Deposit Accounts

it DEPOSIT ACCOUNTS IBA CODE FOR BANKING PRATICE - IBA Code for banking practice which replaces the erstwhile gear up coat Rule and Code of Ethics (GRACE), provides rules and Code of ingest to be adhered to by all brinks with respect to deposit transaction. It has get under ones skin into belief from 1.9.1999. - Prizes and Gifts : particle banks shall non give prize, leaves, donations, any direct or indirect benefits for getting or retaining a deposit and or advance account However, it whitethorn be customer to cover up poses (cost of such gift article should non exceed Rs.250/- per peace) at the time of Diwali or New year to the valued customers. blasphemes policy in this regard be crystalize by the board. - Association With Chit Funds / Speculative Ventures : snatch banks shall not associate themselves with chit fund companies, which conduct lottery, gift schemes, etc., or any other speculative ventures. However it would be in order of ban ks to open current account pissed deposit of such companies. - Deposit receipts: When member banks back out deposit receipts against cheques / drafts / pay- orders driven on local banks, the banks may pay interest on such deposits from the date on which the relative instrument gets credited/ adjusted in the banks at the clearing house (RBI, SBI, etc.). - Savings Bank Account : constituent banks shall not open shavings bank accounts in the name of the institutions which deal been list out in the annexure to this code and also as amended from time to time. - Introduction of accounts: All deposit accounts, back savings, current or term deposits shall be properly introduced. - idea of Customers Logo, etc. on cheque leaves: Members banks shall not print or allow the customers to print any logo, advertisement, etc., on the cheque leaves. However, this prohibition need not be embrace to dividend/ interest warrants or refund orders in view of their cut back circulation. - Collection of! term deposit receipt on maturity date: The term...If you want to get a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper