The Vibe Journal: Finance Blogs

A Vostro account allows banks to extend their services to customers when they are travelling abroad. Since a bank can’t have branches in every city of every country, this is an effective solution that helps customers residing outside the country.  Knowing about these banking services allows you to choose and open an account in a …

Wondering, ‘Can I transfer money from an ATM?’, the answer is yes and this option can come in handy when you don’t have internet access and don’t want to make a branch visit.  Moreover, it’s an easy process very similar to withdrawing cash. That’s not all. Most banks also provide a plethora of services, making …

mPassbook or mobile passbook is a facility banks provide to their customers, allowing them to keep track of their accounts. It connects your savings account or current account to your mobile, allowing you to access your statement of account instantly and remotely. This means you can know your account status anytime, without making any branch …

Cheque bounce charges are a penalty that you must pay when the cheque fails to provide the promised amount. Writing a cheque is an agreement to pay the mentioned sum bound by the law. So, when you cannot honour it, these charges are a result.  This may happen when your cheque payment is not cleared …

Choosing a pay order vs demand draft depends on your payment requirements and several other factors. While these banking instruments serve the same purpose, they differ in their key features. This includes clearance time, amount, acceptability and more. Although their use has reduced over the years, several merchants and individuals still rely on them. As …

Knowing what is the MMID code for your account makes sending and receiving funds instantaneous, thanks to the Immediate Payment Service (IMPS). This is a fund transfer facility offered by the National Payments Corporation of India (NPCI).  With the growing popularity of online banking options, you don’t need a bank account number and IFSC code …

A post-dated cheque is a negotiable instrument that promises payment for future dates. When writing this cheque, the drawer adds a future date for encashment based on the need and fund availability.  Thus, a post-dated cheque comes with a validity period specified by the law. Knowing about this type of payment method ensures that you …

Choosing between IMPS vs NEFT electronic fund transfer options depends on multiple factors. These two options serve the same goal of making convenient fund transfers but have many distinct features and benefits.  Old-school fund transfer methods allow you to send and receive a higher amount through multiple channels. Therefore, many private and government agencies rely …

Your CIBIL score update time relies on many factors, including your latest credit activities and the time lenders take to report your transactions to credit bureaus. Before applying for any type of credit, consider these crucial pointers: Read on for a brief overview of why you need a good CIBIL score, when credit score is …

The CIBIL defaulter list is a misinterpreted term, as CIBIL or any other credit bureau does not maintain such a list for defaulters. Nevertheless, maintaining a healthy credit score is crucial when opting for credit. Here’s a quick tabulated overview of what is the ideal credit score range: Credit Score Meaning 800 – 900 Excellent …