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FAQs on Non-competitive Bidding Facility for Dated Government Securities

Price payable for every Rs.100 (face value) is Rs.121.99. Therefore, for securities worth Rs.10,000, he will have to pay (Price x Face value/100) = 121.99 x 10,000/100=Rs.12,199/-Since the coupon on dated GOI securities are payable half yearly, the coupon payment dates for the security are 19 April/ 19 October.Now if the security was paid for (settled) on December 6, 2001, the accrued interest from the last coupon date to the date of settlement viz. from 19 October, 2001 to December 6, 2001, i.e. for 47 days will be 10.71/100 x 47/360x10000=Rs 139.83Hence, the amount payable by the investor will be price plus accrued interest, i.e. Rs12199 +139.83=12,338.83/- (if not rounded off).If the payment is not made on December 6, 2001 but, say, on December 9, 2001, the accrued interest component will be for 50 days instead of 47 days (i.e.3 days more) and it will work out to 10.71/100x50/360 x10,000=Rs.148.75 .The total amount payable by the investor will then be 12,199+148.75=12,347.75/- (if not rounded off)
In respect of deposit accepted in the name of –member or a retired member of the bank’s staff, either singly or jointly with any other member or members of his/her family, orthe spouse of a deceased member or a deceased retired member of the bank’s staff,the bank may, in its discretion, allow additional interest at a rate not exceeding one per cent per annum over and above the rate of interest stipulated.Provided that –the depositor or all the depositors of a joint account is/are non-resident/s of Indian nationality or origin, andthe bank shall obtain a declaration from the depositor concerned that the moneys so deposited or which may, from time to time, be deposited, shall be moneys belonging to the depositor as stated in clause (a) and (b) above.Explanation: The word "family" shall mean and include the spouse of the member/retired member of the bank’s staff, his/her children, parents, brothers and sisters who are dependent on such a member/retired member but shall not include a legally separated spouse.
The company intending to make investment under automatic route is required to fill in the form ODA supported by documents listed therein, i.e., Board Resolution, Statutory Auditor’s certificate, Valuation report (in case of acquisition of an existing company) and approach an Authorised Dealer for making the investment.
Yes. In case of any need to withdraw or stop a mandate the customer can do so by approaching the user institution to withdraw the mandate. The account holder / customer can also withdraw the mandate / debit instruction directly from his / her banker without involvement of the User institution. The withdrawal instructions of a customer in such cases would be treated equivalent to a ‘stop payment’ instruction in cheque clearing system. However, as a matter of best practice, the customer may also provide prior notice or intimation of mandate withdrawal to the ECS user institution well in time, so as to ensure that the input files submitted by the user institution does not include the ECS Debit details in respect of the withdrawn / stopped mandates, leading to avoidable returns/rejections etc.
Ans. The Reserve Bank is empowered to prescribe the format of payment instructions, size and shape of instructions, timings to be maintained by payment systems, manner of funds transfer criteria for membership including continuation, termination and rejection of membership, terms and conditions for participation in the payment system etc (Section 10 of PSS Act, 2007).
Yes, an investor in IIB or SGB scheme may retain the same Investor ID to deposit in PMGKDS provided the Personal Identification Document (PID) linked to the Investor ID is the Permanent Account Number.

Response

In BSBDA, banks are required to provide free of charge minimum four withdrawals, including through ATM and other mode. Beyond four withdrawals, it is left to discretion of the banks to either offer free or charge for additional withdrawal/s. However pricing structure may be put in place by banks on a reasonable, non-discretionary, non-discriminatory and transparent manner by banks.

  • As customers will be owned by the banks, KYC will also be done by the banks.

Ans. Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

No.  If a Government security is held on behalf of a minor, the payment for the same may be made to the father or mother of such minor and in case neither parent is alive then the payment is made to a person entitled, as per law, to take care of the property of the minor. However, if a Government security, whose principal value does not exceed Rupees One lakh, belongs to a minor or person who is insane and incapable of managing his affairs, RBI may make a vesting order in terms of Regulation 17 of the GS Regulations in favour of a person to represent the minor or insane person.

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