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One such offer is a zero balance account, which offers businesses an effective way to optimize cash management, improve liquidity, reduce borrowing costs and streamline financial operations.
In finance, a Zero Balance Account (ZBA) is a system of cash pooling (to consolidate the cash balances of several subsidiaries of a single company). This system is designed to leave in the current accounts of the subsidiaries the minimum amounts to be able to deal with their debts contracted.
On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [23] [24] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.
[73] [74] By 15 July 2015, 16.92 crore (169.2 million) accounts were opened, with around ₹ 20,288.37 crore (US$2.3 billion) were deposited under the scheme, [75] which also has an option for opening new bank accounts with zero balance.
ET Money was founded in 2015 by Mukesh Kalra, who earlier founded the fintech company Moneysights in 2009, which was later acquired by Times Internet in October 2014. . Moneysights was backed by ex-HP and IBM executive Prasad Duvvuri, Blume Ventures and Naveen Tewari of
[13] [15] HDFC was promoted by the Industrial Credit and Investment Corporation of India . [16] Hasmukhbhai Parekh played a key role in the foundation of the company which started with the main aim of solving the housing shortage in India and steadily grew thereafter. [13] In 2000, HDFC Asset Management Company launched its mutual fund schemes ...
Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the account balance.
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. [5] [6] It was founded in December 2015, [7] [2] by Sameer Nigam, Rahul Chari and Burzin Engineer. [8]
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