Category Archives: Banking

Once you start a career as a professional, you will need a salary account to get your earnings credited each month. This is your first step toward financial independence, and understanding the various salary account benefits will help you plan your finances better. Opening this account takes just a few minutes and requires some documents. …

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Knowing how to fill the cheque correctly ensures your payments go through without issues and keeps your transactions secure. Following the proper steps in your cheque-facilitated transactions prevents errors that could lead to delays or rejections.   To understand what correctly filling out a cheque entails, read on.   What is a Cheque?  A cheque is a …

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Wondering how to define a chequebook? A chequebook is a collection of cheque leaf lets that is used to make fund transfers. It is a reliable tool for your payment needs and helps you track and manage your finances.  Despite the growth of digital payments, cheques offer physical proof of transactions, providing you with control …

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The Bharat Bill Payments System, or BBPS, is one of the many digital payment systems accelerating India towards a cashless economy. Gone are the days when you need to carry cash to pay your bill at the office or a designated centre. Now, you have the option to pay any bill from the comfort of …

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When you take a floating-rate loan, the benchmark used by your bank can affect how your interest rate changes over time. Two important internal lending benchmarks used by Indian banks are the Base Rate and the Marginal Cost of Funds Based Lending Rate (MCLR).  The Reserve Bank of India (RBI) introduced the Base Rate system on 1 July …

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Highlight: Find what the MCLR rate is and how it can impact various loans. Know how MCLR impacts your best personal loans if they show changes in interest rates. The MCLR or the Marginal Cost of Funds based Lending Rate system owes its introduction to the RBI or the Reserve Bank of India.  Launched in …

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Advancements in the financial sector have brought with them numerous perks. From applying for a personal loan to completing the verification via video KYC, everything is possible online. This contactless facility lets you complete the verification formalities without submitting any physical paperwork or the need to travel to the lender’s office. Read on to learn …

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RuPay is India’s domestic card network. It is designed to make local transactions affordable and efficient. Visa, on the other hand, is a global payment network accepted in most countries. Choosing the right card network matters more than you think. The difference between Rupay and Visa cards mainly comes down to where and how you …

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There may be instances where you may have come across the question, ‘What is a current account?’. Here’s what it means.The banking sector offers different types of accounts that cater to your diverse financial needs. One such account is a current account, best suited for business owners and companies.  As such, it has some distinguishable …

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NPCI stands for National Payments Corporation of India. It is the umbrella organisation that operates and supports several of India’s retail payment and settlement systems, including UPI, RuPay, IMPS and NACH.  The Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) set up NPCI as an initiative under the Payment and Settlement Systems Act, 2007. NPCI operates as a …

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