This Bank was first established as a Co-operative Urban Credit Society in the year 1917. This was later on converted into a Bank. Till 1993 the Bank had only 8 branches spread over Satara District of Maharashtra only. Since then it has expanded its wings in other prominent Districts of Maharashtra viz. Sangli, Kolhapur, Solapur,… Read More »
A Fixed Deposit / Term Deposit is an account which allows one to deposit money for a fixed time period. When the deposit period is over, (i.e. at maturity of the deposit) the depositors get interest on the amount that is deposited. The fixed deposit interest rates can be as high as 9.5%. Any individual/HUF/Trust/Partnership… Read More »
For an individual, gross income (i.e. the total income that comes in hand) minus taxes, allowances, rent payments, deductions and other costs of living is called net income. An individual’s net income is used to determine income tax and loan credibility. This may also be called take home pay. The take home pay might be… Read More »
A demand draft (DD) is a cheque where the written amount is paid by the financial institution rather than the individual drawer’s account. When an individual requests for banker’s draft he/she must immediately transfer the amount of the draft along with any applicable fees and charge from their own account to the bank’s account. In… Read More »
Debit cards are issued by the banks to its customers. The card allows instant purchase and withdrawal of money from account using ATM’s. Debit cards are different from credit cards in the way they allow purchase based on funds available in the account unlike credit cards which uses a line of credit that can be… Read More »
Loans that are offered to a relative or a friend are called as crown loans. This type of loan does not hold any hard or fast rules on the borrower, generally a person well off in the family offers such loans to the one who is struggling for financial assistance to build his house, business,… Read More »
It was a pleasant morning that day when I decided to go for a walk; it had been almost twenty years then since I left my home town. I had settled in the city 500 kilometers away from my village. I had always dreamt of living in my village for the rest of my life… Read More »
In the eastern coast of the country lived a farmer totally dependent on agriculture for his living. He owned some land where he harvested rice and wheat. He was struck by heavy losses for some years where he happened to lose a lot of money. He tried to borrow money from his friends to start… Read More »
A bank account has become more of a necessity than a comfort or luxury these days. A bank account and its related features have become an essential part of an individual, especially, a salaried individual. The purpose could be for individual transactions, personal loan or home loans, educational loan or repayment of a loan through… Read More »
Lump Sum is a single payment, for the total amount due, as opposed to a series of periodic payments. In general, a lump sum is a single payment which gives all of the benefits owed to the person in single go. Lump sum payments can be seen in cases of retirement benefit packages, court-ordered financial… Read More »