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Digital payments in India are evolving quickly, and UPI Lite is the newest addition. This payment solution takes care of low-value daily payments. It ensures faster processing, minimal bank dependency and better reliability during high traffic hours or in low network zones. UPI Lite is designed for speed, convenience and micro-payments. Whether you’re buying a …
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Quick access to funds is crucial during a financial crisis and you can get immediate support from financial institutions. But what if you’re unsure about the exact amount you need? This is where you can rely on a Line of Credit (LOC). A LOC is not like a traditional loan. It gives you access to …
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Scheduled banks are listed under the RBI Act. They have to meet financial norms. This makes scheduled banks more reliable. On the hand non-scheduled banks are not listed. They do not have to follow as rules. Have you ever thought about what makes one bank better than another bank? Why are some banks called scheduled banks and others are called scheduled banks? This is …
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A PAN card is a unique ID given by the Income Tax Department that helps track your financial activity in one place. You might have seen messages asking you to link your PAN with your bank account. This is required, as it basically connects your income, taxes and major transactions to a single record. So …
Need a safe place to store your valuables? A bank locker facility is the perfect solution. It offers a secure, protected space within the bank designed to store everything from important documents to precious jewellery. While most nationalised and private banks provide this service, the features and charges may vary. Read on to understand how …
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Online transactions are now the new norm. This is particularly so for younger generations who are technologically savvy. Nevertheless, paper-based transactions such as cash deposits remain a common banking practice. Cash deposit slips must be completed when you make a physical cash deposit into an account. It is for this reason that you should know …
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There are several ways to make payments in India, like using cash, cards or bank transfers. Among them, cheques and demand drafts (DD) are still widely used for paper-based transactions. Each serves a different purpose and works in its own way. Understanding the difference between cheque and DD can help you decide which one to …
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You can close your bank account, be it savings or current in a very few simple steps. Closing a bank account isn’t something we do often. However, knowing how to go about it can help when you’re planning to. Whether you’re switching banks, moving cities or just don’t need the account anymore, the process is …
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Managing multiple financial accounts can be challenging and pose difficulties as daily responsibilities can easily lead certain accounts to become dormant. Accounts placed in this state become dormant or inactive during this process. To manage finances effectively, you must distinguish between active and dormant accounts. Inactive and dormant accounts show similar traits, yet they differ …
Running a small business comes with many responsibilities and one of the most important ones is tax planning. Managing taxes properly can help businesses save money, avoid penalties and keep finances stable. But tax rules can be tricky and that’s where banks come in. They offer expert advice, special accounts and easy-to-use tools to help …
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