IFSC Codes
IFSC means Indian Financial System Code. The Indian online payment systems like NEFT and RTGS requires IFSC code to locate the branch in which transaction is to be done. These code are directly used by RBI (Reserve Bank of India) to facilitate various interbank transactions. A IFSC Code contains 11 characters - for example - ICIC0001245 Explanation of various elements of IFSC Code The first 4 characters represent the bank or entity (ICIC0001245) - In this case it is ICICI…
Bank Related Rates
Bank Related Rates Type Name Rate Policy Rate Bank Rate 6% Repo Rate Reverse Repo Rate Marginal Standing Facility Rate Reserve Ratios CRR 6% SLR 24% Lending Deposit Rates Base Rate - Savings Bank Rate 4% Deposit Rate - Explanation of Bank Related Rates 1) What is Bank Rate? Bank rate is the rate of interest which RBI charges on the loans and advances that it extends to banks and other financial intermediaries. Changes in the bank rate are…
CBS – Core Banking Solution
What is Core Banking Solution (CBS) ? Core Banking Solution (CBS) is networking of branches, which enables Customers to operate their accounts, and avail banking services from any branch of the Bank on CBS network, regardless of where he maintains his account. The customer is no more the customer of a Branch. He becomes the Bank’s Customer. Thus CBS is a step towards enhancing customer convenience through Anywhere and Anytime Banking. How shall CBS help Customers? All CBS branches are…
NEFT UTR Number
The term UTR No. means Unique Trasaction Reference Number and it is generally used in association with NEFT transactions done through bank. For every successful NEFT transaction, your Bank will provide a UTR number (Unique Transaction Reference No.). For example, if you do the a NEFT transaction with a branch of Union Bank of India, the Union Bank of India will provide the UTR No. to you which can be used to track the transaction later. So, UTR number is…
Certificate of Deposit in India
CDs are negotiable money market instrument issued in demat form or as a Usance Promissory Notes. CDs issued by banks should not have the maturity less than seven days and not more than one year. Financial Institutions are allowed to issue CDs for a period between 1 year and up to 3 years. CDs are like bank term deposits but unlike traditional time deposits these are freely negotiable and are often referred to as Negotiable Certificates of Deposit. CDs normally…
Different Languages on Rupee Bank Notes
Ever wondered what all languages are written on the indian currency (Rupee) notes. Wonder no more, here is the list - How many can you read?
Base Rate, BPLR increased by SBI
Nation's biggest bank, State Bank of India has increased its base rate and BPLR (Benchmark Prime Lending Rate) by 75 basis point which was kind of expected after RBI's rate hike last week. The SBI bank's base rate or the minimum lending rate is now and the BPLR is now14%. Comparison of Base Rates “The increase in lending rates is in line with the policy rate rise by RBI earlier this month, which was aimed at curbing inflation,” said Managing…
Analysis of RBI Policy
The highlights of the Reserve Bank of India's Monetary Policy Statement for 2011-12 (Apr-Mar): MEASURES * RBI Policy shifts to single rate regime * Operating target of policy to be weighted average call money rate * Hikes Repo Rate 50 bps to with immediate effect * Ups Reverse Repo Rate 50 bps to with immediate effect * Keeps Bank Rate unchanged at * Keeps Cash Reserve Ratio unchanged at * Ups savings bank rate to from with immediate effect…
Can foreign nationals or tourists open banking account in india?
In short, the answer is "YES". Please read on for Can foreign tourists open a bank account in India during their short visit? A. Yes. Foreign tourists during their short visit to India can open a Non-Resident (Ordinary) Rupee (NRO) account (Current / Savings) with any Authorised Dealer bank dealing in foreign exchange. Such account can be opened up to a maximum period of 6 months. What are the documents required for opening such accounts? A. Passports and other valid…
How can NRIs and PIO invest in india?
The following facilities/options are available to the NRIs (Non-Resident Indians) and PIO (Person of Indian Origin) for investments in India. I. Bank Accounts and Deposits a) Non-Resident (External) Rupee (NRE) Accounts (Principal / Interest Repatriable) Savings - The interest rates on NRE Savings deposits shall be at the rate applicable to domestic savings deposits. Currently the interest rate is Term deposits – For 1 year to 3 years, the interest rates on fresh repatriable Non-Resident (External) Rupee (NRE) Term deposits…