Our Policies

   
Fair Practice Code & Bank's Deposit Policy

Following the advice of Indian Banks' Association (IBA), Bank has adopted its Fair Practice Code which sets standards of fair banking practices. The Code is formulated to achieve higher operating standards for the benefit of customers and also to reverse the disenfranchisement of the depositors and start the process of empowerment of the depositors.

2 Based on the recommendations made by RBI Committee on Procedures and Performance Audit on Public Services (CPPAPS), IBA was requested to formulate a policy on depositors' rights, to prepare a uniform settlement of claiming in deceased accounts and also to simplify procedures for operation of lockers in the event of death of the locker hirer.

Accordingly IBA has formulated a model policy and requested member Banks to adopt the Deposit Policy. Our Board of Directors vide their resolution dated 11.10.2004 has adopted the said policy.

Copy of the Fair Practice Code and Bank's Deposit Policy are enclosed in Annexure I and Annexure II.

All concerned are requested to ensure proper circulation of the Fair Practice Code and Bank's Deposit Policy amongst all the members of the staff apart from made it available for the customers [A notice to this effect is to be displayed at a prominent place in the Banking Hall] and also for RBI/ Bank's Officials during their inspection.

Fair Practice Code - Annexure- I

This is a voluntary Code which sets standards of fair banking practice for following when we are dealing with individual customers. It provides valuable guidance for day to day operations. The Code applies to :

• current, savings and all other deposit accounts

• pension, PPF accounts etc. operated as agents of RBI/Government

• collection and remittance services offered by the Bank

• loans and overdrafts

• foreign exchange services

• card products

• third party products offered through our network

1. As a voluntary Code, it promotes competition and encourages market forces to achieve higher operating standards for the benefit of customers. In the Code, 'you' denotes the customer and 'we' the Bank, the customer deals with.

The standards of the Code are covered by the four key commitments found in Section 2. Unless it says otherwise, all parts of this Code apply to all the products and services listed above, whether they are provided by branches across the counter, over the phone, by post, through interactive electronic devices, on the internet or by any other method.

Commitments outlined in this Code are applicable under normal operating environment. In the event of force majeure, we may not be able to fulfill the commitments under this Code.

Key words which are shown in bold print in the Code are defined in the Glossary.

This Code comes into effect from 11^th October, 2004.

2. KEY COMMITMENTS

Our key commitments to you

We promise to : -

a) Act fairly and reasonably in all our dealings with you by :

• meeting the commitments and standards in this Code, for the products and services we offer, and in the procedures and practices our staff follow

• making sure our products and services meet relevant laws and regulations

our dealings with you will rest on ethical principles of integrity and transparency.
  

b) Help you to understand how our financial products and services work by :

• giving you information about them in plain Hindi and/or English and/or the local language

• explaining their financial implications and

• helping you choose the one that meets your needs.

c) Deal quickly and sympathetically with things that go wrong by :

• correcting mistakes quickly

• handling your complaints quickly

• telling you how to take your complaint forward if you are still not satisfied, and

• reversing any bank charges that we apply due to our mistake.

d) Publicise this Code, put it on our website and have copies available for you on request.

Helping you to choose products and services, which meet your needs

3.1 Before you become a customer, we

• give you clear information explaining the key features of services and products you tell us you are interest in

• give you information on any type of account facility which we offer and may suit your needs

• tell you what information we need from you to prove your identity and address and to comply with legal and regulatory requirements, and

• request for additional information about you and your family to build a database but such information can be furnished by you only if you wish and we will not compel you to give this information for opening your account.

3.2 We will 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.

3.3. Once you have chosen an account or service, we will tell you how it works.

3.4. When you open a single account or a joint account, we will give you information on your rights and responsibilities.

3.5. We recommend that you avail nomination facility offered on all deposit accounts, articles in safe custody and safe deposit vaults.

3.6. We will guide you how we will deal with deposits and other assets held with us in the name of a deceased person in the absence of nomination.

4.1 You can find out our interest rates by :

• looking at the notices in our branches

• phoning our branches or help-lines

• looking on our website ; or

• asking our designated staff

4.2 When you become a customer, we will give you information on the interest rates which apply to your accounts, and when we will pay interest on your deposits or debit interest on your loan accounts. We will also tell you our website address, our help-line number and the other ways in which you can find out about changes in the interest rates.

4.3 We will explain how we apply interest to your accounts.

Changes in interest rates

4.4 When we change the interest rates on our products, we will update the information on our telephone help-line and our website within three working days.

4.5 At the time of opening of the account, we will inform you of the rate at which interest is paid on your savings deposit [presently, it is regulated by Reserve Bank of India], how it is calculated and its periodicity.

5.1 When you become a customer, we will give you upfront details of any charges applicable to the products chosen by you.

5.2 You can also find out about our charges :

• asking our staff at the branch where you have your account

• phone our help-line or

• looking on our website.

5.3 If we increase any of these charges or introduce a new charge, it will be notified at least one month before the revised charges are levied /become due.

5.4 We will tell you the charge for any other service or product before we provide that service or product, and at any time you ask.

5.5 We will give you details of any charges we levy for using ATMs.

6.1 When you become a customer or accept a product for the first time, we will give you the relevant terms and conditions for the service you have asked us to provide.

6.2 All written terms and conditions will be fair and will set out your rights and responsibilities clearly and in plain language. We will only use legal or technical language where necessary.

Changes to Terms and Conditions

6.3 When you become a customer, we will tell you how we will let you know /notify about changes to terms and conditions.

6.4 Normally, changes [other than interest rates] will be made with prospective effect giving notice of at least one month. If the changes are to your disadvantage, you may close the account at any time up to two months from the date of the notice without having to pay any extra charges or interest for doing this.

6.5 Changes in the interest rates on our products [deposits and advances] from time to time will be notified as per the bank's policy/practice.

7.1 We will make sure that all advertising and promotional material is clear, fair, reasonable and not misleading.

7.2 We will seek your specific consent for giving details of your name and address to any third party, including other entities in our group, for marketing purposes.

7.3 We would like to provide you with the entire range of financial services products, some of which are our own products while some others are the products of our group/associate/entitles or companies with whom we have tie-up arrangements. We will however tell you about our associate /group entities or companies having business tie-up arrangements with us and if you so desire, direct their staff /agents for marketing their products.

8.1 To help you manage your account and check entries on it, we will give you account statements at regular intervals unless this is not appropriate for the type of account you have [like an account where you have a passbook].

8.2. We will normally provide you with a statement periodically as per our policy. You can ask us to provide you with account statements more often than is normally available on your type of account , but there may be a charge for this service.

8.3 You will also be able to see your last few transactions on ATM or through your internet account wherever such facilities are available with us.

8.4 We also send you statement of accounts by e-mail, if you so desire, provided we have such facility with us.

Clearing Cycle/ Collection services

8.5 We will tell you about the clearing cycle, including when you can withdraw money after lodging collection instruments and when you will start to earn interest.

8.6 We will give immediate credit to your account for outstation cheques lodged by you and will allow you to draw against such instrument[s] under collection as per prevailing RBI guidelines. [Presently, instruments upto Rs.15,000/- tendered by customers operating accounts satisfactorily.]

8.7 We will pay interest on funds involved if collection is delayed beyond the normal period as stipulated by RBI

8.8 You should count notes and ensure correctness before leaving the cash counter.

8.9 Avoid writing anything on the face of the notes and co-operate with us by remitting notes in unstapled/unstitched conditions as required under RBI's Clean Note Policy.

Direct debits and standing instructions

8.10 We will act upon mandates given by you for direct debits [say ECS] and other standing instructions.

Cheques issued by you

8.11 We will keep original cheques paid from your account or copies, for such periods as required by law.

8.12 If, within a reasonable period after the entry has been made on your statement, there is a dispute about a cheque paid from your account, we will give you the cheque or a copy as evidence.

8.13 We will tell you how we will deal with unpaid cheques and out-of-date [stale] cheques.

Accounts operated /services rendered as agents of Government and RBI

[applicable only to banks authorised to handle the business]

8.14 While opening PPF /Pension Accounts or investing in Relief / RBI Bonds, we will tell you about operational guidelines for such accounts/transactions.

Foreign exchange services offered through authorised offices

8.15 We will provide you details of the service, exchange rates and charges that apply to foreign exchange transactions, which you are about to make. If this is not possible, we will tell you how these will be worked out.

8.16 If you want to transfer money abroad, we will tell you how to do this and will give you :

• a description of the services and how to use them

• details of any commission or charges which you will have to pay.

8.17 If money is transferred to your bank account from abroad, we will tell you the original amount received and charges, if any. If the sender had paid all charges, we will not deduct charges when we pay the money into your account.

8.18 We will guide you about regulatory requirements or conditions relating to foreign exchange services offered by us and when required by you.

Protecting your account

8.19 We will tell you what you can do to help protect your accounts. You can find out more about what you can do to help in Section 11 of this Code.

8.20 In the event your cheque book, pass book 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.

9.1 We will only send you a card if you ask for one or to replace a card you already have.

9.2 If you do not recognise a card transaction that appears on your statement, we will provide you with more details. In some cases, we will need you to give us confirmation or evidence that you have not authorised a transaction.

9.3 We will provide you with PIN [personal identification number] for operation at ATM. We will not reveal your PIN to anyone else.

9.4 We will tell you about our systems to allow you to choose or change your PIN. This should make it easier for you to remember the PIN of your choice.

Confidentiality

10.1 We will treat all your personal information as private and confidential [even when you are no longer a customer]. We will not reveal transaction details of your accounts to a third party, including entities in our group, other than in the following four exceptional cases when we are allowed to do

• If we have to give the information by law

• If there is a duty towards the public to reveal the information

• 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

• If you ask us to reveal the information, or if we have your permission to provide such information to our group/associate/entities or companies when we have tie-up arrangements for providing other financial service products.

10.2 Wherever we have installed CCTV for close surveillance as part of security arrangements, the same will be indicated.

This section is all about what you can do to help prevent your accounts being misused.

11.1 Please make sure you let us know as soon as possible when you change your :

• name

• address number or

• e-mail address [if this is how we communicate with you].

11.2 We recommend that you check your statement or passbook or credit card statement regularly. If there is an entry, which seems to be wrong, you should tell us as soon as possible so that we can sort it out.

11.3 If we need to investigate a transaction on your account you should co-operate with us and the police or any other authority, if we need to involve them.

11.4 Taking care of your cheques, passbook, cards, PINs and other security information is essential to help prevent fraud and protect your accounts. Please make sure that you follow the advice given below :

• Do not keep your cheque book and cards together

• Do not keep the blank cheque leaves signed

• Do not allow anyone else to use your card, PIN, password or other security information

• If you change your PIN you should choose your new PIN carefully

• Always learn your PIN, password and other security information, and destroy the notice as soon as you receive it

• Never write down or record your PIN, password or other security information

• Always take reasonable steps to keep your card safe in your personal custody and your PIN, password and other security information secret at all times

• Keep your card receipts safe and dispose them of carefully

• Never give your account details password or other security information to anyone unless you know who they are and why they need them

11.5 If you send a cheque through the post, it will help to prevent fraud if you clearly write the name of the person you are paying the cheque to. Write such cheque with carbon on the reverse to avoid chemical alterations.

• if you are paying a cheque into a bank account, always write on the cheque the name of the account holder (ABC Bank Account – XYZ). You should draw a line through unused space on the cheque so that unauthorised person cannot add extra numbers or names.

11.6 Visit our internet banking site directly. Avoid accessing the site through a link from another site and verify the domain name displayed to avoid spoof website.

11.7 Ignore any e-mail asking for your password or PIN.

11.8 We advise you not to use cyber cafes to access our internet banking site.

11.9 We advise you to update your PC with latest anti-virus software regularly. A suitable firewall installed in a computer to protect your PC and its contents from outsiders on the internet would be an added security measure.

11.10 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.

11.11 The best way of telling us about the loss will usually be by phone, using the numbers we have given you, or by e-mail to the address we have given you for this purpose. Alternatively, you may send a written communication to us immediately.

11.12 If you want to cancel a payment or series of payments you have authorised, you should do the following :

• To stop payment of a cheque or cancel standing instruction given, you must tell us in writing

• To cancel a direct debit, you can either tell the originator of the direct debit or tell us. We recommend you to do both.

It may not be possible to cancel payments if you do not give enough notice of your decision to cancel

11.13 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. [This may apply if you do not follow section 11.4]

11.14 Unless you have acted fraudulently or without reasonable care, your liability for the misuse of your card will be limited as indicated by us while issuing the card.

12.1 Before we lend you any money or increase your overdraft, credit card limit or other borrowing, we will assess whether we feel you will be able to repay it.

12.2 If we offer you an overdraft, or an increase in your existing overdraft limit, we will tell you if your overdraft is repayable on demand or otherwise.

12.3 Wherever possible, reasons for rejection of loans will be conveyed to you.

13.1 If you want to make a complaint, we will tell you how to do this and what to do if you are not happy about the outcome. Our staff will help you with any questions you have.

13.2 Within two weeks of receiving your complaint, we will send you a written acknowledgment.

13.3 After examining the matter, we will send you our final or other response within eight weeks and will tell you how to take your complaint further if you are still not satisfied.

13.4 Within 60 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 India under Banking Ombudsman Scheme 2002. Details of Banking Ombudsman are displayed in the branch notice boards. Our staff would explain the procedure in this regard.

13.5 Please provide feedback on our services. Your suggestions will help us to improve our services.

14.1 We have a 'Nodal Officer' to ensure compliance of the Code. Our internal auditing procedures make sure we meet the Code.

14.2 A Standing Committee consisting of a panel of three reputed persons with banking background will monitor "Bankers' Fair Practice Code". The Standing Committee will operate from the office of the Indian Banks' Association.

15.1 If you have any enquries about this Code, you may contact the

• Chief Manager, O & M Department

• United Bank of India,

• Head Office

• 11 Hemanta Basu Sarani, Kolkata 700 001

• Tel. No. 033-22135109

Email : ubicsd@vsnl.net
Website : www.unitedbankofindia.com

15.2 We will have notices in all our branches and on websites explaining that copies of the Code are available and how you can get one and we will make copy available to you on request.

15.3 You can get a copy of this Code from our Website.

These definitions explain the meaning of words and terms used in the Code. They are not precise legal or technical definitions.

An automated teller machine (ATM) or freestanding machine, which a customer can use their card in to get cash, information and other services.

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 or ATM cards.

A person who has an account [including a joint account with another person or an account held as an executor or trustee, but not including the accounts of sole traders, partnerships, companies, clubs and societies] or who receives other services .

A company (either a retail or service organisation) which collects payments from a customer's account in line with the customer's instructions.

A selection of personal facts and information (in an order which only the customer knows), which is used for identification when using accounts.

A cheque, which has not been paid because the date written on the cheque is too old [normally older than six months]
 

A word or an access Code which the customer has chosen, to allow them to use a phone or internet banking service. It is also used for identification.

A confidential number, which allows customers to buy things, withdraw cash and use other electronic services offered by the bank.

A word used to describe valuable items such as title deeds to houses, share certificate, life policies and so on, which represent assets used as support for a loan or other liability.

This is a cheque which, after being paid into the account of the person it is written out to, is returned 'unpaid' (bounced) by the financial institution whose customer issued the cheque.

The Deposit Policy of our Bank exists in the form of circulars issued from time to time and instructions as laid down in our Manuals of Instructions. The Deposit Policy is aimed with a view to imparting greater transparency in dealing with individual customers and also to create awareness among the customers of their rights and ultimately it has been expected that the customers will get services that they are rightfully entitled to receive from the banks without asking for the same.

One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. In fact, depositors are the major stakeholders of the Banking System. The depositors and their interests from the key area of the regulatory framework for banking in India and this has been enshrined in the Banking Regulations Act 1949. The Reserve Bank of India is empowered to issue directives/advices on interest rates on deposits and other aspects regarding conduct of deposit accounts from time to time. With liberalization in the financial system and deregulation of interest rates, banks are now free to formulate deposit products within the broad guidelines issued by RBI.

This policy document on deposits outlines the guiding principles in respect of formulation of various deposit products offered by the Bank and terms and conditions governing the conduct of the account. The document recognises the rights of depositors and aims at dissemination of information with regard to various aspects of acceptance of deposits from the members of the public, conduct and operations of various deposits accounts, payment of interest on various deposit accounts, closure of deposit accounts, method of disposal of deposits of deceased depositors, etc. for the benefit of customers.

We reiterate our commitments to individual customers as mentioned in Bankers' Fair Practice Code. This document is a broad framework under which the rights of common depositors recognized.
 

While various deposit products offered by the Bank are assigned different names. The deposit products can be categorized broadly into the following types. Definition of major deposits schemes are as under :-

4."Demand deposits" means a deposit received by the Bank which is withdrawable on demand ;

5."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

6." Term Deposit" means a deposit received by the Bank for a fixed period withdrawable only after the expiry of the fixed period and include deposits such a Recurring / Reinvestment Plan Certificate / Fixed Deposits with monthly /quarterly interests and etc.

7."Current Account" means 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 and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit ;
 

A) The Bank before opening any deposit account will carry out due diligence as required under "Know Your Customer" (KYC) guidelines issued by RBI and or such other norms or procedures adopted by the Bank. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening of the account will be informed to him and the final decision of the Bank will be conveyed at the earliest to him.

B) The account opening forms and other material would be provided to the prospective depositor by the Bank. The same will contain details of information to be furnished and documents to be produced for verification and or for record, it is expected of the Bank official opening the account, to explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he approaches for opening a deposit account.

C) For deposit products like Savings Bank Account and Current Deposit Account, the Bank will normally stipulate certain minimum balances to be maintained as part of terms and conditions governing operation of such accounts. Failure to maintain minimum balance in the account will attract levy of charges as specified by the Bank from time to time. For Savings Bank Account the Bank may also place restrictions on number of transactions, cash withdrawals, etc., for given period. Similarly, the Bank may specify charges for issue of cheque books, additional statement of accounts, duplicate pass book, folio charges etc. All such details, regarding terms and conditions for operation of the accounts and schedule of charges for various services provided will be communicated to the prospective depositor while opening the account.

D) Savings Bank Account can be opened for eligible person/persons and certain organisations / agencies ( as advised by Reserve Bank of India (RBI) from time to time).

Current Accounts can be opened by Individuals/ Partnership firms/ Private and Public Limited Companies/ HUFs/ Specified Associates/ Societies/ Trusts, etc.

Term Deposits Accounts can be opened by Individuals/ Partnership firms/ Private and Public Limited Companies/ HUFs/ Specified Associates/ Societies/ Trusts, etc.

E) The due diligence process, while opening a deposit account will involve satisfying about the identity of the person, verification of address, satisfying about his occupation and source of income. Obtaining introduction of the prospective depositor from a person acceptable to the Bank and obtaining recent photograph of the person/s opening / operating the account are part of due diligence process.
 

F) In addition to the due diligence requirements, under KYC norms the Bank is required by law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act /Rules.

G) Deposit accounts can be opened by an individual in his own name ( status: known as account in single name) or by more than one individual in their own names (status: known as Joint Account). Savings Bank Account can also be opened in the name of a minor jointly with natural guardian/guardian (Status : known as Minor's Account). Minors above the age of 10 will also be allowed to open and operate saving bank account independently.

H) Operation of Joint Account – The Joint Account opened by more than one individual can be operated as per mandate given to the Bank by the depositors. The mandate for operating the account can be modified with the consent of all depositors. The Savings Bank Account opened in the name of the minor jointly with natural guardian /guardian can be operated by natural guardian /guardian only.

• The joint account holders can give any of the following mandates for the disposal of balance in the above accounts :

Either or Survivor : If the account is held by two individual say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders.

• Anyone or Survivors/s : If the account is held by more than two individuals say, A, B and C, the final balance alongwith interest, if applicable, will be paid to the survivor on death of any two account holders.

The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. This mandate can be modified by the consent of all the account holders.

J) At the request of the depositor, the Bank will register mandate / power of attorney given by him authorising another person to operate the account on his behalf.

K) The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the Bank will seek instructions from the depositor/s as to the disposal of the deposit by sending an intimation before 15 days of the maturity date of term deposit.
 

L) Nomination facility is available on all deposit accounts opened by the individuals,. Nomination is also available to a sole proprietory concern account. Nomination can be made in favour of one individual only. Nomination so made can be cancelled or changed by the account holder/s any time. While making nomination, cancellation or change thereof, it is required to be witnessed by a third party. Nomination can be modified by the consent of account holder/s. Nomination can be made in favour of a minor also.

Bank recommends that all depositors avail nomination facility. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.

M) A statement of account will be provided by the Bank to Savings Bank as well as Current Deposit Account Holders periodically as per terms and conditions of opening of the account. Alternatively, the Bank may issue a Pass Book to these account holders.

N) The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor.

• Interest shall be paid on saving account at the rate specified by Reserve Bank of India directive from time to time. However, term deposit interest rates are decided by the Bank within the general guidelines issued by the Reserve Bank of India from time to time.

• In terms of Reserve Bank of India directives, interest shall be calculated at quarterly intervals on term deposits and paid at the rate decided by the Bank depending upon the period of deposits. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted value. The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks' Association.

• The rate of interest on deposits will be prominently displayed in the branch premises. Changes, if any, with regard to the deposit schemes and other related services shall also be communicated upfront and shall be prominently displayed.

• The Bank has statutory obligation to deduct tax at source if the total interest paid /payable on all term deposits held by a person exceeds the amount specified under the Income Tax Act. The Bank will issue a tax deduction certificate (TDS Certificate) for the amount of tax deducted. The depositor, if entitled to exemption from TDS can submit declaration in the prescribed format at the beginning of every financial year.
   

• A savings bank account in the name of a minor can be opened and the same can be operated by the natural guardian/guardian or by minor himself / herself, if he/she is above the age of 10 years.

• On attaining majority, the erstwhile minor should confirm the balance in his/her account and if the account is operated by the natural guardian / guardian, fresh specimen signature of erstwhile minor duly verified by the natural guardian would be obtained and kept on record for all operational purposes.

Account of less Literate/Visually Challenged Person

The Bank may at its discretion open deposit accounts other than Current Accounts of less literate/visually challenged person. The account of such person may be opened provided he/she calls on the Bank personally along with a witness who is known to both the depositor and the Bank. Normally, no cheque book facility is provided for such Savings Bank account. At the time of withdrawal / repayment of deposit amount and/or the interest, the account holder should affix his/her thumb impression or mark in the presence of the authorized officer who should verify the identity of the person. The Bank will explain the need for proper care and safe keeping of the passbook etc. given to the account holder. The Bank official shall explain the terms and conditions governing the account to the illiterate / blind person.
 

Addition OR Deletion of the name/s of Joint Account Holders

The Bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder.

The customer information collected from the customers shall not be used for cross selling of services or products by the Bank, their subsidiaries and affiliates. If the Bank proposes to use such information, it should be strictly with the consent of the account holder.

The Bank shall not disclose details / particulars of the customer's account to a third person or party without the expressed or implied consent from the customer. However, there are some exceptions, viz. Disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the Bank requires disclosure.

Premature withdrawal of Term Deposit

The Bank on request from the depositor,at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit. The Bank shall declare their penal interest rates policy for premature withdrawal of term deposit. The Bank shall make depositors aware of the applicable rate along with the deposit rate.

Premature Renewal of Term Deposit

In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the bank will be paid at the rate applicable to the period for which the deposit remained with the bank and not at the contracted rate.
 

Renewal of Overdue Term Deposits

When a term deposit is renewed on maturity, on renewed deposit interest rate for the period specified by the depositor as applicable on the date of maturity would be applied. If request for renewal is received after the date of maturity, such overdue deposit will be renewed with effect from the date of maturity at interest rate applicable as on the due date, provided such request is received within 14 days from the date of maturity. In respect of overdue deposits renewed after 14 days from the date of maturity, interest for the overdue period will be paid at the rates decided by the Bank from time to time.

Advances against Deposits

The Bank may consider request of the depositor/s for loan / overdraft facility against term deposits duly discharged by the depositor/s on execution of necessary security documents. The Bank may also consider loan against deposit standing in the name of minor, however, a suitable declaration stating that loan is for the benefit of the minor, is to be furnished by the depositor – applicant.

Settlement of Dues in Deceased Deposit Account

If the depositor has registered nomination with the Bank; - the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Bank satisfies about the identity of the nominee, etc.

The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.
 

In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as " either or survivor, former /latter or survivor, anyone of survivors or survivor ; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.

• In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents upto the limit approved by the bank's board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities.

Interest payable on Term Deposit in Deceased Account

In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the Bank shall pay simple interest at the applicable rate obtaining on the date of maturity, for the period for which the deposit remained with the Bank beyond the date of maturity ; as per the Bank's policy in this regard.

However, in the case of death of the depositor after the date of maturity of the deposit, the bank shall pay interest at the savings deposit rate obtaining on the date of maturity from the date of maturity till the date of payment.
 

Insurance Cover for Depositor

All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force, will be made available to the depositor.

Stop Payment Facility.

The Bank will accept stop payment instruction from the depositors in respect of cheques issued by them. Charges, as specified, will be recovered.

Dormant Accounts

Accounts which are not operated for a considerable period of time will be transferred to a separate dormant /inoperative account status in the interest of the depositor as well as the Bank. The depositor will be informed of charges, if any, which the Bank will levy on dormant/ inoperative accounts. The depositor can request the Bank to activate the account for operating it.

Safe Deposit Lockers

This facility is not offered through all bank branches and wherever the facility is offered, allotment of safe deposit vault will be subject to availability and compliance with other terms and conditions attached to the service. Safe deposit lockers may be hired by an individual (being not a minor) singly or jointly with another individual(s), HUFs, firms, limited companies, associates, societies, trusts, etc. Nomination facility is available to individual(s) holding the lockers singly or jointly. In respect of lockers held in joint names, up to two nominees can be appointed. Joint locker holders can give mandate for access to the lockers in the event of death of one of the holders on the lines similar to those for deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with a view to avoid hardship to common persons, the bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit accounts.

Redressal of complaints and grievances

Depositors having any complaint /grievance with regard to services rendered by the Bank has a right to approach authority(ies) designated by the Bank for handling customer complaint/grievances. The details of the internal set up for redressal of complaints/grievances will be displayed in the branch premises. The branch officials shall provide all required information regarding procedure for lodging the complaint. In case the depositor does not get response from the Bank within 60 days from the date of complaint for deficiency in banking services or is not satisfied with the response received from the Bank, he has a right to approach Banking Ombudsman appointed by the Reserve Bank of India.