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Increased Interest Rates for Senior Citizen Savings Schemes, KVP, NSC & Post Office Time Deposits
Various small savings schemes have had their interest rates increased by the Indian government in an announcement, including the National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS), Post Office Time Deposit Schemes (POTD), Post Office Monthly Income Scheme (POMIS), and Kisan Vikas Patra (KVP). This move is aimed at providing better returns to small investors and promoting savings culture in the country. Let's take a closer look at the new interest rates of each of these government schemes , which are applicable from January 1, 2023.
How will RBI's Digital Rupee Work & How is it Different
With the pilot launch of Central Bank Digital Currency, India has taken a significant step towards digitising its financial ecosystem. Central Bank Digital Currency (CBDC) is the electronic version of the nation’s official currency and is issued by respective country's central bank. In India, the RBI (Reserve Bank of India) will issue this legal tender, also known as the digital rupee .
Home Loans Process To Go Paperless Soon
In a rapidly digitizing world, it's no surprise that even our home loan process is going paperless. With the new "digital home loan" process, you will soon be able to apply for and receive a home loan without having to step into a bank. This new process is still in its early stages, but it has already begun to revolutionize the way we think about and apply for home loans. In this blog post, we will explore the paperless home loan process and how it can benefit you.
Banks Hike FD Rates for Senior Citizens - Is it Time to Invest?
The RBI has constantly been increasing interest rates for the last few months to fight inflation. While the interest rates for loans have increased, which has affected people’s borrowing decisions, there has also been an increase in the deposit rates.
Four Emerging Banking Trends in 2023
The banking sector has gone through some major changes in recent years, and it’s only going to continue to change in the years to come. If you’re looking to stay ahead of the curve, it’s important to know what trends are emerging in the world of banking. In this blog post, we will explore four major banking trends that are emerging in 2023. From digital-only banks to new payment methods, read on to learn more about what’s in store for the future of banking.
3 New Credit Card Rules from 1 October: How it will Impact You
The digitisation of payments has increased credit card penetration in the country. No doubt, up to 50 days interest-free credit period on all Bank of Baroda credit cards, with added advantages like reward points, welcome perks, complimentary services, etc., have been behind this phenomenal surge. However, with this growth, there has been an increase in credit card misuse and fraud. To protect customer interests and take stringent actions, RBI has announced the following regulatory changes in the credit card policy w.e.f 1st October 2022.
The UPI way: Cardless cash withdrawal at ATMs
In April 2022, the Reserve Bank of India (RBI) announced cardless cash withdrawals at ATMs bringing the country under a Unified Payment Interface (UPI). This move has allowed cardless cash withdrawal from smartphones giving users the freedom to pay and transact without having to deal with cash at all. Indian banks switched to new technology in the early 1990s through internet banking and reinvented themselves. With the popularity of internet banking, banking apps were developed which eased cardless cash withdrawals and transfers. UPI transactions flourished during the COVID-19 pandemic and opened gateways into a cashless world. UPI cash withdrawals are making digital payments so much a part of everyday life that leather wallets are heading towards extinction. The behavioural readiness, particularly with the RBI legitimising UPI transactions, has cut across generations to accept this transition through their smartphones.
How Tokenization Will Change Your Online Purchase
Making digital payments and paying for your online purchases will be very different from what you have done up until now. This is because, according to the Reserve Bank of India (RBI) standards, no online platform or payment gateway will be able to save credit card information in its entirety from October 1. This is what card tokenization is. Other aspects of online transactions via cards will stay the same and you will use your credit or debit card to pay for your purchases. So, what will change, indeed? What is tokenization in effect? Continue reading to learn more.
New Guidelines on Digital Lending Issued by RBI
Owing to the rampant malpractice in the digital lending space, the Reserve Bank of India mandated digital loans to be credited directly to the borrower's bank account. A third-party inclusion will not be acceptable. Along with this norm, the RBI regulations suggest, that the charges to the Lending Service Providers (LPS) should be paid by the digital lending entities and not the borrowers.
New Credit Card Rules Effective from July 1, 2022
On 21st April 2022, the Reserve Bank of India (RBI) released a notification named ‘Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022. The notification includes new rules and regulations pertaining to the issuance of unsolicited facilities, credit card closures, new credit card issuance, etc. The new rules apply to all Scheduled Banks (except Payment Banks, State Co-operative Banks and District Central Co-operative Banks) and all Non-Banking Financial Companies (NBFCs) in India. If you are a credit cardholder or plan to apply for a new credit card, here are the new credit cards rules effective from 1st July 2022.
Tokenisation: Will It Make Your Online Card Transactions Secure?
Thanks to digitalisation, the number of online transactions is higher than ever. You can use a host of payment methods to make online payments - credit card and debit card payments being one of them. The cards allow you to make quick payments at stores as well as online. At the time of online checkout, all you need to do is enter your debit or credit card details and verify the transaction through OTPs. Some mobile shopping apps also let you save your card details. However, this will not be possible after 30th September 2022. The Reserve Bank of India (RBI) has rolled out multiple notices about tokenisation. It is a security measure aimed toward maximising prevention against online payment fraud. Read on to know more about tokenisation of card transactions and find out whether it can make your online card transactions safer.
5 Key Changes in PPF Account Rules That You Must Know
Saving for retirement is incredibly important. The Government of India offers several schemes geared toward the same. Most of these schemes also come with tax deduction benefits. One such popular scheme that allows you to create a lumpsum retirement corpus is the Public Provident Fund or PPF. The GOI has introduced some changes to this incredibly popular scheme in recent years. Let us understand what PPF is along with the new PPF rules.