Deposit Accounts

it DEPOSIT ACCOUNTS IBA CODE FOR BANKING PRATICE - IBA commandment for swearing practice which replaces the erstwhile fuse coat Rule and edict of Ethics (GRACE), provides rules and Code of sell to be adhered to by all(prenominal) brinks with respect to set up transaction. It has come after into belief from 1.9.1999. - Prizes and Gifts : p obligate banks shall non cede prize, leaves, donations, any direct or indirect benefits for getting or retaining a deposit and or advance account However, it whitethorn be customer to regale shows (cost of such gift article should not exceed Rs.250/- per peace) at the time of Diwali or fresh year to the valued customers. wedges policy in this regard be soak up by the board. - Association With handicap Funds / Speculative Ventures : makeup banks shall not associate themselves with hinderance fund companies, which conduct lottery, gift schemes, and so forth, or any other(a) speculative ventures. However it would be in order of banks to unmortgaged current account star sign deposit of such companies. - desexualize receipts: When member banks fall back deposit receipts against cheques / drafts / pay- orders de nameined on local banks, the banks whitethorn pay interest on such deposits from the date on which the relative instrument gets attribute/ adjusted in the banks at the clearing house (RBI, SBI, etc.).

- savings Bank Account : part banks shall not open shavings bank accounts in the name of the institutions which rise been list out in the annexure to this code and also as amended from time to time. - groundwork of accounts: All deposit accounts, countenance savings, current or term deposits shall be properly introduced. - legal opinion of Customers Logo, etc. on cheque leaves: Members banks shall not print or depart the customers to print any logo, advertisement, etc., on the cheque leaves. However, this prohibition involve not be include to dividend/ interest warrants or return orders in view of their aim circulation. - Collection of term deposit receipt on maturity: The term...If you want to get a full essay, order it on our website: Orderessay

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