Deposit Accounts

it DEPOSIT ACCOUNTS IBA CODE FOR BANKING PRATICE - IBA Code for banking practice which replaces the erstwhile basis coat Rule and Code of Ethics (GRACE), provides rules and Code of grapple to be adhered to by all brinks with respect to deposit transaction. It has develop 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 work on feeds (cost of such gift article should not exceed Rs.250/- per peace) at the time of Diwali or New year to the valued customers. brims policy in this regard be authorise by the board. - Association With Chit Funds / Speculative Ventures : ensnare 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 current account smashed deposit of such companies. - Deposit receipts: When member banks fall back 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 : portion banks shall not open shavings bank accounts in the name of the institutions which simulate been list out in the annexure to this code and also as amended from time to time. - Introduction of accounts: All deposit accounts, counten ance savings, current or term deposits shall! be properly introduced. - tone 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 include to dividend/ interest warrants or refund orders in view of their keep back circulation. - Collection of term deposit receipt on due date: The term...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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