Your Money

Since online or digital transactions are subject to electronic frauds, customers making money transfers should be cautious. SBI, which offers many options to make online money transfers and other electronic banking services, has time and again urged its customers to adopt banking habits that ensure safe transactions.

SBI internet banking customers, or customers who have subscribed to the bank's internet banking service, are required to register their mobile number with the lender by November 30, according to SBI's corporate website - sbi.co.in. Failing to do so by the stipulated due date may lead to deactivation or blockage of the bank account, according to SBI.

In a fixed deposit, money can be invested for a higher rate of interest than savings accounts.

While transacting via an ATM-cum-debit card, customers often forget hiding their password, which may lead to a fraud. In order to prevent such instances, SBI recommends that customers should conduct ATM transactions in complete privacy. In case an unauthorised transaction happens via the ATM-cum-debit card, customers should immediately inform the bank, says SBI.

Recurring Deposit or RD is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income.

PPF account is an investment avenue with income tax benefits.

Unlike in usual fixed deposit accounts, which are fully liquidated, SBI MODS account holders can withdraw in multiples of Rs. 1,000.

FD interest rates vary from one bank to another, depending on factors such as the term of the fixed deposit.

India Post offers a variety of banking and remittance services, other than mailing services.

In a SBI's flexi deposit account, deposits can be made anytime during a month and any number of times.

Customers failing to meet the average monthly balance (AMB) requirements in a month have to bear penalty charges.

Fixed deposits (FDs) are not only offered by banks but also by companies. In fact, the interest rates offered on company fixed deposits are higher than those on bank fixed deposits.

Small finance banks may be niche banks, catering to a small section of customers, but the interest rates that they offer on savings bank accounts are much higher than larger peers. Consider this: large banks like State Bank of India (SBI), HDFC Bank and ICICI Bank offer between 3.5 per cent and 4 per cent on savings account deposits. But small finance banks like Jana Small Finance Bank, ESAF Small Finance Bank and North East Small Finance Bank offer up to 7 per cent on savings account deposits.

The UIDAI issues the Aadhaar number as well as the Aadhaar card, which is the personal identification card based on the Aadhaar system. The masked Aadhaar option can be used while downloading a digital copy of Aadhaar card, the UIDAI added.

Lenders also pay slightly higher interest rates on fixed deposits to senior citizens, compared to those applicable to the general public.