Updated on 17.06.2021 (Compare the Interest Rates Offered on deposits by all the public sector banks and major 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 at the right side of the banks’ name shows…
RBI on Tuesday amended the MD on KYC to further leverage the Video-based Customer Identification Process (V-CIP) and to simplify and rationalise the process of periodic updating of KYC. Banks and other regulated entities have to undertake Customer Due Diligence (CDD) while dealing with the customers as per the process laid out in Master Direction…
All the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 3 percent per year with effect from May 11, 2021 till the time of payment to the depositor/claimant. The interest rate was 4 per cent p.a. up to June 30, 2018, and 3.5 per…
(No punitive restrictions on Account Operations for non compliance of periodic upation of KYC till Dec 31) Reserve Bank of India on Wednesday advised Banks and other Regulated Entities (REs) that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no punitive restrictions on operations of…
Edited and republished on 05.04.2021 On Monday (05.04.2021), the Reserve Bank of India updated several amendments made to the Gold Monetization scheme 2015 to date and advised all designated banks to give adequate publicity to the Scheme through their branches, websites, and other channels. As per present guidelines, nominated banks authorized to import gold by…
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…
In its Statement on Developmental and Regulatory Policies dated August 6, 2020, wherein Reserve Bank of India (RBI) had announced the introduction of the Positive Pay System for Cheque Truncation System (CTS). On September 25, 2020, RBI has issued a circular stating that the Positive Pay System shall be implemented from January 01, 2021, for…
On Thursday (6th August), on the eve of the Statement on Developmental and Regulatory Measures, RBI Governor Mr.Shaktikant Das announced “To enhance safety of cheque payments, it has been decided to introduce a mechanism of Positive Pay for all cheques of value ₹50,000 and above. This will cover approximately 20 per cent and 80 per…
Q: Whether two illiterate people (thumb impression) can open a joint account? R: Normally, Banks do not allow the opening of joint accounts of two illiterate persons. However, at the discretion of the bank, they may allow the opening of accounts of closely related people like illiterate husband and wife under a condition that the…
(Many people have a confusion over why do officials ask for the left thumb impression(LTI) in the case of males and the right thumb (RTI) impression in the case of female while offering consent upon the matter written upon the paper. This article clarifies on law and practice on this topic.) The purpose behind getting…