Fair Practices

The bank is governed by a set of policies and guidelines for the various services in order to ensure complete transparency in its operations. Customers can refer to the relevant policy to understand the bank’s guiding principle on such services.

This is a voluntary code, which sets standards of fair banking practices for member banks of Indian Banks’ Association to follow when they are dealing with individual customers. It provides valuable guidance to the branches in their day to day operations. The Code applies to:

  • Current, savings and all other deposit accounts.
  • Collection and remittance services offered by the Bank.
  • Loans and overdrafts.
  • Foreign exchange services.
  • Card products.
  • Third party products offered through our network.

(Commitments outlined in this code are applicable under normal operating environment. In the event of force majeure, a bank may not be able to fulfill the commitments under this code. This code comes into effect from 1.6.2004).

The Salient Features of the Code

  • Branches have to act fairly and reasonably in all their dealings with the customers.
  • Branches have to help the customers to understand how our financial products and services work by giving information about them in English / local language.
  • Branches have to deal quickly and sympathetically in handling the customer complaints.
  • Branches have to help the customers to choose products and services which meet their needs.
  • Branches have to give clear information explaining the key features of the services and products.
  • Branches have to tell the customer what information we need from him to prove his identity and address to comply with legal and regulatory requirements (i.e. KYC Norms).
  • Branches have to request the customer for additional information about him and his family to build a database, but such information can be furnished by the customer only if they wish and the branches should not compel the customer to furnish these pieces of information at the time of opening the account.
  • Once an account is opened, branches have to tell the customers the complete details about nomination facilities.
  • The branch should inform the customers that they can find out about our interest rates by:
    • Looking at the notices in the branches.
    • Phoning our branches.
    • Looking on our website; or
    • Asking the staff.
  • When a person becomes a customer, branches have to give him information on interest rates which apply to his accounts and when we will pay interest on his deposits or debit interest on his loan accounts.
  • When a person becomes a customer, the branches have to give him upfront details of any charges applicable to the products chosen by him including ATM cards.
  • When a person becomes a customer or accepts a product for the first time, the branches have to give him the relevant terms and conditions for the services required by him. Branches have to ensure that all advertising and promotional materials are clear, fair and not misleading.
  • The branches have to normally provide the customer with a statement of accounts periodically as per our policy. The customer can ask us to provide him with account statements more often than is normally available, but there may be a charge for this service.
  • The branches have to inform the customer about the clearing cycle, including when the customer can withdraw money after lodging collection instruments and when he will start to earn interest.
  • Branches have to inform the customers to count notes and ensure correctness before leaving the cash counter.
  • The customer is to be requested to avoid writing anything on the face of the notes and co-operate with us by remitting notes in unstapled/unstitched conditions as required under RBI’s clean note policy.
  • The branches shall act upon mandates given by the customer for direct debits (say ECS) and other standing instructions.
  • The branch shall keep the original cheques paid from the customers account for such periods as required by law.
  • The branches have to provide the customers with the details of the Foreign Exchange services, exchange rates, charges that apply to foreign exchange transactions and also regulatory requirements.
  • In the event of the cheque book, passbook or ATM/Debit card of the customer is lost / stolen or that someone else knows the customers’ PIN or other security information, upon getting the information from the customer, the branch shall take immediate steps to prevent these from being misused.
  • The branches have to give the customers the PIN (personal identification number) separately for their card.
  • The branch shall tell the customer about our systems to allow them to choose or change their PIN. This should make it easier for them to remember the PIN of their choice.
  • The branches shall treat all the personal information of the customer as private and confidential (even when they are no longer a customer). The branches shall not reveal transaction details of the customers account to a third party, including entities in their group, other than in the following three exceptional cases when the Banks are allowed to do so:
    • If the branch has to give the information by law.
    • If there is a duty to the public to reveal the information.
    • If our interests require the branch to give the information (for example, to prevent fraud) but the branch shall not use this as a reason for giving information about the customer or customer’s account (including name and address) to anyone else.
  • Please advise the customer to inform the branch as soon as possible whenever he changes his / her:
    • Name
    • Address
    • Phone number
    • E-mail address
  • Branches have to advise the customers to check their statement or passbook or credit card statement regularly. If there is an entry, which seems to be wrong, they should tell the branch as soon as possible so that the branch can sort it out.
  • If the branch needs to investigate a transaction of the customers’ account, the customer should co-operate with the branch and the police or any other authority, if the branch needs to involve them. Please inform this point to the customers at the time of opening the account.
  • It is essential that the customers take care of their cheques, passbook, cards, PINs and other security information to prevent fraudulent activities and protect their accounts. The customers should be requested to ensure that they follow the advice given below:
    • Not to keep the cheque book and cards together.
    • Not to keep the blank cheque leaves signed.
    • Not to allow anyone else to use their card, PIN, password or other security information.
    • If the PIN number is to be changed, new PIN number should be chosen carefully.
    • Always learn the PIN, password and other security information and destroy the notice as soon as it is received.
    • The PIN, password or other security information should not be written down or recorded anywhere.
    • Take the necessary steps to keep the card safe and the PIN, password and other security information secret at all times.
    • Not to divulge the account details, password or other security information to anyone.
  • Customer is to be informed that if he acts fraudulently, he will be responsible for all the resulting losses.
  • Wherever possible, reasons for rejection of loans should be conveyed to the customer.
  • The written acknowledgement to customer complaints should be made within two weeks. The final response should be sent within 8 weeks.
  • Details of Banking Ombudsman are to be displayed on the branch notice board. If requested, the customer is to be properly explained about the procedure in this regard.
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