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Businesses with several branches employ branch accounting. It entails keeping branch financial data separate and integrating them into the leading company’s financial accounts. This method lets organizations monitor branch performance and finances separately, improving decision-making and analysis. Branch accounting includes branch-specific sales, costs, assets, and inter-branch transfers and allocations. In this blog, we will help …

What is Branch Accounting & Types of Branch of Accounting in 2024 Read More »

It’s easy to update your Bank of India registered cellphone number online, saving you from visiting a branch. You can also contact the Bank of India to change mobile number online, as it is a quick and safe manner to update your contact information. You may quickly enter the new number and submit the required …

Steps to Change Bank of India Mobile Number & Fill Form 2024 Read More »

Kotak Mahindra Bank is a renowned Indian bank that provides various financial services like savings accounts, current accounts, fixed deposits, internet banking facilities, and more for both individuals and businesses. However, if you are not satisfied with their services due to certain reasons, you can close the account opened with this bank. In this guide, …

How to Close Kotak Mahindra Bank Account Online in 5 Minutes – 2024 Read More »

Founded in 2015, IDFC First Bank is one of the prominent private-sector banks, headquartered in Mumbai. While renowned for its diverse range of banking services and products, there are instances where account holders opt for account closure. Besides providing convenient account opening facilities, IDFC Bank also ensures a streamlined process for account closure. In this …

How to Close IDFC First Bank Account Online in 5 Minutes – 2024 Read More »

Bank of Baroda, an Indian state-owned multinational banking company, is the second largest public sector bank in the country. It caters to a variety of financial needs of 153 million account holders across the globe. Some of the customers among them, despite its popularity, have to close their accounts due to various reasons including a …

How to Close Bank of Baroda Account Online in Just 5 Minutes Read More »

For investors looking for steady, low-risk returns, fixed deposits have traditionally been the preferred option. Because of the Post Office’s dependability, attractive interest rates on Fixed Deposits, and sovereign guarantees from the Indian government, many consumers select it. As of right now, the post office FD interest rate for five years is 7.50% per year, …

Post Office FD Interest Rate for Five Years in 2024 Read More »

Secure financial assets like Fixed Deposits (FDs) help people increase their money. Investment alternatives abound, but a 1 lakh FD for 1 year is incredibly beneficial. This blog explains the basics of an FD and its potential for financial stability. Then, the interest earned over a year is examined to clarify the financial advantages and …

What is 1 lakh FD Interest for 1 Year – Book 1 lakh FD Online Read More »

Credit cards are magical rectangles that are designed to make your wallet light, letting you go cashless and still spend without giving a second thought. Want to know what a credit card? Here in this guide, we will help you traverse through the basics of credit cards, its uses, advantages and a lot more. Read …

What is Credit Card & How to Apply it Online – 2024 Read More »

The primary consideration when evaluating the well-being of a specific company is its financial stature. Want to know how one can gauge it? It is the help of the debt to equity ratio that reveals whether a business is funding operations through debt or internal resources. Read on to find out more about this gauging …

What is Debt to Equity Ratio & How to Calculate it Online 2024 Read More »

A series of numbers assigned to every bank customer, the CIF number is a unique identifier crucial to the banking sector. This Customer Information File plays a vital role in managing information for the ease of banking operations and the customers. What is the Meaning of CIF Code CIF number means Customer Identification File. It …

What is CIF Code & How to Know Your CIF Code – 2024 Read More »

The Automated Clearing House, or ACH, is a nationwide batch-oriented electronic funds transfer system used in the United States. It processes large volumes of credit and debit transactions in batches each day. What is The Meaning of Automated Clearing House Automated Clearing House, or ACH, is a nationwide electronic funds transfer network. It processes large …

What is Automated Clearing House & Working of ACH 2024 Read More »

A trial balance is a crucial accounting worksheet prepared by bookkeepers at the end of an accounting period. It helps to check that debit and credit balances are equal, ensuring accurate recording of financial transactions. This blog discusses a trial balance, how it works, its different types, and its importance for businesses. What is Trial …

What is Trial Balance & How it is Used in 2024 Read More »

Promissory notes are simple contracts to lend or borrow money between parties. This blog explains critical aspects of promissory notes like purpose, features and importance in everyday financial transactions. What Are Promissory Notes A promissory note is a financial instrument one party uses to borrow money from another. It contains the basic terms of the …

What are Promissory Notes & How to Use it 2024 Read More »

Kisan Credit Card is a valuable scheme for farmers. It gives loans for farming needs at a low cost. This blog talks about the benefits of the Kisan Credit Card, how it supports farmers, and works. It also provides details on limits, charges, and the application process. What is a Kisan Credit Card ?   Kisan …

What is Kisan Credit Card & How to Apply it Online – 2024 Read More »

Bank reconciliation is a crucial accounting process for businesses. It ensures cash records match bank balances. Timely reconciliation helps keep finances transparent and prevents issues. What is a Bank Reconciliation Statement?  A bank reconciliation statement is prepared to reconcile the balances as per the bank with the balances as per the books of a business. …

Bank Reconciliation Statement – Explained BRS with Meaning & Definition Read More »

The annual percentage rate, or APR, is an important concept for anyone using loans and credit. This blog explains what the APR is, how it is calculated, the difference between interest rates and why knowing the APR helps compare financial product costs effectively. What is Annual Percentage Rate? Annual percentage rate or APR is the …

What is Annual Percentage Rate – Meaning & Formula of APR Rate Read More »

Launched in 2016, UPI or Unified Payment Interface, is a real-time payment system that facilitates the seamless transfer of money from one bank account to another through smartphones. It is the most popular and convenient method of making online payments that has been introduced by the National Payments Corporation of India (NPCI) with an aim …

What is UPI Transaction Limit & Know Your UPI Transaction Limit – 2024 Read More »

The Statutory Liquidity Ratio is an important regulatory requirement for commercial banks in India. SLR aims to ensure adequate liquidity reserves are maintained by banks to safeguard depositor funds. This blog discusses the key aspects of SLR, including its definition, calculation, objectives, regulation and impact on banks as well as the overall economy Definition of …

What is Statutory Liquidity Ratio & How it is Calculated in 2024 Read More »

Electronic Clearing Service or ECS has become one of the most preferred ways to make recurring payments such as utility bills, insurance premiums, loan EMIs, mutual fund SIPs, etc in India. With rapid growth in digital transactions, ECS provides a hassle-free solution for individuals and organizations. However, not many are aware of how this electronic …

What is Electronic Clearing Services & its Types in 2024 Read More »

Demand draft is a widely used financial instrument for funds transfer between individuals and businesses located in different places. It provides a convenient way to make secure payments without having to carry cash or wait for cheque clearance. This blog aims to provide a simple overview of demand draft, its types, process of issuance and …

Steps to Issue Demand Drafts Online in 2024 Read More »