Under PMJDY scheme, a person opening Bank account for the first time is offered RuPay Card free of charge. In addition, people who have opened bank account during the period from 15-08-14 to 26-01-15, or any additional period as may be extended further by government of India, will be covered with life insurance of Rs.30000/-in…
The aim of introducing ‘Basic Savings Bank Deposit Account'(BSBDA) is a part of the efforts of RBI for promoting ‘Financial Inclusion’ objectives. BSBDA is the new word coined to substitute the nomenclature ‘no-frills’ account. In BSBDA, the account holder gets the basic banking services with minimum common facilities either with nil or very low minimum…
The Pradhan Mantri Jan Dhan Yojna (PMJDY), a mega financial inclusion scheme, launched by government of India to cover those households who do not have bank accounts at present and belonging to poor section. Special Benefits under PMJDY Scheme The account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accidental…
The account held by the resident Indian, will be re-designated as NRO account, once he/she becomes Non-Resident Indian (NRI). 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 account for…
RBI has been imposing heavy penalties on banks who have not complied or the account opened in contravention of various directions and instruction issued by it, which includes failure to obtain adequate documents for opening accounts, failure to carry out identification procedures, failure to examine control structure of entities. However, with a view to helping…
[This web page offers information on how banks open accounts of illiterate persons, blind and partially blind persons other disabled persons] Blind, illiterate, and other disabled persons can open and make certain bank account operations using thumb impressions. Bankers customarily extend helping hand to the disabled persons like sick/old/incapacitate who cannot be physically present to…
(This article explains how the garnishee order and IT attachment orders are different and explain the method of disposal by the Bank branches when they receive such orders from the authorities.) Garnishee order & I.T. Attachments are two different types of attachment orders. The Garnishee order is an order issued by the Court to garnishee…
A partnership is that two or more people jointly carry on a business and share its profit or loss. All the partners are jointly and severally liable for the debts of the business. The partnership can be made by partnership deed. Registration of partnership deed is optional. In case, partnership deed is not registered, the…
While opening opening Current Accounts of all categories of depositors including proprietor, partners, trustees, settlers, beneficiaries and those holding power of attorney, founders, managers, directors etc.the customers needs to submit ‘know your customer’ related official valid documents of the entities and natural persons behind the entities. As per RBI guidelines, in addition to seeking NOC from…
A current account is a form of demand deposit account, designed for running transactions of a business establishment. The documents requirement at the bank for opening current account depends upon how the business entity has been established (viz formed by Individual owner or Partnership or club, association, society or a Limited Company or a Trust…