Updated on 24.05.2023 Compare the Interest Rates Offered on deposits by all the public sector banks and large private sector banks in India at a quick glance.) The names of public sector banks and private sector banks are separately listed below in alphabetic order. The table on the right side of the bank’s name shows…
The Reserve Bank of India today announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. ‘ This measure will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of…
The account held by the resident Indian will be re-designated as an NRO account, once he/she becomes Non-Resident Indian (NRI). A new NRO account can be opened in the bank from abroad if they need one. NRO account is maintained in Indian Currency. The NRO account holder can use these funds available in his NRO…
FCNR (B) deposits and NRE deposits can be opened by Non-Resident Indians or persons of Indian Origin (PIO) or Overseas Citizens of India (OCI). The difference between FCNR (B) deposits and NRE deposits is that the FCNR-B (Bank) deposits are maintained only in Foreign Currencies term deposits and maturity of these deposits is payable in terms…
The Reserve Bank of India on Tuesday notified the framework for acceptance of “Green Deposit”. The provision of the framework is applicable to all scheduled commercial banks including Small Finance Banks (excluding Regional Rural Banks, Local Area Banks, and Payments Banks) and All Deposit-taking Non-Banking Financial Companies (NBFCs), collectively known as Regulated Entities (REs). A…
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…
A savings /fixed / recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian. Banks in India have the freedom to fix the minimum age at which they will allow a minor to operate his account in a single name. As a result, a minor…
The depositors of all Banks including branches of foreign banks functioning in India, local area banks and regional rural banks, and all State, Central, and Primary cooperative banks,(also called urban cooperative banks) are protected under the deposit insurance scheme of DICGC. The DICGC insures principal and interest up to a maximum amount of five lakhs.…
Dealing with accounts of mentally ill or lunatic or insolvent persons remains a delicate job for bankers. Whenever bankers learn that one of their customers is incapable of operating the account due to mental incapacity the operation of such a customer’s account shall be immediately suspended. While dealing with such accounts, bankers need be to…
Bank account holders are no longer required to visit their bank branches to update ‘know your customer’ (KYC) details provided they have already submitted valid documents and have not changed their address. The process for the periodic updation of KYC (re-KYC) under the prevention of Money Laundering Act, 2002 (PMLA) and rules framed thereunder was…