Feature Post

BANKING OMBUDSMAN AND ITS ROLE

  The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks.  Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory response from the bank within 30 days of lodging a complaint. Complaints given to Ombudsman Cover  -  Non-payment or delay in payment of cheques, drafts, or bills. Issues related to loans or advances. Non-adherence to fair practices code. Unauthorized debits or service charges. Complaints regarding internet banking or mobile banking. Delay in providing banking services. Unauthorized ATM withdrawals. Wrongful Charges. Ombudsman cannot accept complaints those are  handled by a court, tribunal, or arbitrator. Cases older than one year from the cause of action also do not entertained by Ombudsman.  How to File ...
0

Type of Accounts for Resident and Non Resident


Account can be opened by Residents.

  1. Residents Foreign Currency A/C
  2. Residents Foreign Currency Domestic A/C
  3. Exchange Earners Foreign Currency A/C

Account can be opened by Non Residents

  1. Foreign Currency Non Resident A/C
  2. Non Residents External Rupees A/C
  3. Non Residents Ordinary A/C

Residents Foreign Currency A/c

  • For Returning Indians
  • Stay  period outside India -1 Year (It can be in part also)
  • Joint (F/S) A/C with resident relative allowed.
  • CA/SB/FD
  • FD period - bank discretion.
  • Rate of Interest an SB/FD - Bank discretion.
  • Outward remittance - allowed 

RFC(D) - Resident Foreign Currency Domestic A/c


  • Resident A/c can open (Any)
  • No interest
  • Amount credited during month will be converted into Indian currency up to last day of next month

EEFC A/c

  • Current account interest free
  • Opened by exporters
  • 100% export earning A/C

Foreign Currency Non Resident (FCNR) A/c

  • NRI & PIO can open 
  • Can be opened any convertible currency
  • FD only (1 to 5 Years)
  • Interest - Ceiling fixed by RBI - LIBOR (London Interbank Rate) +2% for 1 Year to 3 Years
  • Libor + 3% for 3 to 5 Years
  • Loan - Rupee/FC loan to depositor or third party up to full value of FDR
  • Bank has FC risk
  • Repatriable - Full amount can be sent outward
  • Interest not taxable
  • Can be converted into Indian currency 


Non Residents External Rupees (NRE) A/c 

  • SB/CA/FD
  • Rate of interest /period bank discretion 
  • FD (min period -1 yr)
  • FC risk - customer
  • A/C is opened in rupee by converting the FC at currency exchange rate.
  • Interest - non taxable

Comments

Post a Comment