Cheque VS Demand Draft
Cheque VS Demand Draft
exchange benefit demand drafts

You should not disclose your Phonebanking PIN or allow any other person to use your Phonebanking PIN . You should not keep a written record of your Phonebanking PIN in any way that may enable another person to use it. You should promptly report to us any loss, theft, disclosure or unauthorised use of your Phonebanking PIN. As a security feature our computer system will invalidate any card which has not been used for affecting a withdrawal transaction within one year from the date of issue of the card or from the last withdrawal transaction.

  • Wherever waiver / concession in remittance charges are sought in an advance account, the credit proposal must mention about the same giving proper justification, overall yield in the account and benefit accruing to the branch.
  • Also known as DD, it is kind of a pre-paid negotiable instrument that is used to direct payments from one bank to another bank or one of its own branches to pay a certain sum to the specified party.
  • The only exception is when the bank is prevented or prohibited a Court of Law specifically.
  • Mostly DD is issued when the parties are unknown to one another and do not have much trust.
  • The Customer understands and agrees that all such losses, damages and issues shall constitute a claim against such merchants.

The credit for the TDS can be claimed by the person in whose hands the minor's income is included. Individuals who wish to avail exemption from TDS should submit duly filled in Form 15G/15H as applicable with the bank. Such exemption from TDS will take effect from the following month of the date of submission of Form 15G/15H. For every financial year individual would need to submit a new Form 15G/15H. TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act,1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c.

You should keep your PIN strictly confidential and should not allow any other person to access or use your PIN whether voluntarily or not. You should not write down or keep the PIN on or close to your ATM Card or in any way that may enable another person to use your ATM Card. VIII. In no circumstances will we be responsible to you or any other person for any loss of profit or interest, indirect or consequential loss arising from or in connection with our providing, or failure or delay in providing, the Services.

Service charges on Bills, Remittances, Deposit, Lockers

In case of outstation cheques purchased and credited to customers account interest amount for the period bank remains out of fund shall be realised at the rate as per terms of sanction/clean OD rate as applicable. Besides normal collection charge as per item no.1 shall be realised. In case of local cheques purchased, a flat rate of Rs. 50/- per instrument shall be recovered. Branches should use electronic mode like RTGS/NEFT to remit proceeds to the collecting bank/branch. The initial minimum deposit to open an account is as per our current proposition level Tariff.

The draft meaning in banking acknowledges and understands that the completion of transactions for transfer of funds based on the Customer's instruction shall involve various Counterparties. The Customer confirms that the Bank shall not be held liable or responsible for any delays/deficiencies in settlement of a transaction due to system constraints, actions of 3rd parties or any other circumstances outside the control of the Bank. The facility will be available to customers having satisfactorily running Savings/ Current/Overdraft account with the Bank. Any notice hereunder sent by post will be deemed to have been received by the Cardholder within 7 days of posting to the address last notified in writing to the Bank by the Cardholder.

In addition to this, charges for the remittance will be levied as applicable. In case of early redemption of guarantees after a period of 60 days, 50% of the commission for the unexpired period i.e. from the date of redemption to the expiry date, shall be refunded. Where no exchange benefit accrues to the bank 0.20% of the bill amount.

The arrangement decided upon will also hold for survivors. The account holder can also jointly authorise a person to operate an account on his / their behalf by providing a Power of Attorney on the account. In line with RBI requirements, passport sized photographs of all accountholders will have to be submitted to the Bank along with other documentation for opening a new account. Interest payable on credit balances in current accounts are governed by interest rate directives of the RBI and currently no interest is payable on credit balances in current accounts.


A comprehensive talent management system to groom future leaders of the bank. The Customer irrevocably and unconditionally authorises the Bank to access all the Customer's Account and records for the purpose of providing the UPI Facility. The Customer agrees that the Bank and its affiliates may hold and process its personal information and all other information concerning its Account on computer or otherwise in connection with the UPI Facility as well as for analysis, credit scoring and marketing. There is any kind of loss, direct or indirect, incurred by the Customer or any other person due to any failure or lapse in the facility which are beyond the control of the Bank. Agrees that the transactions originated using mobile phones are non retractable as these are instantaneous/real time. This document lays out the "Terms and Conditions", which shall be applicable to all transactions initiated by the Customer vide the Unified Payment Interface, as defined herein below, through the Bank.

Current and Savings Account

We have no obligation but may issue a replacement ATM Card to you and may debit a handling fee from any Account. In line with the requirements of the Bank's policy, the Know Your Customer documents along with other documentation need to be submitted at the time of opening a new account or as and when requested by the Bank. The Bank reserves a right to allow / restrict operations in a newly opened / existing accounts maintained with the Bank, if the customer is not able to satisfy the due diligence requirements in line with the Bank’s policy.

Facilitates clearing, settlement & related services for G-Sec and T-bill. Offers customised Hedging solutions to clients by structuring using Interest Rate and Foreign Exchange products like Swaps and Options. Customised Hedging and Trading solutions, across markets and time zones, through dedicated Forex Relationship Managers. An innovative digital platform to execute escrow transactions online.

Current Accounts

# Proposed Charges only for Purchase, Discount and Negotiation of Bills. Mentioned rates are also applicable to all segments. Change of original instruction in respect of Bills Purchase discounted – Rs. 50/- per request. Collecting Banks’ charges, if any, should be recovered in full. No charge if no fresh / additional documents are obtained.

However, in case the Instrument is not a Crossed Demand Draft, it can be encashed without depositing in the Bank Account, by encashing it over the counter from the Bank Branch. The Demand Draft can be made by paying the Bank in Cash as well, but for Demand Drafts exceeding Rs. 50,000 the payment should be by cheque only. Quoting your PAN No. is also necessary in case the value of the DD is more than Rs. 50,000. For the latest updates, news blogs, and articles related to micro, small and medium businesses , business tips, income tax, GST, salary, and accounting.

The Bank may designate the account as ‘dormant’ and restrict or impose conditions for accessing the account. Further, current accounts and savings accounts, which have not been operated for a period of two years will be classified as ‘unclaimed’ and will be levied a charge as per our current tariff. Accountholders will be required to be present in person at a branch of the Bank, with suitable identification to reactivate such unclaimed accounts or to close such account.

  • This facility is for customers who do not have account with Bank.
  • Khatabook will not be liable for any false, inaccurate or incomplete information present on the website.
  • These terms and conditions shall be in addition to and not in derogation of the Terms and Conditions relating to any account of the Customer and / or the respective product or the service provided by the Bank unless otherwise specifically stated.
  • In addition, any other out of pocket expenses incurred by the Bank will be recovered at actual.
  • Interest shall be paid one percent less than the rate prevailing on the date of placement of deposit applicable to the amount and period for which the deposit remained with the bank not at the contracted rate.

If more than one person signs or agrees to be bound by these terms and conditions, the obligation of such persons hereunder will be joint and several and, as the concerned may require, words herein denoting the singular only will be deemed to include the plural. Any notice hereunder with any one such person will be deemed effective notification to all such persons. V. Closure of the Cardholder's account or failure to maintain the minimum average balance in the said account. Customers whose email IDs are registered with the bank will receive email communication from the bank on an ongoing basis. The communication may include account related information, certificates, bank notices and account statements, unless you have specifically opted to receive physical statements on your account.

A specialized account for payments to merchants for online purchase of goods and services. For information on the exchange rates and other charges, please visit the nearest Axis Bank branch. The rates and charges for foreign exchange are competitive. In any case, you can choose either of the two, depending on where you reside.

The Bank on request from the depositor, will allow withdrawal of all term / fixed deposit of individuals irrespective of whether the amount is above or below INR 15 lakhs, before completion of the period of the deposit agreed upon at the time of placing the deposit. The Bank shall declare their policy for penal interest rates for premature withdrawal of term deposit. The Bank shall make depositors aware of the rate applicable on premature withdrawal of the term / fixed deposit vide account rules/terms and conditions as updated from time to time and informed to customer post providing due notice. Interest shall be paid one percent less than the rate prevailing on the date of placement of deposit applicable to the amount and period for which the deposit remained with the bank not at the contracted rate.

bank charges

A DD can be cancelled at the same branch from where it was issued. The applicant needs to give a letter along with the original DD for cancellation. The bank, in turn would cancel the DD after deducting certain charges and credit the amount in the account of the applicant or give him a pay order.

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You would have seen that many organisations when receiving payments from the public don’t accept Cheque Payments and require that payments should be made through Bank Drafts. The reason for this is that there are chances that the Cheque may get dishonoured or may not clear due to any reason whatsoever, but that is not the case with DD. In case of a DD, the Payment is to be made by the Bank who has drawn the Demand Draft and therefore the chances of the cheque not clearing are Nil. However, if the value of Draft is small, they may charge flat fixed charges as well. The charges may be lower in case of Privilege Banking Customers.

The accountholder can check the Accounts terms page. Accountholders will have to personally visit an HSBC branch with suitable identification to reactivate the accounts / close, the account. Ii) In order to keep the account "active", an accountholder is required to perform either a deposit or withdrawal transaction from the current/savings account on a periodic basis. Current Accounts / Savings Accounts which have not been operated for a period of two years and will be classified as 'unclaimed' and will be levied a charge as per our current Tariff.

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To be funded with remittance from overseas or transferred from other NRE / FCNR accounts. They can be held as Savings, Current or Fixed Deposits Accounts. In case of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said Fixed Deposit. A senior citizen is defined as a person above the age of 60 years.

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Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping. 2 Requests placed at Branch, Call Centre and Personal Internet Banking applicable per cheque book. Customers may choose to keep themselves informed by referring to the information that is available in the public domain or any other reliable source, with regards to the products and services that they may be interested in. The information can include details on similar products and services that are offered by competitor organizations. This will also help customers to make informed decisions.

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The customer can authorise the Bank to transfer funds from his account to third party beneficiaries as specified during operation of the ATM, subject to the Bank's policies. The Bank may, at its discretion, withdraw temporarily or terminate the ATM funds transfer facility with due intimation to the customer. The Bank reserves the right to change the maximum per day limit for funds transfer through the ATM with due intimation to the customer.

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