13) Payment of penal interest for delayed credit of NEFT transaction:

In case of delay in crediting the beneficiary customer’s account in respect of NEFT transaction, we will pay penal interest at the then prevailing rate of interest for Savings Bank deposits for the period of delay/ till the date of refund as the case may be to the affected customers. The penal interest will be calculated on the amount of the NEFT transaction in question, for the period of delay.

14) Recovery of wrong RTGS/NEFT credits:

In case of wrong credit of RTGS/ NEFT transactions, the responsibility for accurate input lies with the remitting customer/ the originating Bank. The Bank as a recipient Bank would process the credits to the beneficiaries of RTGS/NEFT based solely on the account number informed by the remitting customer through the originating bank. In the event of a credit to a wrong beneficiary by the bank, the reason for which is attributable to the wrong information received from the originating Bank / the remitting customer, the Bank will facilitate for recovery. of the amount from the account holder.

For refund of the amount to the originating Bank, the Bank would request for an indemnity to be issued by the originating Bank. Once the indemnity is received from the originating Bank and accepted by our Bank, the Bank would refund the entire amount (without interest) / part amount (without interest) based on the availability of balance in the account, within two business days of the receipt of the indemnity.

15) Amendment / Modification / Review of the Policy :

The Bank reserves its right to amend / modify this policy, as and when it is deemed fit and proper, at its sole discretion.