INTRODUCTION
This
is a
voluntary Code,
which sets
minimum standards
of banking practices for banks to follow when they are dealing with individual customers. It provides protection
to you and explains how banks are expected to deal with you for your day-to-day operations.
The
Code does
not replace
or supersede
regulatory or
supervisory instructions of the Reserve Bank of India (RBI) and we will comply with such instructions/directions issued by RBI from time to time. Provisions of
the Code
may set
higher standards
than what
is indicated
in the regulatory
instructions and
such higher
standards will
prevail as
the Code represents best practices voluntarily agreed to by us as our commitment to you.
In the Code, ‘you’ denotes the customer and ‘we’, the bank the customer deals with.
1.1 Objectives of the Code
The Code has been developed to:
a. promote good and fair banking practices by setting minimum standards in dealing with you
b. increase transparency so that you can have a better understanding of what you can reasonably expect of the services
c. encourage
market forces,
through competition,
to achieve
higher operating standards
d.
promote a fair and cordial relationship between you and your bank
e foster confidence in the banking system.
The standards of the Code are covered by the key commitments in Section 2
1.2 Application of the Code
This Code applies to all the products and services listed below, whether they are provided by branches or subsidiaries, agents acting on our behalf, across
the counter,
over the
phone, by
post, through
interactive electronic devices, on the internet or by any other method. However, all products discussed here may or may not be offered by us.
a. Current
accounts, savings accounts, term
deposits, recurring deposits, PPF accounts and all other deposit accounts
b. Payment services such as pension, payment orders, remittances by way
of Demand
Drafts, wire
transfers and
all electronic
transactions e.g. RTGS, EFT, NEFT
c. Banking services related to Government transactions
d. Demat accounts, equity, Government bonds
e. Indian currency notes exchange facility
f. Collection of cheques, safe custody services, safe deposit locker facility
g. Loans,overdrafts and guarantees
h. Foreign exchange services including money changing
i. Third party insurance and investment products sold through our branches
j. Card products including credit
cards, debits cards, ATM cards, smart cards and services (including credit cards offered by our subsidiaries/companies promoted by us)
The
meanings of
(key)words in bold black have been given in the Glossary.
2. KEY
COMMITMENTS
2.1 Our Key Commitments To You
2.1.1 To Act Fairly And Reasonably In All Our Dealings With You By:
a. Providing
minimum banking
facilities of
receipt and
payment of
cash/cheques at the bank’s counter
b. Meeting the commitments and standards in this Code, for the products and services we offer, and in the procedures and practices we follow
c. Making
sure our
products and
services meet
relevant laws
and regulations in letter and spirit
d. Ensuring
that our
dealings with
you rest
on ethical
principles of integrity and transparency
e.
Operating secure and reliable banking and payment systems.
2.1.2 To Help You To Understand
How Our Financial Products And
Services Work By:
a. Giving you information about them in any one or more of the following languages – Hindi, English or the appropriate local language.
b. Ensuring that our advertising and promotional literature is clear and not misleading
c. Ensuring that you are given clear information about our products and
services, the
terms and
conditions and
the interest
rates/service charges, which apply to them
d. Giving you information
on what
are the
benefits to you, how you
can avail of the benefits, what are their financial implications and whom you can contact for addressing your queries and how
2.1.3 To Help You Use Your Account Or Service By:
a. Providing you regular appropriate updates
b. Keeping
you informed
about changes
in the
interest rates,
charges or terms and conditions
c. Displaying in our branches, for your information
i. Services we provide
ii. Minimum
balance requirement
for Savings
Bank accounts
and No Frills accounts and charges for non-maintenance thereof
iii. Name of the official at the branch whom you may approach if you have a grievance
iv. Name and address of the Zonal/ Regional
Manager whom you can approach if your grievance is not redressed at the branch
v. Name
and contact
details of
the Banking
Ombudsman under whose jurisdiction the branch falls
vi. Information available in booklet form.
d. Displaying on our website our policies on
i. Cheque
collection
ii. Grievance Redressal
iii. Compensation
iv. Collection
of Dues and Security Repossession.
2.1.4 To
Deal Quickly
And Sympathetically
With Things
That Go
Wrong By:
a. Correcting mistakes promptly and cancelling any bank charges that we apply due to our mistake
b. Handling your complaints promptly
c. Telling you how to take your complaint forward if you are still not satisfied (see para No. 7)
d.
Providing suitable alternative avenues to alleviate problems arising out of technological failures.
2.1.5 To Treat All Your Personal Information As Private And Confidential We will treat all your personal information as private and confidential subject to matters mentioned in para No. 5 below.
2.1.6 To Publicise The Code We Will:
a. provide you with a copy of the Code, on request, over the counter or by electronic communication or mail
b. provide you ( new customer) with a copy of the Code when you open your account
c. make available this Code at every branch and on our website
d.
ensure that our staff are trained to provide relevant information about the Code and to put the Code into practice.
2.1.7 To Adopt And Practice A Non - Discrimination Policy
We will not discriminate on the basis of age, race, gender, marital status, religion or disability.
3. INFORMATION
– TRANSPARENCY
You can get information on interest rates, common fees and charges through any one or more of the following:
a. Looking at the Notice Board in our branches
b. Phoning our branches or help-lines
c. Looking on our website
d. Asking our designated staff/help desk
e.
Referring to the service guide/Tariff Schedule
3.1 General
We will:
a. give you clear information explaining the key features of the services and products you tell us you are interested in, including applicable interest rates, fees and charges.
b. give you information on any type of products and services which we offer and that may suit your needs
c. tell you if we offer products and services in more than one way [for example, through ATMs, on the Internet,
over the phone, in branches and so on] and tell you how to find out more about them
d. tell you what information we need from you to prove your identity and address, for us to comply with legal, regulatory and internal policy
requirements
e. give you information on your rights and responsibilities especially regarding
availing of nomination
facility offered
on all deposit accounts, articles in safe custody and safe deposit vaults.
3.2 ‘Do Not Call’ Service
When you
become our
customer we
will automatically
register your
name under
our ‘Do
Not Call
‘Service. We will not inform/extend to you through telephone calls/SMS/e-mails any new product /service
unless and until you
inform us
in writing
that you
consent to
avail of
this information/ service.
3.3 Interest Rates
We will give you information on:
a. (i) the interest rates which apply to your deposit and loan accounts
(ii) in
case of
loans at fixed rate of interest, details of interest
reset clause,
if any, in the loan agreement and the effective date thereof
(iii) in case of loans at floating rate of interest, the reference rate to which your floating rate will be linked and the premium or discount applied to the reference rate for determining the rate of interest on your loan. This reference rate will remain uniform for customers contracting the loan at different points of time
(iv) whether
the loan
agreement will
contain a
minimum rate
of interest clause
(v) whether we give you the option for conversion of your loan from
fixed rate
to floating
rate and
vice versa
and, if
so, the charges therefor
b. when we will pay interest on your deposits or charge interest on your loan accounts
c. how
we apply
interest to
your deposit
and loan
accounts and
how we calculate interest thereon.
3.3.1 Changes in interest rates
We will inform you of changes in interest rates and changes in the reference rate to
which the
floating rate
of interest
is linked
through any
one or more of the following means:
i. Notice at the branches
ii. Annexure to the statement of account
iii. Letters
iv. e-mail
v. SMS
vi. Website
vii. Newspaper
3.4 Tariff Schedule
3.4.1 Fees & Charges
a. We will display in our branches a notice about the Tariff Schedule and that you can ask to see this free of cost.
b. We will give you details in our Tariff Schedule of any charges applicable to the products and services chosen by you.
c. We will also provide you information about the penalties leviable in case of non-observance/violation of any of the terms and conditions governing the product/ services chosen by you.
3.4.2 Changes in Fees & Charges
If
we increase
any of
these charges
or introduce
a new
charge, it
will be
notified one month prior to the revised charges being levied / becoming effective
3.5 Terms and Conditions
a. We will advise you the relevant terms and conditions for the service you have asked us to provide.
b. All terms and conditions will be fair and will set out respective rights especially with regard to nomination facility and liabilities and obligations clearly and as far as possible in plain and simple language.
3.5.1 Changes to Terms and Conditions
a. We will tell you of changes to terms and conditions through any one or more of the following channels:
i. Account statements/ Pass book
ii. ATMs
iii. Notice Board at each branch
iv. Internet, including e-mail and website
v. Newspaper
vi. SMS.
b. Normally, changes will be made with prospective effect giving notice of one month.
c. If we have made any change without notice, we will notify the change within
30 days.
If such
change is
to your
disadvantage, you
may within
60 days
and without
notice, close
your account
or switch
it without having to pay any extra charges or interest.
d. We will immediately update on our website, any changes in the terms and
conditions. We will give you, on request, a copy of the new terms and conditions or a summary of the changes.
4. ADVERTISING, MARKETING
AND SALES
a. We will make sure that all advertising and promotional material is clear, and not misleading.
b. In
any advertising
in any
media and
promotional literature
that draws attention
to a
banking service
or product
and includes
a reference
to an interest rate, we will also indicate whether other fees and charges will apply and that full details of the relevant terms and conditions are available on request.
c. If we avail of the services of third parties for providing support services,
we will
require that
such third
parties handle
your personal information (if available to such third parties) with the same degree of confidentiality and security as we would.
d. We may, from time to time, communicate to you various features of our products availed by you. Information about our other products or promotional offers in respect of our products/services, will be conveyed to you only if you have given your consent to receive such information/ service either by mail or by
registering for the same on our website or on our phone banking/customer service number.
e. We have prescribed a code of conduct for our Direct Selling Agencies
(DSAs) whose services we may avail to market our products/ services which amongst other matters requires them to identify themselves when they approach you for selling our products personally or through
phone. We will ensure that any third party or agent acting on our behalf or selling our product complies with the Code in respect of all products and services covered by the Code.
f. In the event of receipt of any complaint from you that our representative/courier
or agent
has engaged
in any
improper conduct or acted in violation of this Code, we shall take appropriate steps to investigate and to handle the complaint and to make good the loss as per our compensation policy.
5. PRIVACY AND CONFIDENTIALITY
We will treat all your personal information as private and confidential
[even
when you are no longer a customer], and shall be guided by the following principles and policies. We will not reveal information or data relating
to your
accounts, whether
provided by
you or
otherwise, to
anyone, including other companies / entities in our group, other than in the following exceptional cases:
a. If we have to give the information by law
b. If there is a duty towards the public to reveal the information
c. If our interests require us to give the information (for example, to prevent fraud) but we will not use this as a reason for giving information about you or your accounts [including your name and address] to anyone else, including other companies in our group, for marketing
purposes
d. If
you ask
us to
reveal the
information, or
if we
have your
permission, in writing
e. If we are asked to give a banker’s reference about you, we will need your written permission before we give it
We, will explain to you the extent of your rights under the existing legal framework for accessing the personal records that we hold about you.We will not use your personal information for marketing purposes by anyone including ourselves
unless you specifically authorize us to do so.
5.1 Credit Reference Agencies
a. We will explain to you the role of Credit Reference Agencies (CRA) as also the checks we may make with them and the effect the information they provide can have on your ability to get credit.
b. Information
about credit
availed from
us is
reported by
us to
the CRA on a monthly basis.
c. Information
reported to
CRA will
also include
personal debts
you owe us even when
i. You have fallen behind with your payments
ii. The amount owed is in dispute
iii. You have made proposals which we are not satisfied with.
d. If your loan account has been in default, and thereafter regularised, we
will take
steps to
update this
information with
the CRA
in the next monthly report.
e. When you apply for credit facility from us, we will on request, and on payment of prescribed fee, furnish you a copy of the credit information obtained by us from the CRA.
6. COLLECTION OF DUES
Whenever we give loans, we will explain to you the repayment process by way of amount, tenure and periodicity of repayment. However, if you do not adhere to repayment
schedule, a defined process in accordance with the laws of the land will be followed for recovery of dues. The process will involve reminding you by sending you notice or by making personal visits and/ or repossession of security, if any.
Our
collection policy
is built
on courtesy,
fair treatment
and persuasion. We believe in fostering customer confidence and long- term
relationship.
a. We will post details of the recovery agency firms / companies engaged by us on our website.
b. We will also make available on request details of the recovery agency firms/companies at our branches.
c. Our staff or any person authorized to represent us in collection of dues or/and security repossession will identify himself/herself and display the authority letter issued by us and upon request display(ing) to
you his/
her identity
card issued
by the
bank or
under authority
of the bank.
d. We will provide you with all the information regarding dues and will endeavour to give sufficient notice for payment of dues.
e. We will have a system of checks before passing on a default case to collection agencies so that you are not harassed on account of lapses on our part.
f. We will write to you when we initiate recovery proceedings against you.
g. All the members of the staff or any person authorised to represent our
bank in
collection or/and
security repossession
would follow
the guidelines set out below:
i. You would be contacted ordinarily at the place of your choice and
in the
absence of
any specified
place at
the place
of your residence
and if
unavailable at
your residence,
at the
place of business/occupation
ii. Identity and authority to
represent would be made known to you
iii. Your privacy would be respected
iv. Interaction with you would be in a civil manner
v. Normally
our representatives
will contact
you between
0700 hrs and
1900 hrs,
unless the
special circumstances
of your
business or occupation require otherwise
vi. Your
requests to
avoid calls
at a
particular time
or at
a particular place would be honoured as far as possible
vii. Time and number of calls and contents of conversation would be documented
viii. All assistance would be given to resolve disputes or differences regarding dues in a mutually acceptable and in an orderly manner
ix. During visits to your place for dues collection, decency and decorum would be maintained
x. Inappropriate occasions such as bereavement in the family or such
other calamitous
occasions would
be avoided
for making calls/visits to collect dues
xi. We will investigate any complaint from you about unfair practices by collection agents.
6.1 Security Repossession Policy
We will follow a security repossession policy in consonance with the law. A copy of the policy will be made available on request.
7. COMPLAINTS,
GRIEVANCES
AND FEEDBACK
7.1 Internal Procedures
a. If you want to make a complaint, we will tell you:
i. How to do this
ii. Where a complaint can be made
iii. How a complaint should be made
iv. When to expect a reply
v. Whom to approach for redressal
vi.
What to do if you are not happy about the outcome.
Our staff will help you with any questions you have.
b. We will tell you where to find details of our procedure for handling complaints fairly and quickly.
c. If
your complaint
has been
received in
writing,
we will
endeavour to
send you an acknowledgement/ a response within a week. If your complaint is relayed over phone at our designated telephone helpdesk or customer service number, we
shall provide you a complaint
reference number and keep you informed of the progress within a reasonable period of time.
d. After examining the matter, we will send you our final response or explain why we need more time to respond and shall endeavour to do so within 30 days of receipt of your complaint and will tell you how to take your complaint further if you are still not satisfied.
7.2 Banking Ombudsman Scheme
a. We will display the Banking Ombudsman Scheme on our website. Copy will be made available on request at a nominal
charge. We will display at our branches
the name and contact details of the Banking Ombudsman under whose jurisdiction the branch falls.
b. We will display the name of the official at the branch whom you may approach if you have a grievance. If your complaint is unresolved at the branch level, you may approach our Regional / Zonal Manager at the address displayed at the branch.
c. Within 30 days of lodging a complaint with us, if you do not get a satisfactory response from us and you wish to pursue other avenues for
redressal of
grievances, you
may approach
Banking Ombudsman appointed
by Reserve
Bank of
8. PRODUCTS AND SERVICES
8.1 Deposit Accounts
a. You may open different types of accounts with us such as, savings accounts,
term deposits,
current accounts
including ‘No
Frills’ Account etc. with us. You may open such accounts in the following styles:
i. Single
ii. Joint
iii. Joint (Either or Survivor)
iv. Joint (Former or Survivor)
v. Joint (Latter or Survivor); or
vi. in any other style
b. The above may be opened by you with or without nomination facility. We will include the option for nomination in the account opening form. We will explain the implications of the foregoing accounts as also the nomination facilities at the time of opening of the account.
c. We will acknowledge the receipt of your nomination details and record the fact of
nomination on the passbook/Account Statement/FDRs. At your request, we will also indicate the name of the nominee thereon.
d. We will also inform you about liquid deposit facility, sweep account and similar types of products offered by us and their implications and procedures involved, at the time of opening of account. Account Opening and Operation of Deposit Accounts
Before opening any deposit account, we will:
a. carry
out due
diligence as
required under
“Know Your
Customer”
(KYC) guidelines
of the bank
b. ask you to submit or provide necessary documents or proofs to do so
c. obtain only such information to meet with our KYC ,Anti Money Laundering or any other statutory requirements . In case any additional information is asked for, it will be sought separately and we will specify
the objective of obtaining such additional information. Providing such information will be voluntary
d. provide
the account
opening forms
and other
material to
you. The same
will contain
details of
essential information
required to
be furnished and documents to be produced for verification and/or for record for meeting the KYC requirements
e. explain the procedural formalities and provide necessary clarifications sought by you while opening a deposit account.
f. at the time of opening of the account, make available to you the details of the insurance cover in
force under the insurance scheme, subject to certain limits and conditions offered by the Deposit Insurance and Credit Guarantee Corporation of India (DICGC).
Changing your account
a. If you are not happy about your choice of current / savings account, within 14 days of making your first payment into the account , we will help you switch to another of our accounts or we will give your money back with
any interest
it may
have earned. We will ignore
any notice period and any extra charges.
b. If you decide to close your current/savings account we will close your account within three working days of receiving your instructions.
c. If you want to transfer your account to another branch of our bank we will do so. Your account at the new branch will be operationalised within
two weeks
of receiving
your request,
subject to
your complying with the required KYC formalities at the new branch. We will intimate you as soon as the account is operationalised. The new branch will be provided with information on your standing instructions/direct debits, if any.
d. We will cancel any bank charges you would have to pay as a result of any
mistake or
unnecessary delay
by us
when you
transfer your current / savings account to or from us.
8.1.1 Savings/Current Accounts
When you open a Deposit Account, we will:
a. inform you about number of transactions, cash withdrawals, etc. that can be done free of charge within a given period
b. inform
you about
the kind
of charges,
if any,
in case
of exceeding such limits. Details of the charges will be included in the Tariff Schedule
c. inform
you of
the rate
at which
interest is
paid on
your savings deposits, how it is calculated
and its periodicity.
Minimum balance
The minimum balance to be maintained in the Savings Bank account will be displayed in our branches.
For deposit products like Savings Bank Account and Current Account or any other type of Deposit Account, we will inform you:
a. about
minimum balance
to be
maintained as
part of
terms and conditions governing operation of such accounts
b. about
charges which
will be
levied in
case of
failure to
maintain minimum balance in the account by you. Details of the charges will be included in the Tariff Schedule
c. of
any change
in minimum
balance to
be maintained
30 days
in advance. During this notice period, we will not charge you for non- maintenance of higher minimum balance prescribed.
Charges
Specific charges
for issue
of cheque
books, additional/duplicate
statement of accounts, duplicate pass book, copies of paid cheques, folio charges, debit card, ATM card, verification of signature, return of cheque for insufficient balance, change in mandate or style of account, closure of Savings Bank / Current accounts etc., will be included in our Tariff Schedule.
Concessions or
relief given
(such as
perpetual waiver
of renewal fee
on lifetime
credit cards)
will not
be withdrawn
during the
original validity period of the concession/relief.
Statements
a. To help you manage your account and check entries in it, we will provide
you with
a monthly
statement of
account unless
you have opted for a pass book.
b. You can ask us to provide you with account statements more often than is normally available on your type of account, at a charge. This charge will be indicated in the Tariff Schedule.
c. You will be able to see your last few transactions at the counter. You will also be able to see the transactions on ATM, internet as also through
phone and
mobile banking
wherever such
facilities are available with us.
d. We will also send you statement of accounts by e-mail, or through our
secure Internet
banking service,
if you
so desire,
provided we have such facility with us.
e. We will ensure that entries in your pass book / statements are brief and intelligible.
8.1.2 Term Deposit
When you place a term deposit with us we will:
a. obtain
instructions from
you for
disposal of
your deposits
at maturity in the application form
b. inform you the procedure for withdrawal of term deposit before maturity
c. inform
you of
the interest
rates applicable
and charges
for premature withdrawal of term deposit
d. tell you the terms and conditions and interest rate applicable in case you
renew the
deposits after
the date
of maturity,
at the
time of acceptance of the deposit
e. advise
you of provisions of I.T. Act applicable to the
interest income accruing to you on your deposits, our obligations under the act and provisions
available to
you for
seeking exemptions
from Tax Deduction at Source
f. obtain Form 15 H / 15 G from you at the time of application if you are not liable to pay tax on your interest income
g.
issue the requisite certificate if we deduct tax from interest accrued on your deposits.
Advances against Deposits
We will explain facility of loan/overdraft available against term deposits.
8.1.3 ‘No Frills’ Account
We will make available
a basic banking ‘No Frills’Account either with
‘nil’ or very low minimum balance. The charges applicable for various services/
products in
such an
account will
be indicated
in a
separate Tariff Schedule. The nature and number of transactions in such accounts may be restricted, which will be made known to you at the time of opening of the account in a transparent manner.
8.1.4 Accounts of Minors
We will tell you, if enquired, how a minor can open a Deposit Account and how it can be operated.
8.1.5 Special Accounts
We will make our best efforts to make it easy and convenient
for our special customers like senior
citizens, physically challenged persons and illiterate persons to bank with us. This will include making convenient policies, products and services for such applicants and customers.
We will inform the procedure for opening of the account and other terms and conditions to blind /other physically challenged persons provided he/she
calls on
the bank
personally along
with a
witness who
is known
to both such person and the bank.
8.1.6 Dormant/ Inoperative Accounts
We will:
a. tell you when you open your account, what period of in
operation of the account would render your account being classified as dormant/ inoperative
account. You will also be informed
three months before your
account is
classified as
dormant / inoperative or
treated as unclaimed account and the consequences thereof
b. notify the joint holder/s also before an account is classified as inoperative / dormant
c. tell you the procedure to be followed if you want to activate the account
d.
not charge you for activation of the inoperative account.
8.1.7 Closing Your Account
Under normal circumstances, we will not close your account without giving you at least 30 days’ notice. Examples of circumstances, which are not ‘normal’,
include improper conduct of account etc. In all such cases, you will
be required
to make
alternate arrangements
for cheques
already issued by you and desist from issuing any fresh cheques on such account.
8.2 Clearing Cycle / Collection Services
We will:
a. tell
you about
the clearing
cycle for
local instruments
and the outstation instruments including details such as when you can withdraw money after lodging collection instruments and when you will be entitled to earn delayed interest as per our Cheque
Collection Policy
b. pay
you compensation,
as per
our Cheque
Collection /
Compensation Policy for any delay in collection of instruments, without waiting for a demand from you
c. provide details, if we offer immediate credit for outstation cheques, including the applicable terms and conditions, such as the limit up to which instruments tendered by you can be credited, operating accounts satisfactorily, etc.
d. proceed as per our Cheque Collection Policy and provide all assistance for you to obtain a duplicate cheque/instrument in case a cheque/instrument tendered by you is lost in transit
e. give the above information when you open your account and whenever you
ask us.
If there
is any
change in
our policy, the revised policy will be displayed on our website and at all our branches.
8.3 Cash Transactions
a. We will accept cheques / cash and dispense cash at any of our branches under core banking subject to any restrictions on type of transaction or charges, if any, applicable to such transactions.
b. We will exchange soiled/mutilated notes and/ or small coins at such of our branches as per RBI Directives.
c. For transactions above a specified amount we may require you to furnish your PAN.
d. We will reimburse amounts wrongly debited in failed ATM transactions within a maximum period of 12 working days from the date of receipt of your complaint.
8.3.1 Direct debits and standing instructions
We will:
a. at
the time
of opening
the account
tell you
how direct
debits/standing instructions work
and how
you may
record/cancel them
and the charges
connected with
them. Charges
will be
levied as
per the
Tariff Schedule as amended from time to time
b. act
upon mandates
given by
you for
direct debits
[say Electronic Clearing Service (ECS)] and other standing instructions. In case of any delay or failure in executing the mandate resulting in financial loss or additional
cost, we will compensate as per the compensation policy of the bank. If the mandate cannot be executed due to insufficient balance in your account, we will levy charges as per the Tariff Schedule as amended from time to time
c. refund
your account with interest as soon as it is determined that it is unauthorisedly/erroneously debited from your account under a direct debit and compensate you as per the Compensation Policy of the bank.
8.4 Stop Payment Facility
We will:
a. accept stop payment instruction from you in respect of cheques issued
by you.
Immediately on
receipt of
your instructions
we will give acknowledgement and take action provided these cheques have not already been cleared by us
b. levy charges, if any, and the same will be included in the Tariff Schedule
as amended from time to time
c. in case a cheque has been paid after stop payment instructions are acknowledged, reimburse and compensate you as per the Compensation Policy of the bank.
8.5 Cheques / Debit Instructions Issued By You
We will:
a. keep original cheques/debit instructions paid from your account or copies or images of the same, for such periods as required by law
b. give you the cheque /debit instruction or a copy thereof as evidence as long as
records are available with us.
If there
is a
dispute about a cheque
paid/debit instructions
from your
account, in
case the
request is made within a period of one year,
no charge
will be
levied and beyond a period of one year charges will be levied as per the Tariff Schedule
c. tell you how we will deal with unpaid
cheques and out-of-date [stale] cheques. The details of charges to be levied will be included in the Tariff Schedule as amended from time to time
8.6 Branch Closure/ Shifting
If
we plan
to close
our branch
or if
we move
our branch,
we will
give you:
a. notice
of three
months if
there is
no other
branch of
any bank functioning at your centre and inform you how we will continue to provide banking services to you
b. notice
of two
months, if
there is
a branch
of any
other bank functioning at your centre
8.7 Settlement Of Claims In Respect Of Deceased Account Holders
8.7.1 We will follow
a simplified
procedure for settlement of accounts
of deceased account holders.
a. Accounts with survivor/nominee clause
In case of a deposit account of a deceased depositor where the depositor had utilized the nomination facility and made a valid nomination or where the account was opened with the survivorship clause (“either or survivor” or “anyone or survivor” or “former or survivor” or “latter or survivor”), the payment of the balance in the deposit account to the survivor(s)/nominee of a deceased deposit account holder will be made provided:
i. the identity of
the survivor(s)/nominee(s)
and the
fact of
the death
of the account holder, is established through appropriate documentary evidence
ii. there
is no
order from
the competent
court restraining
the bank from making the payment from the account of the deceased
iii. it has been made clear to the survivor(s) / nominee that he would be receiving the payment from the bank as a trustee of the legal heirs of the
deceased depositor,
i.e., such
payment to
him shall
not affect
the right or claim which any person may have against the survivor(s) / nominee to whom the payment is made.
The payment made to the survivor(s) / nominee, subject to the foregoing conditions, would constitute a full discharge of the bank’s liability. In such
cases, payment
to the
survivor(s) /
nominee of
the deceased depositors will be made without insisting on production of succession certificate, letter of administration or probate, etc. or obtaining any bond of indemnity or surety from the survivor(s)/nominee, irrespective of the amount standing to the credit of the deceased account holder.
b. Accounts without the survivor/nominee clause
In case where the deceased depositor had not made any nomination or for the
accounts other
than those
styled as
“either or
survivor” (such
as single
or jointly operated accounts), we will adopt a simplified procedure for repayment to legal heir(s) of the depositor keeping in view the imperative need to avoid inconvenience and undue hardship to the common person.
Keeping in view our risk management systems, we will fix a minimum threshold limit, for the balance in the account of the deceased depositors, up
to which
claims in
respect of
the deceased
depositors could
be settled without insisting on production of any documentation other than a letter of indemnity.
c. Premature
termination of term deposit accounts
In the case of term deposits, we will incorporate a clause in the account opening form itself to the effect that in the event of the death of the depositor,
premature termination
of term
deposits would
be allowed.
The conditions subject to which such premature withdrawal would be permitted would also be specified in the account opening form. Such premature withdrawal would not attract any penal charge.
d. Treatment of flows in the name of the deceased depositor
In order to avoid hardship to the survivor(s) / nominee of a deposit account, we will obtain appropriate agreement / authorization from the survivor(s) / nominee with regard to the treatment of pipeline flows in the name of the deceased account holder. In this regard, we will consider adopting either of the following two approaches:
i. We could be authorized by the survivor(s) / nominee of a deceased account
holder to
open an
account styled
as ‘Estate
of Shri
________________, the Deceased’ where all the pipeline flows in the name
of the
deceased account
holder could
be allowed
to be
credited, provided no withdrawals are made.
OR
ii. We could be authorized by the survivor(s) / nominee to return the pipeline flows to the remitter with the remark “Account holder deceased”
and to
intimate the
survivor(s) /
nominee accordingly.
The survivor(s)
/ nominee
/ legal
heir(s) could
then approach
the remitter to effect payment through a negotiable instrument or through electronic transfer in the name of the appropriate beneficiary.
8.7.2 Time limit for settlement
of claims
We will settle the claims in respect of deceased depositors
and release payments to survivor(s) / nominee(s) within a period not exceeding 15 days
from the
date of
receipt of
the claim
subject to
the production
of proof of death of the depositor and suitable identification of the claim(s), to the bank’s satisfaction.
8.8 Safe Deposit Lockers
We will give you the complete details of the rules and the procedures applicable for the safe deposit lockers and also safe deposit of valuables, in case we offer the service.
8.9 Foreign Exchange Services
a. When you buy or sell foreign exchange, we will give you information on the services, details of the exchange rate and other charges which apply
to foreign
exchange transactions.
If this
is not
possible, we
will tell you how these will be worked out.
b. If you want to transfer money abroad, we will tell you how to do this and will give you:
i. a description of the services and how to use them
ii. details of when the money you have sent abroad should get there and the reasons for delays, if any
iii. the exchange
rate applied
when converting
to the
foreign currency
(if this is not possible at the time of the transaction, we will let you know later what the rate is)
iv. details
of any
commission or
charges, which
you will
have to
pay and a warning that the person receiving the money may also, have to pay the foreign bank’s charges.
c. We will tell you if the information provided by you for making a payment abroad is adequate or not. In case of any discrepancies or incomplete
documentation, we
will advise
you immediately
and assist you to rectify/complete the same.
d. If money is transferred to your bank account from abroad, we will tell you the
original amount received and charges
if any
levied. If the sender
has agreed
to pay
all charges,
we will
not take
any charges when we pay the money into your account.
e. We will guide you about regulatory requirements or conditions relating to foreign exchange services offered by us as and when requested by you.
f. In case of delay beyond the day when the amount is due for credit, you will be compensated (a) for any loss on account of interest for due period beyond the due date and (b) also for adverse movement of forex rate as per the Compensation Policy of the bank.
g. All
certificates required
to be
issued under
regulatory/statutory instructions will be issued free of charge.
8.10 Remittances Within
If you want to remit money within
a. give description of services and how to use them
b. suggest to you the best way to send the money to suit your needs
c. disclose the details of all charges including commission that you will
have to
pay for
the service
as per
the Tariff
Schedule as
amended from time to time.
In case of any delay we will compensate you for the delay and any loss/additional
expense incurred by you.
8.11 Lending
Before we lend you any money or increase your overdraft, credit card limit or other borrowing, we will assess whether you will be able to repay it.
If we cannot help you, we will communicate in writing the reason(s) for rejection of the loan application. If you want us to accept a guarantee or other
security from
someone for your liabilities, we may ask you for your permission to give confidential information about your finances to the person giving the guarantee or other security, or to their legal adviser.
We will also :
a. encourage them to take independent legal advice to make sure that they
understand their
commitment and
the possible
consequences of their decision( where appropriate, the
documents we ask them to sign will contain this recommendation as a clear and obvious notice)
b. tell them that by giving the guarantee or other security they may become liable instead of, or as well as, you
c. tell them what their liability will be .
8.11.1 Loan Products
Applications for loans and their processing
a. At the time
of sourcing
a loan
product, we will provide as
part of the loan application form, information about the interest rates applicable whether floating rate or fixed rate, as also the fees/charges payable for processing, the amount of such fees refundable
if loan amount is not sanctioned / disbursed, pre-payment options and charges,
if any, penal rate of interest for delayed repayments, if any, conversion charges for switching your loan from fixed to floating rates or vice- versa,
existence of
any interest
reset clause
and any
other matter which
affects the
interest of
the borrower,
so that
a meaningful comparison
with those
of other
banks can
be made
and informed decision can be taken by you.
b. We shall invariably provide you with an acknowledgement of your loan application. We shall make every endeavour to indicate on your application
the period
within which
you can
expect to
receive a decision on your request for loan.
c. We will give you the Most Important Terms and Conditions
(MITC) governing the loan / credit facility you have availed.
(See para 3.3 – Interest rates and para 8.15 – Insurance)
d. Normally all particulars required for processing the loan application will
be collected
by us
at the
time of
application. In
case we
need any additional information we will contact you immediately.
e. We will provide you the sanction letter detailing particulars of amount sanctioned,
terms and
conditions (refer
para 3.5),
your responsibilities as well as the bank’s, etc.
f. We will provide you an amortisation schedule (schedule of repayment of principal and interest for the duration of the loan).
g. We will also inform you whether you have an option to let equated monthly instalments stay constant and increase tenure or vice-versa when the interest rate changes.
h. We will supply authenticated copies of all the loan documents executed by you at our cost along with a copy each of all enclosures quoted in the loan document.
i. We will give written receipt for all documents to title taken as security/ collateral for any loan as well as for dated/undated cheques received from you.
j. We will return the unpaid cheques / post dated cheques given by you on receipt of full amount representing the EMI / entire debt.
k. We will return to you all the securities / documents/title deeds to mortgaged property within 15 days of the repayment of all dues agreed to or contracted. If any right to set off is to be exercised for any other claim,
we will
give due
notice with
full particulars
about the
other claims
and retain
the securities/documents/title
to mortgaged
property till the relevant claim is settled/paid.
l. We will compensate you for any delay in return of securities / documents / title deeds to mortgaged property beyond 15 days of the repayment of all dues agreed to or contracted.
m. We will not discriminate on grounds of sex, caste
and religion in the matter
of lending.
However,
this does
not preclude
us from
instituting or participating in schemes framed for different sections of the society.
n. We will process request for transfer of borrowal account, either from the
borrower or
from a
bank/financial institution,
in the
normal course and convey our concurrence or otherwise within 21 days of receipt of request.
8.12 Guarantee
a. When
you are
considering to
be a
guarantor to
a loan,
we will
tell you about:
i. your liability as guarantor
ii. the amount of liability you will be committing yourself to the bank.
iii. circumstances in which we will call on you to pay up your liability
iv. whether we have recourse to your other monies in the bank if you fail to pay up as a guarantor
v. whether your liabilities as a guarantor are limited to a specific quantum or they are unlimited
vi. time and circumstances in which your liabilities as a guarantor will
be discharged
as also
the manner
in which
we will
notify you about this.
b. We will keep you informed of any material adverse change/s in the financial position of the borrower to whom you stand as a guarantor.
c. We will return to you all the securities / documents/title deeds to mortgaged property within 15 days of the repayment of all dues agreed to or contracted.
d. We will compensate you for any delay in return of securities / documents / title deeds to mortgaged property beyond 15 days of the repayment of all dues agreed to or contracted.
8.13 General Information
We will:
a. give you information explaining the key features of our loan and credit card
products including
applicable fees
and charges
while communicating the sanction of the loan/credit card
b. give
you the
Most Important
Terms and
Conditions (MITC)
governing the loan / credit facility you have availed
c. advise you what information/documentation we need from you to enable you to apply. We will also advise you what documentation we need from you with respect to your identity, address, employment etc.,
and any
other document
that may
be stipulated
by statutory authorities (e.g. PAN details), in order to comply with legal and regulatory
requirements.
d. verify the details mentioned by you in the loan / credit card application by contacting you at your residence and / or on business telephone numbers and / or
physically visiting your residence and/or business addresses through agencies appointed by us for this purpose, if deemed necessary by us.
e. if we offer you an overdraft, or an increase in your existing overdraft limit, tell you if your overdraft is repayable on demand or otherwise. We will, if required also advise about the method of calculation of overdrawn amount thereof and also the computation of interest on overdue loan amount
f. not offer any unsolicited pre-approved
credit facility in any form, including enhancement of credit card limit and top up of personal loan limits, etc.
g. in case we offer/approve a credit facility over the telephone credit your
account with
the amount
sanctioned only
after receiving
your acceptance in writing
h. in case we do so without your consent / bill you for the card for which you have not given your consent, we will not only reverse the charges forthwith but will also pay a penalty amounting to twice the value of the charges reversed.
8.14 Credit Card
8.14.1 General information
a. When
you apply
for card,
we will
explain the
relevant terms
and conditions such as fees and interest charges, billing and payment, method
of computation
of overdues,
renewal and
termination procedures, and
any other
information that
you may
require to operate the card.
b. We will give you a copy of the Most Important Terms and Conditions (MITC) at the time of application.
c. We will advise you of our targeted turn around time while you are availing / applying for a product / service.
d. We will send a service guide/member booklet giving detailed terms and
conditions, losses
on your
account that
you may
be liable
if your card is lost / misused and other relevant information with respect to usage of your card along with your first card.
e. We will provide ‘Online Alerts’ to you for all ‘card not present’
transactions of the value of Rs.5000/- and above.
f. If you do not recognize a transaction, which appears on your card statement, we will give you more details if you ask us. In cases, where we do not accept your contention we will give you evidence that you had authorized the transaction, in question.
8.14.2 Issuance of Credit Card / PIN
a. We will dispatch your credit card /PIN only to the mailing address mentioned by you or to the
alternate address provided by you (if we are unable to deliver at the mailing address) through courier / post. Alternatively, if you desire we shall deliver your credit card/PIN at our branches after due identification.
b. We may also issue deactivated (not ready to use) credit card if we consider
your profile
appropriate for
issuing credit
card and
such deactivated
card will
become active
only after
you take
steps for activation as required and subject to such other conditions as may be specified.
c. In case we activate the card without your consent / bill you for the card for which you have not given your consent, we will not only reverse the charges forthwith but will also pay a penalty amounting to twice the value of the charges reversed.
d. We will extend a loan/credit facility/enhance credit limit on your card only with your consent in writing.
e. If the limit on your credit card is reduced, we will inform you immediately by SMS / e-mail followed by a confirmation in writing.
f. PIN (Personal Identification Number) whenever allotted, will be sent to you separately at your mailing address.
8.14.3 Credit card statements
a. To help you manage your credit card account and check details of purchases/cash drawings using the credit card, we will offer you free of cost a facility to receive credit card transaction details either via monthly mail and, if you so desire, also through the internet. Credit card statement will be dispatched on a predetermined date of every month free of cost at your mailing address.
b. In the event of non-receipt of this information, we expect you to get in
touch with
us so
that we
can arrange
to resend
the details
to enable you to make the payment and highlight exception, if any, in a timely manner.
c. We will let
you know
/ notify
changes in schedule of fees
and charges and terms and conditions. Normally, changes (other than interest rates and those which are a result of regulatory requirements) will be made with prospective
effect giving notice of at least one month. The changes will be notified along with the monthly statement of account or copy thereof.
8.15 Insurance
a. We will inform you if we, as agents of any insurance company, offer any type of insurance on deposits and credit cards.
b. We will ensure that we have your written consent to avail these insurance products.
c. In case of securities lodged with us for loans availed by you, we will not
insist on your
obtaining insurance
cover from
any particular provider.
8.16 Mobile Banking
If you opt for mobile banking services we will, prior to your registration, for the service inform you of:
a. the security procedure adopted by us for user authentication and the legal risk, if any, associated with the same
b. the applicability or otherwise of stop payment instructions and the terms and conditions for the acceptance, if any, for the same.
8.17 Credit Counselling Facility
We will endeavour to provide credit counselling facility.
8.18 Getting Records
We will, on request, make available to you, at a cost, records pertaining to your transactions provided this is within the prescribed preservation period of such record.
9. PROTECTING YOUR ACCOUNTS
9.1 Secure And Reliable Banking And Payment Systems
We will co-operate as an industry so that you enjoy secure and reliable banking and payment systems you can trust.
We will
install CCTV
for close
surveillance as
part of
security arrangements.
9.2 Keeping Us Up To Date
Please make sure you let us know as soon as possible when you change your:
a. Name
b. Address
c. Phone number
d. E-mail address (if this is how we communicate with you).
9.3 Checking Your Account
a. We recommend that you check your statement or passbook regularly. If there is an entry, which seems to be wrong, you should tell us as soon as possible so that we can investigate the same. Regular checks on
direct debits
and standing
orders will
help you
be sure
the money is going where you want it to.
b. If we need to investigate a transaction on your account, you should co-operate with us and with the police/ other investigative agencies if we need to involve them.
9.4 Taking Care
The care
of your
cheques, passbook,
cards, PINs
and other security information by you, is essential to help prevent fraud and protect your accounts. Please make sure that you follow the advice given below:
a. Do not
i. keep your cheque book and cards together
ii. keep the blank cheque leaves signed
iii. allow anyone else to use your card, PIN, password or other security
information
iv. write down or record your PIN, password or other security information
v. give
your account
details, password
or other
security information to anyone.
b. Always
i. write clearly the name of the person you are paying the cheque to, if you send cheque through the post, it will help to prevent fraud. We will recommend that you write such cheques for instance with carbon paper on the reverse to avoid chemical alterations.
ii. choose your new PIN carefully
,if you change your PIN
iii. memorize
your PIN,
password and
other security
information, and destroy the written communication if any of the same as soon as you receive it
iv. take reasonable
steps to keep your card safe in your personal custody and your PIN, password and other security information secret at all times
v. keep your card receipts safe and dispose them off carefully
vi. write on the cheque the name of the account holder [ABC Bank Account - XYZ], if you are paying a cheque into a bank account. You should draw a line through unused space on the cheque so unauthorized person cannot add extra numbers or names.
c. We will advise you what you can do to protect your card/ cheque book from misuse.
d. In the event your cheque book, passbook or ATM/Debit card has been
lost or
stolen, or
that someone
else knows
your PIN
or other
security information,
we will,
on your
notifying us,
take immediate steps to try to prevent these from being misused.
e. It is essential that you tell us as soon as you can if you suspect or discover that your cheque book, passbook, card has been lost or stolen or someone else knows
your PIN, password
or other
security information.
f. You could tell us about the loss by phone at our 24 hour toll free number given to you and send us a written confirmation to that effect immediately. Alternatively, you may advise us by e-mail to the address we have given you for this purpose.
g. You may be liable for misuses until the time that we have been notified.
9.5 Internet Banking
Online banking is safe and convenient as long as you take a number of simple precautions.Please make sure you follow the advice given below:
a. Visit
our Internet
banking site
directly.
Avoid accessing
the site through a link from another site or an e-mail and verify the domain name displayed
to avoid spoof websites.
b. Ignore
any e-mail asking for your password or PIN and inform
us of the same for us to investigate the same. Neither the police nor we will ever contact you to ask you to reveal your online banking or payment card PINs, or your password information.
c. We advise you not to use cyber cafés /shared PCs to access our Internet banking site.
d. We advise you to update your PC with latest anti-virus and spy ware software regularly. You may install security programmes to protect against hackers, virus attacks or malicious ‘Trojan Horse’ programmes. A suitable firewall installed in a computer to protect your PC and its contents from outsiders on the Internet is recommended.
e. Disable the ‘File and Printing Sharing’ feature on your operating system.
f. Log off your PC when not in use.
g. Do not store your ID/PIN in the Internet Explorer Browser.
h. Check your account and transaction history regularly.
i. Follow our advice - our websites are usually a good
place to get help and guidance on how to stay safe online.
9.6 Cancelling Payments
If
you want
to cancel
a payment
or series
of payments
you have
authorised, you should do the following:
a. To stop payment of a cheque or cancel standing instruction given, or a direct debit you must tell us in writing.
b. To cancel a direct debit, you must inform us. We recommend that you inform the originator of the direct debit also.
c. It may not be possible to cancel payments if you do not give notice of your decision to cancel.
d. Cancellation of credit card payments will be subject to other terms and conditions as may be stipulated.
9.7 Liability for Losses
a. If you act fraudulently, you will be responsible for all losses on your account. If you act without reasonable care, and this causes losses, you may be responsible for them.
b. Unless you have
acted fraudulently or without reasonable
care, your liability for the misuse of your card will be limited to the amount stipulated in the terms and conditions governing the issue of the card.
c. You
may be
liable for
misuses on
account of
loss of
your PIN
or compromise of your password or of other secured information until the time that we have been notified and we have taken steps to prevent misuse.
10. MONITORING
The
Banking Codes
and Standards
Board of
India monitors
the Code. The contact details are as follows:
The Banking Codes and Standards Board of
C-7, Reserve Bank of
Telephone: 022 - 26571096; Fax: 022 - 26573719
E-mail : ceo.bcsbi@rbi.org.in Website: www.bcsbi.org.in
11. GETTING HELP
If you have any enquiries about the Code, you should contact us at our designated
telephone helpdesk
or customer
service number
or contact the Indian Banks’ Association at the following address.
Indian Banks’ Association
6th floor, Centre1 Building, World Trade Centre Complex, Cuffe Parade
Mumbai-400005
E-mail:code@iba.org.in Website: www.iba.org.in
Or,
contact the
Banking Codes
and Standards
Board of
India at
the address above.
11.1 We will have notices in all our branches and on our website explaining that copies of the Code are available and how you can get one and that we will make a copy available to you on request.
12. REVIEW OF THE CODE
This
Code will
be reviewed
within a
period of
three years.
The review
will be undertaken in a transparent manner.
Annex - Glossary
These
definitions explain
the meaning
of words
and terms
used in
the
Code. They are not precise legal or technical definitions.
ATM
An Automated Teller Machine [ATM] is a machine in which a customer can use his card along with PIN to get cash, information and other services.
Banking
Ombudsman
An independent dispute resolution authority set up by the Reserve Bank to deal with disputes that individuals and small business have with their banks.
Card
A general term for any plastic card, which a customer may use to pay for goods and services or to withdraw cash. In this Code, it includes debit, credit, smart and ATM cards.
Cheque Collection Policy
Cheque Collection Policy refers to the policy followed by a bank in respect of the
various local
and outstation
cheques and
instruments deposited with the bank for credit to an account . The policy inter alia deals with
• cheque purchase requests
• timeframe for credit of cheques
• payment of interest in case of delay in collection of cheques
• instant credit of local and outstation cheques
• cheques
/ instruments
lost in
transit
and charges
for such
collection.
Customer
A person who has an account [including a joint account with another person or an account held as an executor or trustee or as a Karta of an HUF, but not including
the accounts of sole traders/ proprietorships, partnerships, companies, clubs and societies] or who avails of other products/ services from a bank.
Current Account
A form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount.
Deceased
Account
A Deceased account is a deposit account in which case either the single account holder has deceased or in case of joint accounts one or more of joint account holders has/have deceased.
Demat Account
A Demat account refers to dematerialised account and is an account in which the stocks of investors are held in electronic form.
Deposit
Accounts
• “Savings
deposits” means a form of demand deposit which is subject to restrictions as to the number of
withdrawals as also the amounts of withdrawals permitted by the bank during any specified period.
• “Term deposit” means a deposit received by the bank for a fixed period withdrawable only after the expiry of the fixed period and includes
deposits such
as Recurring
/ Double
Benefit Deposits
/ Short Deposits / Fixed Deposits /Monthly Income Certificate
/Quarterly Income Certificate etc.
• “Notice
Deposit” means term deposit
for specific period but withdrawable on giving at least one complete banking day’s notice.
Dormant / Inoperative Account
A
dormant/inoperative account
is a
savings bank
or current
account in which there are no transactions for over a period of two years.
EFT
Electronic Funds Transfer (EFT) is a scheme introduced
by RBI to help banks to offer their customers facility of transfer of funds from account to
account from
one bank
branch to
another in
places where
EFT service is available. EFT is presently restricted to 15 centres where RBI offices are located.
Equity
Equity means a part of capital of a corporate entity which is represented by the shares of the company whether in physical or in dematerialised form.
Electronic Clearing Service
It
is a
mode of
electronic funds
transfer from
one bank
account to
another bank account using the services of a Clearing House.
Fixed rate of interest
Fixed Rate of Interest on a loan means that interest rate is fixed for the entire period of the loan or it may be revised after the first few years depending upon the terms and conditions of loan.
Floating rate of interest
Floating Rate of Interest on a loan means that interest rate is not fixed but is linked to Reference Rate and would vary in proportion to the variations in the latter as per the terms and conditions of loan.
Guarantee
A promise given by a person.
Government Bond
Government bond means a security
created and
issued by the
Government for the purpose of raising a public loan.
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