Deposit account: GK, Current Affairs, Questions, Trivia and News

Axis Bank launchs a short-term online fixed deposit product “Express FD”

Axis Bank has launched a short-term online fixed deposit product ‘Express FD’ that allows a customer to open a FD account in 3 minutes through the digital mode without opening a savings account with the bank. The new product offers a host of features like attractive interest rates, zero issuance fees and no penalty on ..

RBI liberalises norms for the Gold Monetisation Scheme

The Reserve Bank of India (RBI) has liberalised the norms for Gold Monetisation Scheme and has directed all lenders to promote and publicise the Gold Monetisation Scheme (GMS) from their branches. This underscores the intent of the RBI to make the Scheme a success. Changes brought in by the RBI The changes brought in by ..

SBI’s new rules on saving accounts and short-term loans effective from May 1

State Bank of India (SBI) has moved to a new interest rate regime on large savings account deposits with balance above Rs 1 lakh as well as short-term loans like overdraft and cash credit. SBI became the first bank in the country which has linked deposit accounts and short term loans to an external benchmark. ..

Government of India (GoI) reduces minimum annual deposit requirement for accounts under Sukanya Samriddhi

The Government of India (GoI) has reduced the minimum annual deposit requirement for accounts under Sukanya Samriddhi Yojana from Rs. 1,000 to Rs. 250. The move will enable more people to take advantage of the girl child savings scheme. The government has amended the Sukanya Samriddhi Account Rules, 2016 for the purpose. The interest rate ..

SBI allows depositors to withdraw cash from its Point of Sale (PoS) devices

In a bid to ease the cash crunch, the State Bank of India (SBI) has decided to allow depositors to withdraw cash from its Point of Sale (PoS) devices available with merchants. This “[email protected]” facility will be available for customers of all banks and can be used in about 80% of SBI’s PoS devices across ..

Union Cabinet approved proposal to levy 60% deduction on accounted deposits

The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move was taken amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts post demonetisation, which the government doubts to be the laundered black ..

Government releases modified draft Bill to check the menace of Ponzi schemes

The government has released the revised Draft ‘Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016’ to crack down on Ponzi and illegal deposit schemes to protect the interests of depositors and the connected matters. Key facts It proposes to set up an online database of information on deposit taking activity in ..

End of Regulated Interest Rates Era

Recently, the Reserve Bank of India has completely deregulated the interest rates. The Interest on Savings Banks Account was the last administered pricing imposed by the banking regulator and now the savings bank account interest rates have been deregulated. This will set a stage among the banks to attract more deposits by offering attractive interest ..