The foreigners who are on a short trip to India on tourist Visa may open their bank account in India. They are facilitated to open SB or Current account in the form of NRO (Non-Resident Ordinary) account. The accounts of tourists opened by the authorised dealer banks after completion of KYC (Know Your Customer) procedure…
The foreign nationals on employment in India are permitted to open and maintain domestic (Resident Rupee Accounts) accounts like SB, Current Account or Term Deposits with the authorized dealer banks in India. The accounts of foreign companies in India can be maintained only in current accounts. Such companies are allowed to keep their surplus money…
The Reserve Bank of India cautioned the general public that users or traders of virtual currencies are doing so at their own risk. RBI in its press release today said that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual…
RBI today announced that the limits placed on cash withdrawal from current accounts/cash credit accounts/overdraft accounts stand withdrawn with immediate effect.The limits on Savings Bank accounts will continue at present and are under consideration for withdrawal in the near future. Limits on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks are…
KYC is necessary for opening and maintaining current accounts of individuals, proprietorship, partnership firms, corporates, trusts, Associations, societies, clubs etc. When the bank accounts of individuals are opened, banks mainly look into the identity and address proof of the applicant such as official valid documents (OVDs) like Aadhar card, Voter ID, PAN card, Driving License,…
RBI in its circular no, RBI/2016-17/213/DCM (Plg) No.2559/10.27.00/2016-17 dated January 16, 2017, announced that; The withdrawal limits of cash from ATMs is increased to Rs 10000/- per day per card from the current limit of ₹ 4,500/-.(It will be operative within the existing overall weekly limit of Rs.24000/-). The withdrawal limits from current accounts is…
Equity-Linked Savings Scheme (ELSS) funds are the most preferred tax saving instruments in the current year. The investment in the scheme offers you income tax rebate u/s 80 (C ) of IT act to the maximum limit of Rs. 150000.00 in a financial year with the shortest lock-in period of 3 years. TAX rule (EEE): Investment…
An individual or HUF can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in single name or joint names of an adult with a minor or in the joint…
In view of cash supply to rural areas at present are not commensurate with the requirements of rural populations, RBI advised banks to take steps to ensure that at least 40% banknotes are supplied to rural areas. In terms of RBI notifications the Banks, that all Chests operating in a district level should augment the…
The operation procedure for old/sick/incapacitated bank customers is laid down in para 5.6.2 of RBI Master circular. According to the circular, the cases of sick/old/incapacitated account holders fall into the following categories: an account holder who is too ill to sign a cheque/can not be physically present in the bank to withdraw money from his…