9 Lesser-Known Facts About Banking Services

By | May 10, 2019

Here’s a list of 9 lesser-know banking services that can make your life easier than you imagined. 

10 lesser-known banking services

There are many rules laid out by the RBI to ensure that banks provide a friendly banking experience for customers. While most of them are well-known, there are many lesser-known rules that pertain to many small banking services and transactions. As a customer, you should be aware of the banking rules so you can have smooth banking experience.

So, without further ado, let’s take a look at 9 lesser-known facts about day-to-day banking services:

1: No restrictions on the transfer of accounts between branches

If you have moved to a different city or to a different location in the same city, you can transfer your bank account to the nearest bank branch without any restrictions. The RBI has asked banks to ensure that there is bank account portability for any customer who has fulfilled the KYC norms. So, if anyone has suggested you close your old account and open a new one at the new branch, ask for account portability facility and continue to avail banking services without much paperwork.

Additional Reading: Mobile Banking – How To Do It Right

2: You can write cheques in Hindi or local languages

 Need to write a cheque but are not well-versed with English? Don’t worry! As per the RBI guidelines, you can write a cheque in Hindi or any local language of your preference. You can even request your bank to issue a chequebook with leaflets printed in your regional language.

3: Banks should maintain trilingual forms

TheRBI guidelines clearly state that all banks need to make available all printed material used by retail customers, including account opening forms, pay-in-slips, passbooks, etc., in trilingual form. The forms of all services should be made available in English, Hindi, and one popular regional language, depending on the location of the bank.

4:  Your personal information cannot be used for cross-selling

Are you getting unwanted cross-sell calls from your bank or agents are calling you to know your account balance and other investment details? If your bank is doing so, they are breaking the rules!

As per the RBI guidelines, your personal information collected by the banks is for their own record and banks have no rights to cross-sell your information or share the same with other service providers. So, next time if you are getting any such calls, remember, you have the rights to take an action.

5: Banks cannot charge foreclosure charges on floating rate Home Loans

Has your bank or NBFC asked you to pay foreclosure or pre-payment charges for your Home Loan when you have approached? As per the rules, banks have been advised to not charge any foreclosure or pre-payment charges on floating rate Home Loans sanctioned to individual borrowers.

6: ATM related complaints should be solved within 7 working days

RBI guidelines have made it clear that all ATM-related complaints received by the banks need to be resolved within a maximum stipulated period of 7 days. The date of receipt of filing the complaint is taken as the first day of the complaint. If the bank fails to resolve the complaint, a compensation of Rs. 100 per day must be paid to the complainant. If you face any delay next time, remember to ask for compensation!

Check this: ATM Didn’t Dispense Cash But Money Debited? Here’s What To Do

7: Banks cannot deny OTC cash deposits

Many banks, due to the heavy rush at the teller’s counter, have made a norm that they will not accept Over-the-Counter (OTC) cash deposits. While they can make such a rule for safety and convenience, you are well within your right to seek an OTC cash deposit receipt.

8: Bank dispatches cheques at their own risk

Banks carry the risk of making sure that the cheque book issued in your name reaches you safely. Any loss of chequebook in transit or wrong delivery due to the fault of courier service is liability of the bank and not you as a customer. Banks cannot charge you additionally for issuing a new chequebook.

9: You can transfer term deposits

Just like your Savings Accounts, you can also transfer your term deposits from one bank branch to the other, when you are relocating. So in case you are moving to a different location or city, you need not worry about managing your deposits remotely or request for closure. You can simply request your bank to transfer it to the nearest branch of the same bank.

There you go! Psst…looking for a loan or Credit Card? We have instant-approval offers just for you. Check them out!

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