Nomination is the right conferred upon the holder of a bank account to appoint one or more persons who will be entitled to receive monies upon the death of the account holder. In the event of death of an account or locker holder, the bank can release the account proceeds or … [Read more...] about NOMINATION FACILITY IN BANK ACCOUNTS
CLAIM SETTLEMENT PROCESS FOR DECEASED ACCOUNTS IN BANKS
RBI has issued a Master Circular on Customer Service in Banks on July 1, 2015. RBI explained the Settlement of claims in respect of deceased depositors in bank. As per the circular, RBI has simplified the procedure the settlement process in deceased account payment. According to … [Read more...] about CLAIM SETTLEMENT PROCESS FOR DECEASED ACCOUNTS IN BANKS
FAIR PRACTICES CODE FOR DEBT COLLECTION
The Bank is committed to following fair practices especially with regard to collection and recovery of its dues from its borrowers (hereinafter referred to as "customer"). At the same time the Bank is also committed to follow fair practices in this regard to foster … [Read more...] about FAIR PRACTICES CODE FOR DEBT COLLECTION
TYPES OF CREDIT FACILITIES IN BANKS
Lending is an important activity of the banking industry. Bank invests public deposits in the form of lending and earns a profit. The quality of the advances indicates the bank’s image in the market. A banker should have a thorough knowledge of the requirement of the customer and … [Read more...] about TYPES OF CREDIT FACILITIES IN BANKS
NRO, NRE, FCNR, EEFC & RFC Bank Account for NRI’s
The Reserve Bank of India (RBI) is the regulator of foreign exchange dealings in India. It prohibits, restricts, and regulates the opening, holding and maintaining of foreign currency accounts, and the limits up to which a person resident in India can hold the amount in such … [Read more...] about NRO, NRE, FCNR, EEFC & RFC Bank Account for NRI’s