TCF Policy

TREATING CUSTOMERS FAIRLY

At Bank of India, we are committed to offering our customers the highest possible standards of service. In doing so, we are pleased to support the Financial Services Authority initiative ‘Treating Customers Fairly’

OUR COMMITMENT:

• We assure that we shall act fairly and reasonably in all our dealings with you and have transparency in respect of services we offer, and in the procedures and practices our staff follows and makes sure our products and services meet relevant laws and regulations.
• Before you becomes a customer, we will give you clear information explaining the key features of the services and products which you are interested in and provide information on any type of account facility which the Bank offers.
• We will help you to understand how our financial products and services work. The features of the products/services including the risks involved are informed in the product profile.
• We shall inform you the information we need from you, before opening any deposit a/c, to prove their identity and address and to comply with legal and regulatory requirements, and may request for additional information about you, your profession and the family. The Bank before opening any deposit account will carry out due diligence as required under “Know Your Customer” (KYC) and “Know Your Business” (KYB) guidelines issued by FSA or any other regulatory authorities and or such other norms or procedures adopted by the Bank.
• We will make sure that all advertising and promotional material is clear, fair, reasonable and not misleading.
• To help you manage your account and check entries on it, we will give you account statements at regular intervals for the type of account you have. At your specific requests account statements more often than normally available on your type of account will be provided, but there may be a charge for this service.
• We will inform you about the clearing cycle, including when you can withdraw money after lodging collection instruments and when you will start to earn interest.
• We will keep original cheques paid from your account or copies, for such periods as required by law. If, within a reasonable period after the entry has been made on their statement, there is a dispute about a cheque paid from their account, we will provide them with the necessary information for evidence, subject to a possible charge for the same.
• In the event you have lost cheque book or stolen, we will, on your notifying us, take immediate steps to try to prevent these from being misused.
• The customer information collected from the customers shall not be used for cross selling of services or products among the banks, their subsidiaries or affiliates. We will treat all their personal information as private and confidential (even when they are no longer our customer), including entities in our group, other than in the following four exceptional circumstances for which we are permitted to do so:-

If we have to give the information by law.
If there is a duty to the pubpc to reveal the information in the interest of the pubpc at large.
If our interest requires us to give the information (for example, to prevent fraud) but we will not use this as a reason for giving information about customers or their accounts (including their name and address) to anyone else, including other companies in our group, for marketing purposes.
If customer asks us to reveal the information, or if we have his/her permission to provide such information to our group/associates/entities or companies when we have tie-up arrangements for providing other financial service products. when we have right to do so under paragraph 25 of ‘Terms & Conditions'