Information about bank accounts, FD, RD, PPF, SSA, interest rates, KYC, ATM rules, and government banking schemes explained simply.
Why would RBI tighten a rule that leaves the CRR rate at 3%? On 9 October 2026 it raised the daily minimum banks must keep from 90% of their CRR requirement to 99%, from the fortnight beginning 16 October. That sounds like a technical change, and partly it is. But it shows how RBI uses…
RBI’s authentication rules start from one line: every digital payment in India must be confirmed by “at least two distinct factors of authentication”. What changed in 2026 is how that is done. Since 1 April, RBI’s Authentication Directions let banks offer factors other than the SMS OTP. From 1 October, card issuers must also check…
Rekha has ₹1.2 lakh in savings and a ₹4.5 lakh FD at the same bank, both in her own name. That is ₹5.7 lakh in total. If the bank failed, DICGC deposit insurance would pay her ₹5 lakh, not ₹5.7 lakh. Her joint account with her husband at the same bank, though, is covered separately….
If the repo rate is 5.50%, what are the two other rates in Wednesday’s RBI statement for? Paragraph 2 of the 7 October MPC resolution says the SDF rate “stands adjusted at 5.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 5.75 per cent.” SDF and MSF are the…
₹100 for every day of delay. That is the compensation an RBI circular sets for a bank that misses its deadline to reverse a failed digital payment. The bank is supposed to pay it without the customer asking. For a failed UPI transaction refund on a person-to-person transfer, the deadline is the day after the…
“There is no limit on the amount involved in a dispute that can be brought before the RBI Ombudsman.” That line is in RBI’s own FAQs on the Reserve Bank – Integrated Ombudsman Scheme, 2026 (RB-IOS 2026), which came into force on 1 July 2026. It is a good reason to file an RBI Ombudsman…
Under RBI’s continuous-clearing rules, a cheque presented in the Cheque Truncation System (CTS) between 9 AM and 3 PM must be confirmed or rejected by the paying bank by 7 PM the same day. After settlement, your bank must release the money “immediately, but not later than 1 hour from successful settlement”. That makes the…
“My daughter is 11. Can she have her own debit card, or does everything have to go through me?” We hear versions of this question every school term. Since 1 July 2025, RBI’s rules give a clear answer. A bank account for minor children aged 10 and above can be opened and operated by the…
At a bank counter, the torn ₹500 note usually comes out of an envelope with an apology, as if the customer expects to be turned away. They shouldn’t. RBI’s Master Direction says “None of the bank branches shall refuse to accept coins and/ or small denomination notes”, and it requires every branch to exchange damaged…
A joint bank account looks simple until someone dies. “Either or Survivor” on a joint fixed deposit does not automatically let the survivor break the deposit after the other holder dies. The RBI’s clarification is specific: banks may allow that premature withdrawal only if the joint depositors gave a joint mandate for it. Without that…