Day to Day Banking Related information

 

Hello Friends!

Welcome you all in my Blog “Banker for You”

Friends I have come across your many questions related to the Banking, loans, and other banking related issues which are answered. You will not find any answer after searching in Google.

Here I have collected some of the unanswered questions from Google and tried my best to give answer of the same.

Please read the full article and share with your friends.

 

1.   What is the procedure to exchange the cut, soiled, mutilated currency note?

 

Friends, Reserve Bank of India as controller of the Banks in India released a circular giving guidelines of what to do with a mutilated, soiled or cut currency note.

 

As per the RBI guidelines, A soiled note means a note which has become dirty due to normal wear and tear and also includes a two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing. These notes should be accepted over the counters in payment if government dues and for credit to accounts of the public maintained with banks.

 

Burnt, oiled, extremely brittle, charred and stuck up notes which cannot withstand normal handling, shall not be accepted by the bank branched for exchange.

 

v  Exchange of soiled notes:

 

Ø  Where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs.5000 per day, banks should exchange them over the counter, free of charge.

 

Ø  Where the number of notes presented by a person exceeds 20 pieces of Rs.5000 in value per day, banks may accept them against receipt, for value to be credited later. Banks may levy service charges as permitted.

 

 

v  Note bearing slogans:

 

Ø  Currency notes with slogan and message of political nature written across it ceases to be a legal tender and the claim on such note will be rejected under Rule 6(3) (iii) of Reserve Bank of India (Note Refund) rules, 2009.

 

v  Deliberately cut notes:

 

Ø  The notes which are found to be deliberately cut, torn, altered or tempered with, if presented for payment of exchange value should be rejected under rule (3) (iii) of Reserve Bank of India (Note Refund) rules, 2009.                                                                                                                                                                                                                                               

    2.   Can overwriting cheques are accepted in Bank?

 

The Reserve Bank released guidelines that from CDecember 1,2010 , all cheques cleared under image based Cheque Tuncation System should be free of any alteration, correction or overwriting and that any cheque that did not meet that standard would automatically be invalidated .

 

Hence the overwriting cheque will be rejected in clearing however if you are presenting the cheque over the counter for payment of cash or transfer, it may be cleared after the authentication by the drawer.

 

3.   Can name be changed in Bank account without changing the account number?

 

If you have changed your name then your name can be changed in the bank account without changing the account number.

 

For doing the changes you need to submit some documents which are necessary for consideration of your request.

 

v  Gazette notification for changing your name

v  Affidavit

v  PAN card with changed name ( PAN No will remain the same)

v  Adhar card with changed name .

v  Application form.

 

4.   How to open new bank account online in a Bank?

 

In India many bank offers online account opening. But the account will be activated only after the physical submission of documents into the Branch.

You can go the website of a bank and find personal banking segment. Here you will get the link for account opening. After feeding the Adhar No it will automatically capture you data. Once you submit it, it will generate a reference no. Take printout of the reference no and visit the Branch you selected for opening of account. Submit the copy of your ID and address proof and application form. The account will be activated same day.

 

Now banks are offering internet banking and mobile app for all you need without any cost. You can register your mobile number and e-mail Id with the bank and use online banking facility seamlessly round the clock from you laptop or phone.

 

5.   Is there any limit on UPI transaction? Is there any charges for UPI transaction?

The National Payment Corporation of India has set a transaction limit and per day transaction limit for UPI transfers. At present the UPI transfer limit per UPI transaction is Rs.1 lakhs. The maximum number of UPI transactions is limited to 20 per day.