9) RENEWAL OF OVERDUE DOMESTIC TERM DEPOSIT Renewal of overdue domestic term deposit (from maturity date of overdue deposit) shall be for a period extending upto at least 15 days beyond the actual date of renewal. If the renewed overdue domestic deposit is tendered for premature foreclosure/encashment before completion of minimum 15 days from the actual date of the renewal, no interest be paid for the overdue period even if the total overdue period from the date of maturity of the old deposit receipt exceeds 15 days. 10) PAYMENT OF INTEREST ON TERM DEPOSIT MATURING ON HOLIDAYS If the noted due date of a term deposit falls on a holiday, Sunday, working day, interest be paid for such intervening day(s), at the originally contracted rate, till the succeeding working day. 11) MATURITY VALUE CERTIFICATE (MVC) Member Banks shall not issue Maturity Value Certificates (MVCs) under any circumstances to any person who approach bank branches with offer to procure substantial rupee deposits. 12) NEGATIVE PUBLICITY Member Banks shall not make publicity of adverse/weak position of other banks, in order to wean away the customers of the affected banks. 13) INTEREST PAYMENT (a) The statements with regard to the rate of interest, method of interest calculation, etc. in any publicity literature, advertisement and other forms of publicity on deposit scheme/s of banks shall be precise and intelligible. (b) Member Banks may follow the Master Charts relating to payment of interest on deposits prepared by the Association from time to time for fixing maturity values; for payment of monthly income, annuities, etc. 14) GENERAL CONVENTIONS FOR DOMESTIC DEPOSITS (a) Member Banks may not accept any deposits for a period longer than 10 years. However, banks may accept deposits for periods exceeding 10 years in terms of orders of competent courts or in the case of minors where interests of minors are involved, provided banks are convinced that it is necessary to do so. Individual banks may decide in this matter based on asset liability management policies being followed. (b) Interest on deposits for fixed term may be paid, credited, transferred or reinvested with frequency not less than the quarterly rests. However, payment of monthly interest may be allowed, if required, by discounting the quarterly
9) RENEWAL OF OVERDUE DOMESTIC TERM DEPOSIT Renewal of overdue domestic term deposit (from maturity date of overdue deposit) shall be for a period extending upto at least 15 days beyond the actual date of renewal. If the renewed overdue domestic deposit is tendered for premature foreclosure/encashment before completion of minimum 15 days from the actual date of the renewal, no interest be paid for the overdue period even if the total overdue period from the date of maturity of the old deposit receipt exceeds 15 days. 10) PAYMENT OF INTEREST ON TERM DEPOSIT MATURING ON HOLIDAYS If the noted due date of a term deposit falls on a holiday, Sunday, working day, interest be paid for such intervening day(s), at the originally contracted rate, till the succeeding working day. 11) MATURITY VALUE CERTIFICATE (MVC) Member Banks shall not issue Maturity Value Certificates (MVCs) under any circumstances to any person who approach bank branches with offer to procure substantial rupee deposits. 12) NEGATIVE PUBLICITY Member Banks shall not make publicity of adverse/weak position of other banks, in order to wean away the customers of the affected banks. 13) INTEREST PAYMENT (a) The statements with regard to the rate of interest, method of interest calculation, etc. in any publicity literature, advertisement and other forms of publicity on deposit scheme/s of banks shall be precise and intelligible. (b) Member Banks may follow the Master Charts relating to payment of interest on deposits prepared by the Association from time to time for fixing maturity values; for payment of monthly income, annuities, etc. 14) GENERAL CONVENTIONS FOR DOMESTIC DEPOSITS (a) Member Banks may not accept any deposits for a period longer than 10 years. However, banks may accept deposits for periods exceeding 10 years in terms of orders of competent courts or in the case of minors where interests of minors are involved, provided banks are convinced that it is necessary to do so. Individual banks may decide in this matter based on asset liability management policies being followed. (b) Interest on deposits for fixed term may be paid, credited, transferred or reinvested with frequency not less than the quarterly rests. However, payment of monthly interest may be allowed, if required, by discounting the quarterly
IBA%20Code%20for%20Banking%20Practice.docx