Safekeeping
The Depositor is reminded to keep the original Fixed Deposit Receipt/Savings Passbook/Gold Investment Passbook / Cheque Book in a safe place at all times.
Set Off
All deposit account holders agree that in addition to any general lien or other similar right to which the Bank as bankers may be entitled at law, the Bank may at any time, with seven (7) calendar days prior notice, combine or consolidate all or any of their banking accounts with and the liabilities to the Bank wheresoever situate and set off or transfer any sum or sums standing in the credit of any of their deposit accounts in or towards satisfaction of any of the account holders' liabilities to the Bank whether such liabilities to the Bank be present, future, actual, contingent, primary or collateral or several or joint.
As far as the account holders' liabilities to the Bank are contingent or future, the Bank's liabilities to them to make payment of any sum(s) standing to the credit of the deposit accounts shall to the extent necessary to cover such liabilities be suspended until the happening of the contingency or future event.
Where such combination, set-off or transfer requires the conversion of one currency into another, such conversion shall be calculated at the prevailing spot rate of exchange of the Bank (as conclusively determined by the Bank) for purchasing the currency for which the account holder(s) is liable with the existing currency so converted. The Bank shall not be held liable or responsible for any loss arising as a consequence of exercising its rights hereof.
Inactive / Dormant Account
All Deposit Accounts i.e. Savings Accounts, Current Accounts and Fixed Deposit Accounts (except Foreign Currency Accounts and Gold Investment Accounts) without any customer-initiated transactions (deposit or withdrawal transactions performed through either the counter or via self service banking channels) for a continuous period of twelve (12) months or more will be classified by the Bank as an 'Inactive' account.
The 'Inactive' status would remain unchanged until the account holder reactivates the account by performing a deposit or withdrawal transaction personally at the Bank's counter as all other modes of payment channel such as Self Service Terminals, E-Banking and Tele-Banking would be deactivated.
Should the account holder fail to perform a transaction on the account as mentioned above for a period of seven (7) years from the date of the last customer-initiated transaction, the account would be classified as 'Dormant'.
Before the account becomes 'Dormant', the Bank will send a notice to the account holder at least twenty one (21) calendar days in advance informing him/her/them of the impending dormancy and to reactivate the account personally at the Bank's branch.
If the account holder failed to reactivate the account within twenty one (21) calendar days of the notice, once the account becomes 'Dormant', it will be closed and the money inside the account will be transferred by the Bank to the Registrar of Unclaimed Moneys in accordance with the Unclaimed Moneys Act 1965.
