In the Statement on Developmental and Regulatory Policies issued today as part of the Bi-monthly Monetary Policy Statement for 2024-25 dated December 06, 2024, the interest rates on FCNR deposits increased from December 6, 2024. Interest rates on FCNR deposits are based on the Overnight Alternative Reference Rate for the respective currency/ Swap. With effect…
The RBI on Monday directed banks to immediately reduce the number of inoperative/ Unclaimed Deposits and make activation to facilitate uninterrupted credit of such DBT/EBT amounts to the beneficiaries. Banks should enable seamless KYC updates and organize special campaigns. The progress in reducing such accounts must be reported quarterly to the RBI, starting from December…
RBI on a review amended KYC Master Direction on November 06, 2024. “The amendment has been necessitated to (a) align the instructions with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 vide Gazette Notification dated July 19, 2024, (b) incorporate instructions in terms of the corrigendum dated…
Banks are opening various types of customer accounts. These customer accounts may be individual’s sole accounts, joint accounts, partnership accounts, club accounts, accounts of associations, companies, Government departments, etc. While opening and maintaining accounts for different types of customers, a bank has to comply with the law application to each of them. For opening any…
Monitoring of Transactions under KYC norms is a process that involves tracking customer transactions to identify suspicious activity and potential fraud. The customer risk profile is created at the time of opening a bank account and is used to monitor their transactions. Transaction monitoring provides enterprises with the tools to detect unusual transactional activity using…
In terms of Regulation 2 of FEMA Notification No.13 dated May 3, 2000, Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India. A person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held an Indian passport…
Updated on 14.08.2024 Interest Rates on deposits for various periods for all the banks in India are not the same. Here we have provided interest rates on deposits offered by all the public sector banks and large private sector banks in India. You may compare them at a glance. The names of public sector banks…
While opening all new accounts banks should mandatorily obtain photographs of the depositors/account holders who are authorized to operate the accounts in terms of the Master Directions of RBI. The customers’ photographs should be recent and the cost of photographs to be affixed on the account opening forms may be borne by the customers. Only…
The provisions of nomination are found in various financial products like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts (section 45ZC to 45 ZF) and Banking Companies (Nomination) rules 1985 and the relevant provisions of the Indian Succession Act. The nomination facility is available only to individual depositors and not to any…
The Reserve Bank of India has been issuing statutory guidelines to commercial banks under the Banking Regulation Act 1949. The banks in India accordingly shall follow the terms and conditions as specified in the regulations in respect of deposits accepted by the banks. The detailed guidelines of the banking regulator cover the following matters. Exemptions…