Tax saver fixed deposits of banks

 An individual or HUF 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 single name or joint names of an adult with a minor or in the joint…

How to open bank account under e-KYC process

The customers, both deposit and borrowal accounts can open the  bank account using OTP based e-KYC. The Reserve Bank made the amendments to ‘Principal Directions on KYC ‘(Know Your Customer (KYC)) Directions, 2016 (Master Direction No.DBR.AML.No.81/ 14.01.001/2015-16 dated February 25, 2016) with  effect from December 8, 2016. In terms of  the e-KYC amendments now made…

Bank Deposits: Everything you need to know

[This post answers questions about the rules related to  addition or deletion of names in FD, TDS in case of joint accounts, interest calculation in leap year, conditions for deposits held in minor’s name,  transfer of fixed deposits,  interest payment on prematurely closed deposits, renewal of Overdue deposits, and deposits in the joint names of…

PMJJBY and PMSBY insurance Schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme, which is administered by LIC, offers life insurance cover worth Rs 2 lakhs to all the bank SB account holders between 18 to 50 years of age at a premium of Rs 330 per annum. Settlement of ClaimThe nominee has to approach the Bank where the policyholder…

Offer of additional Interest on domestic bank deposits

(Depositors, like Senior Citizen Karta of HUF, NRE/NRO account of own staff of the bank, employees who are retired on compulsory retirement from the bank or in consequence of disciplinary action, Casual employees of the bank, employees’ federations etc. are not eligible for additional interest meant for staff. However, senior citizens, spouse of deceased staff/deceased retired…