What are the Premature FD Withdrawal Rules and Charges for Senior Citizens?

0

Summary Premature FD withdrawal allows senior citizens to access their fixed deposit funds before the original maturity date. Many banks impose a penalty on early FD closure, which can reduce the interest earned on the deposit. IndusInd Bank offers senior citizens attractive FD interest rates of up to 7.75% p.a. and does not levy premature…

RuPay Credit Card on UPI: Understanding Fees and Charges

0

Summary RuPay Credit Card on UPI allows users to link an eligible RuPay credit card to a UPI app and make QR code-based merchant payments directly through the UPI ecosystem. Customers can enjoy the convenience of UPI payments while accessing credit card benefits such as a credit-free period, rewards, and seamless digital transactions. Most merchant…

How to Set the Right Sweep-Out Threshold for Your Savings Account?

0

Summary A sweep-out facility helps maximise idle funds by automatically transferring surplus balances from a savings account into a linked fixed deposit (FD). The sweep-out threshold is the minimum balance you choose to maintain in your savings account. Any amount above the set threshold is automatically swept out into the linked FD, allowing excess funds…

What is UCIC in Banking & How it Prevents Fraud Activities?

0

Summary UCIC (Unique Customer Identification Code) is a unique identifier assigned by a bank to each customer to maintain a consolidated view of their banking relationship. UCIC in banking improves customer identification, simplifies record management and enhances service efficiency. A single UCIC helps banks maintain accurate customer information across savings accounts, fixed deposits, loans, credit…

What is an Account Payee Cheque?

0

Summary An account payee cheque is a crossed cheque that can only be deposited into the bank account of the person or entity named on the cheque. An AC payee cheque offers an additional layer of security by reducing the risk of misuse, theft or unauthorised encashment. The cheque clearance timeline depends on the bank,…