Digitisation has influenced many sectors, and banking is no different. With the developments in technology shaping up every day, other banks have jumped on the bandwagon. As a result, digital banking in India has become synonymous with doing any banking activity in recent years.
It has also become the need of the hour owing to challenging circumstances whe
Living life overseas is full of fun and excitement. You learn to become independent and take care of finances while building a future. There are several growth opportunities concerning education, employment, and infrastructure. Indians travel abroad for a broader scope and achieving their aspirations.
The debt instruments primarily invest the corpus in debt instruments like Government Securities, Treasury Bills, Corporate Bonds and other money market instruments. The investment in debt funds allows the investor to earn an interest income, a predictable, periodic income. These funds invest in securities based on their credit ratings for regular interest payment.
A telegraphic transfer is an electronic means of sending money that gets mainly used for international wire transfers. Telegraphs were used to coordinate financial transactions between financial institutions, as the name implies.
On the other hand, Telegraphs have become obsolete, as modern technology now allows funds to transfer via cable networks. Therefore, the telegraphic transfer can also be referred to by the more generic term wire transfer.
The hardest time to be alive is during a recession. Unemployment, reduced demand, and a scarcity of investment opportunities are all consequences of the economic downturn. It, in turn, causes psychological distress by putting undue financial pressure on the person. There are, fortunately, ways to protect yourself from the worst effects of a recession. Here are some suggestions for how to safeguard your wealth management account if the economy tanks.
Stopping SIPs is a bad idea
Investing your money to get returns is the best way to make it work for you. It becomes even more critical as a Non-resident Indian or Person-of Indian origin in a foreign land. You have many responsibilities of your expenses and family back home. A foreign currency non-resident account enables you to save with good returns.
Making your savings work is the best way to use them optimally. A recurring deposit is the best option to do it. It lets you invest in small bits from your regular income every month. You then receive returns on your investments upon maturity. The RD interest rates are assured and safer compared to other financing instruments.
Fixed income products have always been a part of every household’s savings to provide security and growth to the investment. It also protects you from inflation. Traditionally, people preferred fixed deposits and recurring deposits for investments and relied on them for regular savings. However, nowadays, you can find many diverse investment options with the rise in the number of investors.
There are many methods of transferring money to locals and people living overseas. It is essential always to have some financial security because emergencies come without warning. Many Indians are living in foreign countries and require money for their survival. They need to meet their priorities, including medical expenses and other immediate requirements.
It has become common to have people working abroad these days. They stay away from their family and adopt a cross-border transfer of money. They do this to aid their family expenses, emergencies, etc. Remittance has been a process applied for decades to get this done. It is a convenient procedure to send and receive money across borders.
