RBI keeps Repo Rate Unchanged, Lowers Retail Inflation Target

Ellipse RathBankingLeave a Comment

Reserve Bank of India

The Monetary Policy Committee, in its bi-monthly policy review, has taken a neutral stance and kept the repo rate and reverse repo rate unchanged at 6% and 5.75% respectively. The Cash Reserve Ratio (CRR) remains at 4%. Furthermore, inflation targets have been lowered from 5.1% to 4.5%, citing lower food prices. Furthermore, this has escalated a rally in stocks and … Read More

SBI new rules for Minimum Balances take effect from April 1, 2018

Ellipse RathBankingLeave a Comment

sbi credit card application status

The new minimum balance rules of State Bank of India(SBI), the country’s largest commercial bank, has come into effect from April 1, 2018. SBI had reduced its penalty charges for non-compliance of average minimum balance in savings accounts by 75% last month. The move came after SBI faced criticism for earning Rs. 1,771.67 crore, more than its second quarter profit, from customers … Read More

What is UPI Payment: How it works, How to use, Transaction charges

Team FinTownBankingLeave a Comment

UPI

What Is UPI/UPI payment? Unified Payment Interface or UPI is an online real-time payment system. UPI is a project developed by the National Payments Council of India (NPCI) and regulated by the RBI. Users can link multiple bank accounts in a single app and transfer funds without an account number or IFSC code.  Users can also accept payment requests over … Read More

Sukanya Samriddhi Yojana Scheme Features, Details and Benefits

Team FinTownBankingLeave a Comment

Sukanya Samriddhi Yojana Scheme

Sukanya Samriddhi Yojana Scheme (SSYS) is a small savings deposit scheme designed for Indian female children. The funds from this saving scheme are made use for a girl child’s higher education or marriage. Details Of Sukanya Samriddhi Yojana Scheme Parents or guardians can open an account in the name of their daughter or a girl child. The account must be … Read More

National Saving Certificate (NSC) – Features, Schemes, Interest Rates Chart, Calculation

Team FinTownBankingLeave a Comment

national savings certificate

National Savings Certificate (NSC) The National Savings Certificate Scheme or NSC is a small saving scheme run by the Postal Department in Indian. NSC is a relatively safe investment considering its run by the Government. An investor or certificate holder makes an investment for a fixed period on certificates of varied denominations. Schemes Under NSC There are three types of … Read More

What Is The Difference Between Current Account And Deposit Account

Team FinTownBankingLeave a Comment

Difference Between Current Account And Deposit Account

What Is A Current Account? A current account is for use by sole proprietors, companies, partnerships, associations, trusts, etc. to make current transactions. All business transactions are conducted through a current account. A current account does not have an end or maturity date. What Is A Deposit Account/Savings Account? A savings account is a basic deposit account for an individual … Read More

How To Get RuPay Card?

Team FinTownBankingLeave a Comment

How to get rupay card

What Is a RuPay Card? To understand how to get RuPay Card, an applicant must know what is a RuPay Card. RuPay Card is an Indian domestic card scheme, such as Visa and Master cards. It was launched by the National Payment Corporation of India (NPCI). (RuPay; Ru: Rupee, Pay: Payment). Eligibility For RuPay Card To be eligible for RuPay card, an … Read More

SBI updates IFSC codes and names of 1300+ branches (Full list updated)

Anish TadimarriBankingLeave a Comment

SBI updates IFSC codes and names

After the merger of the five SBI associate banks into SBI recently, State Bank of India has now updated the names of branches and IFSC codes of 1300 branches nationally. The IFSC code and branch name changes have been made to SBI locations across major metros including Delhi, Bombay, Hyderabad, and Bangalore. “Some of our old associate branches are getting … Read More

EPF Balance? Check PF Balance on Mobile Through SMS Now

Anish TadimarriBanking2 Comments

check epf balance through sms

Employees Provident Fund (EPF) is the contribution jointly made by an employer/s and an employee. EPF plays an important role in meeting the retirement goals of an employee. In addition, EPF, can also be used for various other purposes which include occasions like marriage, education, medical and home loan repayment services.  EPF earlier were tax-free. However, in late 2017, tax-exemption on … Read More

A Year Later: Impact of Demonetization on the Indian Economy

Team FinTownBankingLeave a Comment

impact of demonetization on the Indian economy

On Nov 8 2016, India, in an effort to curtail black money, canceled 86% of the currency in circulation.  Currency worth Rs.15.44 Trillion was demonetized and new notes were printed to remonetise the economy. As anticipated, the immediate impact of demonetization was a cash crunch in the first few months. Usage of credit/debit card and digital wallets increased as an … Read More