#

Customer Corner

 

Opening of Accounts

Term Deposits would be opened for approved persons/firms such as : Individual - Single Accounts. Two or more individuals - Joint accounts Sole proprietary concerns. Partnership Firms. Joint Hindu Families or Firms. Limited Companies. Associations, Clubs, Societies, etc. Trusts.

Account Opening Form

Municipalities/Govt. & Semi-govt bodies / Panchayats / Religious institutions / Educational institutions, charitable institutions etc. Account Opening Form Common Account Opening Form should be completed in all respects and signed by all the account holders irrespective of the mode of operations on the account.

Need to open Current/SB Account

It is desirable that the Term Deposit account holders also maintain Savings/Current account with the Bank, so as to avoid delay in disbursement of interest on term deposits or payment of proceeds of term deposits and to avoid inconvenience to the customer having to call on the Branch to collect the interest/proceeds.

Joint Accounts of Individuals Operational instructions

Can be opened with operational instructions “Either or Survivor” or Former or Survivor” or “Any One/All of the Joint Account Holders”. Operational instructions While the operational instructions can be in any manner (say either or survivor or former or survivor or any one Partner/Director/Trustee etc,), the same would be jointly authenticated in the account opening form in case of Partnership Firms and in case of Limited Companies or Trusts or Societies etc would be in accordance with the Board Resolution or the Trust Deed or the Bye Laws as the case may be.

Change in Operational Instructions

Are possible with the consent of ALL the joint account holders. Bank will not be bound to act on the instructions of one or some only of the joint account holders regarding such alteration.

Death of depositor(s)

On death of a depositor, the proceeds of the term deposit shall be paid to the surviving or the last surviving depositor, as the case may be, as per operational instructions or to the nominee(s) / legal heirs as per rules of the Bank.

Nomination Facility

The nomination may be made in the account opening form itself in all personal accounts/sole proprietary accounts wherever such nomination is desired by the account holder(s).

Minimum Deposit For Opening the Account

Minimum amount of TDR have been stipulated by the Bank for various types of term deposits and for various types of branches. The accounts-holders to observe the same, as applicable from time to time.

Period of deposit Interest on Term Deposits

The maturity period of deposits can be from 15 days (7 days for deposits above one lakh) to ten years as per rules of the Bank Interest on Term Deposits Interest on term deposits shall be as applicable on the date of issue of fixed deposit receipt. Interest would be calculated at quarter or larger intervals (and not monthly). In case Monthly Interest Certificate (MIC) Scheme, the interest is paid monthly, at discounted value of the interest for one month.

Opening of Accounts

erm Deposits would be opened for approved persons/firms such as : Individual - Single Accounts. Two or more individuals - Joint accounts Sole proprietary concerns. Partnership Firms. Joint Hindu Families or Firms. Limited Companies. Associations, Clubs, Societies, etc. Trusts.

Account Opening Form

Municipalities/Govt. & Semi-govt bodies / Panchayats / Religious institutions / Educational institutions, charitable institutions etc. Account Opening Form Common Account Opening Form should be completed in all respects and signed by all the account holders irrespective of the mode of operations on the account.

Need to open Current/SB Account

It is desirable that the Term Deposit account holders also maintain Savings/Current account with the Bank, so as to avoid delay in disbursement of interest on term deposits or payment of proceeds of term deposits and to avoid inconvenience to the customer having to call on the Branch to collect the interest/proceeds.

Opening of Accounts/Identification of the Customer (Individuals)

The account shall be opened on the basis of information in the account opening form, supported by address proof, identity and a recent photograph. For address proof and identity proof Passport/PAN Card/Voter’s Identity Card/Driving License/Employer’s ID Card (or satisfactory confirmation/letter from Employer)/Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the Bank/Photo Credit Card are required. The Bank is required to obtain Permanent Account Number (PAN) or alternatively obtain declaration in Form No. 60 or 61 as per the Income Tax Act from the person/s opening the account. The customer has to comply with stipulated KYC norms.

Joint Accounts of Individuals Operational instructions

Can be opened with operational instructions “Either or Survivor” or Former or Survivor” or “Any One/All of the Joint Account Holders”. Operational instructions While the operational instructions can be in any manner (say either or survivor or former or survivor or any one Partner/Director/Trustee etc,), the same would be jointly authenticated in the account opening form in case of Partnership Firms and in case of Limited Companies or Trusts or Societies etc would be in accordance with the Board Resolution or the Trust Deed or the Bye Laws as the case may be.

Change in Operational Instructions

Are possible with the consent of ALL the joint account holders. Bank will not be bound to act on the instructions of one or some only of the joint account holders regarding such alteration.

Death of depositor

On death of a depositor, the proceeds of the term deposit shall be paidto the surviving or the last surviving depositor, as the case may be, as per operational instructions or to the nominee(s) / legal heirs as per rules of the Bank.

Nomination Facility

The nomination may be made in the account opening form itself in all personal accounts/sole proprietary accounts wherever such nomination is desired by the account holder(s).

Minimum Deposit For Opening the Account

Minimum amount of TDR have been stipulated by the Bank for various types of term deposits and for various types of branches. The accounts-holders to observe the same, as applicable from time to time.

Period of deposit Interest on Term Deposits

The maturity period of deposits can be from 7 days to ten years. Interest on Term Deposits Interest on term deposits shall be as applicable on the date of issue of fixed deposit receipt. Interest would be calculated at quarter or larger intervals (and not monthly). In case Monthly Interest Certificate (MIC) Scheme, the interest is paid monthly, at discounted value of the interest for one month, provided however that the amount of interest paid every month is not more than the discounted value of interest for one month, so that even if interest is allowed on the interest so paid, the aggregate amount (i.e. the amount of interest paid monthly together with the interest that may accrue on the amount so paid in one month) would not exceed one month’s interest on the deposit calculated on a quarterly basis.