Month: March 2016

KYC in Banking: Why KYC is Important?

The guidelines for KYC was issued in 2002 under Section 35A of the Banking Regulation Act, 1949.

How to Calculate Quarterly Average Balance?

When you own a bank account, whether savings or current, the bank requires you to maintain a certain amount in the account during a specific period of time. That is called ‘minimum balance’ or ‘average balance’. The specific duration can...

How to Open a Savings Bank Account in India?

As defined by ‘Investopedia‘, a savings account is a deposit account held at a bank or any financial institution that provides principal security and modest interest rate.