National Electronic Funds Transfer — a payment system operated by RBI for transferring funds between bank accounts across India. Transactions are processed in half-hourly batches and are available 24x7. No minimum transfer limit; maximum limit is set by individual banks.
The per-unit price of a mutual fund scheme calculated daily as the total value of the fund's assets minus liabilities
The launch period during which a new mutual fund scheme is open for subscription at a fixed price
An alternative income tax structure introduced in Budget 2020 offering lower slab rates but without most deductions and exemptions available under the old regime such as HRA
The benchmark index of the National Stock Exchange comprising the 50 largest companies by free-float market capitalisation across 13 sectors. Widely used as a barometer of the Indian economy and as the underlying for index funds and derivatives.
A person designated by a bank account or investment account holder to receive the proceeds in the event of the account holder's death. A nominee is a trustee and not necessarily the legal heir. Adding a nominee simplifies the claims process for the family.
A company registered under the Companies Act that provides financial services like loans
An Indian citizen or person of Indian origin who resides outside India for employment
Non-Resident External Account — a rupee-denominated bank account for NRIs to park foreign earnings converted to Indian rupees. Both principal and interest are fully repatriable. Interest earned is tax-free in India. Funds deposited must originate from foreign income.
Non-Resident Ordinary Account — a rupee-denominated bank account for NRIs to manage income earned in India such as rent