IndusInd Bank Ltd. Unclaimed Deposit Policy

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Gabriella Bailey
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1 Annexure Unclaimed Depsit Plicy PREAMBLE Reserve Bank f India, vide their circular DBOD N.Leg.BC.34/ / dated August 22, 2008 had issued detailed instructins t banks n dealing with unclaimed depsits / inperative accunts. Further, vide its circular DBOD. N. Leg.BC.81/ / dated February 7, 2012, banks were advised t display the list f unclaimed depsits / inperative accunts which were inactive / inperative fr ten years r mre n their respective websites. With a view t further strengthening the regulatry framewrk fr inperative accunts and unclaimed depsits, banks have been advised t put in place a Bard apprved plicy n classificatin f unclaimed depsits; grievance redressal mechanism fr quick reslutin f cmplaints; recrd keeping and peridic review f such accunts. The first peridic review f unclaimed depsits / inperative accunts shuld be put up t their respective bank Bards by September 30, The Unclaimed Depsit Plicy was frmulated and reviewed by BOD in the meeting held n Octber Further, RBI vide its circular n. DBOD.N.DEAF Cell.BC.114/ /2013 dated May 27, 2014 issued directins regarding creatin f The Depsitr Educatin and Awareness Fund Scheme, 2014 All unclaimed depsits are transferred t Depsitr Educatin and Awareness Fund f RBI w.e.f frm June OBJECTIVE OF THE POLICY Classificatin f unclaimed depsits Grievance redressal mechanism fr quick reslutin f cmplaints Recrd keeping CLASSIFICATION Inperative / drmant accunts The Bank will review n a mnthly basis all Savings Bank and Current accunts t identify accunts where there have been n peratins fr mre that ne year. Such accunts will be marked as Inperative. Bank will send letter t such accunt hlders t activate their accunt r prvide the reasn fr nt perating the accunt. Bank will review n a mnthly basis all accunts marked as Inperative and identify accunts wherein there are n peratins fr mre than 21 mnths. A secnd letter will be sent t all such accunts, cnveying that their accunt wuld be flagged as drmant if nt perated within next 3 mnths, specifying the implicatins relating t Drmant flagging. Bank will review n a mnthly basis all accunts and identify accunts where there have been n peratins fr mre than 24 mnths and flag them as Drmant Accunt. 1

2 Fllw-up with custmers fr activatin: Branches wuld enquire t find ut the whereabuts f custmers where respnse is nt received. Branches wuld endeavr t cntact the accunt hlder thrugh his cntact details available as per recrds, in case the custmer is nt cntactable, the branch will try t ascertain the whereabuts f the custmer thrugh the intrducer / surcing executive / Emplyer. In case it is knwn that the accunt hlder is deceased, the branch wuld cntact the nminee / legal heirs and extend all help fr settlement f claim. Fr NRI Accunts, the branch will cntact the custmer thrugh and btain cnfirmatin f details f accunt. ACTIVATION OF INOPERATIVE / DORMANT ACCOUNTS The drmancy status will be mdified t active status n the specific request f the accunt hlder. Operatins in drmant accunt wuld be allwed after due diligence. There will nt be any charge fr activatin f inperative accunt. Interest n Savings Bank accunts will be credited n regular basis whether the accunt is perative r nt. Unclaimed Depsits Accunts that have nt been perated and Demand Drafts / Pay rders which are unpaid fr ver 10 years will be classified as unclaimed depsits. The Bank will transfer the balances f all such unclaimed accunts t the Depsitr Educatin Awareness Fund (DEAF) f RBI n the last wrking day f the subsequent mnth alng with the interest accrued theren n the interest bearing accunts. We wuld display the list f unclaimed depsits / inperative accunts which are inactive / inperative fr 10 years n ur website and update the same mnthly. The list wuld cntain the names and address f the accunt hlder(s) in respect f unclaimed depsits / inperative accunts. In case such accunts are nt in the name f individuals, the names f individuals authrized t perate the accunts wuld als be indicated. The list s published wuld prvide a "Find" ptin t enable the public t search the list f accunts by name f the accunt hlder. Custmers will be advised t apprach the nearest branch fr payment f unclaimed depsits and submit the fllwing dcuments fr making the accunt live: Pht Identificatin prf Address Prf Details f accunts held Annexure A (Fr Interest bearing and Nn-Interest bearing accunts Annexure B (Fr Demand Draft / Pay Order) All unclaimed depsits will require t cmply with Re-KYC nrms as per RBI guidelines If a Fixed Depsit Receipt matures and prceeds are unpaid, the amunt left unclaimed with the bank will attract savings bank rate f interest Fr supprt n branch lcatins, Custmers can call the cntact centre. 2

3 GRIEVANCE REDRESSAL MECHANISM FOR QUICK RESOLUTION OF COMPLAINTS Branch Manager is respnsible fr the reslutin f cmplaints/grievances in respect f Custmer s service by the branch. It is his/her fremst duty t see that the cmplaint is reslved cmpletely t the Custmer s satisfactin and ensure clsure f all cmplaints received at the branches within a week. If the Branch Manager feels that it is nt pssible at his level t slve the prblem he/she refers the case t Reginal Managers / Ndal Officer at Crprate Office fr guidance. Banking Custmers / Stred Value Card Custmers: Banking Custmers and Stred Value Card Custmers can ldge cmplaint at Branch / Cntact Centre as under: Register at Branch thrugh cmplaint register Cntact the Branch Manager Banking Custmers - Call Cntact Center n fllwing ns.: General Banking : / (Outside India) Exclusive Banking : / (Outside India) Stred Value Card Custmers - Call Cntact Center n fllwing ns: (India) / (Internatinal) Send t Cntact Centre at reachus@indusind.cm NRI custmers may E -Mail us at nri@indusind.cm Exclusive custmers may us at exclusive@indusind.cm In case, Branch / Cntact Centre are unable t reslve the issue within 7 wrking days, Custmers can escalate the same t the Reginal Heads thrugh Head - Custmer Care as under: t custmercare@indusind.cm Write t Head - Custmer Care at Mr. Vishal Anand Head - Custmer Care OPUS Center 47, Central Rad, Opp. Tunga Paradise Htel MIDC Andheri (East) Mumbai In case Custmer desn t receive a respnse frm Head - Custmer Care within 7 days, they may call/write t the Ndal Officer at the address/ /cntact ns. prvided belw: Ms. Anita Verghese Executive Vice President & Principal Ndal Officer 701/801 Slitaire Crprate Park, 167, Guru Hargvindji Marg, Andheri-Ghatkpar Link Rad, ChakalaAndheri (East), Mumbai

4 Tel. N.: (022) , Fax: (022) Credit Card Custmers: Credit Card Custmers can lgin their cmplaint relating t Credit cards as under : Call Cntact Center n fllwing ns. : / (Outside India) at premium.care@indusind.cm. Write t the Bank s Credit Card Unit at : (Credit Cards divisin) PO Bx 9421, Chakala, MIDC, Andheri (E), Mumbai Register at the Branch thrugh the cmplaint register Cntact the Branch Manager All the cmplaints related t Credit Cards will be handled by ur Cards Services Cell. If a cmplaint has been received, ur Card Services Cell will endeavr t send a respnse within 7 wrking days frm the date f receipt f cmplaint. In case, custmers d nt receive a respnse within 7 wrking days, they may escalate t Head - Cards Services: at head.cardservices@indusind.cm OR Write t: Ms. Tuesy Chhatwal Head - Cards Services 701/801 Slitaire Crprate Park 167, Guru Hargvindji Marg, Andheri-Ghatkpar Link Rad, Chakala Andheri (East), Mumbai In case custmers d nt receive a respnse frm Head - Card Services within 7 wrking days, they may call/write t the Ndal Officer at the address/ /cntact ns. prvided belw: Ms. Anita Verghese Executive Vice President & Principal Ndal Officer 701/801 Slitaire Crprate Park, 167, Guru Hargvindji Marg, Andheri-Ghatkpar Link Rad, ChakalaAndheri (East), Mumbai ndal.fficer@indusind.cm Tel. N.: (022) , Fax: (022)

5 Ndal Officer Our Ndal Officer will endeavr t reslve the issue t the Cmplainant s satisfactin within 7 wrking days. In case, the cmplaint needs mre time t examine, the cmplaint shall be acknwledged by explaining the need fr mre time t respnd. All unreslved cases will be referred t CCSO by Ndal Officer fr further examinatin befre sending the final respnse t the cmplainant. CCSO (Internal Ombudsman) CCSO will examine the cmplaints which are frwarded by Ndal Officer fr independent review. The final respnse t custmer fr such cases will be sent by the Bank nly after examinatin by CCSO and the fact that the respnse has CCSO cncurrence will be mentined in the respnse t custmer. If the cmplaint is nt reslved within 30 days frm the ldgement f the cmplaint r if the cmplainant is nt satisfied with the respnse, he/she can apprach the ffice f the Banking Ombudsman, appinted by Reserve Bank f India. We have displayed n ur website and in all ur branches a Ntice explaining that we are cvered under the Banking Ombudsman Scheme 2006 f the Reserve Bank f India. The cntact details f Reginal Manager, Bank s Ndal Officer and Banking Ombudsman are prminently displayed n the ntice bard at branch. A cpy f the Scheme is available at the Branches and availability f the Scheme is als displayed at the Branch Ntice Bard. The Scheme is als displayed n Bank s website. If a cmplainant requires any supprt t reprt t the Banking Ombudsman, he / she may cntact the Branch Head fr details. RECORD KEEPING All unclaimed depsits are pen accunts and available in ur system t. The accunt pening frms and KYC are held with the bank at varius lcatins i.e. branches and / r centralized lcatin f the bank / vendrs. Once the accunts are claimed and clsed, the recrds will be held fr 10 years as per Bank s Recrd Retentin Plicy. Amunts lying in inperative accunts ledger will be subjected t audit by the internal auditrs / statutry auditrs f the bank. ************ 5

To have a mechanism for periodic transfer of unclaimed deposits to DEAF, settlement of refund claims, complaint redressal etc.

To have a mechanism for periodic transfer of unclaimed deposits to DEAF, settlement of refund claims, complaint redressal etc. Policy on Dormant Accounts & Unclaimed Deposits - 2017 1. Introduction Reserve Bank of India, vide their circular DBOD No.Leg.BC.34/09.07.005/2008-09 dated August 22, 2008 had issued detailed instructions