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No. A Savings account is not a mandatory requirement to get a demand draft from Axis Bank. You need to carry the following details:
- Your Name & Identification proof (Passport, Driver's License etc. - Anyone would suffice)
- The person to whom the DD must be payable to (The receiver)
- The Amount (You need to carry cash for the same)
- The Commission Charges (The charges for issuing the DD)
Once you fill up a form for getting the DD with the details you can submit it to the bank teller and deposit the cash. They will also take a DD issuing charge and then issue the DD in 15-20 mins time.
However, if you have a bank account with Axis Bank, the commission charges you need to pay will be comparatively lesser than what you may have to pay if you are a non-customer.
What else can I help you with?
Different between non deposit taking institution and deposit taking?
NBFC stands for Non-Banking Financial Company. It is a company that provides financial services to customers but does not accept customer deposits and provide deposit accounts (like savings account, checking account etc.) A Bank is a deposit taking institution that provides banking and financial services to customers.
What are types of deposit taking institutions?
Deposit-taking institutions take the form of commercial banks; savings and loan associations and mutual savings banks; and credit unions.
What is the amount of money you earn before taxes are taking out?
It is called your gross wages. It is what you actually earned. The tax withholdings are like any other bill you pay with your gross earnings with a few simple twists: it basically goes to a savings account and is withdrawn when you file a return and actually determine how much tax for the year needs to be paid, as people (even with the exact same gross earnings) rarely end up paying the same tax. If there is excess in that savings account when you file your return, it is refunded.
Does debit mean taking out subtracting from a checking account?
18,000
What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
What are the possible benefits of taking out a health insurance savings account as compared to purchasing ordinary health insurance?
There are many benefits of taking out a health insurance savings account as compared to purchasing ordinary health insurance. One of the best benefits is the possibility of interest growth in the savings account as well as not having to purchase it all at once.
What are 2 benefits of a savings account?
1) creating savings goals 2) putting money in without taking it out gives you interest!
Why is investec commercial bank a deposit taking intermediary?
It have a variety of deposit account, such as check account, savings and time deposit
What are the restrictions on withdrawing funds from a savings account where withdrawals are not allowed?
If a savings account does not allow withdrawals, you may face penalties or restrictions for taking out money before a certain time or without meeting specific conditions.
What are the potential consequences of parents taking money from their child's savings account without their knowledge or consent?
Taking money from a child's savings account without their knowledge or consent can lead to a breach of trust, strain the parent-child relationship, hinder the child's financial security and independence, and potentially be illegal.
How does taking out a 401k loan impact the overall balance of your retirement account?
Taking out a 401k loan can reduce the overall balance of your retirement account because you are borrowing money from your own savings, which means there will be less money invested for your future retirement. This can potentially slow down the growth of your retirement savings and impact your long-term financial goals.
Mutual Fund vs Savings Account?
Return rates on mutual funds are traditionally much higher than those on a savings account. Users are however taking more of a risk with mutual funds. The amount of risk can be measured by a number of things - including volatility.
Can i make 400 a month on a 10000 investment or savings account?
To make $400 a month from a $10,000 investment or savings account, you would need an annual return of about 48%, which is quite high and typically not achievable with traditional savings accounts or conservative investments. Most savings accounts offer interest rates well below 1%, and even aggressive stock market investments usually average around 7-10% annually. Therefore, consistently earning $400 a month from that investment would require taking on significant risk or finding high-yield opportunities, which can also lead to potential losses.
Finding a High Interest Savings Account?
A high interest savings account can be of interest for many people. Students may wish to earn a little bit of income from interest, as opposed to taking a part-time job during the school year. Investors may wish to yield a large profit from a high interest savings account. Families may wish to build an emergency nest egg from the interest gained from a savings account. The only problem is that finding a high interest savings account is difficult these days.Finding a high interest savings account is difficult, because savings accounts follow the interest rate set forth by the Federal Funds Rate. In the past few years, the Federal Funds Rate has been exceedingly low. Major banks offer savings accounts with an annual interest rate of 0.0035% or 0.0025%.To earn the best return on your hard earned income, you will want to look online for high yielding savings accounts. There are some popular websites that allow you to compare multiple savings accounts at once. You should not be lured into picking the high interest savings account with the highest interest rate. Instead, you should carefully consider all of the factors affecting a savings account to make the best choice possible.When considering which savings account to choose, you should be mindful of any extra fees associated with the account. You may be required to pay a fee to open the account at a particular bank. In addition, some banks require a minimum opening deposit and monthly balance. If you can not meet the minimum monthly balance every month, then a bank may charge you additional fees to the savings account. You should also be mindful of any limits on withdrawals that can be taken from savings accounts. If you are going to need to constantly withdraw large sums of money from a savings account, then you need to make sure a bank will allow this.You may also want to see if you can link a savings account to other accounts. By linking accounts, you can easily transfer funds from a checking account to a savings account. In addition, you may be able to take cash out of an ATM with linked accounts.Lastly, you need to make sure a bank offering high interest savings accounts is FDIC-insured. God forbid another form of the Great Depression occurs, you need to make sure your money is safe with a particular bank. Otherwise, you will lose all of your savings.
What is withdrawal?
Withdraw is to remove or take away something. It can have many different uses.
Different between non deposit taking institution and deposit taking?
NBFC stands for Non-Banking Financial Company. It is a company that provides financial services to customers but does not accept customer deposits and provide deposit accounts (like savings account, checking account etc.) A Bank is a deposit taking institution that provides banking and financial services to customers.
Can you provide some examples of how to effectively build up savings?
Some effective ways to build up savings include setting a budget and sticking to it, automating regular transfers to a savings account, cutting unnecessary expenses, increasing income through side hustles or investments, and taking advantage of employer-sponsored retirement plans.
