My banking rights?

Question

Can you tell me what are my banking rights and how and where do I find list of it?

Answer 1

Dear Sinha,

 

I list here under a few basic rights for your information. Please note these are illustrative and not exhaustive. 
 

• Opening an account
• To be notified of charges and levies at the time of opening your account and for subsequent changes  30 days in advance

• Access to your account through various channels extended by the bank and  opted by you
• Protection of  your financial information
• Not  to  close your account without prior notice
• Not to debit your account without express authority of the customer
• Receive promised services
• Complain to the appointed body like Banking Ombudsman etc. for deficiency of services
• Bank cannot resort to coercive or extra constitutional methods for recovery of loan/dues
• Rights under various consumer protection laws

 

It is not out of place to mention that while one has to be conscious of his/her rights as a consumer of banking services and fight for the same,  one should not be oblivious to  responsibilities  and obligations relevant to each and every product and offering of the bank concerned.

The relationship between a banker and customer is contractual. Needless to state they are governed by mutual rights and obligations. Thus the rights are not unfettered.

You can learn more about these by reading the terms and conditions in each and every document you sign while entering into banking relationship and also Banking Ombudsman Scheme, Consumer Protection Laws etc. 

Regards

 

J R Mohandas