Saturday, April 13News That Matters

Banking

DigiBank by DBS – Zero Balance Online Bank Account with upto 7% Savings Bank Interest – Details and Review

Banking
  Digibank is India's first mobile-only bank - paperless, signatureless, branchless bank. It is completely online.   Digibank is part of DBS Bank - DBS Bank is a leading financial services group in Asia, with over 280 branches across 18 markets. It is headquartered in Singapore with presence  in Greater China, Southeast Asia and South Asia.   What are features of Digibank by DBS No Minimum Balance Savings Bank Interest upto 7% Debit Card With DigiSavings Bank  you will get physical debit card - that can be used anywhere including online and point of sale transactions, as well as overseas. You also get free unlimited cash withdrawals at nearly 2,00,000 ATMs across India. Exclusive Deals and Cashback Monthly Cashback offers for qualifying transactions  (see...

SBI Savings Plus Account with MOD High Interest Scheme – Details & Review

Banking
In one of my earlier post, I did explain how you can earn upto 9% interest on your Savings account. (Read the post here). Many members asked me about whether such facility available with SBI. So in this post, I am providing details regarding Sweep-in facility in SBI and how can you earn more from your idle Saving Account balance. SBI Savings Plus Account is a Savings Bank Account linked to MODS (Multi Option Deposit Scheme), wherein you can earn high interest from your idle funds in Savings Account. Sweepin Facility - The surplus funds in your savings account (above a threshold limit) is transferred automatically to Fixed Deposits and earns higher interest. When you need the money, the amount will automatically come in Savings Account from FD.   Some of the features of this account a...

RBL Bank Digial Savings Account – Details & Review

Banking
RBL Bank is offering Digial Savings account that is a fast way of opening an online account. You need Aadhar number and PAN number to open the account online. Features of RBL Bank’s Digital Savings Account Minimum balance required – Rs 5000 Charges waived for non-maintenance of minimum balance if SIP / RD for Rs 2000 Instant account opening and paperless Unlimited ATM withdrawals – 5 transaction free per month on other ATMs Savings Interest rate upto 6.50 % p.a You will also be receiving your Welcome Kit soon on your address, containing your personalized Debit Card. Free NEFT transfer Interest Upto Rs 1 lakh – 5.50% Rs 1 lakh to Rs 10 laks – 6% (on balance > 1 lakh) Rs 10 lakh to Rs 5 crores – 6.5%  (on balance >1 lakh)     How to open RBL Bank’s Di...

Kotak 811 Bank Account – Details & Review – Zero Balance online account with 6% interest

Banking
Kotak 811 is a digital or online bank offered by Kotak Mahindra Bank. You can open a 811 account by downloading the Kotak Mobile Banking App and registering using your Aadhaar number, PAN and other basic details. You can set up a mobile banking PIN and start using your account immediately.   Features of Kotak 811 Bank Zero minimum balance requirement Savings Interest rate upto 6% p.a Free online money transfers (IMPS, NEFT and RTGS)  Kotak 811 debit card : free virtual VISA debit card. Also, you can get the physical card for 299 p.a. charge. Login to your Kotak 811 account through app   Interest Upto Rs 1 lakh – 5% Rs 1 lakh to Rs 1 crore – 6% Above 1 crore – 5.5%  DigiBank by DBS offer similar account and gives interest upto 7% p.a. See details of DigiB...

How to open Airtel Payment Bank Account- 7.25% Savings Account Interest

Banking, News
Jan 2017 Airtel has now rolled out its payment bank across India.  If you want to earn its attractive 7.25% interest, you can open an account.  You donot need to submit any kind of documents as it is a paperless approach, using Aadhaar-based e-KYC.  Anybody who is an Airtel user, having an Aadhaar card, PAN card and carrying a smartphone with Internet connectivity can become a member of Airtel’s Payments Bank and earn an interest of 7.25% p.a by depositing a maximum of Rs.1 lakh. Here are the steps for you to open an Airtel Payments Bank account: 1) Register at www.airtel.in/money Users Who are already a member of Airtel money and are using the wallet for making the transaction, only needs to update their app to use the payments bank facility. 2) Once you have opened the website, you n...

ICICI Young Stars Savings Account – Review & Details

Banking
ICICI Bank Young Stars Account is a Bank account for children in the age group of 1 day - 18 years. Features Free Young Stars ATM cum Debit Card   - issued only on request and if your child is above 7 years of age.  You can choose limit of daily card of Rs. 1,000 / Rs. 2,500 / Rs. 5,000 per day Special Internet Banking Standing Instructions Facility for automatic transfer money from parent's account to child's account Investment Features To promote investment habits in child,  ICICI Young Star account also offers Money Multiplier facility Recurring Deposit facility  - to transfer funds to a recurring deposit for a fixed period. Normal Banking Features SMS alert Facility Anywhere Banking Free multi-city chequebook Free Email Statement facility Standing instructions...

Bank FD – Facts you must know before you invest

Banking
Bank Fixed Deposits are one of the most popular investment avenue for risk averse Indian investors. With benefits such as -decent interest rates (9 – 10%), capital safety, bank reputation, accessibility etc.,  it may seem to be good option. However, a prudent investor should carefully consider all the aspects before taking the investment decision. 1)  Advertised Bank FD yield may be misleading In recent times, many banks in their advertisement show the Annualised yield from FD, which is misleading.  For e.g in below SBI advertisement, you can see that SBI is advertising that you are getting annualised yield of 14.35% over 10 years.   You may think it is better option as compared to PPF (giving 9%) or some Mutual funds who are giving 11-13% return. Well, you may be incorrect in thinking ...

Should you invest in Gold ?

Banking
With gold prices touching new highs, you must be regretting for not buying gold when it was “cheaper” 2-3 years ago. You must be thinking – “Should I buy gold now before any further increase in prices?” Government has hiked the import duty in gold from 4% to 6% to curb import of gold. (ET 21-Jan-2013).  Why government wants to restrict import of gold? In this post, I have tried to discuss these questions and various other aspects related to gold investment. ============================================================================ We, Indians, love Gold and made India - the world's largest consumer and importer of gold.  About 40 per cent of the world's annual gold production is consumed by India and China. In 2011 & 2012, India imported approx. 1000 tonnes ($58 billion) & 800 ...