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Rights of a Customer

  1. Right to fair treatment: According to this right, banks cannot discriminate between customers on the basis of gender, age, religion, caste, and physical ability while providing services. This does not mean that banks cannot offer schemes which are designed for a particular set of people. Banks have all the right to offers differential rates of interest or products to customers.
  2. Right of transparent, fair and honest dealing: The contract between the banks and customers should be easily understood by the common man. It is the responsibility of the bank to make the customer understand interest rates, the risk involved and all other terms and conditions. Banks should not hide anything from the customer before the signing of the agreement. Even if there are any short comings, they should be communicated to the customer. The language in the contract should be simple and easily understood.
  3. Right to suitability: You might have come across a lot of cases of mis-selling of financial products, especially life insurance policies. Usually, customers are forced to buy the product which offers the highest commission to an agent. As per this right, customers should be sold the product which is suitable to them. So, banks should always keep customers needs in mind, before selling any product.
  4. Right to privacy: As per this law, the personal information provided by the customers to the bank, must be kept confidential. Bankers can disclose only such information, which is required by law or only after customers have given permission. Banks are not allowed to provide your details to telemarketing companies or for cross-selling.
  5. Right to grievance redressal and compensation: Banks are responsible for all the products and services offered by them and customers have the right to easy and simple grievance redressal systems in case the bank fails to adhere to basic norms. Along with their own products, bankers are responsible for the products of third parties like insurance companies and fund houses. If the customer complaint is not resolved by the bank, customers can go to the banking ombudsman.
  6. Right to Draw a Cheque: The customer has the right to draw cheques against his credit balance or when there is previous agreement to allow him Running Finance (old name Overdraft).
  7. Right to Receive Pass Book: A customer has the right to receive a Pass Book or a Statement of Account. 8. Right of Correction: In a case there is over-crediting or over-debiting a customer has a right to get it corrected.
  8. Right to Sue: A customer has the right to sue a bank if it fails to maintain the secrecy of his account or dishonours the cheque by mistake.
  9. Right of Receiving Deposit: The customer has right to withdraw his deposited amount in bank at any time even he can withdraw from fixed deposit.
  10. Right of Receiving Profit: It is the right of customer that he will receive profit or interest from bank on his deposited amount according to the decided rates.

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