Category Archives: Banking

Swep in Sweep out

High Interest Sweep-In Sweep Out-Accounts

How Sweep-In Sweep-Out Account Works? Sweep in Sweep out Facility can be offered under your savings and Current account in Which Banks set minimum amount (10000 to 25000) which earn Current Fixed Deposit Rate instead of 4% interest means savings account interest. Amount over the threshold limit means minimum amount will automatically convert into small fixed deposits in multiple of 1000 or 5000 depending upon the bank. Whenever you withdraw amount by ATM or Cheque as regular transactions more than minimum amount (threshold limit) set by bank, your fixed deposits will automatically liquidated. It will be liquidated on the base Continue Reading »

Banking Code

Banking Codes MICR,CTS, ICS, IFSC and SWIFT

What is MICR CTS? First of all, MICR Means Magnetic Ink Character Recognition code (MICR Code). It is a character-recognition technology used by the banking organizations for the processing and clearance of cheques and other documents quickly. The technology allows MICR readers to scan and read the information directly into a data-collection device. CTS – Means Cheque Truncation System. Cheque Truncation System (CTS) or ICS – Image-based Clearing System, in India, is a project of the Reserve Bank of India (RBI), to boost cheque clearing mechanism. MICR is related to Cheque Clearing System and other two codes IFSC and SWIFT Continue Reading »

sbi State Bank Of India

State Bank of India SBI New Service Charges Effective from 01st July 2017

State Bank of India, the largest public sector bank announced a lot of revisions in its charges on 1st June 2017. And now from 1st July 2017 Service charge applicable will be 18 % instead of 15 % on every service due to GST effect. ATM Withdrawals: 8 free ATM (5 at SBI ATMs and 3 at ATMs of other banks) transactions in metro cities and 10 (5 at SBI ATMs  and 5 at ATMs of other banks) free transactions in non-metro cities are entitled to regular savings bank account holders. For customers of Basic Savings Bank Deposit Account, only four Continue Reading »

highest-interest-rate-on-saving-account

Savings Account with Higher Interest Rates

All of the Government Banks gives 4% interest on the Savings Account. Also, the private bank offers 4% Interest rate on Savings account, but there are some banks which offer higher interest rate up to 7.25 %. Details of some of these banks which offers a higher interest rate on savings account have been listed below with account opening procedures. 1. Airtel Payments Bank Interest Rate: 7.25%, Minimum Balance Required: Zero Balance Bharti Airtel Payment bank offers 7.25 % interest rate on its account. account opening procedure is also simple by using airtel mobile number. In addition to this, it Continue Reading »

Home Loan

How Existing Borrowers Can Reduce Their Home Loan Interest Rates

Banks and housing finance companies reduced interest rates on home loans. Banks charge a conversion fee of around 0.5% on your outstanding loan amount, plus taxes. For instance, if your home loan outstanding is Rs 10 lakh, the conversion fee would be around Rs 5,000, plus taxes. 1. Banks follows MCLR (Marginal Cost of fund-based Lending Rate) model The MCLR is the benchmark rate below which a bank cannot lend and is calculated based on a prescribed formula based of four variables (1) marginal cost of funds (2) operating cost (3) tenure premium and (4) negative CRR-carry cost. MCLR replaced Continue Reading »