Savings Account Queries
Q1. What is the minimum balance that I need to maintain in the Savings Account?
You need to maintain Minimum Balance of Rs. Zero in the Savings Account.
Q2. What is the rate of interest applicable on the Savings Account?
Interest @ 4% pa is applicable on the Savings Account.
Q3. When is interest credited to the Savings Account?
Interest on your Savings Account will be calculated and credited half yearly i.e. on the last day of Sept and March.
Q4. When will I receive my account statement and E-statement?
You will receive your account statement in Branches of Business Bank. Also you can register your email ID with bank to receive e-statement on Mail. There is facility in Mobile Banking to request for account Statement.
Q5. Can I use any branch of the The Business Co Op Bank to operate my account?
Yes, you can access and operate your account from any branch of The Business Co Op Bank. You can electronically transfer funds from one account to another account in any branch of the bank. You can withdraw cash upto Rs. 50,000 per day at any branch and deposit cash with no Limit per day at any branch.
Q6. Do I get, Rupay EMV Debit ATM Card, SMS Banking, ECS Facility and Mobile Banking?
Yes. These services have been introduced to make banking a convenient and a hassle-free option for you.
Q7. What is the withdrawal limit on my Rupay EMV Debit cum ATM Card?
You can withdraw upto Rs. 25,000 per day from your ATM card, You can do transactions of ECOM and POS upto Rs.10000 and Rs.25000 respectively per day. You can also use your Debit cum ATM card at other bank ATM.
Q8. What are the services that are available through ATMs?
Besides cash withdrawals, some of the important things that you can do through the Debit cum ATM card: Balance Enquiry, Mini statements, FAST Cash, PIN Change
Fixed deposit queries FAQ's
Q1. What is the minimum and maximum tenor for which Retail Term Deposit can be kept with Bank?
The minimum and maximum tenor for general/Senior citizen is 15 days and 10 years, respectively.
Q2. What is the minimum and maximum amount for which a Retail Term Deposit can be made with Bank?
The minimum amount is Rs.5,000/- and the maximum amount under Retail Term Deposit is Rs.99,99,99,999/-
Q3. What is the frequency of compounding under cumulative/reinvestment option in the Term Deposit of Bank?
The interest is compounded on a quarterly rest under cumulative/ reinvestment option
Q4. What is the interest rate applicable for Term Deposits?
The Interest Rates on term deposit of the bank is subject to change from time to time and the same is provided on the website of the Bank and also available at every branch.
Q5. What interest payment options are available under Term Deposit with Bank?
Interest payment on Monthly (discounted), Quarterly and Annual rest is available under Bank Term Deposit.
Q6. Are the interest rates same under all interest pay out or cumulative/ reinvestment option?
The applicable interest rate as indicated in the interest table is applicable for all options of interest payout except monthly (discounted) interest payment option. Under monthly interest payment option, the interest rate discounted to match the applicable interest rate payable at quarterly rests.
Q7. Is the Term Deposit exempt from Tax or any tax rebate available under any Term Deposit Option?
Normal Term deposits are not exempt from tax and Interest on Term Deposits is subject to Tax Deduction at Source as per extant Tax laws. Tax Rebates are available as per extant Tax laws under distinct Term deposit.
Q8. Does the Bank offer any special interest rate for Senior Citizen on its Term Deposits?
Yes, an additional markup for Senior Citizen Interest rates is 0.50% for deposits from 1 year and above. This mark-up is subject to change at the discretion of the Bank. You may refer to the interest rates hosted on our website.
Q9. While opening Fixed Deposit account, which documents are required to be submitted?
For opening of a Term Deposit Account, the duly filled and signed Account Opening Form with photograph/s of the applicants and the KYC documents are required to be submitted. The Account opening form has to be submitted along with the requisite amount for which Term Deposit is proposed to be made.
Q10. If I have an existing Customer ID, do I need to go through the procedure and formalities of account opening again?
No, You need not go through any formalities. You just have to provide the Customer ID, type of deposit and cheque/cash and we will take care of the rest.
Q11. When do I become liable for TDS?
As per Income Tax Act, 1961 u/s 194A (1) (3) (i) where the amount or aggregate of the amounts of interest credited or likely to be credited or paid during the financial year exceeds Rs.40,000/-, TDS is applicable from the first interest flow.
Note: Deposits held by minors are also subject to TDS. The person in whose hands the minor's income is included can claim the credit for the TDS.
Q12. When is TDS done?
TDS is done at the time of credit of interest to account if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.40,000/-. Interest is applied on quarterly basis for cumulative FDs and on monthly basis of monthly interest payout FDs.
Q13. Does any change or enhancement in my deposit portfolio affect TDS liability?
Yes. If the change or enhancement in your time deposit portfolio including that of earlier portfolio is likely to earn aggregate interest of more than Rs.40,000/- during the financial year, TDS will be applicable on the basis of projected interest.
Q14. At what rate is TDS deducted?
TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders.
Q15. How and when can I apply for exemption on TDS?
If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source. The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required. It may be noted that if the interest payable by the Bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid. In case of Senior Citizens, if the interest payable by the Bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.
Form 15G : Individuals up to age of 60, HUFs, Associations, Trusts. (This form needs to be submitted at the beginning of each FY)
Form 15H : Individual customer with age 60 years and above (Completing 60 years during the FY). (This form needs to be submitted at the beginning of each FY)
Q16. When does the Bank issue a TDS Certificate?
As per Rule 31 of the Income Tax Rules, 1962 the Bank is required to issue TDS Certificate in Form 16A on quarterly basis within fifteen days from the due date for furnishing the statement of tax deducted at source. The due date for issue of TDS Certificate is given below:
Q17. Can the senior citizen account be opened in a joint account with a non-senior citizen?
The account can be opened joint with a non-senior citizen, provided the first account holder is a senior citizen to avail special rates for senior citizen, if any.
Q18. What documentation is required to open a senior citizen FD?
While opening the account, the customer needs to provide proof of age - to ensure that account holder is a senior citizen. He can provide any one of the following: Passport , Driving License, Pension Payment Order, Government ID Card, School Leaving Certificate, Birth Certificate
Q20. I am an existing customer; do I need to apply for a separate Customer ID to avail of this facility?
The existing Customer ID may be used and there is no need to create a separate Customer ID for booking of the fixed deposit.
FAQ's on ATM Usage
Q1. What is an Automated Teller Machine (ATM)?
Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their accounts for dispensing cash and to carry out other financial transactions without the need of actually visiting a bank branch.
Q2. What type of cards can be used at an ATM?
The ATM cards/debit cards, credit cards and prepaid cards (that permit cash withdrawal) can be used at ATMs for various transactions.
Q3. What are the services/facilities available at ATMs?
In addition to cash dispensing ATMs may have many services/facilities such as: Balance enquiry, Cash Deposit, Mini Statement, PIN change
The services offered may vary from bank to bank, or may depend on the capacity of the machine to provide such services.
Q4. How can one transact at an ATM?
For transacting at an ATM, the customer should insert/swipe their card in the ATM and enter their Personal Identification Number (PIN).
Q5. Can these cards be used at any bank ATM in the country?
Yes. The cards issued by banks in India should be enabled for use at any bank ATM within India.
Q6. What is a Personal Identification Number (PIN)?
PIN is the numeric password for use at the ATM. The PIN is separately mailed/handed over to the customer by the bank while issuing the card. This PIN has to be reset with a new PIN by the customer at IDBI Bank ATM. Most banks force the customers to change the PIN on the first use. The PIN number should not be written on the card, card cover/pouch etc as in such cases the card can be misused if card is lost/stolen.
Q7. What should one do if he forgets PIN or the card is captured by the ATM?
The customer should contact the card issuing bank branch and apply for issuance of a new card. This procedure is applicable even if the card is captured at another bank's ATM.
Q8. What should be done if the card is lost/stolen?
The customer should contact the card issuing bank immediately on noticing the loss so as to enable the bank to block such cards.
Q9. Is there any minimum and maximum cash withdrawal limit per day?
Yes, banks set limit for cash withdrawal for their customers. The cash withdrawal limit for use at the ATM of the issuing bank is set by the bank during the issuance of the card. For cash withdrawals at other bank ATMs, banks have decided to maintain a limit of Rs 10,000/- per transaction. This information is displayed at the ATM location
Q10. Do banks levy any service charge for use of other bank ATMs?
For Savings A/c Customers First 5 transactions of cash withdrawal or balance enquiry/pin change/mini statement, per month – FREE. Thereafter, for Cash Withdrawal: Charge of Rs. 20/- per transaction and for balance enquiry/pin change/mini statement: Rs 10/- per transaction.
For Current A/c Customers
First 5 transactions of cash withdrawal or balance enquiry/pin change/mini statement, per month – FREE. Thereafter, for Cash Withdrawal: Charge of Rs. 20/- per transaction and for balance enquiry/pin change/mini statement: Rs 10/- per transaction.
Q11. What should be done in case during the cash withdrawal process, cash is not disbursed but the account gets debited for the amount?
The customer should lodge a complaint with the card issuing bank where account is maintained. This process is applicable even if the transaction was carried out at other banks ATM.
Q12. How many days maximum would the bank require to re-credit the account for such wrong debits?
As per the RBI guidelines, the amounts wrongfully debited to the customers' accounts on account of failed ATM transactions are credited back within a maximum period of 7 working days from the date of receipt of the customer’s complaint.
Mobile banking queries- FAQ's
Q1. How do I register and avail of the service?
Q2. What are the various services available?
In Mobile Banking, the following banking services are available:
Q3. What is the daily transaction limit for the service?
The daily transaction (consolidated) limit of Rs. 50000/- per day.
Q4. What are the technical requirements / mobile handset capability to avail of the service?
In order to avail of the mobile banking facility, the user should have handset with internet connectivity i.e. either a 2G or 3G internet access plan. Android base Handset is required. 128 SSL security with, Mobile no, SIM slot and Handset binding is done for security purpose.
Q5. What are the Do’s and Don’ts for the use of Browser Based Mobile Banking?
Please follow the below mentioned Do’s and Don’ts while using Browser Based Mobile Banking.
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