After cutting interest rates in the savings account, the Indian State Bank of India is now going to take a big decision regarding the ATM card. According to information, the bank has decided to replace Magistrive (debit) debit cards into EVM Chip debit cards. According to the bank, people who have not changed their ATM card by September 30 will be blocked.

What's the reason?

According to the statement from the bank, customers will have to come to the bank to change their debit card or apply through onlite banking. Last year, the Reserve Bank had asked banks to shift EVM chip and cards to a pin-based model instead of Magnetic Strip-based ATM, so that the security of cards could be ensured. Also, customers can also be saved from fraud on the other hand.

What is EVM Chip Card:

This is a new technique. There will be a small chip on a debit or credit card, which will have complete information about your account. This information will be encrypted so that no one can steal the details..

State Bank of India (SBI) has revised charges on ATM withdrawal, cash transactions, issuance of cheque book and online transfer of funds through Immediate Payment Service or IMPS with effect from June 1. India's biggest bank SBI has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs. .25 for every ATM withdrawal. SBI's app - State Bank Buddy - enables its customers to withdraw cash from ATMs using the bank's mobile wallet. However, savings bank accounts will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metros and 10 free transactions in non-metros (five at SBI ATMs and three at ATMs of other banks), SBI added..

The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. SBI's basic savings account is a limited-services bank account aimed at poorer sections of society to encourage them to s.tart saving without any burden of charges or fees, according to the bank's website. This type of bank account comes with an ATM-cum-debit free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account..

A mutual fund's portfolio is structured and maintained to match the investment.No matter what type of investor you are, there is bound to be a mutual fund that fits your taste.

It's important to understand that each mutual fund has different risk and reward profiles. In general, the higher the potential return, the higher the risk of potential loss. 

Although some funds are less risky than others, all funds have some level of risk – it's never possible to diversify away all risk – even with so-called money market funds. This is a fact for all investments. 

Each mutual fund has a predetermined investment objective that tailors the fund's assets, regions of investments and investment strategies.At the most basic level, 

there are three flavors of mutual funds: those that invest in stocks (equity funds), those that invest in bonds (fixed-income funds), those that invest in both stocks and bonds (balanced funds), and those that seek the risk-free rate (money market funds). 

Most mutual funds are variations on the theme of these three asset classes.Let's go over some of the many different flavors of funds. We'll start with the safest and then work through to the more risky.

average certificate of deposit (CD). While money market funds invest in ultra-safe assets, during the 2008 financial crisis, some money market funds did experience losses after the share price of these funds, typically pegged at $1, fell below that level and broke the buck. Income funds are named for their purpose: to provide current income on a steady basis. These funds invest primarily in government and high-quality corporate debt, holding these bonds until maturity in order to provide interest streams. 

While fund holdings may appreciate in value, the primary objective of these funds is to provide a steady cash flow​ to investors. As such, the audience for these funds consists of conservative investors and retirees. Because they produce regular income, tax conscious investors may want to avoid these funds.
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