Allowance is a financial reward provided to the employee and the fixed salary. These allowances are helpful in covering expenses that otherwise would be hard to cover. You will be able to know about it as soon as you receive it. It will take you closer to your ambition. Most of these are fully exempted from taxes, while some of them are partially taxable. Sometimes, a customer also becomes eligible for the reward points, which keep on increasing every month.
Allowance transfer can be made easily through a mobile banking app. You need not visit the concerned bank branch.
Are you using mobile banking for allowance transfer?
If your answer is 'No', you need to register yourself with this service. Follow the steps given below:
- Download the app and get yourself registered in it
- For this, first of all, enter your debit card number
- Then enter the required ID and its number. It can be a civil ID, passport or commercial registration number.
- After this, you receive a one-time password (OTP). You have to select the mode by which you receive OTP. It can be received either through SMS or email.
- Make sure to enter it in the field given for the verification code. If you cannot receive OTP, you can choose 'Resend Verification Code' and receive the code in a few seconds.
- After completing the above step, enter your debit card PIN number
- Now create a username. It should always be alphanumeric and in English. There should not be any special character, and it should not be case sensitive.
- The next step involves password creation. It should be of 7 to 8 alphanumeric characters. It should contain a minimum of one special character and one numeric character. Password should be in English and case sensitive.
- Users can also enable Touch ID or Face ID for the next login
- All the terms and conditions should be accepted to proceed for the next step
- Now you need to select 5 security questions and answers. Answer must be edited in English
- In the end, you will receive a confirmation SMS that confirms your successful registration with the banking app.
Steps to be taken to make allowance transfer in a systematic manner:
- Firstly, you need to log in to your Mobile Banking App
- Select the icon indicating ‘Self-Services’
- Under it, select 'Amount Transfer Certificate'
- Now select the account in which you want to transfer allowance
- After this, select your current employer
- Accept all the terms and conditions after understanding them properly
- Fill and complete the required details in the form and save it as a PDF.
- If required, share it through email or take a print of it.
- You can give it to either your university or employer. If needed, you can send it to them.
Out of different allowance transfers, student allowance transfer is becoming quite popular. Many students allowance transfer app have been launched to help them maintain living expenses. In this, payment is made on a weekly basis. To avail of this service, one should apply for it as early as possible and follow the procedure carefully.
Let us see who all can enjoy this service:
- You should be a citizen of the country in which you are applying for it.
- A protected person residing indefinitely in the country can also be considered eligible for it.
- For a full-time study course, age limit is 18 to 65 years, but you can apply at the age of 16 years if you are opting for a part-time course
You cannot get allowance transfer service if-
- you are on a study break for more than a week
- you are in a prison
- above 65 years
- you are enjoying other benefits during your study tenure
