On Friday, the Reserve Bank of India (RBI) announced that all banks must offer fixed interest rate products for personal loans that are paid in monthly installments. This was clarified through a set of Frequently Asked Questions (FAQs) released in response to an August 2023 circular. The circular focused on how banks should handle floating … Read more
Every day, banks handle large transactions, and many customers visit them for financial tasks. But what happens if the banks are closed for several days? It’s helpful to know in advance when banks are closed in your area so you can plan your financial work accordingly. From January 11th to January 15th, there will be … Read more
Many of us keep our savings in a bank’s savings account, where we earn interest on our deposits. The bank provides simple interest, and the interest rate varies depending on the bank and the amount deposited. Equitas Small Finance Bank has some good news for its savings account customers. The bank has announced an increase … Read more
In the new year, Union Bank of India has announced a reduction in interest rates for Fixed Deposits (FDs) of less than Rs 3 crore. The revised rates came into effect on January 1, 2025, with a specific decrease in the interest rates for FDs maturing in 333 days. Special Rates for Senior Citizens Senior … Read more
The Reserve Bank of India (RBI) and banks have introduced several reforms to make the banking system more borrower-friendly and transparent. These changes aim to simplify loan processes, reduce financial stress on families, and ensure fair practices in the banking sector. Loan Repayment from Insurance Policy One of the significant reforms ensures that families are … Read more
Bank of Baroda (BOB) has reduced the interest rates on bulk fixed deposits (FDs) ranging from Rs 3 crore to Rs 10 crore. This change affects new investments from January 1, 2025, and will not apply to existing FDs. Customers can check the updated rates by visiting the bank’s website or a branch. However, this … Read more
The Reserve Bank of India (RBI) has introduced a new system to avoid mistakes and fraud in online money transfers. Starting from April 1, 2025, customers will be able to check the name of the bank account they are sending money to, when using RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Fund Transfer). Facility … Read more
IDBI Bank has made changes to its Fixed Deposit (FD) schemes, introducing new FD periods and offering higher interest rates. They have also extended the investment deadline for special FDs, giving investors more time to invest. New 555-Day Utsav Callable FD From December 23, 2024, IDBI Bank has launched a new Utsav FD scheme with … Read more
ICICI Prudential Mutual Fund has introduced the Rural Opportunities Fund, an open-ended equity scheme focused on rural and related sectors. The fund aims to invest primarily in industries that support the growth and development of rural India. By targeting companies involved in these sectors, the scheme seeks to build long-term wealth. The New Fund Offer … Read more
If you use an Axis Bank credit card, this news is crucial for you. Effective from today, December 20, 2024, Axis Bank has introduced significant changes to its credit card terms and conditions. These updates affect various services, including finance charges, cash payment fees, currency conversion markup, fuel and utility transactions, and more. Here’s what … Read more
Credit card customers in India now face the possibility of higher late fees. On December 20, 2024, the Supreme Court stayed a 2008 decision made by the National Consumer Disputes Redressal Commission (NCDRC). As a result, customers who fail to pay their full credit card bills on time will have to pay higher late fees. … Read more