The Bank offers it's services to the public and invites them:
To become the customer of the Bank subject to satisfaction and fulfillment of the requirements of the Bank. Once admitted to the fold of the Bank as Customer the Bank strives to ensure them time-to-time.
To avail the services of the Bank subject to the rules and provisions laid down by RBI, Govt of India and Bank's policies from time to time.
To be heard by the competent authority of the Bank subject to prior appointment.
To choose any of the Bank's products and services and the right to have the knowledge about the products and services.
To have knowledge about the provisions on grievances redressal of customers and right of access to it.
To get information regarding the rules and regulations framed by the Bank for various transactions relevant to customers.
The right of the customers shall be subject to the limitation determined by law, framed by the Government, Reserve Bank of India, the Indian Bank's Association and Andhra Bank from time to time.
Secrecy
Secrecy norm will be observed to protect the interests of customers.
Saving Bank Accounts
An Indian Citizen can open a Savings Bank Account in his/her name or jointly with others (Payable to Either or Survivor) Requirements for opening the account:
a) Two recent passport size photographs (duly signed).
b) Specimen Card-cum-account opening form supplied by the branch.
c) An introducer acceptable to the bank.
d) Nomination Form.
e) The introducer and the prospective account holder(s) have to come in
person to open the account.
f) PAN/GIR No. or Declaration to be furnished.
g) The customer should deposit initial minimum amount in cash and must
maintain minimum balance in the account.
2. Customers may avail cheque book facility as per the rules and have to pay
prescribed service charges for issue of cheque books
3. In non-computerized branches passbooks will be issued.
4. In computerized branches statements of accounts will be given and passbook where
there are pass book printers.
5. The Bank offers 3 insurance linked schemes as under :
a) Abhaya SB - Rs. 25,000/- Accident Insurance.
b) Abhaya Gold - Rs. 1,00,000/- Accident Insurance.
c) AB Jeevan Abhaya - Rs. 1,00,000/- Life Insurance
Current Deposit Accounts
This account is primarily meant for business transactions.
The account can be opened by an individual in one's own name or in the name of the firm as owner., Joint, individuals, Partnership Firms, Hindu undivided family, Limited Company, Registered Bodies, Trusts can open the account.
The customer should be introduced by a person acceptable to the bank.
Declaration of proprietorship, partnership deed, Memorandum and Articles, a Board resolution in case of companies, Trust deed, details of other bank accounts, no objection from the present bankers and any other information required by the Bank as the case may be should be furnished.
Minimum balances should be maintained as per rules.
There are no restrictions on the number of transactions.
No interest will be paid on the balances.
The Bank offers one insurance linked current account scheme along with one of the subsidiaries of GIC.
a) Insured Current Deposit scheme with accident insurance coverage of
Rs.1,00,000/- at a charge decided upon by the Bank.
Term Deposits
Term Deposits are acceptable for different periods ranging from a minimum of 15 days to a maximum of 10 years.
Customers who are properly introduced for Savings Bank account/Current account need not get introduced for Term Deposit account.
Interest is paid at the prevailing rates, at simple rate, either periodically or at maturity on FDRs and at compounded rate on cumulative deposits on Maturity. Monthly interest will be paid on discounted rates.
Term Deposit Receipts are not transferable from one person to another.
Repayment: For different periods of time, different rates are applied. On the due date the deposits are repaid on surrender of deposit receipt duly discharged by the depositor on the back across a Revenue Stamp of Re.1/-. If the deposit proceeds are Rs.20,000/- or more the same are paid through account payee crossed Demand Draft or Pay Order or credited to the account of the depositor. Premature withdrawal of deposit may be entertained on request duly signed by the depositor in individual account or all the depositors jointly in the joint account. Penal interest is deducted for premature withdrawal of deposits as per the conditions and rules in force.
Renewal: Overdue deposits can be renewed for a period extending beyond the date of renewal atleast for a minimum period for which the bank accepts fresh Term Deposits as on the date of renewal.
Renewal: Unless the Bank receives instructions to the contrary, fixed deposit if so opted at the time of deposit will be renewed automatically on maturity without presentation of the receipt, for the period of the original deposit.
Loans against Term Deposits: Credit facility against the security of Term Deposits of the bank is available to the depositors at prescribed margins. The bank fixes rate of interest on the loans from time to time and in case of Kaplataruvu deposit interest is compounded at quarterly rests. No loan is granted against deposits kept with other banks, and also against deposits kept with other branches of the bank. Loan can be repayable by the borrower on any day on or before the maturity date of the deposit. If the loan is not adjusted in full before the maturity of the deposits pledged, the same will be adjusted by maturity value of deposits and the borrower should pay the balance amount with applicable interest.
Nomination facility is available.
Deposit accounts can be transferred from one branch to another branch of the bank on request.
Full particulars and conditions are available with the Branch Manager.
Duplicate Receipt: A depositor can obtain a duplicate Receipt for the lost/stolen/misplaced Deposit receipt on production of surety and an indemnity bond as per rules.
Credit Facilities
The Bank caters to the credit needs of all segments of the society for establishing/carrying business/trade, Services, Large, Medium and Small Industries, Transport including Professional. Specialized branches of the Bank exclusively cater to specific needs of the customers.
All our national priorities are well taken care of by providing credit to Priority Sector such as Agriculture (both direct and indirect). Retail Trade, Small Business, Self Employed, Housing Loans, Educational Loans and under Govt. sponsored schemes like PMRY, SJSRY, SGSY, SHG etc. aimed at upliftment of the poor and needy.
For assessing a credit proposal, the following are considered.
Prior knowledge of applicant's financial affairs gained from past dealings.
Information obtained from credit reference agencies/banks.
Information supplied by the applicant.
Credit scoring.
Applicant's age.
The marketing prospectus and ability to repay.
The Bank will process the proposals within a reasonable time, depending upon the availability of the respective information.
The Indian Contract Act provides that the liability of the guarantor/surety is co-extensive with that of the principle debtor and the bank has the right to recover its dues from either of them singly or jointly.
International Finance:
All details relating to Foreign Exchange rates and charges will be made available to customers at branches specifically dealing with International Banking business including cross border payments. The above details will however be subject to the statutory requirements applicable to International Finance and Trade and Foreign Exchange.
Issuance of Acknowledgements to the loan applicants:
At all branches of our Bank, the loan applicants can get acknowledgement for their applications handed over to Manager/Sub-Manager for future reference.
Safe Deposit Lockers
Safe Deposit Locker facility is provided by the bank at certain branches where safe deposit vaults are installed. Lockers are hired out by the bank only on its properly introduced individual customers either singly or in joint names as per the priority and availability. The allotees of the locker will have to pay the annual rent as per norms of the bank in advance for one year and they are suggested in their own interest and for convenience to open a fixed deposit with interest sufficient to cover the annual rentals payable.Access to safe deposit vault remains open upto 1 hour before closure of working hours of the branch on all working days. The hirer is to be present for opening the locker and must sign the attendance register. Instructions can be given regarding the mode of operation of the vault.
Nomination facilities
Nomination facilities are available to all depositors and locker hirers (individual capacity) in both single and joint accounts. Nominations can be made by the depositor(s) in favour of a person to receive the amount lying to the credit of depositor(s) on the death of the depositor. Nomination once made can be changed during the life time of the depositor(s). The nominee can be an individual only and not an association, a society, a trustee and other organisation or office bearer in his official capacity. A minor can be a nominee but during the period the minor does not attain majority, the natural guardian will receive the amount on minor's behalf. It is important to note that the right of the nominee to receive payment from the bank arises only after the death of the depositor in single account and on death of all depositors in case of joint account. In joint account nomination and its modification can only be made by all the depositors / Account holders jointly. Individual instructions for nomination or change in nomination in joint accounts cannot be accepted by the Bank.
Settlement of claims to the accounts of the deceased Depositors.
In accounts where nomination has not been made settlement of balances in the accounts of the deceased is done by way of the claim form available with the branches. All the heirs have to submit the claim form jointly and also submit the required document including indeminity, death certificate etc for speedy settlement of the claim(s).
Collection of Cheques
The Bank also collects local and outstation cheques and other instruments on behalf of account holder for credit to his/her current/services bank/overdraft/cash credit accounts provided the cheques/instruments are crossed and are drawn or endorsed in favour of the account holder. Third party instruments are not collected in services Bank Account.
Standard Time norms for collection of cheques
Instrument drawn on local banks coming under Clearing House - within 3 days.
Outstation instrument drawn on and collected at 4 Metros (between 2 of 4 metros) namely Mumbai, Chennai, New Delhi and Calcutta - within 7 days.
Outstation instruments drawn on State Capital and other Centres having more than 100 bank branches, within 7 days.
Outstation instruments drawn on other centres/places - within 10 days.
Delay in collection
In case there is delay in collection of outstation instruments beyond 7/10 days, Bank shall pay penal interest at the rate applicable for appropriate tenor of fixed deposit. For abnormal delay caused, bank shall pay penal interest at the rate of 2% above fixed deposit rate applicable for the period. All dishonored instruments are returned/dispatched to the customers within 24 hours of their receipt at the branches of the bank where they are tendered for collection.
Instant Credit Facility:
Instant credit will be provided on outstation cheques upto Rs.15,000/- on fulfilling prescribed requirements on single exposure basis. National Clearing Facility is available for speedy collection of outstation instruments drawn on and presented at Delhi, Mumbai, Calcutta and Chennai. Electronic Fund Transfer facility is available for transferring funds electronically at specified branches of the Bank.
Demand Drafts
Issue of Demand Drafts and Pay Orders: It is one of the ancillary functions of the Bank like other modes of transfer of funds/remittances like Telegraphic Transfer, extended to customers as well as non-customers.
Procedure: Person intending to purchase Demand Draft shall fill up the application form available at the branch with particulars such as name and address of the beneficiary (payee) Name of the branch drawn on, name and address and account number (if any) of the person purchasing.
Service Charges: The service charges stipulated by the branch from time to time are applicable. The purchaser shall fill the application for purchase of Demand Draft at the counter. The purchaser shall tender Cash/Cheque of the branch/letter of request to debit the existing account at the branch along with application form.
Extent of Cash Transaction: Remittances against tender of cash shall be restricted to Rs.50,000/- at the discretion of the bank, as per RBI guidelines in force from time to time. Remittance beyond Rs.50,000/- can be made only against tendering of cheques/debit of the account at the branch.
The Demand Drafts purchased shall be delivered to the purchaser against proper acknowledgement. Purchaser of a DD has no authority to countermand its payment after it has been delivered to the payee. However, the bank shall exercise caution if the purchaser of DD reports loss or theft of the instrument, if the payment have not been made already. All such intimations have to be in writing and given at the branch where the DD was purchased.
A purchaser is entitled for issuance of a duplicate Draft in place of the lost instrument and the same will be subject to
Intimation to the Bank,
Confirmation by the drawee branch that the payment not already effected,
Execution of indemnity signed by both the payee and purchaser in the prescribed form duly stamped and
Payment of prevailing service charges for issuance of such duplicate instruments.
Revalidation: Demand Drafts are valid for payment for six months from the date of issue. Revaluation can be made subject to the conditions laid down. Only purchaser can request for revalidation on payment of prescribed service charges.
Payment of Draft: Payment of a DD is made by the branch on which the DD is drawn (Drawee branch) Payment of DD for Rs.50,000/- and above can be made only through banking channels and not in cash.
Refund on cancellation of DDs: Shall be made only if the original instrument is tendered without any sign of endorsements or special crossings or negotiations having been made. All refunds are subject to establishment of proper identity of the purchaser to the satisfaction of the bank.
Pension Disbursement:
Senior Citizens can draw their pensions through the branches of the Bank, which are authorized to pay Civil/Defence/Railway/Freedom Fighter/Telecom/State Government Pensions. Pension is to be disbursed during the last four working days of the month except in March, when pension will be paid on the first working day of April. Pensioners are exempted from maintaining minimum prescribed balances in their pension accounts. They may also avail the services at Senior Citizens Counters at designated centres of the Bank.
Exchange of Soiled/Mutilated notes:
The facility for adjudication is available at all branches. The bank is authorized to effect free exchange facilities for tendering soiled and slightly mutilated notes as per regulations of Reserve Bank of India at our branches.
Grievance Redressal
It is the endeavor of the Bank to provide the best customer service. However, in cases where customers have any difficulty or complaint they may bring the matter to the notice of the branch manager for quick redressal of their complaint. Customers and other bank users may note the following avenues available for redressal of their grievances.
Oral representation to the branch official/Manager
Written representation to the branch Manager
Lodging of a complaint with the branch in the "Complaint Book" available with the Manger. Duplicate/tear-off portion to be received by the complainant as acknowledgement. Suggestion/complaint box can be used for dropping complaint.
Written representation to the Zonal Manager at the concerned Zonal office and or to the General Manager, Customer Service dept, Andhra Bank, Head Office, Dr. Pattabhi Bhavan, Saifabad, Hyderabad 500 004. Written complaint can be sent to Indian Bank's Association, Stadium House, 6th Floor, Block-3, Veer Nariman Road, Mumbai 400 020.
Written compliant can be sent to Reserve Bank of India, DBOD, Centre-1,World Trade Centre, Colaba,Mumbai 400 005.
Written complaint can be sent to Directorate of Public Grievances, Department of Administrative Reforms, and Public Grievances, Government of India, Sardar Patel Bhavan, Sansad Marg, New Delhi 110 001.
The customers grievance if remains unresolved even after 2 months of writing to the bank for redressal, the customer can also seek redressal by filing a complaint with the Banking ombudsman of the concerned state, whose name, address. In such cases, the complainant as per Ombudsman office procedure must have made atleast one representation to the bank previously and could not get the grievance redressed properly. Moreover such grievance should not be more than one year old.
Customer Service Centres operate in the state capitals and run jointly by the local participating banks. The Bank coordinate one Centre in Hyderabad with contact No.040-23234313 (Direct/Fax) for getting the complaints redressed pertaining to branches of public sector bank located in twin cities of Hyderabad and Secunderabad.
Grievance Redressal Machinery: Branch Manager, Zonal Head make themselves available to meet the customers on 15th of every month (working day) between 3.00 PM and 5.00 PM at the office. Customers can call on Chairman and Managing Director of the Bank on 15th of every month (working day) at Head Office, Hyderabad between 3.00 PM and 5.00 PM. Each branch shall constitute a customer service committee, which shall hold periodic meetings with the customers. A customer desirous of participating in such meetings may intimate to the Branch Manager.
ABOUT
US 