BANKS IN NEWS

Complaints regarding debit of accounts even though the ATMs have not disbursed cash for various reasons have attracted the attention of RBI. RBI has concluded that delay in settlement of complaints is not justified and moreover it would discourage customers from using ATMs. It was decided that banks shall reimburse to the customers amounts wrongly debited within a maximum period of 12 days from the date of receipt of customer complaint.

Bank of Baroda Flexi RD account

A recurring deposit account with flexibility of having varying monthly instalments. The core monthly instalment to be minimum Rs 100/- which can be increased in multiples of Rs 100/- to a maximum of three times the core amount. The maximum monthly instalment can be Rs 10,000/- only. The term of the deposit account can be 12 months to maximum of 36 months. Loan upto 95 percent of the total deposit is allowed.

UCO Bank money back RD account

Long term recurring deposit account with intermediate withdrawal facility. Maturity after 120 months with first withdrawal after 60 months or withdrawal after 36months and 72 months and balance after 120 months.

HDFC Family Savings Group

This account enables 4 individual savings accounts of the same family to be linked together under family savings group. The minimum average quarterly balance for the group is applicable instead of individual accounts. Family member with NRI status is eligible to be part of the group. 5 free cash withdrawals allowed from SBI ATMs and upto 2 free demand drafts on HDFC account per month upto a maximum of Rs 25,000/ per instrument. International debit card with free bill payment facility with internet banking and mobile banking. Cash delivery facility at home on payment of Rs 50/- per delivery and free passbook delivery. Additional facility of 25 percent discount on locker rent charges, free demat account for the first year and Gold debit card on one time payment of Rs 250/-.

HDFC Bank Multi deposit account

Savings or current account linked to multiple fixed deposit accounts with facility of transfer of amount from fixed deposit accounts in units of Rs 1/- so that interest loss is minimum on fixed deposits Free international debit card and free cheque book facility is also available.

UCO Bank Flexi deposit

Fixed deposit account with part withdrawal facility allowed in multiples of Rs 5,000/-

United Bank- United Anand Deposit scheme

Fixed deposit for 12 to 60 months with minimum deposit of Rs 10,000/- and in multiples of Rs 1,000/- with additional deposit of Rs 5,000/- being minimum. Current account to be opened simultaneously with zero balance through which 90 percent of the deposit can be availed as overdraft. Specially designed pass book is issued instead of deposit receipt.