This Deposit policy outlines the guiding principles in respect of formulation of various deposit products offered by Qatar National Bank, SAQ, Mumbai branch (herein under called the ‘Bank’) and terms and conditions governing the conduct of these accounts. The document recognizes 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, payment of interest, closure and method of disposal of deposits for the benefit of customers. This document is a broad framework under which the rights of common depositors are recognized.
This document will impart greater transparency in dealing with the l 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.
It is expected that this document will impart greater transparency in dealing with customers and create awareness among customers of their rights. The 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 and the code of Banks commitment to customers of the Banking Codes and Standards Board of India.
Deposit products can be categorized broadly into the following types. Definition of major deposits schemes are as under :
Types of Deposit Accounts
The deposit products can be categorized broadly into the following types. Definitions of major deposits schemes are as under:
1. “Demand Deposits” means a deposit received by the Bank which is withdrawal on demand.
2. “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.
3. “Term deposit” means a deposit received by the Bank for a fixed period withdrawable only after the expiry of the fixed period and include deposits such as Recurring / Double Benefit Deposits / Short Deposits / Fixed Deposits / Monthly Income Certificate / Quarterly Income Certificate etc.
4. “Notice Deposit” means term deposit for specific period but withdrawal on giving at least one complete banking day’s notice.
5. “Current Account” means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit.
Key features on operation on different types of accounts
1. Account Opening and Operation of Deposit Accounts :
A. The Bank before opening any deposit account will carry out due diligence as required under the "Know Your Customer" (KYC) guidelines issued by RBI and Anti Money laundering Rules & Regulation (AML) and or such other norms or procedures adopted by the Bank including Group Regulations on customer Due Diligence. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening the account will be informed to him and the final decision of the Bank will be conveyed to him at the earliest.
B. The account opening forms and other material would be provided to the prospective depositor by the Bank. The same will contain details of information to be furnished and documents to be produced for verification and / or for record. It is expected of the Relationship Manager and/or Bank official opening the account, to explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he approaches the Bank for opening a deposit account. The Bank may also ask for additional documents if required for account opening.
C. The regulatory guidelines require banks to categories customers based on risk perception and prepare profiles of customers for the purpose of transaction monitoring. Inability or unwillingness of a prospective customer to provide necessary information/details could result in the bank not opening an account.
D. Inability of an existing customer to furnish details required by the bank to fulfill statutory obligations could also result in closure of the account after due notice(s) is provided to the customer.
E. For deposit products like Savings Bank Account and Current Account, the Bank may stipulate certain minimum balances to be maintained as part of terms and conditions and rules governing operation of such accounts. Failure to maintain minimum balance in the account will attract levy of charges which will be specified by the Bank in their Schedule of Charges. Similarly, the Bank will specify charges for issue of cheques books, additional statement of accounts, etc. which will be mentioned in their Schedule of Charges. All such details, regarding Terms and Conditions and Rules for operation of the accounts and Schedule of Charges for various services provided will be communicated to the prospective depositor while opening the account or from time to time as the case may be. The depositor may seek information/clarification regarding any of these items at the time of opening the account from the Relationship manager or bank officials.
F. Savings Bank Accounts can be opened by Individuals, HUFs and certain organizations / agencies (as advised by Reserve Bank of India (RBI) from time to time).
Current Accounts can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc.
Term Deposits Accounts can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc.
G. The due diligence process, while opening a deposit account will involve satisfying the KYC and AML norms issued by RBI and by the Bank as per its Group norms. Obtaining introduction of the prospective depositor from a person acceptable to the Bank and obtaining recent photograph of the person/s opening / operating the account are part of due diligence process,depending on type of customer as per Bank requirement.
H. In addition to the due diligence requirements, under KYC norms the Bank is required by law to obtain Permanent Account Number (PAN) or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act / Rules.
I. Deposit accounts can be opened by an individual in his/her own name (status : known as account in single name) or by more than one individual in their own names (status : known as Joint Account) . Savings Bank Account can also be opened by a minor jointly with natural guardian or by a guardian appointed by a court of Competent Jurisdiction (Status : known as Minor's Account). Minors above the age of 10 will also be allowed to open and operate saving bank account independently. However no overdraft will be grated to these minors.
J. The Bank does not offer any special accounts / interest rates for Senior Citizens.
K. Services Post Account Opening. : The customer receives the welcome kit from the bank within 3 working days from the date of receipt of the complete account application and supporting documents required by the Bank. Welcome Kit sent to the customer is enclosed with a Welcome letter, Cheque book and Terms & Conditions & Rules governing Savings / Current / Term Deposit accounts.
L. The Bank does not encourage cash deposit.
M. Operation of Joint Account - 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 the account holders. The Savings Bank Account opened by minor jointly with natural guardian / guardian can be operated by natural guardian / guardian only.,
N. The joint account holders can give the following mandates for the disposal of balance in their accounts:
a. 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 anyone of the account holders.
b. Joint : If the account is held by two individuals say, A & B, under a joint mandate both the holders will be required to sign on all instructions issued to the Bank.
c. Anyone or Survivor/s : If the account is held by more than two individuals say, A, B and C, the final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.
The above mandates will be applicable to or become operational only on or after the date of maturity in case of term deposits. This mandate can be modified by the consent of all the account holders.
O. 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 allow an individual depositor to add the name of another person as a joint account holder. However, in no case should the amount or duration of the original deposit undergo a change in any manner in case the deposit is a term deposit, subject to complying with requisite formalities of the Bank.
P. The Bank may at its discretion and at the request of all the joint account holders of a deposit, allow the splitting up of the joint deposit in the name of each of the joint account holders only provided that the period and aggregate amount of the deposit do not undergo any change.
Q. At the request of the depositor(s), the Bank will register power of attorney given by him, authorizing another person to operate the account on his behalf.
The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity.
In case of absence of any instructions deposits will be treated as an auto renewal deposit and should be renewed for a similar period.
2. Nomination :
Nomination facility is available on all deposit accounts opened by the individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favor of one individual only. Nomination so made can be cancelled or changed by the account holder/s any time. While making a nomination, cancellation or change thereof, it is required to be witnessed by a third party. Nomination can be modified by the consent of the account holder/s. A Nomination can be made in favor of a minor also.
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 as a trustee of legal heirs. In case of a joint deposit account, the nominee’s right arises only after the death of all the depositors. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.
3. Account Statement :
A statement of account will be provided by the Bank to Savings and Current Accounts periodically as per Terms and Conditions and Rules of opening of the account.
The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor.
4. Directives on Interest Payment :
i) Interest shall be paid on saving account at the rate specified by Reserve Bank of India directive from time to time. However, term deposit interest rates are decided by the Bank within the general guidelines issued by the Reserve Bank of India from time to time. The Bank will not pay interest on monies lying in Current Accounts as per the applicable guidelines prescribed by Reserve Bank of India and would adhere to such guidelines as they change from time to time.
ii) In terms of Reserve Bank of India directives, interest shall be calculated at quarterly intervals on cumulative term deposits and paid at the rate decided by the Bank depending upon the period of deposits.
iii) The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks' Association. Interest will be paid by the Bank proportionately for the actual number of days reckoning the year at 365 days for local deposits and 360 days for FCNR (B) deposits irrespective of whether the year is a leap year or not.
iv) The rate of interest on deposits will be prominently displayed in the branch premises. Changes, if any, with regard to the deposit schemes and other related services shall also be communicated upfront and shall be displayed.
v) 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.
5. Timings :
The cut-off time for accepting cheques and other instruments for collection by the Bank is as under:
Monday to Friday – 9.30 hours to 15.00 hours
Clear credit for cheques and other instruments sent in clearing or collection will be subject to the Banks ‘Cheque Collection Policy’.
Standing Instructions-Will be implemented on the day of receipt of instructions.
Stop payment- Within 15 minutes of receipt of instructions
6. Minors’ Accounts :
i) The minor can open Savings Bank Account and the same can be operated by the natural guardian or by minor himself / herself, if he/she is above the age of 10 years. The account can also be opened jointly.
ii) 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.
7. Account Closures :
If the customer wishes to close his current / savings account, the Bank will close the account within five working days of receiving instructions.
Under normal circumstances, the Bank will not close customer accounts without giving at least 30 days notice. Examples of circumstances, which are not normal include, improper conduct of account etc. In all such cases, the customer will be required to make alternate arrangements for cheques already issued by him and desist from issuing any fresh cheques on such accounts.
8. Maturity Instructions for Term Deposits :
The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity
If there are no instructions received from the customer, The Bank will Auto Renew the Term deposit for the same tenor as that of the existing deposit. The Term Deposit shall continue to be Auto renewed till such time instructions to the contrary are received by the Bank from the Customer.
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.
The Deposits will be auto renewed along with interest. The renewal will be in accordance with the provision of the relevant RBI scheme / guidelines in force at the time of renewal.
9. Premature Withdrawal Of Term Deposit :
The Bank on request from the depositor, shall 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 declare their penal interest rates policy for premature withdrawal of term deposit. The Bank will make depositors aware of the applicable rate along with the deposit rate. The Bank at its discretion may disallow premature withdrawal of large deposits held by entities other than Individuals and HUFs.
10. Premature Renewal Of Term Deposit :
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 the bank will be paid at the rate applicable to the period for which the deposit remained with the bank and not at the contracted rate, The bank may levy penalty for pre-matured closure of an the existing deposit at such rates as may be decided by the bank from time to time
11. Advances Against Term Deposits :
The Bank may consider request of the depositor/s for loan / overdraft facility against term deposits duly discharged by the depositor/s on execution of necessary security documents. The Bank may also consider loan against deposit standing in the name of minor, however, a suitable declaration stating that loan is for the benefit of the minor, is to be furnished by the depositor - applicant.
12. Settlement Of Dues In Deceased Deposit Account :
With a view to remove delays in settlement of claims to the nominee / legal heirs of the deceased depositors, the Bank has formulated a separate ‘Deceased / Missing Depositors Policy’. The said policy lays down guidelines with respect to claim settlement of deceased depositors and missing persons in respect of deposits.
Facilitation of other banking services
1. Stop Payment Facility :
The Bank will accept stop payment instruction from the depositors in respect of cheques issued by them. The Bank’s prevailing charge as per the Schedule of Charges will be levied for each stop payment order placed by the customer.
2. Dormant Accounts :
Accounts which are not operated for a period of over 24 months of time will automatically get classified as ‘dormant / inoperative account’ whereupon further debit transactions are not permitted in the ordinary course. This is in the interest of the depositor as well as the Bank. The depositor will be informed of charges, if any, which the Bank will levy on dormant / inoperative accounts. Request for activation of the account has to be made by the customer and the customer is subject afresh to KYC norms and relevant formalities of the bank.
3. Foreign Exchange Services :
Foreign exchange rates are published by the Bank on a daily basis. The customer will be informed about the exchange rate applicable on the date of receipt of funds. The customers’ account will be credited with the funds on the same day if the funds are received before 1400 hours (Monday - Friday) and the next working day if the funds are received after 1400 hours.
Safeguarding customer interests
1. Customer Information :
The customer information collected from the customers shall not be used for cross selling of services or products by the Bank, their subsidiaries and affiliates. If the Bank proposes to use such information, it will be strictly with the consent of the account holder, obtained at the time of account opening or subsequently.
2. CIBIL and other Disclosures
The customer understands that as a pre-condition for allowing the customer to have the said Accounts, the Bank requires the customer’s consent for the disclosure by the Bank of, information and data relating to the customer, obligations assumed/to be assumed, by the customer in relation thereto and defaults, if any, committed by the customer, in discharge thereof. Accordingly, the customer hereby agrees and gives consent for the disclosure by the Bank of all or any such, (a) information and data relating to it; (b) information or data relating to any credit facility availed of/to be availed, by it, and (c) default, if any, committed by it, to the Credit Information Bureau (India) Ltd and any other agency authorised in this behalf by the RBI.
The customer undertakes that:
(a) the Credit Information Bureau (India) Ltd and any other agency so authorised may use, process the said information and data disclosed by the Bank in the manner as deemed fit by them; and
(b) the Credit Information Bureau (India) Ltd and any other agency so authorised may furnish for consideration, the processed information and data or products thereof prepared by them, to banks/financial institutions and other credit grantors or registered users, as may be specified by the RBI in this behalf.
The customer further consents to share the information / documents about the customer with any entity of the QNB Group (branch or subsidiary), in order to enable the Bank to meet requirements under any regulation(s) applicable in any country, where any entity of QNB Group is located and/or where any entity of QNB Group may be so requested by any local judicial and/or administrative authority or regulatory body and to participate in any risk management centralization proceedings and internal cross-selling process of QNB Group.
3. Insurance Cover for Deposits :
All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force ,will be made available to the depositor.
4. Redressal Of Complaints And Grievances :
Depositors 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 as per the ‘Customer Grievance Redressal Policy’.
The branch officials shall provide all required information regarding procedure for lodging the complaint as per the Policy. In case the depositor does not get a response from the Bank within the timelines specified in the Policy or he is not satisfied with the response received from the Bank, he has a right to approach the Banking Ombudsman a statutory body appointed by the Reserve Bank of India to look into the provision of satisfactory service by banks.
This policy is subject to revision based on the extant RBI and other related guidelines from time to time.
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