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Recurring Deposit vs Chit Fund: Which Investment is best for you?

We all know that saving and investing a part of your income is good. But for most of us, finding the best investment option is a confusing exercise like the topic recurring deposit vs chit fund. We have put together an all-you-need-to-know article to help you understand two of the most popular short-term investment instruments. This article talks about recurring deposit vs chit fund and how you can decide which one is most suited to your money-saving plan . RECURRING DEPOSITS Recurring deposits are fixed monthly investments with a bank for a pre-defined tenure. The accumulated sum generates interest which is paid to the investor with the lump sum saving. Recurring deposits are considered a transparent and risk-free investment instrument that suits people looking for small investment avenues. Recurring deposits are available with all the banks and you can open one with your savings bank account . How Does a Recurring Deposit Work? In recurring deposits, you are...

How to Understand the Impact of CIBIL Enquiries on Your CIBIL Score

How to Understand the Impact of CIBIL Enquiries on Your CIBIL Score If you're planning to apply for a loan or credit, understanding the impact of CIBIL enquiries is crucial. Your CIBIL score plays a significant role in whether you get approved or not. However, many people don’t realize that enquiries made by lenders also affect this score. Let's dive deeper into the impact of CIBIL enquiries and how they influence your credit rating. What are CIBIL Enquiries? Before exploring the impact of CIBIL enquiries, it’s important to understand what they are. Whenever you apply for credit, whether a loan or credit card, the lender conducts a CIBIL enquiry. This enquiry helps them assess your creditworthiness. If you have too many enquiries, lenders might see you as a risky borrower. Consequently, your credit score could drop. Types of CIBIL Enquiries There are two types of CIBIL enquiries: hard enquiries and soft enquiries. As I have shown, hard enquiries occur when you apply for a loan ...