FAQs on exchange of old ₹ 500 & ₹ 1000/-notes,and other cash, non-cash transactions in banks
(Things to know about exchange of notes and withdrawal of cash and other transactions at the bank counter.) Many people still have confusion over how to exchange existing ₹ 500 & ₹ 1000/-notes in their possession and restriction on withdrawal of cash from the account and ATM. RBI has come out with guidelines on exchange…
Read articleBanks remain open on this Saturday and Sunday
BANKS REMAIN OPEN ON SATURDAY AND SUNDAY In order to meet expected a huge rush for the exchange of old Rs.500 and Rs.1000 notes, RBI has announced that all the banks remain open on November 12th (Saturday) and 13th (Sunday) to help the public wanting to change the notes.
Read articleRBI press release dated 08.11.2016 (withdrawal of ₹ 500 and ₹ 1,000 denominations of banknotes)
Government of India vide their Notification dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank till 8th November 2016. The communique states that the above step was necessitated to tackle counterfeiting Indian banknotes, to effectively…
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Where photographs not necessary to open bank accounts?
(In some cases, photographs are not required for opening bank accounts. Find out here in which cases photographs not required.) While opening any type of accounts viz. Savings Bank, Current Accounts, Term Deposits, Recurring Deposits, or loan accounts, all the depositors/account holders have to submit two copies of latest photographs for the bank’s record. This…
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Dispensation of Rs.100 denomination banknotes through exclusive ATMs
In a reviewed step to its circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Distribution and Exchange Scheme (CDES), RBI has instructed all commercial banks to increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use within 15 days from the date of…
23 slabs DA increase for workmen and officers of banks
Dearness Allowance payable to employees/Officers is 478 slabs of DA for November 2016, December 2016 and January 2017 in terms of confirmed CPI for July, August and September 2016. It means an increase of 23 slabs over the current level. Thus, the percentage of DA payable to employees/Officers for the months of November 2016, December…
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