BANKER CUSTOMER RELATIONSHIP

RIGHTS & DUTIES OF A CUSTOMER RIGHTS.

• Draw Cheques against his available bank balance.

• Give stop payment mandate and removal thereof
• Terminate his deposit account and claim payment of all sums lying in his account.
• Share in the profits/losses as earned and determined by the bank in case of PLS
based deposits.
• Have periodical bank statements of his account
• Get the errors rectified in the bank statement, if any.
• Deposit cash and cheques for collection in his account
• Have new cheques book after utilizing the pervious one.
• Be informed about any direct operations in his account by the bank.
• Sue the bank for wrongful dishonour of his cheque/s alongwith damages.
• Cross, indorse or cancel cheques and other instruments.
• Sue the bank for wrongful disclosure of his bank account/balance.
• Ask for his balance within business hours.
RIGHTS & DUTIES OF A CUSTOMER

DUTIES.

• Keep the Cheque Book under lock and key.

• Take reasonable care in drawing cheques.
• Disclose his banker about missing cheques.
• Draw the cheques only on the Cheque Book provided
by his bank.
• Present cheques and other instruments for
encashment/collection within business hours.
• Notify the bank in case of any disagreement in the
bank statement.
• Abide by rules and regulations of his bank.
RIGHTS & DUTIES OF A BANKER

RIGHTS.

• Recover charges, if any

• Recover outstanding amount of finance and mark up due thereon.
• Sell securities upon default by the customer after serving him reasonable notice.
• Stop operation of the account in the following circumstances
• Death of Customer.
• Insanity of Customer.
• Under Orders of the Court.
• Bankruptcy of Customer.
• Unsatisfactory Operations (after serving reasonable)
• Retain customer’s funds unless demand arises for its repayment.
• Disclose information of his customer’s account under special circumstances.
• Sue for recoveries, if deficient against securities and set off.
• Take pledge of hypothecated stocks in case customer fails to adjust his loan
account as per agreed terms.
 RIGHTS & DUTIES OF A BANKER

DUTIES

• Honour cheques of the customer against his available balance.

• Abide by standing instruction/s of the customer.
• In case deposit account is closed by the customer, to pay the entire
amount through banker’s cheque/P.O., after satisfying claims (if any.)
• Provide periodical bank statements.
• Collection of customer’s cheques.
• Maintain secrecy of his customer’s account (except where exempted).
• Inform his customer about:
• dishonour of cheques/bills alongwith reason thereof
• closure of his account.
• Suspension / stopping operations of his account
• Bank’s intention to sell securities belonging to the customer.
•