What actually is FOREX?

India's foreign exchange reserves comprise foreign currency assets, gold and special drawing rights allocated to it by the International Monetary Fund (IMF) in addition to the reserves it has parked with the fund. Foreign exchange reserves are held and managed by the RBI.

ACCOUNTS IN A BANK

a) Minimum age to open a bank account is now 10 years.

b) Maximum Interest rate is given on FD A/c.

c) The maximum period of an FD is 10 years & for RD is 10 years.

Some points related to Interest Rates on Bank Accounts

1)Interest on Savings A/c is calculated on daily balance basis.

2) Now, All Scheduled Commercial Banks (Excluding RRBs) have the discretion to offer differential interest rates based on whether the term deposits are with or without-premature withdrawal- facility, subject to the following guidelines: 

 All term deposits of individuals (held singly or jointly) of ₹ 15 lakh and below should, necessarily, have premature withdrawal facility.

 For all term deposits other than (i) above, banks can offer deposits without the option of premature withdrawal as well.

 Banks should disclose in advance the schedule of interest rates payable on deposits i.e. all deposits mobilized by banks should be strictly in conformity with the published schedule.