Difference between NRE Account and NRO Account

 What is difference between NRE and NRO account? ” when I was to leave India for the first time. I was confused about what type of bank account (NRE or NRO account) I need to open as an NRI. So I know how you feel exactly now and you're currently going through the same situation which I had faced years ago. So let’s try to how to solve this. When an Indian citizen leaves the India for any reason and decides to be out of India for a undefined time frame ( not sure...

Computerization in Banking

Growth in computer knowledge has rapidly expanded during the last two decades coupled with reduction in the cost of computers in the market, has make it easy for bank to communicate, interchange information and knowledge more easily and efficiently. The introduction of computers in the banking sector has changed the operational system of banks from branch and paper work to the digital and network banking system. From the management to the accounting sector, computers have come as a tool to...

Effective Fraud Prevention Measures Applied in Banks and other Financial Houses

FRAUD PREVENTION MEASURES IN BANKS AND OTHER FINANCIAL HOUSES Given that fraud is a criminal act that has a negative impact both to the financial institute and to the general public as it can reduce the income of a country if not controlled. The government has forward a couple of measures to protect public funds. There has been the creation of the Uniform Commercial Code (UCC) put in place in order to serve as a regulator and to define the accountabilities of counterparties when carrying...

What is a Letter of Credit – Definition, Types, and Uses

A Letter of Credit, or LC, is a financial instrument. Banks and similar institutions, such as creditworthy financial service companies, insurance companies etc., issue it as a guarantee payment for goods and services when a seller provides all acceptable documents. There are three participants in a Letter of Credit – the beneficiary, the applicant, and the issuing bank. The beneficiary is the person/company who would receive payment. The applicant is the buyer of goods and services who...

Pros And Cons Of Multiple Savings Accounts

Are multiple savings account worth your time, money, and efforts? A lot of people wonder whether it is worth it or not. On one hand, there are some financial experts who say that one should stick to a single savings account. While others say that having multiple savings accounts for various saving targets are a better choice. You can adopt any of the two pieces of advice to grow your finances. As long as you keep building your wealth, you are okay irrespective of what you choose. If you have...

How to Trade in Online Share Market

How to trade in a share market online isn’t that complicated nowadays.  Before you start buying and selling in a share market, you ought to acquire an appropriate knowledge through books and on-line tutorials. Stock and mutual funds are both desirable funding alternatives. However, shares have a tendency to hold extra threat than mutual finances. Mutual budget are essentially a varied collection of shares and bonds. As a beginner, I would advise you to strive mutual funds first than...

Millions of Facebook, Twitter, and Gmail passwords stolen in massive hack attack

Researchers at cybersecurity firm Trustwave in a recent report released this week said hackers have stolen usernames and passwords for nearly two million accounts at Facebook, Google, Yahoo, Twitter,  and others. The massive data breach was a result of a keylogging software that got maliciously installed on a large number of computers around the world. The virus was capturing log-in credentials for popular websites like Facebook, Twitter and others over the past month and...