One positive side-effect of Demonetization is increasing cashless transaction, be it by using Debit card, Credit, Card, Mobile Wallets e.g. Paytm, or cheques. If you look at all of them Cheque is probably the oldest way of doing the cashless transaction and after Demonetization it's important has increased more. Even though cheques are there from a long time, I have found people afraid of issuing cheques, partly due to a fear that it can be misused. Someone can change the amount or account number or copy their signature etc.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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