Cheques are still the prominent mode of payment in India even after introduction of RTGS and NEFT form of making payments. To improve efficiency of Cheque clearing process, RBI has issued CTS as an alternative to the old process of clearing cheques in physical form. Under CTS, Cheques can be cleared electronically. Cheque truncation is a process used in CTS, in which an … [Read more...] about What is Cheque Truncation System – CTS cheque
Archives for December 2013
Prepayment of your home loan – To prepay or not to prepay
In India, home loan is usually the biggest debt that a common man takes on during his/her lifetime. When you pay off your home loan either entirely or in part before the defined due date, it will be called as prepayment. By choosing the option of periodic prepayment you can reduce your principal amount by which your interest amount on home loan will also reduces resulting … [Read more...] about Prepayment of your home loan – To prepay or not to prepay
What are the different type of Cheques issued in India
Cheque is a document which guarantees the payee or bearer to get paid for a specific amount from the payer’s bank account. Your bank on demand from payee or bearer pays the specified amount after cross checking your signature with bank’s database. After opening your saving bank account or current account, you will be issued a bunch of Cheque leaf. These leafs can be used for … [Read more...] about What are the different type of Cheques issued in India
Now ATM PIN is mandatory for debit cards in merchant outlets
With effect from 1st December 2013, debit card holders will be required to enter their ATM PIN every time when they use their debit card in merchant outlets or POS. From the date of intimation, most of the banks have started sending SMS and emails to their customers for such awareness. But the question is how safe these transactions would be while entering your ATM PIN that … [Read more...] about Now ATM PIN is mandatory for debit cards in merchant outlets
5 things you must do before your interview
Job interview is a crucial part of your job search as it’s an opportunity for the interviewer to figure out how good you are for the job. Getting a job depends on how well you are prepared for it. For that interview call, you have prepared a perfect resume and now it’s time to prepare for that important interview. … [Read more...] about 5 things you must do before your interview
How to Borrow Money from a Bank
Borrowing money can help you to smooth out the gaps between your income and expenses. It will help you to pay for larger purchases to enjoy the benefits straight away instead of waiting for your saving money to get accumulated. Before you borrow money, its necessary that you learn how to pay the amount or else you will be in trouble. In this article you will learn how to … [Read more...] about How to Borrow Money from a Bank
5 things you must know about your debit card
Debit cards are widely used in India for a variety of reasons. When you use it for purchase or withdrawal from ATM, it pulls out money from your bank account instead of charging to your line of credit. Based on your account type, bank will fix a per day withdrawal limit above which you can not withdraw from your account by using ATM machine. In this article we will be … [Read more...] about 5 things you must know about your debit card
5 best travel currency card to carry foreign exchange abroad
Before deciding the bank to choose, please remember you can carry only one travel currency card of the same currency at a given point of time. If you are traveling to more than one country having different currency at a single point of time then you may carry two travel currency cards subject to RBI’s limit. So choose wisely before your travel. If you want to take benefit of … [Read more...] about 5 best travel currency card to carry foreign exchange abroad
5 benefits of carrying travel currency card
Do you want to get out of the hassles of carrying traveler's cheque and worries of losing cash while traveling abroad? Now say goodbye to all these problems by carrying a travel currency card with you. With a travel currency card you can load your foreign exchange and use it just like your credit or debit card abroad. You are not required to have an account with the bank … [Read more...] about 5 benefits of carrying travel currency card
Base rate – How it impacts your loan
With the directives of RBI, banks in India have introduced a new concept called base rate. Under this new system banks are free to use any method in calculating their base rate provided it should be in consistent as required by RBI. Base rate is the interest rate that has been calculated by the bank on the basis of their cost of deposits and refers to the minimum interest … [Read more...] about Base rate – How it impacts your loan