Liquidity is an important aspect of one’s personal finances. Is bank savings account the best way to maintain liquidity? No, there are better ways of managing liquidity. We can here mention about liquid funds.
Liquid Fund is a kind of mutual funds which invest your money in money market instruments such as a certificate of deposits, commercial paper, and Treasury bills, with a residual maturity of up to 91 days. Continue reading “Know the Working of Your Liquid Funds”
With growing awareness about Mutual Funds, What is SIP is a very common question asked by those who are new to mutual funds. Simply speaking, SIP is a method of investing a fixed amount, regularly – weekly, monthly, quarterly or annually in a mutual fund scheme. SIP allows you to buy the units of your chosen scheme on a date/s chosen by you. You can invest a fixed amount in a chosen scheme every week, month or quarter, depending on your convenience through ECS (auto-debit from your bank account) facility or through post-dated cheques. Continue reading “What is SIP – All about SIP and SIP Calculator”
Recently SBI slashed interest rates and introduced a two-tier interest system for savings accounts, whereby savings accounts with less than 1 crore deposits will incur just 3.5% (this is a drop from 4%, which is the continued rate for deposits over 1 crore) The reason given behind the change was that, a decline in Inflation must be met with a corresponding decline in the savings rate. Continue reading “Make your Money work in your Interest”
Of all the inventions that truly revolutionised modern life, the Internet surely ranks as one of the top contenders. Combined with automation workflows powered by analytics in the backend, technology has revolutionized the banking experience for all customers, especially those with NRI accounts and FCNR accounts, which are less accessible physically. Banking today is less of a financial business and more of a technology business, and no wonder, the focus of investors is so high in the Fintech industry. Continue reading “The internet has revolutionized digital banking for individuals”
Launched recently, a few months back, based on RBI guidelines, the Unified Payments Interface (UPI) offers an architecture and a set API standards to facilitate online payments more securely. The central UPI platform is developed and managed by the National Payments Corporation of India, which also manages other digital payment mechanisms like retail clearing platforms such as Immediate Payment Service (IMPS), National Automated Clearing House (NACH) and Cheque Truncation System (CTS). The move towards promoting UPI aims to simplify and provide a single interface across all NPCI systems so that they can facilitate seamless data interchange thereby facilitating superior user experiences across stakeholders like customers, service intermediaries and service providers. Continue reading “The Future of Digital Banking lies on UPI”
4 simple tips will get you the best home loan product. Try them today!
It has become imperative, in today’s times, to take a home loan if one wants to buy a house. The cost of real estate has escalated tremendously over the last decade, and most buyers are unable to fund the purchase unless they take a home loan. Continue reading “How to get the best home loan”
Marketplaces have always been the preferred shopping choice since forever. They allowed access to multiple brands and various options in a single area. This translated into a convenience in terms of saving the time to be spent in traveling as well. Similarly, for the sellers in the marketplace, this resulted in giving them access to a large customer base as well. As such, marketplaces were a win-win situation for both the shoppers as well as the sellers. Further, with the advent of the internet era, the concept of marketplace got redefined and was taken to another level, as online e-commerce portals like Flipkart, Amazon etc. enabled access to several marketplaces just with a click of the mouse. Similarly, for booking your travel tickets, you no longer need to check with your travel agent every time you need to plan your vacation and just log on to any of the travel booking sites like MakeMyTrip, Yatra etc. Continue reading “Online Lending Marketplaces – New Talk of the Town”
Of all the inventions that truly revolutionised modern life, the Internet surely ranks among the top 5 when it comes to utility. Its earlier use was restricted only to communication via email and Instant Messenger (IM), but slowly, it began to expand its reach into other areas as well. Continue reading “How technology has played a part in improving personal banking services”
Opening a Fixed Deposit account is something of importance in today’s economy. But, how does one ensure that their FD gets them the best possible returns? Read on to find out.
Fixed Deposit accounts are a type of savings account that functions on a fixed interest rate for a predetermined period of time. Once the account matures, the interest is then credited to you, the investor. Fixed Deposit rates in India are constantly fluctuating, so if you opened your FD at a reasonable interest rate, then you probably have nothing to worry about. However, here are a few ways to improve your returns from your FD. Continue reading “7 secrets to improve your Fixed Deposit interest”
RBI has ordered Indian Banks to develop a stronger focus in terms of capabilities to combat cyber crimes. The increasing role of ICTs in the indian banking industry is highlighted in this statement. It is interesting to note that RBI has recently frame the policy which insurance the need for Indian banks to have a dedicated focus for combating Cyber crimes. Indeed this is evident the way recently RBI has his structured its internal organisation to include a CIO heading at its top management who has a very strong focus on cyber security with decades of experience in the domain. Continue reading “RBI decision highlights the increasing role of ICTs in Banking Sector”