NON RESIDENT INDIANS – CASH PAYMENT SCHEME TO
THEIR PARENTS & FAMILY MEMBERS

For the last few years our Bank’s NRE customers are demanding an exclusive service by our Bank to their old age parents and family members, who are dependent on the periodical remittances from abroad. Many of the parents have become old and due to their advanced age are unable to move out and go to Bank for collecting the amount of the cheques sent to them by their nearest ones. Under the circumstances it will be quite convenient if Bank can formulate a scheme and send payments to them at their doorsteps periodically, say once in a month. This facility if provided to our NRE customers will be an additional facility by our Bank, the like of which has not been offered by any other Bank.

The scheme will be known as “Non Resident Indians Cash Payment Scheme for parents & family members” and meant exclusively for our NRE customers. Initially the scheme will be implemented at our Bhatkal and Murdeshwar Branches. In order to take advantage of the scheme, the NRE customers should abide by the following terms and conditions –

1. The NRE customer should have a NRE Account in our Bank, opened duly observing the formalities.

2. The NRE customer should give an application to Bank, instructing the Bank to transfer certain sum of money to the account of parent or family member every month.

3. The NRE customer giving instruction to Bank must maintain sufficient balance in the NRE account as on the date meant for payment.

4. Two sets of photographs of the parents should be given to Bank.

5. The amount of payment per month should not exceed Rs.50,000/- (Rupees fifty thousand only) and should not be less than Rs.2,000/- (Rupees two thousand only)

6. Bank is not responsible for making payments if balance in the NRE account is less than required payment amount.

7. Cash will be paid to the parents/family members only after verifying their identity by means of signature of cheques and photographs already available in Bank.

8. Parents should have a Savings Bank A/c in the particular Branch by observing all formalities. The bank will issue cheque book to the account holder for withdrawing the money. As a mark of acknowledgement account holder should handover the signed cheque to the concerned officer of the Bank after the receipt of cash. This signature should invariably tally with the signature in the specimen signature card.

9. A specimen signature card of parents should be obtained duly attested by the account holder.

10. Further as a mark of acknowledgment, parent should sign on the prescribed register maintained by the Bank for having received the cash.