Interest rates unchanged on small savings instruments for Oct–Dec 2024
Govt. keeps interest rates unchanged on small savings schemes for the third quarter starting October 1 The rate of Interest chart: Scheme Interest rate for October-December 2024 Interest rate for July – September 2024 Interest compounded Savings account 4.00% 4.00% Annual rest 1-year time deposit 6.90% 6.90% Quarterly rest 2-years’ time deposit 7.00% 7.00% Quarterly…
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Opening accounts of various types of customers and Operational aspects of Bank accounts
Banks are opening various types of customer accounts. These customer accounts may be individual’s sole accounts, joint accounts, partnership accounts, club accounts, accounts of associations, companies, Government departments, etc. While opening and maintaining accounts for different types of customers, a bank has to comply with the law application to each of them. For opening any…
Read articleRole and duties of Paying & Collecting Banks
A bank is a financial institution that deals with money and money-related services, such as accepting deposits and providing loans. The term “banking” as defined in Section 5 means “the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdrawal by cheque, order…
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Role of State Information Commission
The State Information Commission (SIC) was established under the provisions of the Right to Information Act (2005). It is a statutory body, thus, it is not a constitutional body. The State Information Commission is constituted by all the State Governments in India through Gazette notification. SICs will have one State Chief Information Commissioner (SCIC) and…
Read article Role of Central Information Commission
The Central Information Commission is a statutory body set up under the Right to Information Act in 2005 that acts upon complaints from individuals who have not been able to submit information requests to a Central Public Information Officer or State Public Information Officer due to either the officer not have been appointed, or because…
Penalties and Act to Have Overriding Effect under RTI Act 2005
The Right to Information Act, 2005 (RTI Act) has a section that states that its provisions have an overriding effect and apply regardless of any other laws that are inconsistent with them. The RTI Act also has penalty provisions that can be imposed on public officials who do not comply with the Act. The provisions…
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