BANKING AFFAIRS

Detailed explanation-1: -Per the Reserve Bank of India, you are entitled to 5 free ATM transactions every month at your bank’s ATM, three free transactions at other bank’s ATMs in metro areas and five free transactions at other bank’s ATMs in non-metro regions.

Detailed explanation-2: -Most banks charge for premature withdrawal of the fixed deposit. This is usually 0.5%-1.00% of the interest rate. However, some banks do not charge any penalty in case of an emergency or if you wish to invest the same amount in another investment option provided by the bank.

Detailed explanation-3: -If you’re wondering what is the difference between a deposit and a withdrawal, the truth is that they are exact opposites: A deposit is money put into a bank account for safekeeping until you need it. A withdrawal is money that’s taken out of your account.

Detailed explanation-4: -The three most common types of payment in today’s market are credit cards, debit cards, and cash. Credit and debit card transactions involve fees paid by merchants to the card companies, but they tend to involve larger purchase amounts than cash transactions.