BUSINESS
Axis Bank's one-view feature on mobile app offers access to multiple bank accounts on single platform
Existing customers of Axis Bank have the access to one-view on their mobile application.
BUSINESS
Credit card boom in India: 10 crore cards expected by 2023 end
According to RBI data, in April 2023, India had over 8.6 crore credit cards outstanding, a growth of around 15 percent from 7.5 crore in April 2022.
BUSINESS
MC Explains: Which is the best bank FD in a rising interest-rate scenario?
Investors in bank fixed deposits (FDs) have several common questions, like whether to invest in FD with a small finance bank or a private bank, parameters to evaluate before investing in FDs, whether to invest in your own bank or with some other bank, etc.
BUSINESS
How to earn more interest from your savings bank account
Auto sweep facility allows savings account holders to earn FD-like interest income while retaining the liquidity offered by a saving account. Some banks offer this facility. In June, Kotak Mahindra Bank launched its ActivMoney feature for both its savings and current account holders
BUSINESS
This Father’s Day, show Papa you care: Here are 5 financial gifts for your Dad
On this Father’s Day, consider giving your parent a financial gift. This includes gifting him a preventive healthcare plan, helping him reduce a debt, drawing up a financial plan, and more.
BUSINESS
OYO introduces Stay Now, Pay Later feature for travellers: Should you opt for it?
Stay Now, Pay Later provides customers with a credit limit of up to Rs 5,000. You need to settle the amount after 15 days of stay. One downside is that the credit limit is low for frequent and affluent travellers.
BUSINESS
Bajaj Housing Finance extends home loan tenor to 40 years: Should you opt for a home loan with longer tenor?
Home loan tenor of 40 years brings down the EMIs and increases affordability. But it increases the interest burden significantly.
BUSINESS
Deposits with scheduled commercial banks grew by 10.2% during FY23: RBI database
Deposits grew because of monetary tightening measures by the central bank since May 2022. Senior-citizens contributed about one fifth of total deposits as at end-March 2023. Investors preferred short-term deposits with the maturity period of one year to less than three years’ tenure.
BUSINESS
Kotak Mahindra Bank Myntra credit card offers shoppers a bonanza; But is it worth your time? A Moneycontrol review
Kotak Myntra credit card users get 7.5 percent instant discount on all Myntra transactions, access to Myntra Insider, a Myntra voucher worth Rs 500 on the first transaction and more. But beware of the debt trap you may land yourself in if you overspend.
BUSINESS
American credit card users owe nearly $1 trillion: Here’s how to avoid their mistakes
Do not be tempted to overspend, pay your credit card dues in full before the due date, and do not chase milestone benefits linked with your card. Most of all, learn to live within your means.
BUSINESS
e-RUPI vouchers get a boost from RBI monetary policy
The expansion of e-RUPI vouchers, with the inclusion of non-bank prepaid payment instrument issuers and individual issuance, signifies a major stride towards promoting financial inclusivity and accessibility.
BUSINESS
RBI panel proposes measures to improve customer services at banks
The committee had come across several cases of hardship faced by nominees / legal heirs while closing the accounts held by deceased deposit holders of banks. So, the BP Kanungo committee has recommended hassle-free settlement of claims in accounts of the deceased account holders.
BUSINESS
RBI MPC Meeting: Soon, banks to issue Rupay prepaid forex cards
RuPay Prepaid Forex cards can be used at ATMs, PoS machines, and online merchants overseas. This development brings forth enhanced convenience and efficiency for individuals and businesses engaged in international trade.
BUSINESS
RBI’s BP Kanungo committee proposes banking services for senior citizens, differently abled persons
Kanungo committee has proposed a dedicated call centre, facility for a relative to pay upfront for doorstep service and allowing submission of life certificates at any branch of the bank
BUSINESS
RBI panel suggests penalty for home loan providers on loss of borrowers' documents
There are several instances of original property documents getting misplaced by the lenders. So, the BP Kanungo committee has proposed guidelines for handling property documents for regulated entities.
BUSINESS
RBI committee proposes guidelines on gold loan recovery in case of borrower’s death
The BP Kanungo committee recommends guidelines for gold loan companies for serving notice to the nominee or legal heir to settle the outstanding in case of death of the borrower, auction of gold, surplus to be refunded from auction of gold and more.
MCMINIS
Why you must review your credit report regularly?
BUSINESS
HDFC Bank’s Mega Car Loan Mela offers innovative EMI options, which one should you choose?
HDFC Bank is hosting the mega car loan mela on June 2 and 3 in central India and Maharashtra. The bank is offering customers two flexible repayment options – step-up and balloon. Moneycontrol looks into the pros and cons.
BUSINESS
Green fixed deposit norms kick in from June 1. Here’s what you need to know
When you invest in a green deposit, the bank uses the money to lend to projects that support the United Nations Sustainable Development Goals, which include renewable energy, green transportation, waste management and so on.
BUSINESS
Revised bank locker rules: 5 things you must bear in mind
The bank will have to compensate in case of fire, theft, burglary, robbery, dacoity, building collapse, negligence by the bank, or fraudulent activity by its employees. The bank’s liability will be equivalent to 100 times the annual rent of the safe deposit locker.
MCMINIS
Three things to do now with your Rs 2,000 banknotes
BUSINESS
Airmiles, lounge benefits, free hotel room: Credit cards line up goodies for summer holidays
The recent rule of 20% Tax Collected at Source has brought some relief as credit card spends on foreign spends are exempt from the tax up to a spend of Rs 7 lakh. But banks charge a foreign exchange markup fee when you spend abroad. These are the top Mastercard credit cards.
BUSINESS
TCS rules on foreign tours, magazine subscriptions, iTunes, international equities… all doubts clarified
The government partially rolled back the 20% tax collected at source (TCS) rule for international spends on credit cards. Now, only those who spend more than Rs 7 lakh will come under the Liberalised Remittance Scheme and be subject to TCS.
BUSINESS
MC Explains | What to do with your Rs 2,000 currency notes?
The RBI has decided to withdraw the Rs 2,000 denomination banknotes from circulation. It encourages to deposit and/or exchange these banknotes on or before September 30, 2023.
