SBI
08:39
Revised Charges For The Non-Maintenance of Monthly Average Balance w.e.f 01.10.2017-State Bank Of India
Revised Charges For The Non-Maintenance of Monthly Average Balance w.e.f 01.10.2017-State Bank Of India
Source:SBI
Showing posts with label savings account. Show all posts
Showing posts with label savings account. Show all posts
Wednesday, 27 September 2017
Monday, 18 September 2017
State Bank of India
07:55
State Bank Of India reviewing minimum balance charges for savings accounts
State Bank Of India reviewing minimum balance charges for savings accounts
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST
State Bank of India (SBI) said it is reviewing charges for certain categories of accounts for non-maintenance of monthly average balance (MAB) after receiving feedback from customers. In April this year, the country’s largest lender reintroduced charges on non-maintenance of monthly average balance (MAB) after a gap of five years. “We have received feedback from our customers on the issue and we are reviewing those. The bank will take into account those and make an informed decision,” the banks managing director (national banking group) Rajnish Kumar told PTI.
“We will internally debate whether any moderation for certain categories of customers like senior citizens and students needs to be done anywhere. The charges are never cast in iron.” As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts will attract penalty of up to Rs 100 plus goods and services tax (GST). In metropolitan areas, there will be a charge of Rs 100 plus GST, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST.
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST. Kumar said the bank has over 40 crore savings bank accounts, which includes 13 crore of Basic Savings Bank Deposit (BSBD) and Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts. The bank has exempted BSBD and PMJDY accounts from maintaining the minimum balance requirement. Out of the 27 crore normal savings bank accounts, nearly 15-20 per cent are those where customers are not maintaining monthly average balance.
Source:Indian Express
Sunday, 13 August 2017
State Bank of India
09:41
Update Aadhaar Card Details to Your SBI Savings Account -NDTV
Update Aadhaar Card Details to Your SBI Savings Account -NDTV
Aadhaar Card Linking With SBI Bank Account: 4 Ways To Do It
The government of India has made it mandatory to link Aadhaar card to your bank account.
The government of India has made it mandatory to link Aadhaar card to your bank account. According to the new rules, all existing bank account holders have to link their bank account to their Aadhaar within December 31, 2017. State Bank of India or SBI, India's biggest lender, offers many options to its savings bank account holders to seed their account with Aadhaar number. SBI users have the option to upload their Aadhaar details online or through SMS in a particular format or by visiting the branch. SBI is also allowing customers to link their Aadhaar number to their bank account at an ATM.
Here are different ways through which you can update your Aadhaar number to your bank account:
Aadhaar linking through SBI internet banking portal
If you are an internet banking user, then you can log into www.onlinesbi.com and access the link "Link your Aadhaar number" under "My Accounts", appearing on the left panel of the screen
On clicking the above link, you will be directed to a screen where you have to select the account number, input the Aadhaar number and click on Submit
The last 2 digits of registered mobile number (non-editable) will be displayed to the customer
Status of mapping will be intimated to the customer's registered mobile number.
Aadhaar Linking through SBI ATM channel
You can access any of SBI's ATMs and seed your Aadhaar with your Bank account.
After swiping the ATM card and entering your PIN, select the menu "Service - Registrations"
In this menu, select Aadhaar Registration
You can now select the account type after which you will be asked to enter your Aadhaar number. You will be prompted to re-enter the same.
Aadhaar Linking through SMS
If your mobile number is registered with the bank, then you can send SMS to 567676 in the following format UID (space) Aadhaar number (space) Account number
If the mobile number is not registered or in case the Aadhaar is already linked to account, an SMS reply will be sent to you
If your mobile number is registered with the bank, you will receive an SMS confirmation of the seeding request
The Aadhaar number will be verified by SBI with UIDAI. In case it fails verification, SMS will be sent to customer to contact any SBI branch along with Aadhaar number or e-aadhaar.
Aadhaar Linking through SBI branch channel
A customer can visits any SBI branch with a copy of his/her Aadhaar number or e-aadhaar
After necessary verification, the linking will be done by the branch. An SMS will be sent to customer's registered mobile number regarding the status of seeding.
Source:NDTV
Saturday, 24 June 2017
volume of transactions
20:05
RESERVE BANK OF INDIA:RECORDING OF DETAILS OF TRANSACTION IN PASSBOOK/STATEMENT OF ACCOUNT
RESERVE BANK OF INDIA:RECORDING OF DETAILS OF TRANSACTION IN PASSBOOK/STATEMENT OF ACCOUNT
RBI/2016-17/326
DBR.No.Leg.BC.76/09.07.005/2016-17
DBR.No.Leg.BC.76/09.07.005/2016-17
June 22, 2017
All Scheduled Commercial Banks (including RRBs)
All Small Finance Banks and Payments Banks
All Small Finance Banks and Payments Banks
Dear Sir/ Madam,
Recording of Details of Transactions in Passbook/ Statement of Account
Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04 dated April 10, 2004 on "Committee on Procedures and Performance Audit on Public Services - Report No. 3 - Banking Operations : Deposit Accounts and Other Facilities Relating to Individuals (Non-Business)" advising banks to avoid inscrutable entries in passbooks/ statements of account and ensure that brief, intelligible particulars are invariably entered in passbooks/ statements of account with a view to avoiding inconvenience to depositors.
2. It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and/ or statements of account to enable the account holders to cross-check them. In the interest of better customer service, it has been decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts as indicated in the Annex. The list of the transactions mentioned in the Annex is indicative and not exhaustive.
3. Banks shall also incorporate information about ‘deposit insurance cover’ along with the limit of coverage, subject to change from time to time, upfront in the passbooks.
Yours faithfully
(Rajinder Kumar)
Chief General Manager
Chief General Manager
Source:RBI
Monday, 13 March 2017
savings account
20:03
Reserve Bank Of India Lifted Cash withdrawals from Bank
Reserve Bank Of India Lifted Cash withdrawals from Bank
RBI removes limit on cash withdrawal, banks go back to pre-demonetisation era
The Reserve Bank of India on Monday lifted the limit on cash withdrawals from banks and ATMs.
The Reserve Bank of India on Monday lifted the limit on cash withdrawals from banks and ATMs. Earlier on November 8, last year, Prime Minister Narendra Modi had announced the much talked about demonetisation drive, banning the use of high denomination currencies i.e, Rs 500 and Rs 1000 notes. This a created a vacuum in the Indian economy as the replenishment could not be done immediately. The RBI had then issued a limit on the cash withdrawals from banks and ATMs to stabilise the flow of currencies. On February 20, the Reserve Bank on had said that the weekly limit on withdrawal of cash from savings bank accounts would be increased to Rs 50,000, from the current Rs 24,000.
“The limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetisation, it has now been decided to remove these limits in two stages,” said RBI Deputy Governor R Gandhi. He was speaking to the media, along with RBI Governor Urjit Patel, after the central bank announced the sixth bi-monthly monetary policy review. On the basis of remonetisation, RBI had earlier relaxed restrictions on cash withdrawal from current accounts, cash credit accounts and withdrawal through ATMs on 1 February. However, the weekly withdrawal limit of Rs 24,000 on savings bank accounts is continuing.
Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation. These limits, however, were being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000. To a question, if fake new currency notes of Rs 500 and Rs 2,000 have come into circulation, Gandhi had said the recent ones that have come to notice are photocopies of currency which can be easily identified by the common man. The deputy governor had said the new notes have enhanced security and design features, and are not easy to copy. “The recent one that we have seen is the pure photocopy, so it is not real counterfeiting. So, this photocopy is easy for even a common man to identify. It will be possible for them not to be easily duped,” he said.
Monday, 6 March 2017
Monday, 13 February 2017
volume of transactions
07:39
How much amount can withdraw from an ATM?
How much amount can withdraw from an ATM?
With effect from February 1, 2017 limits on cash withdrawals from ATMs have been removed. Banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to the overall cash withdrawal limit for an account.
9. What are the cash withdrawal limits for accounts?
It has been decided to remove the restrictions on cash withdrawals from Saving Bank accounts in a two step process as under:
Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and
Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.
Cash withdrawal limits for Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with effect from January 30, 2017.
Source:RESERVE BANK OF INDIA
Monday, 16 January 2017
withdrawal of amount
18:12
Enhancement of withdrawal limits from ATMs and Current Accounts
Enhancement of withdrawal limits from ATMs and Current Accounts
RBI/2016-17/213
DCM (Plg) No.2559/10.27.00/2016-17
January 16, 2017
The Chairman / Managing Director / Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks /
Regional Rural Banks / Urban Co-operative Banks /
State Co-operative Banks/District Central Co-operative Banks
Dear Sir,
Enhancement of withdrawal limits from ATMs and Current Accounts
Please refer to our circulars DCM (Plg) No. 1274, 1317, 1437 and 2142/10.27.00/2016-17 dated November 14, 21 and 28 and December 30, 2016, respectively, on the above subject.
2. On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under:
(i)The limit on withdrawals from ATMs has been enhanced from the current limit of ₹ 4,500/- to ₹ 10,000/- per day per card (It will be operative within the existing overall weekly limit).
(ii)The limit on withdrawal from current accounts has been enhanced from the current limit of ₹ 50,000/- per week to ₹ 1,00,000/- per week and it extends to overdraft and cash credit accounts also.
3. There are no changes in the other conditions. The relaxations as provided in our circular dated November 28, 2016 will continue.
4. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager
Source:RBI
Sunday, 20 November 2016
savings account
04:49
PAN must for deposits above Rs 50K, close vigil on bank accounts
PAN must for deposits above Rs 50K, close vigil on bank accounts
The Reserve Bank of India (RBI) on Wednesday asked banks to ensure copies of PAN cards were being submitted for cash deposit exceeding Rs 50,000, if not already linked with customers’ account, to ensure tax rule compliance in the wake of the recent demonetisation move.
The RBI asked banks to insist on customers sharing their permanent account number (PAN) for all applicable transactions mandated under the Income Tax rule.
The directive follows the government order from last week that rendered the old 500 and 1,000 rupee banknotes illegal.
“With a view to ensuring compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised that anybody depositing more than Rs 50,000 in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN,” a notification said.
According to the 114B, every person is required to quote PAN for all documents pertaining to a time deposit with a bank or co-operative bank, post office, Nidhi or non-banking financial company which is allowed to accept deposits if the amount is more than Rs 50,000 or aggregating over Rs 5 lakh during a financial year.
Besides, customers also have to furnish PAN details for all transactions related to sale or purchase of motor vehicle/s, opening a bank account, applying a credit or debit card, opening a demat account and the like.
A customer must do so even when paying over Rs 50,000 in cash for hotels bills or travel to a foreign country or buying foreign currency.
Payment of over Rs 50,000 towards buying a mutual fund, bonds, bank drafts or pay orders and many other transactions also attract the same rules, according to the I-T ruling.
The government has been keeping a close vigil on the kind of deposits in bank accounts following the recent order and those who depositing over Rs 2.5 lakh in cash.
Banks and post offices have been asked to report to the I-T department all deposits above Rs 2.5 lakh in savings accounts, and more than Rs 12.50 lakh in current accounts, made during the 50-day window provided to tender the scrapped 500 and 1000 rupee notes.
These entities will also have to report cash deposits during the period aggregating to Rs 12.50 lakh or more, in one or more current account of a person.
The finance ministry has notified the amended Rule for filing of Annual Information Return (AIR) report by banking company, cooperative bank and post offices on account of aggregate cash deposits in one or more current account of a person.
Banks and post offices now have to file a statement of financial transaction in respect of these transactions on or before January 31, 2017, the notification said.
Earlier, they were required to report to the I-T department only when cash deposits in an account exceeded Rs 10 lakh in one full year.
Source:BankingUpdates
Thursday, 17 November 2016
savings account
10:04
Lakshmi, country's first banking robot, makes debut in Chennai
Lakshmi, country's first banking robot, makes debut in Chennai
Endearing, interactive and superfast with data, India's first banking robot Lakshmi made her debut on Thursday in the city. Launched by the Kumbakonam-based City Union Bank, the artificial intelligence powered robot will be the first on-site bank helper.
Top private lender HDFC Bank, which is also experimenting with robots to answer customer queries, is testing its humanoid at its innovation lab. Lakshmi, which took more than six months to develop, can answer intelligently on more than 125 subjects.
Want to know your account balance? Interest rates on home loans? Deferred payments or possible charges to be incurred on fixed deposit closure? Lakshmi can answer it all. "Apart from answering generic questions, we have also programmed it to connect to the core banking solution. If a customer wants to know his bank account details or transaction history, the robot can flash the answer on its display," said N Kamakodi, MD and CEO, City Union Bank.
Sensitive financial information like account details are displayed discreetly on the robot's screen and not voiced. "Lakshmi only talks out loud on generic subjects. If you visited our branch with your girlfriend, she won't embarrass you by showing your low account balance," joked its CEO.
Lakshmi, who currently speaks in English, gestures, turns around and engages in a very life-like manner in conversations. Unlike most robots her speech is not formal, but more relaxed and casual. "Since its artificial intelligence, the robot is constantly learning from customers - the more interactions it has with customers the better it gets," said a bank executive.
And what if a question stumps Lakshmi? "She then asks you to get in touch with the branch manager. But at the back-end, we will be collecting all the questions she was unable to answer and equip her with better data sets, so she can service customers. Today she can give real time updates of foreign exchange movement, current interest rates at banks for different asset classes like personal, educational, two-wheeler and home loans, possible charges on withdrawals or deposits. But going forward, she might be able to more than that," said its assembler Vijay V Shah of Coimbatore-based Vishnu Engineering.
In the next few months, City Union will aim at programming the humanoid to greet customers in Tamil. "We are also looking at enabling it so that it can service visually challenged individuals. Worldwide very few banks employ robots at branches and we want to bring a whole new experience to India," said CEO Kamakodi.
Currently, the bank has readied only one version of Lakshmi and has plans for 25-30 robots deployed at key branches by the end of the year if Lakshmi proves a hit with customers. The bank was planning on Lakshmi's debut on Thursday at its T.Nagar branch. But given the rush due to the demonetization drive and customers thronging the branches for exchanging withdrawn notes, Lakshmi might go public only on Monday.
Source:BankingUpdates
Friday, 18 March 2016
savings account
21:14
Interest rate on term deposits - Reserve Bank Of India
Interest rate on term deposits - Reserve Bank Of India
Bank on your deposits
The RBI has asked banks to pay interest on their customers’ savings accounts on a quarterly basis or shorter duration
In a customer-friendly move, the Reserve Bank of India has asked banks to pay interest on domestic savings deposits every quarter or shorter intervals. The interest rate on deposits must be uniform across all branches and for all customers and should not be subject to negotiation between the the depositors and the bank.
From October 2011, the central bank had deregulated savings bank deposit interest rate and the interest rate on savings bank account is calculated on a daily basis since April 2010. Each bank will offer a uniform interest rate on savings bank deposits of up to Rs 1 lakh, irrespective of the amount in the account within this limit. For any amount above Rs 1 lakh, banks provide differential rates of interest. Prior to 2010, banks used to give interest on savings accounts on the basis of the least deposit in an account between the 10th and the last day of each month. Currently, most bank offer 4% interest on savings deposit and the interest amount is paid at half yearly intervals on September 30 and March 31 each year.
If the proposed changes take place, then banks will have to spend an additional R500 crore next fiscal towards interest payment in savings deposit. For depositors, the effective yield will be 2 basis points more if banks move from half-yearly to quarterly interest payout.
The RBI circular points out that if a term deposit is maturing for payment on a non-business working day, banks will pay interest for the intervening non-business working day on the maturity value. No interest is paid on domestic current accounts. However, if the balance in the account is in the name of a deceased individual or a sole proprietorship, then interest will be paid on the current account deposits.
Interest rate on term deposit
For interest rate on term deposits, banks can determine the tenor of the deposit but the minimum tenor will be seven days. Interest on term deposits is payable at quarterly or longer rests. While differential interest rate can be offered by bank on bulk deposits, it will not be applicable on deposit schemes framed on the basis of the Bank Term Deposit Scheme, 2006 or the deposits received under the Capital Gains Accounts Scheme, 1988.
A term deposit is a contract between the bank and the customer for a definite term and it cannot be paid prematurely at the bank’s option. However, a term deposit can be paid prematurely at the request of the customer subject to the terms of the contract, including penalty, if any. The central bank’s recent circular underlines that banks can offer term deposits without premature withdrawal option, provided that all term deposits accepted from an individual for Rs 15 lakh and below will have premature withdrawal facility. The interest rate on premature withdrawal will be at the rate applicable to the amount and the period for which the deposit remained with the bank and not at a contracted rate. However, no interest will be paid where the premature withdrawal of deposits takes place before the completion of the minimum period.
Banks can formulate special fixed deposit schemes specifically for resident Indian senior citizens offering higher and fixed rates of interest as compared to normal deposits of any size. Banks can offer differential rates of interest on non-resident external account (NRE) term deposits as in the case of domestic term deposits of Rs 15 lakh and above.
Banks can also fix the rate of interest chargeable on loans and advances against foreign currency (non-resident) accounts FCNR(B) deposits to the depositors with reference to their base rate irrespective of whether repayment is made in rupees or in foreign currency.
For penalty on premature withdrawal of domestic term deposits, the central bank has noted that there will be a comprehensive policy on penalties for premature withdrawal of term deposits approved by the board of directors. The components of penalty will have to be clearly brought to the notice of the depositors at the time of acceptance of deposits. Otherwise, banks cannot levy any penalty on premature withdrawal.
If a term deposit matures and proceeds are unpaid, the amount left unclaimed with the bank will get interest rate of savings bank account. In case of floating term deposits, the rate will be linked o a directly observable and transparent market determined external benchmark. Banks can pay additional interest of 1% per annum over and above the rates mentioned by banks for deposits of bank’s staff, chairman and managing director, executive directors and other executives appointed for a fixed tenure.
Terms of deposits
* A term deposit is a contract between the bank and the customer for a definite term and it cannot be paid prematurely at the bank’s option
* For interest rate on term deposits, banks can determine the tenor of the deposit but the minimum tenor will be seven days
* The interest rate on premature withdrawal will be at the rate applicable to the amount and the period for which the deposit remained with the bank and not at a contracted rate
* If a term deposit matures and proceeds are unpaid, the amount left unclaimed with the bank will get interest rate of savings bank account
Source:Financial Express
Monday, 22 February 2016
savings account
06:04
Implementation Of FATCA
Implementation Of FATCA
'No need of reporting fixed deposits in pre-existing accounts'
The Indian government clarified on Friday that the implementation of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) will not entail reporting of all fixed deposits and auto sweep facilities in pre-existing savings bank accounts.
"During stakeholders consultations, representatives of financial institutions informed that in such cases, no additional documentation is obtained for these fixed deposits accounts as they are intrinsically related to existing saving bank account and all KYC documents are available for the existing saving bank account," the Central Board of Direct Taxes said on their website.
As per the order, fixed deposits in savings accounts opened before June 30, 2014 and December 31, 2015 will not have to be reported for FATCA and CRS, respectively.
The guidelines also said that for the upcoming reporting in March 2015 and May 2016, all reporting has to be done in Indian currency. For the reporting in 2017, Form 61B and Schema will be suitably modified to include a field for capturing the type of currency.
India and the US signed an inter-governmental agreement to implement FATCA in July 2015, towards greater transparency between the two countries on tax matters.
The decision will enable the government to receive information from the US and from other jurisdictions with which India has entered into agreements for Automatic Exchange of Financial Account Information (AEOI) as per CRS about assets of Indians held abroad including through entities in which Indians are beneficial owners.
These steps are designed to help the government curb tax evasion and deal with the problems of black money.
The measures will also result in financial institutions in India being FATCA complaint and they will not be required to enter into separate agreements with the US to avoid 30 percent withholding on their US source of income.
Till now, the Automatic Exchange of Financial Account Information protocols as per common reporting standards have been signed by 52 countries.
The Indian government has taken a leading role in international fora towards building a consensus among major economies that the problem of offshore tax evasion and flow of illicit money can be addressed only by free flow of financial account information to be exchanged among countries on an automatic basis.
Source:Business Today
Sunday, 14 February 2016
savings account
07:19
SB Account Opening per day - Review Meeting and Deduction in Reimbursement of Expenses
SB Account Opening per day - Review Meeting and Deduction in Reimbursement of Expenses
Source:Indian Bank Kumar
Tuesday, 9 February 2016
savings account
09:01
Post office small savings collections up 700%
Post office small savings collections up 700%
Till November last year, the collection of small savings through post offices stood at Rs 21,041 crore, compared to Rs 2,360 crore till November 2014, according to data available at National Savings Institute.
Add to this the small savings collection by banks (in the forms of public provident fund (PPF), senior citizens' savings scheme and Sukanya Samridhi accounts), and the figure rises to Rs 49,051 crore. The PPF collection data of the previous year is unavailable, making it not possible to compare.
Banks are already pitching for parity in interest rates of small savings, as it is seen as a hindrance in smooth transmission of the impact of earlier interest rate cut by the Reserve Bank of India. "There is a huge gap between the small savings and bank interest rate. It is long-pending demand of the banks that there should be some parity between the two,'' said Charan Singh, executive director, UCO Bank.
At present, bank fixed deposit earns between seven and 7.5 per cent interest rate on an average of a five-year tenure. In contrast, the interest rates on small savings hover between 8.4 per cent and 9.2 per cent across different schemes.
Post office small savings collections up 700% Gross post office small savings collection saw nearly a 40 per cent increase in collection between November 2014 and November 2015 to Rs 2,15,803 crore. The government is also considering a reduction in interest rate on small savings. In December 2015, Union Finance Minister Arun Jaitley had said that the government will bring down interest rates on small savings "cautiously".
West Bengal remained the top state in terms of small savings collection, with total net collections a Rs 3,974 crore till November 2015, against Rs 1,381 crore till November 2014, showing a rise of 188 per cent. After West Bengal, Uttar Pradesh accounts for highest collections in small savings at Rs 3120 crore net collections till November 2015, an increase of 185 per cent in November 2014.
Earlier, in view of the dwindling small savings collections, the government had in April 2015 marginally revised rates on small savings interest rates. The interest rate on the Sukanya Samriddhi account was raised from 9.1 per cent to 9.2 per cent a year for 2015-16 and the interest rate on Senior Citizens Savings' Scheme was raised from 9.2 to 9.3 per cent for FY16. Those on other schemes were kept unchanged. Under Sukanya Samriddhi account, which was launched in January 2015, the total collections till November 2015 stood at nearly Rs 283 crore.
Source:BankingUpdates
Tuesday, 15 September 2015
smart phones
20:44
India’s first mobile app for bank account opening. -FedBook Selfie
India’s first mobile app for bank account opening. - FedBook Selfie
FedBook Selfie from Federal Bank
Finance Minister Arun Jaitley launched Federal Bank's FedBook Selfie, India’s first mobile app for bank account opening.
Federal Bank has introduced this unique bank account opening app as an upgrade to FedBook, its e-passbook app, which was a trendsetter at the time of its launch two years ago.
“The Fedbook Selfie is a game changing mobile app and the first of its kind in India and maybe the world.
“The app allows you the luxury of opening your account from wherever you are, while being compliant with all regulatory guidelines,” said Shyam Srinivasan, Managing Director and CEO, Federal Bank.
Customers having an Aadhaar and PAN cards can now, using the Selfie app, open a savings bank (SB) account through his/her smartphone from anywhere at any time and receive the account number instantly.
To open an account, one has to download the FedBook on the mobile phone and carry out the following steps — take a selfie, scan the Aadhaar and PAN cards.
The app verifies the Aadhaar card in real-time and opens the account at the click of a button.
Once the account is opened, the app turns itself into the digital passbook for the customer.
With its intuitive features, FedBook has made account opening more convenient and simpler. The app is currently available on Android and iOS phones.
Source :Banking Updates