Financial institutions equate banking and non-banking institutions that contribute to different

sectors' financial needs. They offer finance and a range of services to companies and sectors.
Banks, pension funds, insurance agencies, housing finance firms, construction banks, and a
plethora of non-banking corporations are all active in offering financial services.

Accepting deposit from the general community for the reason of lend is one of the bank's
main functions. Depositors are the most important stakeholders, and the Banking Regulations
Act of 1949 safeguards their rights in a crucial area of the legislative system for banking in India.
The Reserve Bank of India has the authority to provide directives and advice on deposit interest
rates and other facets of deposit account management on a regular basis. Banks are now able to
devise deposits and products under the limited guidelines provided by the RBI, thanks to
financial market liberalization and interest rate deregulation.

The deposit policy manual outlines the governing principles for the formulation of
different deposit products provided by the bank, as well as the terms and conditions that regulate
the account's behaviour. The text respects the interests of deposits and seeks to distribute
information to members of the public about various facets of deposits, such as the behaviour and
maintenance of various deposit accounts, interest rates on various deposits of expired depositors,
closures, and so on, for the good of consumers. This paper is intended to have more clarity in
communicating with individual consumers and increase consumer understanding of their rights.