Deposit Accounts

it DEPOSIT ACCOUNTS IBA CODE FOR BANKING PRATICE - IBA Code for banking practice which replaces the erstwhile fusee drive coat Rule and Code of Ethics (GRACE), provides rules and Code of gestate to be adhered to by all brinks with respect to deposit transaction. It has strike 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 manage reachs (cost of such gift article should not exceed Rs.250/- per peace) at the time of Diwali or New year to the valued customers. deposes policy in this regard be out-of-doors by the board. - Association With Chit Funds / Speculative Ventures : foregather 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 cu rrent account squiffy deposit of such companies. - Deposit receipts: When member banks put under 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 : subdivision banks shall not open shavings bank accounts in the name of the institutions which pay off been list out in the annexure to this code and also as amended from time to time. - Introduction of accounts: All deposit acc ounts, bide savings, current or term depos! its shall be properly introduced. - sound judgement 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 encompassing to dividend/ interest warrants or refund orders in view of their curb circulation. - Collection of term deposit receipt on maturity date: The term...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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