Bank bazaar

Based in Chennai, BankBazaar offers consumers instant credit score information and customized rate quotes on financial products like loans, mutual funds, and insurance. More than 50 of India’s top financial and insurance firms participate on their platform, which enables shoppers to compare offers and apply for products online, as well as via their mobile app. Chennai, India Summary BankBazaar was looking for new, more effective channels to reach their digitally-aware users. Their goal: Get users to install the BankBazaar mobile app with the enticement of instant credit score checks and the ability to explore other credit products. In September 2020, they sent two sets of RCS Business Messaging campaigns, totaling 70 million messages. The first set displayed their logo and brand name with a call-to-action (CTA) to check their credit score. The second set included all of the above as well as an animated GIF. The first set of messages had a clickthrough rate (CTR) 80 percent higher than a comparable SMS campaign and the second set with the animated GIF had a CTR 130 percent higher than a comparable SMS campaign. The Goals BankBazaar wanted to increase app installs and usage among their current web user base. The company had been primarily using SMS campaigns to reach these goals, as it proved an effective channel for reach, engagement, and ROI. But when in-depth research revealed that their customer base was more digitally aware than they’d expected, BankBazaar decided to of...

The Reserve Bank of India’s (RBI) decision to maintain the status quo on interestrates has led experts to believe that the era of fixed deposit (FD) rate hikes may becoming to an end. Factors such as the repo rate pause and surplus liquidity in thebanking system are contributing to this prediction. For investors, it is important toassess the implications of this development on their investment portfolios. So is it the right time to reassess our investment portfolios? Locking Into Favorable Rates: According to Adhil Shetty, CEO of BankBazaar.com, the current advice is to lock into FD ratessince they are not expected to rise significantly soon. Many banks are offering attractive rates,such as 7.50 per cent, on select tenors for senior citizens. Some banks even provide these ratesfor longer tenors, ranging from 5 to 10 years. This presents an opportunity to consider FDs asshort-term instruments and long-term income generators in a high-rate scenario. Exploring Alternative Options: While FDs offer stability and guaranteed returns, it is also worth considering alternativeinvestment options that may yield higher returns. Anant Ladha, founder of Invest Aaj For Kal,suggests breaking old, long-term FDs and reinvesting the proceeds to increase the yield.Additionally, smaller private banks often offer higher interest rates than larger ones. Investing upto Rs 5 lakh in these banks, you can benefit from the higher rates while still enjoying theprotection provided by the Deposit Insuran...

With the Monetary Policy Committee (MPC) deciding to hold up the key policy rates, many people are now hoping for the interest rates to come down. This also means renewed interest for loans and borrowing on credit. However, the credit-crazy and credit-dependent generation continues to ignore the importance of maintaining a healthy credit profile. Your credit profile depends on your credit score. Banks and financial institutions do not rely on face value. Financial institutions evaluate the specifics of your credit accounts, including information about credit cards, loans, and other credit facilities, when you apply for a loan or a credit card. They carefully examine your repayment history, noting any instances of defaults or late payments documented in your credit report. • Roughly 19% of the respondents answered how “Checking your own credit score” could potentially harm their credit scores. • Around 50% of the survey respondents feel that “Lenders checking your score” would affect their credit scores in the negative. • Nearly 31% of the participants believe that both the aforementioned conditions could harm their credit score in the long run. The fact that most people are clueless about credit score and what it entails is a chilling reminder of India’s financial illiteracy problem. Delving into the same, Adhil Shetty, CEO, BankBazaar.com says, “Credit score is one of the deciding factors when it comes to accessing credit. Not only does it set a minimum benchmark for acce...

• Home • Karnataka Election 2023 • Budget 2023 • Market • Stock Stats • Top Gainers • Top Losers • Indices • Nifty 50 • Sensex • CaFE Invest • Commodities • IPO NEWS • Investing Abroad • IPOs • Economy • Tech • Auto • SME • Mobility • Industry • Banking & Finance • Education • Money • Insurance • Income Tax • Mutual Funds • Blockchain • Infrastructure • Railways • Aviation • Roadways • India • Defence • Lifestyle • Travel & Tourism • Health • Science • Healthcare • Brand Wagon • Entertainment • Events • Jobs • Sports • IPL 2023 • Multimedia • Photos • Videos • Audio • Web Stories • Auto Web Stories • Infographics • ePaper • Today’s Paper • From The Print • International • Edits & Columns • Opinion • FE 360 • Politics • Economy • Personal Finance Print • Front Page • FE Insight • Fe@Campus • archive Borrowers facing hardships such as a job loss or a cut in income may consider this option to avoid defaults. The settlement amount is determined through negotiations, considering factors such as the borrower’s financial situation and the lender’s willingness to recover at least a portion of the debt. This is the last resort when your financial condition deteriorates but it is important to know the financial consequences before you get into a loan settlement process. Let’s explore the key aspects of loan settlement and its impact on borrowers. Impact on credit score When a settlement is reached, it implies that the borrower was unable to fulfil the initial loan terms. As a result...

Embark on an adventure through the captivating realm of Credit Score with Credit Quest! Read on as we unveil the secrets behind your Credit Score and discover powerful strategies to enhance your financial standing. Get ready to unleash your curiosity and embark on a quest that will leave you yearning for financial triumph!

After the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided on Thursday to keep the repo rate unchanged, should investors consider reinvesting in their fixed deposits (FDs) as interest rates, which had risen over the past year, could reduce in the coming months? Abhishek Banerjee, Founder & CEO of Lotusdew Wealth and Investment Advisors, said, “RBI lowered inflation target by 0.1 per cent, and for now has anchored the repo rate at 6.5 per cent. This means FD and small savings schemes might not see further upside in rotating shorter maturities.” "Some time ago, it made sense to keep FDs in auto-renew for 30-day tenure to take advantage of rising rates, but now we might look at locking in these rates for a longer maturity. That said we have a general election, which is usually inflationary. Hence, following 12 months, when this plays out we could see some upward revision if inflation surprises us on the upside. The next state elections are around December 2023—so till then, it can make sense to lock FD rates. I would call this an accommodative stance, given that inflation is still above target RBI rates, but I believe they have more insights and perhaps expect inflation to cool further. If that’s the case, long-dated government bond mutual funds will also do well in such a scenario," added Banerjee Hence, consider reinvesting your FDs now for higher returns. Most banks provide rates of 7 per cent or more on select deposit tenors. Smaller banks a...

With the Monetary Policy Committee (MPC) deciding to hold up the key policy rates, many people are now hoping for the interest rates to come down. This also means renewed interest for loans and borrowing on credit. However, the credit-crazy and credit-dependent generation continues to ignore the importance of maintaining a healthy credit profile. Your credit profile depends on your credit score. Banks and financial institutions do not rely on face value. Financial institutions evaluate the specifics of your credit accounts, including information about credit cards, loans, and other credit facilities, when you apply for a loan or a credit card. They carefully examine your repayment history, noting any instances of defaults or late payments documented in your credit report. • Roughly 19% of the respondents answered how “Checking your own credit score” could potentially harm their credit scores. • Around 50% of the survey respondents feel that “Lenders checking your score” would affect their credit scores in the negative. • Nearly 31% of the participants believe that both the aforementioned conditions could harm their credit score in the long run. The fact that most people are clueless about credit score and what it entails is a chilling reminder of India’s financial illiteracy problem. Delving into the same, Adhil Shetty, CEO, BankBazaar.com says, “Credit score is one of the deciding factors when it comes to accessing credit. Not only does it set a minimum benchmark for acce...

Based in Chennai, BankBazaar offers consumers instant credit score information and customized rate quotes on financial products like loans, mutual funds, and insurance. More than 50 of India’s top financial and insurance firms participate on their platform, which enables shoppers to compare offers and apply for products online, as well as via their mobile app. Chennai, India Summary BankBazaar was looking for new, more effective channels to reach their digitally-aware users. Their goal: Get users to install the BankBazaar mobile app with the enticement of instant credit score checks and the ability to explore other credit products. In September 2020, they sent two sets of RCS Business Messaging campaigns, totaling 70 million messages. The first set displayed their logo and brand name with a call-to-action (CTA) to check their credit score. The second set included all of the above as well as an animated GIF. The first set of messages had a clickthrough rate (CTR) 80 percent higher than a comparable SMS campaign and the second set with the animated GIF had a CTR 130 percent higher than a comparable SMS campaign. The Goals BankBazaar wanted to increase app installs and usage among their current web user base. The company had been primarily using SMS campaigns to reach these goals, as it proved an effective channel for reach, engagement, and ROI. But when in-depth research revealed that their customer base was more digitally aware than they’d expected, BankBazaar decided to of...

After the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided on Thursday to keep the repo rate unchanged, should investors consider reinvesting in their fixed deposits (FDs) as interest rates, which had risen over the past year, could reduce in the coming months? Abhishek Banerjee, Founder & CEO of Lotusdew Wealth and Investment Advisors, said, “RBI lowered inflation target by 0.1 per cent, and for now has anchored the repo rate at 6.5 per cent. This means FD and small savings schemes might not see further upside in rotating shorter maturities.” "Some time ago, it made sense to keep FDs in auto-renew for 30-day tenure to take advantage of rising rates, but now we might look at locking in these rates for a longer maturity. That said we have a general election, which is usually inflationary. Hence, following 12 months, when this plays out we could see some upward revision if inflation surprises us on the upside. The next state elections are around December 2023—so till then, it can make sense to lock FD rates. I would call this an accommodative stance, given that inflation is still above target RBI rates, but I believe they have more insights and perhaps expect inflation to cool further. If that’s the case, long-dated government bond mutual funds will also do well in such a scenario," added Banerjee Hence, consider reinvesting your FDs now for higher returns. Most banks provide rates of 7 per cent or more on select deposit tenors. Smaller banks a...

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