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Bank's Best Practices Code -> Renewal of Accounts
Deposits in the Accounts
The account holder may deposit as often as she / he desire either in Saving Bank or Current account. However cash deposits for less than Rs. 50 will not be accepted. Cash, cheques, drafts, etc should be deposited along with pay in slip duly completed and signed.
Operations in the Account
a. For Normal accounts: The account holder can withdraw money personally from his / her ordinary bank account by using Bank’s withdrawal form. The passbook must accompany the withdrawal form. The account holder cannot withdraw an amount less than Rs. 50.
b. For Cheque operated accounts: The account holders must use only the cheques from the chequebooks issued to them by the Bank. The Bank reserves the right to refuse payment of any cheques drawn otherwise.
Withdrawals in the Account
The account holders can remit funds for credit of their accounts through post by way of money orders wherein full details of the account, including the distinctive account number, must be clearly mentioned. If the account holder(s) is too ill / old to sign a cheque or may be physically incapable to attend the Bank to personally withdraw the money by affixing her / his thumb impression on the withdrawal form.
Dormant / Inoperative Accounts
Accounts in which there have been no withdrawals / deposits for the last twelve months will be termed as Dormant Accounts. Accounts, in which there have been no operations, whether Debit or Credit , during the last twenty four months , are termed as inoperative accounts. Account holders, in their own interest are advised to avoid their accounts becoming dormant / inoperative. Moreover absence of their contact with the Bank for such a long period may affect Bank’s capacity to extend prompt services at the eleventh hour. The Bank will levy service charge as under on all inoperative accounts with balances below the stipulated minimum amount. After 10 years, this account will transferred to unclaimed deposit account.
Renewal of Overdue Deposits
Banks are free to renew overdue domestic term deposits at an interest rate prevailing on the date of maturity provided the depositor approaches the bank within 14 days from the date of maturity of the deposit. In case, the application for renewal is made 14 days after the date of maturity, the rate of interest offered should be the rate prevailing on the date of renewal of deposit. Banks also have freedom on the interest rate payable for the period between the date of maturity and date of renewal.
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