Letters Of Credit Definition, Types & Process
If you effect a transaction in a currency other than the Indian Rupee, we will debit that transaction from the related Account after conversion into Hong Kong dollar at our prevailing exchange rate at the relevant time of conversion. The Card shall be issued by the Bank in the name of Accountholder of any account except for Minors Accounts and Personal Accounts operated by joint signatures. The first Card on a joint account will be issued free of charge. Every additional Card applied for on the same account will be charged for as per Bank’s Tariff .A maximum of two cards per account will be issued in case of joint accounts. Charges as per the Bank’s tariff will be applicable for effecting stop payment instructions and the same will be debited to the specific savings or current accounts in which this stop payment has been effected. Interests on an Ordinary Fixed Deposit is payable to the accountholder every quarter in case of local currency deposits and at half yearly rests for foreign currency deposits and is paid to the accountholder along with the principal at the end of the term.
In case of corporate a Board resolution for change in bank account details also is to be submitted. In a ‘Non- Cumulative scheme’ the interest is payable on periodic basis. In ‘Cumulative deposit scheme’, the interest is payable at the time of maturity along with vwap formula excel the principal. Under this LC, documents are payable at the sight/ upon presentation of the correct documentation. For example, a businessman can present a bill of exchange to a lender along with a sight letter of credit and take the necessary funds right away.
It also performs contingent functions of estimating and dividing national income, providing basis of credit, imparting liquidity to wealth and estimating macroeconomic variables. It performs secondary functions of standard of deferred payments, store of value and transfer of value. Money performs primary functions as a medium of exchange and a measure of value. Money should have (1 stable monetary value. It serves as a measure of value to exchange goods and services. These goods can be sold and purchased in future as per requirements. Anything which is used as money must be easily accepted by all for exchange purpose.
What are the 6 types of money?
- Commodity Money.
- Fiat Money.
- Fiduciary Money.
- Commercial Bank Money.
- Metallic Money.
- Paper Money.
- Reserve Money.
Tax will be deducted at source as per prevailing income tax laws subject to a certificate from Indian tax authorities for nil / concessional rate of tax deduction. Customer also understands and agrees that tax implications including documentation requirement are subject to change from time to time. Women Aura Debit Card will be delivered to woman customer as per their savings account variant within 45 days of account opening. AWAS Account Debit card will be deactivated upon closure of the account. The debit card Cashback shall be provided on the basis of total spends in the account through the Debit Card subject to the terms and conditions applicable thereto. ICICI Bank’s rights hereunder shall not be affected by the Customer’s bankruptcy, insolvency, death or winding-up.
The Customer shall be issued non personalized payable-at-par Cheque-book consisting of 10 leaves along with the I-KIT free of charge. ICICI Bank may also offer additional benefits in the form of Promotional Offer to Woman Cardholder/s. These Promotional Offer/s may be brought to the Woman Cardholder from time to time based on additional terms and conditions which shall be communicated with such Promotional Offer/s. The ONE Account Debit Card will be delivered to Customer as per their savings account variant within 45 days of account opening. For all details on the eligibility, features, rates and charges and general information on this account variant, please refer to the Website for more information. The continuance of the Young Stars Debit Card issued to the Young Stars Cardholder, being a special facility issued at the request of the Guardian/parent, will be solely dependent on the continuation of the Young Stars Account.
- The Savings Account and linked fixed deposits, if any, will get transferred to the branch, as stipulated by the Customer, within 2 working days from the date of such a request being made.
- Once the age of a Senior Citizen is verified for accepting a term deposit under this special scheme, bank shall not seek proof of age for renewal of the deposit or for accepting subsequent term deposits from the same depositor under this special scheme.
- The Young Stars Account shall be either a savings account or a fixed/recurring term deposit.
Product Code under CBS – A separate Product Code under the CBS system for the scheme would be created by Head Office, DIT. A Rubber Stamp stating “Issued under UCO TRIPLE ONE’ Fixed Deposit Scheme is to be invariably affixed by branches. Period of operation of the Scheme – The scheme would be open for the general public from 3 March,2014 and will remain valid up to 31st March, 2014.
Ordinarily, duplicate copies of statement of Account shall be issued only for a period not exceeding 36 months prior to the date of request. In the event of occurrence of any of the above events, the Customer shall receive balance amounts, net of all deductions made as per these Terms and Conditions. Transactions are entertained during banking hours at the branch where the Account is maintained or at any other ICICI Bank branches under Any Where Banking . ICICI Bank shall not be liable for any delay on any account of failure of connectivity.
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Customer hereby declares that he/she shall not deal with any transactions in his/her Account, relating to any type of VCs, including but not limited to, bitcoins. Even though the money market instruments do not carry many risks, it would be incorrect to say that they are entirely risk-free. While getting money is easier for borrowers with an outstanding track record or credit ratings, there is always a possibility that the borrower might default in the repayment. It is always advisable to refer to the credit ratings before investing or trading. The maturity in respect of money market instruments means the time period within which the securities will mature. This is generally less than a year in case of money market instruments.
Certificate of Deposit
The Bank accepts Local Currency or Foreign Currency Fixed Deposit Account from NRIs in the form of NRE, NRO, FCNR deposits for fixed periods and currencies. Details about the various periods, current rates of interest and minimum deposits are available upon request. You are requested to provide a declaration for the same Do note that non adherence of the said guideline will render yourself liable for penal action under the Foreign Exchange Management Act .
- Core Banking Solutions is a buzz word in Indian banking at present, where branches of the bank are connected to a central host and the customers of connected branches can do banking at any branch with core banking facility.
- To the extent of any inconsistency, the terms and conditions as set out herein for Savings Family Banking product shall prevail for all intents and purposes with respect to Savings Family Banking product only.
- These terms and conditions pertaining to the ICICI Freedom Savings Account (“Freedom Savings Account”) as mentioned in this Section of the Terms and Conditions (the “Freedom Savings Account Terms”) are in addition and not in derogation to ICICI Bank’s savings bank account Terms and Conditions.
- The Family Banking Debit Card will get deactivated on dissolution/closure of the family ID without any prior notice.
- So using an online FD calculator you can easily calculate how large a tax saver FD corpus you will accumulate at maturity.
The deposits kept in the sole name of the minor aged 10 years and above, are not eligible for the advance. As much as the deposit is opened by the guardian on behalf of the minor the deposit is payable to the natural guardian on the due date. In the event of the exigency, the natural guardian can also borrow against the security of deposits in the name of a minor provided money borrowed is utilized for the purpose of minor’s benefit. The natural guardian shall submit a written declaration to the bank that the borrowed money will be utilized for the benefit of the minor. In the event of a minor attains majority, on or before the due date of the deposit, the amount will be payable only to the erstwhile minor and not to the guardian, irrespective of whether guardianship certificate is obtained or not. In the case of deposits opened by a natural guardian in the joint names of himself and the minor with “E or S” mandate the amount will be payable to the erstwhile minor or the natural guardian on the due date.
EFT – (Electronic Fund Transfer)
This is also applicable to deposits having operating instructions “Either or Survivor”. It may be noted that in the case of a joint Account, the nominee’s right would arise only after the death of all the holders. The cheques / drafts / pay orders / other instrument deposited on any day which is a Sunday or public holiday or after the time of clearing for the day is normally effected by ICICI Bank shall be sent for clearing on the next business day of ICICI Bank. If for whatever reason the Account has a been overdrawn or the Account has a debit balance, Customer shall be liable to pay interest and other charges in accordance with ICICI Bank’s prevalent rates and practices on the amount so overdrawn or on the debit balance. Any temporary overdraft in the Account should be construed as a one-time facility only and not a continuous arrangement, unless otherwise agreed to, by ICICI Bank in writing.
“Pre signed cheques” shall mean post-dated cheques signed and furnished by the Customers towards the repayment of ICICI Bank’s loan amount / facility amount. The mode of operation and nomination of the ERA shall be the same as specified at the time of opening of the Salary Account. On successful opening of the ERA, the Salary Account debit card will be linked to the ERA. That any modification in the salary account with respect to addition, deletion of name, address modification shall be applicable to the Employee Reimbursement Account as well.
Joint RFC account can be opened with a resident eligible to open RFC account. There will be no upper ceiling on the balances held in the account. All other terms & conditions applicable for existing Recurring Deposit Scheme of the Bank.
On registering for Internet Banking Service, the Customer will be provided with third party pre-designated and non designated limits. Pre-designated limits can be set upto INR15 Lacs per customer per day and Non designated https://1investing.in/ Limits can be set upto INR15 Lacs per customer per day. Customers will have the option to increase / reduce his limits as per the maximum limits provided by the bank through his internet banking login.