(Look here for repatriation of money abroad from the 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 .)…
There are two possibilities in a bank account maintained by a customer viz. (i) a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc. (ii) A deposit account is opened in…
Based on the Reserve Bank of Indi (RBI) advisory, Indian Bank’s Association (IBA) had circulated a Model Operational Procedure (MOP) for settlement of claims of deceased depositors. IBA had also finalized the guidelines for settlement of claims in respect of deceased locker- hirers/depositors of safe custody articles. All the Banks were advised to have a…
In the Statement on Developmental and Regulatory Policies issued today as part of the Bi-monthly Monetary Policy Statement for 2024-25 dated December 06, 2024, the interest rates on FCNR deposits increased from December 6, 2024. Interest rates on FCNR deposits are based on the Overnight Alternative Reference Rate for the respective currency/ Swap. With effect…
The RBI on Monday directed banks to immediately reduce the number of inoperative/ Unclaimed Deposits and make activation to facilitate uninterrupted credit of such DBT/EBT amounts to the beneficiaries. Banks should enable seamless KYC updates and organize special campaigns. The progress in reducing such accounts must be reported quarterly to the RBI, starting from December…
RBI on a review amended KYC Master Direction on November 06, 2024. “The amendment has been necessitated to (a) align the instructions with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 vide Gazette Notification dated July 19, 2024, (b) incorporate instructions in terms of the corrigendum dated…
Banks are opening various types of customer accounts. These customer accounts may be individual’s sole accounts, joint accounts, partnership accounts, club accounts, accounts of associations, companies, Government departments, etc. While opening and maintaining accounts for different types of customers, a bank has to comply with the law application to each of them. For opening any…
Monitoring of Transactions under KYC norms is a process that involves tracking customer transactions to identify suspicious activity and potential fraud. The customer risk profile is created at the time of opening a bank account and is used to monitor their transactions. Transaction monitoring provides enterprises with the tools to detect unusual transactional activity using…
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. A person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held an Indian passport…
While opening all new accounts banks should mandatorily obtain photographs of the depositors/account holders who are authorized to operate the accounts in terms of the Master Directions of RBI. The customers’ photographs should be recent and the cost of photographs to be affixed on the account opening forms may be borne by the customers. Only…