CTC stands for cost to company. It is always important for a job seeker to understand the difference between CTC and take home salary. Cost to company ot CTC means the total cost that company will incur by employing you. It includes all benefit that company will provide whether monetary or non monetary. To attract candidates, these companies will always add all components to … [Read more...] about Understanding different components of your CTC
Finance
5 important things to remember while filling out a cheque
Cheque is the most common way used for bank payments or to exchange funds between two peoples. It has flexibility in making payments to someone at a future date. Writing a Cheque will be easy as long as you know what goes there. In this article we will be discussing 5 points which you have to keep in mind while writing a Cheque. Name of the payee - To Whom Cheque is … [Read more...] about 5 important things to remember while filling out a cheque
Is bank recurring deposit a good investment option for you
Advantages No TDS deducted from interest income Higher interest compare to your saving account interest rate Low risk Loan can be availed by keeping your amount in RD account as security Disadvantage Even though TDS is not deducted by the bank or post office, you are liable to pay tax on the interest amount earned on your recurring deposit investments. Interest earned on … [Read more...] about Is bank recurring deposit a good investment option for you
3 things to consider while choosing for internet banking
With access to internet banking, you can do lots of things like transferring funds, paying bills, recharging your mobile phone, viewing balance in your account, stopping payment on a cheque etc. You can do almost everything over internet without visiting your bank’s branch office. All most all banks can provide you internet banking facility. It’s up to you to avail the … [Read more...] about 3 things to consider while choosing for internet banking
How to enhance your home loan eligibility
Building your own home is special, isn’t it? To get you, your dream home, banks are offering different home loan facilities to lay the foundation. However, these banks have different mechanism to find out your eligibility before processing your application. It’s always nice to go for things with your eyes wide open. Here are few tips to help you in enhancing your home loan … [Read more...] about How to enhance your home loan eligibility
The risk of being a guarantor for your friends debt
As a guarantor, you promise the bank that you will pay your friend’s debt. Banks are generally asked for a guarantor when they are not convinced with the borrower’s asset. In case, the borrower did not repay the loan amount then bank will first sell the asset that kept as a security with them to recover the money. After such set off, if any balance loan amount left out then … [Read more...] about The risk of being a guarantor for your friends debt
How EMI Is Calculated For Your Loan
EMI stands for Equated Monthly Installments. When you take a loan from bank or financial institutions, you are required to pay fixed monthly payments or EMI calculated based on the amount of loan and contracted period. The best part of fixing Equated Monthly Installments or EMI at the time of taking loan is that the borrower will know precisely how much money they need to … [Read more...] about How EMI Is Calculated For Your Loan
Understanding Minimum Balance Requirements for saving accounts
Till date RBI has not stipulated any minimum balance requirements that need to be maintained by a customer in his saving or current account. Banks are prescribing these requirements based on the cost involved in maintaining accounts. If you do not maintain your minimum balance then bank will levy specific charges for it. In private banks these charges are higher compare to … [Read more...] about Understanding Minimum Balance Requirements for saving accounts
What does KYC mean to a bank?
KYC stands for Know Your Customer. KYC norms regulate the collection of relevant information that your bank must obtain from you for the purpose of opening a bank account or doing business with you. The objective behind KYC or Know Your Customer is to prevent money laundering, financial fraud and other fraudulent activities. This also helps the bank to understand their … [Read more...] about What does KYC mean to a bank?
5 things to consider before opening your bank account
Choosing a bank for opening your saving or current account will not be a difficult task if you know your requirements. Here is a checklist that everyone should consider before opening a saving or current account to ensure that you are getting most out of it. Choose a Bank for opening your account Before choosing a bank, you should look at several other banks to know what they … [Read more...] about 5 things to consider before opening your bank account