Retirement : EPFO To Seek Clarity on Transaction Limit
Employees’ Provident Fund Organisation (EPFO) will soon approach the finance ministry on the transaction limit of Rs1 lakh for accounts opened under Pradhan Mantri Jan-Dhan Yojana as it cannot credit PF claims of higher amounts in such accounts.
 
Since a maximum of Rs1 lakh can be deposited in such bank accounts in a financial year, any PF withdrawals of more than Rs1 lakh which is to be credited to bank accounts opened under Jan-Dhan Yojana could lead to a problem for the individual.

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Banking : Banks Yet To Cap Free ATM Use
Even as RBI allowed banks to charge for more than five ATM transactions in metros, banks are yet to restrict the number of free withdrawals for their own customers at home ATMs. Leading banks, like SBI, ICICI Bank, HDFC Bank and Axis Bank, have not yet announced any cap on free transactions.
 
Banks are refraining from putting a cap as restricting free ATM usage would increase footfalls in branches, a senior official of a public sector bank said. Rise in customer visit to bank branches for withdrawals or other non-financial purposes will increase cost which is much higher than Rs20, the official added.

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Banking : Banks To Partially Freeze KYC Non-compliant Accounts
The Reserve Bank of India (RBI) has notified: “As regards non-compliance of KYC (Know Your Customer) requirements by the customers despite repeated reminders by banks, it has been decided that banks should impose ‘partial freezing’ on such KYC non-compliant in a phased manner.” 
 
While imposing ‘partial freezing’, RBI said banks are advised to ensure that the option is exercised after giving due notice of three months to the customers, initially, and followed by a reminder for further period of three months. “Thereafter, banks may impose ‘partial freezing’ by allowing all credits and disallowing all debits with the freedom to close the accounts… If the accounts are still KYC non-compliant after six months of imposing initial ‘partial freezing’ banks may disallow all debits and credits from/to the accounts, rendering them inoperative,” RBI’s notification said.
 
RBI added that it would “always be open to the bank to close” the account of such customers.
Meanwhile, account-holders can revive accounts by submitting the KYC documents as per the instructions in force.

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