Being customers of banks we often don’t know the important services of our banks. Few of them may look like silly but it is important for all of us to know those service related rights in order to maintain our banking experience bit easier.
Below are the list which I found interesting and must know facts for all of us.
1) Banks need to maintain trilingual forms for all retail customers easy of understanding. This includes account opening forms, pay-in-slips, passbook etc. Languages that need to maintain are English, Hindi and concerned regional language. Will all banks following this??
2) Customers are allowed to to transfer their account from one branch to another branch without restriction. But one I personally checked with HDFC bank guy for transfer of account from my existing branch to new branch, he told that I need to close the existing account with them then I need to open the account in a branch where I am interested to have it. Funny… 🙂
3) At the time of account opening itself banks need to inform the customers about the minimum balance one need to maintain and the charges if not do so. Subsequently if any charges levied due to not maintaining of minimum balance then banks should inform to the account holders in one month advance.
4) Banks need to issue pass book to even if they are sending account statements to their savings bank account holders. This facility is totally free for customers. Will they offering both? I dont think so…..
5) All cheque forms should be printed in Hindi and English. However you can write in Hindi, English or in your local languages.
6) Risk of dispatching cheque book to you through courier is with your bankers. Hence they can’t transfer their responsibility on you if it not reached to you.
7) Details written in Hindi and having date format of Saka Samvat or National Calender will be acceptable. They can’t deny simply because they are unable to understand it 🙂
8) You can transfer your term deposit from one branch to another branch.
9) Interest payable on term deposit of less than 3 months need to be calculated on daily base. But it is their wish to consider either 365 or 366 (for leap years). But banks need to inform it’s customers about this.
10) For individuals or or HUF banks can’t deny for premature withdrawal of deposits. But they are free to charge the penalty. No interest will be payable if withdrawal is before the completion of minimum prescribed period.
11) If your term deposit is joint account holding, where it is the case of “Either or Survivor”, the signatures of both the depositors need not be required on maturity. But both holders signature required if it is premature withdrawal.
12) Banks can’t deny or restrict cash deposit over their counter.
13) Minors can open fixed, RD and savings bank account under the guardian of mothers but after few precautions from bank.
14) Below are the few important rules which you need to remember while amount debit from your account but cash not received from ATM
- Time limit for resolving such complaints is 7 working days from the date of receipt of complaint. Compensation of Rs.100 per day need to be payable by banks in failure to do so.
- But remember that complaint need to be registered within 30 days of date of transaction.
- Number of free transactions permitted per month at other bank ATMs to savings bank account holders includes both financial and non financial transactions.
- You can lodge complaint to any branch of your bank.
15) Banks can’t charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis only.
16) Banks employees working hours actually starts 15 minutes earlier than banks working hours in metropolitan and urban cities. It is the responsibility of branch manager and supervising officers responsibility that staff should be always available for service during the working hours of bank. Also no counter or teller counter is unattended during the working hours.
All the customers who enters the banking hall before the closure of working hours should be attended. So suppose banking closure timing is 5 o’clock and if you entered at 4.59 o’clock then they need to serve you 🙂
17) Banks can’t reject in issuing small amount of DDs for their own customers as well as public. Even they can’t refuse to accept small denomination notes also.
18) Your personal information collected for banking purpose can’t be utilized for cross selling of other products of banks. But will they following it? A big no……
19) If you are totally not satisfied with your bank then you can transfer your deposit to entirely other banks. If existing bank not permitting to do so then it is a serious issue.
20) Fractions of rupees like 50 paise and above shall be rounded off to the next higher rupee and fraction of less than 50 paise shall be ignored.
Hope above points will make your banking experience easier.