This is a voluntary Code, which sets minimum standards of banking
practices for banks to follow when they are dealing with individual
customers. It provides protection to you and explains how banks are
expected to deal with you for your day-to-day operations.
The Code does not replace or supersede regulatory or supervisory
instructions of the Reserve Bank of India (RBI) and we will comply with
such instructions/directions issued by RBI from time to time. Provisions
of the Code may set higher standards than what is indicated in the
regulatory instructions and such higher standards will prevail as the Code
represents best practices voluntarily agreed to by us as our commitment
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 with you
- increase transparency so that you can have a better understanding
of what you can reasonably expect of the services
- encourage market forces, through competition, to achieve higher
- 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 the Code
This Code applies to all the products and services listed below, whether
they are provided by branches or subsidiaries, agents acting on our behalf,
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 us.
- Current accounts, savings accounts, term deposits, recurring deposits, PPF accounts and all other deposit accounts
- Payment services such as pension, payment orders, remittances by
way of Demand Drafts, wire transfers and all electronic transactions
e.g. RTGS, EFT, NEFT
- 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, overdrafts and guarantees
- Foreign exchange services including money changing
- Third party insurance and investment products sold through our
- Card products including credit cards, debits cards, ATM cards,
smart 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.
2. KEY COMMITMENTS
2.1 Our Key Commitments To You
2.1.1 To Act Fairly And Reasonably In All Our Dealings With You By:
- Providing minimum banking facilities of receipt and payment of cash/
cheques at the bank’s counter
- Meeting the commitments and standards in this Code, for the products
and services we offer, and in the procedures and practices we follow
- Making sure our products and services meet relevant laws and
regulations in letter and spirit
- Ensuring that our dealings with you rest on ethical principles of
integrity and transparency
- Operating secure and reliable banking and payment systems.
2.1.2 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 misleading
- 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 them
- 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.
2.1.3 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 conditions
- Displaying in our branches, for your information
- Services we provide
- Minimum balance requirement for Savings Bank accounts and
No Frills accounts and charges for non-maintenance thereof
- Name of the official at the branch whom you may approach if
you have a grievance
- Name and address of the Zonal/ Regional Manager whom you
can approach if your grievance is not redressed at the branch
- Name and contact details of the Banking Ombudsman under
whose jurisdiction the branch falls
- Information available in booklet form.
- Displaying on our website our policies on
- Cheque collection
- Grievance Redressal
- Collection of Dues and Security Repossession.
2.1.4 To Deal Quickly And Sympathetically With Things That Go
- 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 technological failures.
2.1.5 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 No. 5 below.
2.1.6 To Publicise The Code We Will:
- provide you with a copy of the Code, on request, over the counter or
by electronic communication or mail
- provide you ( new customer) with a copy of the Code when you open
- make available this Code at every branch and on our website
- ensure that our staff are trained to provide relevant information about
the Code and to put the Code into practice.
2.1.7 To Adopt And Practice A Non - Discrimination Policy
We will not discriminate on the basis of age, race, gender, marital status,
religion or disability.
3. INFORMATION - TRANSPARENCY
You can get information on interest rates, common fees and charges
through any one or more of the following:
- Looking at the Notice Board in our branches
- Phoning our branches or help-lines
- Looking on our website
- Asking our designated staff/help desk
- Referring to the service guide/Tariff Schedule.
- give you clear information explaining the key features of the services
and products you tell us you are interested in, including applicable
interest rates, fees and charges
- 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
- give you 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.
3.2 ‘Do Not Call’ Service
When you become our customer we will automatically register your name
under our ‘Do Not Call ‘ Service. We will not inform/extend to you through
telephone calls/SMS/e-mails any new product /service unless and until you inform us in writing that you consent to avail of this information/
3.3 Interest Rates
We will give you information on:
- the interest rates which apply to your deposit and loan accounts
- in case of loans at fixed rate of interest, details of interest reset
clause, if any, in the loan agreement and the effective date thereof
- in case of loans at floating rate of interest, the reference rate to which your floating rate will be linked and the premium or
discount applied to the reference rate for determining the rate
of interest on your loan. This reference rate will remain uniform
for customers contracting the loan at different points of time
- whether the loan agreement will contain a minimum rate of
- whether we give you the option for conversion of your loan
from fixed rate to floating rate and vice versa and, if so, the
|| when we will pay interest on your deposits or charge interest on
your loan accounts
|| how we apply interest to your deposit and loan accounts and how we
calculate interest thereon.
3.3.1 Changes in interest rates
We will inform you of changes in interest rates and changes in the reference
rate to which the floating rate of interest is linked through any one or
more of the following means:
- Notice at the branches
- Annexure to the statement of account
3.4 Tariff Schedule
3.4.1 Fees & Charges
- We will display in our branches a notice about the Tariff Schedule
and that you can ask to see this free of cost.
- 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 leviable in
case of non-observance/violation of any of the terms and conditions
governing the product/ services chosen by you.
3.4.2 Changes in Fees & Charges
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 effective.
3.5 Terms and Conditions
- 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
and obligations clearly and as far as possible in plain and simple language.
3.5.1 Changes to Terms and Conditions
- We will tell you of changes to terms and conditions through any one
or more of the following channels:
- Account statements/ Pass book
- Notice Board at each branch
- Internet, including e-mail and website
- Normally, changes will be made with prospective effect giving notice
of one month.
- 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.
- We will immediately update on our website, any changes in the terms
and conditions. We will give you, on request, a copy of the new terms
and conditions or a summary of the changes.
4. ADVERTISING, MARKETING AND SALES
- We will make sure that all advertising and promotional material is
clear, and not misleading.
- 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 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 beconveyed 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 service number.
- 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. We will ensure that any third party or agent acting on
our behalf or selling our product complies with the Code in respect
of all products and services covered by the Code.
- In the event of receipt of any complaint from you that our
representative/courier or agent 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 as
per our compensation policy.
5. PRIVACY AND CONFIDENTIALITY
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 cases:
- 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
- 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.
5.1 Credit Reference Agencies
- We will explain to you the role of Credit Reference Agencies (CRA) as
also the checks we may make with them and the effect the information
they provide can have on your ability to get credit.
- Information about credit availed from us is reported by us to the
CRA on a monthly basis.
- Information reported to CRA will also include personal debts you
owe us even when
- You have fallen behind with your payments
- The amount owed is in dispute
- You have made proposals which we are not satisfied with.
- If your loan account has been in default, and thereafter regularised,
we will take steps to update this information with the CRA in the
next monthly report.
- When you apply for credit facility from us, we will on request, and
on payment of prescribed fee, furnish you a copy of the credit
information obtained by us from the CRA
6. COLLECTION OF DUES
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 longterm
- We will post details of the recovery agency firms / companies engaged
by us on our website.
- We will also make available on request details of the recovery agency
firms/companies at our branches.
- 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
- We will provide you with all the information regarding dues and will
endeavour to give sufficient notice for payment of dues.
- We will have a system of checks before passing on a default case to
collection agencies so that you are not harassed on account of lapses
on our part.
- We will write to you when we initiate recovery proceedings against
- 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 below:
- 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
- Identity and authority to represent would be made known to you
- 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 otherwise
- Your requests to avoid calls at a particular time or at a particular
place would be honoured as far as possible
- Time and number of calls and contents of conversation would
- All assistance would be given to resolve disputes or differences
regarding dues in a mutually acceptable and in an orderly
- During visits to your place for dues collection, decency and
decorum would be maintained
- 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 investigate any complaint from you about unfair practices
by collection agents.
6.1 Security Repossession Policy
We will follow a security repossession policy in consonance with the law.
A copy of the policy will be made available on request.
7. COMPLAINTS, GRIEVANCES AND FEEDBACK
7.1 Internal Procedures
- 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.
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.
d. 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 30 days of receipt of your complaint and will tell you
how to take your complaint further if you are still not satisfied.
7.2 Banking Ombudsman Scheme
8. PRODUCTS AND SERVICES
- We will display the Banking Ombudsman Scheme on our website.
Copy will be made available on request at a nominal charge. We will display at our branches the name and contact details of the Banking Ombudsman under whose jurisdiction the branch falls.
- We will display the name of the official at the branch whom you may
approach if you have a grievance. If your complaint is unresolved at
the branch level, you may approach our Regional / Zonal Manager at
the address displayed at the branch.
- 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. Our staff would explain the procedure in this regard
8.1 Deposit Accounts
- You may open different types 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 include the option for nomination in the account opening
form. We will explain the implications of the foregoing accounts as
also the nomination facilities at the time of opening of the account.
- We will acknowledge the receipt of your nomination details and record
the fact of nomination on the passbook/Account Statement/FDRs. At
your request, we will also indicate the name of the nominee thereon.
- 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 requirements
- 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 / savings 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 three 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 / savings account to or from us.
8.1.1 Savings/Current Accounts
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
- 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 Savings 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 balance 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 Tariff Schedule
- of any change in minimum balance to be maintained 30 days in
advance. During this notice period, we will not charge you for nonmaintenance
of higher minimum balance prescribed.
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, closure of
Savings Bank / Current accounts 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.
- To help you manage your account and check entries in it, we will
provide you with a monthly statement of account unless you have
opted for a pass book.
- 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, internet as also
through phone and mobile banking 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 us.
- We will ensure that entries in your pass book / statements are brief
8.1.2 Term Deposit
When you place a term deposit with us we will:
- obtain instructions from you for disposal of your deposits at maturity
in the application form
- inform you the procedure for withdrawal of term deposit before
- inform you of the interest rates applicable and charges for premature
withdrawal of term deposit
- tell you the terms and conditions and interest rate applicable in case
you renew the deposits after the date of maturity, at the time of
acceptance of the deposit
- advise you of provisions of I.T. Act applicable to the interest income
accruing to you on your deposits, our obligations under the act and
provisions available to you for seeking exemptions from Tax
Deduction at Source
- obtain Form 15 H / 15 G from you at the time of application if you
are not liable to pay tax on your interest income
- issue the requisite certificate if we deduct tax from interest accrued
on your deposits.
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 balance. 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.
8.1.6 Dormant/ Inoperative Accounts
- 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 thereof
- notify the joint holder/s also before an account is classified as
inoperative / dormant
- tell you the procedure to be followed if you want to activate the
- not charge you for activation of the inoperative 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
- 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
- pay you compensation, as per our Cheque Collection / Compensation
Policy for any delay in collection of instruments, without waiting for
a demand from you
- 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.
8.3 Cash Transactions
- We will accept cheques / cash and dispense cash at any of our
branches under core banking subject to any restrictions on type of
transaction or charges, if any, applicable to such transactions.
- 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
- We will reimburse amounts wrongly debited in failed ATM transactions
within a maximum period of 12 working days from the date of receipt of
8.3.1 Direct debits and standing instructions
- 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
- 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
8.4 Stop Payment Facility
- 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, reimburse and compensate you as per the
Compensation Policy of the bank.
8.5 Cheques / Debit Instructions Issued By You
- 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
- tell you how we will deal with unpaid cheques and out-of-date [stale]
cheques. 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:
- 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
- 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 account holders.
- 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
- the identity of the survivor(s)/nominee(s) and the fact of the death of
the account holder, is established through appropriate documentary
- there is no order from the competent court restraining the bank
from making the payment from the account of the deceased
- 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.
Accounts without the survivor/nominee clause
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
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
electronic transfer in the name of the appropriate beneficiary.
8.7.2 Time limit for settlement of claims
We will 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
- 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 give you:
- 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 charges.
- 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 account.
- We will guide you about regulatory requirements or conditions relating
to foreign exchange services offered by us as and when requested by
- 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.
8.10 Remittances Within India
If you want to remit money within India we will inform you how to effect
it and will:
- give description of services and how to use them
- b. 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 for the delay and any loss/
additional expense 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 of the loan application. 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 :
- 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
- tell them what their liability will be
8.11.1 Loan Products
Applications for loans and their processing
- At the time of sourcing a loan product, we will provide as part of the
loan application form, information about the interest rates applicable
whether floating rate or fixed rate, as also the fees/charges payable
for processing, the amount of such fees refundable if loan amount is
not sanctioned / disbursed, pre-payment options and charges, if any,
penal rate of interest for delayed repayments, if any, conversion
charges for switching your loan from fixed to floating rates or viceversa,
existence of any interest reset clause 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.
- We shall invariably provide you with an acknowledgement of your
loan application. We shall make every endeavour to indicate on your
application the period within which you can expect to receive a
decision on your request for loan.
- We will give you the Most Important Terms and Conditions (MITC)
governing the loan / credit facility you have availed.
(See para 3.3 – Interest rates and para 8.15 – Insurance)
- 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 provide you the sanction letter detailing particulars of amount
sanctioned, terms and conditions (refer para 3.5), your
responsibilities as well as the bank’s, etc.
- We will provide you an amortisation schedule (schedule of repayment
of principal and interest for the duration of the loan).
- We will also inform you whether you have an option to let equated
monthly instalments stay constant and increase tenure or vice-versa
when the interest rate changes.
- 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.
- We will give written receipt for all documents to title taken as security/
collateral for any loan as well as for dated/undated cheques received
- We will return the unpaid cheques / post dated cheques given by you
on receipt of full amount representing the EMI / entire debt.
- We will return to you all the securities / documents/title deeds to
mortgaged property within 15 days of the repayment of all dues agreed
to or contracted. If any right to set off is to be exercised for any other
claim, we will give due notice with full particulars about the other
claims and retain the securities / documents / title to mortgaged property
till the relevant claim is settled/paid.
- We will compensate you for any delay in return of securities /
documents / title deeds to mortgaged property beyond 15 days of the
repayment of all dues agreed to or contracted.
- 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 and convey our concurrence or otherwise within 21 days of
receipt of request.
- When you are considering to be a guarantor to a loan, we will tell
- your liability as guarantor
- the amount of liability you will be committing yourself to the
- circumstances in which we will call on you to pay up your
- 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 they are unlimited
- time and circumstances in which your liabilities as a guarantor
will be discharged as also the manner in which we will notify you
- 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.
- We will return to you all the securities / documents/title deeds to
mortgaged property within 15 days of the repayment of all dues agreed
to or contracted.
- We will compensate you for any delay in return of securities /
documents / title deeds to mortgaged property beyond 15 days of the
repayment of all dues agreed to or contracted.
8.13 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
- give you the Most Important Terms and Conditions (MITC) governing
the loan / credit facility you have availed
- 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
- verify the details mentioned by you in the loan / 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, 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
- not offer any unsolicited pre-approved credit facility in any form,
including enhancement of credit card limit and top up of personal
loan limits, etc.
- in case we offer/approve a credit facility over the telephone credit
your account with the amount sanctioned only after receiving your
acceptance in writing
- in case we do so without your consent / bill you for the card for
which you have not given your consent, we will not only reverse the
charges forthwith but will also pay a penalty amounting to twice the
value of the charges reversed.
8.14 Credit Card
8.14.1 General information
- When 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 give you a copy of the Most Important Terms and Conditions
(MITC) at the time of application.
- 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.
- We will provide ‘Online Alerts’ to you for all ‘card not present’
transactions of the value of Rs.5000/- and above.
- 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
- 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
- In case we activate the card without your consent / bill you for the
card for which you have not given your consent, we will not only
reverse the charges forthwith but will also pay a penalty amounting
to twice the value of the charges reversed.
- We will extend a loan/credit facility/enhance credit limit on your card
only with your consent in writing.
- If the limit on your credit card is reduced, we will inform you
immediately by SMS / e-mail followed by a confirmation in writing.
- PIN (Personal Identification Number) whenever allotted, will be sent
to you separately at your mailing address.
8.14.3 Credit card statements
- 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
- 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 inform you if we, as agents of any insurance company, offer
any type of insurance on deposits and credit cards.
- We will ensure that we have your written consent to avail these
- In case of securities lodged with us for loans availed by you, we will
not insist on your obtaining insurance cover from any particular
8.16 Mobile Banking
If you opt for mobile banking services we will, prior to your registration,
for the service inform you of:
- the security procedure adopted by us for user authentication and
the legal risk, if any, associated with the same
- the applicability or otherwise of stop payment instructions and the
terms and conditions for the acceptance, if any, for the same.
8.17 Credit Counselling Facility
We will endeavour to provide credit counselling facility.
8.18 Getting Records
We will, on request, make available to you, at a cost, records pertaining
to your transactions provided this is within the prescribed preservation
period of such record.
9. PROTECTING YOUR ACCOUNTS
9.1 Secure And Reliable Banking And Payment Systems
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
9.2 Keeping Us Up To Date
Please make sure you let us know as soon as possible when you change
- Phone number
- E-mail address (if this is how we communicate with you)
9.3 Checking Your Account
- 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 them.
9.4 Taking Care
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:
- Do not
- keep your cheque book and cards together
- keep the blank cheque leaves signed
- allow anyone else to use your card, PIN, password or other
- write down or record your PIN, password or other security
- give your account details, password or other security information
- 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 chemical alterations
- 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 names.
- We will advise you what you can do to protect your card/ cheque
book from misuse.
- 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 e-mail to the address
we have given you for this purpose.
- You may be liable for misuses until the time that we have been notified.
9.5 Internet Banking
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 e-mail 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 information.
- We advise you not to use cyber cafés /shared PCs to access our Internet
- 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.
9.6 Cancelling Payments
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 must 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.
9.7 Liability for Losses
- 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 monitors the Code.
The contact details are as follows:
The Banking Codes and Standards Board of India
C-7, Reserve Bank of India Building,
Bandra Kurla Complex,
Telephone: 022 - 26571096
Fax: 022 - 26573719
E-mail : email@example.com
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
6th floor, Centre1 Building,
World Trade Centre Complex, Cuffe Parade
E-mail : firstname.lastname@example.org
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.
Annex - Glossary
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 his card along with PIN to get cash, information and other
An independent dispute resolution authority set up by the Reserve Bank
to deal with disputes that individuals and small business have with their
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, smart and ATM cards.
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 and outstation cheques and instruments deposited
with the bank for credit to an account . The policy inter alia deals with
- cheque purchase requests
- timeframe 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 bank.
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
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 in
which there are no transactions for over a period of two years.
Electronic Funds Transfer (EFT) is a scheme introduced by RBI to help
banks to offer their customers facility of transfer of funds from account
to account from one bank branch to another in places where EFT service
is available. EFT is presently restricted to 15 centres where RBI offices
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 Service
It is a mode of electronic funds transfer from one bank account to another
bank account using the services of a Clearing House.
Fixed rate of interest
Fixed Rate of Interest on a loan means that interest rate is fixed for the
entire period of the loan or it may be revised after the first few years
depending upon the terms and conditions of loan.
Floating rate of interest
Floating Rate of Interest on a loan means that interest rate is not fixed
but is linked to Reference Rate and would vary in proportion to the
variations in the latter as per the terms and conditions of loan.
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.
NEFTNational Electronic Funds Transfer (NEFT) system is a nation wide funds
transfer system to facilitate transfer of funds from one bank branch to
any other bank branch in the country.
‘No Frills’ Account
‘No Frills ‘account is a basic banking account. Such account requires
either nil balance or very low minimum balance. Charges applicable to
such accounts are low. Services available to such account are 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 safe custody; 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 customer’s instructions.
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
Out-of-date [stale] cheque
A cheque, presented for collection, six months after the date of issue of
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 Officer.
A word or numbers or a combination on an access Code, which the
customer has chosen, to allow him to use a phone or Internet banking
service. It is also used for identification.
Payment and Settlement Systems
Payment and Settlement Systems means financial systems 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.
The acronym ‘RTGS’ stands for Real Time Gross Settlement. RTGS system
offers the fastest means of transfer of funds through banking channel.
Settlement of transactions under RTGS takes place on one-to-one basis,
which is termed as ‘Gross’ settlement and in ‘real time’ i.e. without any
It is the benchmark rate of interest of a bank to which interest on loans
sanctioned under floating rate of interest is linked. The Reference Rate
of interest is determined/modified by individual banks in accordance with
Represents assets used as support for a loan or other liability.
Senior Citizen is a person of over sixty years of age.
A smart card is a plastic card about the size of a credit card, with an
embedded microchip which can process data. It provides a secure way
of identification, authentication and storage of data. It can be used for
telephone calling, electronic cash payments, and other applications.
A schedule detailing charges levied by a bank on the products and services
offered by it to its customers.
This is a cheque, which is returned ‘unpaid’ [bounced] by the bank.