IFSCA liberalizes regulations for operation of current accounts

IFSCA vide notification dated June 14, 2024 has amended the IFSCA Banking Handbook. IFSCA has redefined a current account to mean a form of demand deposit, which may or may not pay interest and wherefrom 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.

IBUs are free to determine the interest rate on Current Account, manner of calculation of such interest, periodicity of credit of such interest and other related matters.

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