Citizen's Charter

While various deposit products offered by the bank are assigned different names, the deposit products can be categorised broadly into the following types. Definition of major deposit schemes are as under : -     

"Demand Deposits " means a deposit received by the bank which is withdrawable on demand;
"Savings Deposits" means a form of Demand Deposit which is subject to restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the bank during any specified period;
"Term Deposit" means a deposit received by the bank for a fixed period withdrawable only after the expiry of the fixed period and includes deposits such as Fixed Deposit / Non Withdrawable Deposit / Short term Deposits / Recurring Deposits / My Passion Fund/SureCover Fixed deposit/Monthly payout deposit/ Quarterly payout deposit etc.
''Notice Deposit'' means Term Deposit for a specific period but withdrawable on giving at least one complete banking day's notice;
"Current Account" means a form of Demand Deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit

Before opening any Deposit Account, the bank will carry out due diligence as required under "Know Your Customer" (KYC) guidelines issued by RBI and or such other norms or procedures adopted by the bank. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening of the account will be informed to him and the final decision of the bank will be conveyed at the earliest to him.

The account opening forms and other material would be provided to the prospective depositor by the bank. The same will contain details of information to be furnished and documents to be submitted for verification and / or for record. It is expected of the bank official to explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he approaches the bank for opening a Deposit Account.

For deposit products like Savings Bank Account and Current Deposit Account, the bank will normally stipulate certain minimum/average balances to be maintained as a part of the terms and conditions governing operation of such accounts. Failure to maintain stipulated minimum/ average balance in the account will attract levy of charges as specified by the bank. For Savings Bank Account, the bank may also restrict the number of transactions, cash withdrawals, etc., for a given period. Similarly, the bank may specify charges for issue of cheque books, additional statement of accounts, duplicate pass book, folio charges, etc. All such details, regarding terms and conditions for operation of the accounts and schedule of charges for various services provided will be communicated to the prospective depositor while opening the account.

Savings Bank Accounts can be opened for eligible person / persons and certain organizations / agencies (as advised by Reserve Bank of India (RBI) from time to time).These accounts are designed to help the individual (personal customers) to inculcate the habit of saving money and to meet their future requirement of money. The amounts can be deposited/withdrawn from these accounts by way of cheques/ATM. It helps customers to keep minimum cash at home besides earning interest.

Current Accounts can be opened by Individuals / Partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc.

Term Deposit Accounts can be opened by Individuals / Partnership firms / Private and Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc. Bank has tailored various deposit schemes to suit the needs and expectations of investing people in every walk of life.

The due diligence process, while opening a Deposit Account will involve satisfying about the identity of the person, verification of address, satisfying about his occupation and source of income. Obtaining introduction of the prospective depositor from a person acceptable to the bank and obtaining recent photographs of the person/s opening / operating the account are part of the due diligence process.

In addition to the due diligence requirements, under KYC norms the bank is required by law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act / Rules.

Deposit Accounts can be opened by an individual in his own name (status: known as account in single name) or by more than one individual in their own names (status: known as Joint Account). Savings Bank Account can also be opened by a minor jointly with natural guardian or with mother as the guardian (Status: known as Minor's Account). Minors above the age of 12 will also be allowed to open and operate Saving Bank Account independently.

Operation of Joint Account: The Joint Account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders. The Savings Bank Account opened by minor jointly with natural guardian / guardian can be operated by natural guardian only.

The joint account holders can give any of the following mandates for the disposal of balance in the above accounts:
Either or Survivor : If the account is held by two individuals say, A & B, the final balance alongwith interest, if applicable, will be paid to survivor on death of any one of the account holders.

Anyone or Survivor/s : If the account is held by more than two individuals say, A, B and C, the final balance alongwith interest, if applicable, will be paid to the survivor on death of any two account holders.

In case of joint Fixed Deposits with a survivorship clause, the Bank shall be discharged by paying the Fixed Deposit proceeds prematurely to survivor/s on request, in the event of death of one or more Joint depositor

The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. This mandate can be modified by the consent of all the account holders.

At the request of the depositor, the bank will register the mandate / power of attorney given by him authorizing another person to operate the account on his behalf.

The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity.

A statement of account will be provided by the bank to Current Deposit Account Holders periodically as per terms and conditions of opening of the account. Passbook is provided to all savings account holders free of cost

The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor.

Bank offers nomination facility in deposit accounts, safe deposit lockers, articles in safe custody, etc. Nomination facility is available on all deposit accounts opened by the individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination so made can be cancelled or changed by the account holder/s any time. While making nomination, cancellation or change thereof, it is required to be witnessed by a third party. Nomination can be modified by the consent of account holder/s. Nomination can be made in favour of a minor also subject to other major individual being named appointee(s) during the minority period.

The bank recommends that all depositors avail nomination facility. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.

Interest shall be paid on saving accounts as per latest interest rates of the Bank. To know more - Click here

In terms of Reserve Bank of India Directives, interest shall be calculated at quarterly intervals on Term Deposits and paid at the rate decided by the bank depending upon the period of deposits. In case of Monthly Deposit Scheme, the interest shall be calculated for the quarter and paid monthly at discounted value. The interest on Term Deposits is calculated by the bank in accordance with the formulae and conventions advised by Indian Banks' Association.

The rate of interest on deposits will be prominently displayed in the branch premises. Changes, if any, with regard to the deposit schemes and other related services shall also be communicated upfront and shall be prominently displayed.

The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non leap year

The bank has statutory obligation to deduct tax at source if the total interest paid / payable on all Term Deposits held by a person exceeds the amount specified under the Income Tax Act. The bank will issue a tax deduction certificate (TDS Certificate) for the amount of tax deducted. The depositor, if entitled to exemption from TDS can submit declaration in the prescribed format at the beginning of every financial year.

The minor can open a savings bank account and the same can be operated by the natural guardian or by the minor himself / herself, if he/she is above the age of 12 years. The account can also be opened jointly.

On attaining majority, the erstwhile minor should confirm the balance in his/her account and if the account is operated by the natural guardian / guardian, fresh kyc documents and specimen signature of erstwhile minor duly verified by the natural guardian would be obtained and kept on record for all operational purposes.

Do I need to close my account when my kid attains majority? 
No, the existing account can be converted to a regular savings account. 

To convert the account the following will be required:

AML section on the SB Regular AOF should be updated for the minor turned major

Customers will also fill up the Kids Advantage account conversion form

Address proof

Photograph

Proof of becoming major like Birth certificate, Passport etc.

The Bank may at its discretion open deposit accounts other than Current Accounts of illiterate person. The account of such person may be opened provided he/she calls on the Bank personally along with a witness who is known to both the depositor and the Bank. Normally, no cheque book facility is provided for such Savings Bank Account. At the time of withdrawal/ repayment of deposit amount and/or interest, the account holder should affix his / her thumb impression or mark in the presence of the authorized officer who should verify the identity of the person. The Bank will explain the need for proper care and safe keeping of the passbook etc. given to the account holder. In case of blind persons who are literate, ATM /Debit card, cheque book, etc facilities will be given. The Bank official shall explain the terms and conditions governing the account.

The bank may at the request of all the Joint Account holders allow addition or deletion of name/s of Joint Account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a Joint Account holder.

The Customer Information collected from the customers shall not be used for cross selling of services or products by the bank, their subsidiaries and affiliates. If the bank proposes to use such information, it should be strictly with the consent of the account holder.

The bank shall not disclose details / particulars of the customer's account to a third person or party without the expressed or implied consent from the customer. However, there are some exceptions, viz. disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the bank requires disclosure.

The Bank on request from the depositor, will allow withdrawal of term deposit before completion of the period of the deposit as per terms agreed upon at the time of placing the deposit. Partial withdrawal is not allowed on deposit >= 5 crore to less than 25 crore

The interest rate applicable on premature closure of deposits (all amounts) will be lower of:

a) The rate for the original/contracted tenor for which the deposit has been booked OR
b) The base rate applicable for the tenor for which the deposit has been in force with the Bank.

For deposits booked on or after 7th march'19, the base rate is the rate applicable to deposits of less than Rs.2 Cr as on the date of booking the deposit.Prior to this the base rate is the rate applicable to deposits of less than Rs.1 Cr as on the date of booking the deposit.

The base rate( for deposit amount >= 5 cr ), is the rate applicable to deposits of 5 crores as on the date of booking the deposit. 

As per terms & conditions of the fixed deposits accounts of the bank in case of premature closure of Fixed Deposit (including sweep in / partial closure) the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower. except for the deposits booked with tenor 7-14 days, for deposit with amount >= 5.25 cr to < 5.50 cr ( wef 29th Aug 2018), for deposits>=24.75 cr to < 25 cr ( wef 29th Aug 2018) and also for FD's booked with value >=25 crore ( single fd booked post Sept 2017)

Senior Citizen Care FD:

• In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) on or before 5 years, the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower.
  
• In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower 
   

When a term deposit is renewed on maturity, on renewed deposit interest rate for the period specified by the depositor as applicable on the date of maturity would be applied. In the absence of any maturity instructions or renewal instructions, all term deposits are automatically renewed for a period equal to that of the original deposit at the rates prevailing at the time of renewal.

The bank may consider requests of the depositor/s for loan / overdraft facility against Term Deposits duly discharged by the depositor/s on execution of necessary security documents. The bank may also consider Loan Against Deposit standing in the name of minor. However, a suitable declaration stating that loan is for the benefit of the minor, is to be furnished by the depositor / applicant.

Settlement of Dues in Deceased Deposit Account

• If the depositor has registered nomination with the bank, the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the bank is satisfied about the identity of the nominee, etc.
• The above procedure will be followed even in respect of a joint Account where nomination is registered with the bank.
• In a Joint Deposit Account, when one of the Joint Account Holders passes away, the bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the Joint Account holders had given mandate for disposal of the balance in the account in the forms such as "either or survivor, former / latter or survivor, anyone of survivors or survivor, etc.," the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.
• In the absence of nomination and when there are no disputes among the claimants, the bank will pay the amount outstanding in the account of the deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the Bank's board. This is to ensure that the common depositors are not put to hardship on account of delays in completing legal formalities.

Interest Payable on Term Deposit in Deceased Account

• In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the bank shall pay simple interest at the applicable rate obtaining on the date of maturity, for the period for which the deposit remained with the bank beyond the date of maturity; as per the Bank's policy in this regard.
• However, in the case of death of the depositor after the date of maturity of the deposit, the bank shall pay interest at Savings Deposit rate (as on the date of maturity) from the date of maturity till the date of payment.
   

All Bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force, will be made available to the depositor.

The bank will accept Stop Payment Instruction from the depositors in respect of cheques issued by them. Charges, as specified, will be recovered.

Savings and Current account not operated for a continuous period of more than 2 years by customer (excludes system generated transactions like credit interest/debit interest) will be treated as a Dormant Account in the interest of the depositor as well as the Bank. The depositor can request the bank to activate the account for operating it.

Standing instructions can be given to the Bank for transfer/remittance of funds from one account to other account(s) maintained in the same branch, any other branch of the bank.

The Bank offers Electronic Clearing Service (ECS) facility for effecting periodic payments by "direct debit" to the customer's account. This facility is mainly used for payment of utility bills/EMI of Loans/Insurance Premium/Investment in Mutual Funds, etc. Details of ECS facility are available at all the branches.

This facility is not offered through all Bank branches and wherever the facility is offered, allotment of Safe Deposit vault will be subject to availability and compliance with other terms and conditions attached to the service. Safe Deposit Lockers may be hired by an individual (being not a minor) singly or jointly with another individual(s), HUFs, firms, limited companies, associates, societies, trusts, etc. Nomination facility is available to individual(s) holding the lockers singly or jointly. In respect of lockers held in joint names, up to two nominees can be appointed. Locker holders can give mandate for access to the lockers on the lines similar to those for deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with a view to avoid hardship to common persons, the Bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit accounts. 

Depositors having any complaint / grievance with regard to services rendered by the bank have a right to approach the authority designated by the bank for handling customer complaint / grievances. The details of the internal set up for redressal of complaints / grievances will be displayed in the branch premises. The branch officials shall provide all required information regarding procedure for lodging the complaint. In case the depositor does not get response from the bank within one month from date of complaint or he is not satisfied with the response received from the bank, he has a right to approach the Banking Ombudsman appointed by the Reserve Bank of India.​​​​​​​

1) Local Cheques

All cheques and other negotiable instruments payable locally would be presented through the clearing system prevailing at the centres. Cheques deposited at branch counters and in collection boxes within the branch premises before the specified cut off time will be presented for clearing on the same day. The cut off timings varies from branch to branch. The applicable cut off timings is displayed on the cheque drop box and in branches for the benefit of customers.

Cheques deposited after the cut off time and in collection boxes outside the branch premises including off site ATMs will be presented in the next clearing cycle. We would give credit to the customer account on the same day or maximum by the subsequent working day, from the time clearing settlement takes place. Withdrawal of amounts so credited would be permitted as per the cheque return of the clearing house.

2) Outstation Cheques

Proceeds of outstation cheques will be credited to customer account as per the norms outlined below.

Cheques drawn on other banks at outstation centres will normally be collected through bank's branches at those centres. Where the Bank does not have a branch of its own, the instrument would be directly sent for collection to the drawee Bank or collected through a correspondent Bank. The Bank would also use the National Clearing Services offered by RBI at centres where such collection services exist. Cheques drawn on bank branches at outstation centers will be collected using inter-branch arrangements in vogue.

1. Cheques drawn on Metro/ Non-metro cities where HDFC Bank has a branch, credit will be given on receipt of clear funds. Funds will be credited to the client account once in a day as part of the beginning of day credit release:

• Collection of other Bank cheques between Main metros (Mumbai, Chennai, Kolkata, New Delhi) : 7 working days for collection.
• Metro centres and state capitals (other than those of North Eastern states and Sikkim): Maximum period of 10 working days.
• In all other centreswherewe havebranches: maximum period of 14 working days

2. Cheques drawn on non-branch locations where we have a tie-up with correspondent Bank, and where we do not have tie up with correspondent Bank: maximum 14 working days.

Charges will be applicable on the above as defined from time to time in the Schedule of Charges for each of the products.

*Working Days — Working Days means excluding Saturdays, Sundays and bank holidays at the respective centres.

3. Speed Clearing

Reserve Bank of India has introduced a new clearing mechanism called "SPEED clearing" with the objective to reduce the time for collection of outstation cheques by leveraging the technological advantage arising out of implementation of Core Banking Solution (CBS) in banks.

The new clearing mechanism facilitates clearance of outstation cheques at the source /deposit location itself and there would be no movement of physical cheques to the destination / drawee location. The complete process of payment including debits to client accounts and verification of signatures etc. is handled by the branch at deposit location. With effect from January 01 , 2010 HDFC Bank has implemented the Speed clearing at all the locations.

4. Cheques payable in Foreign Countries

Cheques payable at foreign centres where the Bank has branch operations (or banking operations through a subsidiary, etc.) will be collected through that office. The services of correspondent Banks will be utilized in country/ centres where the correspondent has presence. Cheques drawn on foreign banks at centres where the Bank or its correspondents do not have direct presence will be sent directly to the drawee Bank in certain cases to credit proceeds to the respective Nostro Account of the bank maintained with one of the correspondent Banks.

Cooling period of major currencies which is in vogue is indicated below.

All new accounts opened would contain a leaflet detailing various types of Services & Charges being levied by the Bank for any of the services availed. Updated service & fees leaflet is also made available to all customers at the branch for reference at any point of time. Any change in service & fees will be communicated one month in advance to all customers before effecting the change.

The Bank accepts mutilated / soiled notes from customers / non customers for exchange. Process of acceptance of such notes has been defined as per RBI's note refund rules and circulated to all the branches for adherence.

All branches of the Bank offer the facility of exchange of soiled notes, exchange of mutilated and cut notes, exchange of coins including uncurrent coins into notes or coins. The process of exchange would be as per RBI's Note Refund Rules.

The Bank will accept ATM card / Debit card hot listing instructions from customers through Phonebanking channel - 24 hours a day and from branch channel during customer hours. Phonebanking numbers are made available to customers whenever a Card is issued and all branches contain a detailed leaflet with the numbers.

The Bank offers a special product for pensioners with certain benefits. Details about the product offering is available with all the branches.

The Bank offers a Basic Savings Bank Deposit Account with all the basic banking facilities with Zero Initial Pay-In and Zero balance account. Details about the product offering are available with all the branches.

The Bank offers a wide range of Foreign Exchange Products and Services to all customers, through its select branches. All Foreign Exchange transactions are conducted subject to Rules and Regulations under the Foreign Exchange Management Act, 1999 (FEMA).

Transaction processing times for all types of transactions are available at all the branches.

The following time norms are indicative and are subject to change depending upon the volumes handled by each branch / location and peak / non-peak period

*Value date is the date of credit to the Bank's Nostro Account

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Customer Protection Policy

Grievance Redressal Policy

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