Consumer Protection in Banking Sector PDF

1 Consumer protection vis-a-vis banking sector: The Banking industry has shown tremendous growth in the volume and complexity during the last few decades. Despite making significant improvements i...

1 Consumer protection vis-a-vis banking sector: The Banking industry has shown tremendous growth in the volume and complexity during the last few decades. Despite making significant improvements in the areas relating to financial viability, profitability and competitiveness, there are concerns that the banking sector has not been able to include vast segment of the population, especially the underprivileged sections of the society into the fold of basic banking services. All out efforts are being made as financial inclusion can truly lift the financial condition and standards of life of the poor and the disadvantaged. For example, Pradhan Mantri Jan Dhan Yojana (PMJDY) was introduced in August 2014 and since its launch, more than 10 crore Indian families have got their accounts opened in public sector and Government banks. Social and economic justice is enshrined in the Constitution of India, of which consumer justice and protection is also a part. United Nations General Assembly passed a resolution No. 39/248 on 09.04.1985 for adopting guidelines relating to consumer protection. These guidelines provided a framework for the Governments, particularly of developing countries, for formulation of consumer protection policies and legislation. In the above background, the Indian Parliament passed the Con- sumer Protection Act, 1986 to protect the interest of the consumers and to provide them a mechanism for easy, quick and cheap redressal of grievances against the service providers. BANKING SECTOR AND PROTECTION OF CONSUMERS’ INTEREST: Faced with escalating complaints, Reserve Bank of India (RBI) set up a Committee known as the Committee on Procedures and Performance Audit on Public Services (CPPAPS) of banks, by virtue of which all banks have been asked to set up adhoc committees to examine customer services in their respective banks and send their reportsto the CPPAPs and it in turn would recommend measures to improve the quality of bank customer service and provide a dispute resolution mechanism. In a nutshell, the committee would look at whether the regulatory system works for ordinary customers with reasonable efficiency and swiftness. CONSUMER PROTECTION ACT: CONSUMER DISPUTES REDRESSAL FORUMS: Consumer Protection Act, 1986 is an Act of the Parliament of India enacted in 1986 to protect the interests of con- sumers in India. It makes provision for the establishment of consumer councils and other authorities for the settlement of consumers’ disputes and for matters connected therewith. Under  2 the Consumer Protection Act, a three-tier quasi-judicial machinery has been providedto deal with consumer complaints: I. District Forum- It operates at the district level and deals with consumer complaints pertaining to the value of goods or services and compensation not exceeding Rs. 20 lakhs. II. State Commission- It operates at the state level and deals with complaints of the value exceeding Rs. 20 lakhs but not exceeding Rs. 1 crore. It also hears appeals against the orders of the District Forum. III. National Commission- It functions at the national level for the complaints of the value exceeding Rs. 1 crore and hears appeals against the orders of the State Commission. Complaints in relation to any goods or services may be preferred before the above mentioned for a by the consumer himself or by any recognized consumer association wherethe consumer is a member or where there are a number of con- sumers having the same interest, one or more consumers on behalf or for the benefit of all the consumers so interested. Complaints may also be preferred by the Central Government or the State Government. As per section 2(1)(c), of the Act, the following may form the subject-matter of the complaint:  an unfair trade practice or a restrictive trade practice adopted by any trader  defect in the goods purchased  deficiency in service  over-charging of price CONSUMER: “Consumer” includes a person who hires or avails of any service for a consideration. Thus,a customer of a bank who has a bank account with the bank or a person who purchases a bank draft, hires locker facility or obtains bank guarantee from a bank are all “consumers”and can prefer complaints under the Act for “deficiency in service” on the part of the bankor for “restrictive trade practice” or “unfair trade practice” adopted by the bank. DEFICIENCY IN SERVICE: In large number of cases, banks have been pulled up for deficiency in service and compensation has been awarded to complainants by the Consumer Courts. A big chunk of such cases pertained to cheque related deficiencies. Following are some of the lapses which bank officials should restrain from indulging into: a. Proceeds of the cheque, deposited with the bank for collection, not credited to the account of the complainant, though the same being collected by the bank. b. Chequeis passed without tallying signatures of the customer. c. Genuine cheque of the customer is dishonoured in spite of sufficient funds in account. d. Crossed cheque drawn in favor of the customer / customer’s firm encashed by a third person amounts to negligence on part of thebank. e. If a Cheque is encashed by unidentified persons and the report of hand writing expert showed that signatures on the cheque did not tally with the specimen. f. The signatures on cheque did not bear even remotest resemblance to specimen signature. Bank rules require that cor- rections on cheque have to be authenticated with full signatures. g. If payment is made against a forged cheque. h. If there is delay in dispatch of cheques deposited for collection i. Cheque, duly received by the Bank is lost in the bank premises and could not be traced for a long time. j. If cheques are lost in transitand bank is negligent in not crediting the amount in the account of the customer. k. If a cheque book is not issued to the customer under rules.  3 l. Cheque issued by a customer is not honoured by the bank despite having sufficient funds in his account. BCSBI (The Banking Codes and Standards Board of India) Codes: In November 2003, Reserve Bank of India (RBI) constituted the Committee on Procedures and Performance Audit of Public Services to address the issues relating to availability of adequate banking services to the common person.The Banking Codes & Standards Board of India (BCSBI) is an independent banking industry watch dog that protects consum- ers of banking services in India. The board oversee compliance with the “Code of Bank’s Commitment to Customers. The mandate to the Committee included identification of factors that inhibited the attainment of best customer services and suggesting steps to improve the quality of banking services to individual customers. The Committee felt that in an effort to continuously upgrade the package of services that banks offered to their customers, there was a need for benchmarking of such services. After an in-depth study at the grass-roots level, the Committee concluded that there was an institutional gap for measuring the performance of banks against a bench mark reflecting the best practices (Code and Standards). Therefore, the Committee recommended setting up of the Banking Codes and Standards Board of India (BCSBI). BCSBI was set up to ensure that the common person as a consumer of financial services from the banking Industry is in no way at a disadvanta- geous position and really gets what he/she has been promised. The Banking Codes and Standards Board of India was registered as a society under the Societies Registration Act,1860 in February 2006. It functions as an independent and autonomous body. Membership of BCSBI is voluntary and open to scheduled commercial banks, lateron extended to Regional Rural Banks and select Urban Co-operative Banks. The general superintendence, direction and control of the affairs and funds of the Society is vested in the Governing Council (constituted by RBI) consisting of members drawn from different disciplines such as banking, economics, service etc. Main objectives:  To plan, evolve, prepare, develop, promote and publish comprehensive Codes and Standards for banks, for providing for fair treatment to their customers. To function as an independent and autonomous body to monitor, and to ensure that the Codes and Standards adopted by banks are adhered to, in letter and spirit, while delivering services to their customers.  To function as an independent and autonomous body to monitor, and to ensure that the Codes and Standards adoptedby banks are adhered to, in letter and spirit, while delivering services to their customers. BCSBI has in collaboration with the Indian Banks’Association (IBA), evolved two codes - Code of Bank’s Commit- ment to Customers and the Code of Bank’s Commitment to Micro and Small Enterprises - which set minimum standards of banking practices for member banks to follow when they are dealing with individual customers and micro and small enter- prises. These Codes are subject to periodical review and revision. The central objective of these Codes is promoting good banking practices, setting minimum standards, increasing transparency, achieving higher operating standards and above all, promoting a cordial banker-customer relationship which would foster confidence of the common man in the banking system. The Codes lay great emphasis on transparency and providing full information to the customer before a product or service is sold to him. The Codes are not only commitments of banks to their customers but also in a sense a Charter of Rights for the common person. By setting the minimum standards of customer service, the Codes make the customer aware of he can expect each bank to deal with the his / her day-to-day requirements, Implementation:  Obtains from member banks an Annual Statement of Compliance (ASC)  Visits branches to find out the status of ground-level implementation of Codes  4  Studies complaints received from customers and orders / awards issued by Banking Ombudsmen / Appellate Authority to find out whether there is any system-wide deficiency  Organizes an annual Conference with Principal Code Compliance Officers of the Member banks to discuss implementation issues. BCSBI is not a forum for redressal of individual grievances. BCSBI, however, examines each compliant to identify any systemic issue that may exist and takes up the matter with the respective bank to ensure that systems and procedures are suitably amended so that such complaints do not recur. Banking Ombudsman Scheme: An ombudsman is a person who has been appointed to look into complaints about an organization. Using an ombudsman is a way of trying to resolve a complaint without going to Court. Banking Ombudsman is a quasi judicial authority functioning under India’s Banking Ombudsman Scheme, and the authority was created pursuant to the a decision by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks. The institution of Banking Ombudsman was introduced in 1995 in India, through the Banking Ombudsman Scheme 1995. The Scheme was implemented through direction issued by the Reserve Bank in terms of Section 35A of the Banking Regulation Act, 1949 to protect the banking in public interest and in the interest of banking policy. The scheme has been reviewed in 2002 and further in 2006. The Banking Ombudsman is an official authority to investigate the complaint from the customers and address the complaint and thereby bring the solution among the aggrieved parties. So the Banking Ombudsman plays the role of a me- diator and serves the purpose of reconciliation. The Banking Ombudsman has been defined under clause 4 of the Banking Ombudsman Scheme, 2006, which says that: I. The Reserve Bank may appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as Banking Ombudsmen to carry out the functions entrusted to them by or under the Scheme. II. The appointment of Banking Ombudsman under the above Clause may be made for a period not exceeding three years at a time. Applicability & grounds: The scheme is applicable to all commercial banks, regional rural banks and scheduled primary cooperative banks having business in India and is funded by RBI. Clause 8 of the 2006 scheme (revised) lays down the following grounds on which a banking customer may seek redressal from the banking ombudsman: a. Non-payment or inordinate delay in the payment or collection of cheques, drafts, bills, etc.; b. Non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission for this service; c. Non-acceptance, without sufficient cause, of coins tendered and for charging of commission for this service; d. Non-payment or delay in payment of inward remittances; e. Failure to issue or delay in issue of drafts, pay orders or bankers’ cheques; f. Non-adherence to prescribed working hours; g. Failure to honour guarantee or letter of credit commitments; h. Failure to provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents; i. Delays, non-credit of proceeds to parties’ accounts, non-payment of deposit or non-observance of the Reserve Bank directives, if any, applicable to rate of interest on deposits in any savings, current or other account maintained with a bank j. Delays in receipt of export proceeds, handling of export bills, collection of bills etc., for exporters provided the said complaints pertain to the bank’s operations in India; k. Refusal to open deposit accounts without any valid reason for refusal; l. Levying of charges without adequate prior notice to the customer;  5 m. Non-adherence by the bank or its subsidiaries to the instructions of Reserve Bank on ATM/debit card operations or credit card operations; n. Non-disbursement or delay in disbursement of pension to the extent the grievance can be attributed to the action on the part of the bank concerned, (but not with regard to its employees); o. Refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank / Govt. p. Refusal to issue or delay in issuing, or failure to service or delay in servicing or redemption of Government securities; q. Forced closure of deposit accounts without due notice or without sufficient reason; r. Refusal to close or delay in closing the accounts; s. Non-adherence to the fair practices code as adopted by the bank; The Banking Ombudsman also entertains any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services, besides complaints covered by this Scheme received by Central Government or Reserve Bank and forwarded to him for disposal. Deposit Accounts One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. In fact, depositors are the major stakeholders of the Banking System 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 (RBI) 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. TYPES OF DEPOSIT ACCOUNTS: The deposit products can be categorized broadly into the following types: a) “Term deposit”, means a deposit received by the Bank for a fixed period withdrawable only after the expiry of the fixed period and includes deposits such as Recurring/Fixed Deposits etc. b) “Demand deposits”, means a deposit received by the Bank which is withdrawable on demand; c) “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; d) “Current Account”, means a form of demand deposit where from 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. e) “Bulk Deposit” means Single Rupee term deposits of Rupees two Crores and above. Saving Bank Deposits Basic Saving Bank Deposit Basic Savings Bank Deposit Account (BSBDA) is a type of saving account which offers certain basic minimum banking facilities, free of any charge, without any requirement of minimum balance. cost. FEATURES i. The account shall be subject to Know Your Customer (KYC) /Anti-Money Laundering (AML) for opening of Bank accounts issued by KYC Department, CHQ from time to time. ii. Zero balance account opening. iii. The operations in the BSBDA accounts shall be permitted without the requirement of maintaining minimum balance. No penalty shall be levied even in accounts with ZERO balance. iv. ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.  6 v. No limit on number and value of deposits that can be made in a month vi. Minimum of four withdrawals in a month, including ATM withdrawals. Beyond 4 free withdrawals including ATM withdrawals (financial only): Rs.20 plus GST per withdrawal. vii. Free e-banking/ SMS facility. viii. The account shall be offered other facilities like RTGS/NEFT, inter –Branch transfers, collection of cheques etc at the service charges applicable to other accounts. ix. Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening of any other savings bank deposit account in that bank. If a customer has any other existing savings bank deposit account in that bank, he/she will be required to close it within 30 days from the date of opening a BSBD Account ELIGIBILITY Any Individuals (Sole or Joint) or HUF provided HUF is not engaged in any business activity DOCUMENTATION Account Opening Form. Latest passport size photographs (2) of applicant. OVD as Proof of Identity and / or Proof of Address PAN / Form 60 GENERAL SAVINGS ACCOUNT Features & Benefits Minimum AMB of Rs.1000/-. Rs. 7.50 Plus GST per Rs. 100 of the shortfall or part thereof from Average Monthly Balance Requirement subject to a maximum Rs. 75 + GST per month. Free 20 cheque leaves per year Free 30 cash withdrawals per half-year. ATM-cum-Debit Card issued with an ATM withdrawal limit of Rs 0.40 lac/day & PoS transaction limit of Rs 1.0 lacs. Nomination facility available. Free e-banking/m-banking/SMS facility. Eligibility Any Individuals (Sole or Joint) or HUF provided HUF is not engaged in any business activity Minor through parents/guardian Literate minors above 10 years of age Documentation Account Opening Form Photograph of depositor/s (2 copies) OVD as Proof of Identity and / or Proof of Address PAN Card or Form 60 or 61 In case of Minors, Relation Document and DOB proof are mandatory FAQS 1) Who can open a General Savings Account with J&K Bank? General Savings account can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors, literate minors above 10 years who can sign regular, and organizations, etc allowed by RBI. 4) What are the benefits of the General Savings Account? You can avail the following benefits: Free 20 cheque leaves per year  7 Free 5 cash deposits in a month Free 30 cash withdrawals per half-year (6 months) ATM-cum-Debit card (EMV) issued with an ATM withdrawal limit of Rs 0.40 lakh/day & PoS transaction limit of Rs 1lakh. Nomination facility available. Free e-banking/m-banking/SMS facility. Interest compounded quarterly and calculated on daily products. DELUXE SAVINGS ACCOUNT Features & Benefits Minimum AMB of Rs 5000/- Free 30 cash withdrawals per half-year Rs.1 Lakh cash withdrawal using withdrawal form at base BU ATM-cum-Debit card issued with an ATM withdrawal limit of Rs 1 lac/day & PoS transaction limit of Rs 1.50 lacs. Nomination facility available. Free e-banking/mobile banking/SMS facility. Free 20 cheque leaves per year ELIGIBILITY Any Individuals (Sole or Joint) or HUF provided HUF is not engaged in any business activity Minor through parents/guardian Literate minors above 10 years of age Documentation Account Opening Form Photograph of depositor/s (2 copies) OVD as Proof of Identity and / or Proof of Address PAN Card or Form 60 or 61 In case of Minors, Relation Document and DOB proof are mandatory FAQS 1) Who can open a Deluxe Savings Account with J&K Bank? Deluxe Savings account can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors, literate minors above 10 years who can sign regular, and organizations, entities, etc. allowed by RBI. 2) What is the minimum Average Monthly Balance required to be maintained? You are required to maintain an AMB of Rs 5000/-. 3) What are the benefits of the Deluxe Savings Account? You can avail the following benefits: Free 30 cash withdrawals per half-year Rs.1 Lakh cash withdrawal using withdrawal form at base BU ATM-cum-Debit card issued with an ATM withdrawal limit of Rs 1 lac/day & PoS transaction limit of Rs 1.50lacs. Nomination facility available. Free e-banking/mobile banking/SMS facility. Interest compounded quarterly and calculated on daily products.  8 SMALL ACCOUNTS A Small Account means a savings account meant for making basic banking facilities available to individuals who do not possess KYC documents and cannot afford normal banking facilities. There are many restrictions in operation of the account due to the relaxed KYC. Account can be converted to BSBD A/c or Regular Savings Account upon submission of KYC documents. The account is primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. Features & Benefits Minimum balance: NIL Maximum balance shall be Rs 50,000/-. Maximum credits of Rs. 1,00,000/- in a year. The aggregate of all withdrawals and transfers in a month shall not exceed Rs 10,000/-. 4 withdrawals permissible in a month including ATM withdrawals Nomination facility available. ELIGIBILITY Individuals above 18 years of age who do not have Officially Valid KYC Document Minor through parents/guardian Documentation Account Opening Form Photograph of depositor (2 copies) Service Charges Basic RuPay / ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied. Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free. Deposit/ collection of cheques drawn by Central/State Government will be free. No Account closure charges. FAQS 1) Who can open a Small Account with J&K Bank? Small accounts can be openedonly by such individuals which do not possess any valid KYC document. 2) What is the maximum balance allowed under this scheme? The maximum balance allowed under the scheme is Rs 50,000. 4) What are the maximum credits allowed in a year? Maximum credits allowed in a year is Rs 1lacs. 5) What are the aggregate withdrawals and transfers allowed in a month? The aggregate of all withdrawals and transfers in a month shall not exceed Rs 10,000/- GENERAL SALARY ACCOUNT Features & Benefits Zero Balance Account Free 15 cash withdrawals per half-year ATM-cum-Debit card issued with an ATM withdrawal limit of Rs 0.40 lac/day & PoS transaction limit of Rs 1.0 lacs. Nomination facility available. Free e-banking/mobile banking/SMS facility. Free 20 cheque leaves per year  9 ELIGIBILITY General Salary account can be opened by employees of UTs of J&K and Ladakh, State/Central Govt. Employees, Public Sector Undertakings, Autonomous Bodies & reputed private Institutions. DOCUMENTATION Account Opening Form Photograph of depositor/s (2 copies) OVD as Proof of Identity and / or Proof of Address PAN Card or Form 60 or 61 Identity proof from the institution Authorization & introduction from the concerned Drawing Disbursing Officer (DDO). FAQS 1) Who can open a General Salary Account with J&K Bank? General Salary account can be opened by permanent employees of State/Central Govt., Public Sector Undertakings, Autonomous Bodies & reputed private Institutions 2) What is the minimum Average Monthly Balance required to be maintained? You are not required to maintain any minimum AQB. 3) What are the benefits of the General Salary Account? You can avail the following benefits: No requirement of Minimum Balance Free 30 cash withdrawals per half-year ATM-cum-Debit an ATM withdrawal limit of Rs 0.40 lac/day & PoS transaction limit of Rs 1.0 lacs. Nomination facility available. Free e-banking/m-banking/SMS facility. Free 20 cheque leaves per year DELUXE SALARY ACCOUNT FEATURES & BENEFITS Minimum AMB of Rs 5000/- Free cash withdrawals at branch (up to 15 per month). Cash withdrawal upto Rs.1 Lakh using withdrawal form ATM-cum-debit an ATM withdrawal limit of Rs 1 lac/day & PoS transaction limit of Rs 1.50 lacs. Nomination facility available. Free e-banking/m-banking/SMS facility. Free 20 cheque leaves per year ELIGIBILITY Permanent Employees of UTs of J&K and Ladakh, State/Central Govt., Public Sector Undertakings, Autonomous Bodies & reputed private Institutions DOCUMENTATION Account Opening Form Photograph of depositor/s (2 copies) OVD as Proof of Identity and / or Proof of Address PAN Card or Form 60 or 61 Identity proof from the institution  10 Authorization & introduction from the concerned Drawing Disbursing Officer (DDO). FAQS 1) Who can open a Deluxe Salary Account with J&K Bank? Deluxe Salary account can be opened by permanent employees of State/Central Govt., Public Sector Undertakings, Autonomous Bodies & reputed private Institutions. 2) What is the minimum Average Monthly Balance required to be maintained? You are required to maintain an AMB of Rs 5000/-. 3) What are the benefits of the Deluxe Savings Account? You can avail the following benefits: Free 30 cash withdrawals per half-year. Cash withdrawal upto Rs.1 Lakh using withdrawal form International Gold Debit Card issued with an ATM withdrawal limit of Rs 1 lac/day & PoS transaction limit of Rs 1.50 lacs. Free e-banking facility. Interest compounded quarterly and calculated on daily products. STUDENT SAVINGS BANK ACCOUNT Student Savings Bank Account aims to make basic banking facilities available to student community especially students drawing scholarships under Government sponsored poverty alleviation programmes. FEATURES The account shall be subject to Know Your Customer (KYC) /Anti-Money Laundering (AML) norm/guidelines for opening of Bank accounts. The accounts shall be opened with initial deposit of Rs 50/- or above. However, no single credit entry of Rs. 5,00,000/=or above shall be permitted No requirement of maintaining minimum balance. No penalty shall be levied even in accounts with ZERO balance. Debit Card issued free of charges. No annual usage charges levied. 20 free cheque book leaves available to students above the age of 18 years. Beyond 20 leaves, charges shall apply. Free e-banking/ SMS facility. 50% concession on normal charges for students in respect of issue/ cancellation of Demand Drafts & Pay Orders (only for study purpose). Maximum four withdrawals in a month including ATM withdrawals. The account shall be offered other facilities like RTGS/NEFT, inter –Branch transfers, collection of cheques etc. as per service charges schedule. Holders of ‘Student Savings Bank Account’ will not be eligible for opening any other savings bank deposit account. Student Savings Bank Account shall be converted to General Savings Bank Account after completion of studies or on attaining the age of 28 years whichever is earlier Nomination facility available. ELIGIBILITY Account holder should be a student & above 10 years of age Students below the age of 10 years through parents/guardian Documentation  11 Account Opening Form Photograph of depositor/s (2 copies) OVD as Proof of Identity and / or Proof of Address PAN Card or Form 60 or 61 In case of Minors, Relation Document and DOB proof are mandatory SAVING ACCOUNT- GOVERNMENT FEATURES No Minimum Balance required. No penal charges for non-maintenance of any balance in account. “At Par” facility in respect of issue of DDs/TTs/MTs, MICR Cheque Books, collection of cheques, Anywhere facility subject to the condition such remittances /collections are meant for credit of Govt Departments, Undertaking, or Corporations. However postage and out of pocket expenses are recovered in full. Where the DDs/TTs/MTs are required to be issued in favour of beneficiaries other than the Govt. with an exception of remittances on account of loans and scholarships to students, the usual service charges shall apply. Retired employees of J&K State shall be extended ‘at par’ facility henceforth in respect of collection of their terminal benefits on reaching the age of superannuation. However postage and out of pocket expenses shall be recoverable in full. Free e-banking facility. ELIGIBILITY All Central, State Govt. Departments and other Govt. undertakings/Corporations exclusively banking with our bank. The organization must conform to the RBI guidelines for allowing opening of Savings account by Government Department as per rules. DOCUMENTATION Account Opening Form. Letter of Authority ( for opening of saving account) from authorized authority. Full KYC of officer who shall operate the Account. PAN Card /TAN NO of Organization, if applicable PENSION ACCOUNT FEATURES No Minimum AMB required. No penal charges for non-maintenance of any balance in account. ELIGIBILITY All pensioners of UTs of J&K and Ladakh Govt. Departments, Govt. Undertakings/Corporations, etc. banking with our bank. DOCUMENTATION Account Opening Form. OVD for Proof of Identity and /or Proof of Address PAN Card or Form 60/61 PPO from concerned Treasury Officer.  12 BUSINESS ACCOUNTS BASIC CURRENT ACCOUNT FEATURES & BENEFITS. Average Monthly Balance of Rs.5000/-. Daily Debit Card Limits (ATM/POS) Rs. 40000 / Rs.100000 50 Cheque Leaves free per year Multiple services available at very low charges. Free e-banking facility / Mobile Banking. ELIGIBILITY Individuals Sole Proprietorships, Partnerships, HUFs. Limited Companies Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Business / Proof of Establishment PAN Card or IT returns Partnership deed/ MOA, AOA, Certificate of incorporation, as applicable. Related documents for HUF, associations, etc. FAQS 1. Who can open a Basic Current Account with J&K Bank? Basic Current Account can be opened by individuals, Sole Proprietorships, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc. in Metro & Urban areas. 2. What is the minimum Average Monthly Balance required to be maintained? The minimum AMB required to be maintained is Rs.5000/- only. 3. What are the benefits of the Basic Current Account? You can avail the following benefits: Free cheque book facility (50 Leaves). Daily Debit Card Limits (ATM/POS) of Rs. 40000 / 10000 Multiple services available at very low charges. Free e-banking/mobile banking facility. PREMIUM CURRENT ACCOUNT FEATURES & BENEFITS Minimum AMB of Rs 50,000. Free issuance of Demand Drafts up to 15 Lakhs per month Free 15 Pay Order/ Banker’s Cheque. 150 Cheque Leaves free per year Free Inter- branch fund transfer Free collection of local cheques etc. Daily Debit card limits (ATM/POS) Rs.40000/Rs.100000  13 Free e-banking / Mobile Banking ELIGIBILITY Individuals-Single Accounts. Joint Accounts. Sole Proprietorships, Partnerships, HUFs. Limited Companies Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Business / Proof of Establishment PAN Card or IT returns Partnership deed/ MOA, AOA, Certificate of incorporation, as applicable. Related documents for HUF, associations, etc. FAQS 1. Who can open a Premium Current Account with J&K Bank? Premium Current Account can be opened by individuals, sole proprietorships, Partnership firms, Private and Public Limited Companies, HUFs, Associations, Societies, Trusts, etc. 2. What is the minimum Average Monthly Balance required to be maintained? The minimum AQB required to be maintained is 0.50 lakhs. 3. What are the benefits of the Premium Current Account? You can avail the following benefits: Minimum AMB of Rs 50,000. Free issuance of Demand Drafts up to 15 Lakhs per month Free 15 Pay Order/ Banker’s Cheque. Free Inter- branch fund transfer / collection of local cheques etc. Daily Debit card limits (ATM/POS) Rs.40000/Rs.10000 Free e-banking / Mobile Banking PLATINUM CURRENT ACCOUNT Minimum AMB of Rs 5, 00,000. Unlimited Cheque leaves per year Free issuance of Demand Drafts/ duplicate DDs Free Collection of Cheques /Bills. Free 50 pay orders per month. Free inter branch funds transfer / Free collection of local/ outstation cheques Free ATM-cum-Debit issued with an ATM withdrawal limit of Rs 1 lac/day & PoS transaction limit of Rs 1.5 lacs. Nomination facility available. Free RTGS/ NEFT Facility. Free E-banking / Mobile Banking Free Collection of Cheques /Bills ELIGIBILITY Individuals-Single Accounts. Joint Accounts. Sole Proprietorships, Partnerships, HUFs.  14 Limited Companies Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Business / Proof of Establishment PAN Card or IT returns Partnership deed/ MOA, AOA, Certificate of incorporation, as applicable. Related documents for HUF, associations, etc. FAQS 1. Who can open a Platinum Current Account with J&K Bank? Platinum Current Account can be opened by individuals, sole proprietorships, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc. 2. What is the minimum Average Monthly Balance required to be maintained? You are required to maintain a minimum AMB of Rs 5 lakh. 3. What are the benefits of the Platinum current Account? You can avail the following benefits: Free issuance of Demand Drafts / duplicate DDs Free 50 pay orders per month. Free inter branch funds transfer / Free collection of local/ outstation cheques Free ATM-cum-Debit issued with an ATM withdrawal limit of Rs 1 lac/day & PoS transaction limit of Rs 1.5 lacs. Nomination facility available. Free RTGS/ NEFT Facility. Free E-banking / Mobile Banking GOLD CURRENT ACCOUNT FEATURES & BENEFITS. Minimum AMB of Rs 2, 50,000. Free issuance of Demand Drafts up to 50 Lakhs per month Free Inter branch fund transfer 300 Cheque Leaves free per year Free Collection of Bills upto Rs 5 lacs /month. Free collection of local/ outstation cheques (own bank) Daily Debit card limits (ATM/POS- 100000/150000) Free E-banking / Mobile Banking ELIGIBILITY Individuals-Single Accounts. Joint Accounts. Sole Proprietorships, Partnerships, HUFs. Limited Companies Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Business / Proof of Establishment  15 PAN Card or IT returns Partnership deed/ MOA, AOA, Certificate of incorporation, as applicable. Related documents for HUF, associations, etc. FAQS 1. Who can open a Gold Current Account with J&K Bank? Gold Current Account can be opened by individuals, sole proprietorships, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc. 2. What is the minimum Average Monthly Balance required to be maintained? The minimum AMB required to be maintained is 2.50 lakhs. 3. What are the benefits of the Gold Current Account? You can avail the following benefits: Free inter branch funds transfer. Free collection of bills (upto 5 lakhs/ month). Free issuance of DD’s upto 50 Lakhs/month Nomination facility available. Free e-banking facility. Free RTGS/NEFT facility & much more. PREMIUM PLUS CURRENT ACCOUNT FEATURES & BENEFITS Minimum AMB of Rs 1,00,000. Free issuance of Demand Drafts up to 30 Lakhs per month 200 Cheque Leaves free per year Free inter- branch fund transfer with Rs. 50.00 Lakhs per month Free cheque collection. Free bill collection up to 2.00 Lakhs per month Daily Debit card limits (ATM/POS) 100000/150000. Free Ebanking / Mobile Banking ELIGIBILITY Individuals-Single Accounts. Sole Proprietorships, Partnerships, HUFs. Limited Companies Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Business / Proof of Establishment PAN Card or IT returns Partnership deed/ MOA, AOA, Certificate of incorporation, as applicable. Related documents for HUF, associations, etc. FAQS 1. Who can open a Premium Plus Current Account with J&K Bank?  16 Premium Plus Current Account can be opened by individuals , either singly or jointly, sole proprietorships, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc. 2. What is the minimum Average Monthly Balance required to be maintained? The minimum AMB required to be maintained is 1.00 lakh. 3. What are the benefits of the Premium Plus current Account? You can avail the following benefits: Minimum AMB of Rs 1,00,000. Free issuance of Demand Drafts up to 30 Lakhs per month Free bill collection up to 2.00 Lakhs per month Free inter- branch fund transfer with Rs. 50.00 Lakhs per month Free E-banking facility GRAMEEN CURRENT ACCOUNT FEATURES & BENEFITS Minimum Average Monthly Balance of Rs. 2000 only Daily Debit Card Limits(ATM/POS) Rs. 40000 / 10000 Multiple services available at very low charges. Free e banking facility. ELIGIBILITY Individuals- Single Accounts. Sole Proprietorships, Partnerships, HUFs. Limited Companies Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Business / Proof of Establishment PAN Card or IT returns Partnership deed/ MOA, AOA, Certificate of incorporation, as applicable. Related documents for HUF, associations, etc. FAQS 1. Who can open a Grameen Current Account with J&K Bank? Grameen Current Account can be opened by individuals, sole proprietorships, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc in Rural & Semi- Urban areas. 2. What is the minimum Average Monthly Balance required to be maintained? The minimum AMB required to be maintained is Rs 2000/- only. 3. What are the benefits of the Grameen current Account? You can avail the following benefits: Free cheque book facility (50 Leaves). Daily Debit Card Limits (ATM/POS) of Rs. 40000 / 10000 Multiple services available at very low charges. Free e banking / m banking facility. TERM DEPOSITS  17 Term Deposits have been segregated into WITHDRAWABLE & NON-WITHDRAWABLE Term Deposits: Term Deposits of less than Rs 2 Crores: On the request of the account holder, the bank shall allow withdrawal of rupee term deposits of individuals ( held singly or jointly) of less than Rs 2 Crores, before completion of the period of the deposit agreed upon at the time of making the deposit. The interest rate payable on such prematurely withdrawn deposit shall be 0.50% below the rate applicable for the period the deposit remained with the bank, provided the deposit has remained with the bank for at least 7 days. In case of reinvestment of deposits, such Interest may be compounded on a quarterly basis. No interest shall be payable if the deposit is withdrawn before completion of 7 days from the date of opening. Term Deposits of Rs 2 Crores to less than Rs 5 Crores: o Withdrawable Term Deposits (With Premature Option) of Rs 2 Crores to less than Rs. 5 Crores: No additional interest over and above the published interest rates shall be paid to any depositor. o Non-Withdrawable Term Deposits (Without Premature Option) of Rs 2 Crores to less than Rs. 5 Crores. Non-Withdrawable Deposit is offered for bulk deposits only i.e. in the amount segments of Rs. 2 Crores to less than Rs.5 Crores in the maturity segment of 91 days to 3 years only. Non-Withdrawable Deposit facility is not offered to depositors who are already enjoying the benefits of additional interest such as Staff/Senior Citizen/Employees Provident Fund Trust/Employees Gratuity Fund and National Pension Scheme. Bank reserves right to refuse premature withdrawal of all deposits of Rs. 5 Crores and above. The Bank also reserves right to refuse premature withdrawal of all interbank term deposits. Terms and conditions related to premature/part withdrawal will be intimated to depositors at the time of accepting the term deposit. Term Deposits of Rs.5.00 Crores & Above Interest rates are fixed on daily basis by Treasury Operations as per market dynamics and ALM matrix. These rates, applicable to Domestic /NRE &NRO deposits are not negotiable and are duly approved by General Manager (Treasury).Treasury Operations quotes rates on daily basis for deposits of Rs5.00 Crores and above in following two categories, in different lots and different maturity buckets ranging between minimum 7 days to maximum10 years:- Domestic/NRE/NRO Deposits with Premature withdrawal facility Domestic /NRO/NRE without Premature withdrawal facility. TYPES OF TERM DEPOSITS FIXED DEPOSITS SCHEME (FDR Scheme) FEATURES & BENEFITS Deposit Amount: Rs. 100/- and above Tenure: 7 days to 10 years Interest rate: Fixed Interest application: Simple Interest Interest payouts: Quarterly/On maturity (as per option of depositor) Add-ons: Loan facility up to 90% of amount deposited plus interest accumulated, if any Premature withdrawal: Allowed with penalty of 0.5% ELIGIBILITY A person in his/her name. More than one person in their joint names. Minor through parents/guardian. Sole Proprietorship concerns, Partnership firms Private and Public Limited Companies  18 HUFs Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Existing Account No. for repayment/credit of interest Account Opening Form Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian( For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. RATE OF INTEREST (Subject To Change) FAQS 1. What is the eligibility for opening an account under Fixed Deposit Scheme of J&K Bank? Fixed Deposit accounts can be opened by individuals , either singly or jointly, Parents/ Guardians on behalf of minors, Sole proprietorship firms, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc. 2. What is the minimum amount required for opening account under the Fixed Deposit Scheme? You can open an account under this scheme with an amount of Rs 100 and in multiples of Re 1 thereafter. 3. What are the tenures for which the accounts can be opened? You can open an account for any tenure ranging from 7 days to 10 years. 4. Is interest under this scheme applied on Simple or Compound basis? Simple interest is provided under this scheme. 5. Is loan facility available against the deposit amount? Loan facility up to a maximum of 90% of amount deposited plus interest accumulated, if any, is available. 6. Can I withdraw my deposit prematurely? Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals. CASH CERTIFICATE SCHEME (CCR Scheme) FEATURES & BENEFITS Deposit Amount Rs. 1000/- and above. Tenure 7 days to 10 years. Interest rate Fixed. Interest application Quarterly Compounding basis. Interest payouts On maturity. Add-ons Loan facility up to 90% of amount deposited plus interest accrued. Premature withdrawal Allowed with penalty. ELIGIBILITY A person in his/her name. More than one person in their joint names. Minor through parents/guardian. Sole Proprietorship concerns , Partnership firms Private and Public Limited Companies  19 HUFs Associations, Clubs, Societies, Trusts etc. DOCUMENTATION Existing Account No. for repayment/credit of interest Account Opening Form Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree) (For minors only) Minor Declaration signed by the Parent/Guardian( For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. RATE OF INTEREST (SUBJECT TO CHANGE) FAQS What is the eligibility for opening an account under Cash Certificate Scheme of J&K Bank? Cash Certificate accounts can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors, Sole proprietorship firms, Partnership firms. Private and Public Limited Companies, HUFs, Associations, Societies, Trusts, etc. What is the minimum amount required for opening an account under the Cash Certificate Scheme? You can open an account under this scheme with an amount of Rs 1000 and in multiples of Re 1 thereafter. What are the tenures for which the accounts can be opened? You can open an account for any tenure ranging from 7 days to 10 years. Is interest under this scheme applied on Simple or Compound basis? Interest compounded quarterly is provided under this scheme. Is loan facility available against the deposit amount? Loan facility up to a maximum of 90% of amount deposited plus interest accrued is available. Can I withdraw my deposit prematurely? Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals. MEHANDI DEPOSIT SCHEME FEATURES & BENEFITS Deposit Amount Depends on tenure & maturity amount chosen. Tenure 5, 7, 10, 12 or 15 years. Maturity amount Rs 25,000, Rs 50,000 or Rs 1, 00,000. Interest rate Fixed. Interest application Quarterly Compounding basis. Interest payouts On maturity. Add-ons Accidental Insurance Cover (linked to maturity amount) for parent/guardian. Loan Facility Available up to 90% of deposit and interest accumulated. Premature withdrawal Allowed with penalty. ELIGIBILITY:  20 Minor girls / boys through parents/ guardian DOCUMENTATION Existing Account No. for repayment/credit of interest Account Opening Form Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian (For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. RATE OF INTEREST: (SUBJECT TO CHANGE) FAQS 1. Who can open an account under Mehandi Deposit Scheme? Accounts under this scheme can be opened in the name of minor jointly with Parents/ Guardian. 2. What is the amount required for opening an account under the Mehandi Deposit Scheme? The deposit amount depends on the combination of maturity amount and tenure chosen by the depositor. 3. What are the maturity amount options available under the Scheme? You can opt for any of the 3 maturity amount options available-Rs 25,000, Rs 50,000 & Rs 1,00,000. 4. What are the tenures for which the accounts can be opened? You can open an account for 5, 7, 10, 12 or 15 years. 5. Is interest under this scheme applied on Simple or Compound basis? Interest compounded quarterly is provided under this scheme. 6. What are the value additions offered under this scheme? Accidental Insurance Cover (linked to maturity amount) is available under the scheme for parent/guardian. 7. Can I withdraw my deposit prematurely? Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals TAX SAVER TERM DEPOSIT SCHEME Tax Saver Term Deposit Scheme is a deposit scheme which enables the customers to place long term deposits to earn higher rate of interest and also to avail the tax benefits under section 80C of Income Tax Act, 1961. FEATURES & BENEFITS Deposit Amount Rs. 1000/- and its multiples (Maximum: Rs.1.5 Lakh) Tenure 5 to 10 years. Options Available Tax Saver Schemes comes with three interest payout options.  TSTD I – Non-Cumulative Term Deposit Simple interest is applied on quarterly basis as in the case of a FDR and is paid to the customer by way of crediting to his /her account every quarter.  TSTDS II – Non-Cumulative Monthly Yield Deposit  21 Discounted simple interest is paid to the customer in cash or credited to his /her account at the end of every month.  TSTDS III – Non-Cumulative Monthly Yield Deposit Compound interest is paid along with the principal at the time of maturity. Interest rate Fixed. Add-ons: Income Tax benefit under section 80C of Income Tax Act 1961 subject to maximum deposit of Rs. 1.50 lac per year under all the options of Tax Saver Deposit Plan. Premature withdrawal Not allowed till 5 years. Loan facility Not available. ELIGIBILITY Resident assessee for himself/herself as an individual or in the capacity of the Karta of the Hindu undivided family. Joint accounts in the name of two adults or in the name of an adult and a minor. In case of joint accounts, the tax benefits shall be available only to the first holder. DOCUMENTATION Existing Account No. for repayment/credit of interest Account Opening Form Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian( For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. FAQS 1. Who can open an account under Tax Saver Deposit Scheme of J&K Bank? Accounts under this scheme can be opened by: Resident assesse for himself/herself as an individual or in the capacity of the Karta of the Hindu undivided family. Joint accounts in the name of two adults or in the name of an adult and a minor. In case of joint accounts, the tax benefits shall be available only to the first holder. 2. What is the minimum amount required for opening an account under this Scheme? You can open an account under this scheme with an amount of Rs 1000 and its multiples thereafter. 3. What are the tenures for which the accounts can be opened? You can open an account for any tenure ranging from 5 years to 10 years. 4. What are the various variants available under this scheme? You can invest in any one or more of the following options, subject to the maximum cap of Rs 1,00,000 in a year. Tax Saver Schemes comes with three interest payout options.  TSTD I – Non-Cumulative Term Deposit Simple interest is applied on quarterly basis as in the case of a FDR and is paid to the customer by way of crediting to his /her account every quarter.  TSTDS II – Non-Cumulative Monthly Yield Deposit  22 Discounted simple interest is paid to the customer in cash or credited to his /her account at the end of every month.  TSTDS III – Non-Cumulative Monthly Yield Deposit Compound interest is paid along with the principal at the time of maturity. 3. What are the value additions of this scheme? You can avail Income Tax benefit under section 80C of Income Tax Act 1961 under all the options of Tax Saver Deposit Plan subject to maximum aggregate deposit of Rs. 1.5 lac per year. 4. Can I withdraw my deposit prematurely? Premature withdrawal is not allowed before 5 years from the date of opening. Subsequently, you will be allowed to withdraw money prematurely after charging of penal interest. 5. Is loan facility available under this Scheme? No, loan facility is not available. SMART SAVER TERM DEPOSIT SCHEME FEATURES & BENEFITS Deposit Amount Rs 25,000/- and above in multiples of Rs 1000/- as core deposit. Tenure o Core Deposit: 1 year to 10 years. o Linked Deposits: 180 days. Dual account The product consists of a core deposit (Term Deposit), which entitles the operative account (CD or SB) of the customer for sweep facility , where balance above a floor level is auto-swept to form short term Smart Saver Term deposits (linked deposits) Minimum floor balance of operative account Savings: Rs 5000/-. Current o Individuals, HUF, Sole Proprietorships & Partnerships (other than Limited Liability Partnerships): Rs 25,000/-. o Limited Companies & Limited Liability partnerships: Rs 1.00 lac. o Higher Current Account Variants: As per AMB Auto sweep : Beyond a threshold minimum balance (minimum floor balance) in the operative account, the amount is auto swept to form a new term deposit/series of term deposits Reverse sweep Balances in the linked Smart Saver Term Deposits (not the Core Deposit) shall be available for clearing of debit instruments (cheques, standing instructions, ATM transactions, etc) in case the balance in the operative account is not sufficient for clearing the instrument. ELIGIBILITY Individuals, singly or joint, and HUF (Hindu Undivided Families) shall be eligible to open Smart Saver accounts linked with saving accounts. Individuals, Sole Proprietorship, HUF, partnership firms and limited companies shall be allowed to open smart saver account linked with current accounts. RATE OF INTEREST (SUBJECT TO CHANGE) DOCUMENTATION Existing Account No. for repayment/credit of interest Account Opening Form  23 Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian( For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. FAQS 1. Who can open an account under Smart Saver Deposit Scheme of J&K Bank? Accounts under this scheme can be opened by: o Individuals, singly or joint, and HUF (Hindu Undivided Families) shall be eligible to open Smart Saver accounts linked with saving accounts. o Individuals, Sole Proprietorship, HUF, partnership firms and limited companies shall be allowed to open smart saver account linked with current accounts. 2. What is the minimum amount required for opening an account under this Scheme? You can open an account under this scheme with an amount of Rs 1000 and its multiples thereafter. 3. What are the tenures for which the accounts can be opened? You can open an account for the following tenures: o Core Deposit : 1 year to 10 years. o Linked Deposits : 180 days. 4. What are the value additions of this scheme? The product provides both liquidity as well as high returns through Auto Sweep and Reverse Sweep. 5. What is Auto Sweep? Under Auto Sweep, the amount in the operative account beyond a threshold minimum balance (minimum floor balance) is auto swept to form linked term deposits 6. What is Reverse Sweep? Under this facility, the deposit amount in the linked Smart Saver Term Deposits (not the Core Deposit) is available for clearing of debit instruments (cheques, standing instructions, ATM transactions, etc) in case the balance in the operative account is not sufficient. MONTHLY YIELD DEPOSIT SCHEME (MYD) FEATURES & BENEFITS Deposit Amount Rs. 1000/- and above. Tenure 1 year to 10 years. Interest rate Fixed. Interest application Simple Interest (Discounted). Interest payouts Monthly Premature withdrawal Allowed with penalty. ELIGIBILITY A person in his/her name. More than one person in their joint names. Minor through parents/guardian. Sole Proprietorship firms, Partnership firms Private and Public Limited Companies  24 HUFs Associations, Clubs, Societies, Trusts etc. RATE OF INTEREST (SUBJECT TO CHANGE) DOCUMENTATION Existing Account No. for repayment/credit of interest Account Opening Form Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian( For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. FAQS What is the eligibility for opening an account under Monthly Yield Deposit Scheme of J&K Bank? Monthly Yield Deposit accounts can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors, sole proprietorship firms, Partnership firms. Private and Public Limited Companies, HUFs, Associations, Societies, Trusts, etc. What is the minimum amount required for opening an account under the Scheme? You can open an account under this scheme with an amount of Rs 1000 and above. What are the tenures for which the accounts can be opened? You can open an account for any tenure ranging from 1 year to 10 years. Is interest under this scheme applied on Simple or Compound basis? Simple Interest (Discounted) is provided under this scheme. Can I withdraw my deposit prematurely? Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals. RECURRING DEPOSIT SCHEME FEATURES & BENEFITS Monthly Installment Rs. 50/- and above in multiples of Rs. 5/-. Tenure 6 Months to 10 years. Interest rate Fixed. Interest application Quarterly compounded interest. Interest payouts On maturity Premature withdrawal Allowed with penalty. Loan Facility Available upto 90% of Deposit and interest accumulated. ELIGIBILITY A person in his/her name. More than one person in their joint names. Minor through parents/guardian. Sole Proprietorship firms, Partnership firms Private and Public Limited Companies HUFs Associations, Clubs, Societies, Trusts etc  25 DOCUMENTATION Existing Account No. for repayment/credit of interest Account Opening Form Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian( For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. RATE OF INTEREST (SUBJECT TO CHANGE) FAQS 1. What is the eligibility for opening an account under Recurring Deposit Scheme of J&K Bank? Recurring Deposit accounts can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors, sole proprietorship firms, Partnership firms. Private and Public Limited Companies, HUFs, Associations, Societies, Trusts, etc. 2. What is the minimum monthly installment required to be deposited? You are required to deposit a monthly installment of Rs. 50/- and above in multiples of Rs. 5/-. 3. What are the tenures for which the accounts can be opened? You can open an account for any tenure ranging from 6 months to 10 years. 4. Is interest under this scheme applied on Simple or Compound basis? Interest compounded quarterly is provided under this scheme. 5. Can I withdraw my deposit prematurely? Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals. CHILD CARE DEPOSIT SCHEME FEATURES & BENEFITS Monthly Installment Rs. 100/- and its multiples. Tenure 7, 9 and 10 years as recurring (Phase-I) and 5, 7 and 10 years respectively as term deposit (Phase-II). Interest rate Fixed. Interest rates as per the rates prevalent at the beginning of the respective phases. Interest application Quarterly compounded interest. Interest payouts On maturity Add- on Accidental Insurance Cover for the Parent / Guardian (linked to the size of monthly deposit amount). Premature withdrawal Allowed with penalty. ELIGIBILITY Minor through parents/guardian. A person in his/her name. DOCUMENTATION Account Opening Form  26 Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms(of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian( For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. RATE OF INTEREST (SUBJECT TO CHANGE) FAQS 1. What is the eligibility for opening an account under Child-care Deposit Scheme of J&K Bank? Accounts under this scheme can be opened in the name of minor jointly with Parents/ Guardian. Individuals can also open accounts under the scheme in their own names. 2. What is the amount of monthly installment required to be deposited in Phase-I? You can deposit a fixed monthly installment of Rs 100 and above in multiples of Rs 100. 3. What are the tenures for which the accounts can be opened? You can open an account for the following 3 tenures- 12, 16 or 20 years, comprising of 7, 5, or 10 years of phase I which is in the nature of recurring deposit and 5, 7 or 10 years respectively of Phase II which is in the nature of Cash Certificate. 4. Is interest under this scheme applied on Simple or Compound basis? Interest compounded quarterly is provided under this scheme. 5. Can I withdraw my deposit prematurely? Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals. 6. Is loan facility available against the deposit? Loan facility can be provided after deposit completes its first phase i.e. after entry into the 2nd phase, bank can allow loan not exceeding 90% of the amount accumulated at the time of first phase. LADLI BETI DEPOSIT SCHEME J&K Government Scheme meant for new born girl child of the State born on or after 01st April 2015. The objective of the scheme is to arrest the declining female sex ratio and reduce the financial burden of the girl’s parents. The scheme further intends to ensure that the girl child does not become a burden for the parent or guardian at the time of her marriage. The scheme is a hybrid deposit plan having two phases: Phase I: A recurring deposit for 14 years having date of completion as one month after the last installment received in the account. Phase II: A Cumulative Term Deposit (CCR) for 07 years. The monthly contribution in Phase I is made by the J&K Govt. FEATURES Recurring deposit account under this scheme shall be opened by the natural or legal guardian of the girl child.  27 A contribution of Rs. 1000/- per month will be made by J&K Government from the birth of the girl child / account opening date for the next 14 years. (A total of Rs. 168000/- only will be contributed by the state.) No credits other than monthly contribution of Rs. 1000/- by J&K Government is to be allowed in Phase I (RD Account) After the maturity of Phase I (recurring deposit account) the account will graduate to Phase II (Cumulative Term Deposit account). No partial drawls or Foreclosure will be allowed under any circumstances during any phase. Maturity benefits under the scheme will be paid to the beneficiary on completion of 21 years of age or 21 years after the first installment or 85 months after the last installment whichever is later by crediting the saving bank account of the girl child. However, the girl child is at liberty to reinvest the amount in any deposit plan of the bank at card rates. Nomination facility will not be applicable in scheme. In an unfortunate event of the death of the girl child, the account will be closed immediately and the balance amount along with interest accrued will revert to the state of J&K. In the event of death of the beneficiary before she attains 21 years of age, the amount in the Recurring Deposit account / Term Deposit account shall be closed before maturity without pre- payment charges and paid by the branch concerned to the CDPO of the District, who shall deposit the same into an appropriate Government account. The account opened at a particular branch may not be transferred to any other branch even if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands. The beneficiary / parent or guardian of beneficiary shall produce ‘life certificate of the beneficiary (girl child)’ certified by a gazetted officer or by the principal of school/ college where she is enrolled before the concerned bank branch after every three years and at the time of maturity. As scheme is aimed at households having annual income less than 75000/- The TDS shall not be deducted as long as the guardian / beneficiary furnishes form 15G/15H every year and has a valid PAN. ELIGIBILITY Girl Child born on or after 01/04/2015 whose applications are complete in all respect accompanied with sanction letter from Child Development Project Officer (CDPO) of the selected domiciliary district (Anantnag, Budgam, Jammu, Kathua, Pulwama, Samba, Srinagar, Kishtwar). Girl child born to parents whose annual income from all sources is less than Rs 75000 DOCUMENTATION Account Opening Form KYC Norms of Parent/ Guardian Sanction letter from Child Development Project Officer DAILY DEPOSIT SCHEME FEATURES & BENEFITS Amount of daily Installment Rs. 100/- and above in multiples of Rs. 50 Tenure 1-5 years. Interest rate Fixed. Interest calculation As applicable to Savings Deposit. Premature withdrawal Allowed ELIGIBILITY Individuals. Joint account holders Proprietors Individual partners.  28 DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Business / Proof of Establishment PAN Card or IT returns Partnership deed/ MOA, AOA, Certificate of incorporation, as applicable. Related documents for HUF, associations, etc. RATE OF INTEREST (SUBJECT TO CHANGE) FAQS 1. What is the eligibility for opening an account under Daily Deposit Scheme of J&K Bank? Monthly Yield Deposit accounts can be opened by individuals, either singly or jointly, proprietors and individual Partners. 2. What is the main target segment of this scheme? The scheme is primarily meant for businessmen/professionals particularly at Malls, Business Establishments, Shopping Plazas etc. who would like to save a part of their sale proceeds/expenditure on daily/weekly basis. 3. Can I choose any other option other than one requiring depositing installment on daily basis? You can chose daily or weekly frequency at the time of opening of account and deposit the installments accordingly. 4. What is the amount of installment required to be deposited? Rs. 100/- and above in multiples of Rs. 50 5. What are the tenures for which the accounts can be opened? You can open an account for any tenure ranging from 1 year to 5 years. 6. Am I required to visit the bank every time I am required to deposit the daily/ weekly installment? No. An employee of the concerned branch shall make collections by personally going to your business premises/house hold, etc as chosen by you, during the working hours. FLEXI RECURRING DEPOSIT SCHEME A Flexi Recurring Deposit Scheme offers convenience and flexibility to depositors to invest lump sum as and when available. A Flexi RD can be opened with a definite base amount and the customer has the choice to step up the monthly installment every month (ten times the base installment) depending upon the availability of funds. The deposit can be made for a pre-determined definite tenure. FEATURES & BENEFITS Amount of Installment Rs. 500/- Rs. 100000 in multiples of Rs. 100 Tenure 6 months - 10 years. Interest rate Fixed. Interest calculation Quarterly /compounded Interest Payouts At maturity - TDS Premature withdrawal Allowed ELIGIBILITY More than one person in their joint names. Minor through parents/guardian. Sole Proprietorship firms, Partnership firms Private and Public Limited Companies HUFs Associations, Clubs, Societies, Trusts etc DOCUMENTATION  29 Existing Account No. for repayment/credit of interest Account Opening Form Photograph of Parent/ Guardian/ depositor (2 copies) Documents as per KYC Norms (of Parent/ Guardian) Minor’s birth certificate (for minors only) Guardianship proof for Legal Guardian (Court Decree)(For minors only) Minor Declaration signed by the Parent/Guardian (For minors only) PAN Card or Form 60 or 61 Any other related documents as applicable to Minors. RATE OF INTEREST (SUBJECT TO CHANGE) SPECIAL SAVING SCHEMES FOR WOMEN 1. J & K Bank Pink Platinum Saving Scheme for Women 2. J & K Bank Pink Gold Saving Scheme for Women 3. J & K Bank Pink Silver Saving Scheme for Women 4. J & K Bank Pink Silver Salary Scheme for Women J & K Bank Pink Platinum Saving Scheme for Women FEATURES & BENEFITS. Minimum AMB of Rs 5, 00,000. Charges: Rs.2500/- Free issuance of Demand Drafts / duplicate DDs /POs Free Collection of cheques. Free inter branch funds transfer / Free collection of local/ outstation cheques Free ATM-cum-Debit issued with an ATM withdrawal limit of Rs 1 lac/day& PoS transaction limit of Rs 2 lacs. Credit Card Issuance charges : NIL Nomination facility available. Free Unlimited Cheque leaves per year Free RTGS/ NEFT Facility. Free E-banking / Mobile Banking Free Locker facility* Free Accidental Insurance cover of Rs.50 Lakh ELIGIBILITY Women Individuals (Singly / Jointly) DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Identity / Proof of Address PAN Card or Form 60 / 61 J&K Bank Pink Gold Saving Scheme for Women FEATURES & BENEFITS. Minimum AMB of Rs 1, 00,000. Free issuance of Demand Drafts upto 50 Lakh / 30 POs Free 200 cheque Leaves per year. Free inter branch funds transfer / Free collection of local/ outstation cheques  30 Free ATM-cum-Debit issued with an ATM withdrawal limit of Rs 0.50 lac/day & PoS transaction limit of Rs 1.50lac Credit Card Issuance charges : NIL Nomination facility available. Free RTGS/ NEFT Facility. Free E-banking / Mobile Banking 50% discount Locker facility* Free Accidental Insurance cover of Rs.25.00 Lakh ELIGIBILITY Women Individuals (Singly / Jointly) DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Identity / Proof of Address PAN Card or Form 60 / 61 J&K Bank Pink Silver Saving Scheme for Women FEATURES & BENEFITS. Minimum AMB of Rs 25,000. Charges: Rs.500/- Free issuance of Demand Draftsupto10 Lakh / 10 POs Free 50 cheque leaves Free inter branch funds transfer / Free collection of local/ outstation cheques Free ATM-cum-Debit issued with an ATM withdrawal limit of Rs 0.50 lac/day & PoS transaction limit of Rs 1.50 lac Credit Card Issuance charges : NIL Nomination facility available. Free RTGS/ NEFT Facility through net banking / mobile banking Free E-banking / Mobile Banking Free Accidental Insurance cover of Rs. 5 Lakh ELIGIBILITY Women Individuals (Singly / Jointly) DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Identity / Proof of Address PAN Card or Form 60 / 61 J&K Bank Pink Silver Saving Salary Scheme for Women FEATURES & BENEFITS. Minimum AMB of Rs 25,000. Charges: Rs.500/- Free issuance of Demand Drafts upto 10 Lakh / 10 POs Free 50 cheques leaves Free inter branch funds transfer / Free collection of local/ outstation cheques  31 Free ATM-cum-Debit issued with an ATM withdrawal limit of Rs 0.50 lac/day & PoS transaction limit of Rs 1.50 lac Credit Card Issuance charges : NIL Nomination facility available. Free RTGS/ NEFT Facility through net banking / mobile banking Free E-banking / Mobile Banking 50% discount Locker facility* Free Accidental Insurance cover of Rs. 5 Lakh ELIGIBILITY Women Individuals (Singly / Jointly) DOCUMENTATION Account Opening Form. Photograph of depositor/s (2 copies) Proof of Identity / Proof of Address PAN Card or Form 60 / 61 Information Security Awareness & Adherence Introduction: Information Security refers to the processes and methodologies which are designed and implemented to protect print, electronic, or any other form of confidential, private and sensitive information or data from unauthorized access, use, misuse, disclosure, destruction, modification, or disruption. Information security is defined as the Preservation of: a. Confidentiality: Making information accessible only to those authorized to use it as per “business Need”. b. Integrity: Safeguarding the accuracy and completeness of information and processing methods. c. Availability: Ensuring that information is available when required. Information Security Objectives: Information Security at J&K Bank is driven by the following objectives: 1. Protection of information against unauthorized access by maintaining its confidentiality; 2. Ensuring the integrity of information. Integrity relates to the accuracy and completeness of information as well as to its validity in accordance with business values and expectations; 3. Ensuring the availability of information to those who are authorized and require it. Availability relates to information being available when required by the business process now and in the future. It also concerns the safeguarding of necessary resources and associated capabilities; 4. Meeting the Regulatory and legislative requirements; 5. Reporting and investigation of security breaches; 6. Effective Role definition for all employees to avoid conflict in duties and areas of responsibility; 7. Managing Information security risk by integrating Information security governance in the overall enterprise governance framework of the organization; and Management Direction for Information Security  32 J&K Bank is the trusted custodian of information provided to us by our customers, employees and partners; therefore, we shall ensure that due care is exercised in the protection of this data. We rely upon business information being secure, complete, accurate and available in order to meet our business goals. “We are committed to enhance confidence & add value to all our stakeholders & customers by protecting all our information assets (including customer data) from all threats.” J&K Bank understands the importance of information security and has ensured integration of information security within business processes so as to establish information security objectives at function level. Information security objective is to provide direction for maintaining confidentiality, integrity and availability that shall be achieved by ensuring the following: a. All employees adhere to the Information Security policy and the management exercises rights to take action in case of its violation; b. Effective Role definition for all employees to avoid conflict in duties and areas of responsibility c. Critical information is protected from unauthorized access, use, disclosure, modification, and disposal, whether intentional or unintentional by implementing technical, process, people controls; d. The confidentiality, integrity and availability of critical information, whether acquired permanently or in transit, provided or created, are ensured at all times, as appropriate; e. Any security incidents and infringement of the Policy, actual or suspected are reported, investigated and appropriate corrective or preventive action initiated; f. All legal, regulatory and contractual requirements with regard to information security are met wherever applicable; g. Awareness programs on Information Security are imparted to all employees and wherever applicable to third parties; Information Security Policy: J&K Bank has a board approved Information Security Policy consisting sub policies and procedures aligned to a globally recognized and adopted standard namely ISO27001:2013. The full text is available on bank’s Intranet site. Applicability & Scope: The Information Security policy is applicable to employees, temporary workers and vendor staff at J&K Bank. The scope of the document encompasses all functions and processes within functions supporting J&K Bank. All employees, temporary workers and vendor staff of J&K Bank shall ensure that they are aware and implement handling, distribution and destruction of information as mandated in this policy. Few of the important policies/Procedures to be adopted during daily job routines are mentioned below: S.No. POLICY Example  33 1 Passwords should consist of a minimum of eight 1. Do not keep Password like jkb123, Characters that contain at least one character from at least three of jkbank etc. the following sets of characters: Uppercase letters, Lowercase letters, Numbers, Special characters The upper limit of the password length may vary depending on the Application. 2 The password should not be equal to the user ID. The password 1. Do not keep password like acer, Wipro, should not be a dictionary word. Samsung The password should neither wholly nor predominantly composed of the user’s ID, owner’s name, birth date, PAN number, family 2. Do not use name or alpha of branches in member or pet names, names spelled backwards or other personal keeping passwords like chinar123, be- information about the user. Also passwords should not consist of any mina1234. branch name, name of any automobile or sports-team or repetitive or keyboard patterns (e.g.; 3. Do not use password containing DOBs “abc#ab c#”,”1234”,”qwer”,”mnbvc”, or” aaa#aaaa”). like John15041975 etc. The password should not be a word found in a dictionary of any language or a dictionary word with numbers appended or prepended to it. The pass- word should not be the name of a vendor product or a nickname for a product e.g. Acer, Wipro, Samsung 3 Each individual should be held accountable for: Do not share passwords with fellow col- Providing protection against loss or disclosure of passwords in his or leagues her possession. All activity that occurs as a result of deliberately revealing his or her user-ID and password 4 Agency personnel (Vendors) and visitors should carry identification Whenever a Vendor visits branch he/she badges. A system should be in effect wherein employees and should be asked to produce the authorized visitors are issued badges and are required to wear them authorization letter and ID card should be in plain view at all times. verified. For any clarification Desktop Team should be contacted. Further all vendors should be asked to Sign the vendor visit register that is to be maintained at branches/Offices. 5 Personal Laptops, Pen-drives, CDs should not be used. Incase Pen-drives/USB drives need to be used in Branch/Offices you should contact Desktop Team. 6 Visitors should not be issued keys or given lock combinations. Should a visitor or unauthorized employee require access to a locked area for genuine business need, an authorized employee of J&K Bank should accompany the visitor and himself/herself unlock the restricted locked area. 7 Access to tape, disk and documentation libraries should be restricted exclusively to those employees whose responsibility is the maintenance of those libraries.  34 8 Authorized vendor support personnel are required to always carry a Whenever a Vendor visits branch he dated letter with a valid up to date mentioned on the company should be asked to produce the letterhead stating that the person is an employee of the company authorization letter and ID card should be and is assigned to work verified. The vendor should be necessarily with J & K Bank. The company should submit a revised authorization asked to sign the vendor visit register. For letter each time a new employee is added as support to the facility any clarification Desktop Team should or has a change in assignment. Support personnel should be be contacted. restricted to the area of the facility in which their services are required. 9 Regular backups (at least once per day) should be taken. Backups of data such as Advance proposals, branch reports etc. should be taken and stored in Bank approved USBs/Pen drives. To register USBs/Pen drives con- tact Desktop Team. USBs containing backups should be stored in fire proof safes. 10 Sensitive or valuable material and equipment must be stored Sensitive documents like security securely and according to the classification status of the information documents etc. to be stored in fire proof being stored safes 11 Documents are to be stored in a secure manner using fire protected Sensitive documents like security storage in accordance with their classification status. documents etc. to be stored in fire proof safes 12 Removable hard disks, Pen drives and CDs should only be used Do not use personnel USBs/Pen drives. To where register USBs contact Desktop Team. absolutely necessary. Copying data to floppy disk (where unavoidable) should be done on a designated workstation manned by suitably authorized personnel 13 Equipment’s or tape libraries should not be located in the basement Documents should not be stored in of a building. Basements are natural collection areas for water. basement of branches. 14 Only Printers in restricted access rooms (in the premise of an Printers in branches should be kept away Authorized from places where there is huge rush of person) should be used for printing confidential information. customers so that there is no unauthorized access. 15 Terminals, while unattended, should be protected from Whenever you are moving away from your unauthorized use. systems in case of lunch break etc., you Terminal devices should never be left logged on while unattended. should always keep them locked by pressing the Windows + L key together or may contact Desktop team for assistance. 16 Terminals should be installed where they are not readily System monitors should always be kept accessible to away from customers. Customers should personnel not authorized to use them and should be positioned in not have free access to Hall. such a manner that minimizes unauthorized viewing of the screen. Facing the screen away from doorways and windows will enhance visual protection. 17 For authorized personnel, the appropriate data and information Account or any other information should must be be given to authorized users/customers. made available as and when required; for all other persons, access to You should always check if the requestor such of information is an authorized person. data and information is prohibited with appropriate technical control required to supplement the enforcement of this policy.  35 18 Only qualified and authorized staff or approved third party You should never try to repair systems technicians/ yourselves and should always contact engineers may repair information system hardware / software / relevant support Team at DC by formally configuration faults. registering a ticket (CSS). The follow-up should be done using the Ticket-ID. 19 All information used for, or by the organization, must be filed appropriately and according to its classification. 20 All documents of a sensitive or confidential nature are to be Documents which are no longer required shredded should be shredded properly before dis- when no longer required. The document owner must authorize or posing so that the sensitive information initiate this destruction. cannot be misused. 21 Information relating to the clients and third party contracts of Account or any other information should the organization is confidential, and must be protected and be given to authorized users/customers. safeguarded from unauthorized access and disclosure. 22 Data is to be protected against unauthorized or accidental changes, Data should be deleted only after Proper and may only be deleted with the proper authority Backup is ensured. 23 Employees must enable screen savers with lock on the Screensavers should be enabled on organization’s PCs, laptops and workstations and should be Systems. Contact System Manager, or automatically enabled whenever the workstation, laptop and PCs is the Desktop Team for assistance idle for a pre- determined duration. 24 The use of photocopiers or duplicators for personal use is discouraged. 25 J&K Bank expect all employees to adhere to a clear desk policy. At the end of business day all files and other documents should be kept inside cabinets or safes. No file or documents containing information should be kept on desks. 26 Employees traveling on business are responsible for the security of Whenever you are travelling officially like infor- mation in their custody. for any meetings such as to meet clients etc., ensure safety of documents and information carrying with yourselves. 27 All employees are to be aware that evidence of Information Security Whenever you feel you have received any incidents must be formally recorded and retained and passed to the suspicious email or any phone call asking Information Security Team your account information or your computer is behaving abnormally immediately inform Information Security Team. 28 Private information, which is personal information about an employee or employees that, if disclosed, could be used to harm employees or the company, may be delivered only to a trusted person who is authorized to receive it. 29 Files or other electronic data should not be transferred to any removable media unless the requester is a trusted per- son whose identity has been verified and who has a need to have such data in such format  36 30 Whenever J&K Bank employee changes positions or is given increased or decreased job responsibilities, the employees manager will notify J&K Bank Internal Support (or Data Centre) of the change in the employee’s responsibilities so that the appropriate security profile can be assigned. 31 Prior to disabling a user’s account, J&K Bank Internal Support (or Ensure that all requests made to Data Data Centre for disabling users or changing Centre) must require positive verification that the request was made user powers etc. are made by Branch Head by or he is formally informed. authorized personnel. 32 Ensure that guest users are disabled on all Guest accounts on any computer systems or related networked PCs. Take assistance from Desktop Team devices shall be removed 33 PC in reception area must be locked when not in use. The monitor Always ensure that all PCs to be locked screen while unattended. Press Windows+ L key should not face the visitor and the users of such PC should not have simultaneously administrator privileges. Each individual using that PC has to have a separate login ID 34 Prevention: Make a habit to check that Antivirus is Users Should be trained about the possibility of receiving running and active by checking the icon viruses and other malicious code from the Internet and on the use present at the lowermost right corner of virus scanning tools. of your PC Monitor. The icon should have green light at all the times. Contact Desk- top Team immediately incase if you feel if is not updated. Trainer at branch should specifically train the staff on this aspect. 35 Authorized Software should be downloaded and installed only by Never install any software yourselves. In- Systems manager at branch (who will scan or test software). case needed ask help from Desktop Team 36 Users must be trained about the risks of Interactive Software and Always take help of system how to manager, Trainer, Desktop Team while configure their browsers to prevent downloading of applets. configuring browsers, so that unnecessary and harmful programs do not get installed on your PCs. 37 Commercial software should not be downloaded over the I