Till now, even though the banks used technology and reduced their cost, they never passed on the benefits to the customer. Take the case of At Par Clearing Cheque – the Core Banking System enabled the bank to clear a cheque at any place irrespective of the city where the account is held. Before the … Read more
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 the borrowers, deregulation of SB A/c interest rates will benefit a much larger population. Now … Read more
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 Charges Up to 1Lakh Rs.5/- 1Lakh – 2Lakhs Rs.15/- Above 2Lakhs Rs.25/- According to RBI … Read more
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 process of opening accounts without proper KYC norms, RBI has asked banks to ensure that … Read more
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 based on the account number in the instruction. Beneficiary Banks are not required to manually … Read more
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 🙂
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 in the accounts during the period from the 10th day to the last day of … Read more
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 – Rs. 10,000 to Rs. 1,00,000 – not exceeding Rs. 100 per instrument – Rs.1,00,001 … Read more
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 5 lakh – not exceeding Rs. 25 per transaction – Rs. 5 lakh and above … Read more
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 for all “card not present” transactions of value of Rs.5,000/- and above. This is a … Read more