PAYMENT OF BALANCE IN ACCOUNTS OF THE DECEASED CUSTOMERS TO SURVIVORS/ CLAIMANTS
As directed by the RBI, the bank may not insist on succession certificate from legal heirs irrespective of the amount involved. However, the bank may adopt such procedure for payment considering settling of claims as appropriate on the basis of affidavit, indemnity bond and or other documents.
Standing instructions can be given to the branch for transfer/ remittance of funds from one account to other account/s maintained in the same branch, any other branch or any other bank or any other third party on usual charges as applicable..
Safe Deposit Lockers
The facility of safe deposit lockers is an ancillary service offered by the Bank. The Bank’s branches offering this facility will indicate/ display this information.
The major aspects governing the services are:
ARTICLES IN SAFE CUSTODY
Articles like shares, securities, deposit receipts etc. can be kept in safe custody with the bank on prescribed charges wherever such facility is offered. Large/ small boxes must be locked by the customer(s) and particulars must be written/ painted thereon. The lock should be covered by stout cloth and sealed with the customer’s seal. Relationship of banker and customer shall be that of Bailer and Bailee.
REMITTANCE OF FUNDS
Customers may remit funds from one centre to another centre by Demand Draft or Telegraphic Transfer (TT), or electronic mode by paying specified charges as per Bank’s rules. Demand drafts, telegraphic transfers and EFT for Rs.50,000/- and above will be issued by the bank only by debit to customer’s account or against cheques or other instruments tendered by the purchaser but not against cash payment. Similarly, payments of Rs.50,000/- and above will be made only through banking channels and not in cash.
Time-frame for Issue of Duplicate Draft<
As directed by the RBI, the bank will issue duplicate demand draft to the customer within a fortnight from the receipt of request. For delay in issuing duplicate draft beyond the above stipulated period, the bank will pay interest at the rate applicable for fixed deposit of corresponding maturity in order to compensate the customer for such delay.
Banker’s Cheque is issued for making payment locally by our Bank. Issue/ payment of Banker cheque for Rs.50,000 and above is to be made only through the bank account.Validity period of Banker cheque is 6 months. This can be revalidated by the issuing branch on written request of the purchaser.
Immediate credit of local as well as outstation cheques as per RBI guidelines as applicable from time to time is provided to the individuals (personal customers) who are maintaining satisfactory accounts. However, the customers will bear usual service charges as well as the postal charges. In the event of cheques being returned unpaid, the customers shall pay interest for the period for which funds were utilised. All cheques (local and outstation) deposited by the customers are collected by the bank expeditiously:
The bank provides various services to customers for which service charges are levied. The charges are reviewed/ revised from time to time. Service charges are levied for collection and remittance of funds, processing of loan proposals, issue of guarantees, safe custody, issue of duplicate instruments/ statements, ledger folio charges etc. Details of service charges will be made available on request.
CURRENCY TRANSACTIONS & GOVERNMENT BUSINESS
Bank provides the following services in the matter of exchange of notes and coins and the Government business conducted by the Bank as an agent of Reserve Bank of India
1. Services available at the branches maintaining currency chest, Small coin depot and conducting Government business:
Selected branches of our bank are conducting the above business. These branches besides conducting Government business will also offer the facility to members of the public to exhange the notes including soiled and mutilated notes and coins including uncurrent or born out coins. The bank is committed to provide exchange facility free of cost at its counters during business hours.
2. Exchange of soiled and mutilated notes and coins at the Bank’s public counters:
Members of the general public can avail themselves of the following facilities at the counters of the Bank’s Offices. Procedure to avail the services and information on costs of services and the Grievance redress Mechanism is given below.
|Sr. No.||Services offered||Procedure to avail the service||Cost of the service||Time limit|
|I.||a) Exchange of notes and coins, and b) Exchange of defective notes at the counter (for a few pieces only)||The serial numbers of counters where exchange facility is made available at each office are displayed at the banking hall of each office of the bank. Approach the designated counters or enquiry counter for information regarding designated counters. In case of any difficulty contact the Nodal Officer whose name is displayed in the Banking Hall.||Free of cost||Spot Payment during the banking hours. The duration of banking hours is displayed in the banking hall or can be known from the enquiry counter.|
|II.||Exchange of defective notes tendered through TLR Covers (for larger number of pieces||Ask for TLR cover at the designated counter or approach enquiry counter for more information.
Fill in the required information on the TLR cover.
Mention the details of bank/branch/account number, where credit of the exchange value is desired, on the TLR Cover.
Exchange value will normally be paid through following ways:
ECS Credit: bank account of the claimant will be credited through ECS, provided ECS mandate has been submitted to RBI.
Payment Order: If the claimant is a local resident and no ECS mandate is available.
Demand Draft: if claimant is an outstation resident.
Money Order : If claimant is an outstation resident and does not have any bank account.
5. Mutilated/cut notes in closed covers are received in Triple Lock Receptacle upto one hour after the close of normal business hours. In case of any problem please contact the enquiry counter or the Nodal Officer whose name is displayed in the Banking Hall
Free of cost.
Money Order (MO) No charges for amount upto Rs.1000/-
Actual commission Charged by the Post Office for amounts exceeding Rs.1000/-
Demand Draft (DD) Actual Amount of Exchange, as applicable, on the amount remitted.
Payment Order (PO) Free of cost
The executive value will be credit to the account of the claimant within 4 working days from the date of receipt of defective notes.
Will be dispatched to the claimant within 4 working days from the date of receipt of defective notes.
|III.||Exchange of defective notes tendered through insured parcel (for very large number of pieces).||Send defective notes through insured & Registered Parcel to The General/Deputy Manager of the concerned Issue Office whose address can be obtained from the enquiry counter or the website of Reserve Bank of India. Mention the details of notes sent, name, address and bank account details of the tenderer on an accompanying letter. Exchange value will be paid by credit to bank account through ECS. Exchange value can also be paid by Payment Order/Demand Draft/Money Order. In case of any difficulty you can contact the concerned Issue Office over telephone or by email, the detail of which is available in Reserve Bank of India website.||Same as mentioned at Sr. No. II||ECS
The exchange value will be credit to the account of the claimant within 15 working days from the date of receipt of defective notes.
will be dispatched to the claimant within 15 working days from the date of receipt of defective notes.
|IV.||Exchange of defective notes under Special Procedure (for notes which have turned extremely brittle, badly burnt, charred, inseparably stuck up together and therefore, cannot withstand further handling or which may lose their original identity with the passage of time).||Contact enquiry counter or AGM/Manager (Claim Section). Submit application in the prescribed form. Defective notes are not to be submitted with the application. Wait for intimation from Claims Section about the date on which adjudication of notes will be done. On the stipulated date, bring the defective notes to Claim Section. Claimants can witness the activity of adjudication of their defective notes, if they so desire. Do not paste/reconstruct the defective notes. Bring the defective notes in their original form.||Same as mentioned at Sr. No. II||Same as mentioned at Sr. No. II|
|V.||Exchange of notes to coins through Coin Vending Machine||Follow the procedure displayed on the Coin Vending Machine. In case of any problem please contact the enquiry counter or the Nodal Officer.||Free||Spit Payment by the machine during the banking hours|
6. RBI Savings Bond / Relief Bond:
Selected Branches of our Bank are authorized to deal in RBI Savings Bonds/ Relief Bonds. These branches will render services relating to acceptance of applications, issue of bonds, payment of interest and other related matters. Latest application forms (Revised) are available with these branches
8. Government Transactions
a) Collection of Government Due: The bank handles collection of various taxes on behalf of the Govt. of India through selected branches.
B. Time norms for Govt. Transactions :
|Type of Service||Normal Time Required|
|Delivery of receipted challans tendered with cash.||20 minutes (depending upon volume and cash tendered)|
|Delivery of receipted challans tendered with cheques.|| i) Transfers: Same day
ii) Clearing: 4 days subject to clearing discipline.
|Delivery of receipted challans tendered with cheques of clearing members||1 day after date of realization of cheques.|
|1 day after date of realization of cheques.|| i) One week (for the four Metros)
ii) 15 days for other places)
|Submission of scrolls to Government departments.||Day-to-day basis|
|Submission of monthly statements to Government departments||First day of the following month|
|Cash withdrawal by the Government cheques||20 minutes (depending upon volume of withdrawal)|