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Insurance is quite simply protection against the risk of potential significant financial loss in the future. Insurance is a way of buying financial peace of mind against the uncertainties and risks in life such as untimely death, loss of property, serious health issues requiring heavy expenditure and accidents among others. Life insurance: Let’s take the example of one of the more popular types of insurance - life insurance. What does this mean to the individual

The amount of money that a person pays for his/her insurance policy is called the insurance premium. It is basically the amount charged by the insurance company to provide coverage. The insurance premium can be paid on a monthly, quarterly or yearly basis, depending on the insurance plan.There are a multitude of insurance plans in the market and the premium charged on each of these plans can vary depending on a carefully calculated combination of factors.How are insu

SBI fixed deposit accounts help you earn more money as interest for your surplus funds when compared to simply leaving it in a savings account.SBI fixed depositsHere are some of the main features of a fixed deposit that applies to all banks in India in general, including SBI.A fixed deposit or term deposit is one of the safest and most popular forms of investment in India. It has been traditionally seen as a safe and reliable way of investing money,

State Bank of India (SBI) offers a uniform interest rate of 4% per annum on their savings bank accounts. This rate has been effect since 3 May 2011 and is subject to change at any time.Kinds of savings accounts offered by State Bank of India1.Savings Plus Account2.Yuva Savings Account3.Basic Savings Account4.Small Savings Account5.Savings Account for minorsAll these SBI savings accounts earn 4% interest rate.

ICICI Bank offers a standard interest rate of 4% per annum on both kinds of domestic savings accounts it offers:1.Basic Savings Bank Account2.Savings Account with cheque book facilities.This rate has been in effect since May 3 2011 and is subject to change at any time.ICICI Bank offers the same interest rate of 4% for senior citizens as well. Unlike fixed deposit interest rates, there is no increased rate for customers above the age of 60.M

HDFC Bank offers an interest rate of 4% per annum for domestic, NRE and NRO accounts.  The rate is subject to change at any time.The savings bank interest isa.calculated on the basis of the daily balance maintained in the accountb.paid at half-yearly intervals  on 30th September and 31stMarch each year.  HDFC Bank Interest rate on savings accountMost banks, including HDFC Bank, offer an int

Canara Bank offers an interest rate of 4% per annum on their savings bank accounts. This rate is subject to change at any time.Canara Bank Interest rate on savings accountMost banks, including Canara Bank, offer an interest rate of 4% p.a. on savings bank accounts. Earlier, the RBI had laid down a uniform interest rate on savings accounts for all banks which meant that there was no difference in the amount you earned as interest, regardless of which bank you

Axis Bank offers Fixed Deposit (FD) schemes that enable you to invest your money and enjoy a better rate of interest than keeping the same amount in a savings bank account.Axis Bank fixed depositsHere are some of the main features of a fixed deposit that generally apply to all banks and other FD issuers, including Axis Bank.A fixed deposit or term deposit is one of the safest and most popular forms of investment in India. It has been traditionally s

Axis Bank offers an interest rate of 4% per annum on their savings bank accounts. This rate is subject to change at any time.Axis Bank Interest rate on savings accountMost banks, including Axis Bank, offer an interest rate of 4% p.a. on savings bank accounts. Earlier, the RBI had laid down a uniform interest rate on savings accounts for all banks which meant that there was no difference in the amount you earned as interest, regardless of which bank you had y

A Recurring Deposit (RD) is a form of a term deposit which allows you to deposit a fixed amount on a regular basis and enjoy the same higher interest rate as a fixed deposit. The difference is that a recurring deposit allows you to make periodic investments in the deposit, whereas in a Fixed Deposit (FD), the customer deposits the entire amount at the time of opening the FD account. An RD is a way to encourage saving among individuals who may not be able to spare a lump sum to open an FD, but

First, it is important to know that it is not possible to calculate the bank interest rate on your own. The rate is fixed by the bank based on its internal policies. However, you can calculate the amount of interest that you will receive when you keep your money in a savings account or when you invest it in a fixed deposit. It is simple to do this. All you need to know is the existing interest rate that your bank or financial institution off

The main purpose of a fixed deposit (FD) is to enable individuals to earn a higher interest rate on their surplus funds as compared to keeping their money in a savings account. A fixed deposit is one of the safest ways you can invest your money. The interest you earn may be relatively low compared to other forms of investment, but it is a risk-free option. A fixed deposit is a good option if you are looking for a regular, fixed return on available money. How do I calculate the

EMIs are probably one of the most substantial outflows from our monthly income and it is always a good idea to try and decrease the burden! But first, what exactly is an EMI? EMI stands for Equated Monthly Installment. It is a fixed amount you have to pay to your bank/lender on a fixed date, every month, for the entire tenure of your loan period, until you have fully repaid the loan with the interest due. The loan could be for any purpose – housing, auto, gold or

A home loan can be one of the most significant loans that an individual can take in terms of the long standing financial commitment that can stretch to decades. Both the loan amount and the tenure on a home loan can be considerable and it is important to think carefully before you make a decision on your home loan.Eligibility for an Axis Bank home loan There are age criteria for salaried employees, professionals and self-employed individuals. The minimum age

A home loan is a loan that is offered to individuals who wish to purchase a house or want to construct a new house. Your eligibility for a home loan depends on various factors including your income, employment status, tenure of the loan, loan amount etc. Since a home loan is a secured loan, the lender holds the title deed of the property until the borrower repays the loan in full along with the interest due. In general, lenders can of

Want to pay your SBI credit card bill online from the convenience of your home? Imagine not having to worry about finding time to drop off a cheque at the bank. Or mailing a cheque and wondering if it would be credited in time. Paying online is a safe, quick and convenient alternative way of paying your bills that saves you time and effort.To pay your bills online, you need to sign up for the net banking facility with your bank and receive a User ID and password. With this, you can n

When you apply for a car loan, it could be used to purchase a new or used car. In general, we usually hear of car loans being used for the purchase of a new car. However, banks and other financial institutions also give loans for the purchase of used cars (or second-hand cars, as they are sometimes referred to) but the criteria and terms for such loans can be a little different. What should I keep in mind when I apply for a used car loan? Interest rates

A loan you take from a bank for the specific purpose of buying a car is a car loan or auto loan. A car loan could be used to buy a brand new car or a used car. A car loan is a secured loan because the lender holds the car as security until the loan is fully repaid. This is known as hypothecation to the bank or finance company. Once the borrower pays off the full loan amount, including interest, the complete ownership of the car is legally

Selecting the right credit card depends on your income, your monthly expenditure pattern and how you plan to use your card. When choosing a credit card, you need to check 4 things:1.What is the interest rate on the card?2.What are the fees and other terms and conditions of use?3.Are the benefits (like cash back or rewards plan) appropriate for your priorities?4.Are you eligible in terms of income?SBI offers a wide range of credit cards that cater t

HDFC Bank is one of the largest private sector banks in India and also one of the leading issuers of credit cards in the country. HDFC Bank offers a range of credit cards to suit the varying needs of individuals. These include entertainment cards, travel cards, cash back cards, lifestyle cards, rewards cards, business cards and co-branded cards. There is a card for everyone, depending of course on your individual eligibility b

A personal loan is an ‘unsecured loan’ – which means that you do not need to provide your lender any asset (like a house or car) as security when you borrow the money. A personal loan is a risky loan for lenders because they do not have any collateral to safeguard their money in case the customer defaults. Since it is a relatively high risk loan ( compared to housing, gold or auto loans)  lenders are careful about what kind of customer they will approve the loan for, th