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.