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Account Rules

As an accountholder of Chinatrust Commercial Bank (CTCB), you will find banking a pleasant experience. Please read on to learn more about how you can optimise your banking needs by holding an account with Chinatrust Commercial Bank.

Savings Account

A savings account maybe opened by one or more persons properly introduced and approved by the Bank. Savings Accounts can only be opened by non-profit making Trusts / Hindu Undivided Families besides individuals. A joint account can be operated either jointly or severally as arranged with the Bank. The arrangement decided upon will also hold for survivors. The account holder(s) can also jointly authorise a person to operate an account on his / their behalf by providing a Power of Attorney. In line with RBI requirements, passport sized photographs of all accountholders will have to be submitted to the Bank along with other KYC documentation for opening a new account.

Cash withdrawals should only be made on the printed cheque forms supplied by the Bank. The Bank reserves the right to apply the specified service charges as stipulated in the printed Tariff. The account should not be overdrawn nor should cheques be drawn against funds in course of realisation.

The rate of interest on Savings Accounts is subject to change from time to time in accordance with the directives of the Reserve Bank of India. The current rate is displayed at our Notice Board and bank website. With effect from 1st April 2010, interest on the savings bank accounts will be calculated on daily product basis and interest will be paid out at quarterly intervals. Customers will repay to the Bank on demand and unconditionally the amounts of overdrafts which the Bank may grant from time to time in the account together with the interest accrued thereon. This should not be construed as an agreement, either expressed or implied, that the Bank is bound to grant any overdraft facility whatsoever. In the absence of any special arrangements, the Bank is not required to honour any cheques drawn by the accountholder(s) if in doing so the account would become overdrawn and in this circumstances the Bank reserves the right to debit the account with the charge for each returned cheque.

Current Account

Current Accounts can be opened by individuals, sole proprietorship concerns, partnership firms, private, public limited companies, associations, clubs, societies, trusts or other institutions, upon being introduced in a manner satisfactory to the Bank. The account can be opened either singly or jointly, with one or more persons. A joint account can be operated either jointly or severally as arranged with the Bank. The arrangement decided upon will also hold for survivor/s. The accountholders can also authorise a person to operate an account on his, their behalf by providing a Power of Attorney. In line with RBI requirements, passport sized photographs of all accountholders / authorised signatories will have to be submitted to the Bank along with other KYC documentation for opening a new account.

Cash withdrawals should only be made on the printed cheque forms supplied by the Bank. The Bank reserves the right to apply the service change based on the number of transactions made during the month as per the Tariff. The account should not be overdrawn nor should cheques be drawn against funds in course of realisation unless special arrangements have been made with the Bank.

Deposits in the account do not attract any interest. Customers will repay to the Bank on demand and unconditionally the amounts of overdrafts which the Bank may grant from time to time in the account together with the interest accrued thereon. This should not be construed as an agreement, either expressed or implied, that the Bank is bound to grant any overdraft facility whatsoever. For overdrawn accounts, interest is charged at prevailing interest rates on daily outstanding. In the absence of any special arrangements, the Bank is not required to honor any cheques drawn by the accountholders if in doing so the account would become overdrawn and in this circumstances the Bank reserves the right to debit the account with the charge for each returned cheque.

Fixed Deposit

Resident Accounts

1. The Bank accepts deposits for fixed periods. Details about various periods, current rates of interest and minimum deposits are available upon request.

2. Deposits established with the proceeds of cheques will be value dated after clearance.

3.The rate of interest payable is subject to the directive that may be issued by the Reserve Bank of India from time to time.

4. The Fixed Deposits will be renewed automatically on maturity unless any specific instruction is required from the accountholder.

5. In case of cumulative Fixed Deposits the interest is compounded quarterly at the prescribed rate and is paid to the accountholder along with the principal at the end of the term.

6. In the case of joint accountholders premature upliftment of deposits will require authorisation by all accountholders.

7. The Bank, on request from a depositor, would allow withdrawal of a Fixed Deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit subject to applicable penalty on premature withdrawal of Fixed Deposit.

The interest paid will be lower by the Penal Rate (as may be applicable to the value and date of placement of the Fixed Deposit as defined in the above table) than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.

8. The sole / first deposit holder will be usually regarded as the beneficial owner of the fixed deposit and considered as the payee of the purposes of income tax deduction at some source (TDS) from the interest on such deposit. It is essential for the first holder in joint account to provide PAN details to the bank to avoid deduction of tax at higher rates. In case the first account holder is not the beneficial owner / sole beneficiary of such interest then all the account holders need to give their respective PAN numbers and file a declaration in writing giving details of sharing proportion of such interest income.

9 i) TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act,1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s).

Please designate the account from where you would like the TDS amount to be deducted for all existing accounts. Please also provide details of the designated account as and when you renew/place additional deposits with the bank.

For cumulative deposits, in case of non designation of an account or lack of funds in the designated account, or if you hold only cumulative term deposit account/s with the bank, the TDS (where applicable) would be recovered from the Interest being accumulated to / paid on the deposit. For ordinary deposits, in the absence of a revert from you for designation of the applicable account or if the designated account is out of funds, or if you hold only ordinary term deposit account/s, the bank will recover TDS (where applicable) from the maturity proceeds or from the encashment proceeds (in case of pre-mature encashment) of the deposit.

Please contact our branch and submit the necessary documents in case lower TDS applies as provided by the relevant tax treaties. These documents should be submitted along with the Account opening Form and also before the start of each new financial year. Chinatrust Commercial Bank, India reserves its right to reject any such claims. Hence any claim for refund of TDS will lie directly with the Government of India and the bank will not be liable in any manner.'

ii) Individuals who wish to avail exemption from TDS should submit duly filled in Form 15G/15H as applicable with the bank. Such exemption from TDS will take effect from the following month of the date of submission of Form 15G/15H. For every financial year individual would need to submit a new Form 15G/15H.

10. Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said Fixed Deposit. A senior citizen is defined as a person above the age of 60 years.

11. Deposits held by minors are subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor's income is included.

Non-Resident Accounts

1. The Banks NRI Deposit Accounts scheme is open to non-resident Indians only. The term 'Non-Resident Indian' refers to Indian nationals and foreign passport holders of Indian origin. They include spouses of Indian citizens and any individual whose parents or grandparents was / were resident in undivided India.

2. All deposits, whether savings, current or time deposits are placed with the Bank under the Reserve Bank of India (RBI) regulations, and are governed by and subject to laws in effect from time to time and payable only at the branch where such deposits are made.

3. Deposits will be accepted under the RBI's FCNR (B) scheme in US dollars, Pound Sterling, Japanese Yen, and EURO. All other deposits may be tendered in any other acceptable currency but are maintained in Indian Rupees.

4. . The Bank reserves the right to reject any deposit application without assigning any reason whatsoever.

5. Deposits established with the proceeds of cheques will be value-dated after clearance.

6. The Bank shall not be obliged to accept or repay the deposit(s) in cash.

7. The foreign currency equivalent of the principal and interest on repatriable Rupee deposits and accounts can increase or decrease depending upon foreign exchange fluctuations.

TYPES OF ACCOUNTS

NRE account:
To be funded with remittance from overseas or transferred from other NRE / FCNR accounts. Local credits are not permitted. Both principle and interest are fully repatriable. Can be held as Savings, Current or Fixed Deposits.

NRO account:
Can be funded by remittance from overseas or through local sources. Interest accrued on Fixed Deposits is repatriable after tax deduction at source. Can be held as Savings, Current or Fixed Deposit.

FCNR-B (Fixed Deposits):
Held in foreign currency only. Can be funded with remittance from overseas or through transfers from NRE accounts. Both principle and interest are fully repatriable.

Fixed Deposit accounts:

1. The Bank accepts Local Currency or Foreign Currency Fixed Deposit Account from NRIs (individuals) in the form of NRE, NRO, FCNR deposits for fixed periods and currencies. Details about the various periods, current rates of interest and minimum deposits are available upon request.

2. The rate of interest payable on the deposit as prescribed by the Bank is subject to the directives that may be issues by the Reserve Bank of India from time to time.

3. In case of a cumulative Fixed Deposit, the interest is compounded at quarterly rests at the prescribed rate for local currency deposit and at half yearly rests for foreign currency deposits and is paid to the accountholder along with the principal at the end of the term.

4. Interests on an Ordinary Fixed Deposit is payable to the accountholder every quarter in case of local currency deposits and at half yearly rests for foreign currency deposits and is paid to the accountholder along with the principal at the end of the term.

5. Interest is not taxable in case of NRE and FCNR Fixed Deposits held by individuals. In the case of NRO deposits, tax is deducted at source at the rate of 30.60 %.

6. The deposit will be renewed automatically on the due date for an identical period at the applicable rate of interest ruling on the date of maturity unless an instruction to the contrary is received from the depositor by the Bank. The renewal will be in accordance with the provisions of the relevant Reserve Bank of India scheme in force at the time of renewal.

7. Premature withdrawal minimum periods for the following accounts are: NRE - 12 months; FCNR -12 Months; NRO - 15 days.

8. In case of FCNR (B) deposits, premature withdrawals will be subject to the penalties as determined by the Bank from time to time on account of interest rate movements and swap cost movement.

9. The Bank, on request from a depositor, would allow withdrawal of a Fixed Deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit subject to applicable penalty on premature withdrawal of Fixed Deposits.

The interest paid will be lower by the Penal Rate (as may be applicable to the value and date of placement of the Fixed Deposit as defined in the above table) than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.

Initial Deposit & Service Charge

The initial minimum deposit to open an account is as per our current Tariff.

Average minimum balance as per our current Tariff should always be maintained, failing which a service charge will be levied. The Bank reserves the right to close at any time any account in which the minimum balance is not maintained without further notification to the accountholder(s). Cheques, dividend warrants and other instruments in the name of accountholder will be collected but those in favour of payees other than the accountholders will not be accepted for collection.

Closure of Accounts

1. When an account is closed either by the constituents or by the Bank, the constituents are required to return the unused cheques to the Bank. Also closure of account requires signatures of all accountholders

2. . A charge as per our current Tariff will be recovered from an account holder before the expiry of the specified number of months from the date of opening the account.

3. Board resolution to be submitted for closure of a Company Account.

4. In the event of frequent cheque returns the Bank reserves the right to close the account.

5. All partners to sign for closure of a partnership account.

Senior Citizens

Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said Fixed Deposit. Bank at its discretion may offer higher rate of interest on Fixed Deposits for resident Indian Senior Citizen customers. Resident Indian Senior Citizen Customers are therefore requested to check the applicable interest rates valid for Senior Citizen Customers displayed at our branches or the website prior to the placement of the Fixed Deposit . A senior citizen is defined as a person above the age of 60 years.

Minor Accounts

An account exclusively in the name of a literate minor may be opened and operated upon by such a minor if he / she has completed the age of 10 years. An account may be opened on behalf of a minor by his / her natural guardian or by a guardian appointed by a court of Competent Jurisdiction. Upon the minor attaining majority, the right of the guardian to operate the account shall cease and any balance in the account will be deemed to belong exclusively to the hitherto minor who has attained majority, and unless he / she confirms in writing his / her intention to continue the account, further operation cannot be allowed.

Cheque Books

1. An application for a cheque book on a Savings / Current Account must be made on the Bank's requisition slip, duly signed by the accountholders. All cheque books issued by the Bank should be kept in a secure place at all times.

2. The Bank reserves to itself the right to refuse issue of cheque books on accounts which are not maintained satisfactorily and also when an excessive number of cheques from the previous cheque book remain unused.

3. The attention of the customers is particularly drawn to the condition subject to which cheque books are currently issued as printed on the inside of the front cover of the cheque book.

4. As per RBI guidelines on Alterations / Corrections on cheques, effective 1 December 2010, no changes / corrections would be allowed on cheque forms (with exception of date). For any changes in the cheque, a fresh cheque form needs to be issued. (This will be applicable only for cheques cleared under the image based cheque truncation system (CTS), which is currently operational in Delhi and will be implemented across India in future. This is not applicable to cheques cleared under other clearing arrangements such as MICR clearing, non-MICR clearing, over the counter collection (for cash payment) or direct collection of cheques outside the Clearing House arrangement.)

5. The amount of a cheque must be stated in both words and figures.

6. Accountholders should exercise care when drawing cheques and should not draw cheques by any means, which may enable a cheque to be altered in a manner, which is not readily detectable.

7. The cheque will be returned unpaid if the drawer's signature differs from that on record at the Bank. The same style and mode of signature as per specimen given to the Bank must be adhered to.

8. Cheque books will either be available at our counters or delivered directly to the customer.

9. A change as per our current Tariff will be recovered for recording stop payments.

10. Customers cannot print chequebooks or other payment instruments without written approval of the Bank.

11. NRE accountholders should complete the declaration on the reverse of the cheque leaf as per RBI requirements.

Cheque Deposit Timings

New Delhi

Weekdays: 9:30 am – 3:30 pm

Saturdays: 9:30 am – 12:00 pm

Sriperumbudur (Chennai)

Weekdays: 9:30 am – 12:30 pm

Saturdays: 9:30 am – 12:00 pm

Cheques deposited within these timings will be lodged for Outward Clearing on the same day, barring any unforseen contingencies.

General Rules

1. The Chinatrust Commercial Bank, India here in referred to as the 'Bank' having its headquarters in Taipei, Taiwan.

2. The Bank reserves the right to close any account without assigning any reason by giving a notice of 30 days to the account holders.

3. For large cash withdrawals above INR 1 lac advance notice should be given at the branch.

4. The Bank reserves the right not to disclose account information to the customer over the telephone.

6. Current Accounts / Savings Accounts which have not been operated for a period of two years and will be classified as 'Inoperative' and will be levied a charge as per our current Tariff. Accountholders will have to personally visit the branch with suitable identification to reactivate the accounts / close, the account.

7 i) Succession to the amount lying to the credit of the account and / or operation thereof on the death of the person authorised to operate upon the account shall be in accordance with the Deceased Depositor Policy of the Bank and rules for the purpose prescribed by the Bank from time to time and effective at the date of the claim.
ii) Nomination facility is available for all types of accounts of individuals, single / joint proprietorship concern as per the Nomination rules framed under the relevant Act. Customers are advised to make use of this facility in their own interest.
iii) Only one nomination can be made for each account, RBI approval is required for repatriation of proceeds where nomination is filed in favour of the NRI.

8. Resident Savings Account customers can collect their monthly paper statements from the branch where the customer maintains his/her account by visiting the branch in person to collect the same. Monthly statements will only be available in the branch for the preceding month. The statement will not be generated if no transactions are effected during the stipulated period of the statement cycle.

9. The Accountholder is deemed to have received each statement of account for the preceding month, either on actual receipt of the statement of account or 10 days after the dispatch of the statement of account by the Bank, whichever is earlier (Prescribed Period).Upon receipt of each statement of account and in any event no more than 30 (thirty) days from the prescribed period mentioned above, the Accountholder agrees to immediately notify the Bank in writing of any errors, omissions, irregularities, including any fraudulent or unauthorized transactions or any other objections the Accountholder has to that statement of account. If the Accountholder fails to notify the Bank within 30 (thirty) days, the statement of account and all entries therein, will be conclusive evidence of the correctness of the contents and binding upon the Accountholder and/or any person claiming under or through such Accountholder without the requirement for any further proof and the Bank will be released from all liability for any transaction (including all charges, damages and losses of any kind whatsoever, taxes, levies, fines, fees or penalties suffered and/or incurred) occurring up to the date of the most recent statement of account except for transactions the Accountholder gave notice of in accordance with this section.

10. Duplicate statements of past transactions are issued against payment of charges as per the Bank's current Tariff.

11. Accounts upon which an attachment order or other legal notice prohibiting operations of the accounts has been received will be frozen/blocked and no further operation will be allowed till such time as the prohibition order is removed.

12. Customer transactions will be entertained during normal banking hours as may be in force from time to time.

13. Accountholders should notify the Bank of any change in address.

14. The Bank allocates a unique customer number to each customer called as Customer ID (identification) number and the customers are requested to quote this number for every additional account opened with bank in India.

15. The Bank may without notice combine or consolidate account(s) with and liabilities to the Bank and shall have the right to set-off or transfer any sum(s) standing to the credit of such account(s) or any other sum(s) due or payable to the Bank from the customer in or towards satisfaction of the customers liabilities to the Bank on any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.

16. Holders of Non-Resident accounts should advise the Bank immediately upon return to India if they intend to take permanent residence in India.

17. The Bank reserves the right to amend the current Tariff after providing a 30 day notice to customers.

18. The Bank reserves the right to debit your savings/current account for the value of any Foreign Currency Cheque/s (FCY) sent through the Bank for collection and collected by the Bank, because of the cheque/s being returned unpaid (for any reasons whatsoever) by the drawee bank at a date later than us passing the credit to your account.

19. The Bank remains entitled to assign any activities to any third party agency at its sole discretion.

20. Bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) upto an aggregate value of Rs 1 lakh per depositor.

21. The Bank is required to act in accordance with the laws, regulations and requests of public and regulatory authorities operating in various jurisdictions which relate to, amongst other things, the prevention of money laundering, terrorist financing and the provision of financial and other services to any persons or entities which may be subject to sanctions. The Bank may take, any action which it or such other member, in its sole and absolute discretion, considers appropriate to take in accordance with all such laws, regulations and requests.

Such action may include but is not limited to: the interception and investigation of any payment messages and other information or communications sent to or by the account holder or on the account holder's behalf via the systems of the Bank and making further enquiries as to whether a name which might refer to a sanctioned person or entity actually refers to that person or entity.

The Bank will be liable for loss (whether direct or consequential and including, without limitation, loss of profit or interest) or damage suffered by any party arising out of:
i) Any delay or failure by the Bank in processing any such payment messages or other information or communications, or in performing any of its duties or other obligations in connection with any accounts or the provision of any services to the account holder, caused in whole or in part by any steps which the Bank or such other member, in its sole and absolute discretion, considers appropriate to take in accordance with all such laws, regulations and requests; or
ii) The exercise of any of the Bank's rights under this clause.

In certain circumstances, the action which the Bank may take may prevent or cause a delay in the processing of certain information. Therefore, neither the warrants that any information on the Bank's systems relating to any payment messages or other information and communications which are the subject of any action taken pursuant to this clause is accurate, current or up-to-date at the time it is accessed, whilst such action is being taken.

22. For Standing Instructions, the Bank accepts no responsibility for any loss or delay which may occur in the transfer, transmission and/or application of funds or (in the case of remittance by telegraphic transfers) for any error, omission or mutilation which may occur in the transmission of any message or for its misinterpretation when received and the Bank stands indemnified against any actions, proceedings, claims and/or demands that may arise in connection with such loss, delay, error, omission, mutilation or misinterpretation.

23. As per the Bank's 'customer call back policy', for all transactions above the specified thresholds mentioned, whether domestic or cross-border transaction, the Bank staff shall call the Customer's designated personnel (as per contact details provided by the Customer's authorised signatories) through telephone to validate the transaction details. In case either the designated personnel are not reachable in spite of two attempts or the transaction details or could not be authenticated, the request/s may either be rejected by the Bank or processed on a best effort basis solely at the Bank's discretion without any liability to the Bank, to ensure fraud prevention and better security of your account. The Bank may revise above mentioned threshold limit from time to time and notify the same to the Client. Upon such notification, Client shall be deemed to have agreed to such revised threshold limits for the call back process. This is applicable for all current accounts opened for business purpose.

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