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 mete out to be adhered to by all brinks with respect to deposit transaction. It has arrive 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 deal inducts (cost of such gift article should non exceed Rs.250/- per peace) at the time of Diwali or New year to the valued customers. coin banks policy in this regard be discharge by the board. - Association With Chit Funds / Speculative Ventures : contribution 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 curren t account securely deposit of such companies. - Deposit receipts: When member banks disengage 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 : component banks shall not open shavings bank accounts in the name of the institutions which buzz off been list out in the annexure to this code and also as amended from time to time. - Introduction of accounts: All deposit account s, offer savings, current or term deposits! shall be properly introduced. - mentation 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 dampen circulation. - Collection of term deposit receipt on matureness: The term...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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