Â All the local cheques can be presented in the CTS. Banks may also present cheques on banks situated outside the NCR, but such banks have branches in the NCR region. The CTS also supports the intercity clearing and specialized clearing like high value clearing etc. The on-us instruments where both presenting and drawee banks are same are not allowed in the CTS. Images of such instruments would be stopped at the Clearing House Interface itself.
EMI stands for Equated Monthly Installments.Â Â EMI is monthly basis repayment of the loan amount taken. The loan amount can be home loan, car loan or personal loan that is paid back through a series of monthly payments. EMI is in the form of post dated cheques drawn in favour of lender. They are paid until the total amount due is paid up. If loan amount increases the EMI amount increases too and if time period increases the EMI amount decreases.
How is EMI calculated?
EMI is made up of two variable components- principal amount and interest rate. The EMI is fixed but not the components. The component of interest amount is higher in initial years and decreases over the years. The component of principal amount is lower in initial years and increases over the years.
For this reason, if you consider pre-payment, you should do it in early years as you save on interest rate.
RBI has issued guidelines allowing the minors above the age of 10 years to open their bank account independently in view to promote financial inclusion and bring uniformity in opening of such bank accounts.
As per the guidelines, all minors can now open a saving/ fixed/ recurring bank deposit account through either his/ her natural guardians or legally appointed ones.
RBI has also stated that the bank can decide about the limit of the age and the amount upto which the minors would be allowed to operate the accounts independently. Further the bank can also decide on the minimum documents required to open the account.
Banks may or may not offer additional features like Internet Banking, ATM/ Debit card, cheque book facility, etc.
On attaining the majority, the minor is required Â to confirm the balance in the account.
If the account was opened by the guardian then on attaining the majority fresh operating account is to be opened along with specimen signature for keeping record for operational purposes.