Category: Savings Account

The recent RBI decision to introduce OTP based e-KYC verification can both save your effort and quicken the process of opening bank accounts. This means you will now be able to open a bank account without even visiting the bank!   What is e-KYC? e-KYC is a process which electronically verifies your personal details and […]

The RBI has allowed OTP based e-KYC for banks to open new accounts using OTPs (One Time Pin) on mobile phones. This amendment will quicken the process of opening accounts. Account Deposit and Transaction limits An aggregate deposit limit of Rs 1 lakh is applicable on these accounts. Also, the total financial credits cannot be […]

On Monday, NPCI (National Payments Corporation of India) and banks were advised to waive off e- transaction charges till 31st December in order to help people deal with the cash crunch caused due to demonetization. NPCI followed the advice and waived off switching fee for all RuPay issuing and acquiring member banks till 31st December […]

ICICI Bank UK Plc, British subsidiary of ICICI bank, has introduced Money2India Europe, an online transfer service. This service will enable users to transfer money from any bank account in Denmark, Norway and Sweden to any recipient bank account in India.   User’s credentials will be verified through a video call from ‘Money2India Europe’ official […]

Naveen Kukreja – CEO& Co-founder, Paisabazaar.com Saurabh Bhatia, my neighborhood kirana storeowner, wants to open a bank account in his name. However, the time and effort required for opening an account dissuades him from doing so. Just imagine the hurdles that he will face while opening a bank account. First, he will have to find […]

ICICI Bank has tied up with ftcash, a Mumbai-based mobile payments start-up, to enable Unified Payment Interface (UPI) payments for small merchants. This tie-up will help ftcash to provide UPI as a payment option for its customers while ICICI Bank will process the payment. The mobile payment start is backed by Traction Labs and IvyCap […]

With the motive of making funds transfer easier, the fifth largest private sector bank of the country, YES Bank has started UPI (Unified Payments Interface) services in association with 50 more businesses. This one-of-its-kind banking innovation will not only make the transactions secure and instant but will also make low-cost and high-volume electronic payments from […]

Public sector lender, Canara Bank recently announced the launch of its Unified Payment Interface (UPI) app named as Empower. The app was launched at the conclave of board of directors and is now available for android users on Google App Store. The app works on the platform of NCPI (National Payments Corporation of India) which […]

As per data by the RBI, the growth rate in bank deposits made in the two week period ending 2nd September marked the highest level in the past 10 years. This growth has been aided by the payments from the 7th Pay Commission and credit-to-debit ratio has increased to 14%. As of fortnight ending on […]

One of the most crucial steps towards beginning with financial planning is to sketch your financial goals. These goals essentially help you decide which investment options to go for, mutual funds, FDs, savings accounts, among others. However, there are multiple opinions surrounding the use of accounts and how many accounts are ideal to maintain in […]