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Bank Deposits

FCNR

A FCNR deposit, or Foreign Currency Non-Repatriable account deposit, is a type of Fixed Deposit Foreign Currency account strictly for depositing, not for saving. It allows for deposits in major currencies such as US Dollars, UK Pounds, Canadian Dollars, Deutsche Marks, Japanese Yen, and Euros. Unlike a savings account, this type of deposit offers the potential to earn higher interest rates.

NRO

A common term in the realm of finance, NRO stands for Non-Resident Ordinary account. This account is specifically designed for Non-resident Indians, allowing them to save or...

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Co-operative banks

In today's financial landscape, we often hear about banks operating under a co-operative model of ownership. This refers to a structure where a group of individuals come toge...

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Lender

Lending is the act of providing monetary funds to another individual or organization for a predetermined period of time. This exchange involves the borrower returning the bo...

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Taxable interest

In the realm of finance, it is crucial to understand the taxation of interest earned on fixed deposits. According to the Income Tax Act, any interest earned on a fixed depos...

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