1. Preamble
One of the important functions of the bank is to accept deposits from the public for the purpose of lending. In fact, the depositors are the major stake holders of the banking system. The depositors and their interest forms the focal point of the regulatory frame work for banking in India and has been enshrined in the Banking Regulation 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 accounts in light of the new regulations of RBI/BCSBI and various provisions introduced by other govt. bodies. The document recognizes the rights of the depositors and aims at dissemination of information for the benefit of customers with regard to various aspects of acceptance of deposits from members of public, conduct and operation of various deposit accounts, closure of deposit accounts, method of disposal of deposits of deceased depositors, etc. It is expected that this document will impart greater transparency in dealing with individual customers and create awareness among customers of their rights. The ultimate objective is that the customer will get the services they are rightfully entitled to receive without demand.
The issues pertaining to operational aspects of bank’s deposit portfolio have been addressed here for ready reference of the bank staff, so that discharging of the duty by the dealing staff is in harmony to the customers’ expectations and right.
(A) Types of deposit accounts:
Bank offers various deposit products, which can be broadly categorized into following type of deposit schemes:
-
'Demand deposits' mean a deposit received by Bank which is withdrawable on demand.
Savings Deposits means a form of demand deposit which is subject to restrictions as to the number of withdrawals as also amount of withdrawals permitted by bank during any specified period.
Term Deposit means a deposit received by the bank for a fixed period withdrawable normally after the expiry of fixed period and includes deposits such as Recurring/Double benefit Deposit/ Short Deposit/ Fixed Deposit/ Monthly Income Certificate/ Quarterly Income Certificate etc.
Current account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon 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.
(B) Opening of an account
While opening of an account, bank will adhere to the due diligence process to implement the concept of “Know Your Customer” (KYC) guidelines as per the customer acceptance policy of the bank and strictly adhere to the RBI directives in order to fulfill the obligation and responsibility cast upon the bankers under the Prevention Of Money Laundering Act 2002. As per regulatory guidelines of PMLA, banks are to categorise customers into risk categories for transaction monitoring & thus unwillingness or inability of a prospective customer to provide necessary information/documents could result in the bank not opening an account. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening the account will be communicated to him/her and the final decision of the bank will be conveyed at the earliest to him / her.
Inability of an existing customers to furnish details required by the bank for periodical updation of customer profile to fulfill statutory obligation could also result in closure of the account after due notice(s) is provided to the customer.
The due diligence process which will be adhered to by the bank will involve:
-
Establishing the identity of the person
-
Verification of address of the prospective account holder
-
Satisfying about his occupation and normal source of income
-
Obtaining a recent photograph of the person opening/ operating the account
-
Obtaining a introduction of the prospective depositor from the person acceptable to the bank
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.
The prospective account holder should properly fill in the Customer Profile Form (first time or during updation of profile) and Account Opening Form (without leaving any blank space). The said form contains details of information and documents to be produced for verification and/or for record. The bank official will help the prospective account holder in explaining procedural formalities and giving necessary clarifications regarding the Account Opening Form. The details of information to be furnished in the Account Opening Form and Customer Profile Form contains mandatory as well as optional information. The prospective customer will have to furnish mandatory information and the optional information may be furnished in case he/she wishes to do so.
For deposit accounts, the bank may 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 Savings Bank and Current Account will attract levy of penalty charges as specified by bank from time to time. For Savings Bank account, the bank may also place restrictions on number of withdrawals during a given period. The bank may levy service charges for issuance of cheque book, additional statement of accounts, folio charges, etc. Rules and regulation for conduct of accounts and schedule of service charges will be communicated to the prospective account holder at the time of opening of account. Any changes in the rules and regulations and schedule of service charges shall be prominently displayed in the branch premises one month in advance from its effective date.
Savings Bank accounts can be opened by eligible person(s) and certain organizations/agencies (as approved by Reserve Bank of India/ Govt. of India from time to time.
Bank is committed to providing basic banking services to the disadvantaged section of the society through No-frill account.
Banks shall open No - Frills Savings Bank Account with reduced KYC norms which can go without maintaining minimum balance requirement subject to certain conditions such as restricted number of debit entries in the account per half year, maximum credit balance not to exceed Rs.50,000 at any point of time, total credits in the account not to exceed Rs. 1 lac in a year etc. or as advised by RBI / Bank from time to time.
Current Accounts can be opened by individuals/partnership firms/Private and Public limited Companies/HUFs/Specified Associates/Trusts etc.
Term Deposit Accounts can be opened by individuals/partnership firms/Pvt. & Pub. Limited Companies/HUFs/Specified associates/Societies/Trusts etc. Departments of Authority of Government ( Central or State) Limited liability partnership etc.
Deposit Accounts can be opened by an individual(known as account in single name)or by two or more individuals (known as joint account). Savings bank Account and Term Deposit Account can be opened in the name of Minor (known as Minor`s Account) by natural guardian or guardian appointed by court(legal guardian).However, Savings Bank and Term Deposit account can be opened by mother as guardian even if the natural guardian (father) is alive subject to following conditions:-
An undertaking will be submitted by the matter stating that:
-
Money belongs to her and the same is deposited in the minor is account for the benefit of minor.
-
The account will always remain in credit and will not be allowed to be overdrawn under any circumstances.
-
Only cash transaction will be allowed and cheque /dividend warrants etc. drawn in the name of minor will not be accepted.
-
Minors above the age of 10 years will also be allowed to open and operate Savings Bank Account independently. However, no overdraft will be granted to these minors.
Term deposit account can be opened for a period of not more than 10 years. However, exception will be made in terms of an order of a competent court in case of Minor where interest of Minor is involved and for creation of fund such as sinking fund/ amortization fund etc,
Savings Bank and Term Deposit account can also be opened in the name of person with autism, cerebral palsy, mental retardation and multiple disabilities by the legal guardian appointed by the district court under Mental Health Act, 1987 or by the Local level Committee set up under National Trust for welfare of persons with autism, cerebral palsy, mental retardation and multiple disabilities under Disabilities Act 1993. Legal guardian so appointed will furnish an indemnity cum undertaking bond duly stamped as per local law in force along with guardianship certificate.
(C) Operations in the account
Current Deposit account will be operated by cheque only and for this purpose cheque book will be issued to the account holder. In case of Savings Bank account it will be operated either by cheque or a withdrawal form. In case of emergency, bank will issue loose cheque(s) against a written request from the customer. The bank may prescribe different minimum balance criteria for issuance of cheque book in savings bank account. In the ordinary course of business, maximum of two cheque books of 20 leaves each to savings bank customer and four cheque books of 50 leaves each to current account customers will be issued at a time. Any request for cheque books in large number disproportionate to their immediate and short term business requirements will be enquired into by the branch official and will be acceded to in case of genuine requirements only.
A savings bank and current deposit account opened in joint names of two or more individuals will be operated as per the mandate given by the account holders such as `either or survivor/any one or survivor/former or survivor/latter or survivor/by all/by any two jointly`, etc. The mandate for operating the account can be modified with consent of all the account holders jointly.
A deposit account opened in joint names of two or more persons will also have a mandate for disposal of balance in the account on the date of maturity and/or on the death of one or more joint account holders. The mandate given can be modified during the tenure of account with the consent of all joint account holders. These mandates are given as under:
Either or Survivor: if the account is in the name of two individuals say A&B, the final balance along with interest, if applicable will be paid to either of account holder i.e. A or B on the date of maturity or to the survivor on death of any of the account holders.
Anyone or Survivor: If the account is in the name of two or more individuals say A,B & C, the final balance along with interest if applicable, will be paid to any of the account holders i.e. A or B or C on the date of maturity.
On the death of any one of account holder say A, the final balance along with interest if applicable, will be paid to any two of the surviving account holders.
On the death of any two of account holders say A&B the final balance along with interest if applicable will be paid to the surviving account holder.
Former or Survivor; If the account is in the name of two individuals say A&B, the final balance along with interest if applicable, will be paid to the former i.e A on date of maturity and to the survivor on death of anyone of the account holders.
Latter or Survivor: If the account is in the name of two individuals say A&B, the final balance along with interest if applicable, will be paid to the latter i.e. B on date of maturity and to the survivor on death of anyone of the account holders.
The term deposit account holder 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 instruction from the depositors as to the disposal of deposit by sending an intimation before 15 days of the maturity date of term deposit. In case of absence of any instructions deposits will be treated as on auto renewal deposits and should be renewed for a similar period .
At the request of the depositor, the bank will register mandate/power of attorney given by him / her authorizing another person to operate the account on his / her behalf.
Every current deposit account holder will be supplied from time to time with a statement of his account with the bank. This will be done either in the form of a passbook, which is required to be sent to the bank for updating at regular intervals or a statement of account to be issued at monthly intervals. A statement of account for a shorter periodicity can also be furnished to the account holder for which appropriate service charges will be levied by the bank. Every savings bank account holder will be supplied with a passbook and/or a statement of account. In case of a passbook issued to the savings bank account holder, the account holder will have to send it to the bank for updating it at regular intervals.
Cash, cheques, drafts, dividend and interest warrants, bills and other negotiable instruments are accepted for collection and credit to current deposit and savings bank account. All deposits made by the depositor will be accompanied by pay-in-slip prescribed by the bank. The deposits made at the counter shall be acknowledged by means of “Received” stamp of the bank under the full signature of an official of the Bank. The depositor has an option to deposit Negotiable instruments in the drop-box wherever provided by the Bank, in which case no acknowledgement will be given by the bank or at the counter manned by a branch official. The depositors will, however ensure that cheques dropped in a drop-box are crossed in favour of UCO Bank.
The deposit account may be transferred from one branch of the Bank to another branch on receipt of a written application from the depositor unless expressly prohibited under the rules of the scheme.
(D) Nomination Facility :
-
All deposit accounts opened by the individual/s and sole proprietor can avail of the nomination facility whereby the person nominated by them would be entitled upon death of the depositor(s) to receive from the Bank, the amount standing to the credit in current deposit, savings bank and term deposit accounts. Nomination can be made in favour of only one nominee (individual) in an account. Depositor/s can make or cancel or change the nomination at any time during the currency of the account. Any request in this regard should be signed by all joint account holders, if any. Nomination can be made in favour of a minor and in such case, the depositor/s will have to appoint another person who is not a minor to receive the amount on behalf of the minor.
Bank recommends that all depositors avail of the 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 the legal heirs.
The depositor will be informed of the advantages of the nomination facility while opening a deposit account.
Bank shall issue due acknowledgement receipt to the customer on registering of the nomination at the branch.
(E) Interest Payments:
-
Bank will pay interest on Savings bank and Term deposits at the rate prescribed by the bank. Rate of interest on savings bank deposit is being regulated by the Reserve Bank of India. However, the Reserve Bank of India has deregulated the rate of interest on term deposits and banks are free to decide their own interest rates. Such interest will be paid at quarterly or longer rest except in a specified scheme where interest is paid at monthly rest which will be at discounted value.
In the case of savings bank deposits, interest will be calculated as per RBI norms, such as on daily product basis with effect from 01.04.2010 as per guidelines / instructions in force issued by Reserve Bank of India and credited to the account only when it is Re. 1 or more. In case of term deposits, interest for period of less than 3 months or where the terminal quarter is incomplete will be paid proportionately for the actual number of days reckoning the year as 365 days.
In case of Term deposit, interest will be calculated on quarterly / half-yearly basis to provide the compounding effect as per RBI guidelines for cumulative Fixed Deposit.
The rate of interest on deposits will be prominently displayed in the Branch premises. Any change in the deposit rates shall also be prominently displayed in the branch premises.
If the maturity date of a Term Deposit falls on a holiday, Sunday, Non-Business working day, interest shall be paid for such intervening day(s) at the originally contracted rate till the succeeding working day.
The Bank is required to deduct income tax at source on interest paid/accrued on the deposit, as per the Income Tax regulations and at rates in force at the relevant time. A certificate of Income Tax deducted will be issued in the prescribed form. The depositor, if entitled to exemption from TDS can submit declaration in the prescribed format 15 G or 15 H) at the beginning of every financial year. The provision of IT Act shall be explained to the customer at the time of opening of Term Deposit Account.
(F) MINORS' ACCOUNTS
The savings bank account in the name of minor under the guardianship will be operated by the guardian only for the minor’s benefit. However a minor on completion of the age of 10 years and who is able to read and write will be permitted to operate the account without reference to the guardian, provided an undertaking is obtained from the guardian at the time of opening an account stating that the account will be solely operated by the minor at their sole risk and responsibility within the limitation prescribed by bank.
On attaining the major status, 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 the erstwhile minor duly verified by the natural guardian would be obtained and kept on record for all operational purposes.
(G) ACCOUNT OF VISUALLY IMPAIRED PERSONS
Bank also provides Banking facilities to visually impaired persons in the matter of opening an account. Visually impaired person may open the account either singly/jointly with any person of his/her choice whom he/she considers reliable and who may be competent to contract & should not be visually impaired person. However, mode of operation in such accounts will be “Former or Survivor” & the visually impaired person shall be 1st named account holder. The rules of business, terms & conditions are to be read out by the bank in the presence of a witness known to bank. Cash payments to a visually impaired person is to be made in the presence of a witness known to the bank & a bank official other than paying cashier.
The bank can also provide cheque book facility to the visually challenged for meeting some financial commitments, subject to certain precautions.
(H) Savings Bank Account of old / incapacitated persons
With a view to enabling the old/sick/ incapacitated account holders to operate their bank accounts, branches may follow the under noted procedure.
-
Wherever thumb or toe impression of such customers is obtained on the cheque / withdrawal slip, the same should be identified by two independent witnesses, known to the bank, one of whom should be an Officer of the branch.
-
Whenever the customer cannot even put his / her thumb impression, toe impression may be taken in lieu of thumb impression.
-
The customer should also be asked to indicate to the bank as to who would withdraw the amount from the bank on his/her behalf and he/she should provide a letter of authorization in that regard, which should also be witnessed by two independent witnesses one of whom should be an officer of the branch.
-
Such authorized representative shall have to put his signature on the reverse of cheque / withdrawal slip in token of having received the amount along with his acknowledgement in this regard.
-
Any medical certificate received / submitted in this connection will be additional evidence but not a substitute to the procedure, detailed above.
(I) Account of Illiterate Person
The bank also allows illiterate persons to open savings bank and term deposit account and for this purpose his thumb impression alongwith photo is obtained on the account opening form. All types of accounts except Current Account may be opened in the name of illiterate person.
Rules of the Bank regarding opening and operation of the account and also the contents of Bank Account Opening Form shall be explained to the depositor at the time opening of the account. A declaration shall be obtained from the prospective account-holder and the introducer of the account stating that the contents of the Account Opening Form and account rules have been translated in the language known to the depositor(s) and have been explained to him and fully understood by him/her/them. No cheque book facility is provided for such savings account and bank will explain the need for proper care & safe keeping of pass book etc. to the account holder.
(J) ADDITION/DELETION OF THE NAME/S OF JOINT ACCOUNT HOLDERS AND SPLITTING UP OF DEPOSIT
-
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 bank may at the request of all joint account holders of term deposit account, allow the splitting up of the joint deposit in the name of each of the joint account holders only. Such splitting of deposit will not be treated as premature withdrawal.
(K) CUSTOMER INFORMATION
The optional information to be furnished in the account opening form will not be used by the Bank, its subsidiaries and affiliates for cross selling of services or products of the Bank unless specifically permitted by the depositor.
(L) SECRECY OF CUSTOMER’S ACCOUNTS
The information about any deposit account and its owner/s will not be divulged except under circumstances well defined in law and practices i.e. when called upon by competent court of law, by Income Tax Officers, by police authorities, under statutory obligations, by central excise and central custom authorities, etc.
(M-I) 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.
(M-II) 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, provided the deposit is renewed for a period equal to or longer than the balance period of the original deposit. 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.
(M-III) RENEWAL OF OVERDUE TERM DEPOSITS
When a term deposit is renewed on maturity, the deposit interest rate for the renewal 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 deposits 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, the term deposit shall be renewed from the date of request by the depositor and interest for the overdue period will be paid at the rates decided by the Bank from time to time.
(N) 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 / guardian.
(O) 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 itself 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 holder 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 with the instructions such as “either or survivor, former / latter or 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 the 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 up to the limit approved by the bank’s board. This is to ensure that the common depositors are not put to hardship on account of delays in completing legal formalities.
(P) Payment of Interest on Deposit Account of Deceased Depositor
Rate of interest on Fixed Deposit payable to legal heirs, where the depositor has died before the date of maturity of the deposit.
Claim made before maturity:
Rate of interest as prevailing on the date of issue, applicable to the period of deposit actually remained with the Bank without charging any penalty.
Claim made after maturity:
Upto the date of maturity : contracted rate
-
For the rest of the period the deposit remained with the Bank i.e., from the date of maturity till the date of payment for which the deposit remained with the Bank. Simple interest at Term deposit rate as prevailing on the date of maturity, applicable to the period the deposit actually remained with the Bank beyond the date of maturity.
-
Rate of Interest on Fixed Deposit payable to legal heirs, where the depositor has died after the date of maturity of the deposit.
Upto the date of maturity : Contracted rate.
-
For the rest of the period the deposit remained with the Bank i.e., from the date of maturity till the date of payment at Savings Bank interest rate as operative on the date of maturity, applicable to the period the deposit actually remained with the Bank beyond the date of maturity.
(Q) Settlement of Claims in respect of Missing Person
Section 108 of the Indian Evidence Act states that if a person has not been heard of for 7 years from the date of his / her missing by those who would naturally have heard of him as he been alive, he can be presumed to be dead.
Payment of balance outstanding in the account of such person shall be made to the nominee / legal heirs against their claim on production of document as prescribed by the bank evidencing occurrence of such incident and identity of the claimant. However, in view of the imperative need to avoid inconvenience and undue hardship to common person, claim in respect of missing persons upto Rs.1 lac or otherwise specified by the Bank from time to time may be settled only on the basis of following documents – a) FIR b) Non-traceable Report issued by Police Authorities c) Letter of Indemnity.
(R) Insurance Cover for Deposits
All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGCI) subject to certain limits and conditions.
(S) 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.
(T) Inoperative / 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 shall be informed in writing 3 months before his/her/their account is classified as inoperative account due to non-operation in the account for a continuous period of 2 years. 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.
In case of depositors whose whereabouts are not traceable, bank shall segregate such account(s) to reduce risk of frauds and to protect interest of the depositor as well as the Bank. Operation in such account(s) may be allowed after due diligence to ensure genuineness of identity, signature & transactions, etc. Bank shall also ensure that the amount lying in inoperative accounts ledger are properly audited by the internal auditor / statutory auditor of the Bank.
(U) 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 locker, the bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit accounts.
(V) Closure of Account
-
The Bank will on receipt of a written request from the account holder close the account after obtaining the unused cheque leaves, if any. The Bank may also close any account with prior intimation to the account holder in case the prescribed minimum balance is not maintained or, in its opinion the account is not properly conducted or any other reason. Before doing so, the bank is obliged to assign the reasons in writing or through any other mode of communications for closing the account.
-
If an existing customer is unable to furnish details required under statutory obligations (KYC/AML guidelines) as mentioned, bank may close such account(s) after giving due notice to the customer.
(W) Stale or post dated cheques
Bank will be receiving cheques drawn on current deposits and savings bank account for payment. Before making the payment, the bank will ensure that the cheque is neither stale i.e. more than 6 months old, nor post dated i.e. bearing a future date.
(X) Bank’s General Lien
Bank has the right to retain all the goods or any property (which is in its possession and includes credit balance in the deposit account) of the depositor until all the claims of holder i.e. Bank are satisfied. The right of lien is conferred to the Banker under Sec.171 of Indian Contract Act.
(Y) Redressal of complaints and grievances
Depositors having any complaint / grievance with regard to services rendered by the Bank have a right to approach authority(ies) designated by the Bank for handling customer complaints / 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 30 days from date of complaint or he 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.
(Z) Clarification on Operational matters
Chairman and Managing Director / Executive Director are authorized to issue clarifications on all operational matters relating to this Policy. Bank also reserves the right to modify policy issues from time to time.
|
