- The Bhuj Mercantile Co-op Bank IS THE FIRST AND FOREMOST to implement the tough Task of C-KYC in all Accounts opened w.e.f. 1-4-2017.
- Central KYC Registry (CKYC) is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity
- We offer 3% Interest on Savings Bank Deposit.
- We offer nomination facility for all deposit accounts.
- Customer can open single/joint account and that account can be operated as per instruction like Any one, Jointly, Any two Jointly either or survivor etc.
- Customer can open Savings A/c for his/her minor children.
- We are member of Deposit Insurance and Credit Guarantee Scheme in which customers deposits are insured up to Rs. 5 Lakhs
Rules & Regulation for Savings Bank Account
- Every Depositor must have to fulfill KYC norms as per CKYC / RBI directive.
- The Customer has to provide KYC docs for CKYC at the time of opening an account as per RBI Guideline.
- The Bank has the right to freeze / close the new / old accounts / when deems fit to stop the Debit transactions due to KYC violation, Fraud, Cyber Police Complain, Court / Tax authority orders, Dormancy, Death of Accountholder/s, or any other reason as per Bank's internal Rules and Regulations.
- The customer must have to preserve his/her cheque book & passbook in his custody. The Bank is not responsible for any misuse of cheque book & pass book.
- Interest on Savings deposit is calculated on daily balances as per RBI's directives.
- Stop payment of particular cheque/s facility is available but the customer has to keep sufficient balance to match the cheque amount then only the cheque will be returned with the reason of stop payment and stop payment charges will be levied from the account.
- The Bank is having all rights of appropriation, set off, lien and change the rules and regulation.
- I am doing a large cash withdrawal (above Rs. 20 lacs) and the cashier is insisting to provide ITR of last Three Years otherwise TDS will be deducted at existing rates and that I should provide him information on the purpose of withdrawal. After all, I am withdrawing money from my own account and therefore, why should I share this information with the Bank?:
- The extant regulations of RBI and Income Tax (and other applicable Acts) require the Banks to closely monitor the large cash transactions and the teller is just discharging his regulatory obligation. Such an information assists the Bank in identifying any unusual transactions that are being routed through it. TDS as per extant Rules will be deducted if ITR is not provided to the Bank.
- You are repeatedly mentioning that the extant regulations of RBI and the rules notified under Prevention of Money Laundering Act, 2002. What do they really talk about and try to achieve?
- The regulations and the rules referred to above deal with what is called as an initiative of Anti Money Laundering (AML) and Countering the Terrorist Financing (CTF). These rules and regulations try to prevent the process of money laundering (i.e., the process of dealing with criminal proceeds and projecting it as untainted property through banking channels) and financing of terrorism related activities. The regulations, in the broadest sense, require the banks to know their customers (popularly known as the Know Your Customer or KYC regulations) and to monitor their transactions. Further, specified information under the PMLA about the cash and suspicious transactions need to be submitted to the Financial Intelligence Unit, India (FIU- IND, a Government of India department, which analyses and forwards the intelligence information to the law enforcement agencies). Compliance with AML regulations assists the banks and the society at large in keeping a close watch on the transactions to identify suspicious transactions, if any, and thereby provide intelligence information (through reports to FIU-IND) to the law enforcement authorities to deal with such transactions as per the applicable laws and regulations. Co-operating with the Bank by providing required information, assists the Bank and the society in a long way in their fight against money laundering and terrorist financing.
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