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 …
What is Digital Signature Certificate & How to Apply it Online in 2024 Read More »
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 …
What is Bank Overdraft & Types of Bank Overdraft in 2024 Read More »
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 …
What is Current Ratio & How to Calculate it With Formula in 2024 Read More »
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 »
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 …
What is Prepaid Expenses – Definition & Example of Prepaid Expenses Read More »
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, …
Solvency Certificate – Meaning & Download Sample of Bank SC 2024 Read More »
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 …
What is Compound Interest : Definition & Meaning of CI in 2024 Read More »
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 …
Card Verification Value Number – Meaning & Definition of CVV 2024 Read More »
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 …
What is Net Interest Income & Types of NII in 2024 Read More »
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 …
Steps to Reactivate Your Dormant Account Online in 5 Minutes – 2024 Read More »
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 …
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 …
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 »
