Fibe (formerly EarlySalary): India's largest lending platform. One solution for all life’s big and small upgrades. Visit Now.
The full form of IMPS in banking is Immediate Payment Service. It is a real-time fund transfer service that lets you send money instantly through participating banks and RBI-authorised Prepaid Payment Instrument (PPI) issuers. IMPS can be useful for urgent transfers and is available round the clock, including weekends and bank holidays. Before you transfer money, it is important …
Continue reading “What Is IMPS? – Full Form, Features, Steps, Charges and More”
Under the Negotiable Instruments Act of 1881, cheque bounce is categorised as an offensive act. If your cheque bounces for any reason, you must face consequences such as monetary penalties, imprisonment or both. It can also impact your credibility and lead to other such negative effects. Read on to learn about the meaning of cheque …
Continue reading “What is a Cheque Bounce? Causes and Prevention Tips”
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 …
Continue reading “What is an Issuer Identification Number and How Does It Work?”
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 …
Continue reading “Repo Rate & Reverse Repo: Meaning & Key Differences Explained”
A BSR code is a 7-digit bank branch code used mainly for tax payment tracking in India. Its full form is Basic Statistical Return Code, and it helps the Income Tax Department identify the bank branch through which tax payments, TDS, TCS or challan-related transactions are made. In simple terms, you can say BSR code is a unique identification number allotted by the Reserve Bank of India …
Continue reading “What is BSR Code? Full Form, Meaning, Uses & How to Find It “
A salary account is basically for people who are salaried professionals. It usually comes with 0 minimum balance, salary-linked benefits and easier banking privileges. A savings account, on the other hand, is better for anyone who wants to park money safely, earn interest and manage everyday transactions, even without a monthly salary credit. Simply put, the main difference between a salary account and a savings …
Continue reading “Salary Account vs Savings Account: Key Differences, Features & Which to Choose”
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 …
Continue reading “Direct Benefit Transfer (DBT): A Detailed Guide”
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. …
Continue reading “What Is the Digital Rupee? All You Need To Know About It”
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 …
Continue reading “What is a Bank Identification Number (BIN)? Complete Explainer”
Paper money made everyday transactions easier by offering a lightweight and convenient alternative to carrying large quantities of coins. Even with the rapid growth of UPI, cards and digital payment apps, physical currency continues to be an important medium of exchange. In India, the Reserve Bank of India (RBI) has the sole right to issue banknotes under the RBI …
Continue reading “What is Paper Money? Meaning, Definition & How It Works “
