Our Policies

8.Products and Services

8.1 Deposit Accounts

You may open different type 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 stylesi)

1. Single
2. Joint
3. Joint (Either or Survivor)
4. Joint (Former or Survivor)
5. Joint (Latter or Survivor)
6. Or in any other style

The above may be opened by you with or without nomination facility. We will explain the implications of the foregoing accounts as also the nomination facilities at the time of opening of the account.

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

1. carry out due diligence as required under "Know Your Customer" (KYC) guidelines of the bank ;
2. ask you to submit or provide necessary documents or proofs to do so;
3. 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;
4. 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;
5. explain the procedural formalities and provide necessary clarifications sought by you while opening a deposit account;
6. 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

1. If you are not happy about your choice of current or savings account (except for term deposit 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.
2. If you decide to close your current/savings account we will close your account within five working days of receiving your instructions.
3. 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.
4. 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 account to or from us.

8.1.1 Savings/Current Accounts

When you open a Deposit Account, we will

1. inform you about number of transactions, cash withdrawals, etc., that can be done free of charge within a given period;
2. 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;
3. 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 Saving 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

1. about minimum balances to be maintained as part of terms and conditions governing operation of such accounts;
2. 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.

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  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

1. To help you manage your account and check entries in it, we will provide you with a monthly statement of account, unless this is not appropriate for the type of account you have [like an account where you have a passbook].
2. 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.
3. You will be able to see your last few transactions at the counter. You will also be able to see the transactions on ATM or through your Internet account wherever such facilities are available with us.
4. 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.

8.1.2 Term Deposits

Premature Withdrawal of Term Deposit
We will

1. inform you the procedure for withdrawal of term deposit before maturity;
2. disclose the interest rates policy for premature withdrawal of term deposit.

Renewal of Overdue Term Deposits

We will tell you the interest rate applicable in case you renew the deposits after the date of maturity.

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 balances. 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.

Normally no cheque book facility is provided to illiterate persons and blind persons. However, to meet periodic repayment of retail loans, utility bills etc. we will consider issuing of cheque book with safeguards to protect your interest.

8.1.6  Dormant/ Inoperative Accounts
 We will

1. tell you when you open your account, what period of inoperation 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 including the charges for reactivation thereof as per the Tariff Schedule;
2. tell you the procedure to be followed if you want to activate the 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

1. 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.
2. 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.
3. 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
4. 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

We will accept cheques/ cash and dispense cash at counters wherever your account is maintained. We will exchange soiled/mutilated notes and/ or small coins at such of our branches as per RBI Directives.
For transactions above a specified amount we may require you to furnish your PAN Number.

8.3.1 Direct debits and standing instructions
We will

1. 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;
2. 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;
3. send a remittance advice to the recipient of the remittance at the time of making the remittance in case of Electronic Clearing Service (ECS) when we act as an agent of the remitter;
4. 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

1. 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.
2. levy charges, if any, and the same will be included in the Tariff Schedule as amended from time to time.
3. In case a cheque has been paid after stop payment instructions are acknowledged, we will reimburse and compensate you as per the compensation policy of the bank.

8.5 Cheques / Debit instructions issued by you
We will

1. keep original cheques/debit instructions paid from your account or copies or images of the same, for such periods as required by law;
2. 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;
3. tell you how we will deal with unpaid cheques and out-of-date [stale] cheques. We will charge for the cheques returned unpaid for want of balance in the account. 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

1. 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;
2. 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 accounts holders.

1. 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

1. the identity of the survivor(s)/nominee(s) and the fact of the death of the account holder, is established through appropriate documentary evidence;
2. there is no order from the competent court restraining the bank from making the payment from the account of the deceased; and
3. 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.

2. 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.

3. 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.

4. 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:

1. 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

2. 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 ECS transfer in the name of the appropriate beneficiary.

8.7.2 Time limit for settlement of claims

We will endeavor to 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

1. 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.
2. If you want to transfer money abroad, we will tell you how to do this and will give you:
   1. A description of the services and how to use them;
   2. Details of when the money you have sent abroad should get there and the reasons for delays, if any.
   3. 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);
   4. 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.
   5. 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.
   6. 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.
   7. We will guide you about regulatory requirements or conditions relating to foreign exchange services offered by us as and when requested by you.
   8. 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.
   9. All certificates required to be issued under regulatory/statutory instructions will be issued free of charge.

8.10    Remittances within India

If you want to remit money within India we will inform you how to effect and will

1. give description of services and how to use them;
2. suggest to you the best way to send the money to suit your needs;
3. 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 as per the compensation policy of the bank for the loss/additional expenses 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 where the amount of loan applied for does not exceed Rupees Two Lakhs. 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 :

1. 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);
2. tell them that by giving the guarantee or other security they may become liable instead of, or as well as, you; and
3. tell them what their liability will be .

8.11.1 Loan Products

Applications for loans and their processing

1. At the time of sourcing a loan product, we will provide information about the, interest rates applicable, as also the fees/charges, if any, payable for processing, pre-payment options and charges if any 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.
2. 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.
3. We will convey you the credit limit along with the terms and conditions thereof..
4. 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 on request;
5.  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.
6. We will process request for transfer of borrowal account, either from the borrower or from a bank/financial institution, in the normal course.

8.12 Guarantee

When you are considering to be a guarantor to a loan, we will tell you about

1. your liability as guarantor;
2. the amount of liability you will be committing yourself to the bank;
3. circumstances in which we will call on you to pay up your liability;
4. whether we have recourse to your other monies in the bank if you fail to pay up as a guarantor;
5. whether your liabilities as a guarantor are limited to a specific quantum or are they unlimited; and
6. 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

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.

8.13 General Information
We will:

1. 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
2. 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
3. Verify the details mentioned by you in the 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.
4. 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. 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 .

8.14 Credit card

8.14.1 General information

1. While 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.
2. We will advise you of our targeted turn around time while you are availing / applying for a product / service.

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.

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

1. 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.
2. 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.
3. We will extend a loan/credit facility/enhance credit limit on your card only with your consent.
4. PIN (personal identification number) whenever allotted, will be sent to you separately at your mailing address.

8.14.3 Credit card statements

1. 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
2. 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.
3. 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 .

top