Benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY)
The Pradhan Mantri Jan Dhan Yojna (PMJDY), a mega financial inclusion scheme, launched by government of India to cover those households who do not have bank accounts at present and belonging to poor section. Special Benefits under PMJDY Scheme The account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accidental…
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What is the meaning of ‘cooling period’ in collection of foreign currency cheques?
Foreign currency cheques A foreign currency cheque is one in which cheque amount is denominated in foreign currency like US Dollar, EURO, GBP, JPY etc. The personal -cheque, cashier cheque, travellers’ cheque, demand-draft etc. which are denominated in foreign currency are payable/ drawn on a bank outside India. Cash Letter Arrangement For collection of foreign…
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Education loan scheme in India and its benefits
(This article envisages what are the expenses considered for the loan, what will be the quantum of loan and margin, what will be the repayment/holiday, moratorium period, what type of security to be offered, what is a capability certificate, significant tax benefits, etc. ) IBA has revised the guidelines on education loans. Click here to…
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What is RuPay card?
RuPay cards are gaining momentum as a domestic card payment network in India. The RuPay cards payment network is similar to international payment card networks like Visa International and MasterCard. The National Payment Corporation of India (NPCI), a Government of India undertaking, has launched RuPay cards in March 2012. Since its inception, this domestic network has started…
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What is the difference between Liquid fund and Ultra-Short Term Fund?
Liquid fund is a type of mutual fund akin to a savings bank account of a bank. The liquid fund does not have lock-in period, so the investor can enter and exit at any point of time from the scheme. The fund is suitable for those who like to park short term surplus money with…
What are the functions of a Mutual Funds organization?
The functions of Mutual Fund Organizations (MFO) can be described as (a) Collection of funds from public (b) Investment of funds collected from public in capital market (c) Proper management of investment portfolio as a trustee to the investor’s money. The investment made by the public/investors in the AMC under a scheme is divided into…
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