Code of Bank's Commitment to Customer, BCSBI
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
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
promote good and fair banking practices by setting minimum standards in dealing
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
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.
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.
Our key commitments to you
To Act Fairly And Reasonably In All Our Dealings With You By:
To Help You To Understand How Our Financial Products And Services Work By:
Giving you information about them in any one or more of the following
languages: Hindi, English or the appropriate local language.
Ensuring that our advertising and promotional literature is clear and not
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
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.
To Help You Use Your Account Or Service By:
Providing you regular appropriate updates.
Keeping you informed about changes in the interest rates, charges or terms and
To Deal Quickly And Sympathetically With Things That Go Wrong By:
Correcting mistakes promptly and cancelling any bank charges that we apply due
to our mistake.
Handling your complaints promptly.
Telling you how to take your complaint forward if you are still not satisfied
(see para No. 7).
Providing suitable alternative avenues to alleviate problems arising out of
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 number 5 below.
1.2.1 To Publicise the Code We will
adopt and practice a Non - Discrimination Policy
provide you( existing customer) with a copy of the Code
provide you ( new customer) with a copy of the Code when you open your account;
make this Code available on request either over the counter or by electronic
communication or mail;
make available this Code at every branch and on our website; and
ensure that our staff are trained to provide relevant information about the
Code and to put the Code into practice.
We will not discriminate on the basis of age, race, gender, marital status,
religion or disability.
You can get information on interest rates, common fees and charges through any
one of the following:
2.1 Before You Become a Customer we will:
Looking at the notices in our branches ;
Phoning our branches or help-lines;
Looking on our website;
Asking our designated staff/help desk ;or
Referring to the service guide/Tariff Schedule.
2.2 When You Become a Customer we
give you clear information explaining the key features of the services and
products you tell us you are interested in;
give you information on any type of products and services which we offer and
that may suit your needs;
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;
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.
give you more information on the key features of the product, including
applicable interest rates/ fees and charges;
give you extra 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;
automatically register your name under ‘Do Not Call ‘ Service. We will not
inform/extend to you through telephone calls/SMSs/ emails any new product
/service unless and until you inform us in writing that you consent to avail of
this information/ service.
We will give you information on
the interest rates which apply to your accounts, both deposit and loan.
when we will pay interest on your deposits, or charge interest on your loan
how we apply interest to your account and method of calculation of interest.
Changes in interest rates
We will inform you when we change interest rates on our products.
Fees & Charges
We will display in our branches :
Changes in Fees & Charges
a notice about the Tariff Schedule and that you can ask to see this free of
a list of services which are rendered free of charge.
a notice incorporating charges leviable for non maintenance of minimum balances
in the savings bank account, collection of outstation cheques, issue of Demand
Draft and cheques books, account statement , account closure and charges for
deposit/withdrawal at ATM locations .
We will give you details in our Tariff Schedule of any charges applicable to
the products and services chosen by you .
We will also provide you information about the penalties liable in case of
non-observance/violation of any of the terms and conditions governing the
product/ services chosen by you.
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
2.5 Terms and Conditions
Changes to Terms and Conditions
When you become a customer or avail of a product/ service for the first time,
we will advise you the relevant terms and conditions for the service you have
asked us to provide.
All terms and conditions will be fair and will set out respective rights
especially with regard to nomination facility and liabilities & obligations
clearly and as far as possible in plain and simple language.
3. Advertising , Marketing and
When you become a customer, we will tell you of changes to terms and conditions
through any of the following channels :-
Account statements/ Pass book
Notice Board at each branch
Internet, including email and website
Normally, changes will be made with prospective effect giving notice of one
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.
If we have made a major change or a lot of minor changes in any one year, we
will, on request give you a copy of the new terms and conditions or a summary
of the changes.
4. Privacy and Confidentiality
We will make sure that all advertising and promotional material is clear, and
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 .
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 any
available to such third parties) with the same degree of confidentiality and
security as we would.
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
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.
In the event of receipt of any complaint from you that our
representative/courier or DSA 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.
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
4.1 Credit Reference Agencies
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
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 Collection of
When you open your account, we will tell you when we may pass your account
details to credit reference agencies and the checks we may make with them.
We may give information to credit reference agencies about the personal debts
you owe us if:
You have fallen behind with your payments;
The amount owed is not in dispute; and
You have not made proposals we are satisfied with for repaying your debt,
following our formal demand
In these cases, we will intimate you in writing that we plan to give
information about the debts you owe us to credit reference agencies. At the
same time, we will explain to you the role of credit reference agencies and the
effect the information they provide can have on your ability to get credit.
We may give credit reference agencies other information about the day-to-day
running of your account if you have given us your permission to do so.
We will provide you with a copy of the information that we have given to the
credit reference agencies about you, or provide their leaflets that explain how
credit referencing works.
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. 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. We will provide you with all the
information regarding dues and will endeavor to give sufficient notice for
payment of dues.
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
5.1 Security Repossession Policy
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.
Identity and authority to represent would be made known to you at the first
Your privacy would be respected.
Interaction with you would be in a civil manner
Normally our representatives will contact you between 0700 hrs and 1900 hrs,
unless the special circumstances of your business or occupation require
Your requests to avoid calls at a particular time or at a particular place
would be honored as far as possible.
Time and number of calls and contents of conversation would be documented.
All assistance would be given to resolve disputes or differences regarding dues
in a mutually acceptable and in an orderly manner.
During visits to your place for dues collection, decency and decorum would be
Inappropriate occasions such as bereavement in the family or such other
calamitous occasions would be avoided for making calls/visits to collect dues.
We will follow a security repossesion policy in consonance with the law. A copy
of the policy will be made available on request.
6 Complaints, Grievances and
6.1 Internal Procedures
Banking Ombudsman Service
If you want to make a complaint, we will tell you
How to do this
Where a complaint can be made
How a complaint should be made
When to expect a reply
Whom to approach for redressal
What to do if you are not happy about the outcome.
Our staff will help you with any questions you have.
When you become a customer, we will tell you where to find details of our
procedure for handling complaints fairly and quickly.
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.
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 six weeks of
receipt of your complaint and will tell you how to take your complaint further
if you are still not satisfied.
8. Products and
We will display on our website and in all our branches a notice explaining that
we are covered by the Banking Ombudsman Scheme, 2006 of the Reserve Bank of
India. Copy will be made available on request at a nominal charge .
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
India under Banking Ombudsman Scheme, 2006. Salient features of the Banking
Ombudsman Scheme are displayed in the branch notice boards and the scheme
itself is displayed on our website. Our staff would explain the procedure in
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 styles
Joint (Either or Survivor)
Joint (Former or Survivor)
Joint (Latter or Survivor)
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
carry out due diligence as required under "Know Your Customer" (KYC) guidelines
of the bank ;
ask you to submit or provide necessary documents or proofs to do so;
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;
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
explain the procedural formalities and provide necessary clarifications sought
by you while opening a deposit account;
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
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.
If you decide to close your current/savings account we will close your account
within five working days of receiving your instructions.
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.
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
When you open a Deposit Account, we will
inform you about number of transactions, cash withdrawals, etc., that can be
done free of charge within a given period;
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;
inform you of the rate at which interest is paid on your savings deposits, how
it is calculated and its periodicity.
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
about minimum balances to be maintained as part of terms and conditions
governing operation of such accounts;
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
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.
8.1.2 Term Deposits
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].
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.
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.
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
Premature Withdrawal of Term Deposit
Renewal of Overdue Term Deposits
inform you the procedure for withdrawal of term deposit before maturity;
disclose the interest rates policy for premature withdrawal of term deposit.
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
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
Dormant/ Inoperative Accounts
8.1.7 Closing Your
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; tell
you the procedure to be followed if you want to activate the 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
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.
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.
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
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.
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
8.4 Stop Payment Facility
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;
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;
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;
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;
8.5 Cheques / Debit
instructions issued by you
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.
levy charges, if any, and the same will be included in the Tariff Schedule as
amended from time to time.
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.
keep original cheques/debit instructions paid from your account or copies or
images of the same, for such periods as required by law;
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;
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.
If we plan to close our branch or if we move our branch, we will give you
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
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
notice of two months , if there is a branch of any other bank functioning at
8.7.2 Time limit for
settlement of claims
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
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.
the identity of the survivor(s)/nominee(s) and the fact of the death of the
account holder, is established through appropriate documentary evidence;
there is no order from the competent court restraining the bank from making the
payment from the account of the deceased; and
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
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.
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.
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:
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.
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.
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
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.
8.10 Remittances within India
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.
If you want to transfer money abroad, we will tell you how to do this and will
A description of the services and how to use them;
Details of when the money you have sent abroad should get there and the reasons
for delays, if any.
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);
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
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.
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
We will guide you about regulatory requirements or conditions relating to
foreign exchange services offered by us as and when requested by you.
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.
All certificates required to be issued under regulatory/statutory instructions
will be issued free of charge.
If you want to remit money within India we will inform you how to effect and
give description of services and how to use them;
suggest to you the best way to send the money to suit your needs;
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.
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 :
8.11.1 Loan Products
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);
tell them that by giving the guarantee or other security they may become liable
instead of, or as well as, you; and
tell them what their liability will be.
Applications for loans and their processing
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.
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.
We will convey you the credit limit along with the terms and conditions
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;
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.
We will process request for transfer of borrowal account, either from the
borrower or from a bank/financial institution, in the normal course.
When you are considering to be a guarantor to a loan, we will tell you about
8.13 General Information
your liability as guarantor;
the amount of liability you will be committing yourself to the bank;
circumstances in which we will call on you to pay up your liability;
whether we have recourse to your other monies in the bank if you fail to pay up
as a guarantor;
whether your liabilities as a guarantor are limited to a specific quantum or
are they unlimited; and
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.
8.14 Credit card
8.14.1 General information
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
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
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.
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.
8.14.2 Issuance of
Credit Card / PIN
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.
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,
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.
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.
We will extend a loan/credit facility/enhance credit limit on your card only
with your consent.
PIN (personal identification number) whenever allotted, will be sent to you
separately at your mailing address.
9.Protecting Your Accounts
9.1 Secure and Reliable Banking and Payment Systems
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
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.
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.
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
Please make sure you let us know as soon as possible when you change your:
9.3 Checking Your Account
Phone number; or
E-mail address (if this is how we communicate with you).
9.4 Taking Care
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.
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
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:
9.5 Internet Banking
keep your cheque book and cards together;
keep the blank cheque leaves signed;
allow anyone else to use your card, PIN, password or other security
write down or record your PIN, password or other security information;
give your account details password or other security information to anyone.
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
choose your new PIN carefully ,if you change your PIN ;
memorize your PIN, password and other security information, and destroy the
written communication if any of the same as soon as you receive it;
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 off carefully
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
We will advise you what you can do to protect your card/ cheque book from
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.
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.
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 email to the address we have given you for
You may be liable for misuses until the time that we have been notified.
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:
Visit our Internet banking site directly. Avoid accessing the site through a
link from another site or an email and verify the domain name displayed to
avoid spoof websites.
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
We advise you not to use cyber cafés /shared PCs to access our Internet banking
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.
Disable the 'File and Printing Sharing' feature on your operating system.
Log off your PC when not in use
Do not store your ID/PIN in the Internet Explorer Browser
Check your account and transaction history regularly
Follow our advice – our websites are usually a good place to get help and
guidance on how to stay safe online.
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, or a direct
debit you must tell us in writing
To cancel a direct debit, you inform us. We recommend that you inform the
originator of the direct debit also.
It may not be possible to cancel payments if you do not give notice of your
decision to cancel.
Cancellation of credit card payments will be subject to other terms and
conditions as may be stipulated.
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.
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.
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.
The Banking Codes and Standards Board of India whose directors include members
of the Governing Council monitor the Code. The contact details are as follows:
The Banking Codes and Standards Board of India
Reserve Bank of India Building,
C-7 , 4th floor , Bandra Kurla Complex,
Telephone: 26573716 ; Fax: 26573719
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
Stadium House, Block II & III
Veer Nariman Road, Mumbai 400 020
Tel. No. 022-22844999 Fax: 022-22835638
Or, contact the Banking Codes and Standards Board of India at the address
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.
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] is a machine in which a customer can use
their card along with PIN to get cash, information and other services.
An independent dispute resolution authority set up by the Reserve Bank to deal
with disputes that individuals and small business have with their banks.
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
A Credit Card is a plastic card with a credit facility, which allows you to pay
for goods and services or to withdraw cash
Cheque Collection Policy
Cheque Collection Policy refers to the policy followed by a bank in respect of
the various local cheques and outstation instruments deposited with the bank
for credit to an account . The policy interalia deals with
cheque purchase requests
time frame 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
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 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.
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
A Demat account refers to dematerialised account and is an account in which the
stocks of investors are held in electronic form.
Dormant / Inoperative Account
"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;
A dormant/inoperative account is a savings bank or current account which is not
operated upon for a period specified by the bank.
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 System
The Electronic Clearing System (ECS) is an online transmission system which
permits the electronic transmission of payment information by the banks /
branches to the Automated Clearing House (ACH) via a communication network.
A promise given by a person
Government bond means a security, created and issued, by the Government for the
purpose of raising a public loan.
A letter in a physical or electronic form.
'No Frills' Account
'No Frills 'account is a basic banking account. Such account requires either
nil minimum balance or very low minimum balance. Charges applicable to such
accounts are low. Services available to such account is limited.
The nomination facility enables the bank to :
make payment to the nominee of a deceased depositor, of the amount standing to
the credit of the depositor,
return to the nominee, the articles left by a deceased person in the bank's
release to the nominee of the hirer, the contents of a safety locker, in the
event of the death of the hirer.
An organization, which collects payments from a customer's account in line with
Other security information
A selection of personal facts and information [in an order which the customer
knows], which may be used for identification when using accounts.
Out-of-date [stale] cheque
A cheque, which has not been paid because the date written on the cheque is of
a date exceeding six months from the time of its presentation.
The Permanent Account Number is an all India unique Number having ten
alphanumeric Characters allotted by the Income Tax Department, Government of
India. It is issued in the form of a laminated card. It is permanent and will
not change with change of address of the assessee or change of Assessing
A word or numbers or a combination 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.
Payment and Settlement Systems
Payments and Settlement Systems mean financial system creating the means for
transferring money between suppliers and user of funds usually by exchanging
debits or credits among financial institutions.
PIN [personal identification number]
A confidential number, use of which along with a card allows customers to pay
for articles/ services, withdraw cash and use other electronic services offered
by the bank.
Represents assets used as support for a loan or other liability.
Senior Citizen is a person of over sixty years of age.
The charges levied by a bank on the products and services offered by it to its
This is a cheque, which is returned 'unpaid' [bounced] by the bank