Acceptance of deposits and maintenance of deposit accounts is the core activity in any Bank. The very basic legal interpretation of the word "Banking" as defined in the Banking Regulation Act, 1949 means accepting deposits of money, for the purpose of lending or investment, from the public repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise. Thus, deposits are the major resource and mainstay of a Bank and the main objective of a Bank is to mobilise adequate deposits to continue and grow its business. Various instructions, guidelines etc., are issued from time to time by RBI to Primary (Urban) Cooperative Banks in regard to opening and conduct / monitoring of deposit accounts. Present policy has been drawn within broad guidelines issued by Reserve Bank of India vide its Master Circular RBI/2015-16/5 DCBR.BPD. (PCB).MC.No:6/13.01.000/2015-16 dated July 1, 2015.

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 recognizes the right of depositors and aims at providing information of various aspects of acceptance of deposits from members of public, conduct and operations of various deposit accounts, payment of interest on various deposit accounts, closure of deposit accounts, procedure for payment of deposit amounts in case of deceased depositors’ accounts etc. 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. Detailed operational instructions on the various schemes and related services have been issued in the past and in future instructions shall be issued from time to time to match with the changes and guidelines issued from the RBI.

While various deposit product offered by the Bank are assigned different names, the deposit products can be categorized broadly into the following types.

1. Demand Deposit : Demand Deposit means deposit received by the Bank which is payable on demand which consist of Savings Deposit Accounts and Current Deposit Accounts.

(A)“Savings Deposit” means a form of demand deposit which is subject to restrictions as to the number of withdrawals as also the amount of withdrawals permitted by the bank during any specified period. Presently following products are offered under this type of deposits.

• Regular Savings Account
• Kalyan Kishor Kishori Savings Account
• Kalyan Yuva Savings Account
• ZERO Balance Salary Savings Account

(B)“Current Account” means a form of demand deposit wherefrom withdrawals are allowed any number of times subject to available balance and also includes other deposit accounts which are neither Savings Deposit or Term Deposit. Presently following products are offered under this type of deposits. Bank will not offer Debit card facility to Overdraft and cash credit accounts.

• Regular Current Account
• Flexi Current Account
• RERA Current Account

2. Time Deposit : means a form of demand deposit wherefrom withdrawals are allowed any number of times subject to available balance and also includes other deposit accounts which are neither Savings Deposit or Term Deposit. Presently following products are offered under this type of deposits. Bank will not offer Debit card facility to Overdraft and cash credit accounts.

• Short Term Deposits
• Fixed Deposits
• Monthly /Quarterly Interest Payable Deposits
• Reinvestment Deposits
• Kalyan Tax Saver Deposits
• Recurring Deposits
• Mangalmurti Deposit Scheme

New deposit products will be introduced and existing products will be modified by the Bank after a thorough study is made of the product, market study of similar products available in the market and customer expectation for such products.

The views and opinions of customers received through Branches / Regional Office will be taken into account while designing new products and modifying existing products. While formulating new products, the guidelines issued by Reserve Bank of India and Indian Banks’ Association will be taken into account.

All new products and modifications of existing products will be approved by the Board of Directors before being implemented.

Account opening and operations of deposit accounts (Obligation on Banker)

• The Bank has centralized Deposit Account opening Cell at Kalyan for opening of Savings and Current Accounts.
• The Bank, before opening any deposit account, will carry out due diligence as required under “Know Your Customer” and Anti Money Laundering guidelines/ directions issued by RBI, Govt. of India and policy norms or procedures adopted by the Bank.
• The due diligence process, while opening a deposit account will involve satisfying the Bank about the identity of the person, verification of address, satisfying about his occupation, source of income and obtaining recent photographs of the person/s opening / operating the account will be part of the due diligence process.
• In addition to the due diligence requirements, under KYC norms, the bank is required by law to obtain Permanent Account Number or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act/Rules.
• The regulatory guidelines require banks to categorize customers based on risk perception and prepare profiles of customers for the purpose of transaction monitoring. Inability or unwillingness of a customer to provide necessary information / details could result in bank not opening an account. Inability of an existing customer to furnish details required by the bank to fulfil statutory obligations could result in closure of the account after due notice /s is provided to the customer.
• The customer should inform any change of address or change in profile to the bank with supporting KYC documents to make necessary modification in the system.

Savings account is generally opened for the purpose of savings for the future. Interest is paid on the balance maintained as per policy approved by the board of directors based on the guidelines of Reserve Bank of India from time to time. No restrictions are imposed as far as number of time the deposits can be made and amount of deposits at any time. As regards withdrawals from savings account number of withdrawals per month should not exceed set number of withdrawals. Also in case of cash withdrawal above specified amount pre-intimation is necessary.

The bank is committed to provide basic banking services to disadvantaged sections of the society. Banking services will be offered to them through Basic Savings Bank Deposit Accounts (BSBDA) and Small Savings accounts will be opened with relaxed customer acceptance norms as per regulatory guidelines in force.

SB account can be opened for eligible person/ persons and certain organisations and agencies as advised by Reserve Bank of India from time to time.

Current Accounts can be opened by Individuals/ proprietorship firms /partnership firms/ Private and Public Limited Companies/ Limited Liability Partnerships / Hindu Undivided Family (HUF) / Associations/Societies/ Trusts etc.

For deposit products like Savings Bank Accounts and Current Accounts, the Bank will normally stipulate certain minimum balances to be maintained as part of the terms and conditions governing operation of such accounts.

The minimum balance charges will be recovered as per existing practice from the account ensuring that the balance in the savings account does not turn into negative balance solely on account of levy of charges for non- maintenance of minimum balance. The minimum balance charges will be applied after the completion of a stipulated quarter end from the date of opening of the account.

Similarly, the bank will also specify charges for issue of cheque books, additional statement of accounts, duplicate pass book, folio charges, cheque/ECS return charges etc. This information will also be made available on the website of the bank. Any changes in service charges and fees will be communicated a 30 days in advance to all customers before effecting the change through display of notice in branches and publishing on the bank’s website.

When a customer wishes to withdraw from his account through withdrawal slip the bank will insist on his passbook for verification.

Cheques, Dividend warrants, Demand Draft, Pay Order in the name as that mentioned in the account only will be accepted for collection in savings/current account.

The term 'Fixed Deposits' means deposits which are not repayable on demand but are repayable after the expiry of a fixed period. In the case of these deposits, the period of deposit is fixed at the time of opening the account and making the deposit. The period of deposit should not be less than 7 days. Each time deposit is a separate contract and no change in terms and conditions is permissible except under statutory obligations as per RBI directives till the deposit matures for payment.

Term deposit accounts can be opened by Individuals / proprietorship firms/partnership firms/ Private and Public Limited Companies/ Limited Liability Partnerships / Hindu Undivided Family (HUF) / Associations/Societies/ Trusts etc.

Accounts of Illiterate persons

• The Bank will open deposit accounts, other than Current Accounts, of illiterate persons. The accounts of such persons will be opened provided he/she calls on the Bank personally along with a witness who is known to both the depositor and the Bank.
• At the time of withdrawal / repayment of the deposit amount and / or interest, the account holder should affix his / her thumb impression or mark in the presence of the authorized officer who will verify the identity of the person. Normally, no cheque book facility or debit card is provided to such accounts.
• The Bank will explain the need for proper care and safe keeping of the passbook etc. given to the account holder. The Bank will explain the terms and conditions governing the account to the illiterate person.

• Bank will facilitate opening of Saving Bank accounts as well as Term Deposit accounts of persons with visual impairment. Such accounts will be operated by the accountholder personally.
• Such accountholders will have to be present before the branch official and affix thumb impression and they will be identified through their photograph to facilitate operations.
• Digital banking facilities via ATM and Internet banking are made available to enable visually challenged persons to operate their accounts. Other banking facilities such as cheque book facility, safe deposit lockers, retail loans, debit cards etc. are also offered to visually challenged persons without any discrimination.

• Savings bank and term deposits can also be opened in the name of persons with autism, cerebral palsy, mental retardation and multiple disabilities by the legal guardian appointed by the District Court/ Collector of District under Mental Health Act, 1987 or by the Local Level Committees set up under the National Trust for welfare of persons with autism, cerebral palsy, mental retardation and multiple disabilities under Disabilities Act, 1999.
• Hence a legal guardian so appointed can open and operate the bank account as long as he remains the legal guardian.
• Legal guardian, so appointed, will furnish an indemnity-cum- undertaking bond duly stamped as per the local law in force along with Guardianship Certificate.

In case of a person claiming to be transgender and needs to open account or to do any banking transaction, the person will be recognized as “Third Gender” and the details shall be accepted in the AOFs/ or other applicable forms as such. The salutation of such person shall be “Mx”. All transgender customers shall be treated equally to other male/ female customers without any discrimination and all kinds of banking services/products will be made available to them.

With a view to promoting the objective of financial inclusion and also to maintain uniformity among banks in opening and operating minors' accounts, branches are advised as under:

• A savings / fixed / recurring bank deposit account can be opened by a minor of any age through his / her natural or legally appointed guardian or by minor himself /herself, if he/she is above the age of 10 years. Bank may, however, keeping in view risk management systems, fix limits in terms of age and amount up to which minors may be allowed to operate their deposit accounts independently.
• On attaining majority, the erstwhile minor should confirm the balance in his / her account. A Balance Confirmation letter signed by the erstwhile minor (and the guardian, if the account is operated by the guardian) would be obtained. Upon Minor to major conversion a new set of Customer Information Form with KYC documents along with fresh Operational mandate duly verified by the natural guardian would be obtained and kept on record for operational purposes.
• Additional banking facilities like internet banking, ATM / debit card, cheque book facility etc., will be allowed subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit.

The old / sick / incapacitated account holder falls in the following two categories:

• An account holder is too ill to sign a cheque and is unable to be physically present at the branch to do transactions but can put his/her thumb impression on the cheque/withdrawal form- in such case, thumb or toe impression of the sick/old/incapacitated account holder is obtained, it will be identified by two independent witnesses known to the branch, one of whom will be a responsible bank official.
• An account holder who is not only able to be physically present at the branch but also is unable to put his/her thumb impression on the cheque/withdrawal form due to certain physical defect/incapacity- in such cases a mark will be obtained on the cheque/withdrawal form which will be identified by two independent witnesses, one of whom will be a responsible bank official. The customer will be asked to indicate to the branch as to who would withdraw the amount from the Bank on the basis of cheque/withdrawal form as obtained above and that person should be identified by two independent witnesses. The person who would be actually drawing the money from the branch will be asked to furnish his signature to the branch. In case, a person who has lost his both hands, the signature can be by means of a mark. This mark may be placed by the person in any manner. It could be toe impression also. It can be by means of mark which anybody can put on behalf of the person who has to sign, the mark being put by an instrument which has had a physical contact with the person who has to sign.

• The Bank with the permission of its Board may offer a higher rate of interest on Fixed Deposits to Senior Citizens. All kinds of term deposits accounts attracting special rates for senior citizen can be opened jointly with any other person. In all the cases, the senior citizen must be the first holder.
• Bank will render all possible assistance to senior citizens in carrying out banking transactions by providing personalized services, ensuring proper seating arrangement in banking hall, services through single window mechanism, submission of Life certificates at any of the branches, ease in filing Form 15G/H, permitting withdrawal of funds and issue of cheque book by persons authorized by senior citizens on Production of authorization letter and passbook.

The Bank will allow opening banking accounts of Non Resident Indians under the directives / regulations / notifications of the Foreign Exchange Management Act (FEMA) 1999.

• The Bank will offer to open NRE SB/TD accounts for the NRIs:
• Bank will not open NRO account subject to extant restrictions thereon.

The joint account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders. The SB A/c opened by minor jointly with natural guardian can be operated by natural guardian only. The joint account holders can give any of the following mandates for the disposal of balance in the above accounts.

• Either or Survivor : If the account is held by two individuals say A & B, the final balance along with interest, if applicable, will be paid to survivor on death of any one of the account holders.
• Anyone or survivor/s : If the account is held by more than two individual say A, B and C, final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.
• Former or Survivor : If the account is in the name of two individuals say, A & B, the final balance along with interest, if applicable, will be paid only to the former i.e. A on date of maturity and to the survivor on death of former without seeking concurrence of legal heirs of the deceased deposit holder.
• Latter or Survivor : If the account is in the name of two individuals say, A & B, the final balance along with interest, if applicable, will be paid only to the former i.e. A on date of maturity and to the survivor on death of former without seeking concurrence of legal heirs of the deceased deposit holder.
• All Jointly : If the account is in the name of two individuals say, A & B, the final balance along with interest, if applicable, will be paid to both the applicants jointly. On the death of any one of the account holders, the final balance along with the interest if applicable will be paid to the legal heirs of deceased customer and survivor jointly.

The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. This mandate can be modified by the consent of all the account holders.

At the request of the depositor, the Bank will register mandate / power of attorney given by him authorizing another person to operate on his behalf.

• Nomination facility is available on all deposit accounts opened by the individuals including joint accounts opened with or without ‘either or survivor’ mandate.
• Nomination is also available to sole proprietary concern accounts opened under current account category.
• Nomination can be made in favour of one individual only.
• Nomination so made can be cancelled or changed by the account holder/s any time during currency of the account.
• Nomination can be made or modified by the consent of all account holder/s.
• Nomination can be made in favour of a minor also. In case of minor nominee, a major person who shall act as guardian of the said minor nominee, till he/ she attains majority, has to be appointed.
• While creating, modifying or cancelling a nomination, the prescribed forms as per the Banking Companies Nomination Rules,1985 which are available with the bank would have to be used.

Bank recommends that all depositors avail nomination facility irrespective of account being a joint account or single account The nominee, in the event of death of the depositor/s, (as applicable) would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account. The name of nominee can be indicated on pass book and/or on TDR if the customer is agreeable to the same.

Interest shall be paid on savings account and term deposits at the rates and intervals as approved by the Board of the Bank within directions of RBI with regard to Payment of Interest on Deposits from time to time.

• Interest shall be credited at quarterly intervals on savings account or as directed by the regulator.
• The rate of interest on deposits will be prominently displayed in the branch premises and will also be published on bank’s website. Changes, if any with regard to the deposit schemes and other related services shall also be prominently displayed in the branch and shall also be updated on the website.
• 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. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted value. The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks’ Association.
• For the purpose of interest calculation for actual number of days (in case interest is calculated for incomplete month), the denominator is always taken as 365 days irrespective of whether it is a leap year. A month will be considered to have 30 days irrespective of actual days in a month.
• Rounding off of Transactions :
  All transactions including Payment of Interest on Deposits/Charging of Interest on Advances shall be rounded off to the nearest Rupee; i.e., fraction of 50 paise and above shall be rounded off to the next higher rupee and fraction of less than 50 paise shall be ignored.
• Payment of interest on Term Deposit maturing on Sunday/Holiday :
  In respect of a Term Deposit maturing for payment on a Sunday or a Holiday or a Non-Business Working Day interest shall be paid at the originally contracted rate on the original principal deposit amount for the Sunday/Holiday/Non-Business Working Day, intervening between the date of the expiry of the specified term of the Deposit and the Date of Payment of the proceeds of the Deposit on the succeeding working day.
• Deduction of TDS :
  The Bank has statutory obligation to deduct tax at source if the total interest paid / payable on all term deposits and Recurring 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.

The Bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or will allow an individual depositor to add the name of another person as a joint account holder.

The Customer information collected from the customers shall not be used for cross selling of services or products by the Bank, without customer’s permission. Account opening forms for all accounts seek such prior consent for use of customer information towards marketing of bank’s services and or products.

The Bank shall not disclose details / particulars of the customer's account to a third person or party without the expressed or implied consent from the customer. However, there are some exceptions, viz. disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the Bank requires disclosure.

The Bank on request from the depositor, at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit. The bank will inform the applicable interest rates for withdrawal of term deposits, to make depositors aware of the applicable rate along with the deposit rate. The interest rate shall be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. However, if the deposit is prematurely withdrawn within seven days of deposit, no interest shall be payable. No premature withdrawal of deposits under Kalyan Tax Saver Deposit Scheme will be allowed.

In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the, original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with Bank will be paid at the rate applicable to the period for which the deposit remained with the Bank, as ruling on the date of deposit, (without charging any penalty) and not at the contracted rate.

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. If request for renewal is received after the date of maturity, such overdue deposits will be renewed with effect from the date of maturity at interest rate applicable as on the due date, provided such request is received within 14 days from the date of maturity. In respect of overdue deposits renewed after 14 days from the date of maturity, interest for the overdue period will be paid as per the rate of interest applicable to savings account or the contract rate of interest on the matured Term Deposit, whichever is lower.

A SMS shall be sent seven days prior to date of maturity to all TD holders informing them about the maturity of TDRs. All term deposits, with certain exceptions like Recurring Deposits, Special Deposit Schemes, All Tax Saving Deposit Schemes, Pledged TDRs, Deposits above Rs.15.00 lacs where the RoI is different from card rate, will be automatically renewed on maturity for the same period as that of original deposit at the rate applicable on the date of maturity.

In case any depositor wishes to renew the overdue deposit which is not auto renewed and such request is received up to 14 days from the date of maturity such deposit will be renewed in the same scheme and for original period or in different scheme with effect from the date of maturity for the period desired by the customer at interest applicable as on maturity date.

• If the depositor has registered nomination with the Bank the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Bank satisfies about the identity of the nominee and on submission of documentary evidence of the death of the depositor.
• The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank. However, in case of joint accounts where the mandate is to pay to either or survivor, former / latter or survivor, anyone of survivors or survivor, etc. the payment will be made as per the mandate, and nomination will be valid only on death of all joint holders in such cases.
• In a joint deposit account, operated jointly, 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).
• 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 or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the Bank's board. This is to ensure that the common depositors are not put to hardship on account of delays in completing legal formalities.

In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the bank shall pay interest at the contracted rate till date of maturity.

From the date of maturity to the date of payment, the bank shall pay interest at the applicable rate obtained on the date of maturity, for the period remained with the bank beyond the date of maturity.

However, in case of death of the depositor after the date of maturity of the deposit. The bank shall pay interest at savings deposit rate prevailing on the date of maturity till the date of payment.

All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits (Rs.1.00 Lakh at present) and conditions. The details of the insurance cover in force, will be made available to the depositors.

The Bank will accept stop payment instructions from the depositors in respect of cheques issued by them. Charges as specified, will be recovered.

The accounts which are not operated for certain period, as prescribed by RBI from time to time, will be marked as dormant / inoperative account in the interest of the depositor as well as the bank. The depositors can request the Bank to activate the account for operating it.

The bank conducts an annual review of accounts in which there are no customer induced transactions for the last one year. Letters are thereafter, sent to the customers advising them to transact in the account, failing which the account would be classified as inoperative if there are no transactions for the succeeding one year.

The bank will not levy penal charges for non-maintenance of minimum balance in inoperative accounts. Interest on savings bank accounts shall be credited on The bank will not levy penal charges for non-maintenance of minimum balance in inoperative accounts. Interest on savings bank accounts shall be credited on

The facility is not offered through all 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.

Safe Deposit lockers may be hired by an individual (being not a minor) singly or jointly with another individual(s), HUFs, firms, limited Companies, Associates, Societies, Trusts etc. Nomination facility is available to individual(s) holding the lockers singly or jointly. In respect of lockers held in joint names and operable jointly by any two or more persons, one or more nominees can be appointed. Joint locker holders can give mandate for access to the lockers in the event of death of one of the holders on the lines similar to those for deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with view to avoid hardship to common persons, the bank will release the contents of locker to the legal heirs against indemnity after due diligence on the lines as applicable to deposit accounts.

Deposit Collection Agents

The Bank will not pay any brokerage on deposits in any form to any individual, firm, company, association, institution or any other person.

The Bank will not employ/engage any outside persons through firms/ companies for collection of deposits including Non-Resident deposits or for selling any other deposit linked products on payment of fees/ commission in any form or manner, except to the extent permitted vide Reserve Bank’s Interest Rate Directives.

The Bank will not accept any deposits at the instance of private financiers or unincorporated bodies under any arrangement, wherein the deposit confirmation advice can be issued in favour of the clients of private financiers. It also will not accept/allow authority by power of attorney, nomination otherwise for such clients receiving such deposits at maturity.

The Bank will not be associated directly or indirectly with lottery schemes of organizations of any description as per the Chits and Money Circulation Schemes (Banning) Act, 1978 (No. 43 of 1978).

Acceptance of deposits from scheduled UCBs in the nature of placement of deposits for investment purposes is NOT PERMITTED. However, acceptance of deposits (Current or Term Deposits) from other scheduled UCBs is permitted if Bank is the Sponsor Bank for providing specific services. Some of the indicative specific services for which deposits can be accepted are as follows:

• RuPay Debit Card
• RTGS/NEFT
• Clearing purposes,
• DD arrangement,
• CSGL facility,
• Foreign exchange transactions,
• Remittance facility
• Non-fund based facilities like bank guarantee (BG), letter of credit (LC), etc.

Bank will not open, maintain accounts (deposits / advances) of individuals /entities associated with Virtual Currencies(VCs) or provide any services for facilitating any person or entity in dealing with or settling VCs since virtual currency does not have legal tender status in any jurisdiction. It is a type of unregulated, digital money, which is issued and usually controlled by a set of people, used and accepted among the members of a specific virtual community. e.g. of Virtual Currencies are: Bitcoin, Zcash, Dash, Ripple(XRP), Monero (XMR).

The Foreign Contribution (Regulation) Act, states that the associations having a definite cultural, economic, educational, religious and social programme and receiving foreign contribution should get themselves registered with the Ministry of Home Affairs, Government of India and receive foreign contribution only through one of the branches of the bank as an association will specify in its application for registration with the Ministry of Home Affairs.

The Act also states that every association if not registered with the Central Government, should obtain prior permission of the Central Government before accepting any foreign contributions.

The Act also states that every association if not registered with the Central Government, should obtain prior permission of the Central Government before accepting any foreign contributions.

In this regard, Bank will take the following precautions:

• Will afford credit of the proceeds of cheques/drafts representing foreign contribution only if the association is registered with the Ministry of Home Affairs, Government of India.
• Will insist on production of a communication from the Ministry of Home Affairs conveying prior permission of the Central Government for acceptance of specific amount of foreign contribution in case the association is not registered under the Foreign Contribution (Regulation) Act, 1976.
• Will not afford credit to the account of such associations as are not registered with the Ministry of Home Affairs separately for the purpose of accepting foreign contribution under the Foreign Contribution (Regulation) Act, 1976.
• Will not afford credit to the account of such associations as have been directed to receive foreign contributions only after obtaining prior permission of the Central Government.
• Will not allow the credit of the proceeds of the cheques/ demand drafts etc. to the organizations of a political nature, not being political parties (including their branches and units) unless a letter containing the prior permission of the Central Government under the Foreign Contribution (Regulation) Act, 1976 is produced by such organizations.
• Will note the registration number as conveyed by the Ministry of Home Affairs to the various associations in the relevant records particularly the pages of the ledgers in which the foreign contribution accounts of associations are maintained to ensure that no unwanted harassment is caused to such associations.
• In case any cheque/demand draft has been tendered to the Bank for realization of its proceeds and credit to the account of the association /organization by an association or organization which is not registered or which requires prior permission, as the case may be, the Bank will approach the Ministry of Home Affairs for further instructions. In no case the Bank will credit the account of association/organization of a political nature, not being a political party, as specified by the Central Government and of an unregistered association, unless the association/ organization produces a letter of the Ministry of Home Affairs conveying permission of the Central Government to accept the foreign contribution.
• Where prior permission has been granted, such permission is to accept only the specific amount of the foreign contribution which would be mentioned in the relevant letter. The Ministry of Home Affairs is invariably endorsing a copy of the order of registration or prior permission for each association/organization to the concerned branch of the bank through which the foreign contributions are to be received for credit to the Associations/ Organizations deposit account.
• The Ministry of Home Affairs (MHA), Government of India has developed a software for submission of online reports of receipt of foreign contribution by banks. MHA has advised that submitting reports online through software would be optional till October 31, 2013. However, from November 1, 2013 onwards, online submission of report would be compulsory. In accordance with RBI’s directive, the Bank will access http://mha1.nic.in/fcra.htm website for all the details on FCRA reporting and the user guide will be accessed at http://mha1.nic.in/pdfs/USERGuideBank270813.pdf
• Non-adherence to these instructions will tantamount to violation of the provisions of the said Act. Even non-submission of the prescribed Return in time to the Government of India would be viewed very seriously and therefore the Bank will comply with the above directives.

For deposit products like savings bank accounts and current accounts, the bank will normally stipulate certain minimum balances to be maintained as part of the terms and conditions governing operations of such accounts. The charges for non-maintenance of minimum balance to be maintained by customer will be proportionate to the extent of shortfall observed. Customers would be intimated about the shortfall in the minimum balance and would be advised to restore the balance in the account within a certain timeframe. It would be ensured that the balance in the savings account/current account does not turn into negative balance solely on account of levy of charges for non-maintenance of minimum balance.

RBI has established The Depositors Education and Awareness Fund (DEAF). Under the provisions of fund, the amount to the credit of any account with the bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the fund with RBI, on the last working day of the subsequent month. The fund shall be utilized for promotion of depositors ‘interest and for such other purposes as specified by RBI from time to time. The depositor would, however, be entitled to claim from the bank his/her deposit or any other unclaimed amount or operate his/her account after expiry of ten years, even after such account has been transferred to the fund. The bank would be liable to pay the amount to the depositor / claimant and claim refund of such amount from the fund.

Depositors having any complaint / grievance, with regard to services rendered by the Bank has 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 official shall provide all required information regarding procedure for lodging the complaint.

If depositor's complaint is not resolved at the branch level, he can approach to the Head Office / Nodal Officer appointed by the Bank to get resolved his complaint / grievance.

In case the depositor does not get response from the Bank within 30 days from the date of complaint or he is not satisfied with the response received from the bank he has a right to approach Banking Ombudsman appointed by the Reserve Bank of India.

This Policy will get amended as and when RBI issued any instruction in respect of E-rupee or Digital currency. Suitable modifications will be executed as and when such directions are obtained.