The Reserve Bank of India (RBI) has directed banks to use the ‘1600’ phone number series for calling customers regarding transactions. For promotional purposes, banks and other regulated entities should use the ‘140’ phone number series. This move is aimed at reducing the risk of financial fraud. Actions to Improve Customer Data and Prevent Fraud … Read more
ICICI Prudential Mutual Fund has launched the CRISIL-IBX AAA Bond Financial Services Index – December 2026 Fund. This open-ended target maturity index fund will invest in the components of the CRISIL-IBX AAA Financial Services Index – December 2026. It carries a moderate interest rate risk and low credit risk. The New Fund Offer (NFO) for … Read more
Bank of Baroda, the largest public sector bank in India, has introduced a new fixed deposit (FD) scheme called BOB Liquid Fixed Deposit. This scheme offers secure returns like traditional FDs but also allows partial withdrawals anytime, just like a savings account. This means you can access your money whenever you need it without closing … Read more
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