Banking Blogs

Cheque bounce charges are a penalty that you must pay when the cheque fails to provide the promised amount. Writing a cheque is an agreement to pay the mentioned sum bound by the law. So, when you cannot honour it, these charges are a result.  This may happen when your cheque payment is not cleared …

Choosing a pay order vs demand draft depends on your payment requirements and several other factors. While these banking instruments serve the same purpose, they differ in their key features. This includes clearance time, amount, acceptability and more. Although their use has reduced over the years, several merchants and individuals still rely on them. As …

If you’re wondering how to send money without sharing your account number, MMID is what you need. It’s a simple and secure way to transfer funds using mobile banking. MMID full form is Mobile Money Identifier. It’s a 7-digit unique code linked to your mobile number and bank account. With this code, you can make …

There are types of cheques that can’t be cashed immediately. One such example is a PDC cheque. The PDC full form is Post-Dated Cheque. These cheques are legally valid in India for 3 months from the date written on them. As per RBI rules, banks are not allowed to process a PDC cheque before the …

Choosing between IMPS vs NEFT electronic fund transfer options depends on multiple factors. These two options serve the same goal of making convenient fund transfers but have many distinct features and benefits.  Old-school fund transfer methods allow you to send and receive a higher amount through multiple channels. Therefore, many private and government agencies rely …

Keeping track of your Central Bank of India account balance shouldn’t feel like a task. Whether you’re at home, at work or on the go, there are multiple quick and easy ways to check your balance in just a few seconds – no branch visit needed. This guide walks you through all of them, including …

The IDBI Bank balance check number is one of the easiest options to get your account balance. Apart from this, IDBI Bank offers alternative ways to track your balance:  You can run an IDBI Bank account balance check instantly using any of these options above. Remember, you must register your mobile number to enjoy these …

Keeping tabs on your Union Bank account balance is simpler than you think. Whether you prefer a quick missed call, an SMS or checking online, there are multiple ways to get your balance in seconds. You don’t even need to visit a branch. Just make sure your mobile number is registered with the bank and …

The full form of IMPS in banking is Immediate Payment Service. This fund transfer facility gives you real time updates on your online payments, including bills, fees, tickets, merchants and more. Knowing what is IMPS is important for transferring funds easily as you can use this facility for urgent needs.  However, there are limits, charges and …

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 …