“Banking hours” or “Bank branches” are words that are fast fading in today’s technology driven world. Imagine your friends waiting in queue for popcorn while you wait in queue to deposit money? Doesn’t sound very exciting does it? This is the digital era. So why should banking be confined to challans and cheque leaves alone? Banking the virtual way is more relatable to this generation and for the generations to come.
Saving is a choice, not a task. We’ve been exposed to quite a few ways of saving money throughout our lives from the good old piggy bank to chit funds to bank accounts. However, people have this notion that Recurring Deposits provide you with a staggering amount of savings in equal portions. Reality however paints a different picture; recurring deposits constrain your savings in such a way that you save the exact same amount every month.
A common definition of Banking as taught in schools refers to the activity of obtaining money from individuals who have it in excess and lending it to those who are falling short of the same. The transaction is complete when the borrowing individual returns the money to the lending individual with some interest as a gesture of gratitude towards the individual lending the money.
What compels you to park your hard-earned money with banks? Is it to keep your money safe? Is it to manage your liquidity and facilitate easy transactions? Is it to obtain guidance regarding financial decisions? Or is it for a larger purpose, which is to provide banks the ability to lend to people who really need their services? Whichever the reason may be, our guess is that it will surely not be for interest rates you earn! With the decreasing rates offered by the largest banks of the country, with deposit rates being slashed down to half in a matter [...]
Are you familiar with compound interest? More specifically, do you know how much money it can make you? You’d be surprised! Compound interest is the accumulation of interest on the principal amount of deposit in addition to interest already earned in the past. To put it straight, it is interest paid for interest which you have already earned. At the right interest rate, you can more than double your investment in 10 years. Who wouldn’t want that? Find out how much you can make by leveraging the power of compound interest by using this Money Making Machine. All you have [...]
Time is money and opening a bank account takes time…or does it? For a first timer visiting the bank to open an account, the typical drill involves requesting a token, meeting the bank staff who may not be the happiest to greet you, yet will brief you on everything else that the bank has to offer. You blankly stare at him/her asking your queries which may or may not be answered as he/she will be busy shuffling papers on the desk. Finally, you sign a few forms and go home and wait to hear from the bank. If you are [...]