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Bank Deposits

Know Your Client guidelines

It is essential for banks and other financial institutions to conduct thorough due diligence on their investors. This involves verifying the identity of the client and ensuring that there is no potential for money laundering. This process is crucial in maintaining the integrity of the financial system and protecting the interests of both the institution and its clients.

Deposits

but is not necessarily payable on demand. A deposit, in essence, is an amount of money that is placed in a bank with the intention of earning interest. It is subject to cert...

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Nomination

Account holders often receive requests from banks to make nominations, a process where they select individuals to receive the money in their accounts in case of their passin...

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Renewal of deposit

Deposit rollover is a common practice in the world of finance, where the depositor chooses to extend their deposit for a further period of time after the initial investment ...

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Taxable interest

In the realm of finance, it is crucial to understand the taxation of interest earned on fixed deposits. According to the Income Tax Act, any interest earned on a fixed depos...

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