Tag: personal-finance
-
Understanding MCLR and RLLR: Which Loan Rate Is Better?
MCLR (Marginal Cost of Funds Based Lending Rate) is an internally linked benchmark where banks determine the minimum lending rate based on their own funding costs,. In contrast, RLLR (Repo Linked Loan Rate), often referred to as EBLR (External Benchmark Lending Rate), is an externally linked benchmark that is directly tied to the Reserve Bank…
-
Avoiding Dormant Account Fees: What You Need to Know
When a bank account sees no customer-initiated activity for an extended period—typically 12 to 24 months—the bank will first classify it as “inactive” and may begin charging monthly inactivity or dormancy fees. These fees usually range from $5 to $25 and can slowly drain, or even completely deplete, smaller account balances. Note that automatic system…
-
Avoid Common Bank Fees: Top Strategies to Save Money
Monthly Maintenance Fees Banks charge these fees to cover the administrative costs of keeping your account open, often ranging from $4 to $25 per month, with an average of around $13.95. Overdraft and Non-Sufficient Funds (NSF) Fees An overdraft fee (averaging around $26.77 to $35) is charged when you do not have enough money in…
-
How to Use the BoB World App for Mobile Banking
The BoB World app by Bank of Baroda (formerly known as M-Connect Plus) is a comprehensive mobile banking platform that integrates over 220 services to provide a “Bank on the Go” experience. Here is a comprehensive guide on how to get started and use the various features of the app: 1. Getting Started and Registration…