Since 2010, RBI has mandated that interest on savings accounts must be calculated on a daily product basis (Daily Closing Balance) and credited at quarterly or shorter intervals.

As per RBI/IBA rules, if a deposit matures on a non-business day, interest is paid for the intervening holidays/Sunday at the contracted rate until the next working day.

Form 15G is for individuals below 60 years (and HUFs) declaring that their total income is below the taxable limit. Form 15H is for Senior Citizens (60+).

If a taxpayer cannot invest capital gains in a new house/bond before the tax filing due date, they can deposit it in a CGAS account to defer tax liability.

The core feature of BSBDA is that it is a zero-balance account. Banks are strictly prohibited from levying charges for non-maintenance of minimum balance.

Since Small Accounts are opened without complete KYC (simplified measures), they are restricted from receiving foreign remittances to prevent money laundering risks.

Upon death of one joint holder, the title vests in the survivor. The survivor can cancel the old nomination and make a new one in their own name.

RBI mandates that for retail term deposits (up to ?15 Lakh, later revised to ?1 Crore in some contexts, but strictly for small retail), banks must allow premature withdrawal. Non-callable deposits are allowed only for bulk deposits.

Due to relaxed KYC norms, Small Accounts are considered high risk for money laundering. Hence, crediting foreign remittances directly into these accounts is prohibited until full KYC is completed.

SCSS accounts can only be opened by an "Individual" who has attained the age of 60 years. HUFs and NRIs are explicitly excluded from SCSS.