Messages & notices

Acceptance of fresh Term Deposits from KYC Non-Compliant Customers -Restrictions

In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Banks are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their transactions. Customer means a person who is engaged in a financial transaction or activity with the Bank and includes a person on whose behalf the person who is engaged in the transaction or activity, is acting.


Establishing the KYC of Customers not having CASA relationship with Bank viz., Loan Account Customers, Third Party Product Customers, Term Deposits customers, etc., are equally important and is a compliance requirement as per RBI directions.


If the details of PAN or Form 60 and KYC details are available in the customer id then the customer id is flagged as KYC compliant customer and otherwise it will be flagged as KYC non-compliant.


Hence it is decided to implement system level control to restrict opening /renewals of Term deposits of customer who are KYC Compliant wef 01.11.2023.


For opening of any fresh Term deposit customer to submit the KYC details and PAN or Form 60 if not already updated in the customer id.


Similarly, the auto renewals will be stopped if the KYC details and PAN or Form 60 not updated before 30.10.2023

Notice for Updation of KYC Documents before 20 June,2023

The notice is hereby published below in terms of Reserve Bank of India (RBI) guidelines and Dhanlaxmi   Bank’s policy on Know your customer (KYC) norms and Anti money laundering (AML) measures for the information to our Customers.

  1. Periodic updation of KYC documents, data or information for all bank accounts to be submitted by the customers in the stipulated intervals as prescribed by Reserve Bank of India.
  2. If the account is due for conversion from Minor to Normal account based on the age, customer has to submit the following documents to the Bank.
    • Fresh signature and latest photograph of the customer (erstwhile minor)
    • If the account is operated by the natural or legal guardian, fresh operating instruction regarding the account operations
    • Account Balance confirmation from the erstwhile minor.
    • Fresh nomination form as the form signed by the guardian on behalf of Minor is not valid.
    • Latest Communication details like Mobile number, email id etc.,
    • KYC documents (e.g., Aadhaar & PAN or Form60 etc.)
  3. Borrowers, where the aggregate exposure of the banking system is Nil or less than Rs.5 crore, banks can open current accounts without any restrictions subject to obtaining an undertaking from such customers that they (the borrowers) "shall inform the bank(s), if and when the credit facilities availed by them from the banking system becomes Rs.5 crore or more."
  4. Unique Customer Identification Code (UCIC) Non-Complied Accounts-RBI, vide Circular No. DBOD AML.BC.No.109/14.01.001/2011-2012 dated 08.06.2012 advised banks to initiate the steps for allotting UCIC for all new relationships and to allot UCIC to the existing customers as well. If any Individual customer is maintaining more than one customer ID, then these two different customer ids have to be merged to a single customer ID and all the accounts of the customer to be mapped under this unique customer ID.


With respect to the above, we request all the customers

  • To update Re KYC by submitting the KYC details to any of your nearest branch based on the intimation sent via SMS/Letter/Email.
  • Complete the process for upgrading/converting the status of Minor to Major
  • All the Current Account holders are to submit an undertaking if their aggregate exposure of the banking system is Nil or less than Rs.5 crore, that they shall inform the bank(s), if and when the credit facilities availed by them from the banking system becomes Rs.5 crore or more.
  • Individual Customers to ensure that they have only one active customer ID.


For noncompliance of item, no 1,2,3& 4 mentioned above, Bank is forced to impose debit freeze (including ECS and Standing Instruction) in your account, without any further notice to you, at your sole risk, cost and responsibility if not complied on or before 20.06. 2023.

We hope that you would appreciate the regulatory prescriptions and respond positively within the stipulated timeline. You may visit any of our branches to submit the details.  

Please ignore if the documents have already been submitted


TDS - Important Notice

TDS Submission Form 15G/ H

Submit Form 15G/ H for your Term Deposit/ Recurring Deposit account, for FY  2023-24 immediately to avoid TDS Deduction, if you are eligible as given below:

Eligibility Conditions for submitting Form 15G
Eligibility Conditions for submitting Form 15H
PAN shall be linked to Aadhaar before 30th June 2023
PAN shall be linked to Aadhaar before 30th June 2023
The estimated total income for FY 2023-24 is less than Rs.2.50 Lakhs i.e., the basic income tax exemption limit
The estimated total income for FY 2023-24 is less than Rs.5 Lakhs after considering rebate U/s 87A
Resident Individuals below 60 years old/ HUF/ Trust/any other assessee other than company or firm
Resident Individuals who are aged 60 years and above


Tax Deduction on Cash Withdrawal

Tax Deduction on Cash Withdrawal under section 194N of Income Tax Act, 1961


PAN Available
Income Tax Return filed*
Threshold Amount (Rs.)
 
TDS Rate (%)
 
No
No
Above Rs.20 Lakhs
20%
Yes
No
Above Rs.20 Lakhs to Rs.1 Crore
2%
Yes
No
Above Rs.1 Crore
5%
Yes
Yes
Up to Rs.1 Crore
Nil 
Yes
Yes
Above Rs.1 Crore
2%

*Higher rate of TDS on those Persons, who have not filed IT Returns for 3 Previous Years i.e.,

FY 2021-22, FY 2020-21 and FY 2019-20.  


Update your Income Tax Return filed status with respective Branches, at the earliest, to avoid TDS at higher rates.

MSME Disclosure - One Time Settlement.

“Bank has a General One Time Settlement Scheme available for defaulted borrowers which is applicable for MSME borrowers as well. Borrowers are advised to contact the respective Branch/Regional Office to avail the benefits of the scheme. Interested parties can also reach us through customercare@dhanbank.com/044-42413000 ”.

General Public Important Notice

General Public including some of our customers are contacted by certain persons claiming to represent our Bank and offering loans from our Bank. They are collecting PAN details from the proposed borrower and asking for a cheque amounting to 5% of the loan amount as upfront fee . All general public are cautioned against the despicable designs of above fraudsters and it is reiterated that we have no such arrangements and any request for loans will be considered at our branches only, on merits.

Caution Notice

It has come to our notice that certain individuals/agencies are contacting job aspirants promising employment in Dhanlaxmi Bank either directly or through press/electronic media. These individuals/agencies have been seeking personal information, conducting interviews and purposefully cheating the general public by misusing the name of the Bank.

We wish to inform and caution the public that Dhanlaxmi Bank does not appoint/authorise any Agent/Agency/individual to recruit people for the Bank. Anyone dealing with such an Agency / Employment Portal / Individual will be doing so at their own risk and responsibility and Dhanlaxmi Bank cannot be held responsible for damage suffered directly or indirectly.

Dormant Account Notice

Kind Attention to all our Customers of Savings Bank / Current Account (CASA)

We cherish the relationship with our esteemed customers and hereby reiterate the commitment to provide superior services with an aim to strengthen our association. This is being achieved by constantly upgrading our technology and making available an array of products and services to suit your needs and expectations. At the same time, we are bound to comply with the regulatory guidelines.

As per RBI guidelines, any account not operated or not having any customer induced transactions for the past two years, is to be classified as Dormant Account which would also be categorized as High Risk.

In case your account is not operated for the last 2 years, the account would have been classified as Dormant. We would request you to extend cooperation and support to revive and activate such account by submitting fresh Know Your Customer (KYC) documents, i.e. Identity/ Address proof and a Photo.

This would help us to upgrade your account from the dormant status to active so as to provide hassle free services.

You may please get in touch with your nearest branch for any assistance in this matter.

Advisory Public Notice

It has come to notice that the number 06206419089 is being falsely reported as customer care number of multiple Banks and various other entities such as Google Pay and IRCTC, on Internet Search. Kindly refrain from calling/answering this number as this may result in cyber fraud/make your account vulnerable to frauds.