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Savings Account
A savings account is a bank account at a retail banking, retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online. People deposit funds in savings account for a variety of reasons, including a safe place to hold their cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the account balance. There are many types of savings accounts, often serving particular purposes. These may includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Passbook
A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account. Traditionally, a passbook was used for accounts with a low transaction volume, such as savings accounts. A bank teller or postmaster would write the date, amount of the transaction, and the updated balance and enter his or her initials by hand. In the late 20th century, small dot matrix printer, dot matrix or inkjet printers were introduced that were capable of updating the passbook at the account holder's convenience, either at an automated teller machine, ATM or a passbook printer, either in a self-serve mode, by post, or in a branch (banking), branch. History Passbooks appeared in the 18th century, allowing customers to hold transaction information in their own hands for the first time. Until then, transactions were recorded in ledgers at the bank only, so customers had no history of their own deposits and withdrawals. The passbook, which was around the size ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Rate
Bank rate, also known as discount rate in American English, and (familiarly) the base rate in British English, is the rate of interest which a central bank charges on its loans and advances to a commercial bank. The bank rate is known by a number of different terms depending on the country, and has changed over time in some countries as the mechanisms used to manage the rate have changed. Whenever a bank has a shortage of funds, they can typically borrow from the central bank based on the monetary policy of the country. The borrowing is commonly done via repos: the repo rate is the rate at which the central bank lends short-term money to the banks against securities. It is more applicable when there is a liquidity crunch in the market. In contrast, the reverse repo rate is the rate at which banks can park surplus funds with the reserve bank, which is mostly done when there is surplus liquidity. Determining the rate The interest rate that is charged by a country's central or fe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit Insurance And Credit Guarantee Corporation
Deposit Insurance and Credit Guarantee Corporation (DICGC) is a specialised division of Reserve Bank of India which is under the jurisdiction of Ministry of Finance, Government of India. It was established on 15 July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposit for up to the limit of Rs. 500,000 of each depositor in a bank. The limit was increased from 1 lakh to 5 lakh on 4th February 2020. Statistics The functions of the subsidiary are governed by the provisions of ''The Deposit Insurance and Credit Guarantee Corporation Act, 1961'' (DICGC Act) and ''The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961'' framed by the Reserve Bank of India in exercise of the powers conferred by sub-section (3) of Section 50 of the Act. A maximum of ₹5,0 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enforcement Directorate
The Enforcement Directorate (ED) is a law enforcement and economic intelligence agency of the Government of India. Established on 1 May 1956, it is responsible for enforcing economic laws and combating financial crimes. The ED operates under the Ministry of Finance (India), Department of Revenue, Ministry of Finance, with its headquarters in New Delhi. The ED's primary mandate is to enforce two key laws: the Prevention of Money Laundering Act, 2002, Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, Foreign Exchange Management Act, 1999 (FEMA). Additionally, it is tasked with implementing the Fugitive Economic Offenders Act, 2018, Fugitive Economic Offenders Act, 2018 (FEOA). History The Directorate of Enforcement (ED) was established on 1 May 1956, as an "Enforcement Unit" within the Department of Economic Affairs, Government of India. It was created to handle violations of exchange control laws under the Foreign Exchange Regulation Act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Know Your Customer
Know your customer (KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. The procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant and are actually who they claim to be. Banks, insurers, export creditors, and other financial institutions are increasingly required to make sure that customers provide detailed due-diligence information. Initially, these regulations were imposed only on the financial institutions, but now the non-financial industry, fintech, virtual assets dealers, and even non-profit organizations are included in regulations in many countries. Requirements In the United States, the Fin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of India
Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Ministry of Finance, Government of India, Government of the Republic of India, it is responsible for the control, issue, and maintenance of the supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Bharatiya Reserve Bank Note Mudran, Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore (Karnataka; Southern India) and Salboni (West Bengal; Eastern India). Depos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paisa
Paisa (also transliterated as ''pice'', ''pesa'', ''poysha'', ''poisha'' and ''baisa'') is a monetary unit in several countries. The word is also a generalised idiom for money and wealth. In India, Nepal, and Pakistan, the ''paisa'' currently equals of a rupee. In Bangladesh, the ''paisa'' equals of a Bangladeshi taka. In Oman, the ''baisa'' equals of an Omani rial. Etymology The word ''paisa'' is from the Sanskrit term ''padāṁśa'' (, basic unit), meaning 'quarter part base', from ''pada'' () "foot or quarter or base" and ''aṁśa'' () "part or unit". The pesa was also in use in colonial Kenya. The colloquial term for money in Burmese, ''paiksan'' (), is derived from the Hindi term ''paisa'' (). History Chaulukya coins were often called "Gadhaiya Paise" (9th–10th century CE). Until the 1950s in India and Pakistan (and before 1947 in British India), the paisa (back then spelled as ''pice'' in English) was equivalent to 3 pies, of an anna, or of a rupee. After the t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Deposit
A fixed deposit (FD) is a tenured deposit account provided by banks or non-bank financial institutions which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. The term fixed deposit is most commonly used in India and the United States. It is known as a term deposit or time deposit in Canada, Australia, New Zealand, and as a bond in the United Kingdom. A fixed deposit means that the money cannot be withdrawn before maturity unlike a recurring deposit or a demand deposit. Due to this limitation, some banks offer additional services to FD holders such as loans against FD certificates at competitive interest rates. Banks may offer lesser interest rates under uncertain economic conditions. The tenure of an FD can vary from 7, 15 or 45 days to 1.5 years and can be as high as 10 years. In India these investments can be safer than Post Office Schemes as they a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canara Bank
Canara Bank is an Indian public sector bank based in Bangalore, India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai. The bank was nationalized in 1969. Canara Bank also has offices in London, Dubai and New York. History Ammembal Subba Rao Pai, a philanthropist, established the ''Canara Hindu Permanent Fund'' in Mangalore, India, on 1 July 1906. Canara Bank's first acquisition took place in 1961 when it acquired Bank of Kerala. This had been founded in September 1944 and at the time of its acquisition on 20 May 1961 had three branches. The second bank that Canara Bank acquired was Seasia Midland Bank ( Alleppey), which had been established on 26 July 1930 and had seven branches at the time of its takeover. In 1958, the Reserve Bank of India had ordered Canara Bank to acquire G. Raghumathmul Bank, in Hyderabad. This bank had been established in 1870, and had converted to a limited company in 1925. At the time of the acquisition G. Raghumathmul Bank had five b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basic Savings Bank Deposit Account
Basic Savings Bank Deposit Account or BSBDA in India is a savings account that does not have a minimum balance. There is no upper limit cap for BSBDA. There is also a BSBDA small account facility with simplified KYC with upper limit cap of 50000 rupees. BSBDA small accounts are valid for 12 months initially but can be extended for another 12 months if the customer provides proof that he has applied for officially valid documents. As per the RBI norms all banks in india have to offer BSBDA account facility to its customers. As per RBI norms a BSBDA account holder cannot hold any other savings account in the same bank. If a customer have any other kind of savings account in the bank but still wish to get BSBDA, in that case he have to close the existing savings account within 30 days after opening BSBDA. Existing savings account( other than BSBDA) can also be converted to BSBDA on the basis of the request of the customer. The account holders can apply to receive a debit card and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Al Jazeera
Al Jazeera Media Network (AJMN; , ) is a private-media conglomerate headquartered in Wadi Al Sail, Doha, funded in part by the government of Qatar. The network's flagship channels include Al Jazeera Arabic and Al Jazeera English, which provide coverage of regional and international news, along with analysis, documentaries, and talk shows. In addition to its television channels, Al Jazeera has expanded its digital presence with platforms such as AJ+, catering to younger audiences with formats and content tailored for online consumption. Al Jazeera broadcasts in over 150 countries and territories, and has a large global audience of over 430 million people. Originally conceived as a satellite TV channel delivering Arabic news and current affairs, it has since evolved into a multifaceted media network encompassing various platforms such as online, specialized television channels in numerous languages, and more. The network's news operation currently has 70 bureaus around th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
