Digital money is similar in concept and use to its cash counterpart in that it can be a unit of account and a medium for daily transactions—it is treated the same as cash. For example, the dollars in your bank account are digital—banks no longer store physical cash for clients. When ...
banks offer a wide variety of accounts to fit the many needs of their customers, e.g. Savings, Current, BSBDA, Fixed and Recurring Deposits, and NRI Accounts. Each account has its own unique characteristics, and specific requirements – from facilities offered to balance maintenance and so on...
While interest rates are changing rapidly, online savings accounts may help you earn a better return. They’re similar to the accounts offered by traditional brick-and-mortar banks, but because online banks have lower overhead, they often offer higher rates. You may also be able to find accou...
A Current account is a type of deposit meant for your business transactions. This is an account you should open to deposit and withdraw cash for business purposes. Banks usually provide unlimited daily transactions, with no restrictions or caps on the sums withdrawn or deposited ...
without the need for anyintermediaries, the transactions are usually instantaneous and low-cost. This fares better compared to traditional payment methods that involve banks orclearinghouses. Digital-currency-based electronic transactions also bring in the necessary record-keeping and transparency in ...
a retired professional or Indian living abroad, not having a bank account is unimaginable. Based on the purpose, frequency of transaction, and location of the account-holder, banks offer abouquet of bank accounts to choose from. Here is a list of some of thetypes of bank accounts in India...
Though there may be slight differences, most banks have similar steps for how to set up a savings account: Complete an application that includes personal information such as your address, phone number, and Social Security number. Select the type of account you want to open. Deposit money into...
Virtual currencies are considered digital currencies created by private organizations instead of central banks. Since virtual currencies aren't regulated, they don't have any intermediaries interrupting or monitoring payments. Though this can help speed up transactions, it can also leave the currency vul...
As an NRI, you might come across numerous options and might have to choose between multiple products when it comes to deciding about your savings and investments. You can make an informed choice only when you are aware of the various options that are available to you. This will help you en...
Digital payments allow you to get paid almost anywhere. Here are the most popular types of digital payments and how you can accept them.