Reserve Bank of India (RBI) had issued a notification in August 2014 regarding ‘rationalization of number of FREE transactions at bank ATMs.” As per this notification, the number of mandatory free ATM transactions for savings bank account customers at other banks’ ATMs is reduced from the present five to three transactions per month. This is […]
What is CRR, SLR, Repo Rate & Reverse Repo Rate?
“RBI (Reserve Bank of India) has cut interest rates.” “RBI has increased the interest rates.” “RBI keeps the key rates unchanged..“ Have you heard or seen these kind of headlines? Hmmm, I am sure you might have…. So, what are these interest rates? How are they going to impact our finances? Let […]
Types of Joint Accounts in Banks
A bank account can be operated by a single account holder (or) multiple account holders. You can choose the joint account option while opening an account or whenever you require. We may think that this is a simple option which is available on Account opening application form. Actually it is a very useful and an […]
Kotak Mahindra Bank’s KAYPAY : Now, send money to your FACEBOOK friends for free
Kotak Mahindra Bank has launched “KayPay”, a Fund Transfer service for Facebook users. Now a Facebook user can send money to other Facebook users who are in his/her “Friends List” for free. Kotak Mahindra Bank is not charging any fees for this service. And there is no need for you to have an account with […]
RBI’s press note on new KYC norms for opening Bank Accounts
The Reserve Bank of India yesterday released a press note relating to Know Your Customer (KYC) norms for opening bank accounts. The objective of this is to bring awareness among the general public about the KYC simplification measures taken by the Reserve Bank in the recent times with a view to helping the common man […]
Bank Deposit Insurance Scheme : Are you aware of this interesting fact?
We opt for Bank deposits because they offer, 1) safety and 2) guaranteed returns. Bank deposits can be Fixed Deposits, Recurring Deposits, and Bank balances in Savings or Current accounts. Fixed Deposits and Recurring Deposits are the most popular financial saving tools in India. It is not an exaggeration to say that most of us […]