Author: Nisha Chawla

Home loans are often seen as a big financial step, offering an easy way to own property. However, what most people don’t realize is that banks can add extra charges, quietly cutting into your savings. These hidden fees often come to light only after the loan is finalized, leaving borrowers with unexpected costs. If you’re thinking of refinancing your home loan or transferring it to another bank for lower interest rates, it’s crucial to understand the extra expenses that come with it. Processing Fees One of the first hidden costs of home loans is the processing fee. According to Atul…

In a surprising case of offline fraud, three people managed to deceive villagers in Chhattisgarh by setting up a fake State Bank of India (SBI) branch, offering jobs, and luring them into depositing money. The branch was set up in Chhapora village, about 250 kilometers from Raipur, and the scammers went to great lengths to create a believable bank-like environment. This fraud highlights the growing need for awareness about both online and offline scams. How the Fake SBI Branch Was Set Up The three accused, identified as Rekha Sahu, Mandir Das, and Pankaj, rented a house in the village and…

The Reserve Bank of India (RBI) held its bi-monthly monetary policy review on October 9, 2024, where it once again opted to keep the repo rate unchanged at 6.5%. This marks the tenth consecutive time the policy interest rate has remained steady, reflecting RBI’s commitment to balancing inflation control with economic growth. RBI Governor Shaktikanta Das emphasized several key changes that directly impact the common man, including warnings about rising credit card dues and updates on UPI payment limits. Below are the key highlights from the policy review. 1. Repo Rate Unchanged at 6.5% In a decision aimed at maintaining…

No change in interest rates for the tenth time, loans remain costly as RBI maintains status quo on repo rate at 6.5% The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged for the tenth consecutive time in its latest Monetary Policy Committee (MPC) meeting. RBI Governor Shaktikanta Das announced that the central bank will hold the repo rate steady at 6.5%, meaning no immediate relief in loan installments for borrowers. The repo rate is the rate at which the RBI lends to banks, which affects loan interest rates for home loans, car loans, and personal…

Taking a loan has become easier than ever, whether it’s for buying a house, a car, or funding education. Banks and NBFCs (Non-Banking Financial Companies) offer a range of loans to suit your needs. But getting a loan is just one part of the story — managing it smartly is key to staying financially stable. Here are 5 common mistakes people make when taking loans and how you can avoid them to keep your financial future on track. 1. Understand the Difference Between Fixed, Floating Rates, and APR The first step before taking any loan is to know the type…

The Reserve Bank of India (RBI) is taking action to recall Rs. 200 notes from circulation, but there’s no need for concern or confusion. Unlike the recent withdrawal of Rs. 2000 notes from circulation, this move is not demonetization. Instead, the central bank has removed Rs. 200 notes worth around Rs. 137 crore because of their deteriorated condition. This action has been part of the RBI’s ongoing efforts to clean up the currency in circulation. Torn, dirty, and damaged notes are regularly pulled out of the system to maintain the quality of the money in people’s hands. Over the past…

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting, which started on Monday, has caught the attention of home and car loan borrowers, hoping for some good news. RBI Governor Shaktikanta Das will announce the outcome of the meeting on Wednesday, October 9, and though many are expecting no immediate changes in interest rates, there is some relief in sight. Experts suggest that while the repo rate—currently at 6.50%—is unlikely to change this time, a reduction in home loan interest rates could be on the horizon. Borrowers might see a reduction of up to 0.40% on their loan…

In today’s world, debit and credit cards are part of everyday transactions. When you look closely at these cards, you’ll often see logos such as RuPay, VISA, or MasterCard. These names are more than just labels; they represent different payment networks that power your card transactions. Each of these networks offers distinct features, benefits, and charges. Understanding the differences between RuPay, VISA, and MasterCard can help you make an informed decision when applying for or renewing your card. With the Reserve Bank of India (RBI) now allowing customers to choose their preferred payment network from September 2024, knowing the pros…

If you haven’t used your savings account for a long period, it might be declared dormant by the bank. This means the account is temporarily inactive but not closed. As per RBI guidelines, a bank account becomes dormant when there is no activity (such as deposits or withdrawals) for 10 years. Although dormant, these accounts can still earn interest on your savings, and reactivating them is a simple process. Here’s how to understand dormant accounts and how you can easily reactivate yours without facing any penalties. What is a Dormant Account? A dormant account, also called an inactive account, is…

If you’re someone who frequently uses ATMs, it’s important to stay updated with the latest changes regarding withdrawal limits and charges. Every bank has its set limits for daily cash withdrawals, which depend on the type of ATM card and bank policies. Some banks allow up to Rs. 40,000 daily, while others extend the limit to Rs. 50,000. These limits ensure customer security and control cash flow. However, for higher withdrawal needs, you might need to either withdraw directly from the bank or wait for the next day. Higher Withdrawal? Know Your Options If you need to withdraw more cash…