Home General Knowledge GENERAL KNOWLEDGE BOOSTER : Deposit Account
Thursday, 19 February 2015 05:50




Deposit Account


Deposit Accounts

a. You may open different types of accounts with us such as, savings accounts, term deposits, current  accounts including ‘No Frills’ Account etc. with us. You may open such accounts in the following  styles:

  • Single
  • Joint
  • Joint (Either or Survivor)
  • Joint (Former or Survivor)
  • Joint (Latter or Survivor); or
  • in any other style

b. The above may be opened by you with or without nomination facility. We will include the option for  nomination in the account opening form. We will explain the implications of the foregoing accounts as also the nomination facilities at the time of opening of the account.

c. We will acknowledge the receipt of your nomination details and record the fact of nomination on the passbook/Account Statement/FDRs. At your request, we will also indicate the name of the nominee thereon.

d. We will also inform you about liquid deposit facility, sweep account and similar types of products  offered by us and their implications and procedures involved, at the time of opening of account.

Account Opening and Operation of Deposit Accounts : - Before opening any deposit account, we will:

a. carry out due diligence as required under “Know Your Customer” (KYC) guidelines of the bank

b. ask you to submit or provide necessary documents or proofs to do so

c. obtain only such information to meet with our KYC ,Anti Money Laundering or any other statutory  requirements . In case any additional information is asked for, it will be sought separately and we will specify the objective of obtaining such additional information. Providing such information will be voluntary

d. provide the account opening forms and other material to you. The same will contain details of essential information required to be furnished and documents to be produced for verification and/or for record for meeting the KYC requirements

e. explain the procedural formalities and provide necessary clarifications sought by you while opening a deposit account

f. at the time of opening of the account, make available to you the details of the insurance cover in force under the insurance scheme, subject to certain limits and conditions offered by the Deposit Insurance and Credit Guarantee Corporation of India (DICGC)

Changing your account

a. If you are not happy about your choice of current / savings account, within 14 days of making your first payment into the account , we will help you switch to another of our accounts or we will give your money back with any interest it may have earned. We will ignore any notice period and any extra charges.

b. If you decide to close your current/savings account we will close your account within three working days of receiving your instructions.

c. If you want to transfer your account to another branch of our bank we will do so. Your account at the new branch will be operationalized  within two weeks of receiving your request, subject to your complying with the required KYC formalities at the new branch. We will intimate  you as soon as the account is operationalized. The new branch will be provided with information on your standing instructions/direct debits, if any.

d. We will cancel any bank charges you would have to pay as a result of any mistake or unnecessary delay by us when you transfer your current / savings account to or from us.