A big worry for many of us who have transferred money to someone else’s account from our own bank account is, “what if by some sheer misfortune, I have transferred the money to the wrong account?” What should I do if I sent money to the wrong bank account; can it be retrieved, if so, how?
What are the RBI rules?
According to RBI, “Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with.
What this means is that it is the money sender’s responsibility to make sure that the correct account number is entered.
But mistakes do tend to happen, we are human after all. If you have transferred the amount to the wrong account and the account details are invalid, your money will automatically return to your account. But what will happen if the account number is valid and the transaction is a success?
“Banks should put suitable disclaimers on the funds tr .
It is possible that the bank won't permit any transactions in your savings account if the account was opened but not accessed for a prolonged period of time or if the account has been inactive for longer than 12 months. Depending on the account status, banks mark such accounts as dormant or inactive. As it's likely that you're not keeping an eye on your account, this is a precaution to protect your interests.
What are inactive and dormant accounts?
According to the ICI .
Dormant account: If you do not do any transactions through your savings account for more than 24 months, the account will be classified as "dormant".
How to activate the dormant account
The process to activate the dormant or inactive account varies with each bank.
Kotak Mahindra Bank
According to the Kotak Mahindra Bank website, “As an NRI customer, you can activate your dormant NRE account by sending a mail to nriservices@kotak.com.
Restriction on Inactive and Dormant accounts
If your account is in an inactive or dormant state, you will not one allowed to do certain transactions depending on the status of the account. As per the ICICI Bank website, here are the restriction;
Inactive Account restriction: If your account becomes inactive, we will not be able to process the following requests :
Request for deliverables like debit card, Cheque Book, intenet banking user ID/password
Investors continue to consistently choose Life Insurance Corporation of India (LIC) policies. One of the most challenging tasks for any insurance customer is timely premium payment. To further ease the premium payment procedure, LIC also offers its customers to pay their premiums using UPI.
According to the LIC website, “ . Renewal premiums can be paid through these apps by clicking on the LIC logo under the Insurance category.”
Here's how to use the Google Pay App to pay LIC
Step 1: Log in to the Google app, go to the 'Bill Payment' section
Step 2: In the ‘Finance & Taxes’ section, you must now choose the insurance option.
Step 3: Choose LIC from the list of available options.
Step 4: At this point, you must connect your LIC policy to the platform. To link an account, provide your policy number, email address, and other information. Before submitting, check the information once more
Step 5: After the account has been linked, you can pay the LIC policy premium.
As per the LIC website, “While initiating the payment email id will be asked from the user. The payment receipt will be sent to this mail.
The government released the 12th payment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana in October 2022, and farmers are currently waiting for the next or 13th instalment.
Beneficiaries must complete the e-KYC verification. According to the Agriculture Department, Govt. of Bihar tweet, PM Kisan beneficiaries must finish their e-KYC verification by January 28, 2023 to receive the 13th installment.
According to the PM Kisan website, “eKYC is MANDATORY for PMKISAN Registered Farmers. OTP Based eKYC is available on PMKISAN Portal or nearest CSC centres may be contacted for Biometric based eKYC.”
According to the Department's tweet, “All beneficiaries of the PM-KISAN Samman Nidhi Yojana have been advised that e-KYC verification is mandatory before the upcoming 13th instalment. In Bihar, around 16.74 lakh beneficiaries have not completed their e-KYC verification. The DBT Agriculture Department has also sent SMS messages to the affected beneficiaries.
Beneficiaries must complete eKYC before 28 January 2023 in order to receive the benefits of the Pradhan Mantri Kisan Samman Nidhi Yo ..
In February there will be 10 bank holidays, including the second and fourth Saturdays and all Sundays, spread across various states in the country. Also, banks will be closed for three consecutive Saturday’s, so only one Saturday will be working for banks this month. However, holidays will not be the same across all states. Apart from national holidays, state governments designate bank holidays; there are a few state-specific holidays when banks are closed
The RBI publishes a list of bank holidays on its official website. The central bank announces the bank holidays for the full year state wise. All bank holidays have been classified into distinct categories under the Negotiable Instruments Act of 1881-Holidays Under Negotiable Instruments Act, Banks' Closing of Accounts, and Real-Time Gross Settlement Holiday. India observes three central holidays: Republic Day (26 January), Independence Day (15 August), and Mahatma Gandhi Jayanti ( ..
The government launched Sukanya samriddhi yojana to promote the wellbeing of the girl child by offering financial support during key life events like marriage and schooling. The Beti Bachao Beti Padhao campaign's Sukanya Samriddhi Yojana programme was introduced on December 2, 2014.
How is interest calculated
The account will earn interest that has been established and announced by the Ministry of Finance. The Reserve Bank of India (RBI) has extended the deadline for banks to complete the process of renewal of agreements for existing safe deposit lockers in a phased manner by December 31, 2023.
This move came after the RBI noticed that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023) to enter into revised agreements with the existing locker holders ..
The Reserve Bank of India (RBI) has announced that it has extended the deadline for banks to finish the process of renewing agreements for existing safe deposit locker customers in a phased manner by December 31, 2023. “It has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023).
Banks are recommended to take steps to make it easier for their customers to execute new or additional stamped agreements with them by setting up stamp papers, franking, electronic execution of agreements, e-stamping, etc. They should also give the customer a copy of the executed agreements.
According to the RBI notification, “Where operations in lockers have been suspended due to non-compliance with an agreement by January 1, 2023, they should be unfrozen immediately.”
Federal Bank has revised the interest rate on savings accounts starting from January 23, 2023. The interest rates on Federal Bank's savings accounts are linked to the RBI’s repo rate. At present, the RBI repo rate is 6.25%.
According to the Federal Bank website, “As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis. Foreign students can open bank accounts in India even if they are unable to offer an immediate address proof when applying for a bank account.
Foreign students can open Non Resident Ordinary (NRO) Accounts in India. Subject to the following conditions, an NRO account can be opened for foreign students studying in India on the basis of their passports (with the necessary visa and immigration endorsements).
The Reserve Bank of India releases a list of state-specific bank holidays each year. From state to state, these holidays differ. Banks in West Bengal are closed on Monday, January 23, 2023, as it marks the birthday of Netaji Subhas Chandra Bose. Netaji, who was born on January 23, 1897, was a significant figure in the Indian independence movement.
Parakram Day
Republic Day, which is on January 26 this year, is the only national holiday when banks will be closed (Thursday).All bank holidays have been classified into distinct categories under the Negotiable Instruments Act of 1881-Holidays Under Negotiable Instruments Act, Banks' Closing of Accounts, and Real-Time Gross Settlement Holiday.
