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BCSBI
Banks are required to offer a Basic Savings Bank Deposit account with no
requirement of a minimum balance.

The signatures of both/ all the depositors need not be obtained when repaying
Fixed /term deposits opened with operating instructions 'either or survivor' or
'former or survivor', However, the signatures of both/ all depositors will be
required in case the deposit is to be paid before maturity

In case of term deposits with "Either or Survivor" or "Former or Survivor"

mandate, banks are permitted to allow premature withdrawal of the deposit by
the surviving joint depositor on the death of the other, only if, there is a joint
mandate from the joint depositors to this effect. The mandate may be given at
the time of placing the deposit or at any time subsequently during the tenure of
the deposit.

Banks have to ensure that Demand Drafts of Rs.20,000/- and above are
invariably issued with account payee crossing.

Interest applicable on domestic savings deposits is to be determined on the basis

of end-of-day balance in the account.

A savings or current account would be treated as inoperative / dormant if there

are no transactions in the account for a period over two years.

A savings Bank account will be treated as operative when interest on Fixed

Deposit(s) is credited to the account based on a mandate from the customer to
this effect.

Nomination facility is available for joint accounts also.

Signatures of account-holders in the nomination form need not be attested

by witnesses. Thumb impression of the account holder is required to be
attested by two witnesses.

KYC done by one branch of a bank should be valid for transfer of the account
within the same bank as long as full KYC has been done for the concerned
account. The customer should be allowed to transfer his account from one
branch to another without restrictions. However, fresh address proof may be
obtained upon transfer of the account by the transferee branch (branch to which
the account has been transferred).

Validity period of cheques / drafts / banker's cheques has been reduced from six
months to three months from the date of the instrument.

Time-limit for resolution of customer complaints, in respect of failed ATM

transactions, by the ATM Card-issuing banks is 7 working days from the date of
receipt of customer complaint. Accordingly, failure to re-credit the customer's
account within 7 working days of receipt of the complaint shall entail payment
of compensation to the customer @ Rs. 100/- per day by the ATM Card-issuing
bank. A customer is entitled to receive such compensation for delay only if a
claim is lodged with the issuing

The number of free transactions permitted per month at ATMs other than those
of the ATM Card-issuing bank (currently 5), to Savings Bank account-holders is
inclusive of all types of transactions, financial or non-financial.

Banks are required to issue only 'payable at par' / multicity cheques CTS 2010
standard cheques.
No branch should refuse to give an acknowledgement if the customer tenders
cheques at the counters.

Cheques returned unpaid should be accompanied by a signed / initialed

objection slip on which a definite and valid reason for refusing payment must be
stated. Banks are required to indicate the date of return in the cheque return
memo

MICR Code & IFS Code are to be made available on pass books / statements of
account

Banks are required to invariably offer pass book facility to all its savings bank
account holders (individuals).

If the bank offers the facility of sending statement of account and the customer
opts for the same, the banks must issue monthly statement of accounts.

Full address and telephone number of the branch / Toll-free number is required
to be mentioned in the passbooks / statement of accounts issued to accountholders.

Banks are not permitted to levy foreclosure charges / pre-payment penalties on

floating rate home loans.

Banks are mandated to send online alerts to the card-holders for all card related
transactions, irrespective of the amount.