Gone are the days when a person had to be 18 years old to open a savings account. It is the opinion of most financial experts that it is never too early to start inculcating the habit of saving and investment. The Reserve Bank of India (RBI) has taken that opinion and implemented it by… Continue reading Everything you need to know about opening a savings account for your child
When most of us think of the function of our savings accounts, the most obvious things that come to mind are maintaining the minimum balance, earning interest on the deposits made to the account, and perhaps opening a recurring deposit. However, there are other things that a savings account can do that most people are… Continue reading Here are a few things that you can do with your savings apart from earn interest
Over the last year and a half, a number of e-payment modes to make a transaction or transfer money have popped up as a result of the Government of India’s digitisation and cashless transaction drive. With cash still the dominant force in the market – despite the demonetisation move by the Modi-led Government – other… Continue reading Which mode of e-payment to use for a transaction
For non-residents Indians, there’s always the question as to whether they can hold a saving account in the country, and if so, what would the taxes be and how much they would have to shell out to hold such an account. In short, yes, a non-resident Indian can hold a savings account in India specifically… Continue reading Can a non-resident open a savings account in India? Know more
For those who have internet banking accounts, they have probably heard of fraudulent techniques such as phishing, skimming, etc. For those who do not know, phishing is basically stealing the bank account details of a customer – in order to make illegal transactions or even wipe the account of the customer clean. To get the… Continue reading What you need to know about SIM SWAP: Internet Banking Fraud
Following the demonetisation move by the Modi-led Government, which resulted in high value currencies (Rs.500 and Rs.1,000 notes) becoming illegal tenders, citizens across the country resorted to cashless transactions, either via their debit card, credit card or their net banking account. The reduced withdrawal limit following the demonetisation and the lack of physical currency notes… Continue reading Why You Should Never Use Your Debit Card To Shop Online
Debit card transactions are on an all time high in the country following the Government of India’s demonetisation move and the subsequent digitization drive. In fact, the Reserve Bank of India released a tally of the number of transactions made, and in just January 2018, more than 1 billion transactions amounting to more than Rs.130… Continue reading Here’s What You Should Know If You’re Shopping Using Your Debit Card
With the digitization drive by the Government of India which was spurred by the demonetization of high value currencies, citizens of the country can now open a savings account at a payments bank. In order to improve accessibility of banking services to those hailing from semi-urban and rural areas, the Government of India has given… Continue reading Features of Paytm Payments Bank Debit Card
One of the first things that we take into consideration when opening a savings account is the minimum balance requirement stated by the bank. Most bank levy large fines when the minimum balance is not maintained. These minimum balance requirements can range anywhere between Rs 500 to Rs 10,000 depending on the bank. According to… Continue reading The Benefits of Opening a Zero Balance Account
Savings accounts are the simplest of all bank accounts. It is one of the most reliable forms of investments with most banks offering up to 6% interest. In most cases, banks calculate interest on the credit balance in the account on a daily basis. Unlike other forms of investment, savings accounts holders have assured returns… Continue reading Calculating Income Tax on Interest Earned from Savings Accounts
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