Category: Savings Account

A Savings Account is usually our first association with a bank. And with so many banks offering so many variants of savings account, it might be difficult to choose one. To make the right choice, you must be aware of all the options available. Following are few of the less popular yet incredibly lucrative savings […]

In a bid to encourage cashless transactions banks will now start charging a cash transaction fee after a certain threshold of transactions is reached. A minimum of Rs. 150 per transaction will be charged after allowing 4 free transactions in a month.  ICICI, Axis and HDFC Bank have already announced the revised charges while other […]

In order to encourage cashless transactions, Reserve Bank of India (RBI) is thinking about offering banks the liberty to decide service charges for transactions. On Friday, Santosh Kumar Gangwar, Minister of State in the Finance Ministry, confirmed the same in Lok Sabha.   RBI has already deregulated interest rates on credit cards dues. There are […]

Subsequent to demonetisation, RBI had implemented a withdrawal limits on all savings and current accounts. Currently, these limits stood at Rs. 24,000 per week for savings accounts and Rs. 1 lakh per week for current accounts.  Now the RBI has announced that the Rs.1 lakh per month limit on Current Accounts has been removed with […]

Society for Worldwide Interbank Financial Telecommunication (SWIFT), the globally recognized international fund remittance system, intends to introduce additional security measures through its new Customer Security Framework. This step is being taken in order to improve customer security worldwide on the SWIFT network. SWIFT’s decision comes on the back of increased banking transaction security threats in […]

Ankit Gupta, a software professional, ran out of money in his salary account. When he tried to withdraw from one of his older savings accounts, his withdrawal requests were rejected by one ATM after another. When he contacted the bank’s customer care, he was told that his account had become dormant due to prolonged non-operation. […]

On Monday, Reserve Bank of India (RBI) increased the limit on cash withdrawal from ATMs from Rs. 4,500/day to Rs. 10,000/day per card. However, the weekly withdrawal limit has not been changed and it remains Rs. 24,000/week.   The withdrawal limit for current accounts has been also increased from Rs. 50,000 per week to Rs. […]

State Bank of India, the largest lender in the country, will soon launch SBI Digi Bank. It will be the first public sector lender to launch a digital-only bank. While digital-only banks are popular among banks, such as Citi and DBS, in other countries, SBI’s move will be a first in India. The branchless banking […]

Reserve Bank of India has issued the final approval to Paytm to set up its payment bank. Founder Vijay Shekhar Sharma of One97 Communications, which is the major stakeholder of Paytm Payment Bank Ltd, confirmed the news on Tuesday in a blog post. The company is expected to roll out the payments bank in the […]