The Government of India has announced increase in rate of interest being offered on Post office Savings schemes. The Salient features are as follows :- 1) Post office Savings Account Interest rate has been increased from 3.5% to 4% p.a 2) Post Office monthly Income Scheme Interest rate has been increased to 8.2% p.a. 3) […]
Increase in Rate of Interest on Post office Savings Schemes Read More »
As per the recent RBI Notification No RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12 dtd. 4th Nov 2011, the RBI has instructed the member banks that , from 01.04.2012 onwards , the Cheques bearing dates more than 3 months will not be paid by the banks. This is being done to curb the practice of circulating the same like cash for
Validity period of Cheques/Pay orders/Bankers Cheque changed Read More »
RBI/2011-12/233 DBOD.Dir.BC. 42/13.03.00/2011-12 October 25, 2011 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam, Deregulation of Savings Bank Deposit Interest Rate – Guidelines 1. Please refer to our Directive DBOD.Dir.BC.89/13.03.00/2010-11 dated May 3, 2011. 2. As indicated in the Second Quarter Review of Monetary Policy announced on October 25, 2011, it has been decided to deregulate the
New RBI guidelines on Deregulation of Savings Bank Account Interest Rates Read More »
As per recent Notification No DBOD.BP.BC. No. 26 / 21.01.001/2011-12 dtd 01/08/2011 issued by the Reservce Bank of India, the Issue and Payment of DD in excess of Rs. 50000/- by all banks in India shall be transacted only through the debit to the customer’s account. This means, any purchase of Demand Draft in excess of
Issue and Payment of DD in excess of 50000/–New RBI Direction Read More »
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