These
terms and conditions apply to and regulate the operations
of the Current Account by BBK in addition to any other terms
as stipulated by the Bank from time to time.
1.
Account Opening :
The
account opening formalities are governed by the policies
of the Bank and may be revised from time to time. It may
require customer/s to submit duly filled account opening
form (AOF) along with the prescribed set of documents stipulated
including Permanent Account Number (PAN) or Form 60/61,
to the satisfaction of the Bank.
2.
Operating Accounts :
- All
the Current Accounts shall be operated by the authorised
signatory/ies either singly/jointly as may be specified
in the AOF.
- Any
change in operational instructions or any other information
with regard to the AOF, in case of joint accounts is
to be given by all the joint account holders and in
case of Current Accounts is to be given by the Customer
in writing with satisfactory evidence clearly mentioning
the name of the authorised signatory/ies on behalf of
the Customer, irrespective of the mode of operation.
- The
Customer shall open the Account with a minimum average
balance as prescribed by the Bank from time to time.
The Customer shall be responsible for maintaining a
minimum average balance as prescribed. Failure to maintain
the prescribed average balance will attract service
charges and such charges may be deducted by the Bank
from the Customer's Account.
- The
Customer/s is/are expected to provide PAN/GIR No. or
Form 60/61 or any other document as may be prescribed
by tax authorities from time to time for opening the
Account, acceptance of cash deposits etc. in accordance
with the provisions of f the Income Tax Rules, 1962
and compliance thereof.
3.
Statement of Account :
- The
Bank may send through courier or post at such intervals
as the Bank may deem fit to the mailing address furnished
by the Customer, statements of account, balance confirmation
certificate, cheque books, , various PIN mailers and
such other items relevant or pertaining to the Account.
The Statement of Accounts for each Account shall be
issued & charged on a frequency as determined by
the Bank for each Account. It is incumbent upon the
Customer to intimate change in mailing address, if any,
immediately along with requisite proof of address. The
Bank shall not be responsible for any loss, damage or
consequences for wrong delivery of the above items arising
out of non-intimation of change in mailing address.
- The
Customer/s is/are expected to examine the entries in
the Account statement upon receipt, and draw the attention
of the Bank if any irregularities, discrepancies, errors
or omissions that might be discovered within seven (7)
days from the date of receipt of Account statement/updation
of passbook. The Bank shall not be responsible nor liable
for any loss arising out of failure on the part of the
Customer to (a) carry out examination of entries in
the passbook/statement and/or If the Bank does not receive
any intimation to the contrary within seven (7) days,
the Bank may assume that the statement/updation is correct
and the same shall be deemed to be accepted by the customer.
The Bank also reserves the right to rectify discrepancies
in the statement of Account, if any, at any point of
time.
- The
Bank shall not be responsible for statements lost in
mail/post. The Customer should contact the Bank promptly
if the Statement is not received and ask for duplicate
statements, if required. Duplicate statements are issued
at the request of the Customer on payment of a prescribed
fee.
- With
the approval or at the request of the Customer, statement
of Account may be sent to the Customer's e-mail address.
Customers are required to verify the authenticity of
the emails received by them and the Bank shall not be
liable in the event if any statements are received by
the Customer's from fraudulent persons / imposters.
The Bank shall not be liable in the event of any defects
or failure in the computer system / network of the Customer
on account of receipt of email/s by the Customer from
the Bank.
4.
Safe Keep of Debit Card, Passwords and Cheque Book :
The
Customer shall be solely responsible for the safe-keeping
and the confidentiality of the statements of account, balance
confirmation certificate, cheque books, ATM card and its
PIN, user id and passwords relating to internet banking
and such other items relevant or pertaining to the Account.
5.
Conduct of Account :
- Transactions
are entertained normally during banking hours at the
branch where the Account is maintained or at any other
Bank Branches under Core Banking. The Bank shall not
be liable for any delay on any account of failure of
connectivity.
- Standing
instructions are accepted free of charge for transferring
funds from Account to Fixed deposit or Recurring deposit
accounts. Other standing instructions are subject to
service charges.
- The Bank
in its sole discretion may restrict the number of withdrawals
in the Account.
6.
Dormant Account :
The
Bank may classify an Account as Inactive/Dormant, if there
are no customer-induced transactions for 12 months. Customer
induced transactions shall mean any credit or debit transactions
done by a Customer in his/her/its Account through the following
modes :
1. Transactions through cheque.
2. Cash or cheque deposit.
3. Withdrawal or deposit through ATM.
4. Transaction by standing instruction & ECS.
The Bank may in its sole discretion deny Services and/ or
transaction in the Account of a Customer, which has been
classified as inactive or dormant.
7.
Charges / Fees :
Charges
in connection with the operation of the Account and the
Services would be temporarily levied at the rates as are
applicable at the relevant point of time . The Charges/Fees
are subject to amendment or modification from time to time
and the customer is bound to abide by the prescribed Charges/Fees
as may be made applicable by the Bank in its sole discretion.
Charges will be debited to the Account at such intervals
as may be deemed fit by the Bank.
Any
action of the Bank in amending, altering, modifying or canceling
the fees shall not be treated as accrual of any right whatsoever
to claim the applicability of same rate of charges/fees
for future transactions. The rates of Charges/Fees are
not fixed, but are temporary in their nature and subject
to withdrawal or variation by the Bank from time to time.
The
Bank will also have the right to set-off the service charges,
charges for non-maintenance of Minimum Balance prescribed or any wrong credit or
late cheque returns reported by the correspondent bank/counter
party by debiting the Account, without requirement of providing
further notice or seeking additional consent/authorisation.
The cheque so returned shall be sent to the Customer at
the last known address as per the Bank’s records.
The
Customer agrees and confirms that in the event any of the
Services in connection with the Account are/become liable
to tax under the applicable laws and regulations, the Customer
shall bear all the taxes or duties (by whatever name called)
in connection with such Services and the Bank is hereby
authorised to deduct any such amount from the Account, without
requirement of providing further notice or seeking additional
consent/authorisation.In the event of occurrence of any
of the above events, the Customer shall receive balance
amounts, net of all deductions made as per the terms and
conditions hereof. The Customer shall be intimated at the
last address provided by the Customer to collect all such
amounts, from the Bank. In case the Customer does not collect
the amounts within the time period stipulated by the Bank
in the communication sent to him / her as above, then the
Bank shall send the amounts at the last known address of
the Customer and will not be liable for any reason whatsoever
in case of non-receipt of such amount/s by the Customer
or any losses or damages incurred by the Customer as a consequence
thereof.
8.
Death or Incompetence or Insolvency :
The
Customer agrees to notify the Bank promptly if any of the
joint account holders or authorized signatory/ies of the
Account dies or is declared incompetent by a court or insolvent.
The Bank may place a freeze on the Account and stop all
operations when any of the joint accountholders or authorized
signatory/ies dies or is declared incompetent or insolvent.The
Bank may retain the freeze on the Account until it establishes
the identity and credentials of the successor/beneficiary
to its satisfaction.
9.
Nomination :
Nomination
facility is available for the Account in the names of individuals.
Only one nominee is permissible for an Account and the nomination
is to be made by the Customer duly witnessed by a third
person. The Customer should ensure that he/she gets/is given
the acknowledgement as per the nomination rules framed by
Reserve Bank of India. The Customer is at liberty to change
the nominee, through declaration in the appropriate form
to revise the nomination during the currency of the Account
with the Bank.
10.
Sharing of Information :
The
Customer undertakes and authorises the Bank, to exchange,
share or part with all the information, data or documents
relating to his/her/its application to other Banks / Financial
Institutions/ Credit Bureaus / Agencies / Statutory Bodies
/Tax authorities /Central Information Bureaus/ such other
persons as the Bank may deem necessary or appropriate as
may be required for use or processing of the said information
/ data by such person/s or furnishing of the processed information
/ data / products thereof to other Banks / Financial Institutions
/ credit providers / users registered with such persons
and shall not hold the Bank liable for use of this information.
11.
Change of Terms :
The
Bank shall have the absolute discretion to amend or supplement
any of these Terms at any time. The Bank may communicate
the amended Terms by hosting the same on the Website or
in any other manner as decided by the Bank.
The Customer shall be responsible for regularly reviewing
these Terms including amendments thereto as may be informed
from time to time via mails/e-mails/website and any other
media.
12.
Withdrawal of Service :
The
Bank reserves the right to withdraw/modify/change/cancel/alter
any services after notice to the Customer without assigning
any reason.
13.
Non-Transferability :
The
Account and the Services provided to the Customer are not
transferable under any circumstance and shall be used only
by the Customer. However, the Bank shall have the right
to transfer, assign or sell all its rights, benefits or
obligations to any person and these Terms shall continue
to be in force and effect for the benefit of the successors
and assigns of the Bank.
14.
Notices :
Notices
in respect of the Account, the services and facilities in
connection with the Account may be given by the Bank either
through email or posting/couriering a letter to the Customer's
last known address as per the Bank’s records and the
same shall be deemed to have been received by the Customer
within 7 days from the posting/delivery.
All
notices in connection with the Services or the Account by
the Customer to the Bank shall be in writing and sent to
the address as provided below and all notices shall be deemed
to be received by the Bank only upon acknowledgment of receipt
of the same in writing by the Bank.
15.
Closure / Freezing of the Account :
The
Bank reserves the right to close or freeze the Account(s)
at any time at its sole discretion, without liability, after
due notice to the Customers for reasons which may include,
but not limited to, the following:
-
In case any of the documents furnished towards Identity
and address proof are found to be fake / forged / defective.
-
Account opening cheque is returned unpaid for financial
reasons/ signature not matching.
- In case
fraudulent / forged / fake cheques / bank drafts or
any such instruments are attempted to be cleared / cleared
through the Account.
- In case
of frequent returns of inward / outward cheques in the
Account.
- In case
of order from any competent court.
- Improper
conduct of the Account in terms of volume / type of
transactions.
- For
unsatisfactory conduct of the Account.
The
Customers shall be solely liable for return of cheques /
dishonouring of any instruments consequent to such closure
and all costs / charges arising out of such closure / freezing
of the Account(s).
Upon closure of the Account(s) for any of the reasons specified
above or otherwise, the Customer shall take steps to collect
any balance amount in the Account, if any, and till such
time the Customer collects such amounts, the Bank
reserves the right to keep such amounts in its custody.
These
terms & conditions shall be in addition to & not
in substitution or derogation to the Rules & Regulations
governing the opening and operation of accounts.
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