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What is UCIC in Banking & How it Prevents Fraud Activities?
Updated on Tuesday, October 13th, 2026 |
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…
Read moreWhat is an Account Payee Cheque?
Updated on Tuesday, October 13th, 2026 |
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,…
Read moreDifference Between New Tax Regime and Old Tax Regime
Updated on Monday, October 5th, 2026 |
Summary India currently offers taxpayers a choice between the old tax regime and the new tax regime. The new tax regime is the default tax regime and offers lower slab rates with fewer deductions and exemptions while the old tax regime allows taxpayers to claim deductions such as Section 80C investments, Section 80D health insurance…
Read moreEssential Documents for Opening a Bank Account: Your Handy Checklist
Updated on Monday, October 5th, 2026 |
Summary Opening a savings account is one of the first steps towards managing personal finances and accessing essential banking services. Banks typically require certain documents to verify a customer’s identity and address as part of the KYC (Know Your Customer) process. Common documents needed for opening a savings account include identity proof, address proof, PAN…
Read moreHow is Interest on Savings Account Taxed?
Updated on Monday, October 5th, 2026 |
Summary Interest earned on a savings account is generally treated as income and may be subject to taxation as per the applicable income tax provisions. Unlike some other investment instruments, savings account interest is typically not subject to TDS by banks, making tax compliance simpler for account holders. Regularly monitoring savings account balances and interest…
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