National Electronic Fund Transfer was introduced in 2005 and is an advanced version of Electronic Fund Transfer (ETF). NEFT is an online mode of transferring funds through the banking channel. NEFT works on deferred net settlement (DNS) basis. Here transaction are held in batches and settlement made at a specific time. Currently NEFT services are [...]

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Real time gross settlement (RTGS) is one of the most convenient modes of making interbank money transfers in India. The transfer of funds occurs on continuous basis as per instructions received and so called as real time and as, the processing of instructions and settlement of funds, done on individual basis, known as gross settlement. [...]

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Non-Resident Ordinary (NRO) account is a normal bank account opened by an Indian in Indian rupees. The account holder actually wishes to move abroad, staying abroad as an NRI. This account is best suited for those who have certain sources of revenue generation in India like, rent, dividend, pension, etc. The earnings deposited in this [...]

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Last article emphasized on credit report and building up of better credit history. Banks and financial institutions have to look out for credit report before approving any loan of any customer. Its becomes important for an individual to have a clear understanding of credit report and how it effects your eligibility in future, while applying for a [...]

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Credit Information Bureau of India Limited (CIBIL) is a storage centre maintaining credit history of customers all over India. More than 500 different banks, financial institutions, insurance companies, NBFC’s, etc are all CIBIL’s client and the detail action of each customer of such bank/ institutions/ company is being maintained by CIBIL. Suppose you have applied for [...]

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