Pillar 9
Banking and Account Basics
Bank accounts are the foundation underneath every other personal-finance decision, and most people use them without understanding what each account type actually is. This section covers checking accounts, savings accounts, fixed deposits, UPI, IFSC codes, deposit insurance, and the mechanics underneath everyday banking. Universal concepts plus India-specific instruments (UPI, IFSC, FD, DICGC) and US-specific ones (FDIC, routing numbers, money market accounts).
16 articles
Pre-EMI on a Rs 50 lakh under-construction flat saves Rs 2,123 a month and costs Rs 10.4 lakh more. The arithmetic no lender page publishes.
11 min read
A recurring deposit takes a fixed sum every month at a locked rate. The 6.7% post office rate, the gazetted default rules, what early closure costs, and RD tax.
17 min read
What a joint bank account is and how it works, compared for the US and India: types and operating modes, deposit insurance (FDIC vs DICGC), survivorship, and the risks.
13 min read
ACH vs wire transfer on speed, cost and reversibility, why Fedwire shuts at 7pm ET, and whether your bank uses the same routing number for both.
23 min read
Current account vs savings account in India: how they differ on interest, transaction limits, minimum balance, CASA, and deposit insurance.
14 min read
How banking works in India and the US in one guide: checking and savings, FD and CD, FDIC and DICGC, and the deposit rates current as of July 2026.
14 min read
What your bank can charge and what it cannot: RBI's Rs 23 ATM cap, the free-transaction rules most pages get wrong, and US averages from Bankrate 2025.
15 min read
Overdraft protection covers a short checking balance by a linked transfer or a flat fee. Reg E opt-in, the repealed $5 cap, and India's OD facility explained.
13 min read
What is a money market account (MMA)? A US deposit account that blends savings-account FDIC coverage with checking-account features, paying 4-5% APY at top online banks in Q1 2026, allowing limited cheque writing and debit card use, and requiring higher minimum balances ($1,000-25,000) than standard savings. Covers how MMAs differ from money market mutual funds, why India's liquid mutual funds fill the same role, and when an MMA beats a HYSA.
9 min read
India has no routing number. How IFSC, ABA routing numbers and SWIFT differ, how to check a code is valid before you use it, and what happens when it is wrong.
17 min read
UPI explained: what it is, the current limits and who gets the higher ones, why it is free, who pays for that, and what the August 2026 MDR Bill would change.
17 min read
RBI sets no maximum on NEFT and caps RTGS charges at Rs 25 and Rs 50. What each rail costs, how fast it credits, and where bank caps quietly replace RBI rules.
18 min read
DICGC insures ₹5 lakh per Indian bank; FDIC insures $250,000 per US bank. The rules, what is and isn't covered, the 90-day payout, and FDIC vs NCUA vs SIPC.
16 min read
India has a fixed deposit and a separate RBI-regulated certificate of deposit. The US CD is closer to India's FD. What they pay, and what breaking one costs.
17 min read
Why RBI makes every Indian bank pay the same rate below Rs 1 lakh, how savings interest is actually calculated, and what DICGC and FDIC really cover.
15 min read
A checking account is the bank account you use for everyday spending. How it works, the types, what you need to open one, and the fees to watch for.
10 min read