This is a Code of Customer Rights, which sets minimum standards of banking practices we will follow as a member of BCSBI while dealing with individual customers. It provides protection to customers and explains how a member bank is required to deal with customers in its 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. The Code may have set higher standards than those prescribed in the regulatory instructions and such higher standards will prevail as the Code represents the best practices voluntarily agreed to by us as our commitment to you.
We will endeavor to adopt higher standards of banking practices to extend better customer service and achieve higher levels of customer satisfaction.
In the Code, ‘you’ denotes the customer and ‘we’/‘us’, the bank, the customer deals with. Branch includes Banking Outlet/Part-time Banking Outlet.
Objectives of the Code
The Code has been developed to:
The standards of the Code are covered by the Key Commitments in Chapter 2.
Application of the Code
This Code applies to all the products and services listed below, whether they are provided by our branch or agents acting on our behalf, whether 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.
e.g. RTGS, NEFT, IMPS, UPI ;
UPI, BHIM, Aadhaar Pay .
The meanings of key words appearing in bold black have been given in the Glossary.
Our Key Commitments to you
Right to Fair Treatment
Act fairly and reasonably in all our dealings with you by:
Right to Transparency, Fair and Honest Dealing
We will help you to understand how our financial products and services work by:
Giving you timely and adequate information about them and the necessary safeguards in any one or more of the following languages - Hindi, English or the appropriate local language.
and mutual responsibilities will be clearly disclosed. We will ensure that you are not subjected to unfair business or marketing practices, coercive contractual terms, negative confirmations or misleading representations.
For achieving this, we will be following the practices and procedures given in Chapter 3 on Information Transparency and Chapter 4 on Advertising, Marketing and Sales.
[Display on website and branch notice board will be in addition to the other modes of information dissemination mentioned above.]
Right to Suitability
We will offer you products appropriate to your needs and based on an assessment of your financial circumstances and understanding as detailed in Chapter 4 on Advertising, Marketing and Sales and Clause 8.18 on Third Party Products.
Right to Privacy
We will treat all your personal information as private and confidential subject to matters mentioned in Chapter 5 on Privacy and Confidentiality.
Right to Grievance Redressal and Compensation
We will deal quickly and sympathetically with things that go wrong by:
We will advise you the internal procedures for redressing your complaints including details of the Banking Ombudsman Scheme as explained in Chapter 6 of the Code.
We will display the information on products, services, Most Important Terms and Conditions (MITC) in our premises on a Comprehensive Notice Board (CNB) as prescribed in bilingual/trilingual language as applicable (Annexure 1) and we will update the information on CNB on realtime basis alongwith effective date of change.
You can get information on interest rates, fees and charges through various modes mentioned below.
‘Do Not Call’ service
We will not transmit to you any unsolicited commercial information regarding our products and services, through telephone calls/SMS if you have registered with the ‘Do Not Call Registry’ of our bank or with the ‘National Do Not Call Registry’ directly or through your Service Provider. However, this will not apply to receipt of information regarding your account statements and other important advices and information including SMS alerts relating to transactions in your account as also the products and services you are currently availing.
We will give you information on:
Changes in interest rates
We will inform you of changes in interest rates on our loan products and changes in the reference rate periodically by any of the following means at the last updated customer contact details available with us:
We will also display this information on the Notice Board in our branch as also on our website.
Fees & charges
Changes in fees & charges
If we increase any fee or charge or introduce a new fee or charge, it will be notified through statements of accounts/e-mail/SMS alerts/notice board at our branch one month prior to the revised charges becoming effective. This information will also be made available on our website prominently.
Terms and conditions
Changes in terms and conditions
This information will also be made available on the Notice Boards in our branch and our website.
Advertising, Marketing And Sales
Privacy And Confidentiality
We will treat all your personal information as private and confidential (even when you are no longer our customer), and shall be guided by the following principles and policies:
Credit Information Companies
When you apply for a credit facility:
Complaints, Grievances And Feedback
Banking Ombudsman Scheme
We will display the Banking Ombudsman Scheme on our website. A copy will be made available on request at a nominal charge. We will display at our branch the name and contact details of the Banking Ombudsman under whose jurisdiction the branch falls. In case the Banking Ombudsman passes an award and we do not have any ground to appeal against the award, we will comply with the Award within 30 days from the date of receipt of the acceptance in writing of the Award by the complainant.
We shall endeavour to organize meetings of customers at periodic intervals as a regular channel for exchange of ideas and suggestions.
Branch Level Customer Service Committee Meetings
We will display in our branch, the date of our monthly branch Level Customer Service Committee meeting, which you may attend, if you so desire.
Collection Of Dues
Collection of Dues and Security Repossession Policy
We will follow collection of dues and security repossession policy in consonance with the law. The policy will be displayed on our website and a copy of the same will be made available at our branch for perusal.
Products And Services
Account opening and operation of deposit accounts
Before opening any deposit account, we will:
Changing your account
Savings / Current accounts
When you open a Deposit Account, we will:
Specific charges for issue of cheque books, additional / duplicate statement of accounts, duplicate passbook, copies of paid cheques, folio charges, debit card, ATM card, verification of signature, return of cheque, change in mandate or style of account, closure of Savings Bank / Current accounts, withdrawal / deposit of cash at home / non-home branches, cash / non- cash transactions at Bank’s own / other Bank’s ATMs / Micro ATMs, etc., will be included in our Tariff Schedule. Concessions or relief given will not be withdrawn during the original validity period of the concession / relief.
Passbook / statements *
Upgradation of deposit accounts and addition of value added services.
In case your account meets the terms for upgradation or value added services, we will do it only after obtaining your consent in writing or through any other mode or where your consent is obtained through authenticated electronic means after necessary validation.
Downgrading of deposit accounts
We will intimate you once the account gets downgraded from higher product version to a lower product version. We will downgrade the account after giving thirty days notice.
Accounts of minors
Inoperative / Dormant accounts
Closing your account
Under normal circumstances, we will not close your account without giving you at least 30 days’ notice indicating the reasons for such closure. In 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.
Clearing cycle / collection services
Direct debits and standing instructions
Stop payment facility
Cheques / debit instructions issued by you
Advances against term deposits
We will explain the facility of loan / overdraft available against term deposits.
Settlement of claims in respect of deceased account holders
Accounts with survivor / nominee clause
Accounts without the survivor / nominee clause
In case 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 the legal heir(s) of the depositor, keeping in view the imperative need to avoid inconvenience and undue hardship to the common person. In conformity with our risk management policy, we will fix a minimum threshold limit (which will be made known on demand at our branch) upto which claims in respect of the deceased depositor(s) will be settled without insisting on production of any documents other than a letter of indemnity.
Time limit for settlement of claims
We will settle the claims in respect of deceased depositors and release payments to survivor(s) / nominee 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 claimant(s), to the bank’s satisfaction.
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:
Pension Accounts *
Safe deposit lockers
Foreign Exchange services
Remittances within India
If you want to remit money within India, we will inform you how to effect it and
Applications for loans and their processing
Central Registry of Securitisation, Asset Reconstruction and Security Interest of India (CERSAI)
When you avail of a loan facility involving immovable property and / or movables as primary or collateral security, we will advise you the functioning of the CERSAI and the fact that their records will be available for search by any lender or any other person desirous of dealing with the property / assets. We will notify our charge to CERSAI.
Settlement of dues
Securitisation of loans / card dues
Electronic and Digital Banking
Internet and Mobile Banking
We will take appropriate measures to provide safe and secure Internet and Mobile Banking. We will ensure that our systems and technology are safe and secure and review and update them periodically.
PINs and Passwords
You should also adopt the following safe practices / precautions to protect your PIN or Password.
For creating PIN / Password:
*This is only an illustrative and not exhaustive list.
Precautions for preventing unauthorised transactions in your account:
ATM / Debit and Credit Cards
Reporting loss / theft / disputed transactions
Limited Liability in respect of unauthorized electronic banking transactions.
Reversal Timeline for Zero Liability / Limited Liability
On being notified by you, we shall credit (shadow reversal) the amount involved in the unauthorised electronic transaction to your account within 10 working days from the date of such notification by you (without waiting for settlement of insurance claim, if any). The credit shall be value dated to be as of the date of the unauthorised transaction.
Further, we will ensure that:
Credit card statements
Third Party Products
We distribute third party products like pension funds,mutual funds and insurance etc. under corporate agency arrangements in terms of Certificate of Registration issued by respective regulators viz SEBI (mutual fund) and IRDAI (insurance products). We have Board approved policy for sale of insurance products in line with IRDAI (Registration of Corporate Agents) Regulations 2015.
Credit Counselling Facility
We will endeavour to provide credit counselling facility. Wherever such facility is available, we will display, at our branch in a particular centre, the address, timings, etc. of the counselling centres set up by any bank at that centre to enable you to avail of the service.
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.
Branch Closure / Shifting
Senior Citizens And Differently Abled Persons
Protecting Your Accounts
Secure and reliable banking and payment systems
Keeping us up to date
Checking your account
Taking care of your cheques, passbook and other security information is essential to help prevent fraud and protect your accounts. Please make sure that you follow the advice given below:
Liability for losses
If you act fraudulently, you will be responsible for all losses on your account. If you act without reasonable care, which results in losses, you may be responsible for them.
Annexure – Glossary
These definitions explain the meaning of words and terms used in the Code. They are not precise legal or technical definitions.
A mobile app which enables digital payments using biometric card.
App is an abbreviated form of the word “application”. An application is a software programme that is designed to perform a specific function directly for the user.
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 services.
An independent dispute resolution authority set up by the Reserve Bank of India to deal with disputes that individuals and small businesses have with their banks.
A fixed point service delivery unit, manned by either Bank’s staff or it’s business correspondent where services of acceptance of deposits, encashment of cheques / cash withdrawal or lending of money are provided for a minimum of four hours per day for at least five days a week.
Bharat Interface for Money is a mobile App developed by National Payments Corporation of India (NPCI) based on the Unified Payment Interface (UPI).
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
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 agreed amount.
A Deceased account is a deposit account in which case either the single account holder has deceased or in case of joint accounts one or more of joint account holders has / have deceased.
A Demat account refers to dematerialised account and is an account in which the stocks of investors are held in electronic form.
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 with changes in the latter.
An undertaking in writing to assure the payment or performance of another person’s debt or obligations in the event of a default by the person primarily responsible for it.
Government bond means a security created and issued by the Government for the purpose of raising a public loan.
Inoperative / Dormant Account
An inoperative / dormant account is a savings bank or current account in which there are no transactions for over a period of two years.
Immediate Payment Service is an interbank electronic instant mobile money transfer service through mobile phones.
National Electronic Clearing Service
It is a system introduced by Reserve Bank of India (RBI) for electronic fund transfer within India.
National Automated Clearing House
It is a web based platform to facilitate interbank, high volume electronic transactions for bank, financial institutions, corporate and government.
National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from one bank branch to any other bank branch in the country.
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 safe deposit locker, in the event of the death of the hirer.
Out-of-date [stale] cheque
A cheque, presented for collection, three months after the date of issue of the cheque.
PAN (Permanent Account Number)
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.
Part time Banking Outlet
A Banking Outlet which provides delivery of service for a minimum of four hours per day and for at least five days a week.
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.
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.
PoS (Point of Sales)
PoS or Swipe Machine as it is popularly known is a technological instrument provided to a Merchant Establishment (ME) to carry out the sale of goods or services to customers in a cashless environment. All the customer has to do is swipe his / her Debit, Credit or Prepaid Card
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 waiting period.
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 their policies.
Senior Citizen is a person of over sixty years of age.
A loan account which is settled under “One Time Settlement” (OTS) Scheme offered by a Bank for repayment of overdues. This suggests that while the borrower paid some amount it probably was not the full amount originally agreed to. Such settled accounts are reported to CICs for updating the credit history of the borrower.
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.
Unified Payment Interface (UPI)
A payment system that allows money transfer by using predefined e-mail id, between any two bank accounts by using a smart phone.
This is a cheque, which is returned ‘unpaid’ [bounced] by the bank.
Format of Comprehensive Notice Board
(Updated up to ----------)
Customer Service Information
We have displayed the services we provide
Other Services Provided:
Information Available In Booklet Form
(Please approach ‘MAY I HELP YOU’ Counter)
Information to be provided outside the premises:
The Code has been evolved by the Banking Codes and Standards Board of India (BCSBI) in collaboration with the Reserve Bank of India, Indian Banks’ Association and member banks. The central objective of the Code is promoting good and fair banking practices, setting minimum standards, increasing transparency, achieving higher operating standards and above all, promoting cordial banker-customer relationship which would foster confidence of the common man in the banking system.
BCSBI was set up in February 2006 as an autonomous institution “to monitor and ensure that the Banking Codes and Standards adopted by the banks are adhered to in true spirit while delivering their services”.
BCSBI has evolved two sets of Codes – Code of Bank’s Commitment to Customers and the Code of Bank’s Commitment to Micro and Small Enterprises. These Codes have been adopted by member banks of BCSBI which include scheduled commercial banks, urban cooperative banks and regional rural banks.
BCSBI by its design and mandate is not a grievance redressal forum. However, BCSBI looks at complaints with a view to identifying systemic deficiencies, if any, in terms of gaps in policies, procedures and practices at the banks and initiates action for their rectification.
For further information about BCSBI please log on to the website www.bcsbi.org.in
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