The Moneyview Savings Index 2024, which was conducted during the financial year ended March 2024, showed that 72% of the respondents earning over Rs 50,000 monthly salary have higher savings compared to just 51% of those earning less than that. It stated lower-income groups often opt for safer options like savings accounts even though interest … Read more
The State Bank of India (SBI) has increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points (0.1%) across all tenures, effective June 15. This adjustment will result in higher EMIs for borrowers with loans linked to MCLR. The hike sees the one-year MCLR rise to 8.75% from 8.65%, the overnight MCLR … Read more
When you buy a home, you think of securing a favourable interest rate. This matters not only for existing homeowners but also for new buyers. Recently, most financial institutions have seen a significant shift as home loan interest rates have surpassed the 9 percent mark. With the increase in interest rates, homeowners and buyers have … Read more
The National Payments Corporation of India (NPCI) has added a couple of new features for the RuPay Credit Card users on the Unified Payments Interface (UPI) platform, along with enhancements for credit lines on UPI. Users can now avail of EMI (Equated Monthly Installments) facility on the linked credit accounts through their UPI app. Besides, … Read more
Failure rates in automated debit transactions have remained stubbornly high in June indicating that financial stress due to localized lockdowns to curb the spread of the Covid 19 pandemic has still not subsided. Data from the National Payments Corporation of India’s (NPCI) National Automated Clearing House (NACH) platform shows that failure rates for debit transactions … Read more