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Preamble
One of the important functions of the Bank is to accept deposits from the public for
the purpose of lending. In fact, depositors are the major stakeholders of the Banking
System. The depositors and their interests form the key area of the regulatory framework
for banking in India and this has been enshrined in the Banking Regulation Act, 1949.
The Reserve Bank of India is empowered to issue directives / advices on interest rates
on deposits and other aspects regarding conduct of deposit accounts from time to time.
With liberalization in the financial system and deregulation of interest rates, banks
are now free to formulate deposit products within the broad guidelines issued by RBI.
This policy document on deposits outlines the guiding principles in respect of
formulation of various deposit products offered by the Bank and terms and conditions
governing the conduct of the account. The document recognises the rights of depositors
and aims at dissemination of information with regard to various aspects of acceptance
of deposits from the members of the public, conduct and operations of various deposits
accounts, payment of interest on various deposit accounts, closure of deposit accounts,
method of disposal of deposits of deceased depositors, etc., for the benefit of customers.
It is expected that this document will impart greater transparency in dealing with the
individual customers and create awareness among customers of their rights.
The ultimate objective is that the customer will get services they are rightfully
entitled to receive without demand.
While adopting this policy, the bank reiterates its commitments to individual customers
outlined in Bankers' Fair Practice Code of Indian Banks' Association. This document is
a broad framework under which the rights of common depositors are recognized. Detailed
operational instructions on various deposit schemes and related services will be issued
from time to time.
Objectives
The main objectives are
• Customer Satisfaction - The Bank believes that a satisfied customer is a valuable asset of the Bank
• Building a strong base of core deposits - The Bank believes in developing a strong base of core deposits ensuring healthy rate of growth
• Compliance of Directives – The Bank shall comply with the directives / guidelines issued by RBI, IBA, Government of India and / or any other statutory authority / agency
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Thrust Areas
• The Bank shall continue efforts to broaden its customer base, focusing on deposits
of retail customers, and shall also give due weightage to bulk depositors
• While mobilizing deposits, the Bank shall give emphasis on low cost deposits.
Strategy
• The staff members posted at branches will be adequately trained to offer efficient
and courteous service to the customers and will educate them about their rights and
obligations
• It will always be our endeavor to develop personalized banking relationship with
the customers
• The Bank shall take care of the requirements of varied categories of depositors and
shall develop new innovative products and / or modify the existing products suitably
• The Bank shall aggressively market the various products but shall avoid mal-practices
• The Bank will provide “May I Help You” counters / desks/ Grahak Mitra at its
branches to guide the customers properly
• The Bank shall pay special attention to senior citizens / pensioners
• The Bank shall extend full help to handicapped and disabled persons to perform their
banking transactions
• The Bank shall endeavor to provide services to the satisfaction of customers.
However, in case of any complaint, the Bank shall ensure its expeditious redressal
• The Bank shall levy reasonable service charges for various services rendered to the
customers and shall inform about the same to the customers at the time of opening of
the account. The customers will also be informed of the various measures with regard to
safety and use of chequebook etc
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