5.4 Minimum balance in savings bank accounts. On Domestic Term Deposits, a bank may offer floating rate clearly linked to an anchor rate. Business posters at semi-urban and rural branches of banks should also be in the concerned regional languages. Development of Women and Children in Rural Areas (DWCRA). (ii) “A retired member of the bank’s staff” means an employee retiring whether on superannuation or otherwise as provided in the bank’s Service/Staff Regulations, but does not include an employee retired compulsorily or in consequence of disciplinary action; (iii) “Family” means and includes the spouse of the member/retired member of the bank’s staff and the children, parents, brothers and sisters of the member/retired member of the bank’s staff, who are dependent on such member/retired member, but does not include legally separated spouse; 2.5.3 Payment of additional interest is subject to the following conditions, namely: The additional interest is payable only so long as the person continues to be eligible for the same and in case of his ceasing to be so eligible, till the maturity of a term deposit account; In the case of employees taken over pursuant to the scheme of amalgamation, the additional interest is allowed only if the interest at the contractual rate together with the additional interest does not exceed the rate, which could have been allowed if such employees were originally employed by the bank. Interest Rate (p.a) 1.90%. The Non-Resident (External) Rupee Account NR(E)RA scheme, also known as the NRE scheme, was introduced in 1970. 20.1.1 In the case of deposit accounts where the depositor had utilized the nomination facility and made a valid nomination or where the account was opened with the survivorship clause ("either or survivor", or "anyone or survivor", or "former or survivor" or "latter or survivor"), the payment of the balance in the deposit account to the survivor(s)/nominee of a deceased deposit account holder represents a valid discharge of the bank's liability provided : the bank has exercised due care and caution in establishing the identity of the survivor(s) / nominee and the fact of death of the account holder, through appropriate documentary evidence; there is no order from the competent court restraining the bank from making the payment from the account of the deceased; and. (Sudarshan Sen) Chief General Manager-in-Charge. The bank could be authorized by the survivor(s) / nominee to return the pipeline flows to the remitter with the remark "Account holder deceased" and to intimate the survivor(s) / nominee accordingly. Public Ltd. Company . The LIBOR/SWAP rates as on the last working day of the preceding month would form the base for fixing ceiling rates for the interest rates that would be offered effective from the following month. Joint holding with “Joint Holding” option-In such types of Bank Fixed Deposit (FD), the holding will be joint. An NRE rupee account may be opened as current, savings or term deposit. Data in respect of each dishonoured cheque for amount of ₹ 1 crore and above should be made part of bank's MIS on constituents and concerned branches should report such data to their respective controlling office / Head Office. above the rate of interest payable on balances of Savings Bank accounts. (o) clearly establishing a New Product and Services Approval Process which should require approval by the Board especially on issues which compromise the rights of the Common Person. ** In case of FCNR (B) deposits the margin requirement shall be notionally calculated on the rupee equivalent of the deposits in accordance with para 9(2) of Schedule-2 of Foreign Exchange Management (Deposit) Regulations, 2000. Deposit RM20; RHB Savings Account-i Profit Rate 0.35% to 1.25% p.a. Bank will have the freedom to determine its own penal interest rates for premature withdrawal of term deposits. Bills Rediscounting Scheme - Private Sector Mutual Funds, DBOD.No.Dir.BC.101 & 102/13.01.09/2002-03, Deposit under Non-Resident (External) Rupee Accounts (NRE Accounts), Interest Rate on Deposits under Non-Resident (ii) They apply to all categories of depositors, whether resident or non-resident. In case such accounts are not in the name of individuals, the names of individuals authorized to operate the accounts should also be indicated. Example: If an account in the joint name of A and B, and if A dies, the balance will not be paid to B alone. Banks are also advised to ensure that copies of the circular are available in all their branches so that the customers can peruse the same. In many cases, the time taken is as much as 50 days. This is expected to serve as an incentive to the banks and their branches to redress the complaints within the next working day. 12.3.5 National Electronic Funds Transfer (NEFT) System - Rationalisation of customer charges. Prior to 1990s, in line with the regulation of domestic deposit rates, interest rates on various NRI deposit schemes were regulated. Banks are now also free to offer varying rates of interest for different sizes of deposits above a cut-off point, since the cost of transaction differs by size. 2.5.5 In case of Domestic deposits, it will be in order for banks to give their resident Indian retired staff, who are senior citizens, the benefit of higher interest rates as admissible to senior citizens over and above the additional interest of not exceeding one per cent payable to them by virtue of their being retired members of the banks' staff. Consequent upon the deregulation of interest rates on NRE deposits with effect from December 16, 2011 banks are free to determine interest rates on NRE deposits of different maturity, including deposits of more than 3 years subject to such rates not being higher than those offered on domestic deposits of comparable maturity. Renewal of deposit should be advised by registered letter / speed post / courier service to the concerned Government department under advice to the depositor. Is there requirement of any initial minimum deposit while opening a BSBDA as per the circular dated August 10, 2012? iii. 29. If such a deposit has not run for a minimum period of 1 year, the bank may, at its discretion, pay interest at a rate not exceeding the rate payable on savings deposits held in RFC accounts, provided the request for such a conversion is made by the NRE account holder immediately on return to India. Note: NRO/NRE deposits can be accepted only by banks, which are authorized by Reserve Bank to accept such deposits. Non-Resident (External) (NRE) Accounts. However, it has to be ensured that the customer is not inconvenienced in any manner. 2.15 Restrictions on advances against NR(E)RA and FCNR (B) Deposits - Quantum of loans. The customers may be informed about staggering of the preparation of these statements. Banks are advised to take note of the legal position stated above and may rely on and be guided by the orders/certificates issued by the competent authority, under the respective Acts, appointing guardians/managers for the purposes of opening/operating bank accounts. Banks should obtain and keep on record photographs of all depositors/account holders in respect of accounts opened by them subject to the following clarifications: (i) The instructions cover all types of deposits including fixed, recurring, cumulative, etc. Non-Profit Organization. 28. Banks may pay reasonable commission/ fee to the Business facilitators/ Correspondents, the rate and quantum of which may be reviewed periodically. This, however, would not stand in the way of making payment to the survivor on maturity. However, the decision to allow services beyond the minimum prescribed has been left to the discretion of the banks who can either offer additional services free of charge or evolve requirements including pricing structure for additional value-added services on a reasonable and transparent basis to be applied in a non-discriminatory manner with prior intimation to the customers. Banks need not force ATM debit cards on such customers. Banks are advised to display the information as per the format given in Annex III on their web-sites. Banks are also advised to make absolutely fool proof arrangements accounting for the number of instruments each time the box is opened so that there are no disputes and the customer’s interests are not compromised. 22.2 Settlement of Claims in respect of Missing Persons in Uttarakhand Disaster. 12 months deposits - 2 percent per annum above the bank’s normal applicable rate Read the latest Fixed Deposit News in Malaysia here. The bank will have the freedom to determine its own penal interest rate of premature withdrawal of term deposits. They could also consider contacting the employer / or any other person whose details are available with them. 21.3.2 Banks are not required to open sealed/closed packets left with them for safe custody or found in locker while releasing them to the nominee(s) and surviving locker hirers / depositor of safe custody article. Similar procedure should be followed for the articles under safe custody of the bank. On the basis of the above recommendation, banks are required to convert the existing Ad hoc Committees into a Standing Committee on Customer Service. [paragraph 2.2B(i)]. Banks should ensure that no counter remains unattended during the business hours and uninterrupted service is rendered to the customers. The customer may, however, write cheques in Hindi, English or in the concerned regional language. Term deposits should be freely transferable from one office of bank to another. Interest Rate: Higher interest paid at maturity; a. 32. Government of India has accepted Saka Samvat as National Calendar with effect from 22 March 1957 and all Government statutory orders, notifications, Acts of Parliament, etc. The number of account holders in a joint account can be 2 or more than 2. (i) Nomination facility is intended for individuals including a sole proprietary concern. Joint bank accounts look just like regular checking and savings accounts, but there’s one caveat — multiple people have equal access to the money in the account. Open a CIMB Savings Account today! While it is expected that such confirmation messages are sent as soon as the beneficiary account is credited, it should not exceed beyond end-of –the-day under any circumstance. Farmers’ Clubs – Vikas Volunteer Vahini – VVV. 26.1 Instructions of a customer for transfer of his account to another office should be carried out immediately on receipt of, and in accordance with, his instructions.