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MICR code and IFSC code to be available on Passbook/statement of account

RBI has now mandated that the MICR code and IFSC code of a bank branch be made available on the passbook/statement of account of account holders. The MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT ...

RBI raises limit for foreign exchange remittances to USD 25000

In a move that would be helpful to many, RBI through a circular issued on May 7, 2012 has further liberalized the foreign exchange remittance limit. The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000 with immediate effect. The circular states that Authorised ...

RBI permits transfer of funds from NRO to NRE accounts

In a significant change announced on May 7, 2012 through a circular, RBI has said that the NRIs/PIOs may be permitted, subject to payment of applicable taxes, to transfer repatriable funds from their NRO account within the overall ceiling of US $ 1 million per financial year, for credit to their ...

SBI, ICICI and other banks hike FCNR rates

SBI, ICICI and other banks have FCNR deposit accounts to NRIs have increased the interest rates being offered based on a RBI hike in ceiling on interest offered by such accounts. The rates have gone up by 75bps or 0.75% for FCNR deposits of between 1 and 3 years. The ...

India FD Interest Rate Roundup - September 15, 2011

Best FD Interest Rates in India as of September 15, 2011 (You can get the current best fixed deposit rates in India here.) Highest Fixed Deposit Rates for Non-Seniors in all Indian Banks Duration Institutions Rate 3 months Corporation Bank 8.75 6 months Oriental Bank Of Commerce 9.10 1 year Lakshmi Vilas Bank Greater Bombay Coop Bank 10.50 2 years Lakshmi Vilas Bank Mahanagar Co-op Bank 10.50 3 years Mahanagar Co-op ...

Highest NRO Fixed Deposit Rates in India as of October 22

The highest NRO fixed deposit rates in India across all banks in India as of October 22, 2010 are shown below. Non-Resident Ordinary (NRO) accounts can be opened by NRIs themselves or jointly with resident Indians. For the latest NRO fixed deposit rates, please visit Ratekhoj's NRO fixed deposit rate ...

Highest Fixed Deposit Rates in India as of October 22

The highest fixed deposit rates in India across all banks and post office schemes in India as of October 22, 2010 are shown below. For the latest fixed deposit rates, please visit Ratekhoj's fixed deposit rate comparison page Highest Fixed Deposit Rates in India for Non-Seniors (people below 60 years) tr.odd1 td ...

ICICI netbanking customers can get discounts on makemytrip.com

Makemytrip.com, a online travel website, is offering upto 30% off for ICICI netbanking customers. These discounts are valid upto August 20, 2010. Some of the salient aspects of this offer are as follows: Domestic Flights: Upto Rs. 250 cashback • Rs. 100 per one way ticket or Rs. 250 per return ticket (except Indigo ...

ICICI Bank card holders can get upto 30% on Yatra.com bookings

Travel website Yatra.com is offering upto 30% on travel bookings for ICICI Bank Credit and Debit Cardholders. This offer is valid till July 31, 2010. How to avail these discounts: 1. Search for a flight (domestic or international) or a hotel within India at www.yatra.com. 2. Select your preferred flight or hotel ...

RBI allows online tracking of applications

Reserve Bank of India (RBi) has indicated through a press release that applications made to various departments of the Reserve Bank of India (RBI) can now be tracked on-line through the Application Tracking System (ATS). The Reserve Bank launched the Application Tracking System on its website for convenience of the ...