JAIIB · PPB · Unit 1Chapter Notes5–8 Marks Expected

Operational Aspects of Deposit Accounts

Principles & Practices of Banking | Unit 1 Chapter Notes

CA, SB, BSBDA, FD, RD, CDs — features, interest norms, inoperative accounts, DEAF, joint account modes, nomination (DA-1/DA-2/DA-3), garnishee orders, and all the numbers examiners love to test from this chapter.

✓ By Bankopedia.co.in✓ Updated 2026✓ High weightage in JAIIB PPB

📌 Why This Chapter Matters in JAIIB

Chapter 5 is a high-yield chapter — expect 5–8 questions per attempt. Examiners regularly test: who CANNOT open a current account (illiterates, blind, Pardanashin women, minors); minimum FD period (7 days); bulk deposit thresholds (₹2 crore for SCBs); inoperative account rules (2 years, 10 years for DEAF); joint account modes (E or S vs. F or S vs. A or S); nomination forms (DA-1/DA-2/DA-3); BSBDA features (4 free withdrawals/month); and garnishee order basics (Order NISI → Order Absolute).

Section 1

Current Account & Savings Bank Account

A. Current Account — Key Features

Current account is a transactional account for frequent business/operational transactions. It is primarily used by traders, business people, and entrepreneurs.

Feature	Rule
Interest	No interest payable by the bank on CA deposits.
Withdrawal restrictions	None — account holder can withdraw any amount at any time.
Deposit restrictions	None — no restriction on amount or number of deposits.
Transaction limit	None — no restriction on number of transactions in any period.
Minimum balance	Banks often stipulate minimum balance but there is no ceiling on the maximum balance.
Temporary Overdraft (TOD)	Allowed with specific policy/circular approval, against written request + Demand Promissory Note from account holder.
Cash deposits/withdrawals	Permitted. ATM facility available for individuals.
NACH authorisation	Account holders may authorise corporates/FIs to collect payments by debit through NACH mandates.

⚠️ Who CANNOT Open a Current Account

Minors (except through natural guardian)

Pardanashin women

Illiterate persons

Blind persons

B. Savings Bank Account — Key Features

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Who can open

Individuals (singly or jointly), Karta of HUF, minors above 10 years, and specifically RBI-approved organisations.

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Business transactions NOT allowed

SB accounts are not meant for transactions related to business or trading activities.

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No ceiling on balance

There is no maximum limit on the balance in a savings account.

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Interest rate

Deregulated — banks are free to decide. Uniform rate for balances up to ₹1 lakh. Differential rates permitted for balances above ₹1 lakh (but no discrimination between deposits of similar amount accepted on the same date).

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Interest calculation

Calculated on daily end-of-day balance products. Credited at quarterly or shorter intervals.

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Cash withdrawal

Through withdrawal slip with passbook (in person only) OR through ATM.

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Withdrawals by account holder only

Cash withdrawal through withdrawal form is permitted only for the account holder, with passbook.

C. Organisations Prohibited from Opening SB Accounts

RBI prohibits savings accounts for: Government departments/bodies dependent on budgetary allocations, Municipal Corporations/Committees, Panchayat Samitis, State Housing Boards, Water/Sewerage Boards, Text Book Publishing Corporations, Metropolitan Development Authorities, State/District Level Housing Co-operatives, political parties, and any trading/business/professional concern (proprietorship, partnership, company, or association).

D. Organisations RBI Permits to Open SB Accounts

1.Primary Co-operative Credit Societies (NOT Urban Co-operative Banks)

2.Khadi and Village Industries Boards

3.Agriculture Produce Market Committees

4.Land Mortgage Banks (established under specific state enactment)

5.Companies registered under Section 25 of Companies Act, 1956

6.Institutions whose entire income is exempt from Income-tax under the IT Act, 1961

7.Government departments/bodies/agencies for grants/subsidies for Central/State Government schemes (with authorization)

8.Development of Women and Children in Rural Areas (DWCRA)

9.Self-Help Groups (SHGs) — registered or unregistered, engaged in promoting savings habits

10.Farmers' Clubs — Vikas Volunteer Vahini (VVV)

⚠️ SB Account — Minimum Balance Rules

→Notice via SMS/email/letter must be given before levying penal charges — allow 1 month to regularise

→Penal charges must be reasonable and not out of line with average cost of services

→Account must NOT go into debit balance solely due to penal charges

→Account transfer to another branch: free of charge, on written request

→All unused cheque leaves must be surrendered when transferring or closing the account

→No charge for activation of inoperative account

Section 2

BSBDA, Fixed Deposits, Recurring Deposits & CDs

A. Basic Savings Bank Deposit Account (BSBDA)

BSBDA facilitates financial inclusion — especially for lower economic strata. The following basic minimum facilities must be offered free of charge, with no minimum balance:

🧠 BSBDA Free Minimum Facilities

1.Cash deposit at bank branch AND at ATMs/CDMs

2.Receipt/credit of money through electronic channels OR deposit/collection of cheques (including government cheques)

3.No limit on number and value of deposits in a month

4.Minimum 4 withdrawals per month — including ATM withdrawals at own/other bank ATMs

5.ATM card or ATM-cum-Debit card

Key BSBDA Rules

→Cheque book is NOT in minimum free services — but may be issued free at bank's discretion

→Additional value-added services can be offered on charges (must be reasonable, transparent, non-discriminatory)

→Accounts with additional services at additional cost are NOT considered BSBDA

→Only ONE BSBDA per person in the entire banking system

→Holder of BSBDA cannot open any other SB account in the SAME bank

→Any existing SB account in that bank must be CLOSED within 30 days of opening a BSBDA

→Customer can hold other types of deposits (FD, RD, etc.)

B. Fixed Deposits (Term Deposits)

Feature	Details
Minimum period	7 days
Maximum period	Normally 120 months (10 years)
Bulk deposit threshold (SCBs excl. RRBs, & SFBs)	₹2 crore and above
Bulk deposit threshold (RRBs)	₹15 lakh and above
Premature withdrawal — mandatory for individuals	Mandatory for TDs of ₹15 lakh and below (singly or jointly held). Banks CAN offer TDs without premature withdrawal option.
Premature withdrawal before 7 days	NO interest paid
Interest on premature withdrawal	At rate applicable for period actually completed — NOT the contracted rate; penalty may apply if disclosed upfront
Interest payment	Ordinary TD: periodic (quarterly); Special/Reinvestment TD: compounded quarterly, paid at maturity
Overdue (unclaimed) FD interest	SB rate OR contracted rate — whichever is LOWER
Payment of maturity amount ≥ ₹20,000	Must be by account credit only — NOT cash
Loan against TD	Permitted on surrender of discharged TD receipt with letter of lien; margin 5%–20%
Floating rate TDs	Permitted — linked to a directly observable, transparent, market-determined external benchmark

C. Recurring Deposits (RD)

→Fixed monthly instalment for a pre-determined period; maturity value = cumulative deposits + compounded quarterly interest

→Late payments reduce maturity interest proportionally for delayed instalments

→Foreclosure and loan rules are similar to TDs

→On foreclosure of RD: interest paid without compounding for the incomplete quarter

→No RD accepted under FCNR(B) Scheme

D. Certificate of Deposits (CDs)

CDs are short-term negotiable money market instruments — a distinct category from regular bank deposits.

Feature	Details
Issuers	SCBs, RRBs, and SFBs
Form	Dematerialised only
Denomination	₹5 lakh — minimum ₹5 lakh
Interest rate	Fixed or floating (linked to FIMMDA benchmark)
Tenor	Minimum 7 days; Maximum 1 year
Issuance	At discounted value OR with a coupon for interest
Secondary market	Traded in secondary market
Buyback	Permitted if offered to ALL investors in the specific issue
Stamp duty	Applicable on issuance

Section 3

Interest on Deposit Accounts

A. General Norms

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Board-approved policy

Banks must have a comprehensive interest rate policy approved by the Board of Directors (or a delegated committee).

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Uniform across branches

Rates must be uniform across all branches and for all customers. No discrimination between deposits of similar amount accepted on the same date at any office.

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Not negotiable

Interest rates cannot be negotiated with individual depositors.

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Transparent

Rates must be disclosed in advance; interest rate cards in CBS for supervisory review.

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Rounding

Interest rounded to nearest rupee for rupee deposits; to two decimal places for FCNR(B) deposits.

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FD maturing on non-working day

Interest at contracted rate is paid for the intervening non-business day(s) until the next working day.

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Interest calculation (IBA method)

For deposits of less than 3 months or incomplete terminal quarter: interest calculated proportionately for actual days, treating the year as 365 days (366 in leap year per some banks).

B. Interest on Current Account

🚨 No Interest on Current Account Deposits

No interest can be paid on deposits in current accounts. Exception: on balances in a CA of an individual or proprietorship firm, interest is payable from the date of deathof the individual/proprietor to the date of repayment to the claimant — at the SB rate prevailing on the date of payment.

C. Additional Interest on Deposits

Category	Additional Rate	Conditions
Bank staff, their exclusive associations, and senior executives (Chairman, MD, ED, etc.)	1% p.a. over schedule rate on SB or TD (incl. RD)	Also payable on deposits held jointly with dependents. Ceases when eligibility ceases (except TDs — continue till maturity).
Resident Indian Senior Citizens	Higher rate — at bank's discretion; typically 0.25% or 0.5% p.a.	Available on deposits of any size.

D. Interest on Inoperative / Frozen Accounts

→SB interest must be credited regularly — whether the account is operative or not

→No penal charges for minimum balance shortfall on inoperative accounts

→Overdue/unclaimed TD: SB rate or contracted rate — whichever is LOWER

→Frozen TD maturing during freeze: obtain renewal request from depositor. If received within 14 days of expiry → renew from maturity date. After 14 days → renew from date of request

→Interest for overdue frozen period held in a separate interest-free account; released with the TD principal when the freeze is lifted

→If no customer request: bank may renew for a term equal to the original term

→SB accounts frozen by enforcement authorities: bank may continue to credit interest regularly

E. Prohibitions in Deposit-Taking

✗No commission/brokerage/incentive to any individual or entity for mobilising deposits (except DSA/DMA commission, door-to-door collection agents, and Business Facilitators/Correspondents)

✗No prize, lottery, free trips, or any chance-based incentive; inexpensive gifts costing not more than ₹250 are allowed

✗No unethical resource-raising through agents to meet borrower credit needs or grant loans based on deposit mobilisation consideration

✗No interest-free deposits other than in current accounts; no indirect compensation

✗No advertisement showing only compounded yield without stating the simple interest rate

✗No deposits from/at the instance of private financiers where receipts favour their clients

✗No fund for charitable purposes in consultation with depositors

✗No advances against TDs maintained with OTHER banks

Section 4

Inoperative Accounts & DEAF

🧠 The Critical Timeline — Must Memorise

1 year of no transactions

Annual review required. Bank contacts customer in writing, asks to resume operations.

2 years of no transactions

Account classified as INOPERATIVE / DORMANT.

10 years unclaimed / inoperative

Balance transferred to DEAF (Depositor Education and Awareness Fund). Amount credited within 3 months of expiry of 10 years.

10 years+ (website display)

Banks must display list of inoperative accounts on their websites (names and address only — no other details).

What Counts as a Transaction?

✅ Counts as Customer Transaction

→Debits/credits initiated by the customer

→Credits from third parties (at customer's instance)

→Interest on TD credited to SB a/c (if customer mandated it) — SB treated as operative until 2 years after LAST TD interest credit

✗ Does NOT Count

→Service charges levied by the bank

→Interest credited by the bank

Accounts EXEMPT from Inoperative Classification

1.Accounts under Garnishee order or Court order (operations stopped by court)

2.Accounts under lien or charge for advances in another account of the same customer

3.Accounts where the nature itself permits only periodic — not regular — operation

4.Accounts showing a debit balance

DEAF — Depositor Education and Awareness Fund

Established by RBI in 2014 under the Banking Regulation Act. Banks must transfer credit balances unclaimed/inoperative for 10 or more years to this fund.

Aspect	Rule
Transfer deadline	Within 3 months from the expiry of 10 years
Purpose of Fund	Promotion of depositors' interest (education) as specified by RBI from time to time
Customer's right after transfer	Depositor can still claim from the bank at any time. Bank pays the depositor and claims refund from the Fund.
Interest rate on DEAF claims (from 11 May 2021)	3.0% simple interest p.a. on amount transferred to Fund (from date of transfer to date of payment)
Foreign currency deposits (unclaimed 3 years from maturity)	Convert (crystallise) to INR at exchange rate prevailing at end of 3rd year. Depositor can claim in INR or equivalent foreign currency at the rate on date of payment.
Refund claims from DEAF	Banks claim refund in Indian Rupees only
Accounts covered	SB, FD, RD, CA, CC, loan accounts, margin money, outstanding DDs/POs/banker's cheques, unreconciled ATM credits, prepaid card balances (excluding travellers' cheques), etc.

Section 5

Joint Account Operations & Nomination

A. Modes of Operation in Joint Accounts

Mode	Operating Rule & Death Consequence
Jointly (no survivorship)	All holders must operate together. On death of any one, operations stop; balance paid to survivors + legal heirs of deceased.
Either or Survivor (E or S)	Two persons — any one can operate independently. On death of one, survivor can operate or claim the full balance.
Jointly or Survivors	Operated jointly by all. On death of any holder, the surviving holders together can operate or claim balance.
Anyone or Survivor (A or S)	More than two persons — any one can operate. On death of one, remaining survivors operate jointly. Fresh mandate from all survivors needed.
Former or Survivor (F or S)	Two persons — only the FIRST (former) holder operates during her lifetime. On death of former, survivor operates.
First Named or Survivors	More than two persons — only the first named operates during lifetime. On death of first named, the survivors jointly operate.

Any variation in instructions

Can be made only if authorised jointly by ALL account holders.

Revocation of instructions

Any ONE joint holder can revoke the original authority/survivorship clause. After revocation, operations only on joint authorisation or fresh instructions from all.

Stop payment of a cheque

Any one joint holder can stop payment of a cheque issued by any other joint holder.

Insanity/insolvency of a joint holder

Instructions stand countermanded — operations in the account are stopped.

Closure of joint account

Only on request of ALL joint holders (unless required by other circumstances).

NRI in a joint account

Mode must be 'Either or Survivor'. NRI cheques/remittances/cash must NOT be credited. If NRI becomes sole survivor, the account becomes NRO account.

B. Claims on Death of Account Holder

→On death of any joint holder: survivors are entitled to the whole amount

→Nominee paid only if ALL joint holders die

→Hindu husband's money in 'E or S' joint account with wife: on husband's death, the amount belongs to his legal heirs (including the wife as survivor) — NOT a gift to the survivor wife

→On death of depositor: mandate for operations is treated as cancelled. Cheques signed by deceased after notice of death must NOT be paid

→Single SB account, no nominee, no joint holder: bank will consider paying legal heirs

→Missing customer claims: handled via FIR + non-traceable report from police + letter of indemnity. Death presumed only after 7 years of being reported missing (Sec 107/108 Indian Evidence Act, 1872)

C. Nomination Facility

Introduced via Sections 45ZA–45ZF of the Banking Regulation Act (amended 1983). Governed by Banking Companies (Nominations) Rules 1985.

🧠 Nomination Forms — Must Memorise

DA-1Making a nomination

DA-2Cancellation of a nomination

DA-3Variation (change) of a nomination

Aspect	Rule
Who can nominate — single a/c	The sole account holder nominates.
Who can nominate — joint a/c	All joint holders JOINTLY nominate only ONE person (regardless of operating instructions).
Who can nominate — minor's a/c (guardian-operated)	The guardian authorised to operate the account makes the nomination.
Minor account holder himself	Minor CANNOT nominate. The person lawfully empowered to act on his behalf nominates.
Nomination NOT permitted	For deposits held in representative capacity — e.g., director of company, secretary of association, partner of firm, Karta of HUF. Exception: sole proprietorship.
Only one nominee per deposit account	Only one individual per deposit account. Safe deposit lockers/safe custody articles: more than one nominee allowed.
Multiple deposits — separate nominations	Each deposit account needs a separate nomination.
Nominee is a minor	The nominating person must appoint another adult to receive funds on behalf of the minor.
Nominee's role	Nominee receives proceeds on depositor's death — acts as trustee for legal heirs. Does NOT get ownership. No loan against the deposit can be granted to the nominee.
Nomination continues on renewal	TD nomination is valid even after deposit is renewed, unless a fresh nomination is made.
Splitting deposit for multiple nominees	Permitted — split in desired proportions; period and aggregate amount must not change; NOT treated as foreclosure; no penalty.
Who CAN be nominated	Resident Indian (personal capacity), NRI, minor (with guardian), foreign national of Indian origin, foreign national of non-Indian origin.
Remittance to non-resident nominee	Subject to FEMA Regulations prevailing at time of remittance.

⚠️ Key Exam Traps — Nomination

→Nominee is NOT the owner — acts as trustee for legal heirs

→Bank gets a VALID DISCHARGE by paying the nominee — even if legal heirs object — unless there is a court order restraining payment

→Nominee must NEVER become the depositor of the account

→Pension accounts: separate nomination under 'Arrears of Pension Rules 1983' is for pension arrears only — different from the bank account nomination under Banking Companies Rules 1985

Section 6

Garnishee Orders & Attachment Orders

What is a Garnishee Order?

A Garnishee Order is an attachment order issued by a Court under Order 21, Rule 46 of the Civil Procedure Code (CPC). It is obtained by a judgment creditor attaching funds belonging to a judgment debtorheld by a third party — such as a bank (the Garnishee). The order is first issued as Order NISI(preliminary); if the bank cannot show cause, it becomes Order Absolute, and the bank must remit the attached amount to the Court.

Record time & date

Time and date of receipt of Garnishee order must be recorded in the System immediately.

Stop payments on Order NISI

Immediately stop payments from affected accounts and inform the customer about the court order.

Transfer to suspense account

Transfer the attached amount to a suspense account (or block it) to prevent accidental payment.

Amount less than order

If available balance is less than the ordered amount — transfer/block whatever is available. If no amount specified, block the entire balance.

Executor/Administrator accounts

Garnishee order in an individual's name does NOT attach accounts operated by that person as Executor/Administrator.

Right to set-off takes priority

If the bank has a prior right to set-off, the garnishee order does not bind the bank for that amount. Excess over lien is attachable. Inform court and vacate the order.

Subsequent credits NOT attachable

Only debts due at the time of service of the order are attached. Credits received after service of order are generally not attachable.

Joint accounts (single name order)

A garnishee order in a single name cannot attach a joint account (E or S). If all joint holders are named — both joint and individual accounts are attached.

Trust accounts

Balance in a trust account cannot be attached if judgment debtor deposited money as a trustee.

Partnership accounts

Firm's account cannot be attached for individual debts of a partner. But a partner's personal account CAN be attached for firm debts (joint & several liability).

Inaccurate name

If the order does not name the customer with sufficient accuracy for identification, the bank is not bound to act on it.

Multiple accounts — net credit attachable

If customer has one account in debit and one in credit in the same branch, the net credit balance (if positive) is attachable.

Balances outside India

Balances held outside India cannot be attached.

Attachment Orders — Income Tax

Under Section 226(3) of the Income Tax Act, 1961, the Income Tax Officer can issue notice to a bank to pay out of the assessee’s account amounts to satisfy tax dues. The order can attach:

1.Any debt due and payable

2.Debts due but not yet payable on date of notice

3.Any amount received subsequently

Procedure on Receipt of IT Attachment Order

→Account holder must be informed by Registered Post (and other modes) about the order and the fact that the attached amount has been set aside

→CA/SB: transfer attached amount to suspense account or block it

→TD: mark in System — 'Under Attachment by IT/Commercial Tax Authorities'. NO foreclosure and NO loan against such TD

→Amount released to account holder only when the authority issues withdrawal order AND the account holder produces it to the bank

Section 7

Passbooks, Cheques, Standing Instructions & Quick Reference

A. Passbook Rules

→Banks must invariably offer passbook facility to ALL SB account holders (individuals)

→If customer chooses statement of account instead: bank must issue MONTHLY statements at no charge

→No charges for passbook or statements

→Passbooks must contain: branch address, telephone number, MICR code, IFSC code

→'Nomination Registered' should be indicated on the title page of the passbook

→Entries must be correct, legible, and intelligible — coded/inscrutable entries must be avoided

→Passbooks kept at branches for updating must be stored under lock and key by a named responsible official

→Cheque books: banks must NOT insist on courier-only delivery or obtain undertaking that it is at depositor's risk. Secure delivery must be ensured.

→Cheque forms must be printed in Hindi and English; customer can write in Hindi, English, or a regional language

→Saka Samvat (National Calendar) dated cheques are VALID instruments and must be accepted if otherwise in order

B. Payment of Cheques — Pre-Payment Checklist

#	Check
1	Cheque leaf from the drawer's current cheque book
2	Payee's name filled legibly
3	Date: not post-dated; not stale (not more than 3 months old)
4	Amount in words and figures match
5	Signature valid — properly signed by account holder/authorised person
6	Authority: rubber stamp affixed for business/company/firm accounts
7	Mode: bearer or order cheque — obtain bearer's signature + name + address on reverse if paying over counter
8	Sufficient balance or overdraft arrangement available (accounting for any lien)
9	All alterations authenticated by drawer (under CTS, no alteration allowed)
10	No stop payment instruction received
11	No garnishee or court order restricting payment
12	Not a crossed cheque being paid over the counter without cancellation by drawer
13	No notice of death/insolvency/insanity of account holder
14	A/c Payee Only: credit to payee's account only

C. Dishonoured Cheques — Key Rules

Return within 24 hours

Dishonoured instruments must be returned/despatched to customer within 24 hours. Clearly indicate return reason code on return memo.

Re-presentation within 24 hours

Technical returns for re-presentation must be made in the immediate next clearing — not later than 24 hours (excluding holidays). Customer to be notified via SMS/email.

Cheque return charges

Levy charges ONLY when the customer is at fault — NOT for technical reasons beyond customer's control.

₹1 crore and above — 4 dishonours in FY

No fresh cheque book to be issued. Bank may consider closing the current account. After the 3rd dishonour, send a cautionary advice to the customer.

Less than ₹1 crore — frequent dishonours

Banks must have a Board-approved policy for dealing with frequent dishonours (including ECS mandates).

Documentary proof for court

Banks must extend full co-operation and furnish documentary proof of dishonour for complainants in court/consumer forum proceedings.

Quick-Reference: All Key Numbers & Rules for the Exam

Interest on current accountsNIL — no interest paid

SB interest rate — balances up to ₹1 lakhUniform rate (bank's discretion)

SB interest creditedQuarterly or shorter intervals

FD minimum period7 days

FD maximum period (normal)120 months (10 years)

Bulk deposit — SCBs (excl. RRBs), SFBs₹2 crore and above

Bulk deposit — RRBs₹15 lakh and above

Premature FD withdrawal — mandatory for individuals up to₹15 lakh (singly or jointly)

FD premature withdrawal before 7 daysNo interest

Overdue TD interest rateSB rate or contracted rate — whichever is LOWER

FD maturity amount ≥ ₹20,000 — mode of paymentAccount credit only (no cash)

BSBDA — free withdrawals per monthMinimum 4 (including ATM)

BSBDA — existing SB accounts must close within30 days of opening BSBDA

BSBDA — only how many per person (banking system)1

CD denomination₹5 lakh (minimum ₹5 lakh)

CD tenor7 days to 1 year

Account inoperative after no transactions for2 years

Annual review of accounts (no operations for)More than 1 year

Inoperative accounts on website — threshold10 years or more

DEAF — transfer after unclaimed for10 years (within 3 months of expiry)

DEAF interest rate (from 11 May 2021)3.0% simple interest p.a.

Foreign currency deposit crystallisation (DEAF)At end of 3rd year from maturity

Inoperative account activation chargeNone — no charge permitted

Presumption of death — missing person (Indian Evidence Act)After 7 years from date reported missing

Nomination formsDA-1 (make), DA-2 (cancel), DA-3 (vary)

Number of nominees per deposit accountOnly 1

Nominees per safe deposit locker/safe custodyMore than 1 permitted

Garnishee Order — issued underOrder 21, Rule 46, CPC

Garnishee Order — first stageOrder NISI (preliminary)

Garnishee Order — final stageOrder Absolute (remit to court)

Cheque validity period3 months from date of instrument

Dishonoured cheque return to customerWithin 24 hours

Technical return re-presentationImmediate next clearing; not later than 24 hours (excl. holidays)

Cheques ≥ ₹1 crore — dishonours in FY triggering no new cheque book4 occasions

Cautionary advice to customer (₹1 crore+ dishonours)After 3rd dishonour in FY

Gift value permitted at time of accepting depositNot more than ₹250

Additional interest for bank staff1% p.a. over schedule rate

Senior citizen additional interest (typical banks)0.25% or 0.5% p.a.

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