[This article elucidates details of three categories of stamp duties in relation to transaction type, on adjudication, impounding of documents and also refund of unused stamp papers. The idea of Government raising revenue by way of stamp duty from the transactions of its citizen said to be originated in Holland in the early sixteenth century.…
This post elucidates how interest rates offered by banks may vary based on the tenor of deposits, the Periodicity of interest payable on SB accounts, accounts frozen by enforcement authorities, and floating deposits. Additional rate of interest paid by banks in certain cases, interest payable on NRE and FCNR (B) deposits, rules regarding interest payable…
A loan against a term deposit, also known as a loan against a fixed deposit (FD), is a secured loan that allows bank depositors to borrow against the security of the deposits. Loans or cash credit limits can be availed against Fixed Deposits, or Cash Certificate and Recurring deposits. Loans can be availed against domestic…
An individual or HUF who has opted for the old income tax rule 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 a single name or joint names…
A deposit is considered overdue when the maturity date has passed, and the deposit holder has not withdrawn or renewed it. This means the deposit has reached the end of its term, but no action has been taken to either take the principal amount back or extend the deposit period. Each bank has its own…
Form 15G and 15H are self-declaration forms filed with the banks or financial institutions who deduct TDS on the interest income earned/accrued to not deduct TDS on the interest income. As per Section 194A of the Income Tax Act, 1961, all Banks and Financial Institutions have been mandatorily instructed to deduct TDS on all Interest…
The major characteristics of the RD account can be described as “a variant of term deposit offered by the banks with fixed monthly investment, fixed duration, and a fixed rate of interest throughout the tenure of the deposit”. Under the scheme, the account holder has to deposit a pre-decided fixed amount every month to his…
Savings bank accounts offer a secure and reliable method for safeguarding funds, thereby providing account holders with peace of mind. Deposited amounts are protected against theft and loss, ensuring a high degree of financial security. Services Offered in Savings Bank Accounts: 1. Convenient Access to Funds:Savings account holders benefit from convenient access to their funds,…
Savings Bank (SB) accounts are subject to various restrictions concerning cash deposits, withdrawals, and general account usage. These restrictions, guided by the Reserve Bank of India (RBI) and individual bank policies, aim to prevent misuse of funds and ensure financial transparency. 1. Cash Deposit and Withdrawal Limits Daily Cash Deposit LimitTypically, a daily cash deposit…
Joint accounts are accounts that are in the name of two or more persons. The operation instructions in joint accounts in banks like ‘either or survivor’, former/latter or survivor’, ‘anyone or survivor’, ‘both or survivor’, or ‘all or survivor’ are actually a mandate given by the joint holders of the account. Every above operation instructions…