Fair Practice

Customer service:

a)     Members of the staff are available at their respective counters at least 15 minutes before the commencement of business hours at all branches of the Bank

b)    All the customers who enter the banking hall before the close of business hours shall be attended to.

c)     No counter remains unattended during the business hours, uninterrupted service is rendered to the customers.

d)    To maintain proper hygiene (general cleanliness) proper furniture and facilities for drinking water for customers.

e)     All branches shall have ‘Enquiry’ or ‘May I help you? Counter, either exclusively or combined with other duties, located near the entry point of the banking hall.

f)     Providing minimum banking facilities of receipt and payment of cash, cheques, remittances, exchange of soiled notes etc. at bank’s counter.

g)     Customers are given complete information about our products and services, minimum balance requirements, the interest rates and service charges, besides the terms and conditions applicable to them in a transparent manner through the following methods as per their preference.

·      By sending SMS or e-mails

·       Through electronic or print media

·       Display on our website

·       Display on branch notice board

·       Display on website

h)    Adequate & appropriate Training imparted to staff attending to customers to be always prompt and courteous to deal quickly and sympathetically with a view to mitigate possibilities of complaints.

Deposit and other Accounts: The Bank shall carry out due diligence as required under “Know your customer” (KYC) guidelines and ask for necessary documents or proofs in this regard.

a)    Term Deposit/Recurring Deposit accounts: The Bank accepts deposits repayable on demand and at fixed maturities which are repayable normally after the expiry of fixed periods. Demand deposits include Saving & Current accounts.

Options of payment of interest on monthly, quarterly or on due date. Customers can avail facility of loans/overdrafts against their term deposits.

b)    Rights of Transgender Persons-Changes in Bank Forms/Applications: In case of a person claiming to be transgender, 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.

c)     Issuance of Pass Books & Statement of Accounts: Full address/telephone number, MICR Code, IFSC Code of the branch on all Pass Books / Statement of Accounts issued to customer. Pass Books facility is extended free of cost to all account holders. Pass Books are updated on an ongoing basis and are generally updated immediately on submission.

d)    Remitter’s details are furnished in Pass Books/Statement of Account in case of credits received by customers through NEFT/RTGS/ECS.

e)    Brochures and Pamphlets: Bank has made available bilingual brochures/pamphlets to its customers giving details of various schemes available and terms & conditions thereof.

f)     Nomination Facility: Nomination facility available on all deposit & locker accounts.. In cases of nomination, cancellation and/ or variation of nomination, the receipt of the duly filled nomination form shall be acknowledged by the Bank in writing irrespective of whether the same is demanded by the customer.

g)    Recording of nomination: When an account holder has availed himself of nomination facility, the same shall be recorded on the face of the passbook / term deposit advice with the legend “Nomination Registered”. In addition to the legend, the Bank shall also indicate the name of the nominee on customer’s request.

h)    Income tax provisions applicable: As per prevailing provisions of income tax on interest accruing on deposits, the Bank accept Form 15 G or 15 H as applicable from its customers at the time of application if they are not liable to tax on interest income. The Bank also issue interest certificates as required.

i)     Standing Instructions: The Bank provides facility of standing instructions to its customers in all deposit accounts, locker facility and loan accounts.

j)     Accounts of Minors: Minors above the age of 10 and having ability to sign uniformly shall normally be allowed to open and operate savings account independently.

k)    Illiterate persons, blind persons, mentally challenged, old & incapacitated persons: The Bank may open savings and term deposit accounts in the names such persons provided they met the criteria and after completing necessary formalities.

l)     Undesirable accounts: In cases where the operations in savings or current accounts are not satisfactory, the Bank may decide to close the account and pay the balance in the account to the depositor after giving due notice.

m)  Claims in respect of missing persons: The settlement of claims in respect of missing persons would be governed by the provisions of Section 107 / 108 of the Indian Evidence Act, 1872.

Deposit Insurance: Deposit Insurance & Credit Guarantee Corporation, a wholly owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of Rs.1 lakh to Rs.5 lakh per depositor with effect from February 4, 2020 with the approval of Government of India subject to certain limits and conditions.

Safe deposit lockers: Existing customers of the Bank who are fully compliant with CDD criteria and the customers who are not having any other relationship with the bank may be given the facilities of safe deposit locker/safe custody article facility after complying with CDD criteria under Know Your Customer (KYC) Master Directions, 2016 and subject to ongoing compliance. Due diligence shall be carried out for all the customers in whatever rights and capacities they may be hiring the locker.

Fixed Deposit as Security of Lockers: The bank shall obtain a term deposit, at the time of allotment of locker, which would cover three years’ rent and the charges for breaking open the locker in case of such an eventuality. If locker rent is collected in advance, the proportionate amount of advance rent collected shall be refunded to the customer In the event of surrender of a locker.

Cheque collection / clearing:

a)    Instant credit: Facility of instant credit of outstation cheques upto Rs. 5,000 in satisfactorily conducted accounts to be provided.

b)    Delay in collection of outstation cheques to be compensated by paying interest at 2% p.a. above savings bank rate, if such interest payable is Rs. 5/- or more. However, if the proceeds are to be credited to the borrowal accounts, like cash credit/over-draft/loan, etc. banks have to pay at the minimum lending rate that will be stipulated by RBI from time to time.

c)     Dishonoured instruments to be returned/dispatched to the customer within 24 hours.

d)    Alterations/corrections are not allowed on cheques forms (with exception of date) as per RBI guidelines. A fresh cheque is to be issued in lieu thereof. .Branches must return the cheques prima-facie which are having alterations/corrections except for date validation purposes.

e)    Stop payment facility: The Bank provides stop payment facility in respect of cheques issued by its customers and duly acknowledge such requests as and when received.

Information to CICs:

The Branches should ensure that the credit information in respect of consumer/commercial establishments to be submitted to the Credit information company on monthly basis in the prescribed format.

The full information of the customers is to be submitted to the CICs mandatorily. For instance, Officially Valid Documents (OVD) like PAN Number, Aadhaar Number, Voter I Card Number etc are provided.

Grievances/redressals & feedback

a)     Customers may register their complaints by sending email at ipbank@ipbankonline.com for general queries and complaints.   Complaints received through email shall be acknowledged and resolved in a time bound manner depending upon the nature of complaint.

b)    Customers can also submit their grievances by post to the Bank at its branches and Head Office.

c)     For complaints, additional information & assistance related to Debit Card/Internet Banking/Mobile Banking, customer may contact our Customer Care No. 9625300213. IT team specializes in resolving complaints related to digital products.

d)    A complaint box is available at all branches of the Bank which shall be opened by the authorized officials on weekly basis.   Requisite records are to be kept in a register and prompt action is taken by the bank/branch to resolve the issue, if any.

e)     Complaint book with perforated copies is available with the Branch Manager who will instantly provide an acknowledgement to the customer with an intimation to the Head office.

f)     Complaint Register is maintained at branches & Head Office to record details of complaints/grievances received and their closure after redressal is updated.

g)     Grievance Redressal Policy document of the Bank has been placed on its Website.

h)    The Bank is covered under Integrated Ombudsman Scheme of RBI.

Loans and advances:

A.    Loan application & processing: The Bank extends secured and unsecured loans to its members. Non-members are not eligible for any credit facility of the Bank except against the security of their deposits with the Bank or to stand as surety for any credit facility sanctioned by the Bank.

1. All Application Forms shall be comprehensive and shall include complete information about the rate of interest and various other charges of the bank, and also incorporate the conditions for allowing pre-payment of the Loans by the borrower.

ii.   Loan Applications received are acknowledged and are disposed-off in a

time bound manner.

iii.  All requests of credit facilities are to be disposed-off within a maximum period of 30 days.

iv. Reason of rejection of any Loan Application shall be recorded clearly and shall be provided to the applicant on demand.

v.  All Credit Proposals are to be properly appraised by the branches to arrive at the need based requirements of finance.

B) Disbursement: Disbursement of all sanctioned credit facilities ensured within a maximum period of two working days, after the execution of Loan Documents and compliance of all the terms and conditions of sanction by the borrower.

1. Post disbursement follow up shall be in a customer friendly manner so as to ensure that no undue hardship is caused to the borrower.

1. A notice of a minimum period of 15 days shall be given to the borrower in case of any change in sanctioned terms & conditions or to recall the credit facility in case of defaults.

1. All securities charged in bank’s favour by the borrower as security for credit facilities shall be released within three working days of liquidation of entire credit facilities, subject to bank’s right off Set off & Lien as per Law, with         prior notice.

1. Credit reports of the borrowers are to be updated regularly and no instances of repayment including that of the last instalment are left unreported.

Customer education/awareness:

–       It is mandatory to register your mobile number as per RBI guidelines;

–   Sending SMS / e-mails on registered mobile numbers / email ids of customers about activating mobile banking, providing necessary URLs / customer care / help line numbers;

–  Do and don’ts for customers on use of electronic banking have been displayed on website of the bank;

– The Bank never asks for your account details such as account number, login ID, password, PIN, UPI-PIN, OTP, ATM / Debit card / credit card details. Never share such details with anyone.

– An Alert / message is sent by the bank ATM channel for every transaction at the ATM on registered mobile number of the customer.

– The Bank follows the Security Standards appropriate to the complexity of services offered as per regulatory guidelines.

– Appropriate risk mitigation measures like transaction limit, fraud checks, AML checks are taken by the bank.

– Bank asks for KYC updation in all accounts and may freeze operations in such accounts where KYC documents have not been submitted by customers.

– The Bank has instituted adequate risk control measures to manage risks on account of breach of secrecy, denial of services.   Bank maintain secrecy and confidentiality of customers’ accounts.

The Unlawful Activities (Prevention) Act, Combating Financing Terrorism (as amended from time to time): In terms of provisions of Prevention of Money-laundering Act, 2002 and Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time by the Govt. of India, the Bank is under an obligation to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise monitor its transactions and in the process shall take steps to implement the provisions of the Act including operational instructions issued.

Further, As per Master Directions on Know Your Customer of RBI, it shall be ensured that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967, the Bank do not have any account in the name of the individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by the periodically circulated by the United Nations Security Council (UNSC).

Positive Pay: The Reserve Bank of India had announced introduction of Positive Pay System for Cheque Truncation System (CTS) which involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheques are required to submit electronically, through channels like SMS, Mobile app, internet banking etc. certain minimum details of that cheques (like date, name of the beneficiary/payee, amount etc.) to the drawee bank, details of which are cross checked with the presented cheques by CTS. Any discrepancy is flagged by CTS to drawee bank and presenting bank, who would take redressal measures.

Maximum Time

Deposit of Cash

(* Depending upon amount & denomination of Currency Notes)

Issuance of Cheque Books (personalized)