Meaning of different operation mandates in Joint accounts
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…
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Important rules related to bank account of a minor
A savings /fixed / recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian. Banks in India have the freedom to fix the minimum age at which they will allow a minor to operate his account in a single name. As a result, a minor…
Read articleWhere the revenue stamp is required to be affixed?
A revenue Stamp can be explained as a receipt given by the Government in the form of small adhesive stamp in lieu of separate document stating that the tax/fee has been paid to the Government. The receipt for above certain amount shall be mandatorily acknowledged by the receiver affixing and cancelling the revenue stamp. Under…
Read articleImportant types of stamp papers used in India
The non-judicial stamp papers, in the form of engraved, embossed or franked on papers have been used to pay the stamp duty under Indian Stamp Act 1899. Nowadays maximum usage of stamp papers is in the form of e-stamping in lieu of prevalent engraved stamp papers, embossed stamp papers and franked stamp papers. The e-stamping…
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Maintenance of Balance in Savings Bank Accounts and Interest Payment
Maintaining a minimum balance in a savings bank account is generally required to receive interest payments and to avoid penalties. Banks may impose charges if the stipulated minimum balance is not maintained. Upon opening a savings account with any bank, customers are often introduced to the concept of Average Monthly Balance (AMB). Banks typically require…
What is retail banking?
The major difference between wholesale banking and retail banking is in the type of clientele. Retail banking, also known as consumer banking, refers to the offering of banking services to individuals and lower-tier businesses. Services offered in retail banking related both on deposits as well as loans and advances. Deposit products avail retail customers are…
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