Most Important Rights Every Bank Customer Ought To Know


BANGALORE: The relationship between a bank and their customers is based on trust. There are certain rights given to the customers and are designed to create awareness among bank customers. These rights are usually given by all public and private banks across the country.

With an objective to promote good and fair banking and increase transparency to help the customers and deepen the confidence in the banking system, the Codes are reviewed and revised by Banking Codes and Standards Board of India periodically.

Here are the important rights for the customers to be aware of, as compiled byPrasanna D Zore of Rediff

1 # No hindrance in opening bank account:

If you are an Indian citizen, you are entitled to every rights of the country.

No bank can say no to you for opening an account no matter where and how you live in the country. Lack of documents is no reason for a refusal. This is called simplified Know Your Customer norms.

 This Such account may have some limitations, and in such case the identity of a person remains the same while the address may change and banks are required to update their records on this.

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