Questions

Schedule bank’s account can be treated as inoperative account only after 2 years from the date of the last credit entry of interest on Fixed Deposit account as per RBI guidelines.

As per guidelines of the RBI, payments banks can accept demand deposits – savings and current – up to a maximum of ?1 lakh per customer. To overcome this restriction of holding a maximum balance of ?1 lakh per customer, payments banks have entered into tie-ups with mainline banks so that balances over ?1 lakh can be converted into fixed deposits with the latter.