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Is the Revised Code of Commitment for customers more arm twisting ?

Many banks ask customers to open fixed deposits for availing of safe locker facilities. Some banks also ask customers to buy an insurance policy. The new code tries to put an end to it – albeit with a catch.

Though banks can’t insist on an FD, they can still ask for an FD to cover the rent for the locker facility. “Banks can obtain a fixed deposit which would cover three years’ rent and charges for breaking open the locker in case of an eventuality,” says Kulkarni. But it is still a better deal for customers. For example, if a bank insisted on Rs 25,000-fixed deposit for a locker facility, now it can ask only for an FD of, say Rs 3,000 — or equal to the rent for the locker for three years. However, selling life insurance policies on a quid pro quo basis seems definitely out.

Code of Commitment

Code of Commitment

New banking code may keep your online transactions secure

As per revised code of commitment to customers by Banking Codes and Standards Board of India’s (BCSBI) banks will now have to take a lot more responsibility for any “unauthorized” transactions in a customer’s account due to security breach of the internet banking system. The bank will bear the loss incurred by the customer if the bank cannot prove that the customer was responsible for sensitive data leaking out that resulted in unauthorized transaction through internet banking.

Similarly banks have been told to refrain from upgrading any customer’s bank account, and levying charges for non maintenance of minimum balance, without written consent of the customer.  .

No need to worry about unauthorized transaction.

No need to worry about unauthorized transaction.

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