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Master Circular on Deposit Accounts for Urban Co-op Banks

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2013-14/28 · issued 01 Jul 2013 · ~1 min read

Quick answerRBI consolidated all instructions on deposit account maintenance for Primary Urban Co-operative Banks (UCBs) as of June 30, 2013. Key areas include account opening safeguards, nomination, operations, deceased claims, KYC/AML, and unclaimed deposits. Banks must update internal policies accordingly.

What changed

This Master Circular supersedes the July 2, 2012 version, consolidating all guidelines issued up to June 30, 2013. It updates instructions on account opening, nomination, operations, settlement of deceased depositor claims, and KYC/AML standards for UCBs.

What it means for you

UCBs must ensure their deposit account policies align with the latest consolidated guidelines to prevent fraud and ensure compliance. The circular reinforces vigilance in account opening, monitoring operations, and timely settlement of claims. Non-compliance could lead to regulatory action.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Review and update internal deposit account policies to match the consolidated guidelines.
Train staff on enhanced KYC/AML procedures and fraud prevention measures.
Ensure nomination facilities are offered and claims settlement timelines are met.
Maintain registers for unclaimed deposits and inoperative accounts as specified.
Coordinate with income tax authorities as per the circular's guidance.

Who it affects

Primary Urban Co-operative Banks (UCBs), Deposit account holders of UCBs, Compliance and operations teams at UCBs

❓ Common questions

Regulatory timeline

Decoded by BankPulse 2026-06-18 14:43 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn 03 Aug 2026, 04:00 IST

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the main purpose of this Master Circular?

It consolidates all existing instructions on deposit account maintenance for UCBs up to June 30, 2013, to ensure uniformity and reduce fraud risks.

Does this circular apply to all types of deposit accounts?

Yes, it covers savings, current, term deposits, NRE/NRO accounts, and safe custody/locker facilities, with specific sections for each.

What are the key compliance actions for UCBs?

Update policies on account opening, nomination, operations, KYC/AML, and claims settlement. Train staff and maintain required registers.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)

Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)

RBI’s words: “Official withdrawal register entry #1127: UBD.BPD.(PCB).MC.No.13/13.01.000/2013-14 — "Master Circular on Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks" dated July 1, 2013”

📜 Read the original circular — full text as issued by RBI

RBI/2013-14/28
 UBD.BPD.(PCB). MC.No:13 /13.01.000/2013-14
 July 1, 2013
 The Chief Executive Officers of
 All Primary (Urban) Co-operative Banks
 Dear Sir,
 Master Circular on Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks
 Please refer to our Master Circular UBD.BPD.(PCB).MC.No:13/13.01.000/2012-13 dated July 2, 2012 on the captioned subject (available at RBI website www.rbi.org.in ). The enclosed Master Circular consolidates and updates all the instructions/guidelines on the subject issued up to June 30, 2013 and mentioned in the Appendix.
 Yours faithfully,
 (A.K.Bera)
 Principal Chief General Manager
 Encls: As above
 Contents

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/28 · issued 01 Jul 2013. The plain-English explanation above is BankPulse’s own independent summary.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8125&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.