Author: Nisha Chawla
Nisha Chawla
Nisha Chawla is a seasoned professional with 15 years of experience in banking, insurance, investment, and the debt sector. Holding a B.Com degree, she has been writing for the past five years, offering valuable insights on banking, loans, and financial schemes. Her passion for writing brings clarity to complex financial topics.
With the Reserve Bank of India’s (RBI) next Monetary Policy Committee (MPC) meeting scheduled between October 7-9, many investors are wondering whether a repo rate cut is on the horizon. If the RBI decides to lower the repo rate, banks might reduce their fixed deposit (FD) interest rates. This makes now a good time to lock in higher returns before FD rates potentially decrease. For investors seeking to earn attractive interest on their savings, several small finance banks are currently offering rates between 8% and 9.5%. Here’s a breakdown of the best FD rates available, making it the right time…
High interest rates on home loans due to a low CIBIL score can increase your repayment by lakhs. Learn how to avoid paying more. Why Your CIBIL Score Affects Your Home Loan Interest Rate Your CIBIL score plays a major role in determining the interest rate you receive on home loans. A good score (750 and above) ensures lower interest rates, whereas a poor score can result in significantly higher rates. Even a small difference in interest rates can lead to a huge difference in the total amount you end up paying over the loan term. When applying for a…
The recent decision by the US Federal Reserve to cut interest rates by 0.5% has sparked speculation among Indian investors and economists regarding the Reserve Bank of India’s (RBI) next move. Industry analysts believe that the RBI could take a more decisive stance on interest rates, potentially lowering them as well. If this happens, it may lead to a drop in Fixed Deposit (FD) interest rates across Indian banks. This has created a short window of opportunity for investors, especially senior citizens, to lock in higher FD rates before any changes take place. For senior citizens looking for a safe…
The Reserve Bank of India (RBI) is set to launch the Unified Lending Interface (ULI), a revolutionary platform designed to make loans more accessible. For many people, especially those in rural areas or without steady financial records, getting a loan can be tough. But with the ULI platform, this is about to change. No longer will a low CIBIL score or lack of salary proof be barriers to obtaining a loan. A New Solution for Small Borrowers In India, individuals with poor credit histories or without formal salary documents often struggle to secure loans. This issue is particularly prevalent among…
HDFC Bank, India’s largest private lender, is expected to face challenges in its loan growth for the July-September 2024 quarter. According to global brokerage Macquarie, the bank’s loan growth may dip below 10% year-on-year during this period. This comes as an important development since it marks the first time that HDFC Bank’s performance will be measured on an annual basis after its merger with HDFC Ltd. Why is Loan Growth Expected to Fall? The predicted slowdown is largely attributed to two major reasons. First, the base effect is in play, which impacts growth comparisons when previous year figures were significantly…
The State Bank of India (SBI) has set an ambitious target to reach a net profit of Rs 1 lakh crore in the next 3 to 5 years. The bank’s Chairman, CS Shetty, revealed this goal and expressed confidence in becoming the first Indian company to achieve such a milestone. For the financial year 2023-24, SBI recorded an impressive net profit of Rs 61,077 crore, marking a 21.59% growth. Focus on Growth with Customer-Centric Approach While profits and market capitalization are crucial to SBI’s success, Shetty emphasized that the bank’s focus is equally on its customers. He highlighted that this…
If you have important banking work lined up in October 2024, it’s essential to plan ahead. Banks across India will remain closed for a total of 15 days in October, including Sundays, the second and fourth Saturdays, and several state-specific and national holidays. The month is packed with major festivals like Gandhi Jayanti, Dussehra, and Diwali, which will affect banking operations in various regions. To ensure your banking needs are met without disruption, check the complete list of holidays and plan your visits accordingly. Below is a simplified overview of the upcoming bank holidays. Full List of Bank Holidays in…
India’s Non-Banking Financial Companies (NBFCs) have started showing significant improvements after stricter regulations were introduced by the Reserve Bank of India (RBI) in 2022. A recent study conducted by economists from the RBI reveals that the sector has bounced back, but it also highlights areas where NBFCs need to be cautious, particularly in managing cybersecurity and climate-related risks. Impact of RBI’s Scale-Based Regulations (SBR) The RBI implemented Scale-Based Regulations (SBR) for NBFCs in October 2022, which brought tighter oversight and improved governance in the sector. This has led to a visible improvement in performance metrics. The study found that the…
State Bank of India (SBI) debit cardholders can enjoy the convenience of contactless payments. Without needing to enter a PIN, customers can make payments of up to ₹5000 by simply tapping their card on the machine. If you’re facing issues making contactless payments with your SBI debit card, it might not be activated for this feature yet. The good news is, that you can easily enable it through SBI’s internet banking platform. Here’s how. What is SBI Contactless Payment? With SBI contactless debit cards, payments can be made at any merchant by just tapping the card on the Point of…
For those who frequently travel, having a credit card that provides free access to airport lounges can significantly enhance the experience. Lounge access offers a range of benefits like complimentary food, high-speed Wi-Fi, and a peaceful environment, away from the busy terminals. Let’s explore some of the best credit cards from SBI and ICICI Bank that offer these perks. What Are Airport Lounge Credit Cards? Airport lounge credit cards are designed to provide frequent travelers with added comfort during their journeys. These cards often come with complimentary access to both domestic and international lounges, Priority Pass membership, and exclusive offers.…