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ARUNACHAL PRADESH STATE CO-OPERATIVE APEX BANK LTD

(Sponsored by Government of Arunachal Pradesh)

Head Office :: D-Sector, Naharlagun, District : Papum Pare, Arunachal Pradesh - 791 110

NSTFDC     CMFMP     Micro Finance SHG

CURRENT ACCOUNT

Opening of Account
Application to open a Current Account should be made in the Bank’s prescribed form and the account shall be opened subject to submission of KYC documents of the  bank  as notified in the bank’s web-site. A proper introduction is required for accounts, which can be opened by:

  1. A person in his own name;
  2. More than one person payable to all of them jointly or any one or more of them or survivor/survivors;
  3. A partnership firm;
  4. A proprietorship concern;
  5. Co-operative institutions;
  6. Joint Stock Companies;
  7. Registered Clubs, Associations and Societies registered under Societies Registration Act, 1860 or any other corresponding law in force;
  8. A HUF, Company, associations etc.

Initial Deposit and Minimum Balance
A minimum initial sum of Rs.5,000/- in cash for opening the account and to keep the account running. Service charge as prescribed by the bank shall be charged on each occasion, when the prescribed minimum balance is not maintained.

Paying – in or credits into the account

  1. All deposits made into this account by a local remitter should be accompanied by paying-in-slips. Before leaving the Bank’s counter, the person depositing into the account should ensure that ‘RECEIVED’ stamp of the Bank is affixed with the date. It should also have the full signature of the Bank’s official. In the case of cash transaction, both cashier and Passing Officer shall affix their signature on the counterfoil.
  2. Cheques, Drafts, Dividend Warrants, Bills, Hundies and other Negotiable Instruments may be accepted for collection through the account on behalf of the customer and credited to the account on realization.
  3. Cheques, Drafts, Dividend Warrants etc., drawn locally on places where Bankers’ Clearing House exists are collected free of charge. Such Negotiable Instruments on up-country Banks/Branches shall also be collected on terms to be ascertained at Branches where these instruments are tendered for collection. The Bank, However, will not be responsible for any loss that may occur by delay or otherwise in transmission or collection for reasons beyond it’s control.
  4. Credits for cheques, drafts etc., drawn locally will be effected on realisation. Withdrawals against such cheques or drafts will be permitted only on realisation.

Pass-Book/Cheque Book

  1. The Depositor will be provided with Pass-book or statement of account periodically. He is expected to carefully go through the entries in the statement of account or Pass-book and confirm that the entries are in order. In the event of any discrepancy in the amount or errors/omissions / unauthorised debits and credits to the account, the same shall be brought to the notice of the official of the Bank for necessary rectification, failing which the entries in the Pass-book or statement of account will be deemed to be correct and shall be binding on the depositor for all intents and purposes. The Depositor should also verify the last entry and the last balance in the Pass-book/statement of account duly initialed by the official of the Bank.
  2. Charge will be levied for the issuance of the statement of account/Pass-book etc. as prescribed by the bank from time to time.The Pass-book should be got up-dated from the Bank at regular intervals.
  3. No entry should be made in the Pass-book by the depositor. The bank reserves the right to itself at all times to rectify the entry wrongly made or found to be fictitious.
  4. The facility of cheque-book will be provided to the depositor who maintains a minimum balance of Rs.5, 000/-. If the balance falls below Rs.5,000/-, the cheque book facility will be withdrawn. Charges will also be levied as per norm on the account if the balance limit falls below minimum balance.
  5. Cheque books are issued against written request from the depositor or printed requisition form inserted in the cheque book. The account holder should thoroughly examine and satisfy to himself as to the contents of the cheque book (Serial number of cheque leaf, Branch name and requisition form). If any cheque or requisition form is found missing from the cheque book, the Bank should be informed immediately before leaving the counter.
  6. Cheque should be signed by the drawer in conformity with the style of operation of the account and the specimen signature lodged with the Bank. The bank will be at liberty to refuse payment of such cheques which do not confirm to this rule.
  7. The cheque book issued by the Bank should be in safe possession of the account holder without affording any chance for misuse of the cheque by the third parties. Cheques should be drawn preferably in indelible ink to avoid unauthorized alterations etc., writing on the cheques should be legible and distinct to avoid ambiguity especially name of the drawee, date of the cheque and the amount of the cheque expressed in words and figures.  Altered/mutilated/soiled cheques should be authenticated with  the drawer’s full signatures and not by mere initials. The amount of the cheque expressed must commence immediately after the printed words, ‘Rupees/Rs.’ and the amount so expressed must end with ‘only’.
  8. Depositors shall keep their Pass-book and cheque-book in safe place.  The Bank shall not be held responsible and shall be absolved from all liabilities whatsoever, if the cheque/cheque-book requisition and/or Pass-book is lost/stolen either while in possession of the account holder or in postal transit or being tampered with resulting in any fraud arising out of negligence on the part of the account holder without observing adequate precautions. The depositor shall inform the Bank immediately in the event of any loss of any cheque-book/leaves or Pass-book.

Dishonour
The following types of cheques will not be honored by the Bank.

  1. Cheque drawn against unrealised credits
  2. Post dated / stale cheques;
  3. Cheques presented after three months from the date of cheque;
  4. Cheques drawn for amounts in excess of balance at credit in the account;
  5. Cheques drawn on forms other than those supplied by the Bank;
  6. Cheques containing extraneous matters;
  7. Signature of account holder not as per the specimen signature lodged with the Bank;
  8. Cheques not properly drawn other than prescribed norms.
  9. Cheques countermanded by a competent authority.
  10. Every dishonour of cheque for insufficiency of funds attract charges at the rate prescribed by the bank.

Closure of Account
Request for closure of account shall be in writing. The account holder shall return all unused cheque-leaves accompanied by the Pass-book. He shall declare that all cheques issued by him on the account have been duly accounted for in the account before closure. In case of joint accounts, for closing the accounts, all the depositors should act in accordance with the instructions given at time of opening the account.

The bank reserves to itself the right to close any account, which in its opinion is not properly conducted or is otherwise undesirable for any reason. If the account is closed within one year from the date of opening, incidental charges at the rate prescribed by the bank shall be levied and deducted from the balance before it is paid.

In-operative Accounts
The Accounts in which there are no operations for a period of two years and above from the date of last operation will be treated as inoperative accounts. Service charge at the rate prescribed by the bank shall be levied on such accounts.

The Bank reserves to itself the right to alter/add/delete these rules at any time. For this purpose, the Bank shall not require to give a separate notice to each account holder. Announcements of any change in the rules, displayed on the Bank’s Notice Board or published in the press/ Bank’s web-site shall be deemed to be sufficient notice to all account holders.