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Citizen Charter

Table of Contents



  1. Shivalik Bank strongly believes that a satisfied customer is the most important factor for growth of its business. In February 2006, Reserve Bank of India set up the Banking Codes and Standards Board of India (BCSBI) as an independent autonomous watchdog to ensure that customers get fair treatment in their dealings with Banks. The BCSBI has published the “Code of Banks’ Commitments to Customers” (the Code) which sets minimum standards of banking practice and benchmarks in customer service for banks to follow. We voluntarily follow the code as our ideal in dealings with our customers.
  2. This document called the “Citizens’ Charter” of Shivalik Bank provides key information on various facilities/services provided to customers in Shivalik Bank. The Code together with the Citizens’ Charter thus ensures high standards of accountability, responsibility and transparency in the Bank’s dealings with customers. The Charter also provides comprehensive information on Bank’s grievance redressal mechanism. It also specifies the obligations on the part of the customers for healthy banker-customer relationship.
  3. This is not a legal document creating rights and liabilities. The information on general terms and conditions provided herein may not apply to all parts of our working.
  4. Copies of the Citizens’ Charter will be available on request to all our customers at our branches, administrative offices and at our web site We will ensure that all our staff members are aware of the commitments contained in these documents and faithfully implement them.
  5. The Charter provides essential information on transactions relating to savings, current and fixed deposit accounts, collections and remittances, grievance redressal etc. For further details and complete information on terms and conditions of service visit our branches or write to our Head Office. Addresses and contact nos. are available on our website or at the address mentioned at the end of this document.
  6. Information given in the Charter is current as of Mar 31, 2014. Information given is subject to change/revision. The Bank will endeavour to update the information on the website when changes are made but please contact the nearest branch/Zonal Office/Local Head Office for the latest changes, if any.
  7. We request all our customers to keep us informed of their experiences about the customer services rendered at our branches and feel free to comment on the Code and Citizens Charter. Your feedback will help us evaluate, improve and widen our range of services. Your comments and feedback may be sent to our H.O. or you may use our Feedback form on the bank’s website.




  1. We promise that we will act courteously, fairly and reasonably in all our dealings with you.
  2. We will make sure that our documents and procedures are clear and not misleading and that you are given clear information about our products and services.
  3. When you have chosen an account or service we will give you clear information about how it works, the terms and conditions and the interest rates which apply to it.
  4. We will help you use your account or service by sending you regular statements (where appropriate) and we will keep you informed about changes to the interest rates, charges or terms and conditions by publishing revised rates on our Notice Boards at branches and also on our website.
  5. We will deal quickly and sympathetically with things that go wrong by correcting mistakes quickly, handling complaints quickly and reversing any bank charges applied in error.  For this purpose, we have set up Customer Grievances Cell within the bank and UNHAPPY sms facility so that any customer feeling UNHAPPY for any reason can send us an SMS and our Grievance Cell attends to the customer within 24 working hours.
  6. We will treat all your personal information as private and confidential, and operate secure and reliable banking and payment systems.
  7. We will publicize our Citizens’ Charter on our website and make sure that our staff are trained to put it into practice.




  1. To help us meet the “Know Your Customer (KYC)” guidelines at the time of opening the account;
  2. Take precautions that are indicated for protection of their accounts;
  3. Avail services like Automated Teller Machine (ATM), Cash Deposit Machine, SMS Banking, Net Banking, Mobile Banking, Electronic Clearing System (ECS), Electronic Fund Transfer (NEFT or RTGS as the case may be) etc. if and when offered by the branches;
  4. Avail nomination facility for their accounts and safe deposit lockers;
  5. Not to introduce any person not known personally for the purpose of opening account;
  6. Pay service charges for non-maintenance of minimum balances, return of cheques, remittances, collections etc., wherever applicable. The details of charges are available on the Bank’s web site and also with our branches;
  7. Provide valuable feedback on our services so as to enable us to correct our mistakes and improve our customer service.




  1. Savings Bank Accounts (SB A/cs) are designed to help customers inculcate the habit of savings. It helps the customers keep their surplus funds with the bank and earn interest while providing the flexibility for withdrawals.
  2. SB A/cs can be opened by an eligible individual in single name or jointly with others and by certain organizations/agencies approved by RBI.
  3. The prospective customer will need to comply with the “Know Your Customer (KYC)” guidelines which are mandatory. The objective of KYC guidelines is to prevent misuse of the banking system intentionally or unintentionally for criminal purposes/ money laundering and other fraudulent activities. The KYC guidelines also help banks to understand their customers better.
  4. The customer identification will be on the basis of documents provided by the customer such as (a) Proof of identity and (b) Proof of address. The customer has to submit the prescribed application form along with photographs in all cases.
  5. Proof of identity (any of the following with authenticated photographs thereon):
    1. Passport.
    2. Voter ID card
    3. PAN Card
    4. Govt./Defense ID card
    5. ID cards of reputed employers
    6. Driving License
  6. Proof of current address (any of the following, however, the customer is advised to verify the latest guidelines from the bank)
    1. Credit Card Statement
    2. Salary slip
    3. Electricity Bill
    4. Telephone Bill
    5. Bank account statement
    6. Letter from reputed employer
    7. Letter from any recognized public authority
    8. Ration Card
  7. In case of joint accounts, applicants who are not closely related to each other would be required to establish their identity and address independently.
  8. Basic Savings Bank Account: Under the liberalized KYC guidelines of the Reserve Bank of India, branches may open accounts for those customers who are in no position to submit the above mentioned documents provided they intend to maintain balances not exceeding rupees fifty thousand (Rs. 50,000/-) in all their accounts taken together and the total credit summation in all the accounts taken together is not expected to exceed rupees one lakh (Rs. 1,00,000/-) in a year, subject to:
    1. Introduction from another account holder who has been subjected to full KYC procedure. The introducer’s account with the bank should be at least six months old and should show satisfactory transactions.
    2. Any other evidence as to the identity and address of the customer to the satisfaction of the bank.
  9. The applicant(s) will need to come to the branch, in person, for opening the account and will sign at the relevant places in the presence of a Bank Official. The introducer may be required to come to the Bank in person if it is so warranted.
  10. The Bank is required to obtain Permanent Account Number (PAN) of the customer or declaration in Form No. 60 or 61 as per the I.T. Act (vide Section 39A) from the person opening the account.
  11. Interest @ 4% p.a. is paid on SB A/cs on daily available balance in the account. Interest is credited in Sept. and March every year. The interest rate and the method of application are subject to changes from time to time.
  12. A passbook is issued in all Savings Bank Accounts. Passbooks are immediately updated across the counter on request.
  13. Cheque books are issued on request. 25 cheque leaves are issued free in a year.
  14. Local cheques for collection will be credited to the account, except under circumstances beyond control of the Bank, within a maximum period of 3 working days depending on the clearing norms at the centre.
  15. Immediate credit will be provided for outstation collections at bank’s discretion on the basis of past satisfactory conduct of the account and if no instances of cheque return for financial reasons have been observed. Bank will pay interest for delays in collection of outstation cheques presented for credit to account beyond 7/10/14 days, depending on the center of collection.
  16. Service charges are applicable for cheques returned unpaid.
  17. Amount in withdrawal slip should be in whole rupees and minimum should be Rs.10/-. Payment by withdrawal slip to third parties is not allowed.
  18. Standing Instructions (S.I.) are accepted in SB A/cs. Service charges apply.
  19. The minimum balance required to be maintained in a Savings Bank account w.e.f. 01.01.2001 is as under:





1.With cheque facility

Rs 1000/-

Rs 1000/-

Rs 1000/-

Rs 1000/-

2.Without cheque facility

Rs 500/-

Rs 500/-

Rs 500/-

Rs 500/-

At present, no Service charges are being applied in case average quarterly balance goes down in a particular quarter. However, the bank reserves its right to change the policy as regards application of service charge for non-maintenance of minimum balance which will be notified through various media including bank’s website.

  1. No operation (withdrawals/drawings) for the last 12 and 24 months render a Savings Bank Account “Dormant” and “Inoperative” respectively.
  2. For details of service charges applicable to savings bank accounts, please ask your branch. Service charges are also available on the Bank’s web site.
  3. The service charges/minimum balance requirements are subject to change. For the latest rates please feel free to contact the branch where you maintain the account or call our helpline numbers.
  4. As per latest norms of the Reserve Bank of India, any overwriting/ material change (name of payee, amount in words and figure etc.) in cheques/ drafts/ other negotiable instruments renders it liable for rejection, hence won’t be paid by the bank.




  1. Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc.
  2. Formalities/procedures relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts. For partnership firms, limited companies HUFs, trusts etc. the documentation formalities will be provided on request.
  3. No interest is payable on credit balances in Current Accounts.
  4. The customers can receive the statements of account at desired frequency.
  5. Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques. A cheque should not normally be issued for an amount of less than Rs. 50/-.
  6. A cheque which is presented after the expiry of 3 months from the date of issue will be treated as "stale" and shall not be paid. Such cheques shall be paid only after revalidation by the drawer.
  7. Cheques should not be drawn without adequate balance or against uncleared effects, in order not to attract the penal provisions of section 138 of the Negotiable Instruments Act.
  8. The cheque book should be kept safely to prevent any misuse and consequential loss to the depositor(s). The loss of any cheque or the cheque book should be promptly reported to the Bank.
  9. Payment of a cheque can be stopped by the drawer, by giving notice in writing to the Bank, mentioning full details of the cheque, before the cheque is presented for payment. The Bank will not pay this cheque after recording 'stop payment' in its books.
  10. Standing Instructions (S.I.) are accepted in Current Accounts.
  11. As per RBI directive, the applicant for Current Account should declare in the account opening form or separately that he/they is/are not enjoying any credit facility with any Bank and if he/they does/do enjoy any credit facility, he/they should declare full particulars thereof indicating the name of the Bank/branch concerned.
  12. The minimum balance required to be maintained in a Current Account is as under:





Current Accounts

Rs 10,000/-

Rs 5000/-

Rs 5000/-

Rs 2500/-

Service charges for non-maintenance of the above mentioned minimum balance in account will be recovered based on the average minimum balance maintained during each quarter.

  1. As per latest norms of the Reserve Bank of India, any overwriting/ material change (name of payee, amount in words and figure etc.) in cheques/ drafts/ other negotiable instruments renders them liable for rejection, hence won’t be paid by the bank.
  2. Facilities like local clearing, immediate credit of outstation cheques etc are as applicable to savings accounts.
  3. The service charges/minimum balance requirements are subject to change. For the latest rates please feel free to contact the branch where you maintain the account or call our helpline numbers mentioned. 




  1. Term Deposit Accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associations, societies, trusts etc.
  2. Formalities/procedures relating to identification and introduction for opening of Term Deposit Accounts in the name of individuals are same as those mentioned for Savings Bank Account. For term deposit accounts of limited companies, partnership firms, societies, trusts etc. the documentation formalities will be made available on request.
  3. The Bank is required to obtain Permanent Account Number (PAN) of the customer or declaration in Form No. 60 or 61 as per the I.T. Act (vide Section 39A) from the person opening the account.
  4. Term Deposit Accounts can be opened for a minimum period of 15 days up to maximum period of 10 years. The minimum/maximum periods are subject to change.
  5. The rates of interest vary depending on the period of deposit, amount of deposit & age of customer. The rates applicable as on date can be obtained from the branch and is also available at our website. Interest is payable at quarterly intervals or at the time of maturity. Interest is also payable monthly at discounted rates.
  6. The Bank issues receipt (Term Deposit Receipt - TDR) for amounts kept in each fixed deposit account.
  7. Premature closure of Term Deposit is normally allowed. The rate of interest payable will be the applicable rate (at the time of opening the fixed deposit account) for the period for which the deposit has run less penalty of 1%. The penal provisions for premature closure are subject to change from time to time and may also vary with deposit schemes.
  8. Loan facility is available up to 88% of the principal amount of Term Deposit.
  9. In the absence of specific instructions from the customer, a Term Deposit on maturity is automatically renewed for the same period at the rate of interest prevailing on the date of maturity. The auto-renewal shall happen two times.
  10. The maturity proceeds will be credited to the current/savings bank account of the depositor or paid via an account payee instrument, if the total deposit of a customer in all types of accounts in the branch exceeds Rs. 20,000/-.
  11. Interest on Term Deposits is subject to deduction of income tax at source. Exemptions are allowed under certain conditions as specified under the Income tax Act 1961 such as the payment of interest to shareholders of the bank. The full particulars of tax provisions applicable will be provided on request. Depositors may furnish Form 15H in duplicate to receive interest without tax deduction at source (TDS).
  12. Form 15H is not acceptable when total interest payable by the Branch to a customer exceeds Rs.50,000/-.
  13. The Bank will issue TDS certificates for the tax deducted. As per extant rules and regulations, Shivalik Bank is exempted to deduct TDS on account of interest income if the depositor is a member of the bank.
  14. The Bank may introduce branded term deposit schemes with options /features more attractive to customers. Some of the above provisions in such deposit schemes may be subject to restrictions. Please contact the branch/web site to know the details of such deposit schemes.
  15. The interest on the Short Term Deposit Account (up to less than 6 months) is paid at simple interest rate. For higher periods the interest is compounded at quarterly intervals and principal and interest are paid on maturity.
  16. Minimum amount of deposit is Rs.1,000/- and thereafter, in multiple of Rs.100/-.
  17. The Bank offers other variants of fixed deposits like recurring deposit accounts etc. Further details can be had from the branch where you wish to open the account.




  1. Nomination facility is available for all deposit accounts and safe deposit vaults.
  2. Nomination is available for accounts opened in individual capacity (i.e. single / joint accounts as well as accounts of a sole proprietary concern) only, i.e. not for accounts opened in representative capacity.
  3. Nomination can be done in favour of one person only.
  4. Nomination can be made, cancelled or varied by the account holder anytime during his/her life time. While making nomination, cancellation or variation, witness is required and the request should be signed by all account holders.
  5. Nomination can be made in favour of a minor also. During the period the minor does not attain majority, the natural guardian will receive the amount on the minor’s behalf.
  6. For the existing accounts where nomination is not made, the account holder/s can do so by filling up form available with the branches.
  7. The right of nominee to receive payment from the Bank arises only after the death of the depositor in single account and death of all depositors in case of joint accounts.
  8. Customers (new as well as existing) are advised to avail nomination facility, if they have not availed so far. In case the depositor does not wish to make nomination, the same should be recorded on the account opening form by the depositor(s) with their full signature.




  1. Immediate credit of Outstation/ Local cheques:
    1. Outstation cheques:

Branches may allow immediate credit of outstation cheques up to and inclusive of Rs. 20,000/- tendered for collection by the customers for satisfactorily conducted accounts, at the discretion of the bank if there has been no previous instance of cheque being returned unpaid for financial reasons, and on the following conditions:

  1. The facility will be available to individual deposit account holders without making a distinction about their accounts i.e. Savings Bank/ Current Account etc. It will be available at all branches.
  2. Normal collection and out of pocket charges are to be recovered for outstation cheques.
  3. In case of outstation cheques, the facility will be restricted to one or more cheques for aggregate amount not exceeding Rs. 20,000/- at a time ensuring inter-alia that the liability on account of outstanding of cheques purchased does not exceed Rs. 20,000/- at any time.
  4. Local Cheques:
    1. Negotiation of local cheques/ instruments will not be encouraged. However, Branch Managers may use their discretion in exceptional circumstances to permit immediate credit of local instruments up to Rs. 20,000/- for deposit accounts on recovery of collection charges of Rs. 300/- per instrument.
    2. No charges will be levied for local collection of cheques/instruments which are collected through clearing except for item (b)(i) above.
  5. Cheques returned unpaid
    1. If cheque/ instrument for which immediate credit has been afforded is returned unpaid, Bank shall recover interest at clean overdraft rate for the period Bank remained out of funds and recover prescribed cheque returned charges subject to the following:
      1. No interest will be charged to the customer for the period between the date of credit of the outstation cheque and the date of its dishonour by the paying bank.
      2. Bank will charge interest from the date of dishonour of the cheque till the reimbursement of money to the bank.
      3. Where the cheque is credited to a Savings Bank account, no interest will be payable on the amount so credited if the cheque is returned.
      4. If proceeds are credited in an overdraft/ loan account, interest would be recovered at applicable rate on the amount of returned cheque/ instrument.
  1. Time frame for collection of local/outstation instruments:
    1. Time frame for collection of cheques/ instruments to be as under:

Collection up to 500 km       :           7 days

Collection beyond 500 km    :           14 days

  1. 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:

  1. Interest shall be payable without any claim from the customers, if the proceeds are not realised/credited to the customer's accounts within the period.
  2. The rate of interest payable will be equivalent to the savings bank rate, if the collection of outstation instruments is delayed beyond the stipulated period of 6/8/10/14 days 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 the Prime Lending Rate of the Bank as notified from time to time.
  3. A delay would be regarded as abnormal if the period of delay exceeds 45 days from the date of deposit of the cheque/instrument from the customer for credit to his account.
  4. For abnormal delays, the rate of interest payable would be 2% above the savings bank interest rate in deposit accounts and 2% above Bank’s Prime Lending Rate in case of overdraft/loan accounts.
  5. Such interest shall be payable with a minimum of Rs. 10/- even if the interest calculated works out to less than Rs. 10/-.
  1. Local cheques:

The customers’ account should be credited in respect of local cheques latest on third working day from the date of acceptance of the cheques at the counters/deposited in drop boxes within the time indicated for local clearing on the same day and on fourth working day if deposited beyond the timings indicated on drop boxes.

Normal collection charges will be levied for local cheques not collected through clearing irrespective of the amount of cheques.




  1. Customers can make local payment through Banker’s Cheques and remit funds from one centre to another through drafts, pay-orders, electronic funds transfer (RTGS, NEFT etc.) at specified service charges (exchange). Currently, there is no charge on inward/ outward NEFT/ RTGS.
  2. Drafts are issued on our branches or on correspondent banks where we don’t have our own branch.
  3. The issue and payment of Banker’s cheques and drafts in cash across the counter is subject to Income Tax provisions and RBI guidelines against money laundering activities. Issue of these instruments of Rs. 50,000/- and above is not permitted against cash but only through debit to customer’s account.
  4. Banker’s cheques/ drafts for an amount of Rs.50,000/- and over will not be paid in cash, but only for credit of the payee’s account or to his banker.
  5. Drafts of Rs.50,000/- and above are required to have signatures of two authorised officials. Before taking delivery of the drafts, please verify that the draft is complete in all respects including signature of the official(s) along with their specimen signature numbers at the place provided for.
  6. Banker’s cheques and drafts are valid for 3 months. Since no overwriting is permitted on cheques/ DDs and an instrument bearing some overwriting is not paid by the paying bank, a DD/ pay-order can only be cancelled and re-issued. Revalidation is not possible. Standard charges would apply for cancellation/ reissue of a DD/ pay-order.
  7. The Bank may not insist on production of sureties for issue of duplicate demand drafts for amounts up to Rs 50, 000/- if the applicant/ purchaser after complying KYC norms is maintaining a satisfactorily conducted account with the issuing branch for a minimum period of six months as on the date of issue of original draft and he/she is considered good for the amount involved.
  8. The bank will issue duplicate demand draft to the customer within 14 days from the date of receipt of request. For delay in issuing duplicate draft beyond the above stipulated period, the banks will pay interest at the rate applicable for fixed deposit of corresponding maturity in order to compensate the customer for such delay.
  9. Where the bank is found to have committed an error in non-payment of a draft/ remittance issued by it to a holder in due course, the customer will be compensated with interest at Bank rate for the number of days the instrument remains unpaid from the date of its first presentment.




The bank may not insist on succession certificate from legal heirs irrespective of amount involved if there are no disputes among survivors and all legal heirs join in indemnifying the bank. However, the bank may adopt such safeguards in considering settlement of claims where the Bank has reasonable doubts about the genuineness of the claimant(s) being the only legal heir(s) of the deceased depositor.

The procedures/ documentation for settlement of claims has been considerably simplified if there are no disputes among legal heirs:

  1. Claims for Aggregate Balances up to Rs 50,000/- will be settled on furnishing:
    1. Declaration on the claim format signed by the claimants together with one independent person known to the family of the deceased and acceptable to bank.
    2. A stamped Letter of Indemnity from all claimants (other than those who have furnished the stamped letter of disclaimer).
    3. No sureties are required for claims up to Rs 50,000/-.
  2. Claims for Aggregate Balances above Rs 50,000/- up to Rs. 1 Lakh:
    1. Declaration from one independent respectable person unconnected but well known to the deceased family and acceptable to bank.
    2. One surety good for the amount. If one surety is not considered good for the amount another surety may be obtained (both jointly good for the amount).
    3. Stamped Letter of Indemnity from all claimants (other than those who have furnished the stamped letter of disclaimer).
  1. Claims for Aggregate Balances above Rs 1 Lakh
    1. Claim Form to be signed by all claimants (other than those who have furnished the stamped Letter of Disclaimer)
    2. Affidavit (stamped) from one Independent respectable unconnected but well known to the deceased family and acceptable to bank.
    3. One surety good for the amount. If one surety is not considered good for the amount, another surety may be obtained (both jointly good for the amount).
    4. Stamped Letter of Indemnity from all claimants (other than those who have furnished the stamped letter of disclaimer).

In all the cases Bank will satisfy itself by making enquiries that there are no other claimants to the assets of the deceased and also that constituent died intestate and there are no disputes among the claimants and all claimants sign the Letter of Indemnity.




  1. Various other deposit schemes to meet the requirements of individual depositors, like Monthly Income Scheme, Quarterly Income Scheme, SMCB Double, Daily Deposit Scheme etc., are available at all/ some select branches. Detailed information on these schemes is available from our branches.
  2. Deposit Schemes for Senior Citizens: The fixed deposits of senior citizens (60 years and over) attract additional interest. These are subject to change.
  3. Safe Deposit Lockers: This ancillary service is available at select branches. The customers can avail it by hiring lockers of various sizes. The lockers can be hired by an individual, firms, limited companies etc. for a minimum period of one year for which rent is payable in advance. Nomination facility is available to the hirer. Terms and conditions and annual hire charges can be obtained from the branches. The hire charges are also available on the Bank’s website.
  4. Automated Teller Machine (ATM) card is issued to all savings bank and current account holders. At present, the ATM card is being issued free of charge but annual charge may be levied from next year onward. The Shivalik Bank card belongs to Rupay network of RBI/ Govt. of India and is accepted at all ATMs of all banks in India which are members of National Financial Network. The ATM card can be used to make cash withdrawals from ATM and for making balance enquiry, PIN change and for such other services as may be enabled by the bank from time to time. For more, updated information about ATM cards, please contact any of our branch or bank’s website.




  1. The Bank has laid down procedures for fair and expeditious handling of customer’s grievances.  UNHAPPY sms may be sent to 92666 80802 and the bank's Customer Grievances Cell contacts the person who has sent the SMS within 24 working hours and tries to sort out the issue at appropriate level.  Besides, the customers are encouraged to meet the officer concerned or the Branch Head of the Branch / Office. If still unsatisfied, Cluster Head of the relevant Cluster may be approached - phone numbers of which are available on bank's website / notice board at each branch.  The Cluster Head will ensure that the customer’s needs are attended to. Customers may also demand the complaint book, which is available in all branches, and lodge written complaint. A copy of the complaint shall be returned to customer with acknowledgement of receipt.  A complaint box has been prominently kept in the banking hall in each branch and a dissatisfied customer may drop his/her complaint into this box.  Our efforts will be to ensure that the redressal of the complaint takes place expeditiously and in any case within a maximum period of one week. If for any reason the branch is unable to redress the grievance within a week, the customer will be informed of the reasons and the action taken for early redressal.
  2. In case of difficulty with the branch, or unsatisfactory reply in respect of complaint lodged with the Branch, the customer can approach the General Manager at H.O. under whose administrative control the Branch functions. Contact details are available at Bank’s website.
  3. In case the customer is unhappy with the service or redressal provided by the bank he can also approach the Banking Ombudsmen located in State Capitals for redressal. The contact details and the procedure for approaching the Banking Ombudsmen will be provided by our helplines. The details are also available at  




  1. Scope:

FAIR LENDING PRACTICES CODE (FLPC for short) is a voluntary code adopted by our Bank, which aims to achieve synchronization of best practices while dealing with Customers. It aims to provide valuable inputs to Customers and facilitates effective interaction of customers with the Bank.

  1. Extent:

FLPC would be applicable in the Bank from the date it is placed in the Bank’s website or is otherwise publicised through the media.

FLPC contains 8 important declarations from us, the spirit of which pervades the entire FLPC provisions.

  1. Important declarations:

The Bank declares and undertakes

  1. To provide in a professional manner, efficient, courteous, diligent and speedy services in the matter of retail lending.
  2. Not to discriminate on the basis of religion, caste, sex, descent or any of them.
  3. To be fair and honest in advertisement and marketing of Loan Products.
  4. To provide customers with accurate and timely disclosure of terms, costs, rights and liabilities as regards loan transactions.
  5. If sought, to provide such assistance or advice to customers in contracting loans.
  6. To attempt in good faith to resolve any disputes or differences with customers by setting up complaint redressal cells within the organization.
  7. To comply with all the regulatory requirements in good faith.
  8. To spread general awareness about potential risks in contracting loans and encourage customers to take independent financial advice and not act only on representations from banks.
  1. Fair Practices:
    1. Product Information:
      1. A prospective customer would be given all the necessary information adequately explaining the range of loan products available with the Bank to suit his/ her needs.
      2. On exercise of choice, the customer would be given the relevant information about the loan product of choice.
      3. The Customer would be explained the processes involved till sanction and disbursement of loan and would be informed of timeframe within which all the processes will be completed ordinarily at our bank.
      4. The Customer would be informed of the names and phone numbers of branches and the persons whom he can contact for the purpose of loan to suit his needs.
      5. The Customer would be informed the procedure involved in servicing and closure of the loan taken.
    2. Interest Rates
      1. Interest Rates for different loan products would be made available through and in anyone or all of the following media, namely:
        1. In the Bank's Web site
        2. Over phone, if Tele Banking services are provided
        3. Through prominent display in the branches and at other delivery points
        4. Through other media from time to time
      2. Customers would be entitled to receive periodic updates on the interest rates applicable to their accounts.
      3. On demand, Customers can have full details of method of application of interest.
    3. Revision in Interest Rates:
      1. The Bank would notify immediately or as soon as possible any revision in the existing interest rates and make them available to the customers in the media listed above.
      2. Interest Rate revisions to the existing customers would be intimated within 7 working days from the date of change through notifications in the Bank’s Website/ media/ notice board at branches.
    4. Default Interest/ Penal Interest:
      1. The Bank would notify clearly about the default interest/penal interest rates to the prospective customers.
    5. Charges:
      1. The Bank would notify details of all charges payable by the customers in relation to their loan account.
      2. The Bank would make available for the benefit of prospective customers all the details relating to charges generally in respect of their retail products in the media specified above.
      3. Any revision in charges would be notified in advance and would also be made available in the media as listed above.
    6. Terms and Conditions for Lending:
      1. The Bank would ordinarily give an acknowledgement of receipt of loan request and if demanded by the customer, a copy of the application form duly acknowledged would also be given, as soon as the customer chooses to buy a product of or service of his choice.
      2. Immediately after the decision to sanction the loan, the Bank would show draft of the documents that the customer is required to execute and would explain, if demanded by the customer, the relevant terms and conditions for sanction and disbursement of loan.
      3. Loan Application forms, Draft documents or such other papers to be signed by a customer shall comprehensively contain all the terms and conditions relating to the product or service of his choice.
    7. Accounting Practices:
      1. The Bank would provide regular statement of accounts, unless not found necessary by the customers.
      2. The Bank would notify relevant due dates for application of agreed interest, penal interest, default interest, and charges if they are not mentioned in the Loan applications, documents or correspondence.
      3. The Bank would notify in advance any change in accounting practices which would affect the customer before implementation
    8. Information Secrecy
      1. All personal information of the customer would be confidential and would not be disclosed to any third party unless agreed to by customer. The term 'Third party' excludes all Law enforcement agencies, Credit Information Bureaux, Reserve Bank of India, other banks/ financial and lending institutions.
      2. Subject to above Para, customer information would be revealed only under the following circumstances;
        1. If our Bank is compelled by law
        2. If it is in the Public Interest to reveal the information
        3. If the interest of the Bank require disclosure.
    9. Financial Distress:
      1. The Bank would sympathetically reckon cases of customer's financial distress.
      2. Customers would be encouraged to inform about their financial distress as soon as possible.
      3. The Bank would adequately train the operational staff to give patient hearing to the Customers in financial distress and would try to render such help as may be possible in their view.
    10. Grievance Redressal
      1. The Bank would have a Grievance Redressal Cell/ Department/ Centre within the organization.
      2. The Bank would make available all details as follows, to the customers individually on demand and through the media listed above:
        1. Where a complaint can be made
        2. How a complaint should be made
        3. When to expect a reply
        4. Whom to approach for redressal of grievance etc.
      3. Response to a complaint whether positive or negative or requiring more time for redressal would generally be given within a maximum period of one week from the date of receipt of complaint, unless the nature of complaint is such that requires verification of voluminous facts and figures.