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Tag Archives: RBI
Happy Deepavali from RBI – Deregulation of SB Interest Rates
RBI has deregulated the Savings Bank Interest Rates (read here). I see this announcement as a Deepavali gift to the larger depositor base. While the focus of the media & public has been on the rate hike which will impact … Continue reading
Posted in Happenings in India, ViewPoint
Tagged Deregulation of SB rates, RBI, Saving Banks Rates
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NEFT/ RTGS Charges Changed
RBI has announced the change in Charges for NEFT & RTGS w.e.f. 15th November 2010. The revised charges are as below: RTGS – New Minimum limit = Rs.2 Lakhs Amount Charges 2Lakhs – 5Lakhs Rs.25/- Above 5Lakhs Rs.50/- NEFT Amount … Continue reading
New Rules for Salary Account Opening
Currently the easiest way to open a bank account is opening a Salary Account through the Company. Just fill the form, give a photo and company gives a letter and presto the account is openned. But finding fault in this … Continue reading
NEFT/RTGS/ECS – Credit/Debit Solely based on Account Number
RBI has issued new guidelines for credit of inward fund transfer for NEFT/RTGS/ECS Credit and debit in case of ECS Debit. To ensure straight-through processing and quicker credit/debit and return, RBI has allowed banks to credit the incoming NEFT/RTGA/ECS solely … Continue reading
RBI buys Gold
What is right on the part of RBI to buy gold now when the prices are at all-time high? It looks more like a bubble/ speculative rise. On the other side, gold is any time more valuable than paper dollars
Interest on deposits in Saving A/c – Change in Rule – Benefit for A/c Holders
RBI’s Annual Policy Statement 2009-10 released yesterday (21st April) includes the following “(b) Payment of Interest on Savings Bank Account on a Daily Product Basis 88. At present, interest on savings bank accounts is calculated on the minimum balances held … Continue reading
Outstation Cheque Collection – RBI Circular
RBI in it’s Circular dated 8th Oct,’08 has issued norms for Charges for Outstation cheque collection. RBI has mandated that banks must follow the following guidelines for Charges: – Up to Rs. 10,000 – not exceeding Rs. 50 per instrument … Continue reading
Service Charges for Electronic Payments
On 8th Oct’08, RBI mandated that Banks must NOT charge for any Inward RTGS/NEFT/ECS transactions (i.e., for receiving funds). For Outward transactions, i.e., sending the funds, the Maximum Charges have been specified as below: (i) RTGS – Rs. 1 to … Continue reading
Safer Online Credit Card Transactions in India
RBI has issued a new directive on 18th Feb’09 mandating Banks and Credit Card Companies to put in place an additional authetication/validation for all “card not present” transactions from 1st Aug’09. Further “online alerts” must be provided to the customer … Continue reading
Posted in For Info/ General, Happenings in India
Tagged Credit Card, Online Transaction, RBI
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Refund of Wrong Debits in ATM
At some point of time or other, most of us would have had a bad experience at the ATM when the amount we key-in does not come but is debited from the A/c. In most cases, the reversal happens in … Continue reading