Definitions and Meaning of Terms Used in Deposits Accounts
(a) In these Directions, unless the context otherwise requires, the terms herein shall bear the meanings assigned to them below:
(i) “Bulk Deposit” means :
(i) Single Rupee term deposits of Rupees one crore and above for Scheduled Commercial Banks other than Regional Rural banks
(ii) Single Rupee term deposits of Rupees fifteen lakhs and above for RRBs.
(ii) “Composite Cash Credit” means: a type of loan product having a cash credit limit with a fully savings module designed to take care of farmer’s interest.
(iii) “Current Account” means a form of non-interest bearing demand deposit where from withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount. and shall also be deemed to include other deposit accounts which are neither Savings Deposit nor Term Deposit;\
(iv) “Daily product” means the interest applied on the end of day balance.
(v) “Demand deposit” means a deposit received by the bank, which is withdrawable on demand;
(vi) “Domestic Rupee Deposits” mean rupee deposits maintained in India in the form of current account, savings deposits or term deposit.
(vii) “Family” includes members as mentioned in the bank’s Service/Staff Regulations.
(viii) “FCNR(B) account” means a Foreign Currency Non-Resident (Bank) account referred to in Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time.
(ix) “Individual” means a natural person.
(x) “Member of the bank’s staff” means a person employed on a regular basis, whether full-time or part-time, and includes a person recruited on probation or employed on a contract of a specified duration or on deputation and an employee taken over in pursuance of any scheme of amalgamation, but does not include a person employed on casual basis.
(xi) “Notice deposit” means term deposit for specific period but withdrawable on giving at least one complete banking day’s notice.
(xii) “NRE account” means a Non-resident External deposit account referred to in Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time.
(xiii) “NRO account” means a Non-resident ordinary deposit account referred to in Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time.
(xiv) “Retired member of the bank’s staff” means an employee retiring whether on superannuation or otherwise as provided in the bank’s Service/Staff Regulations.
(xv) “RFC account” means a Resident Foreign Currency account referred to in Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000, as amended from time to time.
(xvi) “Savings deposit” means a form of interest bearing demand deposit which is a deposit account whether designated as “Savings Account”, “Savings Bank Account”, “Savings Deposit Account”, “Basic Savings Bank Deposit Account (BSBDA)” or other account by whatever name called which is subject to the restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the bank during any specified period;
(xvii)“Scheduled commercial Bank” means banks other than co-operatives banks included in second schedule of Reserve Bank of India Act, 1934.
(xviii) “Term deposit” means a interest bearing deposit received by the bank for a fixed period and shall also include deposits such as Recurring /Cumulative /Annuity /Reinvestment deposits and Cash Certificates;
