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Showing posts from October, 2008

Is our money Safe in Banks In India?

Every body has saved his money in banking system and some of us worried about the safety of our money in bank in India and some of conservative mind has withdrawn it from the Bank in last month or so .....So question in our mind is "Is our Banks safe ?

As our Finance Minister and Prime Minister has assures us that our banks are safe its includes ICICI bank and all private banks.Indian private banks have to follow strict guidelines/ Regulation in India Like all other Public sector banks .

Even the one of the Bank Goes bankrupt in that case also your deposit upto 100000 is insured through DICGC(Deposit Insurance and Credit guarantee Corporation).Means you will get atleast one lakh from your bank in case of Bank failed.

The Main feature of insurance Scheme are
1. Insurance of one lakh Rs deposit in all bank branches in India.
2. Current account,FD,Saving accounts are covered
3. The limit is applicable on person and not on account.Suppose you have money in saving account 50000 and curr…

Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection

Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
With immediate effect, the framework of charges to be levied by banks for offering various electronic products and for outstation cheque collection service shall be as under : –
1. Electronic products
a) Inward RTGS / NEFT / ECS transactions – free, no charge to be levied.
b) Outward transactions –
(i) RTGS – Rs. 1 to 5 lakh – not exceeding Rs. 25 per transaction
– Rs. 5 lakh and above – not exceeding Rs. 50 per transaction

(ii) NEFT – Up to Rs. 1 lakh – not exceeding Rs. 5 per transaction
– Rs.1 lakh and above – not exceeding Rs. 25 per transaction
c) Banks may prescribe charges not higher than cheque return charges for ECS debit returns.
d) These charges shall be applicable for all types of transactions, including inter-bank funds transfers.
2. Outstation cheque collection
a) – Up to Rs. 10,000 – not exceeding Rs. 50…