India's Largest Lending Platform | Fibe (formerly EarlySalary - Page 75 of 126 - Fibe (formerly EarlySalary): India's largest lending platform. One solution for all life’s big and small upgrades. Visit Now.

Minor PAN Card: A Detailed Guide for Online & Offline Application

A PAN Card isn’t just for adults — it can be a valuable financial tool for minors too. From opening a bank account to investing in their future, having a PAN Card early sets the foundation for smart money management. Thankfully, you can easily apply for a PAN card for minors online or offline.

Read on to learn how to empower your child’s financial journey, why you should get a PAN card for minors and the steps to apply for a minor PAN card online or offline.

When is a PAN Card for Minors Required?

There are many instances where getting a PAN card for minors is fruitful. Listed below are a few:

A PAN card for minors serves as identity proof if the child is above five years old.
It is required to open a bank account in your child’s name.
Needed when investing in your child’s name or making them a nominee for real estate, shares, etc.
Mandatory for availing government schemes for children, such as Sukanya Samriddhi Yojana.
Essential if the minor’s income is taxable separately under specific conditions for filing ITR.

How to Apply for a Minor PAN Card?

You can apply for a PAN card for minors online and offline. Both methods have a simple minor PAN card application form that you will need to fill in.

Here are the steps you need to follow when applying online or offline.

Online Process to Apply for Minor PAN Card

Visit the official NSDL website and go through the instructions to complete Form 49A
Choose the option for ‘New PAN – Indian Citizen (Form 49A)’ and then ‘Individual’
Provide all the requested details accurately
Upload documents required for minor PAN card (yours and your child’s)
Pay the applicable fees and then click on the ‘Submit’ option
Save the confirmation number received to track your application.

Offline Process to Apply for Minor PAN Card

Download Form 49A from the NSDL website
Fill out the form and make sure the information is correct
Attach the documents required for a minor PAN card (yours and your child’s)
Paste recent photographs of your child on the application form
Visit the nearest NSDL/UTIITSL office with the completed application form and documents
Pay the fees there to proceed and get the confirmation number

Advantages of Applying a PAN Card for Minor

Here are a few key advantages for applying a Minor PAN card:

Acts as Identity Proof – Useful for official documentation and verification
Required for Bank Accounts – Needed to open a savings account in the child’s name
Essential for Investments – Helps in investing in real estate, shares or making them a nominee
Mandatory for Government Schemes – Required for schemes like Sukanya Samriddhi Yojana
Help in Tax Filing – Necessary if the minor’s income is taxable separately
Secures Financial Future – Lays the foundation for better financial planning and opportunities

What Documents are Required for a Minor PAN Card Application?

Below are the documents that are needed to apply for a minor PAN card:

Proof of Identity – Aadhaar Card, Passport or any government-issued ID of the minor
Proof of Address – Aadhaar Card, Passport or utility bill of parents/guardian
Proof of Date of Birth – Birth certificate or school leaving certificate
Parent/Guardian’s PAN Card – Required for verification
Recent Passport-size Photos – Two colored passport-size photographs of the minor

How to Update a Minor PAN Card to a Major?

Fill out the PAN Card Update Form (Form 49A): Download it from the NSDL or UTIITSL website
Enter Updated Details: Provide your PAN, updated personal details and any required changes
Attach Supporting Documents: Submit a copy of your Aadhaar, proof of age and a recent passport-size photo
Signature Update: As a major, you need to sign the form (earlier, parents/guardians signed it)
Submit the Form: Apply online or visit the nearest PAN service center
Pay the Fee: A nominal processing fee applies
Receive Updated PAN: The new PAN card with updated details will be sent to your address

You can also easily get financing with your PAN card and a few basic documents to meet your and your child’s requirements.

With the Fibe Online Personal Loan, you can get a loan of up to ₹5 lakhs at affordable interest rates and with a flexible repayment tenure of up to 36 months. You can use the funding as you need without any restrictions. Download our Instant Loan App or register on the website to get started.

FAQs on PAN Card for Minors

At what age can I get a PAN card made?

Any individual above the age of 18 can apply for a PAN card. However, according to the Income Tax Act, there’s no age limit and parents/legal guardians can get one for minors too.

What is a minor PAN card?

A minor PAN card is issued to individuals under the age of 18.

What is the minimum age for applying for a PAN card?

According to the Income Tax Act, there is no major and minor PAN card age limit and any individual can get it. However, in the case of minors, parents/legal guardians will have to apply.

How to change a minor PAN card to a major?

To update a minor’s PAN card once they become an adult, they will need to fill out the changes/correction form available on the official website. The application must be filled out as per the instructions mentioned and submitted.

Can a minor apply for a PAN card?

While a minor cannot apply themselves, you as a parent or guardian can apply on their behalf and get a minor PAN card online or offline.

What details are required for a minor PAN card?

To apply for a minor’s PAN card, you will need their name, parent/guardian’s name and address. You will also need to submit the necessary documents and recent photographs of the minor.

Can a minor student apply for a PAN card?

A minor student can get a PAN card but an adult, such as the parent/legal guardian, will need to fill out the minor PAN card application form on their behalf.

What are the benefits of a minor PAN card?

Having a PAN card as a minor enables them to apply for various financial products like bank accounts and make investments. You can also make them a nominee for your investments, securing their future.

What is the difference between major and minor PAN cards?

A major’s PAN card is issued to individuals who are 18 or above, while a minor’s PAN card is issued to those below 18 years.

Is it necessary to change your PAN card from minor to major?

Yes, you need to update your minor PAN card as soon as you become an adult. This is because a PAN card issued for a minor has no photograph or signature, which is essential in making it a valid proof of identity.

What is the debt-to-income ratio? Know its formula and How to improve it

Debt-to-income ratio is an essential criterion that helps financial institutions evaluate your finances. This figure affects the loan amount and credit card limit that you can get.

When you apply for credit, lenders determine this ratio since it reflects your borrowing capacity. Continue reading to understand the significance of this ratio in your loan application process and learn how to calculate it using the debt-to-income ratio formula.

Understanding your DTI Ratio

As mentioned, your DTI ratio is an important metric that impacts your credit score and your ability to borrow funds. It is a percentage of your total debt per month against your total earnings in a month.

Experts recommend that you maintain a 35% or lower DTI figure so you can apply for credit without the risk of rejection. Why? In simple words, this number indicates the percentage of your income that goes towards repaying debt.

No wonder lenders prefer a lower ratio because it means a borrower can afford a new loan and is likely to repay it on time. A higher ratio means that your income may be stretched too thin, and the borrower is less likely to pay EMIs on time and more likely to default or delay repayment. Further, having a higher ratio indicates higher dependence on loans and credit cards. Such borrowers pose big red flags for lenders.

Thus, your debt-to-income percentage affects whether or not your loan application will be approved, and also helps lenders decide on your interest rate. With a lower debt-to-income ratio, you seem more reliable to lenders and can get a more competitive rate of interest on a loan.

Read more about How to improve your credit score

Depending on your ratio of debt against income, here are your chances of availing of affordable loans:

10% or less: You can get loans at affordable interest rates easily and quickly, as only up to 10% of your income per month is being used to service debt
11-20%: You can avail of competitively priced loans without much hassle, as up to 20% of your monthly earnings are going towards repayment
21-35%: While you can get quick approval on loans provided you meet all the eligibility criteria, as up to a third of your monthly income is targeted towards paying EMIs, you can try to bring this down
36-50%: Approval of credit is less likely, and the interest rates may be higher as up to half of your earnings are being used to repay debt
More than 50%: Qualifying for credit can be challenging at this stage

Debt-to-income ratio formula and calculation

To better understand how this ratio works, you must know the simple formula:

DTI percentage = Total Monthly Debt / Net Monthly Income X 100

Here is an example:

Say Manvi wants to apply for personal loan. To avoid rejection, Manvi wants to check her debt-to-income ratio. Here are her monthly obligations and earnings:

Car loan: ₹15,000
Credit card bill: ₹5,000
Net monthly income: ₹80,000

Her total monthly debt = ₹15,000 + ₹5,000 = ₹20,000

DTI percentage = ₹20,000 / ₹80,000 X 100 = 25%

With this ratio, Manvi has a good chance of approval on her personal loan application.

While DTI refers to the ratio for individuals, do not mistake it for debt ratio, which is what applies to companies. The debt ratio formula is total debts divided by total assets.

Learn how to apply pan card loan 20,000

How to Improve Your Debt-To-Income Percentage?

Since a lower DTI ratio improves your credit score, ensure that you track yours and reduce it when possible. Improving it takes perseverance and patience. With some financial planning, you can lower your debt burden quickly.

Here are some strategies to reduce your debt and improve the ratio.

Start by paying off your smallest loans in full
Refrain from taking any additional loans
Clear off credit card debts, if any
Consider increasing your existing loan EMIs to accelerate loan closure
Seek opportunities to boost your income, such as freelancing
Avoid unnecessary expenses and prioritise debt settlement

Whether you want to consolidate high-interest debt with a personal loan or need funds due to an emergency, Fibe can help. Get an Instant cash loan from ₹5,000 to up to ₹5 lacs in just 2 minutes. Download the Fibe Personal Loan App or register on our website to get started.

FAQs on Debt-to-Income Ratio

What is the ideal debt-to-income ratio?

A debit-to-income ratio under 35% is considered ideal.

How do you calculate the debt-to-income ratio?

To calculate your DTI ratio, add all your monthly debt payments and divide it by your monthly income and multiply it by 100.

Is a 40% debt-to-income ratio good?

The general rule of thumb is to keep your DTI ratio under 35%. A higher DTI can adversely affect your chances of getting affordable credit. That being said, a 40% DTI ratio is considered fair.

Is 11% a good debt-to-income ratio?

Yes, with an 11% ratio, you should be able to get credit from any bank or financial institution. However, this also depends on meeting other eligibility criteria.

What does the debt-burden ratio mean?

The debt-burden ratio is the same as the debt-to-income percentage, which is the ratio of your total debt to income on a monthly basis.

Tax-Free Income in India 2026: 10 Ways to Earn Tax-Free Income

Earning tax-free income means you can save big on your taxes. Did you know that multiple means help you do just that? From gratuity to income from agriculture, you can wisely safeguard such hard-earned money and use it for all of life’s upgrades and emergencies.

Keep reading to know more about these lucrative tax-free sources of income in India.

10 Sources of Earning Tax-Free Income in 2024

If you are wondering what tax-free income sources in India, here is a list you can consult.

1. Income from Agriculture

Under Section 10(1) of the Income Tax Act, any earnings you get through agricultural land or activities are exempt from taxation. An income is considered agricultural when it is:

Generated through the purchase or sale of agricultural property
Rent received for properties used for agricultural purposes
Distribution, production and procession of agricultural products

2. Profit from Partnership Firm

As per Section 10(2), your share of revenue is non-taxable income if you partner with a partnership firm or LLP
This is only applicable to profit share and not interest on capital or remuneration

3. Earnings from Public Provident Fund

PPF is one of the investment options under the EEE category, so the investment amount, interest and maturity amount are tax-free
According to Section 10, the interest income you get from the PPF is exempt from income tax
Any amount you get from the maturity of PPF is also tax-free, provided the contributions were made for 5 consecutive years

4. Maturity Amount from Insurance

If you are a policyholder or a nominee of a life insurance policy, the amount you get from the insurance company, including bonuses, is tax-free in India
This only applies to certain insurance and its provisions are defined under Section 10(10D)

5. Payments from a Hindu Undivided Family (HUF)

Income received as a HUF member is free of any tax liability
However, this benefit is only applicable if the HUF has undergone a separate tax assessment

6. Amount Received as Gratuity

Any gratuity upon retirement or death is fully exempt from tax if you are a government employee as per Section 10(10)(i)
If you work in the private sector, the gratuity amount you get upon retirement or termination is exempt to up to ₹20 lakhs as per Section 10(10)(ii)

7. Tax-Free Pension Income

As a government employee, any pension that is owed to you instead of a monthly pension is exempt from tax
As a private employee, you can get a lump-sum pension with either a standard deduction of ₹15,000 or a third of the pension amount, whichever is lower
However, remember that this is only applicable if you receive gratuity along with the pension amount

8. Compensation from the Employer

Any allowance or compensation you get over and above your salary from the company you are working in is also exempt from tax as per certain provisions
This includes leaving travel allowance, conveyance allowance, uniform allowance and more
Even children’s allowances related to education are exempt up to certain limits

9. Gifts from Friends and Family

You do not need to pay tax on gifts, including property, vehicles, jewellery, etc.
However, if you get these gifts from someone other than your relative, the exemption limit is ₹50,000
There is an exception to this rule when you get a gift on your marriage; it becomes fully tax-free, regardless of whether it’s from a friend or a relative

10. Income from Awards or Scholarships

As per Section 10 (17A), when the government, be it state or central, awards a monetary payment to you, you do not need to pay tax on it
This includes cash prizes received along with state honours like the Bharat Ratna
If you are awarded a scholarship for education from the government or even through non-government institutes, it is tax-free

Armed with this information on what is tax-free income and its various sources in India, make the best use of your finances. If you fall short of funds, whether during tax season or any other time, you can apply for an Instant Personal Loan from Fibe. Get up to ₹5 lakhs with a simple online application in just 2 minutes. To get started, download our Personal Loan App or log in to our website.

FAQs on Tax-Free Sources of Income

Which income is not taxable in India?

Tax-free income in India includes the following:

Income from agriculture
Provident fund
Certain capital gains
Pension
Gratuity
The maturity amount from certain insurance

What income is tax-free?

It is the income on which you do not need to pay tax. This includes earnings from the following:

PPF
The amount you get as gratuity and pension
Gifts from friends and relatives

How much is tax-free income in India?

Check the following details to know about tax exemption details in India:

Under the Old Tax Regime, you do not need to pay any tax on income up to ₹2.5 lakhs
The tax exemption limit is ₹3 lakhs for those who have opted for the New Tax Regime
You can use rebates, deductions as well as exemptions to pay no tax even if your income is up to ₹5 lakhs and ₹7 lakhs under old and new tax regimes, respectively

What is taxable income in India?

Taxable income refers to the income after exemptions and deductions on which you need to pay the income tax.

How is ₹7 lakhs income tax-free?

In India, you do not need to pay tax if your annual income is ₹7 lakhs as per the tax rebates and the stipulations in the new regime.

Which income does not attract any tax?

Income from these sources doesn’t attract any tax in India:

Agriculture
Share from HUF
Compensation from employees
Provident fund
Certain types of capital gains
Pension
Gratuity

Best Tax Saving Investment Options In India

To save on taxes, you can explore various tax saving investments. These avenues can offer deductions under the Income Tax Act of 1961. You can choose from several schemes under the following sections:

10D
80C
80D
80CCD (1B)
24(b)
80TTA/ 80TTB

To know more about these tax saving instruments, read on.

Top 5 Investments for Tax Savings in India

Here are some tax saving investments you can rely on:

Unit-Linked Insurance Plans (ULIPs)

These plans allow you to get exemptions of up to ₹1.5 lakhs under Sections 80D and 80C
ULIPs have a lock-in period of 5 years
Withdrawing or getting maturity amounts is also free from taxes
ULIPs offer you the probability of earning good returns by investing your corpus across debt and equity
You can also reduce your exposure to risk by allowing you to choose between fixed-income and equity funds
You can also take advantage of riders related to critical illness and accidents

Also Read Tax-Free Allowances

National Savings Certificate (NSC)

NSC is beneficial for debt investments with tax benefits
This scheme is considered to be the best for small-income as well as mid-income investors
This bond investment also allows you to save up to ₹1.5 lakhs of income tax under Section 80C, while offering a fixed-income return
The current interest rate for NSC is 7.7% per annum
You can start investing with ₹1,000 and for a fixed duration of 5 years

Tax-Saving Fixed Deposit

These are a popular choice for risk-averse investors because they are not influenced by market conditions
You can enjoy deductions of up to ₹1.5 lakhs under Section 80C
The investment horizon is fixed for a 5-year period, just like NSC
The rate of interest on these FDs ranges between 5.5% – 7.75% p.a. depending on the institutions
Most FD issuers also offer higher rates to senior citizens

Also Read SBI FD rates 2023

Equity-Linked Savings Scheme (ELSS)

These are investments with maximum exposure toward equity-based securities
These have a lock-in of 3 years
You can invest a lump sum amount or through a systematic investment plan (SIP) in an ELSS fund
You can claim exemptions of up to ₹1.5 lakhs on your taxable income u/s 80C
The returns on this scheme are market-linked and can fluctuate regularly
You also have the option to earn high returns in comparison to fixed-income options

Public Provident Fund (PPF)

This is a government-backed small savings scheme to help you save tax
It is a debt scheme with a tenure of 15 years
You earn fixed returns and the government revises the rates every quarter
It allows you to claim tax deductions of up to ₹1.5 lakhs in a financial year
The interest that you earn on your PPF investment is entirely free from taxation

Comparison of Various Tax Saving Instruments

Check out this table for a quick comparison of various tax-saving investments:

Instrument	Lock-in/Maturity Period	Tax Exemption	Return on Investment
Unit-Linked Insurance Plans (ULIPs)	5 years	₹1.5 lakhs on principal and premium	Fixed (depends upon the interest set by the government)
National Savings Certificate (NSC)	5 years	₹1.5 lakhs on principal	Fixed (depends upon the interest set by the government)
Tax-Saving Fixed Deposits	5 years	₹1.5 lakhs on principal	Fixed (depends upon the interest set by the concerned financial institution)
Equity-linked Savings Scheme (ELSS)	3 years	₹1.5 lakhs on principal	Depends on the market
Public Provident Fund (PPF)	15 years	₹1.5 lakhs on principal	Fixed (depends upon the interest set by the government)

Want to upgrade your lifestyle but have funds tied up in tax saving investments? Think before you withdraw from such schemes. After all, your future is as important as your present.

Also Read: How to save income tax on salary

Fibe can help you cover additional expenses with an Instant Personal Loan of up to ₹5 lakhs easily and affordably. So, you can keep your investment secure without compromising on your needs. Get the loan at affordable rates in minutes by downloading our Personal Loan App or by logging in to our website.

FAQs on Tax-Saving Investment Options

Where to invest for tax savings?

You have multiple options if you wish to park your funds in tax saving investments. These include:

NPS
Tax-Saving FDs
NSC
ELSS
PPF
ULIPs

How to save taxes in India?

Investing in tax-saving options allows you to avail of tax deductions under:

80C
80D
80CCD (1B)
24(b)
80TTA/ 80TTB
10 (10D)

How much investment is needed to save tax?

The minimum investment depends on the scheme you choose. For instance, you need to invest at least ₹500 in NPS and PPF.

How can I save 100% income tax?

Here is how you can save cent percent of your tax liabilities:

If your earnings are up to ₹2.5 lakhs or ₹3 lakhs a year, you do not have to pay any tax under the old and new tax regimes, respectively
You can also get a tax rebate if your annual income is up to ₹5 lakhs or ₹7 lakhs under old and new tax regimes, respectively
You can use the standard deduction as well as deductions under 80C, 80CCD, 80D and 24(b) to save 100% on taxes if your income is higher

What is an 80D tax-saving plan?

You can claim deductions u/s 80D of the IT Act on:

Medical bill payments
Payment of health insurance premiums

Here are the maximum deductions:

Up to ₹25,000 paid for spouse, dependent children, self or parents
Up to ₹50,000 if family or parents are senior citizens

Sources:
https://www.nsiindia.gov.in/

Account Payee Cheque: How to Write & How to Deposit in 2026

An account payee cheque is also known as a crossed check, which has two parallel lines mentioned on the top left. Between the two lines, you need to write ‘A/C payee’. Irrespective of many digital options, cheques are one of the popular ways of making financial transactions.

One of the main reasons for choosing cheques as a payment option is because of the security and the simplicity. If you are not aware of what is a payee cheque, read on to know all its key features and benefits.

What is an Account Payee Cheque?

An account payee cheque is different from a regular one due to the reason that you cannot withdraw cash through it. Also, nobody else can deposit it other than the recipient of the funds.

The following includes the 3 main elements of payee cheque:

Drawer: The account holder who writes the cheque or the debtor
Drawee: The bank to which you write the cheque with the instruction from the drawer to debit the account
Payee: The recipient to whom the drawer transfers money and the person the cheque is addressed

Account Payee Cheque Key Features

Below listed are some of the key features of AC payee cheques.

One of the most essential features is the two parallel lines drawn on the left corner of the cheque. These lines provide a clear indication that you cannot cash it, and the amount is added to your account. It is one of the added security measures that help prevent fraud or misuse of the cheque.
It is specified in the name of a particular payee so only the receiver can get funds
Someone else cannot transfer the amount other than the receiver
The amount mentioned in the cheque is debited from the former’s account into the receiver’s account after releasing
Until the cheque successfully reaches the payee, the drawer has total control of it
The encashment can only be received in the payee’s bank account through the banking system

How to Write an Account Payee Cheque?

Creating an account payee cheque is simple. Just follow the steps mentioned below.

Write the date correctly on the cheque
Mention the name of the payee in the ‘Pay’ section
Provide the cheque amount in the numeral form and words
Draw two parallel lines on the top left corner of your cheque
Sign the cheque on the bottom in the required area
Make sure to enter the details accurately, as any mistake can delay the process.

How to Deposit an Account Payee Cheque?

You can deposit the cheque by following this process:

Sign on the back of the cheque
Visit the bank with your ID, cheque and account number
Fill in the details on a deposit slip mentioning your account number and cheque amount
Submit the cheque with the deposit slip to the bank representative
After the clearance of the cheque, the amount is credited to the account

If the drawer has funds available in the account, it may not take up to 4 days for the cheque to get cleared with accurate details.

What is the Significance of a Payee Cheque?

This type of cheque is secured as the bank initiates payment only in the account of the payee. As a payee, you cannot entrust anyone else to receive funds, and this feature works to boost safety. It is important to note that the check is only valid for a total of 90 days.

This type of cheque can be used easily to ensure hassle-free transactions. It helps easily clear your credit card bills or pay loan EMIs. Moreover, you can use it to send and receive funds from anyone.

If you are searching for affordable personal loan offers to meet your financial needs, look no further than Fibe. We offer Instant Personal loans from ₹5,000 to up to ₹5 lakhs at pocket-friendly rates. All you need to do is download our Personal Loan App or register on the Fibe website to get funds quickly and easily.

FAQs on Account Payee Cheques

How to make a cheque as an account payee?

You can make a cheque as an account payee by drawing two parallel lines on the left top of a cheque.

How do I encash an account payee cheque?

You can encash the cheque by following the process mentioned below:

Fill in the encashment form by providing the required details
Attach this form along with the cheque and your ID proof
Receive the amount in your bank account after clearance

Wherever the cheque has been issued, and the drawer holds an account, it is necessary to visit that bank branch.

Can you cash a cheque that says account payee only?

No. A crossed cheque does not allow you to cash it. The meaning of a crossed check means that it can only be deposited within a bank account.

Can an account payee cheque be encashed by any person?

No, these cheques are highly secure and cannot be encashed by anyone. The amount will be deposited in the recipient’s bank account only.

Who is a payee in a cheque?

A payee is the recipient who receives the amount for a particular transaction.

What is the validity of an account payee cheque?

The validity of the cheque is 3 months or 90 days.

How long does it take for an account payee cheque to clear?

If it belongs to the same bank as yours, account payee cheque clearance time can be within the same day. If the cheque is from a different bank, it takes up to 3 working days for clearance.

What is a Cross Cheque?

It means that the following cheque can only be deposited into a bank account where the bank cannot instantly cash the cheque amount.

What is the limit of the account payee cheque?

There is no such limit for the account payee cheque. Meanwhile, the account payee cheques are drawn by banks for credit solutions customers.

Can I deposit an account payee cheque in any branch?

Yes. In most of the cases, you can deposit a payee cheque in any bank branch. However, you need to write the words ‘Payable at Par’ on the cheque.

What is RTGS: Full Form, Benefits, Charges & Timings

The RTGS full form in banking is Real-Time Gross Settlement. RTGS is a way to transfer money from one bank account to another instantly, without waiting. If you have ever wondered what is RTGS and when you should use it, think of situations where speed really matters. Maybe a property payment. Maybe a business transfer. RTGS is designed exactly for such high-value, urgent transactions.

Keep reading to learn more on RTGS full form, RTGS limit and how to fill RTGS form.

What is RTGS?

The RTGS full form is Real-Time Gross Settlement. RTGS is a payment system introduced by the Reserve Bank of India in 2004 to make large fund transfers faster and safer. The RTGS meaning is quite simple. ‘Real time’ means the money moves as soon as you place the request. ‘Gross settlement’ means each transfer is processed on its own, not grouped with other transactions.

As per RBI rules, banks are required to process RTGS transfers within 30 minutes. And since December 2020, you can use RTGS whenever you need to. It works 24×7, even on weekends and bank holidays. So you are no longer restricted by banking hours.

RTGS Features

These RTGS features explain why people use it for large transfers:

Money moves almost immediately
Each transaction is handled one by one
Best suited for high-value payments
Regulated by the RBI, so it is secure
No maximum limit set by the RBI

How Real-Time Gross Settlement (RTGS) Works?

Here is what usually happens when you make an RTGS transfer.

You initiate the transfer using net banking, mobile banking or by visiting a bank branch
Your bank checks whether you have a sufficient balance and valid details
The transfer request is routed through the RBI’s RTGS system
The amount is credited directly to the beneficiary’s bank account
The transaction is settled in real time

RTGS Example

Let’s say you need to send ₹8 lakhs for a property payment. With RTGS, the entire amount reaches the seller quickly, without worrying about any RTGS limit or long waiting times. This is why RTGS is commonly used for property and business payments. For certain high-value business transactions, banks may also ask for a Legal Entity Identifier (LEI) to verify the companies involved.

How to Do RTGS Online?

Just follow these steps to make online RTGS transfers:

Step 1: Just log in to your bank’s net banking or mobile app using your usual credentials

Step 2: Then, add the beneficiary by entering the correct account number and IFSC code

Step 3: Choose RTGS as the transfer option

Step 4: Finally, enter the amount you want to send and confirm the transfer

How to Do RTGS Offline?

You can follow these simple steps to make RTGS transactions offline:

Step 1: Visit your bank branch

Step 2: Fill out the RTGS form

Step 3: Submit the form along with cash or RTGS cheque

Step 4: The bank processes the transfer for you

The RTGS form asks for basic details like your account number, the beneficiary’s name, IFSC code and the amount. It’s always a good idea to take a moment to double-check everything before you submit it.

How to Fill a Cheque for RTGS Transactions?

Here’s how you can fill an RTGS cheque:

Step 1: Fill in the RTGS form

Step 2: Write the date clearly on the cheque

Step 3: Mention the beneficiary’s name

Step 4: Write the amount in numbers and words

Step 5: Sign the RTGS cheque

Step 6: Submit it at the bank counter

RTGS Transaction Fees in Banking in India

Receiving money through RTGS is free. Charges apply only when you are sending money. The RBI has even capped these charges, but the exact amount may vary slightly from bank to bank.

Transfer amount	Maximum charges
₹2 lakhs to ₹5 lakhs	₹25 plus GST
Above ₹5 lakhs	₹50 plus GST

Limitations of RTGS

RTGS is fast and reliable, but here are a few things to keep in mind:

You cannot transfer less than ₹2 lakhs, as this is the minimum RTGS limit
Banks may set their own maximum RTGS limits for online transfers
Once processed, the transaction cannot be reversed
Charges may apply for outward transfers

RTGS vs NEFT

Feature	RTGS	NEFT
Speed	Instant transfer	Processed in batches
Minimum amount	₹2 lakhs	No minimum limit
Upper limit	No RBI cap	Depends on the bank
Availability	Available 24×7	Available 24×7

RTGS works well when you are transferring money that is already in your account. But what if you need funds before that? In such moments, short-term lending options can help. With Fibe, you can apply online for an Instant Cash Loan through the app or website. Get easy access to funds up to ₹10 lakhs through a simple, quick application process!

FAQs on RTGS

Can RTGS be cancelled?

No. Once an RTGS transfer is processed, it cannot be cancelled or reversed.

What types of transactions are typically done using RTGS?

RTGS is commonly used for property purchases, business payments, vendor settlements and other high-value transfers.

Can RTGS be done without an RTGS cheque?

Yes. You can use net banking or mobile banking to do RTGS without submitting a cheque.

Debit Card AMC (Annual Maintenance Charge) in 2026

If you’ve ever received a notification about ATM card AMC charges and wondered what exactly they are, you’re in the right place. AMC or Annual Maintenance Charges are fees banks levy to cover the costs of managing your debit card, including customer support, fraud protection, and infrastructure maintenance. Some banks offer free debit cards with no AMC, but many others charge annually, depending on the card’s features and privileges.

This space explains AMC charges meaning, how these charges work, which cards usually have AMC and share tips and tricks to avoid paying unnecessary fees.

What are Annual Maintenance Charges for ATM Card?

As mentioned, it means the annual charges levied by the bank to maintain your debit card as well as other related services. These charges are not fixed and vary across all banks. Whether you have to pay high charges or not also depends on the type of debit card you have.

For example, one bank may charge ₹100 for a standard debit card but ₹150 for upgraded cards. Generally, these charges are mentioned on the bank’s website for you to review before opening the bank account. However, you can also confirm the cost at the bank with a representative while choosing your card. There are some banks that waive their ATM card AMC charges for the first year or even for a lifetime.

How is Debit Card or ATM Card AMC Calculated?

Banks decide all the fees and charges at their discretion based on the services they offer. Annual debit card charges are one such fee, which depends on whether you have a standard or value-added card.

Also Read: Auto Debit Facility

ATM AMC Charges for Top Banks

Here’s an overview of some of the top bank’s annual maintenance charges levied on ATM cards:

Bank	ATM card AMC
State Bank of India	From ₹200 up to ₹425 + GST applicable from second year
Axis Bank	From ₹150 up to ₹1,500 + GST
HDFC Bank	From ₹150 up to ₹850 + GST
ICICI Bank	From ₹599 up to ₹4,999 + GST
Union Bank of India	From ₹200 up to ₹400 + GST
IndusInd Bank	From ₹499 up to ₹10,000 + GST
Punjab National Bank	From ₹150 up to ₹750 + GST

Disclaimer: The above ATM AMC charges are subject to change at the bank’s discretion.

Apply For Fibe Axis Bank Credit Card Online

How to Pay ATM Card AMC?

Most banks auto-debit this fee along with other annual charges from your bank account. This is a convenient way to ensure your card stays active for your usage. If your bank does not auto-debit this, you can pay ATM pending AMC using UPI through the mobile or net banking option.

Also Read: Credit Card Vs Debit Card

How to Avoid AMC Charges on ATM Cards?

Below listed are a few key tips to avoid AMC charges on an ATM card:

Choose banks that offer debit cards with no Annual Maintenance Charges (AMC), especially digital or basic savings accounts.

Grab zero-AMC cards during bank promos—often around festivals or new customer drives.

Many salary or premium accounts come with free debit cards and waived AMCs.

Banks may still charge for:

Exceeding free ATM transactions

Card replacement

Issuance fees (in some cases)

Review your bank’s schedule of charges regularly to avoid hidden fees.

Your debit card is a financial instrument that you can rely on to access funds, and you should know the charges applicable to it. Another instrument that offers access to funds is a personal loan. With the Fibe Instant Personal Loan, you can get up to ₹5 lakhs at competitive rates and flexible repayment plans.

Moreover, you need to upload only a few basic documents to complete your application. Download our Instant Loan App or visit the website for an entirely digital process and hassle-free and immediate access to funds.

FAQs on ATM Card AMC

What are the charges for AMC?

AMC stands for annual maintenance charges and financial institutions levy this for various purposes. For instance, AMC is applicable on a debit card as well as on a demat account. These charges vary depending on the financial institution and are levied annually.

How do I check ATM card AMC for various banks?

You can check the AMC on your bank’s website, look at their charges list or just call customer care to know the exact fee.

Is the AMC directly deducted from the bank account?

Yes, the bank usually deducts the AMC straight from your account once a year. There is no need to make a separate payment.

EPF Interest Rate 2024: Current Rates and How to Calculate

The Employee Provident Fund, or EPF, offers all employed individuals retirement benefits. For the Financial Year 2022-23, the Employees’ Provident Fund Organisation (EPFO) has announced that the interest rate will be 8.15% p.a.

Read on to know more about this EPF rate and its calculation.

An Overview of the EPF Interest Rate in 2024

Here are some key points you should know:

The Union Ministry for Labour and Employment notified an interest rate of 8.15% for the FY 2023-24
It will apply from April 1, 2023, to March 31, 2024
The interest on your EPF account is calculated on the monthly closing balance and then computed for the entire year
EPFO deposits the interest on your Employee’s Provident Fund account only once during a particular fiscal year
No interest is paid in accounts where no contributions have been made for the last 36 months

How to Calculate the EPF Interest?

You need the following details to calculate the EPF interest:

The current balance of the EPF account
Retirement age
The current age of an employee
Monthly basic pay along with the dearness allowance
Percentage contributed towards the EPF account

By investing in this scheme, you can earn a cumulative interest at the end of a year. To help you understand the calculation, consider this example.

Particulars	Amount
Interest rate	8.15% / 12 = 0.679%
First-month interest on the EPF contribution	Nil
EPF balance at the end of the first month	₹10,750
EPF contribution for the second month	₹10,750
Total amount accumulated after two months	₹21,500
Interest accrued by the end of the second month	₹145.985 (₹21,500 x 0.679%)
EPF contribution for the third month	₹10,750
Amount accumulated by the end of the third month	₹32,250
Interest accrued	₹218.997 (₹32,250 x 0.679%)

This way, you can calculate interest for all months in a particular fiscal year and the total EPF balance. You can also use an interest calculator to get quicker and error-free estimates. However, remember the following when computing your balance:

The wage ceiling or the salary limit for PF is ₹15,000
If your salary limit for PF contribution exceeds this ceiling, the employer can restrict the contribution to 12% of your basic salary or DA.

Also Read: How To Invest Your EPF Savings?

Tabulation of EPF Rates for the Past 20 Years

Here is a table of the interest rates provided under this scheme during the last 20 years:

Financial Year	Annual Interest Rate (%)
2022-23	8.15%
2021-22	8.10%
2020-21	8.50%
2019-20	8.50%
2018-19	8.65%
2017-18	8.55%
2016-17	8.65%
2015-16	8.80%
2014-15	8.75%
2013-14	8.75%
2012-13	8.50%
2011-12	8.25%
2010-11	9.50%
2009-10	8.50%
2008-09	8.50%
2007-08	8.50%
2006-07	8.50%
2005-06	8.50%
2004-05	9.50% (9% plus 0.50% Golden Jubilee Bonus)
2003-04	9.50%

It is also important to note that you generally can’t withdraw from an EPF account unless for the reasons outlined by the organisation. Thankfully, with Fibe’s Instant Personal Loans, you don’t have to worry about it. You can get up to ₹5 lacs for your urgent or planned needs at affordable interest rates.

You can get these funds with ease because the eligibility criteria are simple and the documents required are basic. Download our Personal Loan App or visit our website to get funds in minutes.

FAQs on the EPF Rate of Interest

How to calculate the EPF interest?

Follow these steps to compute returns on an Employee’s Provident Fund account:

Add the monthly balances
Multiply the amount with the applicable interest rate
Divide it by 12 to know the monthly interest amount

You can also use an EPF interest calculator for quick and accurate estimates. The tool is free, and you just need to enter the contribution details.

Which is better, an EPF or FD?

Fixed deposits offer better flexibility and convenience and you can customise a plan as per your goals. On the contrary, the investment in EPF is more restricted because there are penalties applicable if you choose to withdraw before the declared period. However, it is a long-term investment option that can help you accumulate a significant corpus by retirement. So, the better option between the two depends on your investment goals.

What is the highest EPF interest rate?

The highest rate was 12%, which was applicable from 1989 to June 2001.

How is EPF calculated on salary?

Here is how the Employee’s Provident Fund on salary:

It is calculated on salary with the employee’s and employer’s contributions as 12%
An employee’s contribution includes their basic pay along with DA
The employer’s contribution is split as 8.33% to the Employee Pension Plan and 3.67% is added to the Provident Fund

How much is the PF deduction from salary?

A total of 12% of the basic pay and DA is deducted from an employee’s salary.

What is the interest rate of EPF in the last 10 years?

Here is a tabular overview of Employee Provident Fund rates for the past decade:

Financial Year	Interest (% p.a.)
2022-2023	8.15%
2021-2022	8.10%
2020-2021	8.50%
2019-2020	8.50%
2018-2019	8.65%
2017-2018	8.55%
2016-2017	8.65%
2015-2016	8.80%
2013-2015	8.75%
2012-2013	8.50%

Fixed Deposit Interest Rates at SBI

Knowing the current SBI FD interest rates will help you invest smartly and ensure maximum returns. The interest rates depend on:

The deposit amount
The investment term
The type of deposit

Staying informed about the rates will give you insight into which terms best suit your goals, enabling you to make the most of your funds. Read on to know the current rates and other key details.

Latest Fixed Deposit Interest Rates of SBI

SBI offers numerous fixed deposit options, including:

Callable FDs
Non-callable FDs
FDs for NRO and NREs
FCNR FDs

Here are the rates of some popular SBI FD schemes:

For Callable Deposits Under ₹2 crores

Tenure	FD rates for regular investors (%p.a.)	FD rates for senior-citizen investors (%p.a.)
7 days to 45 days	3.50%	4.00%
46 days to 179 days	4.75%	5.25%
180 days to 210 days	5.75%	6.25%
211 days to less than 1 year	6.00%	6.50%
1 Year to less than 2 years	6.80%	7.30%
400 days (Amrit Kalash)	7.10%	7.60%
2 years to less than 3 years	7.00%	7.50%
3 years to less than 5 years	6.75%	7.25%
5 years and up to 10 years	6.50%	7.50%

For Non-Callable (Sarvottam) Deposits Under ₹2 crores

Tenure	FD rates for regular investors	FD rates for senior citizen investors
1 year	7.10% per annum	7.60% per annum
2 years	7.40% per annum	7.90% per annum

For NR0, NRE and FCNR Deposits

For NRE Deposits

Tenures	Deposits under ₹2 crores (p.a.)	Deposits above ₹2 crores (p.a.)
1 year to less than 2 years	6.80%	6.80%
400 Days (Amrit Kalash)	7.10%	–
2 years to less than 3 years	7.00%	6.75%
3 years to less than 5 years	6.75%	6.25%
5 years to 10 years	6.50%	6.00%

For NRO Deposits

Tenures	Deposits under ₹2 crores (p.a.)	Deposits above ₹2 crores (p.a.)
7 days to 45 days	3.00%	5.00%
46 days to 179 days	4.75%	5.75%
180 days to 210 days	5.75%	6.50%
211 days to less than 1 year	6.00%	6.75%
1 year to less than 2 years	6.80%	6.80%
400 Days (Amrit Kalash)	7.10%	–
2 years to less than 3 years	7.00%	6.75%
3 years to less than 5 years	6.75%	6.25%
5 years and up to 10 years	6.50%	6.00%

For FCNR Deposits

Currency and interest rates per annum:

Tenure (in years)	USD	GBP	EURO	CAD	AUD	JPY
1	5.55	5.10	4.00	4.50	4.50	0.05
<1 to >2	5.55	5.10	4.00	4.50	4.50	0.05
2 to >3	4.25	5.00	1.50	4.10	4.40	0.05
3 to >4	3.95	4.00	1.50	3.85	4.30	0.05
4 to >5	3.85	4.00	1.50	3.90	4.20	0.05
5	3.90	3.90	1.50	3.95	4.10	0.05

The above interest rates for all schemes are current as of February 2024 and are subject to change at the bank’s discretion.

Also Read: Sbi Bank Statement Download Online

Reasons to Invest in Fixed Deposits

Investing in FDs offers various benefits. Some of these are:

Helps diversify your investment portfolio and mitigate risks
Enables you to secure financial growth with minimal risks, as an FD is not linked to market fluctuations
Allows you to tailor your investment to your needs with multiple FD options
Ensures that your investment is secure with the DICGC insurance cover on bank FDs
Helps maximise your returns with attractive rates on various schemes
Allows you to invest as per your current finances and future goals due to the flexibility in investment mode, amount and tenure

In addition to the above, you can pledge your fixed deposits as collateral and get immediate funding. Many issuers offer up to 90% of your FD as a loan at affordable interest rates, ensuring you don’t put your financial growth at risk.

If you don’t have an FD or don’t want to use it as collateral but need urgent funds, you can get a collateral-free Personal Loan of up to ₹5 lakhs from Fibe. You enjoy flexibility in repayment with a choice of tenures, zero pre-closure charges and more.

Download our Instant Loan App or register on our website for a hassle-free and entirely digital application process!

FAQs on Fixed Deposit Interest Rates at SBI

What is the FD rate for ₹1 lakh in SBI?

The SBI FD rates depend on the chosen tenure, which ranges from 7 days to 10 years. So, your rates may be as follows:

Between 3.50% to 7.10% per annum if you are a regular (non-senior citizen) investor
Between 4.00% to 7.60% per annum if you are a senior citizen investor

Which is the best FD scheme in SBI?

The best FD scheme depends on:

Investment purpose
Investment horizon

If you’re planning on not making premature withdrawals, opt for the Sarvottam FD since it offers slightly higher returns. Other schemes offered by the bank include:

Retail term deposits
NRE/NRO deposits
FCNR deposits

What is the new FD interest rate in SBI in 2024?

SBI FD rates as of February 2024 are as follows:

Regular citizens: 3.50% to 7.10% per annum
Senior citizens: 4.00% to 7.60% per annum

What is the FD rate for senior citizens in SBI?

Senior citizens get an additional 0.50% hike in FD rates, so their rates range from 4.00% to 7.60% per annum.

Is SBI safe for fixed deposits?

Yes, SBI is safe since your deposits are insured under DICGC.

Bank Cheque Leaf: Know Its Meaning, Types, Features & Benefits

A cheque leaf is a primary financial instrument for all account holders and banks provide a chequebook when you open an account. Understanding the cheque leaf meaning is essential to using it. It is necessary to know the validity of a cheque leaf, the process of filling it out and more to make the best use of it.

Before digitisation in the financial industry, cheque leaf was a popular and convenient way to make non-cash transactions. Many still prefer to transact through this method. This is especially common in rental payments.

Read on to learn how to fill a cheque leaf, its types and other pertinent information and how to write a cancelled cheque?

What is a Cheque Leaf?

A cheque leaf is a single cheque in your chequebook. Understanding the meaning of the cheque leaf can help you use it effectively. You can use it to:

Withdraw cash from an account
Deposit funds to an account
Transfer funds from one account to another

When you write a cheque, the bank instructs you to debit your account and credit the payee’s account mentioned in the cheque.

The Purpose of a Cheque Leaf

A cheque leaf serves multiple critical purposes in financial transactions. Understanding its purpose can help you make the most out of this financial instrument:

Payment of Goods and Services: Cheques can also be paid for goods or services. This is particularly beneficial for business transactions involving high values and cashless transfers.
Funds Transfer: Transfers funds from one bank account to another bank. Cheques are secure ways of doing it, whether the transferring bank is the same or elsewhere.
Withdrawal of Cash: The cheque serves as a medium from your bank account for withdrawing cash. A person might find money at an ATM under certain denominations, of which he may not find one of his requirements in such machines, but he wants to withdraw some specific amount.
Proof of Payment: Cheques present a paper trail and act as proof of payment. No record keeping should be done for situations where proof of transaction is needed for accounting or legal matters.
Post-dated Payments: Post-dated cheques allow the creation of checks that are done ahead of schedule for a date in the future. It will enable a person to take advantage of cash flow and schedule payments for all utility, rental or other repeat expenses for whatever period.

The purpose of a cheque leaf is important to understand as it enhances the efficiency of your financial transactions.

Here are a few Essential Elements of a Cheque:

Date and bearer clause
Amount to be written in words and numerals
Signature of the drawer or the person writing the cheque
A 6-digit cheque number in a cheque present at the bottom left
A 9-digit MICR code following the cheque number
An alphanumeric 11-digit IFSC code
The bank name in whose favour the cheque has been drawn
Account number from which the amount will be deducted

Read about: Best banks for saving accounts in 2023

How to Write a Cheque

Follow this process to fill a cheque leaf:

Step 1: Write the date on the top right of a cheque in the prescribed format
Step 2: Mention the name of the payee
Step 3: Write the amount in words and then in the numeral form
Step 4: Sign the cheque at the bottom right space
Step 5: Verify the details and submit it

Various Types of Cheques You Should Know About

Different types of cheques you should know about are mentioned below. Remember that each has its format and various purposes for which it is used.

Self-cheque means withdrawing money from a bank account because the payee is the account’s owner.
Bearer Cheque: An uncrossed cheque that does not require any endorsements to perform transactions.
Account Payee Cheque: This means that the bank will have to credit the payee’s amount to the person’s account whose name is mentioned in the cheque.
Banker’s Cheque: Cheques or drafts guaranteed by the bank cannot bounce.
Post-dated cheque: This comes with a date in the future due to which it will be paid. The validity of a cheque leaf is 3 months.
Crossed Cheque: A bearer cheque crossed twice for security and is cashable only by a payee.
Traveller’s Cheque: This is meant to withdraw money more securely during travel.

How to Cancel a Cheque Leaf

How to write a cancelled cheque? To cancel a cheque leaf:

Step 1: Sign the cheque and draw two parallel lines across the cheque
Step 2: Write the word ‘CANCELLED’ in block letters within these lines without striking off essential details such as your name, account number, etc.

Ensure you do not overwrite a cheque, as the bank may consider the same invalid. Handling a cheque carefully and using the correct signature when you write one is also essential.

You can use a cheque to pay your loan EMIs, credit card bills, etc. If you want immediate funds at affordable interest rates, you can apply for an Instant Personal Loan from Fibe.

We offer amounts ranging up to ₹5 lakhs at a starting interest rate of 2% per month and tenure going up to 36 months. Download our Personal Loan App or visit our website and apply online with minimal formalities and instant access to funds!

FAQs on Cheque Leaf

How to find the cheque number in a cheque?

The cheque number is mentioned at the bottom left of every cheque leaf. It’s the first 6 digits usually mentioned before the 9-digit MICR code.

How to get a cancelled cheque online?

You cannot write a cancelled cheque online; you must take a cheque leaf from your book. That said, you can cancel check leaf online by contacting your bank.

How do you write an amount on the cheque?

Add the same amount in numerals in the respective box on the right side of the cheque. After writing the amount in numerals, write it in words in the designated line available next to the word ‘Rupees.’ When writing in words, start from the extreme left side and add ‘only’ after completing the amount.

Can banks issue cheque leaves?

Yes. Banks are authorised to provide chequebooks containing cheque leaves to their customers after opening accounts. However, banks will not issue individual cheque leaves to customers.

Can I get a chequebook online?

You can get a chequebook online by placing an online request on the bank’s net banking portal or the app. However, you will not get individual cheque leaves online.

Does a cheque leaf expire?

Cheque leaves don’t come with an expiry date. The validity of a cheque leaf starts from the date it is drawn and is generally 3 months.

What is the difference between a cheque and a cheque leaf?

Both are similar and there is no difference. A single cheque from your chequebook is known as a cheque leaf.