Popular Articles About Ing Vysya Bank in 2012

ING Vysya Bank posts 44% growth in net profit

January 17, 2012 | Gayatri Nayak , ET Bureau

Bangalore based ING Vysya Bank recorded a 44% growth in net profit for the quarter ended December 2011 on a sharp increase in income from higher lending. Net profits rose to Rs. 119.5 crores compared to Rs. 83.0 crores reported in the corresponding quarter of the previous year. The Net Interest Margins or NIM increased to 3.49% in Q3 FY12 from 3.10% in Q3 FY11. The gross non-performing assets or NPA ratio and net NPA ratio were at

2.01% and 0.31% respectively as at 31 December 2011 compared to 2.66% and 0.64% respectively as at 31 December 2010.

Financial planning: Q&A

March 22, 2012

By VN Kulkarni Chief counsellor, Abhay Credit Counselling Centre - A Bank of India-backed initiative Term Deposit & TDS A term deposit account with SBI was opened and the maturity value was shown as X. At the end of the term, the amount paid by the bank should have been X minus the TDS. There was a shortfall of a few hundred rupees. When

questioned, the bank maintained that since they had paid income tax every year during the tenure of the deposit, the bank was out of funds to that extent hence the maturity value stands reduced to that extent.

Banks raise FD rates in year-end push

March 21, 2012 | TNN

MUMBAI: Year-end demand for funds is forcing banks to increase fixed deposit rates even as bankers talk about cost of funds heading down. Bank of Baroda (BoB) and ING Vysya Bank have increased FD rates while other private banks are offering over 10% on certificate of deposit schemes. BoB has increased returns on most maturities of up to one year by 25 basis points. It has left long-term rates unchanged. ING Vysya Bank, too, has increased short-term deposit...

ING Vysya hikes short-term deposit rate by 0.25 per cent

March 20, 2012 | PTI

NEW DELHI: ING Vysya Bank today said it has hiked its short-term deposit rates by 0.25 per cent to 10 per cent to promote its Active Deposit Scheme. "The bank will now offer 10 per cent special rate to deposit holders (for 366 days) as against 9.75 per cent earlier, to promote its successful Active Deposit Scheme," it said in press release. The customers will get higher returns under the Active Deposit Scheme, linked to their normal savings or current account.

Stock pick of the week: ING Vysya Bank

March 19, 2012 | Narendra Nathan , ET Bureau

It is natural for analysts to concentrate on banks that can contain the expected asset quality deterioration in the sector. ING Vysya Bank improved its gross non-performing assets (NPA) to 2.01% and net NPA to 0.31% in the third quarter of 2011-12 from 2.66% and 0.64%, last year. There was no meaningful restructuring during the quarter, total restructured book is placed at 1.3% of the advances, and a similar trend is expected to follow. With the slowing

pace of NPA accretion, the bank's credit cost is expected to fall. It continues to maintain high provision coverage ratio of 85%, one of the best in the industry. It can boast of a high capital adequacy ratio of 14.08%.

Bankers like Amitabh Chaturvedi, Murali Natrajan failed to change old mind set of banks like Dhanlaxmi, Developement Credit bank
February 22, 2012 | Anita Bhoir , ET Bureau

More than a decade ago, the Ruias of Essar Group realised how difficult it was to have their way in a community bank. Today, some ambitious bankers who cut their teeth in the wonderland of modern finance are learning the same lessons. The exit of Amitabh Chaturvedi as chief executive of Dhanlaxmi Bank, just after three years amid the din thrown up by trade unions and the board, could well be a warning sign for those aspirants from big multinational banks who think they could make it big in small banks.

Our goal is to grow faster than the system: Jayant Mehrotra, ING Vysya Bank
January 17, 2012 | ET Now

Jayant Mehrotra , CFO, ING Vysya Bank , in an interview with ET Now, speaks about the bank's growth in the quarter gone by and the likely scenario in the future. Excerpts:- ET Now: For the quarter gone by you have managed to clock a growth rate of about 22% plus. What we have been maintaining for the last few quarters is that we will be

growing faster than system but with quality. So we are not saying whether we will grow 22% or 25%. What we have consistently maintained is that we will grow faster than system. If the system grows between 15% to 18%, we feel that we should be able to grow in the region of about 22% to 23%.

ING Vysya Bank gets new head for consumer assets

January 9, 2012 | PTI

Mumbai: Private lender ING Vysya Bank today appointed Sanjay Shukla as the head for consumer assets and sales. Prior to his appointment, Shukla was associated with Tata Capital Housing Finance as business head. He has experience for over two decades and has worked with Citi, HDFC and LIC Housing Finance . ING Vysa has over two million customers across 527 branches.

IMPORTANT POLICIES 1. Policy on Collection of Cheques/Instruments

Introduction This Cheque Collection Policy of the Bank is a reflection of our on-going efforts to provide better service to our customers and set higher standards for performance. The policy is based on principles of transparency and fairness in the treatment of customers. The bank is committed to increased use of technology to provide quick collection services to its customers. This policy document covers the following aspects: a) Collection of cheques and other instruments payable locally, at centres within India and abroad. b) Our commitment regarding the time norms for collection of instruments. c) Policy on payment of interest in cases where the bank fails to meet time norms for realization of proceeds of outstation instruments. d) Our policy on dealing with collection instruments lost in transit. 2.Arrangements for Collection: 2.a.Local Cheques All cheques and other Negotiable Instruments payable locally would be presented through the clearing system prevailing at the centre. Cheques deposited at branch counters and in cheque drop boxes within the branch premises before the specified cut-off time will be presented for clearing on the same day. Cheques deposited after the cut-off time and in cheque drop boxes outside the branch premises including off-site ATMs will be presented in the next clearing cycle. After clearing settlement, the bank would credit the proceeds of cheque settled to the customer account. Cheques deposited before the cut-off time on Day 0 will be credited to the customers account at the end of the Day 1. Withdrawal of amounts so credited would be permitted as per the cheque return schedule of the clearinghouse and or on receipt and accounting of the returned cheques. Bank branches situated at centres where no clearing house exists, would present local cheques on drawee banks across the counter and it would be the bank's endeavour to credit the proceeds at the earliest. 2.a.iSpeed Clearing Outstation cheques drawn on banks participating in speed clearing at specified locations will be collected and treated at par with local cheques. All terms and conditions applicable for local clearing instruments will also apply to speed clearing. 2.b.Outstation Cheques Cheques drawn on other banks at outstation centres other than those covered under 2.a.i

above, will normally be collected through bank's branches at those centres. Where the bank does not have a branch of its own, the instrument would be directly sent for collection to the drawee bank or collected through a correspondent bank. Cheques drawn on the banks branches at outstation centers will be processed at the branch where the same are deposited and credit will be provided on the same day. 2.c.Cheques payable in Foreign Countries The services of correspondent banks will be utilized in country/centres where the correspondent has presence. Cheques drawn on foreign banks at centres where the bank or its correspondents do not have direct presence will be sent direct to the drawee bank with instructions to credit proceeds to the respective Nostro Account of the bank maintained with one of the correspondent banks. 2.d.Immediate Credit of Local / Outstation Cheques / Instruments: Branches / extension counters of the bank will consider providing immediate credit for outstation cheques / instruments (other than cheques where the drawer and payee are the same person) drawn on locations where the bank has its own branches. The facility would also be made available in respect of local cheques at centres where no formal clearing house exists. Under this policy, prepaid instruments like DD, Interest/Dividend warrants shall be treated on par with cheques. The facility of immediate credit would not be applicable to cheques collected under speed clearing arrangements. The facility would be offered to all individual accountholders at their base branch only (i.e., the branch in which the account is maintained) against the cheques tendered across the counter or dropped in the cheque drop box located in the branch premises. The facility of immediate credit will be offered on Savings Bank/Current/ Cash Credit Accounts of the customers. For extending this facility there will not be any separate stipulation of minimum balance in the account. The maximum credit that can be accorded under this facility to a customer at any given point of time (single or multiple cheques/accounts) is Rs.15,000/- out of which up to an amount of Rs.5,000/- immediate credit would be accorded without insisting for any specific request of the customer. For the amount where no request is insisted (maximum Rs.5,000/-), the account should be in existence for at least 12 months with satisfactory conduct of the accounts which, for the purpose of this policy shall include compliance to KYC/account opening formalities of the bank, satisfactory operations, maintenance QAB prescribed for the product, non-return of cheques issued and tendered for collection. Where a customer does not require immediate credit he should specifically tick the Not required option available on reverse of the pay-inslip and affix his signature. For credits where the specific request of the customers is required, the account should be in existence for at least 6 months with satisfactory conduct of the accounts which, for the purpose of this policy shall include compliance to KYC/account opening formalities of the bank, satisfactory operations, maintenance QAB prescribed for the product, no frequent return of cheques or return of cheques against which immediate credit was accorded on the previous occasions and no overdues from the customer.

This facility would not be provided for accounts in the names of minors, non-resident accounts (NRO & NRE); salary accounts; accounts under the products Solo account and saral/no-frills. The facility would also be not applicable to cheques collected under speed clearing arrangements. In case the request could not be considered for any reason, the same would be informed to the customer appropriately. Commission/collection charges as applicable to cheques realized on collection basis would be recovered from the customer. In the event of dishonor of cheque against which immediate credit was provided, interest shall be recoverable from the customer for the period the bank remained out of funds at the rate applicable for clean overdraft limits. 2.d.i.Charging of Interest on cheques returned unpaid where Instant Credit was given: If a cheque sent for collection for which immediate credit was provided by the bank is returned unpaid, the value of the cheque will be immediately debited to the account. Interest where applicable would be charged at the clean overdraft rate on the notional overdrawn balances in the account had credit not been given initially. Interest will not be charged from the date of immediate credit till the date of return, had the customer not withdrawn the funds. If the proceeds of the cheque were credited to the Savings Bank Account and were not withdrawn, the amount so credited will not qualify for payment of interest when the cheque is returned unpaid. If proceeds were credited to an overdraft/loan account, interest shall be recovered at the rate of 2% above the interest rate applicable to the clean overdraft/loan from the date of credit to the date of reversal of the entry if the cheque/ instrument was returned unpaid to the extent the bank was out of funds. In addition to interest, cheque return charges would be collected. 2.e.Purchase of local/outstation cheques Bank may, at its discretion, purchase local/outstation cheque tendered for collection at the specific request of the customer or as per prior arrangement. Besides satisfactory conduct of account, the standing of the drawer of the cheque will also be a factor considered while purchasing the cheque.

3. Time Frame for Collection of Local / Outstation Cheques / Instruments: For local cheques presented in clearing, credit will be afforded after clearing settlement i.e., cheques deposited before the cut-off time on Day 0 will be credited to the customers account at the end of the Day 1. Withdrawal of amounts so credited would be permitted as per the cheque return schedule of the clearinghouse and or on receipt and accounting of the returned cheques. For cheques and other instruments sent for collection to centres within the country the following time norms shall be applied:

a) Cheques drawn on four major Metro Centres (New Delhi, Mumbai, Kolkata and Chennai), State Capitals (other than those of North Eastern States and Sikkim): Maximum period of 7 working days. b) Cheques drawn on Other Metro Centres and major cities : Maximum period of 10 working days, c) Cheques drawn on all other Centres : Maximum period of 14 working days. Cheques drawn on foreign countries: The bank is committed to ensuring that instruments drawn in foreign currencies and payable outside India are collected in the quickest and most efficient manner. Towards this the bank may enter into specific collection arrangements with its correspondent banks in those countries for speedy collection of such instrument(s). Bank would give credit to the party upon realisation of proceeds in the bank's Nostro Account with the correspondent bank after taking into account cooling periods as applicable to the countries concerned. Country/location specific norms wherever stipulated will be specified for foreign currency instruments and made known to the customers at the point in time of accepting instruments for collection. The above time norms are applicable irrespective of whether cheques/instruments are drawn on the bank's own branches or branches of other banks. 3.a.Payment of Interest for delayed Collection of Outstation Cheques and Cheques Payable outside India As part of the compensation policy of the bank, the bank will pay interest to its customer on the amount of collection instruments in case there is delay in giving credit beyond the time period mentioned above. Such interest shall be paid without any demand from customers in all types of accounts. There shall be no distinction between instruments drawn on the bank's own branches or on other banks for the purpose of payment of interest on delayed collection. Further details on the payment of interest are covered in the Compensation Policy of the bank. 4.Cheques / Instruments lost in transit / in clearing process or at paying bank's branch: In the event a cheque or an instrument accepted for collection is lost in transit or in the clearing process or at the paying bank's branch, the bank shall immediately on coming to know of the loss, bring the same to the notice of the accountholder so that the accountholder can inform the drawer to record stop payment and also take care that cheques, if any, issued by him / her are not dishonoured due to non-credit of the amount of the lost cheques / instruments. Wherever requested by the customer, the bank would provide assistance to the customer to obtain a duplicate instrument from the drawer of the cheque by providing necessary certificate on loss of the cheque. In line with the compensation policy of the bank the bank will compensate the accountholder in respect of instruments lost in transit. Further details on payment of the compensation are covered in the Compensation Policy of the bank.

5.Service Charge For all collection services the bank will recover appropriate service charges as decided by the bank from time to time and communicated to customer as indicated in the code of banks commitment to customers adopted by the bank. 6.Force Majeure The bank shall not be liable to compensate customers for delayed credit if some unforeseen event (including but not limited to civil commotion, sabotage, lockout, strike or other labour disturbances, accident, fires, natural disasters or other "Acts of God", war, damage to the bank's facilities or of its correspondent bank(s), absence of the usual means of communication or all types of transportation, etc beyond the control of the bank prevents it from performing its obligations within the specified service delivery parameters.

2.

COMPENSATION POLICY

Introduction We are committed to our mission of providing quality service to our customers, service quality being our paramount importance. However, in the event, for some reasons, beyond our control or inadvertently, we are unable to meet the service levels committed by us in our dealings with individual customers, this compensation policy will be applicable. The compensation policy of the bank is therefore designed to cover areas relating to unauthorized debiting of account, payment of interest to customers for delayed collection of cheque/ instruments, erroneous credit card charges, payment of cheque after acknowledgement of stop payment instructions, delay or errors in remittances due to reasons attributable to the Bank, foreign exchange services, etc. The policy is based on principles of transparency and fairness in the treatment of customers. The objective of this policy is to compensate the customer for direct and actual financial loss that the customer may incur in cases which can be measured directly where the bank does not meet the services levels committed by it due to reasons attributable to the Bank to the extent as detailed in this policy. By ensuring that the customer is compensated without having to ask for it, the bank expects instances of the customer approaching the Banking Ombudsman or any other Forum for redressal to come down significantly. The commitments under this policy are without prejudice to any right that the bank will have in defending its position before any forum/court/statutory or regulatory authority. 1. Unauthorised / Erroneous Debit: If the bank has raised an unauthorized/ erroneous direct debit to an account, the entry will be reversed immediately on being informed in writing of the erroneous debit, after verifying the position. In the event the unauthorized/erroneous debit has resulted in a

reduction in the minimum balance applicable for payment of interest on savings bank deposit or payment of additional interest to the bank in a loan account, the bank will reverse such additional interest charged or any amount debited to the customers account due to such insufficiency of balance on account of the unauthorized/erroneous debit. In case verification of the entry reported to be erroneous by the customer does not involve a third party, the bank shall arrange to complete the process of verification within a maximum period of 7 working days from the date of reporting of erroneous debit in writing by the customer to the Bank. In case, the verification involves a third party, the bank shall complete the verification process within a maximum period of one month from the date of reporting of erroneous transaction by the customer. With regard to erroneous transaction reported by customers in respect of credit card operations (which require reference to a merchant establishment) the bank shall provide explanation along with necessary documentary evidence, if any, to the customer within a maximum period of sixty days. The compensation is to the extent of interest loss as explained above. a) Debits due to frauds committed by the staff employed by the Bank directly or indirectly will be compensated to the customer after establishing nature of fraud irrespective of the amount. b) In case of debits due to fraud committed by the customer or due to the customers negligence, Bank shall not pay any amount till the issue is decided. c) In cases where neither the branch nor the customer is at fault, but the fault lies elsewhere in the system, Bank would compensate the customer up to a limit of Rupees ten thousand only. The vigilance department of the Bank would be authorized entity to decide on the nature of the fraudulent debit after a quick verification of the facts of the case. Erroneous debits of category a & c above shall be reversed to customers accounts within 10 days from the date of the customers claim. 2. ECS direct debits/other debits to accounts The bank will undertake to carry out direct debit/ ECS debit instructions of customers in time. In the event the bank fails to meet such commitments customer will be compensated to the extent of interest loss and bank charges if any that the customer would incur on account of delay in carrying out the instruction/failure to carry the instructions. The bank would debit the customers account with any applicable service charge as per the schedule of charges notified by the bank. In the event the bank levies any charge in violation of the arrangement, the bank will reverse the charges when pointed out by the customer subject to scrutiny of agreed terms and conditions.

Any consequential financial loss to the customer will also be compensated subject to a maximum of Rs.5000/3. Credit Cards Where it is established that the bank had issued and activated a credit card without written consent of the recipient, the bank would not only reverse the charges debited to the account of the customer immediately but also pay without demur to the recipient of the card, a penalty being twice the value of charges reversed. Operation of the credit card account shall be in accordance with the ING credit card terms and conditions. In particular, the cardholder is responsible for all the transaction approved on his/her credit card prior to report of the loss to the bank as per the ING credit card terms and conditions. The bank reserves the right to honour, refer or decline any transaction on the credit card, at its sole discretion and without assigning any reason whatsoever. Transactions reported as erroneous by customer in respect credit card operations, which requires specific reference to a merchant establishment will be handled as per charge back rules laid down by VISA/MasterCard International. The bank will provide explanation and if necessary, documentary evidence to the customer within a maximum period of sixty days. 4. Payment of Cheques after Stop Payment Instructions: In case a cheque has been paid after stop payment instruction is acknowledged by the bank in writing, the bank shall reverse the transaction and give value-dated credit to protect the interest of the customer. Such debits will be reversed within 2 working days of the customer intimating the transaction to the bank. In the event the customer suffers any financial loss on account of such Payment of Cheques after Stop Payment Instructions, the bank shall compensate the customer to the extent of direct financial loss, if any, by way of loss of Savings account interest on account of reduction in the minimum balance for payment of interest on savings bank deposit or payment of additional interest to the bank in a loan account or any charges levied for reason of balance falling below minimum balance requirement or any charges levied for return of cheques due to shortfall in balance. 5. Foreign Exchange Services: The Bank would not compensate the customer for delays in collection of cheques designated in foreign currencies, sent to foreign countries as the bank would not be able to ensure timely credit from overseas bank. It is the banks experience that time for collection of instruments drawn on banks in foreign countries differ from country to country and even within a country, from place to place. The time norms for return of instruments cleared provisionally also vary from country to country. The Bank however, would consider upfront credit against such instruments by purchasing the cheque/instrument, provided the conduct of the account has been satisfactory in the past. However, the bank will compensate the customer for undue delays in affording credit

once proceeds are credited to the Nostro Account of the bank with its correspondent. Such compensation will be given for delays beyond one week from the date of credit to Nostro Account/due date after taking into account normal cooling period (as applicable to respective countries) notified from time to time. The compensation will be worked out as under: a) Interest for the delay in crediting proceeds as indicated in the collection policy of the bank. In case of extraordinary delay interest will be paid at the rate of 2% over the corresponding term deposit rate. b) Compensation for any loss on account of adverse movement in foreign exchange rate during the delayed period 6. Payment of Interest for delayed Collection of Outstation Cheques The compensation on account of delays by the Bank in collection of instruments would be as indicated in the banks collection policy. As part of the compensation policy of the bank, the bank will pay interest to its customer on the amount of collection instruments in case there is delay in giving credit beyond the time period mentioned in the cheque collection policy. Such interest shall be paid without any demand from customers in all types of accounts. There shall be no distinction between instruments drawn on the banks own branches or on other banks for the purpose of payment of interest on delayed collection. Interest for delayed collection shall be paid at the following rates: a) Savings Bank rate for the period of delay beyond 7/10/14 days as the case may be in collection of outstation cheques. b) Where the delay is beyond 14 days interest will be paid at the rate applicable to term deposit for the corresponding period or Saving Bank rate, whichever is higher. c) In case of extraordinary delay, i.e. delays exceeding 90 days interest will be paid at the rate of 2% above the corresponding Term Deposit rate. d) In the event the proceeds of cheque under collection were to be credited to an overdraft/loan account of the customer, interest will be paid at the rate applicable to the loan account. For extraordinary delays, interest will be paid at the rate of 2% above the rate applicable to the loan account. e) Only reasonable additional verifiable expenses incurred by a customer in this regard will be compensated. It may be noted that interest payment as given above would be applicable only for instruments sent for collection within India. The banks compensation policy for financial loss suffered by the customers due to loss of instrument after it has been handed over to the bank for collection by the customer would also be as indicated in our collection policy. The same is extracted below for information:

6.1 Cheques / Instruments lost in transit / in clearing process or at paying banks branch: In the event a cheque or an instrument accepted for collection is lost in transit or in the clearing process or at the paying banks branch, the bank shall immediately on coming to know of the loss, bring the same to the notice of the accountholder in writing so that the accountholder can inform the drawer to record stop payment and also take care that cheques, if any, issued by him / her are not dishonoured due to non-credit of the amount of the lost cheques / instruments. The bank would provide all assistance to the customer to obtain a duplicate instrument from the drawer of the cheque by providing necessary certificate on loss of the cheque.. In line with the compensation policy of the bank, the bank will compensate the accountholder in respect of instruments lost in transit in the following way: a) In case intimation regarding loss of instrument is issued to the customer beyond the time limit stipulated for collection (7/10/14 days as the case may be) interest will be paid for the period exceeding the stipulated collection period, at the rates specified under Para No. 6 above under Payment of Interest for delayed Collection of Cheques. b) In addition, bank will pay interest on the amount of the cheque for a further period of 15 days at Savings Bank rate to provide for likely further delay in obtaining duplicate cheque/instrument and collection thereof. c) The bank would also reimburse the actual charges/fee paid by the customer to the bank/ institution for obtaining the duplicate cheque/instrument upon production of receipt. Where a cheque is lost after it is discounted, the bank would bear reasonable cost for obtaining duplicate instrument. However, the customer will assist in obtaining duplicate instrument. His liability under Negotiable Instrument Act will not be extinguished till bank receives the proceeds of cheque. 7. Issue of Duplicate Demand Draft 1. The duplicate DD will be issued within 15 days from the day all necessary documents are received by the issuing branch. However, for any reason if there is delay in issuing duplicate DD, then the bank will compensate the purchaser for the delay in the form of interest payment. 2. For the delay beyond the above stipulated period, interest at the rate applicable to the term deposit for corresponding delayed period will be paid as compensation to the customer. Such interest is payable only when the request for issue of duplicate draft is received either from the purchaser or the beneficiary and not from the holder of the instrument.

3. Interest will be for the period at the rate prevailing on the date of submission of complete documents. 8. Violation of the Code by banks agent

In the event of receipt of any complaint from the customer that the banks employees/ representative / courier agency / service provider or DSA has engaged in any improper conduct or acted in violation of the Code of Banks Commitment to Customers which the bank has adopted voluntarily, the bank is committed to investigate the matter and endeavor to communicate the findings to the customer within 7 working days from the date of receipt of complaint and wherever justified, compensate the customer for direct financial loss if any, as contemplated under this policy. 9. Transaction of at par instruments of Co-operative Banks by Commercial Banks The RBI has expressed concern over the lack of transparency in the arrangement for payment of at par instruments of co-operative banks by commercial banks resulting in dishonour of such instruments when the remitter has already paid for the instruments. In this connection it is clarified that the bank will not honour cheques drawn on current accounts maintained by other banks with it unless arrangements are made for funding cheques issued. Issuing bank should be responsible to compensate the cheque holder for non payment/delayed payment of cheques in the absence of adequate funding arrangement. 10. Lenders liability commitment to borrowers 1. We will return to customers all the securities / documents / title deeds to mortgaged property within 15 days of repayment of all dues agreed to or contracted. If any right to set off is to be exercised for any other claim, we will give due notice with full particulars about the other claims and retain the securities / documents / title to mortgaged property till the relevant claim is settled / paid. 2. Where all the dues agreed to or contracted are repaid in full and where there are no other claims against which the bank is not exercising the right to set off, for any delay in return of securities / documents / title deeds to mortgaged property beyond 15 days of the repayment of all the dues agreed to or contracted, the bank will compensate the borrower / security or property owner to the extent of 0.10% of the valuation of the security / property as per the records of the bank or Rs.5000/whichever is lower. In the event of loss of title deeds to mortgaged property at the hands of bank, the compensation will cover out of pocket expenses for obtaining duplicate documents plus a lump sum amount as decided by the bank. 11. ATM Failure It is mandatory for bank to reimburse the customer, the amount wrongfully debited on account of failed ATM transaction within a maximum period of 12 working days from the receipt of the complaint. For any failure to re-credit the customers account within 12 working days from the date of receipt of the complaint, bank shall pay compensation of

Rs.100/- per day to the aggrieved customer. This compensation shall be credited to the customers account automatically without any claim from the customer, on the same day when bank affords the credit for the failed ATM transaction. 12. Force Majeure The bank shall not be liable to compensate customers under this policy for the delayed credits if some unforeseen event (including but not limited to civil commotion, sabotage, accident, fires, natural disasters or other Acts of God, war, damage to the banks facilities or of its correspondent banks), absence of the usual means of communication or all types of transportation, etc. beyond the control of the bank prevents it from performing its obligations within the specified service delivery parameters. Not with standing anything contained here above, the Bank shall not pay any compensation in the following cases. 1. Any deficiency in regard to loans and advances activities of the Bank. 2. Credit Card operations where the Bank is only an agent of other banks etc. 3. Debit Card/ATM Card, non-dispensation of cash despite balance in the account, double debit etc as they are subject to respective agreements/terms with account holder. 4. Dishonour of at par payment arrangement with other banks, due to non-funding and security compliances. 5. Delays on account of non-functioning of business due to factors beyond the control of the bank, the period of such events shall be removed for calculation of delays etc. 6. Where the issues are subject matter of a dispute by the Bank or is sub-judice and are placed under the disposal of statutory or regulatory authorities, Courts, Ombudsman, arbitration, Government bodies etc no compensation will be payable under this Policy. 13. Change/Modification Bank reserves it right to change or to modify the Policy or any of its provisions from time to time. Limitation of liability This Policy shall at all times be without prejudice to the Banks rights, defenses, claims and remedies available under law. Under no circumstance shall the Bank be liable or responsible for any indirect, special, punitive, exemplary, consequential loss or damage (including loss of profit, business opportunity, loss of reputation etc.,) Acceptance of the compensation under this policy shall be full and final settlement of all issues arising out of grievances for which compensation is claimed.

3.

Model Policy on Bank Deposits (Comprehensive Deposit Policy)

One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. The depositors and their interests form the key area of the regulatory framework for banking in India and this has been enshrined in the Banking Regulation Act, 1949. The Reserve Bank of India is empowered to issue directives/ advices on interest rates on deposits and other aspects regarding conduct of deposit accounts from time to time. With liberalization in the financial system and deregulation of interest rates, banks are now free to formulate deposit products within the broad guidelines issued by RBI. This policy document on deposits outlines the guiding principles in respect of formulation of various deposit products offered by the Bank and terms and conditions governing the conduct of the account. The document recognizes the rights of depositors and aims at dissemination of information with regard to various aspects of acceptance of deposits from the members of the public, conduct and operations of various deposits accounts, payment of interest on various deposit accounts, closure of deposit accounts, method of disposal of deposits of deceased depositors, etc., for the benefit of customers. POLICY: This document is a broad framework under which the rights of common depositors are recognized. Detailed operational instructions on various deposit schemes and related services will be issued from time to time. This policy is framed in terms of RBI Master Circular on Customer Service in Banks dated 01 July 2009. Types of Deposit Accounts 1. Various deposit products offered by the Bank are assigned different names. The deposit products can be categorized broadly into the following types. Definitions of major deposits schemes are as under: A. Demand deposits means a deposit received by the Bank which is withdrawable on demand; B. Savings deposits means a form of demand deposit which is subject to restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the Bank during any specified period; C. Term deposit means deposits received by the Bank for a fixed period withdrawable only after the expiry of the fixed period (though preclosure is also allowed) and include deposits such as Recurring / Fixed Deposits etc. D. Current Account means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit;

2. Key Features on operation of different types of accounts A. Account Opening and Operation of Deposit Accounts The Bank before opening any deposit account will carry out customer due diligence as required under Know Your Customer (KYC) guidelines issued by RBI and or such other norms or procedures adopted by the Bank. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening of the account will be informed to the customer and the final decision of the Bank will be conveyed at the earliest to the customer. The account opening forms and other material would be provided to the prospective depositor by the Bank. The same will contain details of information to be furnished and documents to be produced for verification and or for record, it is expected of the Bank official opening the account, to explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he approaches for opening a deposit account. For deposit products like Savings Bank Account and Current Deposit Account, the Bank will normally stipulate certain minimum balances to be maintained as part of terms and conditions governing operation of such accounts. Failure to maintain minimum balance in the account will attract levy of charges as specified by the Bank from time to time. For Saving Bank Account, the Bank may also place restrictions on number of transactions, cash withdrawals, etc., for given period. Similarly, the Bank may specify charges for issue of cheques books, additional statement of accounts, duplicate passbook, folio charges, etc. All such details, regarding terms and conditions for operation of the accounts and schedule of charges for various services provided will be communicated to the prospective depositor while opening the account or from time to time as the case may be. Savings Bank Accounts can be opened for eligible person/ persons and certain organizations/ agencies (as advised by Reserve Bank of India (RBI) from time to time) Current Accounts can be opened by individuals/ partnership firms/ Private and Public Limited Companies/ HUFs/ Specified Associates/ Societies/ Trusts etc. Term Deposits Accounts can be opened by individuals/ partnership firms/ Private and Public Limited Companies/ HUFs/ Specified Associates/ Societies/ Trusts etc. The customer due diligence process, while opening a deposit account will involve satisfying about the identity of the person and address, satisfying about his occupation and source of income and obtaining recent photograph of the person/s opening/ operating the account. Obtaining introduction of the prospective depositor from a person acceptable to the Bank may also be used for customer due diligence. In addition to the due diligence requirements, under KYC norms the Bank is required by law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act/ Rules. Deposit accounts can be opened by an individual in his own name (status: known as account in single name) or by more than one individual in their own names (status: known as Joint Account). Savings Bank Account can also be opened by a minor jointly with natural guardian

or with mother as the guardian (Status: known as Minors Account). Minors above the age of 14 will also be allowed to open and operate saving bank account independently. Operation of Joint Account: The Joint Account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders. The Savings Bank Account opened by minor jointly with natural guardian/ guardian can be operated by natural guardian only till the minor attains majority. The joint account holders can give any of the following mandates for the disposal of balance in the above accounts: Either or Survivor: If the account is held by two individuals say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders. Anyone or Survivor/s: If the account is held by more than two individuals say, A, B and C, the final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders. The above mandates will be applicable to or become operational during the tenure of the term deposit and on or after the date of maturity of term deposits. This mandate can be modified by the consent of all the account holders. At the request of the depositor, the Bank will register mandate/ Power of Attorney given by the customer authorizing another person to operate the account on his behalf. The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity. Nomination facility is available on all deposit accounts opened by individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favor of one individual only. Nomination so made can be cancelled or changed by the account holder/s any time. Nomination can be modified by the consent of account holder/s. Nomination can be made in favor of a minor also. Bank recommends that all depositors avail nomination facility. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account. Statement of account will be provided by the Bank to Savings Bank as well as Current Deposit Account Holders periodically as per terms and conditions of opening of the account. The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor. B. Minors Accounts Minor can open Savings Bank Account and the same can be operated by the natural guardian or by minor himself/ herself, if he/ she is above the age of 14 years. On attaining majority, the erstwhile minor should confirm the balance in his/ her account and if the account is operated by the natural guardian/ guardian, fresh specimen signature of erstwhile

minor duly verified by the natural guardian would be obtained and kept on record for all operational purposes. C. Account of Illiterate/ Blind Person The Bank may at its discretion open deposit accounts other than Current Accounts of illiterate person. The account of such person may be opened provided he/ she calls on the Bank personally along with a witness who is known to both the depositor and the Bank. At the time of withdrawal/ repayment of deposit amount and/ or interest, the account holder should affix his/ her thumb impression or mark in the presence of the authorized officer who should verify the identity of the person. The Bank will explain the need for proper care and safe keeping of the passbook etc. given to the account holder. The Bank official shall explain the terms and conditions governing the account to the illiterate/ blind person. Banking facilities like cheque book facility, operation of locker, depository operations will be offered to visually challenged without any discrimination. D. Addition or Deletion of the Name/s of Joint Account Holders The bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder. E. Dormant Accounts Status of accounts which are not operated for a considerable period of time (as defined by the Regulator) will be changed to dormant/ inoperative account status in the interest of the depositor as well as the Bank. The depositor will be informed of charges, if any, which the Bank will levy on dormant/ inoperative accounts. The depositor can request the Bank to activate the account for operating it. 3. Directives on interest payment and term deposits A. Interest Payments

a. Interest shall be paid on saving account at the rate specified by Reserve Bank of India directive from time to time. However, term deposit interest rates are decided by the Bank within the general guidelines issued by the Reserve Bank of India from time to time. b. The rate of interest on deposits will be prominently displayed in the branch premises. Changes, if any, with regard to the deposit schemes and other related services shall also be communicated upfront by prominently displaying it at branch premises and on the website. c. Bank has statutory obligation to deduct tax at source if the total interest paid/ payable on all term deposits held by a person exceeds the amount specified under the Income Tax Act. The Bank will issue a tax deduction certificate (TDS Certificate) for the amount of tax deducted. The depositor, if entitled to exemption from TDS can submit declaration in

the prescribed format at the beginning of every financial year. d. In terms of Reserve Bank of Indias directives, interest shall be calculated at quarterly intervals on term deposits and paid at the rate decided by the Bank depending on the period of the deposit. In case of monthly deposit schemes, interest shall be calculated for the quarter and paid monthly at discounted value. The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks association B. Premature Withdrawal of Term Deposit The Bank on request from the depositor, at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit. The Bank shall declare their penal interest rates for premature withdrawal of term deposit. The Bank shall make depositors aware of the applicable rate along with the deposit rate. C. Premature Renewal of Term Deposit In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the bank will be paid at the rate applicable to the period for which the deposit remained with the bank and not at the contracted rate. D. Renewal of Overdue Term Deposits When a term deposit is renewed on maturity, on renewed deposit interest rate for the period specified by the depositor as applicable on the date of maturity would be applied. If request for renewal is received after the date of maturity, such overdue deposits will be renewed with effect from the date of maturity at interest rate applicable as on the due date, provided such request is received within 14 days from the date of maturity. If request for renewal is received after 14 days from the date of maturity, such deposits will be renewed with effect from the date of receipt of request. E. Advances Against Deposits The Bank may consider request of the depositor/s for loan/ overdraft facility against term deposits duly discharged by the depositor/s on execution of necessary security documents. The Bank may also consider loan against deposit standing in the name of minor, however, a suitable declaration stating that loan is for the benefit of the minor, is to be furnished by the depositor -applicant.

4. Deceased account handling A. Settlement of Dues in Deceased Deposit Account a. If the depositor has registered nomination with the Bank, the balance outstanding in the account of the deceased depositor will be transferred to the account of/ paid to the nominee after the Bank satisfies about the identity of the nominee, etc. b. The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank. c. In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as either or survivor, former/latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased. d. In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the banks management. This is to ensure that the common depositors are not put to hardship on account of delays in completing legal formalities. e. Bank shall adhere to existing policy on Settlement of Claims in respect of deceased depositors, in place. B. Interest Payable on Term Deposit in Deceased Account a. In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the Bank shall pay simple interest at the applicable rate obtaining on the date of maturity, for the period for which the deposit remained with the Bank beyond the date of maturity; as per the Banks policy in this regard. b. However, in the case of death of the depositor after the date of maturity of the deposit, the bank shall pay interest at savings deposit rate obtaining on the date of maturity from the date of maturity till the date of payment. 5. Facilitation of Other Banking Services A. Stop Payment Facility The Bank will accept stop payment instruction from the depositors in respect of cheques issued by them. Charges, as specified, will be recovered. B. Safe Deposit Lockers This facility is not offered through all bank branches and wherever the facility is offered, allotment of safe deposit vault will be subject to availability and compliance with other terms and conditions attached to the service. Bank has an approved Locker Policy in place.

6. Safeguarding Customer Interests A. Customer Information The information provided by the customer for KYC compliance while opening an account is confidential. Banks shall treat the information collected from the customer for the purpose of opening of account as confidential and not divulge any details thereof without the consent of the customer. B. Secrecy of Customers Accounts The Bank shall not disclose details/ particulars of the customers account to a third person or party without the expressed or implied consent from the customer. However, there are some exceptions, viz. disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the Bank requires disclosure. C. Insurance Cover for Deposits All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force will be made available to the depositor. D. Redressal of Complaints and Grievances Depositors having any complaint/ grievance with regard to services rendered by the Bank have a right to approach authority (ies) designated by the Bank for handling customer complaint/ grievances. The details of the internal set up for redressal of complaints/ grievances will be displayed in the branch premises. The branch officials shall provide all required information regarding procedure for lodging the complaint. In case the depositor does not get response from the Bank within one month from date of complaint or he is not satisfied with the response received from the Bank, he has a right to approach Banking Ombudsman appointed by the Reserve Bank of India. 7. Policy Revision: This policy is subject to revision based on the extant RBI guideline from time to time. 4. Policy on Collection of Dues and Repossession of Security

1. Preamble The code for collection of dues and repossession of security (CDRS code) is a non-statutory code issued on voluntary basis and is recommended for adoption and implementation. 2. Applicability This code will apply as and when the same is adopted by the RMRC (with or without modifications) and a declaration to the public at large by the Bank is made by way of hosting the same in the website of the Bank. 3. Introduction The debt collection policy of the bank is built around dignity and respect for customers. Bank will not follow policies that are unduly coercive in collection of dues. The policy is built on principles of courtesy, fair

treatment and persuasion. The bank believes in following fair practices with regard to collection of dues and repossession of security and thereby fostering customer confidence and considering long-term relationship. The repayment schedule for any loan sanctioned by the bank will be fixed taking into account paying capacity and cash flow pattern of the borrower. The bank will explain to the customer upfront the method of calculation of interest and how the Equated Monthly Installments (EMI) or payments through any other mode of repayment will be appropriated against interest, charges and principal due from the customers. The bank would expect the customers to adhere to the repayment schedule agreed to and approach the bank for assistance and guidance in case of genuine difficulty in meeting repayment obligations. Banks Security Repossession Policy aims at recovery of dues in the event of default and is not aimed at whimsical deprivation of the property. The policy recognizes fairness and transparency in repossession, valuation and realization of security. All the practices adopted by the bank for follow up and recovery of dues and repossession of security will be in consonance with the law. 4. General Guidelines All the members of the staff or any person authorized to represent our bank in collection or/and security repossession would follow the guidelines set out below: 1. The customer would be contacted ordinarily at the place of his/her choice and in the absence of any specified place, at the place of his/her residence, and if unavailable at his/her residence, at the place of business/occupation. 2. Identity and authority of persons authorized to represent the bank for follow up and recovery of dues would be made known to the customer as and when demanded. The bank staff or any person authorized to represent the bank in collection of dues or/and security repossession will, upon request, identify himself / herself and display the authority letter issued by the bank 3. The bank would respect privacy of its borrowers, to the extent possible. 4. The bank is committed to ensure that all written and verbal communications with its borrowers will be in simple business language and bank will adopt civil manners for interaction with borrowers. 5. Normally the banks representatives will contact the borrower between 0700 hrs and 2100 hrs, unless the special circumstance of his/her business or occupation requires the bank to contact at a different time.

6. Borrowers requests to avoid calls at a particular time or at a particular place would be honored as far as possible. 7. The bank will document the efforts made for the recovery of dues and the copies of communication sent to customers, if any, will be kept on record. 8. All assistance will be given to resolve disputes or differences regarding dues in a mutually acceptable and orderly manner. 9. During visits to customers place for dues collection, decency and decorum would be maintained. 10.Inappropriate occasions such as bereavement in the family or such other calamitous occasions will be avoided for making calls/visits to collect dues. 5. Giving notice to borrowers While written communications, telephonic reminders or visits by the banks representatives to the borrowers place or residence will be used as loan follow up measures, the bank will not initiate any legal or other recovery measures including repossession of the security without giving notice in writing. Any genuine difficulties expressed / disputes raised by the customer will be considered by the Bank before initiating recovery measures. Bank will follow all such procedures as required under law for recovery/repossession of security. 6. Repossession of Security Repossession of security is aimed at recovery of dues and not to deprive the borrower of the property. The recovery process through repossession of security will involve repossession, valuation of security, and realization of security through appropriate means. All these would be carried out in a fair and transparent manner. Repossession will be done only after issuing the notice as detailed above. Due process of law will be followed while taking repossession of the property. The bank will take all reasonable care for ensuring the safety and security of the property after taking custody, in the ordinary course of business. 7. Valuation and Sale of Property Valuation and sale of property repossessed by the bank will be carried out as per law and in a fair and transparent manner. The bank will have right to recover from the borrower the balance due, if any, after sale of property. Excess amount, if any, obtained on sale of property will be returned to the borrower after meeting all the related expenses provided the bank is not having any other claims against the customer. In the case of hypothecated assets where the bank has taken possession, if no payment is forthcoming, a sale notice giving 7 days

time to respond will be sent to the borrower. Thereafter, the bank will arrange for sale of the hypothecated assets in such manner as deemed fit by the Bank. In respect of cases under SARFAESI Act, as per the provisions of the Act, 30 days notice of sale will be sent. When public auction or auction by tender is envisaged, the same will be published in two leading newspapers of which one is a local vernacular paper. 8. Opportunity for the borrower to take back the security As indicated earlier in the policy document, the bank will resort to repossession of security only for the purpose of realization of its dues as the last resort and not with intention of depriving the borrower of the property. Accordingly, the bank will be willing to consider handing over possession of property to the borrower any time after repossession and before conducting of sale transaction of the property, provided the bank dues are cleared in full. If satisfied with the genuineness of borrowers inability to pay the loan installments as per the schedule which resulted in the repossession of security, the bank may consider handing over the property after receiving the installments in arrears. However, this would be subject to the bank being convinced of the arrangements made by the borrower to ensure timely repayment of remaining installments in future. 9. Engagement of recovery agents The Bank may utilise the services of recovery agents for collection of dues and repossession of securities. Recovery agents will be appointed as per regulatory guidelines issued in this regard. In this respect 1) The name and address of all Recovery Agents on the approved panel of the Bank will be placed on the banks website for information. 2) Only recovery agents from the approved panel will be engaged by the bank. 3) In case the bank engages the service of such recovery / enforcement / seizure agent for any recovery case, the identity of the agent will be disclosed to the borrower. 4) The recovery agents engaged by the bank will be required to follow a code of conduct covering their dealings with customers. The code mentioned above will not preclude the Bank in any way from exercising its rights for recovery of its dues as per the existing laws of the Country.

5. Safe Deposit Locker Policy for ING Vysya Bank

Safe Deposit Lockers: Safe Deposit Locker facility is one of the subsidiary services provided by the Bank for keeping the valuables in the safe deposit locker. This provides safety to the belongings of the customers against theft / burglary. Bank provides specially designed lockers kept at specially built strong rooms for keeping the valuables of the hirer purchased from reputed manufacturers. The relationship between the Banker and Customer is that of lessor and lessee. Locker is operated under double locking system and can be opened with combination of two keys one with the bank called Master Key and the other with the hirer called Hirers Key. The keys will be identified with an appropriate identification code / number. Target group: The safe deposit locker facility can be offered to existing as well as prospective customers to develop better business relationship. Lockers could be hired to Individuals, either singly or jointly, Partnership Firms, Limited Companies, Associations and Clubs but not to minors. The Know Your Customer norms are applicable to all locker hirers existing and new. While hiring to joint hirers and other than individuals clear instructions on operations and closure shall be obtained and bank shall comply with such instructions without exception. The risk categorization of locker hirers shall be done. Allotment of lockers Allotment of lockers shall be based on the duly filled in application of the prospective hirers on the printed format provided by the bank. A waiting list for the purpose of allotment of lockers shall be maintained at the branches. All such applications received for allotment of a locker should be acknowledged and given a waiting list number. At least 80% of the lockers should be allotted by the branches on first-come-firstserved basis. Branch Managers at their discretion could allot the remaining 20% of the lockers to valued customers on business considerations. Preference may be given to existing customers maintaining SB / CA / CCOD / Term Deposit accounts with the bank. The terms and conditions of allotment of lockers shall be covered in the agreement entered into with the hirers and a copy of the same shall be provided to the hirers. Priority allotment: Shareholders of the bank shall have priority in allotment of lockers within the 80% category or under the discretionary quota subject to production of proof of being a shareholder as on the date of allotment of locker. Similar priority allotment can be made to the staff and Retired staff of the Bank.

Charges and fees Bank collects rent for providing the service of locker facility. Branch will collect the rent on annual basis, in advance, at rates prescribed for various sizes of lockers. At the time of allotment of new lockers, the rent shall be collected on prorata basis for the remaining period of the financial year. To ensure prompt payment of locker rent, bank shall at the time of allotment, obtain a fixed deposit, which would cover 3 years rent and break open charges in case of an eventuality. However, such deposits should not be insisted from existing locker hirers. Whenever there is an upward revision of the locker rent, there is no need for collecting additional security deposit amount from the existing locker hirers. Delegated authority of the bank can waive such fixed deposits if the authority is certain about regular payment of locker rent by the hirer. For delayed payment of rent, penal charges are applicable as prescribed from time to time. When the locker is surrendered at the request of the hirer/s the charges for the unutilized period if any, shall be refunded for remaining complete quarters only. When the locker is surrendered at the request of the bank, the rent for the unutilized period shall be refunded Operations and monitoring A hirer has the option to use a password as an additional precaution for operation of lockers. The locker operation shall be through the joint operation of both the keys Master Key and Hirers Key Keys of the vacant lockers should be held under joint custody and regular verification must be made to ensure that the total number of keys on hand tally to the total vacant lockers. Any access to locker is permitted only after due identity verification and bank shall record every instance of locker access by the hirer The operating timings for the safe deposit lockers shall be upto half-an-hour before the close of office hours. Incase the locker is not operated for a period of more than one year for high-risk category customers and three years for medium risk category customers, Bank shall intimate the customer to operate the locker. If deemed necessary, bank shall breakopen such lockers following the laid down procedure. This will be carried out even if the hirer is paying the rent regularly. Operation of locker shall be stopped in the following circumstances: o Where the rent is in arrears; o Attachment by Court / tax authorities or other regulatory authorities; o Outside banking hours specified for locker operations. o Where the hirer is deceased.

Surrender Of Locker Locker can be surrendered by the hirer/s at any time during the contract period. Bank can also request for surrender of locker with due notice The lock of the surrendered locker shall be changed when a locker is surrendered. Breaking Open Of Lockers Locker may be broken open either at the request of the hirer/s or by the bank for default in payment of prescribed charges or for any other reason. Break Open charges shall be recoverable from the hirer/s. Bank shall engage the suppliers of the locker unit to break open the lockers When the locker is broken open at the request of the hirer, the same shall take place in the presence of the hirer or his nominee. When the locker is broken open at the instance of the bank, Customer shall be provided notice in advance, broken open in the presence of the hirer or his nominee (if available) along with Bank executive, Banks advocate, an independent witness, Gold Appraiser. Nomination Individual hirers both singly or jointly shall be educated on the advantages of providing nomination and requested to register nomination. Where the hirer/s prefer not to nominate, the same should be recorded in the application form. Settlement of claim Settlement of claim to the nominee or the legal heirs shall be subject to the following: Proper identification process for establishing the identity of the survivor(s) / nominee(s) . Production of appropriate documentary evidence for the fact of death of locker hirer If there is no order from a competent court restraining the bank from giving access to the locker of the deceased Making it clear to the survivor(s) / nominee(s) that access to locker / safe custody articles is given to them only as a trustee of the legal heirs of the deceased locker hirer i.e., such access given to him /her shall not affect the right or claim which any person may have against the survivor(s) / nominee(s) to whom the access is given. Incase nomination is available, contents of the locker shall be delivered to the nominee after proper identification of the nominee and subject to production of necessary documents. Where no nomination is available, settlement shall be made to the legal heirs as per Banks claim settlement policy. Bank shall prepare and retain an inventory before returning articles in safe deposit locker or permitting removal of articles in safe deposit locker..XXXXXXX

ING Vysya bank careers and recruitment 2012 at www.ingvysyabank.com

ING Vysya bank came into the field on October 2002. With its experience in the banking sector for more than 10 years, it has been one of the most reputed banks all over the world. In the year 2002, ING took on the charge of Vysya bank and the name has changed to ING Vysya bank. There were many wonderful features introduced by the bank, which attracted more and more customers towards the bank. Some of them are Orange savings scheme and protected home loans concept. There was a new concept called AAA which means Anytime, Anywhere, Anyhow Banking gained popularity among the public and many people have started to move their accounts. We can say that jobs have a unique reputation and also there is always a demand for ING Vysya bank jobs. There are more than 450 branches running successfully across India. ING Vysya bank careers have been reviewed excellent for the past year and also there were many people recruited via its recruitment procedure. This company differentiates itself from other private banking companies by founding life insurance companies in the developing countries all around the world. There are many job openings for the year 2012 and eligible candidates can apply for the job immediately.

Job vacancies and eligibility criteria for ING Vysya bank jobs
Currently, there are some vacancies available across many places in India. Some of them are private banker, relationship manger, sales manager, and foreign exchange service. The eligibility criteria differ from each type of the jobs mentioned above. For private banker position, graduates with financial background are required and the candidate is required to have good knowledge about capital and investment markets with 5-15 years of experience in the above-mentioned field. For relationship manager, the expected eligibility is to have a MBA/CA degree with 2-5 experience in the banking sector. The jobs in ING Vysya bank have different roles and responsibilities for every candidate who are recruited through ING Vysya bank recruitment 2012. For foreign exchange service, the candidates should have the eligibility criteria of either graduate or post graduate degree with minimum three years of experience in the banking industry. For corporate sales manager, the

eligibility criteria are same as the foreign exchange service. Graduates under any discipline are welcome for the post of sale manager.

ING Vysya bank recruitment 2012 and the benefits

Recruitment procedure is simple for the jobs mentioned above. The eligible candidate can forward the detailed resume to the HR manager. Since there are many job vacancies, the candidate should mention the job title as the subject of the mail. Once the mail is sent to the specific address given in the ING Vysya bank recruitment notification, the members responsible for the ING Vysya bank recruitment 2012 will intimate the candidate as soon as possible. The status of the application request will be intimated to the candidate through e-mail. To clarify any doubts regarding the recruitment procedure, the candidates can call to the number specifically given for the career counseling. Career counseling members will available on all working days to clarify any queries inquired by candidates. The advantage of applying through the ING Vysya Bank recruitment 2012 is that the candidates have the option of applying online for jobs. Through this facility, the recruitment process become so easy and the communication between the Career counselors and the candidate become comfortable. The candidates should monitor recruitment notification in order to grab a working opportunity in a well- known and esteemed private bank, ING Vysya. There are many factors, which draw in many people to apply for the ING Vysya bank job openings. The salary and the other benefits is an important thing that attracts many people to pursue their career in this bank. The career growth will be awesome as well as the job security of the employees is guaranteed. Every bank across India is well equipped with latest technology and the ambience inside the banks is magnificent. The work environment is another factor, which makes the people to turn towards this company. If a candidate gets through the Vysya bank recruitment 2012, then there will be great opportunity for him/her to lead an outstanding and striking life in the future. The recruited candidates can gain loads of experience from one of the prominent banking companies ING Vysya Bank.