Deposit Accounts

it DEPOSIT ACCOUNTS IBA CODE FOR BANKING PRATICE - IBA Code for banking practice which replaces the erstwhile electrical fuse coat Rule and Code of Ethics (GRACE), provides rules and Code of contain to be adhered to by all brinks with respect to deposit transaction. It has contend 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 may be customer to perform acquaints (cost of such gift article should non exceed Rs.250/- per peace) at the time of Diwali or New year to the valued customers. shores policy in this regard be befool by the board. - Association With Chit Funds / Speculative Ventures : gash 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 banks to open curre nt account level deposit of such companies. - Deposit receipts: When member banks make 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 : member banks shall not open shavings bank accounts in the name of the institutions which spring up been list out in the annexure to this code and also as amended from time to time. - Introduction of accounts: All deposit accounts, brave out savings, current or term deposits ! shall be properly introduced. - prospect 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 cover to dividend/ interest warrants or refund orders in view of their visualise circulation. - Collection of term deposit receipt on adulthood: The term...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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