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The Bank before opening
any deposit account will carry out due diligence as required under
"Know Your Customer" (KYC) guidelines issued by RBI and or such other
norms or procedures adopted by the Bank. If the decision to open an
account of a prospective depositor requires clearance at a higher
level, reasons for any delay in opening of the account will be informed
to him and the final decision of the Bank will be conveyed at the
earliest to him. |
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The account opening forms and other
material would be provided to the prospective depositor by the Bank.
The same will contain details of information to be furnished and documents
to be produced for verification and or for record, it is expected
of the Bank official opening the account, to explain the procedural
formalities and provide necessary clarifications sought by the prospective
depositor when he approaches for opening a deposit account. |
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For deposit products like Savings
Bank Account and Current Deposit Account, the Bank will normally stipulate
certain minimum/ average balances to be maintained as part of terms
and conditions governing operation of such accounts. Failure to maintain
stipulated minimum/ average balance in the account will attract levy
of charges as specified by the Bank from time to time. For Saving
Bank Account the Bank may also place restrictions on number of transactions,
cash withdrawals, etc., for given period. Similarly, the Bank may
specify charges for issue of cheques books, additional statement of
accounts, duplicate pass book, folio charges, etc. All such details,
regarding terms and conditions for operation of the accounts and schedule
of charges for various services provided will be communicated to the
prospective depositor while opening the account. |
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Savings Bank Accounts can be opened
for eligible person / persons and certain organizations / agencies
(as advised by Reserve Bank of India (RBI) from time to time). These
accounts are designed to help the individual (personal customers)
to inculcate the habit of saving money and to meet their future requirement
of money. The amounts can be deposited/withdrawn from these accounts
by way of cheques/ATM. It helps customers to keep minimum cash at
home besides earning interest.
Current Accounts can be opened by individuals / partnership firms
/ Private and Public Limited Companies / HUFs / Specified Associates
/ Societies / Trusts, etc.
Term Deposits Accounts can be opened by individuals / partnership
firms / Private and Public Limited Companies / HUFs/ Specified Associates
/ Societies / Trusts, etc. Bank has tailored various deposit schemes
to suit the needs and expectations of investing people in every walk
of life. |
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The due diligence process, while opening
a deposit account will involve satisfying about the identity of the
person, verification of address, satisfying about his/her occupation and
source of income. Obtaining introduction of the prospective depositor
from a person acceptable to the Bank and obtaining recent photograph
of the person/s opening / operating the account are part of due diligence
process. |
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In addition to the due diligence requirements,
under KYC norms the Bank is required by law to obtain Permanent Account
Number (PAN) or General Index Register (GIR) Number or alternatively
declaration in Form No. 60 or 61 as specified under the Income Tax
Act / Rules. |
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Deposit accounts can be opened by
an individual in his/her own name (status : known as account in single
name) or by more than one individual in their own names (status :
known as Joint Account) . Savings Bank Account can also be opened
by a minor jointly with natural guardian or with mother as the guardian
(Status : known as Minor's Account). Minors above the age of 12 will
also be allowed to open and operate saving bank account independently. |
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Operation of Joint Account - The Joint
Account opened by more than one individual can be operated by single
individual or by more than one individual jointly. The mandate for
operating the account can be modified with the consent of all account
holders. The Savings Bank Account opened by minor jointly with natural
guardian / guardian can be operated by natural guardian only. |
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The joint account holders can give
any of the following mandates for the disposal of balance in the above
accounts :
- Either or Survivor : If the account is held by two individuals
say, A & B, the final balance alongwith interest, if applicable,
will be paid to survivor on death of anyone of the account holders.
- Anyone or Survivor/s : If the account is held by more than two
individuals say, A, B and C, the final balance alongwith interest,
if applicable, will be paid to the survivor on death of any two
account holders.
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The above mandates will be applicable to
or become operational only on or after the date of maturity of term deposits.
This mandate can be modified by the consent of all the account holders.
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At the request of the
depositor, the Bank will register mandate / power of attorney given
by him authorizing another person to operate the account on his/her behalf.
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The term deposit account holders at
the time of placing their deposits can give instructions with regard
to closure of deposit account or renewal of deposit for further period
on the date of maturity. In absence of any written instructions about
the disposal of the term deposit, the Bank reserves the right at its
discretion to renew the deposit along with accrued interest thereon
at prevailing rates of interest for a similar tenor of the deposit
which has matured. |
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A statement of account
will be provided by the Bank to Savings Bank as well as Current Deposit
Account Holders periodically as per terms and conditions of opening
of the account. Passbook facility is avaliable to all savings account
holders free of cost |
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Nomination Facility:
Bank offers nomination facility in deposit accounts, safe deposit
lockers, articles in safe custody,etc. Nomination facility is available
on all deposit accounts opened by the individuals. Nomination facility
is available on all deposit accounts opened by the individuals. Nomination
is also available to a sole proprietory concern account. Nomination
can be made in favour of one individual only. Nomination so made can
be cancelled or changed by the account holder/s any time. While making
nomination, cancellation or change thereof, it is required to be witnessed
by a third party. Nomination can be modified by the consent of account
holder/s. Nomination can be made in favour of a minor also subject
to other major individual being named appointee(s) during the minority
period.
The Bank recommends that all depositors avail nomination facility.
The nominee, in the event of death of the depositor/s, would receive
the balance outstanding in the account as a trustee of legal heirs.
The depositor will be informed of the advantages of the nomination
facility while opening a deposit account. |
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The deposit accounts
may be transferred to any other branch of the Bank at the request
of the depositor. |
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