Readers' Corner: Banking

Jairam Sridharan, retail lending head, Axis Bank, answers your questions

I made some big-ticket purchases using my credit card three months ago. I did not have enough cash in the following months to repay the entire bill. So, I decided to make part payments (higher than the minimum amount mentioned in the bill). However, I have noticed that I get a higher bill each month, despite not having made any purchases. Why is it so?

If you pay an amount equal to, or higher than, the minimum amount due and do so before the payment due date every month, your dues should not increase month over month. Make sure your payment is indeed reaching before the payment due date. If you find it is so, take up the matter with your bank.

I want to change my name on my bank account records. What are the documents required?

Your bank is likely to ask for proof of identity, address proof, duly-notarised name change affidavit, and a copy of the notification published in the press, or an official gazette.

Some banks offer women's or kids' savings account. How different are these from a regular savings account?

Women and children have special needs which banks have tried to cater to, by creating special savings products. Women's accounts usually give shopping offers, easy investment options, discount on other products, etc. Kids' accounts come with additional features such as balance linkage with parent accounts, option to save money through small deposits in recurring deposits, and customisable debit cards, with lower transaction limits for security reasons. These are good instruments to get your child started on the path of financial savings.

The views expressed are the expert's own. Send your queries to yourmoney@bsmail.in