Author: Nisha Chawla

A savings account is one of the most basic and widely used financial products offered by banks, post offices, and financial institutions in India. These accounts allow individuals to deposit money, earn interest on their funds, and withdraw cash as needed. With multiple types of savings accounts available, choosing the right one can make a big difference in managing finances effectively. Let’s explore the different types of savings accounts in India and understand who should opt for which one. 1. Regular Savings Account This is the most common type of savings account, suitable for individuals who want to keep their…

Managing multiple credit cards can be overwhelming, leading to missed payments and financial stress. If you’re finding it difficult to keep up with several cards, it might be time to deactivate some of them. This guide will walk you through the process of deactivating credit cards in India, ensuring a smooth experience. Understanding the Need to Deactivate Credit Cards Having multiple credit cards offers benefits like varied rewards and increased credit limits. However, juggling several cards can lead to complications such as missed payments, increased debt, and a negative impact on your credit score. Deactivating unnecessary cards can help streamline…

In today’s world, taking loans for various needs such as homes, cars, or personal expenses has become a common practice. Banks and financial institutions provide loans after assessing the borrower’s financial history and creditworthiness. The borrower then repays the loan through regular installments along with interest. But what happens if the borrower passes away before repaying the full loan amount? This can create a complex situation for both the borrower’s family and the bank. Let’s explore how banks recover loans in such cases and who bears the responsibility. What Does the Bank Do When the Borrower Dies? When a borrower…

Getting a personal loan can be challenging if you have a low credit score, but it’s not impossible. While lenders often look at your credit score to assess your loan eligibility, there are alternative ways to secure a loan even with poor credit. Here are practical methods to help you get the funds you need. 1. Check and Understand Your Credit Score Before applying for a loan, it’s essential to know your credit score. Knowing your score will help you identify areas for improvement and choose the right lender. 2. Explore Non-Bank Lenders Traditional banks are often strict about credit…

If you use a credit card, you receive a monthly statement detailing your transactions, payments, and charges. Unfortunately, many people neglect to thoroughly review their statements, which can lead to unnoticed errors, missed payments, and financial stress. Regularly checking your credit card statement is not just a good habit; it’s an essential step to maintain financial discipline and avoid unnecessary fees. Let’s dive into the 7 key aspects of a credit card statement that you must check every month to keep your finances in order. 1. Look for Suspicious Transactions The first and most critical step is to check for…

Traveling has become an integral part of life for many Indians. Whether it’s a quick getaway or an international trip, people are increasingly turning to travel loans to fund their journeys. According to reports, nearly 62% of Indians travel two to five times a year, making travel loans a popular financial tool. Banks and financial institutions offer travel loans with flexible terms, making it easier for people to fulfill their travel dreams without relying on credit cards. If you’re considering a travel loan, here are some crucial factors to keep in mind before applying. 1. Borrow Only What You Need…

Taking a loan has become a common practice in modern times. From purchasing a home to funding higher education, loans help individuals achieve financial goals that might not be immediately possible otherwise. However, a worrying trend has emerged: many people misreport their income when applying for loans. A recent survey conducted by global software firm FICO sheds light on this issue and reveals shocking statistics about the behavior of Indian borrowers compared to their global counterparts. Why Do People Misrepresent Their Income? For many, the temptation to inflate income figures on loan applications stems from the desire to secure higher…

The Reserve Bank of India (RBI) has introduced new guidelines to make it easier for home and car loan borrowers to manage their interest rates. These rules allow borrowers to switch between fixed and floating interest rates during their loan tenure, offering greater flexibility to manage costs based on repo rate changes. This move is part of RBI’s effort to enhance transparency and give borrowers more control over their loans. Let’s understand what these changes mean and how they impact borrowers. What Are Fixed and Floating Interest Rates? Fixed Interest Rate A fixed interest rate remains constant throughout the loan…

Indian banking giants HDFC Bank, ICICI Bank, and the State Bank of India (SBI) have achieved a remarkable milestone by securing spots in the list of the world’s top 25 banks by market capitalization. This achievement reflects the growing strength and global competitiveness of Indian banks in the financial sector. Indian Banks Make Their Mark Globally According to a data analytics firm Global Data report, HDFC Bank ranks 13th globally, followed by ICICI Bank at 19th and SBI at 24th. The market cap of these banks as of December 2024 underscores their significant growth: This remarkable growth positions these Indian…

Education is key to shaping a bright career, but financial hurdles can arise during higher studies. To address this, banks offer two main financial solutions: student personal loans and education loans. While both help students financially, they serve different purposes and come with unique features. Let’s dive deeper into how these loans differ and where to find the best deals. How Is a Student Personal Loan Different from an Education Loan? While both loan types aim to assist students financially, their usage, features, and requirements vary. Banks Offering Student Personal Loans in India Several banks provide attractive personal loan schemes…