PREFACE
A need was felt by us at The Delhi State Coop. Bank Ltd. that in order to become more customer friendly the Bank should come out with charter of its services for the customers. This document highlights the Banks’ commitments towards customer satisfaction, thus ensuring accountability and responsibility amongst our officials and staff. This charter for customers not only explains our commitment and responsibilities along with the redressal methods but also specifies the obligations on the part of customers for healthy practices in customer-banker relationships.
It is not a legal document creating rights and obligations. The Citizens’ Charter does not by itself create new legal rights, but it surely helps in enforcing existing rights. We request all our customers to keep us informed of their experiences about the customer services rendered at our branches and feel free to comment on the Code and Citizens’ Charter. Your feedback will help us evaluate, improve and widen our range of services. Your comments and feedback may be sent to the branch or Head office.
Place:New DelhiA.G.M.
Date: 30.08.2022 (Audit & Inspection)
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COMMON PRACTICES FOLLOWED BY OUR BRANCHES:
1. Display business hours.
2. Render courteous services.
3. Attend to all customers present in the banking hall at the close of business hours.
4. Display interest rates for various deposit schemes.
5. Offer nomination facility to all deposit accounts (i.e., account opened in individual capacity) and all safe deposit locker hirers (i.e., individual hirers).
6. Notify change in interest rates on advances.
7. Provide details of various deposit schemes/ services of the Bank.
8. Provide RTGS/NEFT facility, Direct Benefit Transfer (DBT) and also issue Demand Drafts, Pay Orders, etc.
9. Provide facility for lodging complaint/ suggestion in the branch premises.
10. Display address of Officer dealing with customer grievances/complaints.
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FAIR BANKING PRACTICES
The Delhi State Cooperative Bank Customers are requested to:
1. Ensure safe custody of cheque book and account statements.
2. Issue crossed/ account payee cheques as far as possible.
3. Check the details of the cheque, namely, date, amount in words and figures, crossing etc. before issuing it. As far as possible, issue cheques after rounding off the amount to the nearest rupee.
4. Not to issue cheque without adequate balance, maintain minimum balance as specified by the Bank.
5. Not to sign blank cheque(s) and also not record their specimen signature either on pass book or on cheque book.
6. Use nomination facility to their accounts.
7. Safe keep account/ locker numbers, details of F.D.R., account statements etc. and ensure confidentiality.
8. Provide accurate information about name, address, telephone number, etc. and also inform changes, if any, to the Bank immediately.
9. Inform loss of demand draft, fixed deposit receipt, cheque leave(s)/ book, key of locker etc. immediately to the Bank.
10. Avail standing instructions facility for repeat transactions.
11. Pay interest, instalments, locker rent and other dues on time.
12. Bring any deficiency in services to the notice of the bank.
13. Extend their cooperation in providing the KYC Documents and verification.
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COMMON AREAS OF CUSTOMER BANKER RELATIONSHIP
TYPES OF DEPOSIT:
While various deposit products offered by the Bank are assigned different names. The deposit products can be categorized broadly into the following types. Definition of major deposits schemes is as under: -
a) “Savings deposits” means a form of demand deposit which is subject to restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the Bank during any specified period;
b) “Term deposit” means a deposit received by the Bank for a fixed period withdrawable only after the expiry of the fixed period and includes deposits such as Recurring Deposits/Fixed Deposits /Cash Certificate deposit etc.
c) “Current Account” means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account. Minimum balance as stipulated from time to time will be required to be maintained and non-maintenance of the stipulated minimum balance shall attract penalty on a monthly interval. No interest is paid on credit balances kept in current account. In addition to the KYC of the account opening Organization / Legal entity, bank shall also ensure KYC of Beneficial Owner of the Organization/ opening entity.
MINOR’S ACCOUNTS:
In terms of Indian Majority Act, a minor is a person below the age of 18 years, but in case of minor whose guardian is appointed by the Court, he/she attains the majority at the age of 21 years.
a. The minor can open Savings Bank Account and the same can be operated by the natural guardian/guardian. It is permissible to open any type of deposit account in the name of a minor operated by natural guardian/guardian within the framework for minor account – but no current account should be opened, in the name of the minor.
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b. On attaining majority, the erstwhile minor should confirm the balance in his/her account and if the account is operated by the natural guardian /guardian, fresh specimen signature of erstwhile minor duly verified by the natural guardian would be obtained and kept on record for all operational purposes.
BASIC SAVINGS DEPOSIT ACCOUNT:
The bank is committed to providing basic banking services to disadvantaged sections of the society. Banking services will be offered to them through Basic Savings Bank Account (No Frill Accounts) and accounts will be opened with relaxed customer acceptance norms as per regulatory guidelines.
SAFE DEPOSIT LOCKERS:
This facility is offered through select Bank branches and wherever the facility is offered, allotment of Safe Deposit vault will be subject to availability and compliance with other terms and conditions attached to the service. Nomination facility is available to individual(s) holding the lockers singly or jointly.
NOMINATION FACILITY:
The bank recommends that all depositors avail nomination facility. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.
INTEREST PAYMENT:
Savings Bank Account:
Savings Interest is deregulated by Reserve Bank of India and paid as decided by bank. Interest shall be calculated on daily closing balance.
Term Deposit:
Term deposit interest rates are decided by the Bank within the general guidelines issued by the Reserve Bank of India from time to time. In terms of Reserve Bank of India directives, interest shall be calculated at quarterly intervals on term deposits and paid at the rate decided by the Bank depending upon the period of deposits.
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The bank has statutory obligation to deduct tax at source if the total interest paid / payable on all Term Deposits held by a person exceeds the amount specified under the Income Tax Act. The bank will issue a tax deduction certificate (TDS Certificate) for the amount of tax deducted. The
depositor, if entitled to exemption from TDS can submit declaration in the prescribed format at the beginning of every financial year.
TERM DEPOSITS OF OVERDUE RENEWAL:
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. In the absence of any maturity instructions or renewal instructions, all term deposits are automatically renewed for a period equal to that of the original deposit at the rates prevailing at the time of renewal.
PAYMENT OF BALANCE IN ACCOUNTS OF THE DECEASED CUSTOMERS TO SURVIVORS / CLAIMANTS
If the depositor(s) has / have registered a Nomination with the Bank, the balance outstanding in the account of the deceased depositor(s) will be paid to the nominee after the Bank satisfies itself about the identity of the nominee.
In the case of joint accounts, the nominees right arise only after the death of all the depositors. In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s).
If the joint account holders had given mandate for disposal of the balance in the account in the forms such as "either or survivor, former / latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to the survivors.
In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs / surety(s) (where applicable) or the person mandated by the legal heirs to receive the payment up to the limit approved by the Bank. This is to ensure that the common depositors are not put to hardship on account of delays in completing legal formalities.
Bank may call for Succession Certificates from the legal heirs of deceased depositors in cases a) where there are disputes and all the legal heirs do not join in indemnifying the Bank and b) in certain other cases where the Bank has a reasonable doubt.
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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.
DORMANT / INOPERATIVE ACCOUNTS:
Accounts which are not operated for a period of two years will be treated as dormant / inoperative account, in the interest of the depositor as well as the Bank. As per the prevalent guidelines a savings as well as current account is treated as Inoperative/ dormant if there are no transactions in the account for over a period of two years. For the purpose of classifying an account as in-operative both the type of transactions i.e., debit as well as credit transactions induced at the instance of customers as well as third party are considered.
1) Operation in an “in-operative account” is allowed after due diligence as per risk category of the customer. The genuineness of the transaction, verification of the signature and identity of the customer is ensured.
2) Branch Manager will permit “Credits” into “in-operative accounts” after complying with KYC requirements a fresh i.e., identity of the customer is established again that too beyond doubt.
STANDING INSTRUCTIONS:
Standing instructions can be given to the Bank for transfer/remittance of funds from one account to other account(s) maintained in the same branch, any other branch of the bank.
DIRECT DEBIT:
The Bank offers Electronic Clearing Service (ECS) facility for effecting periodic payments by "direct debit" to the customer's account. This facility is mainly used for payment of utility bills/EMI of Loans/Insurance Premium/Investment in Mutual Funds, etc. Details of ECS facility are available at all the branches.
SERVICE CHARGES:
The bank provides various services to customers for which service charges are levied. The charges are reviewed / revised from time to time. Service charges are levied for collection and remittance of funds, processing of loan proposals, issue of guarantees, safe custody, issue of duplicate instruments / statements, ledger folio charges etc (as per Compendium of Charges). Cash Handling Charges.
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Positive Pay System for Cheque Truncation System:
The concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits electronically, through channels like SMS, mobile app, etc., certain minimum details of that cheque (like date, name of the beneficiary / payee, amount, etc.) to the drawee bank, details of which are cross checked with the presented cheque by CTS.
TIME-NORMS FOR VARIOUS BANKING TRANSACTIONS:(subject to completion of all documents)
S.No Particulars Approximate Time
1 Opening of Savings Bank Account 1 day
2 Opening of Current Deposit Account 2 days
3 Opening of Term Deposit Account 15minutes
4 Loan against Deposits 15 minutes
5 Cash Deposits 5 minutes
6 Cash Withdrawal 5 minutes
7 Issue of Cheque Book 10 minutes
8 Issue of Pay Order 15 minutes
9 Updating of Passbook 10 minutes
10 Closure of Account 10 minutes
REDRESSAL OF COMPLAINTS AND GRIEVANCES:
Customers having any complaint / grievance with regard to services rendered by the Bank have a right to approach authority (ies) designated by the Bank for handling customer complaint / grievances. The details of the internal set up for redressal of complaints / grievances will be displayed in the branch premises. The branch officials shall provide all required information regarding procedure for lodging the complaint. In case the depositor does not get response from the Bank within 30 days from date of complaint or he is not satisfied with the response received from the Bank, he has a right to approach Internal Banking Ombudsman appointed by the Reserve Bank of India.