Collection Services

Immediate Credit of Outstation Cheques

Immediate credit of local as well as outstation cheques upto Rs.15,000/- (as per bank’s extant guidelines) is provided to the customers who are maintaining satisfactory accounts against nominal service charges. In the event of cheques being returned unpaid, the customer will have to pay interest for the period for which funds are utilized.

All cheques (local and outstation) deposited by the customers are cleared by the Bank as follows:

High Value Clearing

This facility is available for the clients of selected branches at designated centers. Cheques of high value (Over Rs.1/- lakh per instrument) are cleared on the same day subject to depositing the cheques/instruments in time.

Local Clearing

Cheques are cleared normally on the third working day, depending on the center subject to depositing of the cheques / instruments in time.

National Clearing

Cheques drawn on Metropolitan centers listed in national clearing are cleared in 8 days. All cheques drawn on other centers are cleared in 14 days.

Collection of Outstation Cheques

The Bank will credit the proceeds of an outstation cheque within the following time periods:

• State Capitals other than North Eastern States and Sikkim - 10 working days
  
  
• Other centers - 14 working days.

If the Bank fails to do so, interest @ 2% per annum over Savings Bank rate is to be paid to the customers, if such interest payable is Rs.5/- or more for delayed collection of outstation instruments beyond the above stipulated time period. Bank will pay penal interest at the rate of 2% above fixed deposit rate applicable for abnormal delay period. The abnormal delay means 90 days plus 10/14days as the case may be i.e. normal period allowed for collection.

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> Common Practices followed by our Branches
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> Extended Banking Hours
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> Banking Ombudsman Scheme, 2006
> Redressal of Complaints
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