Compensation Policy

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Compensation Policy:

We at Tamilnad Mercantile Bank Ltd always endeavour to make your banking with us a pleasant experience. While every effort is taken to satisfy the customers within the banking framework, we hereby present a draft policy on the compensation in case of acts or errors by the bank. We have a strong belief that a satisfied customer is our ambassador in developing our business. In order to become more customer friendly the bank has decided to come out with a Compensation Policy for the benefit of our individual customers.

This document contains the preamble, introducts, meaning and scope of the compensation under various acts of errors / ommissions by the bank including suitable fair compensation againsts such acts.

Information published in the Document:

• Introduction.
• Table Showing Areas of Operation and Compensation Policy.
• Honouring of Cheques where Stop Payment Instruction is received and acknowledged by bank.
• Delay in Remittances in India.
• Delay / Failure in Executing Mandates / Standing Instructions.
• Unauthorized / Erronous Debit of Customer Account.

The compensation policy is applicable to individual customers. The individual customer in this case is a person who has an account (including a joint account with another person or an account held as an executor of trustee or as a karta of an HUF, but not including the accounts of sole traders / proprietorships, partnerships, companies, clubs and societies) or who avails of other products / services from a bank.

Click to Download the COmpensation Policy Document (PDF) for your reference and printing.