Banking Blogs

Two forms of fixed deposits provide you with a secure way to grow your savings, i.e., callable and non-callable FDs.  When you open a fixed deposit account, it comes with a specific: Usually, your funds remain locked in for this tenure so you can earn at the specified rate. However, to give you an option …

With the Reserve Bank of India changing its policy, knowing the difference between base rate and MCLR is important when you are planning to take a loan. Since July 2010, the base rate structure has been in use. As per its provisions, banks had to update the rates for loans and deposits every quarter.  However, …

Highlight: Find what the MCLR rate is and how it can impact various loans. Know how MCLR impacts your best personal loans if they show changes in interest rates. The MCLR or the Marginal Cost of Funds based Lending Rate system owes its introduction to the RBI or the Reserve Bank of India.  Launched in …

Advancements in the financial sector have brought with them numerous perks. From applying for a personal loan to completing the verification via video KYC, everything is possible online. This contactless facility lets you complete the verification formalities without submitting any physical paperwork or the need to travel to the lender’s office. Read on to learn …

Choosing the ideal payment network for your debit or credit card after understanding the difference between VISA and RuPay is essential. While both of these payment networks allow you to make and receive all kinds of transactions, they are quite different.  They differ in various aspects, like acceptance, transaction speed, safety, withdrawal limitation and more. …

There may be instances where you may have come across the question, ‘What is a current account?’. Here’s what it means.The banking sector offers different types of accounts that cater to your diverse financial needs. One such account is a current account, best suited for business owners and companies.  As such, it has some distinguishable …

National Payments Corporation of India or NPCI (India), is an umbrella organisation that handles all retail payments. Established in 2007 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), it facilitates a robust payment and settlement infrastructure.  To extend its services, NPCI (India) has ten core promoter banks, which are:  Read on to know what …

The Indian Financial System Code, the full form of IFSC, is an 11-character alphanumeric code used to make electronic payments. This code is unique to all banks that you can find on all account documents, such as cheque leaves, passbooks, account statements, etc.  Using this unique identifier, along with the account holder’s name and account …

Comparing the services, benefits and other features of a neo bank vs a traditional bank is crucial to choosing the right option. While both these institutions offer similar financial services, there are significant differences in how they operate. A traditional bank may be suitable for one person but will not be that convenient for another …

In the age of fintech, knowing the neobanks’ meaning is key as they very well may be the future of the online banking experience. In contrast to traditional brick-and-mortar banks, these provide digital-only banking services at lower costs and interest rates. Fuelled by this low-cost model for end consumers, the global market for neobanks may …