Tamilnadu State Bank Holidays in 2022 under section 25 of NI ACT
Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
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How does a bank decide your home loan eligibility?
Housing loans are sanctioned by banks mainly on the assessment of prospective borrowers’ monthly repayment capacity for the entire tenure of the loan and borrower’s credit-payment history provided by credit information companies like CIBIL about previous loans/credit cards etc. enjoyed by the customer from various financial institutions. Also, Banks generally fix an upper age limit…
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Gold Bond Series VIII opens from November 29 to December 03, 2021
RBI announces the issue of the eighth series of the Sovereign Gold Bonds (SGBs) scheme 2021-22 for the public from November 29, 2021, to December 03, 2021. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity…
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Home loan interest: Floating or fixed rates which is better for you?
There are two types of home loans viz. Floating Rate Home Loans and Fixed Rate Home Loans. The EMI of a floating rate loan changes with changes in market interest rates. The rate of interest on fixed-rate home loans is fixed either for the entire tenure of the loan or a certain part of the…
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RBI cautions against Co-operative societies using the word “Bank” in their name
The Reserve Bank of India has noted that some cooperative societies are using the word ‘bank’ in their names, in contravention of the Banking Regulation Act. Some cooperative societies are even accepting deposits from non-members/nominal members/associate members without any licensing or approval from the central bank, which is tantamount to conducting banking business in violation…
What is the accrual and cash basis of accounting?
In the accounting procedures, there are two methods of recording accounts viz. Accrual basis of accounting and cash basis accounting. Accrual accounting is a financial accounting method that allows a company to record revenue before receiving payment for goods or services sold or expenses are recorded as incurred before the company has paid for them.…
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