Public Ltd. Company. It will also not be in order for banks to offer higher/ differential rate of interest on deposits received under the Capital Gains Accounts Scheme, 1988. The Master Circular has been suitably updated by incorporating the instructions issued up to June 30, 2013 and has been placed on the RBI website (http://www.rbi.org.in). The contact details of CFCs are available on websites of banks as well as the website of RBI for easy availability to the customers. Further, as an additional safety measure, banks are advised that the time-out of sessions should be enabled for all screens / stages of ATM transaction keeping in view the time required for such functions in normal course. The complaint form should also indicate that the first point for redressal of complaints is the bank itself and that complainants may approach the Banking Ombudsman only if the complaint is not resolved at the bank level within a month. However, it is considered necessary to streamline the procedure to be followed by all banks in this behalf. Joint accounts – Joint accounts enjoy separate deposit insurance protection provided the records of the member bank disclose the names of the joint account holders. The site can be accessed through most browsers and devices; it also meets accessibility standards. The bank will have the freedom to determine its own penal interest rate of premature withdrawal of term deposits. As a result of deregulation, banks are free to fix their own deposit rates which implies choices for the depositor. The name and address of the Principal Nodal Officer may also be forwarded to the Chief General Manager, Customer Education and Protection Department, Reserve Bank of India, Central Office, 1st Floor, Amar Building, Sir P.M.Road, Mumbai-400 001 (email). With a view to making the Grievance Redressal Mechanism more effective, in addition to the instructions mentioned above, banks are further advised as under: Ensure that the Principal Nodal Officer appointed under the Banking Ombudsman Scheme is of a sufficiently senior level, not below the rank of a General Manager. Accordingly, banks are free to determine their interest rates on both term deposits of maturity of one year and above under Non-Resident (External) Rupee (NRE) Deposit accounts. There may be occasions when Clearing House operations may have to be temporarily suspended for reasons beyond the control of the authorities concerned. Banks should critically examine on an on-going basis as to how Grievances Redressal Machinery is working and whether the same has been found to be effective in achieving improvement in customer service in different areas. (xii) Interest on savings bank accounts should be credited on regular basis whether the account is operative or not. Matters relating to customer service should be deliberated by the Board to ensure that the instructions are implemented meaningfully. The classification is there only to bring to the attention of dealing staff, the increased risk in the account. Starting with their first bank account. (ii) Banks should give wide publicity and provide guidance to deposit account holders on the benefits of the nomination facility and the survivorship clause. 32. Read the latest Fixed Deposit News in Malaysia here. With effect from April 1, 2013 banks will have the discretion to disallow premature withdrawal of a term deposit in respect of bulk deposits of ₹1 crore and above of all depositors, including deposits of individuals and HUFs. Banks are advised to strictly comply with the above orders of the Court. 9.2 Types of sick / old / incapacitated account holders. Thus, in all the above cases, it is necessary for a bank to give sufficient notice to the public/its customers of its intention. Banks are required to convert the existing 'no-frills' accounts’ into 'Basic Savings Bank Deposit Accounts'. Every bank provides the facility of joint accounts to its customers. However, during the course of inspection/visits to bank branches by RBI, it was observed that many banks were not displaying the required information due to space constraints, lack of standardization of the instructions, etc. The first periodic review of unclaimed deposits/inoperative accounts should be put up to their respective bank Boards by September 30, 2012. Further, the facility of premature withdrawal of NRE/FCNR deposits shall not be available where loans against such deposits are to be availed of. Clearing House authority of the place should also be consulted in this regard. Further, they are also advised to refrain from incorporating clauses in the terms and conditions which restrict deposit of cash over the counters. Interests offered are same as the domestic term deposit rates. Release of other assets of the deceased borrowers to their legal heirs. Prior to this, banks were permitted to offer, at their discretion, differential rates of interest on single term deposits of same maturity of Rupees fifteen lakh and above, subject to certain conditions. A few precautions in this regard are given below: Branches should accept the pass books and return them against tokens. 19.7 Nomination Facility – Certain Clarifications, 19.7.1 Nomination facility in respect of deposits. Loan against FD - Avail of a loan facility up to 90% of principal and accrued interest, safe custody of your FD receipts and automatic renewal of Deposit Account on completion of tenure. The Committee on Procedures and Performance Audit on Public Services (CPPAPS) had recommended that banks should place a statement before their Boards analyzing the complaints received. 18.2.2 Customer due diligence for allotment of lockers / Measures relating to lockers which have remained unoperated. All bank's branches should maintain a separate complaints register in the prescribed format given for entering all the complaints/grievances received by them directly or through their Head Office/Govt. In order to improve the quality of service available to customers in branches, it would be useful if the address / telephone number of the branch is mentioned on the passbooks / statement of accounts. Reserve Bank has been receiving a number of complaints from bank customers, regarding debit of accounts even though the ATMs have not disbursed cash for various reasons. Account closing fee: 10 USD/EUR/SGD ** In case of FCNR (B) deposits the margin requirement shall be notionally calculated on the rupee equivalent of the deposits in accordance with para 9(2) of Schedule-2 of Foreign Exchange Management (Deposit) Regulations, 2000. Periodical updation of KYC data would continue to be done by bank as per prescribed periodicity. Security concerns arise in the case of certain type of card readers which facilitate multiple transactions without the need for pin validation for every successive transaction. In addition to the instructions printed in the passbook, whenever a passbook is tendered for posting after a long interval of time or after very large number of transactions, a printed slip requesting the depositor to tender it periodically should be given. Non-Profit Organization. Banks should also take care to ensure that customers with low volume of activities are not penalised. It is also reiterated that such premature withdrawal would not attract any penal charge. (ii) No new receipt is required to be issued. The charges levied on customers for inter-bank NEFT transactions at both branch locations and Customer Service Point (CSP)/Business Correspondent (BC) /agent locations are at par. Further, with regard to the savings bank accounts frozen by the Enforcement authorities, banks may continue to credit the interest to the account on a regular basis. At the time of opening of accounts of the customers, banks collect certain information. Customer service should be projected as a priority objective of banks along with profit, growth and fulfilment of social obligations. 24.6 Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes. (n) (i) open a savings deposit account in the name of Government departments/bodies depending upon budgetary allocations for performance of their functions/Municipal Corporations or Municipal Committees/ Panchayat Samitis/State Housing Boards/Water and Sewerage/Drainage Boards/State Text Book Publishing Corporations/ Societies/Metropolitan Development Authority / State/ District Level Housing Co-operative Societies, etc. Banks are, therefore, advised to invariably incorporate the aforesaid clause in the account opening form and also inform their existing as well as future term deposit holders about the availability of such an option. Banks should ensure that drafts of small amounts are issued by their branches against cash to all customers irrespective of the fact whether they are having accounts with the banks or not. (vi) The complete service charges, including services rendered free of charge. There should be no discrimination as regards intersol charges between similar transactions done by customers at home branch and those done at non-home branches. All aspects concerning renewal of overdue deposits may be decided by individual banks subject to their Board laying down a transparent policy in this regard and the customers being notified of the terms and conditions of renewal including interest rates, at the time of acceptance of deposit. The detailed information as indicated in Para (E) of Annex II may also be made available on the bank’s web-site. However, in respect of advances accounts such as cash credit account, overdraft account, the need for continuance or otherwise of these credit facilities and the cheque facility relating to these accounts should be reviewed by appropriate authority higher than the sanctioning authority. Service Charge N/A Min. (l) rewarding the best branches from customer service point of view by annual awards/running shield. 16. The interest rate for deposits less than Rs.2 crore range from 3.00% p.a. In this context, banks may, keeping in view their risk management systems, fix a minimum threshold limit, for the balance in the account of the deceased depositors, up to which claims in respect of the deceased depositors could be settled without insisting on production of any documentation other than a letter of indemnity. In BSBDA, banks are required to provide free of charge minimum four withdrawals, through ATMs and other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc It is left to the banks to either offer free or charge for additional withdrawal/s. There is an imperative need to avoid inconvenience and undue hardship to legal heir(s) of the locker hirer(s). 203/2006 dated July 28, 2006. There is something for you in there . Partnership Company. Banks should exercise due care and necessary precaution for the protection of the lockers provided to the customer. Banks are at times required to freeze the accounts of customers based on the orders of the enforcement authorities. In case the person opening the account declines to give such a letter, the bank should record the fact on the account opening form and proceed with opening of the account if otherwise found eligible. However, the transferee office should also be separately supplied with a copy of the account transfer letter. 6. If overdue period does not exceed 14 days on the date of receipt of the request letter, renewal should be done from the date of maturity. (i) The nomination facility is intended to facilitate expeditious settlement of claims in the accounts of deceased depositors and to minimise hardship caused to the family members on the death of the depositors. Further NRI/PIO may remit an amount, not exceeding USD one million per financial year, out of the balances held in NRO accounts/ sale proceeds of assets /the assets in India acquired by him by way of inheritance/legacy, on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter, and an undertaking by the remitter and certificate by a Chartered Accountant in the formats prescribed by the Central Board of Direct Taxes vide their Circular No. (vi) A copy of the complete CCP shall be made available by the branch manager, if the customers require so. If the person opening the account still does not want to nominate, the bank should ask him to give a specific letter to the effect that he does not want to make a nomination. iii. There is, therefore, a need to reverse this trend and start a process of empowering the depositor. Signature of both the depositors transaction may be allowed to open and operate Savings bank deposit,. 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