As per an article by the Hindu Business Line, Muthoot Finance MD, George Alexander Muthoot, wants to offer gold loans worth Rupees 10 lakh at 12% interest rate to both existing and new customers. The scheme will be launched on December 1st 2017. Muthoot Finance wants to target the scheme at Small and Medium […]
On Nov 7, 2017, the State Bank of India tweeted the launch of two savings accounts (Pehli Udaan and Pehla Kadam) for children. Pehla Kadam is meant for children below 18 years of age and Pehli Udaan will be for to children above 10 years of age. The aim behind launching the savings accounts […]
As per an article by Business Today, during the first ten months of demonetisation – November 2016 to August 2017, the volume of mobile banking, mobile wallet and card (both debt and credit) transactions soared. The volume of mobile wallet transactions went up from 537 million to 2,407 million, a whooping increase of 348%. […]
To promote digital economy, HDFC bank has made RTGS and NEFT transactions free of cost and cheque-related transactions costly. The bank has revised RTGS and NEFT online transactions fees and charges for savings, salary and non-resident accounts. As per the bank, nothing will be charged from customers for RTGS and NEFT online transactions from November […]
Since last November’s demonetization, credit card usage and outstanding balances have increased by as much as 39% according to a Business Today news report that cites data collected by the Reserve Bank of India (RBI). The RBI data quantifies India’s total credit card outstanding balance at Rs. 59,900 crores as of September 2017 as compared […]
Whenever you borrow a home loan, lenders such as banks and Non-Banking Financial Companies (NBFCs) usually shell-out 80% of your property’s worth as a loan amount. The remaining 20% of the property value is to be paid by you. This 20% amount is called your Down Payment. For example, you are buying a property […]
Your credit card offers numerous dining benefits but you seldom dine out, you are more of a movie buff. On the other hand, your friend likes shopping a lot but her credit card offers airline privileges more than shopping benefits. This is true for most of us. We own a credit card that is not […]
As per an NDTV.com article, the Cheque books of the State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank now stand invalid. After the merger of these six banks with the State Bank of India (SBI) in April […]
The State Bank of India (SBI) has announced a waiver of account closing charges for savings accounts that are at least a year old according to a Business Today (BT) news report. This announcement comes only a few days after India’s largest public sector bank announced a revision of the minimum balance requirements for savings […]
The country’s largest public sector bank, State Bank of India, has reduced the limit of Minimum Average Monthly Balance (MAB) in metro cities from Rs 5000 to Rs 3000. The bank has decided to treat bank accounts in metros on the lines of those in urban centres. This move will directly benefit more than 5 […]
