Terms and conditions of bank accounts

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Tejaas Potdaar (Querist)
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12 March 2016 In banks' account opening forms of savings, FDs, loan etc , there are mentioned few terms and conditions. Sometimes its written to refer the online website of bank for terms and conditions.

My queries are:

1. Are these " terms and conditions " approved by RBI or any other government authority? If yes, how to know each and every line of "T&C" is approved, as banks may add some extra lines in the approved "T&C" for their benefits.

2. In the account opening forms, only few "T&Cs" are listed and for rest its written to visit bank's website. Is such practice approved by RBI or any other agency? For accessing website, internet is needed which majority of people in India don't have access. Also banks don't provide the printout of the "T&C" displayed on website. So the account opener during account opening only knows the "T&C" written in the forms and as told by staff, if staff speaks.
So will such "T&C" displayed only on website and account holder have not read during account opening, applicable ?

thank you,

Amol S Joglekar

Amol S Joglekar (Expert)
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12 March 2016 01. Banks are free to frame its own terms and conditions subject to broader terms and conditions, if any, imposed by RBI. RBI is a regulatory authority.
02. Such a practice is upheld by our Courts. In fact with the facility of WEBSITE, it has become easy for the customers to view the same. Normally when the dispute arises, the website matter, as said by the bank, is regarded as ORIGINAL manuscript.
Your further views please.

Tejaas Potdaar

Tejaas Potdaar (Querist)
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12 March 2016 Thank you for reply.

Regarding online "T&C", peoples who don't have access to internet be it in Mumbai or any village of India, how can banks say to WEBSITE T&Cs are final and applicable even though they never show it to the customer during account opening in bank office premises or never give printout of the online T&Cs along with account form? You say it easy but its easy only when customer have access to it without any trouble.
If case is filed in consumer court, will the court support the customer or will it be in bank's favour of online "T&C"?

Amol S Joglekar

Amol S Joglekar (Expert)
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13 March 2016 In case of ONLINE account : it will go in Bank's favour.
In case of off line account : it will go in customer's favour.
With the current trend, banks are making all the accounts ONLINE, which may please be noted.
So? One need to be very particular and meticulous while alleging the bank. First one needs to insist for OFF LINE account.

Tejaas Potdaar

Tejaas Potdaar (Querist)
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14 March 2016 I am considering a traditional account, where person visit the bank, submit the form on bank counter, have face to face discussion with the bank employee, and opt for cheque book, sms service and debit card.
Internet banking not included in above services.

If person opt for internet banking latter, will the above opened account treated online? As per my understanding, online account is the one opened using online internet without going to bank for form submission. In india, i think only few banks offer this service that too limited in meteros.

Referring your statement "With recent trend, banks are making all accounts online", so can the bank change the account category without informing and taking the customer's permission, where account was opened in a traditional way by visiting bank for form submission?

thank you,

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