New RBI Guidelines on Nomination Facility in Bank Accounts and Lockers (Effective November 1, 2025)
The Reserve Bank of India (RBI) has issued new guidelines titled “Reserve Bank of India (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025.” These guidelines aim to make it easier for family members or legal heirs to claim money or valuables from banks in…
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Deregulation of Interest Rates on Savings Deposit Accounts
The deregulation of interest rates refers to the removal of government-imposed controls on the rates financial institutions charge or offer on loans and deposits. This shift enables banks and other institutions to independently set their interest rates, fostering a more competitive financial environment. The primary objectives of such deregulation include enhancing market efficiency, improving the…
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Compare Latest Bank Deposit Interest Rates in India: All Public & Major Private Banks at a Glance
Interest rates on bank deposits vary across institutions in India. To help you stay informed, we’ve compiled the latest deposit interest rates offered by all public sector banks and leading private sector banks. In the lists below, banks are arranged alphabetically under their respective categories —Public Sector Banks and Private Sector Banks. Next to each…
Read article KYC Compliance Requirements for Opening different types of Bank Accounts in India
Abstract This paper outlines the regulatory framework and documentation requirements governing the Know Your Customer (KYC) process for opening various types of bank accounts in India. It integrates the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) and the Reserve Bank of India (RBI) Master Directions on KYC, highlighting the risk-based approach, documentation…
Read article How to Open Different Types of Bank Accounts in India (Updated Guide)
Opening a bank account in India requires following specific rules and submitting valid documents. The procedure and documentation vary depending on whether the applicant is an individual, company, society, cooperative, or institution. This article explains the step-by-step requirements and includes easy compliance checklists for each category of account holder. 1. Opening Current Accounts for Clubs,…
Operational Guidelines on Joint Accounts of Illiterate and Visually Impaired Persons
Banks are required to extend financial services to all sections of society, including illiterate and visually impaired individuals, while ensuring operational safety and compliance with regulatory norms. The following guidelines outline the procedures and limitations applicable to the opening and operation of accounts by such customers. 1. Joint Accounts Between Two Illiterate Persons Ordinarily, banks…
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