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A Monthly Newsletter of Indian Institute of Banking & Finance

(Rs. 40/- per annum)

(ISO 9001 : 2008 CERTIFIED)

Committed to
professional excellence

Volume No. : 7

Savings A/c for girl child


The government has announced the launch of 'Sukanya
Samriddhi Account' a new small savings instrument for the
girl child. The instrument will cater to the requirements of
education and marriage of the girl child. The account can be
opened and operated by the natural or legal guardian of a girl
child till she attains the age of 10 years, after which she can
herself operate it. The deposits in the account may be made
by the guardian or any other person or authority. An account
can be opened with `1,000. It will require a minimum
deposit of `1,000 and a maximum deposit of `1.5 lakh in
a financial year. Interest at the rate, to be notified by the
Government, compounded yearly shall be credited to the
account till the account completes fourteen years.
Debit card for inter-bank fund transfers at ATM centres
A customer of a bank can now transfer money from his
account to a customer of another bank through his debit
card, via an Automated Teller Machine (ATM). Some
banks have allowed inter-bank fund transfers through
debit cards. A customer has to simply go to the ATM and
punch in the amount and the 16-digit debit card number
of the person to whom the money is to be transferred.
Immediately, the customer's account gets debited and the
other person's account linked to the card gets credited.
Banks have been trying to reduce the number of consumers'
visits to branches, by increasing the number of services
available through ATMs. Fund transfers are allowed even
through internet channels; but the sender needs to add the
receiver as a beneficiary. This later process takes up to 24
hours, unlike an instant card-to-card transfer.

Banking Policies

Issue No. : 6

January 2015

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Extension of deadline for exchanging pre-2005 notes


RBI has extended the deadline to exchange currency notes
printed before 2005 to June 30, 2015. Such notes can be
exchanged for their full value and continue to remain legal
"The information / news items contained in this publication have appeared in various external sources / media for public use
or consumption and are now meant only for members and subscribers. The views expressed and / or events narrated /
stated in the said information / news items are as perceived by the respective sources. IIBF neither holds nor assumes any
responsibility for the correctness or adequacy or otherwise of the news items / events or any information whatsoever."