The Reserve Bank of India on Monday issued revised instructions on Inoperative Accounts /Unclaimed Deposits in Banks. According to the revised guidelines, a savings/ current account shall be treated as inoperative, if for over two years there are no ‘customer-induced transactions’ in that account. Customer induced transactions are; (a) Financial transactions like debit/credit transactions in…
Joint accounts are accounts that are in the name of two or more persons. The operation instructions in joint accounts in banks like ‘either or survivor’, former/latter or survivor’, ‘anyone or survivor’, ‘both or survivor’, or ‘all or survivor’ are actually a mandate given by the joint holders of the account. Every above operation instructions…
Given the prevailing law and order situation and other subversive activities carried out by antisocial/extremist organizations in the country mainly targeting the banks, the Reserve Bank of India and Indian Bank Association had prepared checklists of guidelines for stringent security arrangements for implementation in banks. The “Report of the Working Group to Review Security Arrangements…
Examining the cash balance at the bank branch is routine job for the senior officer of the branch assigned with the job. Physical verification may be carried out by the branch head on a surprise basis. The statutory auditors appointed by the bank have to verify the cash balance at the branch at the end…
Q: Whether two illiterate people (thumb impression) 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 the condition that the account…
(This article explains how the garnishee order and IT attachment orders are different and explains 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…