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Collection Policy (w.e.f. 14.01.2008) |
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Immediate Credit of outstation/local cheques |
Local Cheques
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Interest
payment for delayed collection |
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(D)
Interest
payment for delayed collection :
It is the responsibility of Bank to collect the instruments
within the time frame prescribed for the purpose and to
compensate the customers for delays due to non-adherence to time
schedule, Following guidelines are, therefore, laid down :
I)a) Interest shall be payable without any claim from the customers, if the
Instruments are not realized / proceeds credited to the customer's accounts within
the period as mentioned in paragraph (C) above.
b) The rate of interest payable will be 5% p.a. if the collection of outstation
Instruments are delayed beyond the stipulated period and upto 45 days where the
proceeds of the instruments are to be credited to the deposit accounts. Where proceeds
are to be credited to overdraft or loan accounts of the customers, the interest payable
would be at SBBJ-BPLR. |
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II)
For abnormal delays, the rate of interest payable would be 1% above the prescribed rate
(i.e. 5% p.a.) in deposit accounts and 1% above SBBJ-BPLR in case of overdraft/loan
accounts.
III) Such interest shall be payable with a minimum of Rs. 10/- even if the
interest calculated works out to less than Rs. 10/-.
IV) In respect of cheques / instruments sent for collection to foreign countries
Bank will value date the collection once the proceeds have been credited in the NOSTRO
Account of the bank / with its correspondent.
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(E)
Cheques / Instruments lost in transit / in clearing process Or at paying banks branch:
In the event a cheque or an instrument accepted for collection is lost in transit or in
the clearing process or at the paying bank's branch, the bank shall immediately on
coming to know of the loss of instrument not only bring the same to the notice of
the account holder so that drawer can be informed to record stop payment and also
take care that cheques, if any, issued by him / her are not dishonored due to non-credit
of the amount of the lost cheques / instruments but also compensate the customer as per
Bank's Compensation Policy. The bank would also advise the drawee bank all particulars
of lost cheques / instruments for exercising caution and provide all assistance to the
customer in obtaining a duplicate instrument from the drawer of the cheque.
Force Majeure
The bank shall not be liable to compensate customers for delayed credit if some
unforeseen event (including but not limited to civil commotion, sabotage, lockout,
strike or other labour disturbances, accident, fire, natural disasters or other
"Acts of God", war, damage to the bank's facilities or of its correspondent bank(s),
beyond the control of the bank prevents it from performing its obligations within
the specified service delivery parameters.
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