Bank issues

Sirs,

We recently came to know from public in Chennai that Nationalised banks (Includes IB,IOB, SBI etc.) customers are forced to buy some kind of insurance policies (Minimum of Rs.300/-) while opening savings banks accounts, , without which the opening is denied or delayed inadverdantly. We do have certain incidents along with dates of those incidents.

Kindly let us know about this new rule, and confirm whether customers should go  for insurance policy if they need to open account or to transact with you.

We are consolidating all the replies and incidents to share the same with Banking Ombudsman for a complete enquiry on the banks enforcing insurance policy on the public.

Also we wanted to create awareness among the public, explaining them Insurance policy is not mandatory for transacting with or opening account with any nationalised banks.

Kind Regards,

Sincerely Yours,

V Srivathsan

Secretary - 'c r e s k'