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This guide explains the LTA exemption limit, what travel expenses qualify and how the 4-year block year system works under Section 10(5) of the Income Tax Act. You’ll also find the exact claim rules, a worked example and answers to common LTA questions. Leave Travel Allowance, or LTA, lets you claim tax exemption on domestic travel fares for yourself and your …
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Ever needed to send money but were not sure which method to use? Whether sending money to a friend or managing business transactions, National Electronic Funds Transfer (NEFT) is a safe and reliable way to transfer money. It allows you to move funds between bank accounts across India with ease and high security. But how …
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Your registered mobile number is an important link between you and your bank. It is commonly used for transaction alerts, OTPs, mobile banking, UPI registration, security notifications and account-related communication. If you have changed your phone number, lost access to your old SIM or noticed that an outdated number is still registered with your account, you should update it …
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A crossed cheque is a cheque marked with two parallel lines, usually on the top-left corner or across the face of the cheque. It cannot be cashed directly at the bank counter and must be deposited into a bank account. This makes cheque payments safer, more traceable and less prone to misuse. Let’s say, if you issue a crossed cheque to …
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Transferring money across borders has never been easier. Whether you need to support your family, pay tuition fees or cover international expenses, there are now multiple safe and convenient ways to send money internationally. Read on to learn everything about what it is, what are the steps involved and how beneficial it is. What is …
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Gone are the days when you had to travel long distances just to withdraw cash. Thanks to Micro ATMs, banking services are now more accessible, especially in rural and remote areas. These small, portable devices allow you to withdraw money, check your balance and even make transactions. You can do all of these without visiting …
Cash is still a preferred way to transact for many – whether it’s income from a business, money received as a gift or savings you’ve been setting aside over time. A cash deposit is simply the process of adding that physical currency to your bank account. Which then becomes available for withdrawals, transfers or everyday …
Continue reading “Understanding Cash Deposit Limits in Savings Accounts”
The banking world is always changing and the term ‘bad bank’ has gained serious importance, especially during financial crises. But what exactly is a bad bank and how does it work? A bad bank is a financial institution set up to take over and manage non-performing assets (NPAs) or bad loans from struggling banks. Simply …
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If I send money to wrong account, can I get it back? It’s a common worry in today’s world of fast digital payments. One small error, and suddenly the amount transferred to wrong account becomes a stressful situation. But don’t worry, there are ways to fix it. The key is to act quickly. Contact your …
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You can link your mobile number to your bank account online in under 5 minutes through net banking, your bank’s mobile app or an ATM without visiting a branch. This guide covers all 4 methods, includes a ready-to-use application letter, tells you how to check whether your number is already linked and explains why RBI KYC rules make this mandatory for …
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