Yearender 2023: From launching the UDGAM portal for unclaimed deposits to instructing banks on timely return of property documents to borrowers, the central bank initiatives made life easy for bank customers. RBI’s stance on interest rates will be keenly watched in 2024, with some market watchers expecting reduction in rates from the second half of next year.
An advantage of the virtual credit card is that it empowers cardholders with advanced transaction controls and limits that protect against misuse and reduce the risk of significant financial loss.
Personal loan interest rates usually start at 10.5 percent per annum, depending on the applicant’s credit profile. Gold loan interest rates usually tend to be lower than personal loans for those with poor credit profiles. But a gold loan requires collateral.
Though the card offers extra reward points for LIC policy premium payments, the reward rate is not very lucrative. Also, most benefits offered are available with other credit cards, too
While taking out a wedding loan or participating in a ‘Marry now, pay later’ scheme, borrowers must understand key terms such as interest rate, loan amount, and repayment schedule. You should borrow only to pay for the basic expenses and not to fund the showbiz part of the Big Fat Indian Wedding.
You can negotiate with your bank for a reduction in interest rate on your existing home loan. The bank will charge you a fee for this so use an online home loan refinance calculator to figure out what you will save.
Many credit card holders have been found to use sharp tactics to earn faster rewards points. This has prompted banks to exclude categories such as utility bill, insurance and rent payments from their reward-earning lists.
Customers can track their unclaimed deposits through their bank’s website or the RBI’s UDGAM portal. You need to submit relevant documents to prove that you are a genuine holder or legal heir.
Rising gold prices allow existing gold loan borrowers to seek a top-up. Alternatively, some NBFCs reduce the interest rate applicable on the loan, thereby reducing the monthly or quarterly instalment.
With growth projections improving and inflation expected to be benign, the change in stance from “withdrawal of accommodation” to neutral, is the first step in the direction of an interest rate cut.
RBI MPC meeting: Higher limits for select UPI transactions and e-mandates for recurring payments such as mutual fund SIPs, insurance premiums and credit card payments will offer ease of transactions to customers.