Apart from making deposits and transferring or withdrawing funds, there are many other little-known customer-centric perks mandated by RBI that ensure a friendly banking experience for you. But we don't easily come to know about these perks. This piece delves into the Top 10 unknown perks that banks offer customers.
1. No Restrictions in Transfer of Bank Accounts between Branches
You are allowed to transfer your bank account from one branch to another irrespective of city or state without any restrictions. According to RBI guidelines, you can easily port your bank account provided you have fulfilled the KYC norms. So, if anyone suggests you to close your old account and open a new one at the new branch, ask for the account portability facility to continue to avail banking services without much paperwork.
2. Cheque(s) Can Be Written in English, Hindi, or in Any Local Language
You need not be well-versed with English to write a cheque. According to RBI guidelines, you can fill a cheque in English, Hindi, or in any local language as per your preference. Also, you can request your bank to issue a cheque book printed in your regional language. Let your maids know about this.
3. Trilingual Forms Must Be Maintained by Banks
As per RBI guidelines, banks need to maintain all printed material used by retail customers (like account-opening forms, passbooks, pay slips, and others) in the trilingual form (three languages). The languages that need to be maintained are English, Hindi, and a popular regional language.
4. Banks Cannot Use Your Personal Information for Cross-selling
If you are getting unwanted cross-selling calls from your bank or any agent(s) to inform you about your account balance and other investments details, you have the right to take action against this. According to RBI guidelines, your personal information is only for your bank’s records and it has no right to share it for cross-selling.
5. No Foreclosure Charges on Floating Home Loans Rates
According to banking rules, while approaching for home loans, banks or NBFCs (Non-Banking Financial Companies) cannot charge you any foreclosure or pre-payment charges on the floating rate (also known as adjustable rate) home loans.
6. Banks Cannot Deny OTC Cash Deposits
According to banking rules, banks cannot deny or restrict Over-the-Counter (OTC) cash deposits. Due to heavy rush in banks, many tellers do not accept OTC cash deposits. While they can make such a rule for their safety and convenience, it is your right to seek an OTC cash deposit receipt.
7. Banks are Required to Offer Free Passbooks
According to the rules, banks have to provide free passbooks to customers who have a savings account in their bank. Never pay to avail a passbook.
8. Banks Have to Solve ATM-related Complaints within 7 Working Days
According to RBI guidelines, banks have to resolve all ATM-related complaints within 7 working days. Note that the date of receipt of filing the complaint is taken as the first day if the complaint. If the bank fails to resolve your complaint within the given time period, compensation of Rs 100 per day will be paid to you.
9. Bank Dispatches Cheques at Their Own Risk
Your bank bears the risk of dispatching cheque books to you through courier. Hence, the bank cannot charge you extra for issuing a new cheque book if the previous cheque book is not delivered to you for some reason.
10. Banks Cannot Sell Insurance Policies Forcibly to Customers
Has your bank offered you health insurance or life insurance products while releasing a home loan? Mind you, IRDAI has directed banking and other financial institutions NOT to forcibly sell insurance policies to its customers.
Moreover, you need to understand that insurance products sold by banks or their agents may not strictly be customer-centric, but may be done just to complete targets. Buying insurance as per your needs, age, and income is important.
Suggested Reading: When Is the Right Time to Buy Life Insurance?
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