RBI on Friday (September 16, 2022) notified that its master direction dated March 03, 2016, on interest rates on deposits and May 12, 2016, on ‘Co-operative Banks – Interest Rate on Deposits’ have been modified. Further, the instructions regarding eligibility for the opening of savings account contained in Section 28 (h) and Section 27 (h)…
RBI today (19.04.2022) issued a consolidated circular for the opening and operation of current accounts and CC/OD accounts by banks with a view to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders. Banks may compute the aggregate exposure of the prospective customers based on the information collected…
An individual or HUF who has opted for the old income tax rule can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in a single name or joint names…
(Look here for repatriation of money abroad from Sale of property purchased from funds remitted from overseas OR NRE/ FCNR accounts, Sale of property purchased from Rupee Source (while resident in India), Sale of property acquired through inheritance etc and permissible sources of funds for an online/offline transfer abroad from an NRO Account .) An…
Updated on 30 August 2021 The Government has notified September 1, 2021, as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021. “In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation…
Form 15G and 15H are self-declaration forms filed with the banks or financial institutions who deduct TDS on the interest income earned/accrued to not deduct TDS on the interest income. As per Section 194A of the Income Tax Act, 1961, all Banks and Financial Institutions have been mandatorily instructed to deduct TDS on all Interest…
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 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…