The apex bank eased regulations for Basic Savings Bank Deposit (BSBD) Accounts, popularly known as ‘no-frills’ accounts. As part of the financial inclusion drive, the RBI had asked banks to provide BSBDA as a savings account offering – certain minimum facilities, free of charge. The Reserve Bank of India (RBI) on Monday said commercial banks need to…
Summary of the important announcement regarding Banning of 500 & 1000 Rupee Note : 1. Black money issue, 500 rupees and 1000 rupees banned from Midnight. 2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only. 3. All Residents have option till 30th December 2016, to deposit…
Fundamental of Financial planning. 1. 30 % of your income must be used for monthly living expenses. 2. 30% of your income must be used for Liabilities repayments 3. 30% of your income must be SAVED for your future LIVING. 4. 10% of your income must be spared for entertainments, vacations……….. 5. 6 moth monthly…
What is Negative Interest Rate?DEFINITION of ‘Negative Interest Rate Policy (NIRP)’ A negative interest rate policy (NIRP) is an unconventional monetary policy tool whereby nominal target interest rates are set with a negative value, below the theoretical lower bound of zero percent.A negative interest rate means the Central Bank and perhaps private banks will charge…