Banking Blogs

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 …

Wondering what an Issuer Identification Number or IIN is? Well, it’s an important component of payment cards, like credit and debit cards. The number helps identify the card issuer and your card’s processing network. Apart from this, you get to enjoy several other benefits, making this an important part of your payment card. Here’s a …

Reverse repo rate and repo rate set by the RBI are specific monetary policy tools. The policies that govern these rates help manage the country’s overall economy. Specific factors like inflation, currency rate changes and money flow influence these rates.   Read the information below to define repo rate and reverse repo rates and learn how …

If you’ve come across the term ‘BSR code’ while filing your taxes or making payments online, you might wonder what it means and why it’s important. BSR stands for Basic Statistical Returns code (that’s the BSR full form), a unique number assigned to every bank by the Reserve Bank of India (RBI).  This code makes …

A salary account is basically for people who are salaried professionals. It usually comes with 0 minimum balance, salary-linked benefits and easier banking privileges. A savings account, on the other hand, is better for anyone who wants to park money safely, earn interest and manage everyday transactions, even without a monthly salary credit.  Simply put, the main difference between a salary account and a savings …

DBT full form in bank is Direct Benefit Transfer, a government program designed to transfer subsidies directly to beneficiaries’ bank accounts, ensuring convenience and transparency. With many welfare programs introduced by the Government of India, DBT ensures its benefits reach the underprivileged population on time without hassle. Often, the funds released from the government trusts …

RBI launched Digital Rupee officially as a legal tender for the wholesale segment on December 1, 2022. Taking another step towards the ‘Digital India’ initiative, the new digital currency of India is exchangeable with paper currency.  Also referred to as the Central Bank Digital Currency (CBDC), this helps the country head towards a cashless economy. …

The bank number on a card is the first 4 to 6 digits mentioned on all payment cards. Also known as the Bank Identification Number or BIN for short, it is an essential component of your card number. It helps track stolen cards and reduces the chances of theft. You’ll find the Bank Identification Number …

With paper money replacing heavy coins, carrying and circulating money becomes easier. As a legal tender, paper currency holds its value even in the digital age. It will continue to do so in the near future. Given this, you need to know the history behind the origination of paper money and how it works. Know …