Banking Blogs

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 …

By knowing the difference between NEFT and RTGS, you can decide which option is right for you, depending on the urgency and limit. Since the introduction of digital modes of fund transfers, these options have gradually replaced traditional methods like cheques and demand drafts. RTGS and NEFT are among the most popular online transfer options, …

If you often leave extra money sitting in your savings account, you may be losing out on better returns. That’s where the automatic sweep feature comes in. Many people search for what is auto sweep facility because it promises higher interest without you having to lock your money away. You can think of it as …

Credit derivatives are a type of financial contract that helps parties minimise their credit risk. Two parties hold these negotiable bilateral contracts privately and trade them over the counter.  In credit derivatives, creditors can transfer the credit risk of a debtor to a third party. In exchange for taking the credit risk, the third party …

The importance of understanding the difference between NACH and ECS is growing as the nation moves towards digital payments. Among the many modes of electronic transfers, these are two of the most popular options.Many companies, banks, financial institutions and merchants use ECS and NACH to receive and make payments. These options also allow automatic deduction …

A non-performing asset meaning states that a borrower has taken a loan and fails to repay the EMI on time. While lenders are lenient if you miss one or two EMIs, NPA can have some serious consequences for the borrower. The borrower can face a decreased credit score and lowered creditworthiness. On the other hand, …