Bank policies for payment of Interest on overdue deposits and unclaimed balance accounts

Edited and reposted on 02.07.2021: The rate of interest payable by banks on overdue deposits differs depending upon the instances like renewal or non-renewal of the deposit for a minimum stipulated period, death of the depositor before the maturity of the deposit, death of the depositor after the maturity of the deposit, interest payable on…

RBI notifies revised guidelines for Opening of Current Accounts by Banks

Today (02.11.2020), RBI announced that banks may ensure compliance with the instructions contained in their Circular dated August 6, is extended up to December 15, 2020. In its circular of August 6, RBI said in respect of the opening of current accounts banks shall comply with all the instructions contained therein the circular. For existing…