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We can all agree that there is nothing better than packing your bags for a trip. And when the stay is at a <keyword id="20120167" type="General" weightage="100" keywordseo="luxury-hotel" source="keywords">luxury hotel</keyword>, the excitement is even higher.But what if we tell you that a woman, who is a <keyword id="20065808" type="General" weightage="20" keywordseo="Chartered-Accountant" source="keywords">Chartered Accountant</keyword> by profession, managed to stay at a luxury hotel for free even though her stay’s worth was Rs 3 lakh? Intriguing, right? Read on to know all about it. Pune-based Chartered Accountant <keyword id="23667637" type="General" weightage="20" keywordseo="Priti-Jain" source="keywords">Priti Jain</keyword> recently shared her experience of enjoying a three-night stay at a <keyword id="23638564" type="General" weightage="20" keywordseo="Marriott-resort" source="keywords">Marriott resort</keyword> in Uttarakhand, valued at Rs 3 lakh, without spending any cash. Instead, Jain utilised the reward points she’d accumulated through her <keyword id="23667636" type="General" weightage="20" keywordseo="American-Express-Platinum" source="keywords">American Express Platinum</keyword> card, converting them into <keyword id="19968778" type="General" weightage="20" keywordseo="Marriott-Bonvoy" source="keywords">Marriott Bonvoy</keyword> points, Marriott’s global loyalty programme. The extravagant stay, which Jain detailed on social media, was booked with 75,000 Marriott Bonvoy points, which she had transferred during a 30% bonus offer from her 58,000 <keyword id="20063180" type="General" weightage="20" keywordseo="American-Express" source="keywords" meta.keywordsubtype="org" meta.entityname="American Express" meta.hostid="261" meta.entityid="American Express">American Express</keyword> membership rewards. These rewards had been earned through her card expenditures totalling Rs 4 lakh. The savvy conversion effectively netted Jain a stay in a premium suite for free, turning an ordinary rewards programme into a luxurious experience. But the value didn’t stop at just the points. Upon checking in, Jain was given not just a standard room but an upgrade to a premier room on the first night and an executive suite for the remainder of her stay. Describing her time at the resort as “feeling like royalty,” she revealed that the suite typically costs upwards of Rs 90,000 per night. Over the course of three nights, this upgraded stay added up to nearly Rs 3 lakh in value. Jain’s trip came with additional perks that added to the overall indulgence, including complimentary breakfasts, afternoon tea, and the opportunity to experience the resort’s serene evening Ganga Aarti on the deck, overlooking the river. The highlight of her stay was the personalised service and tranquil environment, featuring live music and scenic views, which allowed guests to unwind completely. Thus, if you use your <keyword id="23073666" type="General" weightage="20" keywordseo="credit-card-rewards" source="keywords">credit card rewards</keyword> strategically, a lot is possible. By planning purchases and taking advantage of bonus point offers, Jain was able to transform everyday spending into an experience worth remembering. For frequent travellers or anyone with reward-heavy cards, her example provides inspiration for turning points into priceless travel memories.

Pune-based CA stays at luxury hotel worth Rs 3 lakh for free, here is how

<ul><li>The government has warned about a new way <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> are trying to obtain <keyword id="20189059" type="General" weightage="20" keywordseo="personal-information" source="keywords">personal information</keyword>.</li><li>Users have reportedly received an SMS asking them to update their PAN to unblock their <keyword id="20417750" type="General" weightage="20" keywordseo="bank-account" source="keywords">bank account</keyword>.</li><li>Here's everything you need to know about the <keyword id="22918614" type="General" weightage="100" keywordseo="fake-PAN-SMS" source="keywords">fake PAN SMS</keyword> and how to stay safe.</li></ul>Increased usage of the internet has also resulted in an increase in <keyword id="20025584" type="General" weightage="20" keywordseo="online-fraud" source="keywords">online fraud</keyword>. Scammers are finding new ways to fool people and steal from them. A new method has now been revealed, which preys on users with an account in <keyword id="19985316" type="General" weightage="20" keywordseo="India-Post-Payments-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="India Post Payments Bank" meta.hostid="261" meta.entityid="India Post Payments Bank">India Post Payments Bank</keyword>. According to a post by PIB Fact Check, several users have received an SMS which claims to be from India Post Payments Bank. However, the message is fake and is an attempt to steal user data. “This claim is #Fake. @IndiaPostOffice never sends any such messages. Never share your personal &amp; bank details with anyone,” PIB Fact Check said in its post on X. <div type="twitter" handle="PIBFactCheck" handlename="PIBFactCheck" favoritecount="0" retweetcount="0" id="1825494609881170290"></div> <h2>What is the fake PAN SMS?</h2> In the SMS, the user is warned that their India Post Payments Bank account has been blocked. It then asks the users to update their PAN to get their account unblocked. The user is then given a link, asking them to click on the link to update their PAN. <div type="Article" hostid="261" msid="111512587" title="Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike" mstype="2" mssubtype="0"></div> The link then redirects the user to a <keyword id="20182216" type="General" weightage="20" keywordseo="phishing" source="keywords">phishing</keyword> page, aimed at stealing user data such as their bank account login details to gain access to their account. Once you enter your bank account login details, they will be sent to the scammer. <h2>What is phishing?</h2>Phishing is a cyber-attack where attackers impersonate legitimate organisations or individuals to trick people into revealing sensitive information like passwords or credit card details. This is usually done through deceptive emails, messages, or fake websites. <h2>How to stay safe from phishing attacks?</h2>Here are some ways you can identify phishing attacks and stay safe: <ul><li>Verify the sender: Check the sender’s email address or phone number carefully. Phishers often use addresses that look similar to legitimate ones but have small differences.</li><li>Look for red flags: Be wary of unexpected messages, especially those requesting sensitive information or containing urgent or threatening language.</li><li>Verify before opening: Only open attachments from trusted sources. Phishing emails often contain malware disguised as legitimate files.</li><li>Add two-factor authentication: Enable two-factor authentication on your accounts. This adds an additional layer of security even if your password is compromised.</li><li>Contact directly: If you receive a request for sensitive information, verify the request by contacting the organisation directly through known and trusted channels.</li><li>Report phishing attempts: Report phishing emails to your email provider or the relevant authorities. This helps in tracking and stopping phishing schemes.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9s-pro-vs-moto-edge-50-fusion-which-is-the-best-smartphone-under-25000/slidelist/112703633.cms">iQOO Z9s Pro vs Moto Edge 50 Fusion – which is the best smartphone under ₹25,000?</a>

Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

<ul><li>Popular YouTuber <keyword id="4077853" type="General" weightage="20" keywordseo="Ranveer-Allahbadia" source="Orion">Ranveer Allahbadia</keyword>’s YouTube accounts were recently hacked.</li><li>The name of his accounts was changed and all his videos were deleted.</li><li>Here’s what you can do to prevent your account from getting hacked or recover your account if it has already been hacked.</li></ul>The YouTube channels of Ranveer Allahbadia, popularly known as BeerBiceps were recently hacked, resulting in all his videos getting deleted and channels renamed. YouTube then took down those accounts and they were restored today. All the videos on the account have been restored, taking back the accounts to their original state. <div type="Article" hostid="261" msid="113724764" title="Samsung Galaxy S24 FE announced with seven years of updates, Exynos 2400e" mstype="2" mssubtype="0"></div> While Allahbadia, being a huge YouTuber managed to easily get his accounts restored, not everyone might have the same access or connections. This makes it necessary to know what steps you need to take to protect your account and what you need to do in case your account does get compromised. <h2>How to know if your YouTube account is compromised</h2>The first thing that you need to know is how to identify if your account is compromised. Here’s how you can identify if your YouTube account has been hacked: Access: If you are not able to log in to your YouTube account. Changed profile information: If your channel name, profile picture, or banner image has been altered, it is a sign that someone unauthorized has access to your account. Unauthorized videos: If any video has been uploaded or deleted on your account without you knowing. Suspicious activity alerts: If YouTube sends you notifications about unusual login attempts or changes to your account. <h2>How to protect your YouTube account</h2>Use strong and unique passwords: Use a strong and unique password. Never reuse passwords across different services. Review Account Permissions: Check which apps and services have access to your Google Account and revoke permissions for anything you don't recognize or no longer use. Enable two-factor authentication: Another step you can take to prevent unathorised access to your account is enabling two-factor authentication on your YouTube account. Use Passkeys: For improved security, consider using passkeys which rely on biometric or device-bound authentication methods. <h2>How to recover your YouTube account</h2>If your YouTube account has been hacked, here are some of the steps you can follow to try to recover your account: Log Out of All Devices: If you still have access to your Google account, log out of all devices. Go to the “Manage Devices” section in your account and log out all unfamiliar devices. Change Your Password: Update your password immediately. Ensure that the new password is unique, strong, and not used elsewhere. <h2>Contact <keyword id="23341513" type="General" weightage="20" keywordseo="YouTube-support" source="keywords">YouTube Support</keyword></h2>If you've lost access, follow the below steps: <ul><li>Go to the Google Account Recovery page by clicking<a href="https://accounts.google.com/v3/signin/recoveryidentifier?flowName=GlifWebSignIn"> here</a>. </li><li>Follow the verification process which might require you to verify your identity through multiple methods like phone number, recovery email, or alternative questions. </li><li>Once you have completed the process, reset your password. </li></ul>Once you have regained access, follow the below steps to secure your account, <ul><li>Remove unknown users from your channel. </li><li>If you don’t already have 2FA enabled, now is the time to activate it. </li><li>If any video has been uploaded without your knowledge, immediately delete them. </li></ul> If the account recovery process doesn’t work, you’ll need to contact YouTube support. Visit the YouTube Help Center and search for “Hacked Account.” You’ll find a form to report your hacked account and request help. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-sale-2024-best-deals-on-smartphones/articleshow/113731105.cms">Amazon Great Indian Festival Sale 2024 – best deals on smartphones</a> <a href="https://www.businessinsider.in/business/ecommerce/news/the-amazon-great-indian-festival-2024-best-deals-and-offers/articleshow/113701988.cms">The Amazon Great Indian Festival 2024 – Best deals and offers</a> <a href="https://www.businessinsider.in/entertainment/news/it-is-cheaper-to-watch-coldplay-perform-in-abu-dhabi-than-to-pay-scalpers-for-mumbai-tickets/articleshow/113665893.cms">It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets</a>

Ranveer Allahbadia YouTube channel hack – What steps should you take to protect and recover your account?

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/personal-finance/chase-bank-review">Chase Bank's</a> boss warned that new federal fee caps could make everyday banking more expensive.</li><li>Marianne Lake said the bank is planning to pass the pain of their lost profits on to customers.</li></ul>Everyday banking might be about to get more expensive for consumers.Marianne Lake, the CEO of consumer and community banking at Chase Bank, said federal regulations to cap overdraft and late fees would take a bite out of the company's bottom line.And she warned that making up that loss would be passed on to consumers, <a target="_blank" href="https://www.wsj.com/finance/regulation/jpmorgan-financial-regulations-charge-customers-d86ca9e4">according to a report from The Wall Street Journal.</a>Lake said the changes would be "broad, sweeping, and significant," the report said.Some of those costs would be tacked onto services that have been free so far, like checking accounts and financial planning tools, the report said.Business Insider reviewed a Chase presentation that covered the expected impact of proposed regulations. The presentation estimated that two out of three consumers would have to pay a fee for checking accounts if the cap went through.Lake also said those impacted will be the ones "who can least afford to be" and credit access will also be more challenging.Some of the regulations include a proposed <a target="_blank" href="https://www.businessinsider.com/lower-credit-card-late-fees-limits-savings-us-economy-impact-2024-3">$8 cap on late credit card payment fees</a> and a $3 cap for overdrafting bank accounts. The limit is part of President Joe Biden's crackdown on hidden fees.<a target="_blank" href="https://www.businessinsider.com/big-banks-profit-overdraft-fees-surprise-biden-administration-wants-curb-2024-1">The Consumer Financial Protection Bureau estimated</a> that about 45 million people are charged credit card late fees annually, and the change could save those people up to $220 a year.Other changes include limiting debit-card fees and how much banks can charge apps like Venmo and CashApp for accessing customer data, the report said.New regulations would also make it more difficult for banks to lend money by <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-lending-basel-distress-refinancing-bank-regulation-2024-2">requiring banks to set aside more money as reserves</a>. That could make it more complicated for borrowers to qualify for loans in the future.Chase is the biggest bank in the US and it's also one of the largest issuers of credit cards in the country. But other banks are expected to follow the same path — and several have already issues warnings.According to the Merchants Payments Coalition, Mastercard announced in April it was <a target="_blank" rel=" nofollow" href="https://news.bloomberglaw.com/daily-labor-report/mastercard-still-raising-some-fees-on-retailers-after-settlement">planning to increase</a> certain credit-card fees.Citi's chief financial officer, Mark Mason, said in a January earnings call that the bank planned to make up lost revenue with "offsets and mitigants" that he didn't specify.Capital One CEO Rich Fairbank also said in January that the new regulation would impact its profits and it would implement "mitigating actions" to counteract it.<a target="_blank" href="https://www.businessinsider.com/credit-card-late-fees-cap-swipe-mastercard-visa-jpmorgan-rewards-2024-4">Analysts at UBS wrote in a note</a> to investors in April that capping credit-card late fees and swipe fees in addition to lowering debit-card swipe fees, would push companies like JPMorgan Chase and American Express looking to make up the revenue elsewhere.It's not the first time banks have threatened to take out the cost of new regulations on consumers.After the financial crisis in 2008, <a target="_blank" href="https://www.businessinsider.com/big-banks-threaten-debit-card-cap-2011-7">banks threatened to put caps on card charges</a> if Congress approved rules limiting swipe fees. However, the threats were a bluff; few institutions followed through after customers themselves said they'd just switch banks.But now, with Biden's crackdown on credit card companies, banks may keep to their word — especially if the banks all decide to add new costs for consumers, giving them no place to turn.

Why your checking account may no longer be free 

<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

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Pune-based CA stays at luxury hotel worth Rs 3 lakh for free, here is how

Divyanshi Sharma

Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

Sourabh Jain

Ranveer Allahbadia YouTube channel hack – What steps should you take to protect and recover your account?

Sourabh Jain

Why your checking account may no longer be free

Ana Altchek

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Ira Alok Puranik

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