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Wondering what an Issuer Identification Number or IIN is? Well, it’s an important component of payment cards, like credit and debit cards. The number helps identify the card issuer and your card’s processing network. Apart from this, you get to enjoy several other benefits, making this an important part of your payment card. Here’s a …
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Reverse repo rate and repo rate set by the RBI are specific monetary policy tools. The policies that govern these rates help manage the country’s overall economy. Specific factors like inflation, currency rate changes and money flow influence these rates. Read the information below to define repo rate and reverse repo rates and learn how …
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If you’ve come across the term ‘BSR code’ while filing your taxes or making payments online, you might wonder what it means and why it’s important. BSR stands for Basic Statistical Returns code (that’s the BSR full form), a unique number assigned to every bank by the Reserve Bank of India (RBI). This code makes …
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Knowing the varying features of a salary account vs a savings account helps you choose a feasible option. To begin with, a savings account is a financial product that helps you keep your money secure and earn nominal interest. On the contrary, a salary account is available only if you get a salary and your …
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DBT full form in bank is Direct Benefit Transfer, a government program designed to transfer subsidies directly to beneficiaries’ bank accounts, ensuring convenience and transparency. With many welfare programs introduced by the Government of India, DBT ensures its benefits reach the underprivileged population on time without hassle. Often, the funds released from the government trusts …
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RBI launched Digital Rupee officially as a legal tender for the wholesale segment on December 1, 2022. Taking another step towards the ‘Digital India’ initiative, the new digital currency of India is exchangeable with paper currency. Also referred to as the Central Bank Digital Currency (CBDC), this helps the country head towards a cashless economy. …
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The bank number on a card is the first 4 to 6 digits mentioned on all payment cards. Also known as the Bank Identification Number or BIN for short, it is an essential component of your card number. It helps track stolen cards and reduces the chances of theft. You’ll find the Bank Identification Number …
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With paper money replacing heavy coins, carrying and circulating money becomes easier. As a legal tender, paper currency holds its value even in the digital age. It will continue to do so in the near future. Given this, you need to know the history behind the origination of paper money and how it works. Know …
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By knowing the difference between NEFT and RTGS, you can decide which option is right for you, depending on the urgency and limit. Since the introduction of digital modes of fund transfers, these options have gradually replaced traditional methods like cheques and demand drafts. RTGS and NEFT are among the most popular online transfer options, …
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If you often leave extra money sitting in your savings account, you may be losing out on better returns. That’s where the automatic sweep feature comes in. Many people search for what is auto sweep facility because it promises higher interest without you having to lock your money away. You can think of it as …
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