Several circumstances may arise where one does not have adequate accounting information. Conceptual errors can hamper one’s booking efforts. Henceforth, in case an individual gets confused about where to keep a record of their entries, they can open a suspense account. In the below sections, you will get a detailed idea of what a suspense …
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The RTGS form from South Indian Bank is a single application that can be used for both NEFT and RTGS transfers. A continual money transfer method that manages individual transactions as opposed to batches is called Real Time Gross Settlement, or RTGS. In this blog, you will find everything about the South Indian Bank RTGS …
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DCB Bank, headquartered in Mumbai, is a private sector bank in India that offers a wide range of financial products and facilitates secure fund transfers between bank accounts. Among its services, DCB Bank provides RTGS (Real-Time Gross Settlement) services to all account holders, available both online and offline. The bank customers can utilize this service …
In August 1943, RBL or Ratnakar Bank was founded as an Indian private-sector bank. Its headquarters is located in Mumbai and to date, it serves a customer base of 14.97 million. They have a total number of 538 branches and 388 ATMs in India. Here, you will get a detailed guide on the RBL Bank …
In this blog, we will walk you through a comprehensive guide on the closure process, while highlighting the necessary details associated with the ICICI Bank account closure form or Account Closure Form ICIC Bank Account holders may find themselves needing to close their bank account for various reasons, such as no longer needing it, switching …
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Cheque leaves are sheets in a chequebook used to write checks. Each page usually has the account holder’s name, number, and bank information pre-printed. The payer writes the recipient’s name, amount, and signature on a check leaf. Many financial transactions still use them as a physical and trustworthy form of payment. Meaning of Cheque Leaf …
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Effective money management is crucial in business. It’s important to have a detailed grasp of your company’s financial situation in addition to focusing on earnings and losses. A specialised company account is useful in this situation. Any organisation, no matter how big or little, is built on its business accounts. It makes tax filing and …
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Bookkeeping is a fundamental aspect of every business, big or small. Bookkeeping is like the heartbeat of a company, silently keeping track of every financial pulse. It’s not just about numbers and accounts; it’s about understanding the story those numbers tell about a business’s performance and potential. But the question arises: what exactly is Bookkeeping? How does …
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Virtual Payment Address (VPA) is crucial to the UPI ecosystem. A unique identification, like an email address, lets users send and receive money quickly. With VPA, customers can transact without sharing critical bank account information, improving security and privacy. In this blog, we will help you understand what VPA id means and how its simplicity …
What is VPA in UPI – Full Form & Meaning in Banking of VPA 2024 Read More »
Bank guarantees are financial institutions’ promises to pay a debt or obligation if the borrower defaults. In case of default, it guarantees payment to the beneficiary. International commerce, construction, and other commercial operations often employ bank guarantees to reduce risk and increase confidence. Bank guarantee reassure both the recipient and the guarantee seeker, making transactions …
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CPI measures changes in average consumer prices for goods and services. It’s crucial for monitoring, influencing monetary policy, and helping firms and consumers make decisions. CPI measures urban consumer expenditure on food, housing, and healthcare. Policymakers, economists, and companies use Consumer price index data to assess cost-of-living changes, adjust prices, and make financial choices. CPI …
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Debit and credit cards are vital for day-to-day banking needs. However, understanding the critical difference between credit cards and debit cards is also crucial. Debit cards are deducted directly from your bank account, whereas credit cards offer a line of credit. Definitions Let us look at some of the basic definitions of Credit Card, Debit …
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The well-known financial company, HDFC Bank provides its clients with a range of financial services. By creating an HDFC Bank account, you can simplify your banking experience. However, if you are dissatisfied with their services and intend to close your account for any reason, you can do so by following a few simple steps. Continue …
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A leading financial institution in India, Axis Bank is renowned for offering superior banking products and services to its customers. However, there are several reasons why a person may want to change or close their existing bank account. If you are unhappy with their services, or you found better services, or you are relocating, you …
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Bank MMID, a seven-digit number, simplifies Indian mobile banking. Mobile phone-based interbank financial transfers are made accessible via MMID, which the NPCI manages. Each bank account has a unique MMID that may be shared for safe payments and transactions. This technology streamlines peer-to-peer, bill payment, and other financial transactions, promoting financial inclusion and India’s digital …
In the current age of technology, where safety and genuineness are important. Thus, a Digital Signing Certificate (DSC) has become a vital instrument. These certificates function like digital identification, confirming and protecting your online activities. So, what are these certificates in reality? And how do they help in creating a more secure digital environment? Do …
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Bank overdrafts help individuals withdraw funds even with no money or insufficient funds in their account. It is a short-term loan facility that allows meet cash emergencies. In this guide, you will explore how you can avail a bank overdraft, its types, advantages, and a lot more. What is a Bank Overdraft? An overdraft occurs …
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The current ratio is a significant financial metric that provides valuable insights into a bank’s liquidity position and short-term debt-repaying ability. It evaluates whether the bank has sufficient current assets to meet its current liabilities due for repayment in the next 12 months. What is the Meaning of the Current Ratio? The current ratio is …
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Today, Electronic Fund Transfers (EFTs) have become an important part of everyone’s monetary activities. They provide a handy, swift, and safe method to move money between bank accounts. Two primary options for ETFs in India include the National Electronic Funds Transfer (NEFT) and the Real-Time Gross Settlement (RTGS). Both help in transferring funds but vary …
Difference Between NEFT & RTGS – Which One is Better in 2024 Read More »
Setting the right price for a product or service is an important skill that can greatly affect its market journey. One method that has been recognised for its potential to produce significant profits and establish a brand as a market leader is “Price Skimming.” But what exactly is price skimming? Why is it important? What …
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Knowing the ins and outs of financial management is crucial for every kind of organisation, no matter how big or small. The prepaid expenses are one such detail. Despite their apparent simplicity, they have a big impact on how a business must disclose its finances and pay taxes. So, the issue is, what precisely are …
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Solvency certificates demonstrate a person or entity’s financial stability and capacity to pay bills. Financial institutions or government agencies issue a solvency certificate to verify the applicant’s solvency, confirming their ability to repay debts or meet financial obligations. Visa applications, government contract bids, and loan applications need this document. It generally lists the applicant’s assets, …
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Compound interest is a powerful tool for long-term savings that has helped build wealth for generations. Through the principle of earning interest on interest, modest regular contributions can grow surprisingly large over decades. This blog explains the basics of compounding and its impact over time. What is Compound Interest & How it is Calculated Compound …
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From simplifying transactions to reducing exchange rate risk and convenience, opening a nostro account benefits businesses in many ways nowadays. Vostro accounts also benefit a business organization differently in other countries. Read on to learn more about both these accounts with a nostro and vostro account example. What is a Nostro Account? A nostro account …
What is Nostro Account – Meaning & Check Balance Online in 2024 Read More »
Have you ever been asked to enter your CVV number while shopping online? CVV number is a secure code that stands for card verification value and is one of the most crucial numbers on your credit and debit cards. In this guide, you will learn the definition of CVV, its uses, advantages, and a lot …
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The cash Reserve Ratio or CRR is an essential tool that regulates the money supply in the Indian economy. It determines the amount of cash that commercial banks must keep with the Reserve Bank of India. This blog discusses the concept of CRR, its purpose, determination and impact on banks and the economy. What is …
Cash Reserve Ratio – 6.5 % Of CRR Is Good Or Bad For India in 2024 Read More »
Net Interest Income, or NII, is the critical measure of profitability for banks. It is the difference between Interest earned on loans and paid on deposits. This blog explains the importance of NII for banks and the factors impacting it. What is Net Interest Income Net interest income is one of the primary sources of …
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Is your loan not getting approved quickly? Do you need clarification about why this is happening? Have you checked your CIBIL score lately? The reason might be under a low CIBIL score range. A CIBIL score is a numerical value based on your creditworthiness and determines your credit limit and interest rates. In simpler terms, …
What is CIBIL Score Range – Calculate & Check Online 2024 Read More »
One-time passwords, or OTPs, have rapidly grown in use over the past few years, providing that added layer of authentication security when logging into critical online accounts. From banking to emails and beyond, OTPs are helping to curb the threat of account takeovers and financial fraud. This blog will discuss the various aspects of OTPs …
What is One-Time Passwords & How to Generate OTP in 2024 Read More »
Dormant accounts are silent and inactive accounts for an extended period. If overlooked, they can pose financial risks and trigger fees or restrictions to the owner. The dormant period could be from six months to several years. What is the Meaning of a Dormant Account? Having a bank account dormant means any account of a …
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