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What is NACH in banking?
Posted on Wednesday, April 24th, 2024 |
What is NACH? NACH’s full form is National Automated Clearing House. It is an initiative introduced by the National Payments Corporation of India (NPCI) to streamline bulk transactions among banks. It efficiently handles repetitive and periodic interbank transactions such as subsidy distribution, salary payments, pension disbursements, and dividends. NACH is a convenient platform for collecting…
Read moreUnderstanding eKYC: What You Need to Know
Posted on Wednesday, April 24th, 2024 |
What is eKYC? eKYC, meaning Electronic Know Your Customer, is the method employed by financial institutions to remotely authenticate the identity of customers without the need for physical documents or in-person visits. This process involves using digital documents, biometric authentication, and government databases to confirm the identity of individuals opening bank accounts or accessing financial…
Read morePlan Your Summer Holidays with Your Savings Account
Posted on Tuesday, March 26th, 2024 |
As the days get longer and the temperatures rise, it’s a sure sign that summer is just around the corner. And with summer comes the anticipation of vacations, whether it’s a relaxing beach getaway, an adventurous road trip, or exploring new cities. While planning your summer adventures, it’s essential to make the most of your…
Read moreBuilding Saving Discipline with Online Savings Account
Posted on Thursday, March 21st, 2024 |
In today’s ever-evolving financial landscape, managing your finances efficiently is key to achieving your financial goals. One essential aspect of financial management is cultivating a robust savings habit. With the advent of online banking, saving money has become more convenient and accessible than ever before. In this blog, we’ll explore how you can leverage online…
Read moreImportance of Tax Planning in Building Long-Term Wealth and Maximising Savings
Posted on Tuesday, March 19th, 2024 |
Planning your taxes effectively holds immense significance in personal finance. While most people focus on planning their finances and investments, an effective tax planning strategy can help you optimise your tax liability to save more, especially in the long term. In India, yearly updates on tax regulations make tax planning an important aspect of building…
Read moreEmpower Your Child: Opening A Minor Savings Account Online
Posted on Tuesday, March 19th, 2024 |
Minor Savings Accounts are a simple and hands-on way to develop good money habits in children between the ages of 10 and 18 or legal adulthood within India. Such good money habits form the base for a healthy relationship with money that can improve your child’s quality of life. The goal behind offering minor savings…
Read moreIs There a Difference in Interest Rates Between Savings Accounts?
Posted on Tuesday, March 19th, 2024 |
Banks provide different types of savings accounts with high interest rates and easy access to cater to the needs of their customers. IndusInd offers online savings account openings that are paperless and provide ease to customers and flexibility in choosing their account numbers. Let us see what interest in the savings account is. The interest…
Read moreDiscover How to Transform Your Savings Account into a Salary Account
Posted on Tuesday, March 19th, 2024 |
A savings account is a basic deposit account that most individuals have. So, if you have just landed yourself a job, you must be wondering if you will need a new salary account or can your savings account be converted to a salary account. Well, there are multiple benefits to converting your savings account to…
Read moreA Quick Guide to High-Yield Savings Accounts
Posted on Tuesday, March 19th, 2024 |
Have you ever wished your savings could work harder for you? That’s where high-yield savings accounts swoop in to save the day. The key allure lies in the ‘high yield’ aspect, suggesting that these accounts provide a more rewarding return on your savings than standard savings accounts. So, if you’re keen on maximising your savings…
Read moreMastering the Art of Long-Term Savings: A Complete Roadmap for Financial Success
Posted on Wednesday, February 21st, 2024 |
Saving money is vitally important for long-term financial well-being and security. However, with ever-rising costs of living and lifestyle inflation, it can be difficult to put aside a significant chunk of your monthly earnings. This article will break down the various aspects of effective long-term savings and provide a solid roadmap to help you master…
Read moreWhy Does Every Indian Need a Savings Account?
Posted on Tuesday, February 20th, 2024 |
When it comes to managing personal finance, a savings account emerges as a cornerstone for most individuals, offering them a formal mechanism to safeguard their financial resources. At its essence, it is a secure repository where you can deposit funds, often coupled with the benefit of earning interest. Beyond a mere financial receptacle, this account…
Read moreDifference between Savings Account and Current Account
Posted on Tuesday, February 20th, 2024 |
When it comes to managing your finances wisely, selecting the right bank account is a crucial decision. Your choice between a savings and a current account can significantly impact how you handle your money. While both play a role in managing finances, their functions, benefits, and limitations differ. Individuals need to grasp these distinctions to…
Read moreHere’s All You Need to Know About the Auto Sweep Facility in Banks
Posted on Tuesday, February 20th, 2024 |
In the landscape of personal finance, banks have introduced a game-changer: the Auto Sweep Facility. This financial tool operates behind the scenes, working actively to ensure your money doesn’t just sit idly but rather, it dynamically engages in wealth-building manoeuvres. What is an Auto Sweep Facility Offered by Banks? The auto sweep facility shifts your…
Read moreWhat are Nominal and Effective Interest Rates in Savings Accounts
Posted on Tuesday, February 20th, 2024 |
Welcome to the realm of savings accounts, where your money has the potential to grow through the magic of interest rates. Understanding the various types of savings accounts interest rates is crucial for making informed financial decisions. So, buckle up as we explore nominal vs effective interest rates. Let’s start with the basics – the…
Read moreDual Delight of FD-Linked Savings Account
Posted on Friday, February 9th, 2024 |
In the world of banking, savings accounts and fixed deposits (FDs) are two common tools used by individuals to manage and grow their money. While both serve distinct purposes, there exists a hybrid option known as an FD-linked savings account that combines the benefits of both. Let’s dive deeper into what savings accounts and fixed…
Read moreBuilding Emergency Funds: Preparing for Unexpected Expenses
Posted on Friday, February 9th, 2024 |
Life is unpredictable, and unexpected expenses can arise at any moment. Whether it’s a medical emergency, car repairs, or sudden job loss, having a financial safety net in place is crucial for weathering life’s storms. One effective way to prepare for such unforeseen circumstances is by building an emergency fund, and a savings account can…
Read moreTips to Choose the Perfect Online Savings Account for Your Needs
Posted on Friday, February 9th, 2024 |
In today’s digital age, online savings accounts have become a popular choice for individuals seeking convenience, accessibility, and competitive interest rates. With numerous options available, selecting the perfect online savings account can seem daunting. However, with careful consideration and research, you can find the ideal account that meets your financial goals and lifestyle. Here are…
Read moreWhat is the Cash Deposit Limit in a Savings Account?
Posted on Friday, February 2nd, 2024 |
Banks and financial institutions are governed by regulations of the Reserve Bank of India, and you must acquaint yourself with these rules that shape the usage of your savings account. An important aspect that decides the account usage ceiling is the cash deposit limit. It is the maximum amount that you can deposit in your…
Read moreHow to Save for Your Retirement with a Savings Account
Posted on Friday, February 2nd, 2024 |
Retirement, a phase that marks the conclusion of your professional journey, requires detailed and extended financial planning. As you navigate various options, a savings account emerges as a reliable companion that provides stability and growth for the long term with easy accessibility to funds. So choosing the right savings account becomes crucial for personal finances. Explore…
Read moreAre you Getting Monthly Interest Credited to Your Savings Bank Account?
Posted on Friday, February 2nd, 2024 |
Imagine a life without a savings account. It seems almost impossible, right? After all, how could one manage without this financial tool that simplifies life so much? A savings account is not just for depositing money. It streamlines bill payments, helps save for future goals, keeps your money safe, offers easy access to your money,…
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