Army Group Insurance Directorate (AGID), Naval Group Insurance Fund (NGIF) and Air Force Group Insurance Society (AFGIS) for their deposits of 2 years and above were eligible for 1.28 per cent over and above the normal rate of interest from public sector banks since 1987. RBI today said that interest rate on such deposits should be at par with other deposits of similar maturity and amount. The Banking regulator decided to withdraw the prescription of offering additional interest is in view of complete deregulation of interest rates on deposits as per bank’s communication No. RBI/2015-16/147 dated Aug 06, 2015.
Since RBI permission to pay additional interest on above said deposits stands withdrawn, interest rate of fresh deposits at par with other deposits of similar maturity and amount. The interest on existing term deposits of AGID, NGIF and AFGIS may be continued till maturity.
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…
When the trial balance does not tally due to the one-sided errors in the books,…
Errors in Trial Balance are mistakes made during the accounting process that cannot always be…
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…
The Reserve Bank of India is expanding reporting requirements for foreign exchange transactions. Starting February…
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…