Banking Law - 4. page

Period of limitation for certain documents : Period of limitation and the time from which the period begins to run is shown below: NATURE OF DOCUMENTS LIMITATION PERIOD Bill of […]

Term Deposit Account : – Banks are required to issue term deposit receipt indicating therein full details, such as, date of issue, period of deposit, due date, applicable rate of interest, […]

Complaints : – Banks are required to provide Complaints/suggestion box at each office besides maintaining Complaint Book/Register with perforated copies in each set. A copy of the complaint is also to […]

Customer Confidentiality Obligations : Banks are not supposed to divulge any information about the account to third parties except where:- (a) disclosure is under compulsion of law (b) there is […]

Accounts with survivor/nominee clause : In case there exists a valid nomination and the deposit account is opened with the survivorship clause (“either or survivor” or “anyone or survivor” or “former […]

Reconciliation of transactions at ATMs failure : – Banks are required to resolve complaints within 7 working days from the date of receipt of the complaint. – Failure to re-credit […]

Co-ordination with officers of Central Board of Direct Taxes : Banks should maintain greater co-ordination between the Income-Tax department and extend necessary help/coordination to tax officials whenever required.

BANKING HOURS/WORKING HOURS/OPERATION : – Banks are required to function for public transactions at least for 4 hours on week days and 2 hours on Saturdays in the larger interest of […]

Limitation Act – Important Aspects : One of the important laws relating to banking is the Law of Limitation; this law prompts the lending banker to remain vigilant in taking legal […]

Savings bank account : – The Savings Bank Rules must be made available to account holders while opening the accounts. – Photographs of all depositors/account holders whether resident or non-resident […]