One Time Mandate (OTM) or NACH facility is a one-time mandate registration process that will enable you to transact seamlessly in a simple, convenient and paperless manner in the future. Many times you read that SIP needs “OTM” or “Auto Debit” registration, so that you don’t have to issue multiple cheques. It is also calledRead More
Banking
What is ASBA?
What is ASBA? A simple innovation to help investors save some paperwork & money. With the advancement in processes & technology, ASBA has become a very popular tool subscribe for IPO, NFO or NCDs. If you are still writing cheques for these and losing interest till the new scheme opens, you need to learn –Read More
Introducing the India Post Payments Bank
I & my daughter went to post Rakhis for our family. The post office is a bit far, but we have a post box hanging on a Neem tree near our house. I was surprised that it was full with “Rakhi Packets”, to the extent that I could pull out a few if I insertRead More
BSBD Account : A No-Frill Easy Way to Do Banking
Did you notice that now, for unused or dormant bank accounts, no more we receive message mentioning that we have negative balance figure like “credit balance of -973 Rs”. This is because now banks have a category of savings account called the BSBD Account or Basic Savings Bank Deposit Account. So now dormant accounts withRead More
Is my Bank Deposit Safe Under FRDI Bill
There is a lot of noise on Social Media on the safety of your bank deposit post the FRDI bill becomes an Act. This bill is debated a lot because it directly impacts the 2 pillars of our lives – Banks & Savings. Today let’s try to find the answer to this buzzing question –Read More
Understanding NRI Accounts, Repatriable & TDS Rules
When you are an NRI, the banking rules and accounts changes for you. If you follow these rules and implement from start, it will be easy for you to transact, send money and invest. So let’s learn the basic concepts behind NRI accounts Repatriable TDS and other terms. So the changes start happening when youRead More