Banking

Changes in NRI Bank Accounts & Investments

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It is a big confusion, on the changes in NRI bank accounts in Investments especially in Mutual Funds. Let us try to solve this by reasoning for the cases. It is sure that when a person is working outside India, he will undergo changes in status. These changes must be reflected in investments so thatRead More

Is Bank FD Safe? Current RBI Provisions

by Madhupam Krishna

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Recently a Cooperative Bank (PMC Bank) in India got bankrupted/failed. It is really unfortunate to see depositors waiting for their money. The event has again showcased, that there is Risk in Everything. The concept of RISK-FREE is a myth. Banks can fail & even countries can. But are Bank FD safe in India? If yes,Read More

What is One Time Mandate / OTM / NACH Mandate

by Madhupam Krishna

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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

What is ASBA?

by Madhupam Krishna

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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

by Madhupam Krishna

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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

by Madhupam Krishna

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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