Yes, updating your bank passbook regularly is a good practice. It helps you keep track of all account transactions, interest credits, charges, and your current balance. It also allows you to identify any incorrect entries or unauthorized transactions at an early stage.
A balance transfer can be beneficial if another lender offers a lower interest rate, reduced EMI, or better loan terms. Before switching, compare processing fees, foreclosure charges, and the overall savings. A balance transfer is generally worthwhile when the total savings exceed the associated costs.
Late EMI payments can negatively affect your CIBIL score. The impact depends on the delay, your previous credit history, and other factors. If a payment is reported as 30 days or more overdue, it may significantly reduce your CIBIL score. Paying EMIs on time helps maintain a healthy credit profile.
Yes, many banks and NBFCs allow borrowers to change their EMI due date. However, this depends on the lender's policy and loan terms. Some lenders may charge a fee for this service. It is advisable to check the applicable rules and charges with your bank before requesting a change.
It is generally not advisable to apply to another bank immediately after a loan rejection. First, understand the reason for the rejection and improve your CIBIL score, income profile, documents, or other shortcomings. Multiple loan applications in a short period can negatively impact your CIBIL score. Apply again only after addressing the issues.
Depositing ₹10 lakh or more in cash may be reported by the bank to the Income Tax Department as per regulatory requirements. If the money comes from a legitimate source and you have proper supporting documents, there is generally no issue. Keep proof of the source of funds for large cash deposits.
Banks deduct TDS on FD interest when the total interest earned in a financial year exceeds the prescribed threshold under the Income Tax Act. If your income is below the taxable limit, you may avoid TDS by submitting the applicable declaration form. Any TDS deducted can be claimed while filing your ITR.
If you accidentally transfer money to the wrong UPI account, report the issue immediately through your bank or UPI app. Recovery is possible in some cases, subject to verification and the recipient's bank process. Keep the transaction ID safe and report the issue without delay.
An ECS Return occurs when an auto debit for an EMI, insurance premium, or other scheduled payment fails. Common reasons include insufficient account balance, incorrect bank details, or technical issues. Repeated ECS returns may attract penalty charges and can negatively impact your CIBIL score.