Frequently Asked Questions(FAQ)

Open an Account with Sadbhav Bank, please visit the bank near Dak Khana Mahal Road Chhatarpur Madhya Pradesh

SADBHAV NAGRIK SAHKARI BANK MARYADIT

FAQ

Following are the Frequently Asked Questions (FAQ):

How do you open deposit accounts with Sadbhav Nagrik Sahkari Bank Maryadit?

Ans. To open a deposit account with Sadbhav Nagrik Sahkari Bank Maryadit, please visit the bank.
How do you open loan account with Sadbhav Nagrik Sahkari Bank Maryadit?

Ans. To open a loan account with the bank, please visit the bank branch.
What is the minimum amount required to open a saving account?

Ans. INR 1000/- is required to open a saving account with Sadbhav Nagrik Sahkari Bank Maryadit.
What is the minimum amount required to open a current account?

Ans. INR 5000/- is required to open a current account with Sadbhav Nagrik Sahkari Bank Maryadit.
What is the charge if someone fails to maintain minimum quarterly balance of INR 1000/- in Saving Account?

Ans. The bank charges INR 112+GST, if someone fails to maintain minimum quarterly balance of INR 1000/- in Saving Account.

What is the Cheque Book Charges when opening the Saving Account in the Bank?

Ans. The Cheque Book Charges for Saving Account in the bank is INR 50+ GST.
What is the Cheque Book Charges when opening the Saving Account in the Bank?

Ans. The Cheque Book Charges for Saving Account in the bank is INR 100+ GST.
What is the Cheque Book Charges when opening the C.C. Limit Account in the Bank?

Ans. The Cheque Book Charges for C.C. Limit Account in the bank is INR 100+ GST.
What is the Inward Cheque return charge in the Bank?

Ans. The Inward Cheque return in the Bank is INR 212+GST.
What is the Outward Cheque return charge in the Bank?

Ans. The Outward Cheque return in the Bank is INR 212+GST.
What is the Delay E.M.I. Payment/Cheque Bounce Charge in the Bank?

Ans. The Delay E.M.I. Payment/Cheque Bounce Charge in the Bank is INR 250+GST.
What is the charge of NEFT in the Bank?

Ans. The charge of NEFT in the Bank is zero, which means it is free of cost.
What is the charge of RTGS in the Bank?

Ans. The charge of RTGS in the Bank is zero, which means it is free of cost.
What is the IFSC Code of the Bank?

Ans. IFSC Code of the Bank is ICIC00SADHV.
What is the MICR Code of the Bank?

Ans. MICR Code of the Bank is 471874001.
What is KYC Norms and Anti Money Laundering?

Ans. Money laundering has become a pertinent problem worldwide threatening the stability of various regions by actively supporting and strengthening terrorist networks and criminal organizations. The links between money laundering, organized crime, drug trafficking and terrorism pose a risk to financial institutions globally.
What is Money Laundering and Financial Terrorism?

Ans. Money laundering refers to conversion of money illegally obtained to make it appear as if it originated from a legitimate source. Money laundering is being employed by launderers worldwide to conceal criminal activity associated with it such as drugs /arms trafficking, terrorism and extortion. Financial Terrorism means financial support to, in any form of terrorism or to those who encourage, plan or engage in terrorism. Money launderers send illicit funds through legal channels in order to conceal their criminal origin while those who finance terrorism transfer funds that may be legal or illicit in original in such a way as to conceal their source and ultimate use, which is to support Financial Terrorism.
What is KYC?

Ans. KYC is an acronym for “Know your Customer” a term used for Customer identification process. It involves making reasonable efforts to determine, the true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business,etc which in turn helps the banks to manage their risks prudently. The objective of the KYC guidelines is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering.
What is KYC Policy?

Ans. As per RBI guidelines issued vide their circular dated 29/11/2004, all banks are required to formulate a KYC Policy with the approval of their respective boards. The KYC Policy consists of the following four key elements.
- Customer Acceptance Policy
- Customer Identification Procedures
- Monitoring of Transactions
- Risk Management.
Who is a Customer?

Ans. For the purpose of KYC policy a ‘customer” may be defined as:
- A person or entity that maintains an account and/or has a business relationship with the bank;
- One on whose behalf the account is maintained (i.e. the beneficial owner);
- Beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc as permitted under the law, and
- Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, say a wire transfer or issue of high value demand draft as a single transaction.

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