Awareness Fridays: Conversion of Term Deposits, Daily Deposits, or Recurring Deposits for Reinvestment in Term Deposits

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From the Reserve Bank of India’s Annual Policy Statement for the Year 2010-11: Banks should allow conversion of term deposits, daily deposits, or recurring deposits to enable depositors to immediately reinvest the amount lying in the aforesaid deposits with the same bank in another term deposit. Banks are required to pay interest in respect of […]

Awareness Fridays: How to Identify Genuine Rupee-denominated Currency Notes

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Here’s a detailed tutorial from the Reserve Bank of India (RBI) on how to identify genuine rupee-denominated currency notes. My observations: It’s not possible for the common person to identify a counterfeit note on first glance. How often have you stopped to verify the genuineness of the currency in your hands? Banks themselves have started […]

Awareness Fridays: Can You Access Your Credit Information Report?

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I’ve previously written about the Credit Information Bureau (India) Limited (CIBIL). To repeat, CIBIL or Credit Information Bureau (India) Limited is India’s first credit information bureau and is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members (i.e. banks and other financial institutions) […]

Awareness Fridays: Your Bank Should Now Acknowledge Nomination and Indicate the Name of the Nominee in Pass Books and Fixed Deposit Receipts

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Key excerpts from a recent circular issued by the Reserve Bank of India. The problem. It has been brought to our notice that some banks do not have the system of acknowledging the receipt of the duly completed form of nomination, cancellation and/or variation of the nomination. Further, it is also understood that in some […]

Awareness Fridays: Cheque Clearance Timeframes

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You might have often wondered what has happened to that cheque you recently deposited. And if you enquired, your bank would have given you a whole bunch of doesn’t-make-sense-to-me reasons. Thankfully, the Reserve Bank of India recently passed a notification on cheque clearance timeframes to be adhered to by Indian Banks. I particularly like this […]