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.
In the Code, 'you' denotes the customer and 'we', the bank the customer
deals with.
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1.1 Objectives of the Code
The Code has been developed to
promote good and fair banking practices by setting minimum standards in
dealing with you;
increase transparency so that you can have a better understanding of
what you can reasonably expect of the services;
encourage market forces, through competition, to achieve higher
operating standards;
promote a fair and cordial relationship between you and your bank;
foster confidence in the banking system.
The standards of the Code are covered by the key commitments in Section
2.
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1.2 Application of Code
Unless it says otherwise, all parts of this Code apply to all the
products and services listed below, whether they are provided by branches or subsidiaries
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 all banks.
Current accounts, savings account, term deposits, recurring deposit,
PPF accounts and all other deposit accounts.
Payment services such as pension, payment orders, remittances by way of
Demand Drafts and wire transfers.
Banking services related to Government transactions.
Demat accounts, equity, government bonds.
Indian currency notes exchange facility.
Collection of cheques, safe custody services, safe deposit locker
facility
Loans and overdrafts.
Foreign exchange services including money changing.
Third party insurance and investment products sold through our
branches.
Card products including credit cards, debits cards, ATM 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.
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