bank also offers unique co-branded cards like the Manchester United credit card for individuals who are football lovers. For more information and related terms and conditions on the above discussed credit cards refer to the official website of ICICI Bank and its dedicated customer support team. Hence, a credit score of 750 or higher provides for the best chance for aspirational applicants of credit cards for an ICICI Bank credit card approval. Still, taking into consideration the credit integrity, repayment potential, credit history and existing liabilities are equally crucial. Therefore, as an applicant you should on your part ensure that you have a clean credit profile, a consistent repayment history and a sincere willingness to make on time repayments if you aspire to apply and secure a credit card or a personal loan from ICICI Bank. As such a behaviour will not only keep your credit score healthy, it will even boost your relationship with the bank in the long run. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Time of India
3 days ago
- Business
- Time of India
Samsung Galaxy S24 5G price drop alert: Get onyx black, 8GB, 256GB storage at up to Rs. 32,000 discount
Samsung Galaxy S24 5G price cut: Samsung recently surprised Indian smartphone shoppers by lowering the Galaxy S24 5G price from Rs. 79,999 to Rs. 49,343 on Amazon, which is now available with a huge savings of up to Rs. 32,000. Because of this unanticipated price reduction, the Galaxy S24 is one of the most alluring flagship offers of 2025. Now is the time to take action if you've been coveting a high-end Android experience without the high cost. The bargain becomes much better with more exchange deals and cashback choices. However, what precisely distinguishes this smartphone from the crowded market? This post explores the features and advantages that set the Galaxy S24 5G apart for both regular users and tech aficionados. Samsung Galaxy S24 5G specifications The Samsung Galaxy S24 boasts a 6.2-inch AMOLED screen with a maximum brightness of 2,600 nits and a refresh rate of 120 Hz. Up to 512GB of storage, up to 8GB of RAM, and an Exynos 2400 chipset are all included in the gadget. A 4,000 mAh battery that can be charged with 25W powers the gadget. It has AI features like Chat Assist, Note Assist, Now Brief, Circle to Search, and more, and it runs Android 15 with One UI 7. The camera comprises a 10MP telephoto lens, a 12MP ultrawide, and a 50MP primary shooter. Also Read: Samsung One UI 8 beta is now live with Galaxy S25 series: Is this update available in India? Samsung Galaxy S24 5G price, discount, and offer The pricing of the Samsung Galaxy S24 5G has decreased from Rs 79,999 to Rs 49,343. When using the Amazon Pay ICICI Bank card, customers can receive Rs 1,480 in cashback, lowering the overall cost to less than Rs 43,000. EMI and free EMI options are also available to customers, with monthly rates starting at Rs 2,221. Buyers can trade their previous gadgets for up to Rs 41,850 based on the brand, model, and variation. For complete protection against screen damage, customers can also choose Samsung Care+. For the latest and more interesting tech news, keep reading Indiatimes Tech.
Time of India
4 days ago
- Business
- Time of India
Apple iPhone 15 is available for just Rs 25,565 on Amazon; here's how you can grab the deal
iPhone 15 (128GB, Black) | (Image source: Amazon) Since its debut in 2023, the Apple iPhone 15 has frequently appeared in Amazon's lineup of promotional offers. Although some shoppers may feel overwhelmed by the ongoing deals, those still eyeing the iPhone 15 now have another reason to take the plunge. In the wake of the iPhone 16 series release, Amazon has significantly reduced the price of the iPhone 15 (128GB, Black). This fresh markdown offers buyers a chance to grab the device at a compelling discount, making it one of the most appealing options for those looking to upgrade without burning a hole in your pockets. Apple iPhone 15 Amazon deal: Amazon Pay ICICI Bank credit card offer and exchange deal The Apple iPhone 15 (128GB, Black) is currently available on Amazon for Rs 69,900. However, with a 15% discount, the price is reduced to Rs 59,700. For customers looking to save even more, there's an opportunity to trade in a used iPhone 14 (512GB) in good condition, which could provide savings of up to Rs 31,150. This mobile exchange offer can lower the cost of the iPhone 15 to just Rs 28,550. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Successful Way of Intraday Trading is "Market Profile" TradeWise Learn More Undo Additionally, customers using an Amazon Pay ICICI Bank credit card can enjoy an extra discount of Rs 2,985. When combined with the trade-in value, this further brings the final price of the iPhone 15 down to an incredibly affordable Rs 25,565, making it a compelling deal for potential buyers. iPhone 15 exchange deal iPhone 15 specifications and features Display and design : The iPhone 15 features a 6.1-inch display and was launched in pink, yellow, green, blue, and black colour options. Apple retained the design from previous models but introduced a Dynamic Island notch instead of the traditional notch, which was well-received in the iPhone 14 Pro models. Camera upgrades : This model boasts a 48-megapixel primary camera sensor, offering significant improvements in daylight, low-light, and portrait photography compared to its predecessor. Battery life : Apple claims the iPhone 15 has "all-day battery life," though real-world usage suggests it can last over 9 hours with average usage. Processor : Powered by Apple's A16 Bionic chip, an upgrade from the A15 chip used in the iPhone 14 and iPhone 14 Plus, with Pro models receiving the faster A16 chip. Charging port : Notably, the iPhone 15 features a USB Type-C charging port, replacing the Lightning port used in previous models and aligning with the more commonly used USB Type-C standard. Also read | Did Jeff Bezos' fiancée Lauren Sánchez have surgery before her $10 million wedding? Cannes appearance fuels speculation AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
24-05-2025
- Business
- Time of India
Samsung Galaxy S24 Ultra 5G price cut: Get titanium gray, 12GB, 256GB storage at up to Rs. 50,000 discount
Samsung Galaxy S24 Ultra 5G price drop: Great news for Samsung enthusiasts! The popular Galaxy S24 Ultra 5G has recently seen a considerable price drop on Amazon. If you've been eyeing this powerful smartphone, now might be the time to buy. With its excellent features and capabilities, the Galaxy S24 Ultra 5G is a strong challenger in the premium smartphone market. In this post, we'll go over the specifics of the price drop, discuss the advantages of owning this device, and help you determine whether it's the ideal smartphone for you. Read on to learn more about this intriguing offer and whether you should take it." Samsung Galaxy S24 Ultra specifications The Samsung Galaxy S24 Ultra has a 6.8-inch QHD+ AMOLED display that refreshes at 120Hz and has a peak brightness of 2,600 nits. The smartphone is powered by last year's flagship chipset, the Snapdragon 8 Gen 3, and comes with up to 12GB of LPDDR5X memory. In addition, the smartphone has a 5,000mAh battery and enables 45W rapid charging. In terms of photography, the Galaxy S24 Ultra is distinguished by its quad rear camera arrangement, which features a 200MP primary sensor, a 50MP periscope telephoto lens with 5x optical zoom, a 10MP telephoto lens with 3x optical zoom, and a 12MP ultrawide sensor for wide-angle images. The phone also includes a 12MP front-facing camera for selfies and video calls. Also Read: Samsung Galaxy Z Fold 5 5G price drop alert: Get Light Blue, 12GB RAM, 256GB storage AI smartphone at up to Rs. 60,000 discount Samsung Galaxy S24 Ultra price, offer, and discount The Samsung Galaxy S24 Ultra is advertised on Amazon for Rs 86, 899, down from Rs 1,34,999. So, you've already received the Rs. 48,100 discount. Customers can earn an additional Rs 2,606 cashback by using an Amazon Pay ICICI bank card. Furthermore, Amazon is offering easy payments beginning at Rs 3,912 per month. Please keep in mind that the offer is only valid for the 12GB and 256GB models, as well as the Black and Titanium Gray color options. You can save extra money by swapping your old phone for up to Rs. 68,850, depending on its model and current functioning conditions. For the latest and more interesting tech news, keep reading Indiatimes Tech.
