First Step to Financial Flow

Bank Accounts, Demystified

Bank accounts are the foundation of modern financial management, offering a safe place to store money and enabling smooth transactions for individuals and businesses.

🏦 1. Savings Account

Purpose: For everyday individuals to save and grow money gradually.

Best for: Salaried individuals, students, pensioners.

💼 2. Current Account

Purpose: For businesses and professionals to manage frequent transactions.

Best for: Shop owners, freelancers, companies.

🪙 3. Fixed Deposit

Purpose: Lock in a lump sum for a fixed period to earn higher interest.

Best for: Long-term savers, retirees, goal-based planners.

📅 4. Recurring Deposit

Purpose: Save a fixed amount monthly and earn interest like an FD.

Best for: Salaried individuals, disciplined savers.

Explainer Video

Check out our latest breakdown on banking basics!

Your Money Working for You

Interest is the reward banks pay you for keeping your money with them. Understanding how it works can help you maximize your idle cash.

📉 1. Savings vs FD

Savings (2.7% - 4%): High liquidity, lower returns. Calculated daily, credited quarterly.

FD (6% - 7.5%): Money is locked for a period. Higher returns but penalties for early withdrawal.

🚀 2. Compound Interest

Concept: "Interest on Interest". Most banks compound quarterly.

Power: A ₹1 Lakh FD at 7% isn't just ₹7k profit/year; it grows faster the longer you keep it.

👵 3. Senior Citizen Rates

Bonus: Banks typically offer 0.50% extra interest to seniors (Age 60+).

Why: To support retirement income stability.

🧾 4. Tax on Interest

Savings: Exempt up to ₹10,000/year (u/s 80TTA).

FDs: Fully taxable. TDS is cut (10%) if interest exceeds ₹40k/year (₹50k for seniors).

Explainer Video

Watch: How banks calculate interest.

Understanding Bank Cards

From debit to credit, plastic money runs the world. Learn which card fits your spending style and how to avoid hidden fees.

💳 1. Debit Card

Purpose: Spend money directly from your bank account.

Best for: Daily expenses, ATM withdrawals, controlling debt.

🛍️ 2. Credit Card

Purpose: Spend borrowed money to pay back later (often with rewards).

Best for: Lifestyle expenses, emergency funds, reward seekers.

🏧 3. ATM Card

Purpose: Linked directly to your savings or current account.

Best for: Primarily for cash withdrawals at ATMs, but not for shopping or any other payments

Explainer Video

Watch: Debit vs Credit explained in 60 seconds.

Specialized Cards

Beyond standard banking, these specialized tools help with travel, gifting, and everyday commuting.

✈️ 1. Forex Card

Purpose: Holds foreign currency at locked exchange rates.

Best for: International travelers avoiding high conversion fees.

🤝 2. Prepaid Card

Purpose: Load money in advance and spend until it runs out.

Best for: Budgeting, giving to teenagers, safe travel spending.

🎀 3. Gift Card

Purpose: One-time load card used as a present.

Best for: Gifting during festivals or corporate rewards.

🌐 4. Virtual Card

Purpose: A digital version of a debit or credit card, generated instantly for secure online transactions.

Best for: Online shopping, subscriptions, and payments where you don’t want to expose your physical card details.

Explainer Video

Watch: How to save money on international trips.

Modern Payment Methods

Cash is no longer king. Explore the digital tools that make moving money instant and effortless.

📱 1. UPI (Unified Payments)

Purpose: Instant bank-to-bank transfer using a phone number or QR code.

Best for: Paying friends, street vendors, and online shopping.

💻 2. NEFT (National Electronic Funds Transfer)

Purpose: Electronic transfer of money from one bank account to another in batches.

Best for: Scheduled transfers, bill payments, moderate-value transactions.

⚡ 3. RTGS (Real-Time Gross Settlement)

Purpose: Immediate transfer of large-value funds between banks.

Best for: High-value business or personal transactions.

🔄 4. IMPS (Immediate Payment Service)

Purpose: Instant interbank transfer using mobile, internet, or ATM.

Best for: Urgent transfers, small to medium amounts.

Explainer Video

Watch: UPI vs Wallet vs Net Banking.

Bank Frauds

Bank frauds are deceptive practices aimed at stealing money or sensitive information from individuals. They can occur both online and offline, and awareness is the first step to protection.

👆 1. KYC Fraud

Purpose: Scammers pose as bank staff asking you to “update” KYC details, tricking you into sharing personal information

Prevention: ✅ Banks never ask for sensitive details over phone/SMS. ⁠
✅ Update KYC only through official bank branches or apps.

🏧 2. ATM Skimming

Purpose: Devices installed on ATMs copy card data, which is later used to clone your card.

Prevention: ✅ Inspect ATM slot before inserting card.
✅ Cover keypad while entering PIN.
✅ Prefer ATMs in secure, well-lit locations.

💼 3. Account Takeover (ATO)

Purpose: Hackers use stolen credentials (via phishing, social engineering, or dark web purchases) to hijack your account and lock you out.

Prevention: ✅ Use strong, unique passwords for banking. ⁠
✅ Never share passwords or OTPs via email/SMS. ⁠
✅ Access your bank only through official apps or websites.

🔒 4. Cheque & Loan Fraud

Concept: Forged cheques or fake documents used to withdraw money or obtain loans

Prevention: ✅ Keep cheque books secure.
⁠✅ Verify loan offers directly with your bank.

Explainer Video

Watch: How to stay safe from OTP scams.