There may be instances where you may have come across the question, ‘What is a current account?’. Here’s what it means.The banking sector offers different types of accounts that cater to your diverse financial needs. One such account is a current account, best suited for business owners and companies. As such, it has some distinguishable …
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National Payments Corporation of India or NPCI (India), is an umbrella organisation that handles all retail payments. Established in 2007 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), it facilitates a robust payment and settlement infrastructure. To extend its services, NPCI (India) has ten core promoter banks, which are: Read on to know what …
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The Indian Financial System Code, the full form of IFSC, is an 11-character alphanumeric code used to make electronic payments. This code is unique to all banks that you can find on all account documents, such as cheque leaves, passbooks, account statements, etc. Using this unique identifier, along with the account holder’s name and account …
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Comparing the services, benefits and other features of a neo bank vs a traditional bank is crucial to choosing the right option. While both these institutions offer similar financial services, there are significant differences in how they operate. A traditional bank may be suitable for one person but will not be that convenient for another …
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In the age of fintech, knowing the neobanks’ meaning is key as they very well may be the future of the online banking experience. In contrast to traditional brick-and-mortar banks, these provide digital-only banking services at lower costs and interest rates. Fuelled by this low-cost model for end consumers, the global market for neobanks may …
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The Electronic Clearing Service (ECS) is one of the main drivers of digital transactions in India. This facility allows customers to automate fund transfers from one bank account to another. To know more about the ECS mechanism in banking, its types, how it works and more, read on. What is an Electronic Clearing Service? Here …
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A Digital Signature Certificate has become a legal alternative to a wet signature. This comes after the IT Act of 2000, which mandates the use of digital signatures to ascertain the authenticity of electronic forms. To know more about what is a Digital Signature Certificate, its types and how you can download it, read on. …
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Knowing what is IMPS (Immediate Payment Service) beforehand makes it easier to execute hassle-free fund transfers from the comfort of your home. With the rising popularity of electronic banking, IMPS stands out due to its real-time transfer capabilities. In addition, you can use this option to execute interbank transactions through multiple channels. Read on to …
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Choosing tax-saving investments has dual benefits: They help reduce your tax liabilities They enable you to build a better financial future You can choose from various government and private options, which allow you to invest as per your goals and availability. However, before you decide on any investment option, there are two important strategies you …
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Merchant banking is a crucial aspect of the financial ecosystem. Currently, there are over 200 SEBI-registered merchant banks that provide a wide range of services to their clients. These banks are very different from regular banking and from other financial institutions in several ways. They provide services to large/mid-size businesses, high-net-worth individuals (HNIs) and institutional …
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