Unveiling Savings and Budgeting Strategies with Your Savings Account

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In today’s fast-paced world, managing finances efficiently is crucial for achieving financial stability and meeting long-term goals. One essential tool in this journey is a savings account. However, merely having a savings account isn’t enough; it’s essential to employ effective savings and budgeting strategies to make the most of it. Let’s explore some insightful strategies…

Is it Good to Have Multiple Savings Accounts?

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A savings account serves as a safe haven for your funds, allowing you to earn interest while keeping your money easily accessible. But is it beneficial to have multiple savings accounts? Let’s explore the advantages of diversifying your savings across multiple accounts. Advantages of a Savings Account Safety: Savings accounts are insured by government agencies,…

What is NACH in Banking? Key Insights

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What is NACH?  NACH’s full form is National Automated Clearing House. It is an initiative introduced by the National Payments Corporation of India (NPCI) to streamline bulk transactions among banks. It efficiently handles repetitive and periodic interbank transactions such as subsidy distribution, salary payments, pension disbursements, and dividends.  NACH is a convenient platform for collecting…

Understanding Annual Percentage Yield (APY) and Its Calculation

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Annual Percentage Yield (APY) is a percentage earned in one year on a Certificate of Deposit or a high-yield savings account. It is different from a simple interest rate as APY considers compounding. Simply put, a higher APY corresponds to greater earnings.  What does APY mean?  APY means compounding interest, which is earned on the…

Understanding eKYC: What You Need to Know

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What is eKYC?  eKYC, meaning Electronic Know Your Customer, is the method employed by financial institutions to remotely authenticate the identity of customers without the need for physical documents or in-person visits. This process involves using digital documents, biometric authentication, and government databases to confirm the identity of individuals opening bank accounts or accessing financial…