This policy document on deposits outlines the guiding principles in respect of formulation of various deposit products offered by the Bank and terms and conditions governing the conduct of the account. The document recognizes the rights of depositors and aims at dissemination of information with regard to various aspects of acceptance of deposits, conduct and operations of various deposits accounts, payment of interest on various deposit accounts, closure of deposit accounts, method of disposal of deposits of deceased depositors, etc., for the benefit of customers. It is expected that this document will impart greater transparency in dealing with the individual customers and create awareness among customers of their rights.
While adopting this policy, the Bank reiterates its commitments to individual customers outlined in Code of Bank's Commitments to Customers formulated by Banking Codes And Standards Board of India. This document is a broad framework under which the rights of common depositors are recognized. Detailed operational instructions and terms and conditions of various deposit schemes and related services have been issued separately which are subject to change from time to time.
This policy is designed for you, our customers, and includes the following sections:
1- TYPES OF DEPOSIT ACCOUNTS
While various deposit products offered by the Bank are assigned different names. The deposit products can be categorised broadly into the following types. Definition of major deposits schemes are as under:
2- ACCOUNT OPENING & OPERATION OF DEPOSIT ACCOUNTS
3- INTEREST PAYMENTS
4- MINORS' ACCOUNTS
5- ACCOUNT OF ILLITERATE/BLIND PERSON
The Bank may at its discretion open deposit accounts other than Current Accounts of illiterate/blind person. The account of such person may be opened provided he/she calls on the Bank personally along with a witness who is known to both the depositor and the Bank. Banking facilities including cheque book facility / operation of ATM etc. would be provided in such Savings Bank Account. At the time of withdrawal/ repayment of deposit amount and/or interest, the account holder should affix his / her thumb impression or mark in the presence of the authorized officer who should verify the identity of the person. The Bank will explain the need for proper care and safe keeping of the passbook etc. given to the account holder. The Bank official shall explain the terms and conditions governing the account to the illiterate / blind person.
6- ADDITION OR DELETION OF THE NAME/S OF JOINT ACCOUNT HOLDERS
The bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder.
7- CUSTOMER INFORMATION
The customer information collected from customers shall not be used for cross selling of services or products by the Bank, their subsidiaries and affiliates. If the Bank proposes to use such Information, it shall be strictly with the consent of the accountholder
8- SECRECY OF CUSTOMER'S ACCOUNTS
The Bank shall not disclose details / particulars of the customer's account to a third person or party without the expressed or implied consent from the customer. However, there are some exceptions, viz. disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the Bank requires disclosure.
9- PREMATURE WITHDRAWAL OF TERM DEPOSIT
The Bank on request from the depositor, at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit. The Bank shall declare their penal interest rates policy for premature withdrawal of term deposit. The Bank shall make depositors aware of the applicable rate along with the deposit rate.
10- PREMATURE RENEWAL OF TERM DEPOSIT
In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the bank will be paid at the rate applicable to the period for which the deposit remained with the bank and not at the contracted rate.
11- RENEWAL OF OVERDUE TERM DEPOSIT
When a term deposit is renewed on maturity, on renewed deposit interest rate for the period specified by the depositor as applicable on the date of maturity would be applied. If request for renewal is received after the date of maturity, such overdue deposits will be renewed with effect from the date of maturity at interest rate applicable as on the due date, provided such request is received within 14 days from the date of maturity. In respect of overdue deposits renewed after 14 days from the date of maturity, interest for the overdue period will be paid simple rates applicable for Savings Bank Deposits.
12- ADVANCES AGAINST DEPOSITS
The Bank may consider at its discretion request of the depositor/s for loan / overdraft facility against term deposits duly discharged by the depositor/s on execution of necessary documents and subject to such conditions as it may deem proper. The Bank may also consider loan against deposit standing in the name of minor, provided a suitable declaration stating that loan is for the benefit of the minor, is furnished by the depositor - applicant.
13- SETTLEMENT OF DUES IN DECEASED DEPOSIT ACCOUNT
The Bank shall settle dues in deceased deposit accounts as per the simplified procedure outlined by RBI in this regard.
Please refer document Settlement of Deceased Claims available at branches as well as on our website.
14- INTEREST PAYABLE ON TERM DEPOSIT IN DECEASED ACCOUNT
15- INSURANCE COVER FOR DEPOSITS
All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. At present, bank deposits upto Rs.500,000/- in respect of each of the depositors is covered under the scheme. The details of the insurance cover in force, will be made available to the depositor.
16- STOP PAYMENT FACILITY
The Bank will accept stop payment instruction from the depositors in respect of cheques issued by them. Charges, as specified, will be recovered.
17- DORMANT ACCOUNTS
Accounts where there are no transactions for a continuous period of 2 years will be transferred to a separate dormant account status in the interest of the depositor as well as the Bank. The depositor will be informed of charges, if any, which the Bank will levy on dormant accounts. The depositor can request the Bank to activate the account for operating it.
18- SAFE DEPOSIT LOCKERS
The Bank offers Safe Deposit Lockers at select Branches. For further details, please refer document on Lockers available at branches as well as on our website.
19- REDRESSAL OF COMPLAINTS & GRIEVANCES
The Bank is committed to providing convenient and reliable solutions to help customers achieve their financial goals. We consider customer satisfaction as a critical measure of our success.
With the objective redressing customer grievances, we have formulated a comprehensive Grievance Redressal Policy.
Refer Grievance Redressal Policy on our website.
June 24, 2013
By clicking the link you will leave DCB Bank's website and will be re-directed to a third party website, at your request. DCB Bank & its affiliates do not endorse, make any warranty or assume legal liability or responsibility for the product, services, content, accuracy or opinions expressed in the third party's website or other links provided on the third party's website