Compensation Policy

We at TMB always endeavour to make your banking with us a pleasant experience. While every effort is taken to satisfy the customers within the banking framework, we hereby present a draft policy on compensation in case of acts or errors by the bank.

We have a strong belief that a satisfied customer is our ambassador in developing our business. In order to become more customer friendly the bank has decided to come out with a Compensation Policy for the benefit of our individual customers.

This document contains the preamble, introduction, meaning and scope of the compensation under various acts of errors / omissions by the bank including suitable fair compensation against such acts.

Information published in this Document :

  • Introduction.
  • Erroneous Debits.
  • ECS direct debits/other debits to accounts.
  • ECS Credit.
  • Payment of Penal Interest.
  • Payment of Cheques after Stop Payment Instructions.
  • Issue of Duplicate Demand Draft.
  • Payment of Interest for Delay in Collection of Bills.
  • Foreign Cheques Sent for Collection.
  • Cheques Sent for collection (Inland).
  • Transaction of "at par instruments" of Co-operative Banks by Commercial Banks.
  • Reversal of Erroneous Debits arising on Fraudulent or Other Transactions.
  • Reversal of Erroneous / Unauthorized / Fraudulent Debits.
  • ATM Transactions.
  • Issue of unsolicited Credit Card.
  • Lenders' Commitments to borrowers.
  • Direct Selling Agencies.
  • Wrong Levy of charges.
  • Disclaimer clause.
  • Force Majeure.
  • Amendment/Modification of the Policy.

The compensation policy is applicable to individual customers. The individual customer in this case is a person who has an account (including a joint account with another person or an account held as an executor of trustee or as a karta of an HUF, but not including the accounts of sole traders / proprietorships, partnerships, companies, clubs and societies) or who avails of other products / services from a bank.

Click here to Download the Compensation Policy for your reference and printing.