Is TDS eating up your salary and you feel that you get less in hand salary? You would be already aware about the various tax saving instruments (like Deductions Section 80C, 80D or deduction of housing loan interest) but do you know you can save more tax with the a little more Read more…
Here is the comparison of MCLR (Marginal Cost based Lending Rates) rates of all the major banks in India. These MCLR Rates are updated from time to time. Lowest MCLR is of State Bank of India. MCLR Rate is the minimum lending rate and all the loan products are linked to Read more…
Reserve Bank of India on September 1, 2016 issued notification and letter to Credit Information Companies (CIC) to provide one free Credit Information Report (CIR) in a year (January to December). CIBIL (Credit Information Bureau of India Limited) is the leading CIC and most of the banks/ FIs use CIBIL to draw CIRs Read more…
RBI is exploring the possibility of interest free banking in India to improve financial inclusion. According to Annual Report released by RBI: “Some sections of the Indian society have remained financially excluded for religious reasons that preclude them from using banking products with an element of interest. Towards mainstreaming these Read more…
SBI has already approved merger of its associate banks and Bhartiya Mahila Bank. Cabinate has given approval for merger of 5 associate banks with RBI, although no decision about merger of BMB. Here are some facts about the merger and position of SBI post merger: Banks which will be merged Read more…
Every other day there is a story about bank robbery, some inspired by a movie and some with such mindblowing ideas that movies are made on them. But can you imagine what could be the amount of biggest bank robberies? There are bank robberies amounting in thousands of crores and some Read more…
Different type of bank accounts a Non Resident Indian (NRI) can open and maintain in India, their features and benefits are: Non-Resident Ordinary Rupee Account (NRO Account) May be in the form of Saving Account, Current Account, Recurring Deposit or Fixed Deposit. Resident can be a joint holder with NRI Read more…
Credit Card is a widely used method of payment these days, as it allows to shop now and pay later. So, in way, you postpone the actual payment of your expenditure or shopping. All the spending of the month is billed and you are required to pay the credit card Read more…
Current Assets are the assets which can be converted in cash within a short period of time (not more than one year). There are some assets, which can be disposed to generate cash immediately, which are known as liquid assets and some other which are held to generate cash within Read more…
Standby Letter of Credit (SBLC) acts almost like a substitute for guarantee. SBLC is a guarantee to make payment in case of non-performance, which is issued by a bank on behalf of a client. Unlike Letter of Credit under which are primary method of payment, SBLCs are used as secondary Read more…