For account opening, the Know Your Customer (KYC) regulatory guidelines require us to seek documents for (i0 proof of identity and (ii) proof of address. The documents required for account opening are given in section 5.
p Open no frill accounts under Financial Inclusion with prescribed minimum balance except in accounts where specifically exempted.
q. Open a Savings Fund account in the name of individuals, singly or jointly, minors of the age of 10 years and above or under natural/legal guardianship or by an illiterate/blind person.
r. The name of the payee as well as instrument number in case of debit entries and the name of payee bank/drawer of instrument as well as instrument number in case of credit entries will be provided by the bank in the Passbooks/Statement of Accounts.
S. Transfer the account from one branch to another branch, free of charge.
t. Account Number Portability: Customer will also be allowed to maintain the same account number in a bank even when he /she moves to another city or shifts his account to another branch in the same city. Request letter for transfer of account with account number portability can be submitted either at transferor or transferee branch.
u. Provide facility of standing instruction for regular payments like insurance premium, rent, tax etc.
v. Allow premature withdrawals, unless specified otherwise, at the rate of interest applicable for the period for which the deposit has run or the contracted rate whichever is lower, subject to penalty, if any,prescribed by the bank. No interest will be paid on premature withdrawals of deposit which has remained with the bank for less than prescribed minimum number of days for issuance of FDR.
w. Allow premature withdrawal of fixed deposits in the name of Deceased Depositor(s) to the Survivors/nominee specified by the depositor(s) at the time of issuance of such fixed deposit. On overdue fixed deposit bank may pay interest as per the method of calculation prescribed from time to time.
x. Allow generally loans/overdrafts against deposits except on Certificates of Deposit (CD) Tax Saver Scheme/ Capital Gains SchemeSuch loans are sanctioned by charging interest at rates directed by RBI from time to time or as prescribed by the Bank.
y. As a measure of good customer service, the Bank may intimate the depositor in advance regarding the date of maturity. Banks may also provide auto renewal facility at the request of the customer. Renewal Notices for Term Deposits- The term deposit renewal notices will be sent to customers preferably in electronic form to enable them to decide the renewal terms, Statement of all deposit accounts in summary form giving details like principal amount, maturity value, maturity dates, rate of interest, annualized interest yield etc. shall be provided by banks. Further, the bank will not auto-renew the deposit accounts without customer consent in writing.
z. Pay interest on deposits either monthly at discounted value or quarterly or half-yearly (quarterly compounded i.e., reinvestment of interest) or on the date of maturity at the option of the depositor as applicable under particular deposit scheme. Maturity proceeds of Rs.20,000/- and above will be paid by account payee cheque or credit to account. Cash payment of FDR/TDR will not be made if amount of Principal+ Interest is Rs.20,000/- and more.
aa. Provide TDS statement explicitly mentioning details of gross interest credited and TDS debited .
bb. Pay interest on overdue deposit if the deposit is renewed, as decided by the Bank from time to time.
cc. Issue duplicate FDR in the event the original FDR is lost, subject to Depositor(s) completing required formalities prescribed by the Bank from time to time.
dd. Provide linkage of Terms and Conditions of various Products like PPF or any future products introduced for specific segments, say senior citizens, which are provided on an agency basis by bank , properly integrated into the CBS.