On Friday (16.08.2019), Reserve Bank of India updated several amendments made to Gold Monetization scheme 2015 till date and advised all designated banks to give adequate publicity to the Scheme through their branches, websites and other channels. Gold Monetization Scheme (GMS) which includes the revamped ‘Gold Deposit Scheme’ (GDS) and revamped ‘Gold Metal Loan Scheme…
(Compare the Interest Rates Offered on deposits by all the public sector banks and major private sector bank in India at a quick glance.) The names of public sector banks and private sector banks are separately listed below in an alphabetic order. The table at the right side of the banks’ name shows the interest…
Savings Bank (SB) accounts are opened in the bank mainly for saving purpose. Customers cannot open an SB account for business purpose. Let us find out who is eligible and who is not eligible to open SB accounts. The following entities are eligible to open SB accounts in a bank:- (i) SB Accounts…
The Aadhaar Act is defined as “an identification number issued to an individual by Unique Identification Authority of India (UIDAI) on receipt of the demographic information and biometric information as per the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.” In terms of above act every resident…
With effect from September 1, 2019, Banks are required to frame Board approved policy / operational guidelines in respect of certain changes in Basic Savings Bank Deposit (BSBD) Account in the interest of better customer service. RBI on August 2, 2019, asked Banks to offer following basic minimum facilities in the BSBD Account, free of…
A Current account in a bank is a running account (also known as demand deposit) maintained in banks mostly for the purpose of business. The following types of entities are eligible to open current accounts in banks. Individual/Proprietorship Account Hindu Undivided Family (H.U.F) Account Partnership concerns/Limited Liability Partnership (LLP) Limited and Private Companies Trust Account…
Government departments or semi Government departments need a bank account to carry out the financial transactions of the departments. Government business like Salary payments, Pension payments,Fee collection, tax collection,PPF, Sukanya samriddhi, Senior citizen savings scheme,etc.are routed through banks.Most of the public sector banks eying for government business as they they get huge amount of deposits…
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. Person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held Indian passport or (b)…
In terms of Consumer Price Index Numbers announced by Labour Bureau of India, the average index numbers for January 2019 to March 2019 works out to 7022.76. It means bank staff will get 34 slabs increase in DA for the ensuing quarter May 2019 to July 2019. In the other words Bank Staff will get…
CASA stands for Current Account and Savings Account in banking parlance. Besides in India, the term CASA is popularly is used in West Asia and South-east Asia countries. The difference between the average yield of interest obtained from loans and the average rate of interest paid for deposits and other such funds (or the cost…