Author: Nisha Chawla

Credit cards offer flexibility in payments, but if you’re paying only the minimum due amount every month, you might be falling into a costly financial trap. While the minimum amount helps you avoid late fees, it doesn’t stop interest from piling up. Over time, you may end up paying much more than what you initially borrowed. Let’s dive deep into why this habit can hurt your finances and what you should do instead. Understanding the Minimum Due Amount The minimum amount due is usually a small percentage of your total outstanding bill. Banks typically set it at around 5% of…

Fixed Deposits (FDs) are among the safest and most preferred investment options for risk-averse investors. Many people choose to invest in FDs with banks that offer higher interest rates. In recent years, small finance banks (SFBs) have gained popularity as they provide attractive returns compared to traditional commercial banks. But the question remains: how safe is your FD in a small finance bank? If you are planning to invest in a fixed deposit with an SFB, you need to understand the risks, benefits, and key factors before making a decision. Let’s dive deeper into this topic and explore whether investing…

A credit card is a powerful financial tool that offers convenience, flexibility, and rewards. However, if your credit card limit is suddenly reduced, it can be a major setback. A lower credit limit can affect your purchasing power, credit score, and financial planning. Banks may reduce your credit limit due to various reasons, including changes in your credit behavior, missed payments, or economic conditions. If this happens, don’t panic! There are steps you can take to restore your limit and protect your finances. Let’s understand why banks reduce credit limits and what you should do immediately to manage the situation.…

Ever wondered why your bank balance drops so fast, even before the month ends? You earn, you spend, and suddenly, you’re left asking, “Where did all my money go?” This happens to many people because small, untracked expenses quickly add up. To build wealth and achieve financial stability, it’s crucial to understand your spending habits, control unnecessary expenses, and adopt smart saving strategies. Let’s dive into how you can stop money leaks and start saving effectively. 1. Track Every Rupee You Spend The first step to saving money is knowing where it goes. Many people don’t track daily expenses, which…

Debit cards have become an essential part of financial transactions in India. Whether it’s withdrawing cash, making online payments, or swiping at a store, debit cards offer convenience and security. But did you know that there are multiple types of debit cards issued by various banks? Also, every debit card has crucial details printed on it that serve specific purposes. Understanding these aspects can help you make better financial decisions. Let’s explore the different types of debit cards available in India and the information printed on them. Types of Debit Cards in India Indian banks issue different types of debit…

Education loans have made higher studies accessible to millions of students, helping them achieve their dreams without financial barriers. However, loan repayment can become stressful if not managed properly. Many borrowers, due to unforeseen circumstances, find themselves struggling to repay their loans, leading to legal complications. If you have taken an education loan, it is crucial to take timely steps to avoid legal action and ensure financial stability. Here’s what you should do to manage your loan efficiently. Understand Your Loan Terms Properly Before taking an education loan, most students and their families focus only on securing the funds, often…

Buying a home is one of the biggest financial commitments for most individuals. While home loans make it easier to afford a property, understanding how banks calculate interest and EMI (Equated Monthly Installment) is essential. A better understanding of loan calculation methods can help you choose the best repayment plan for your financial situation. In this article, we will explore how banks determine home loan interest rates and EMI, the different calculation methods, and which approach is most beneficial for borrowers. How Do Banks Calculate Home Loan Interest? Banks use different methods to calculate home loan interest. The interest on…

Managing finances as a couple is essential for long-term stability. Whether you’re married or in a live-in relationship, certain financial documents can safeguard your financial future. These documents help in planning, legal protection, and ensuring financial security in unexpected situations. Let’s explore six financial documents every couple should have. 1. Life Insurance Policy: Securing Your Partner’s Future Life insurance is one of the most important financial assets a couple should have. It provides financial protection in case of an unfortunate event. Couples can choose between individual policies or joint life insurance plans. Having adequate coverage ensures that your partner and…

In India, women enjoy several financial benefits, especially when it comes to loans. Whether it’s a home loan, personal loan, or business loan, banks and financial institutions often offer better deals to women borrowers compared to men. Not only do they have easier access to credit, but they also get loans at lower interest rates. This raises an important question—why do banks favor women borrowers? What makes them eligible for better loan conditions? If you are planning to take a loan, understanding this dynamic can help you make the most of available opportunities. Let’s explore the reasons why women get…

Having a savings account is common for every individual, whether in a government or private bank. People use these accounts for transactions, receiving salaries, and availing of government benefits. However, many account holders are unaware of the crucial rules that apply to these accounts. If these rules are ignored, one might receive a notice from the Income Tax Department. Let’s take a look at the essential rules that every savings account holder must follow to stay compliant and avoid penalties. 1. Link PAN and Aadhaar to Your Savings Account It is mandatory to link your PAN and Aadhaar to your…