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Oriental Bank Of Commerce Department of Information Technology Head Office, New Delhi

Manual for

Term Deposits

15.

ISSUANCE OF DUPLICATE TERM DEPOSIT RECEIPT Procedure for issuance of duplicate Deposit receipt

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15.1.1. On receipt of information of Term Deposit Receipt being lost or destroyed, the depositor should be asked to submit request letter for issuance of duplicate term deposit receipt giving therein complete details of lost term deposit as per format given below: Date__________ The Manager, Oriental Bank of Commerce, ______________________

Dear Sir,

Re: FDR/CDR No. ______________ Dated __________ for Rs.__________

favouring__________________ Due on ________________.

I/We regret to inform you that the captioned Term Deposit/ Cumulative Deposit Receipt has been misplaced. The Receipt has fallen due for payment on ______________. I/We shall be grateful if it is renewed for a further period of ______________ months. In consideration of your renewing the receipt in absence of Term Deposit Receipt No.________ for Rs.____________ favouring_________________ due on _________________ I/We undertake to keep the Bank, harmless and indemnified against any loss, damage, cost, claim or expense, which the Bank may suffer, pay or incur for so doing. I/We further undertake to hand over the said lost receipt to the Bank if I/we happen to find out the same subsequently.

Yours faithfully,

Name Address 15.1.2. The bank is not entitled to withhold payment of the money, should a deposit receipt be lost or destroyed but the depositor should be asked to submit the

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prescribed Indemnity Bond (as per draft given below) duly stamped (according to local law) before payment is made or a duplicate receipt is issued. However, depositor must be identified, before the Duplicate Receipt is issued.

DRAFT

THIS INDEMNITY BOND MADE AT ________________________ on the ______________day of__________ 20___________by Mr.____________ S/o_______________ resident of _______________________ (here-in-after called the ‘Indemnifier’ which expression shall unless repugnant to the context include his heirs, successors and assigns) of the first part and Mr._______________S/o __________resident of __________________________ (here-in-after called the ‘surety’ which expression shall unless repugnant to the context include his heirs, successors and assigns) of the second part in favour of the Oriental Bank of Commerce, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act 1980 with its Head Office at E-Block, Connaught Place, New Delhi and having amongst other places a branch of the Bank at _____________ (here-in-after called the ‘Bank’ which expression shall unless repugnant to the context include its successors and assigns) of the third part.

WHEREAS THE indemnifier has represented to the Bank that he has misplaced or lost his Fixed/ Term Deposit Receipt/ Draft No._____________ dated _________ for Rs.____________ issued by the Bank at the rate of interest of _________ and due on __________________. AND WHEREAS the indemnifier and the surety have requested for payment of the proceeds of the said receipt/ draft to the Indemnifier without production of the receipt/ draft. AND WHEREAS the Bank has on request of the indemnifier and the surety agreed to pay him the proceeds of the said receipt/ draft on their undertaking to indemnify the Bank as under: NOW THEREFORE THIS INDEMNITY BOND WITNESSETH that in pursuance of the said Agreement and in consideration of the Bank paying to Shri _______________ the proceeds of Fixed/ Term Deposit Receipt/ Draft No.________ dated ________ for Rs._______________ favouring Mr.______________ at the rate of interest of _____________ without the production of the said receipt/ draft, the Indemnifier and the Surety do hereby undertake to keep the Bank, its Directors and employees harmless and

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indemnified against any loss, damage, cost, claim or expenses which the Bank, its Directors or Employees may suffer, pay or incur in consequence of its having paid the amount as such or for any cause whatsoever.

The Indemnifier further undertakes to hand over the said misplaced/ lost Fixed Deposit/ Term Deposit Receipt/ Draft to the Bank if he happens to find out the same subsequently. IN WITNESS WHEREOF the Indemnifier, the surety and the Bank have got their respective hands hereunto the day and the year first above written.

Witnesses.

Indemnifier

1.

2. Surety

For Oriental Bank of Commerce

Manager

15.1.3. After obtaining request letter for issuance of duplicate term deposit receipt and the duly executed indemnity bond, an Office Note be prepared and orders of Branch Incumbent be obtained for issuance of duplicate term deposit receipt. 15.1.4. On receipt of orders of Branch Incumbent, necessary remarks about cancellation of the lost deposit receipt be made in the Computer System and verified/ authenticated by the concerned officer.

15.1.5. After cancellation, a fresh deposit receipt be issued as per the procedure for issue of fresh deposit receipt. However, necessary remarks about issue of duplicate

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receipt be made in the respective account in the Computer System. When a duplicate receipt is issued it should be marked with red ink.

“Issued in Lieu of FDR No._____________ Dated _____________ reported lost”.

All such entries be verified by concerned Officer/Special Assistant.

15.1.6. All the stamped indemnity bonds obtained for issuance of duplicate term deposit receipt should be placed separately in an Era File and arranged according to the numerical order of the respective accounts. The Era File should remain under lock and key in the charge of checking official of the branch. Overnight, these would be kept in strong room/ in fire resistant steel cabinet outside the strong room. These indemnity bonds should be preserved permanently. Particulars of such indemnity bonds should be separately recorded in the branch Document Register maintained in terms H.O. guidelines by having a separate opening therein on the following format. PARTICULARS OF INDEMNITY BONDS EXECUTED FOR ISSUANCE OF DUPLICATE TERM DEPOSIT RECEIPTS.

Sr. No.

Da Branch Sr. Date te No./ of Receipt printed no. Issue of TDR

Name of Beneficia ry (A/c holder)

Name of Nominee if any

Due date of TDR

Date of Complete Indemnity particulars bond of duplicate TDR

And A/c No. 1.

2.

Signature Signatures of of Officer depositor Incharge for receipt of duplicate FDR

3. Amou nt paid/ date of paym ent

4.

5.

6.

7.

8.

Remarks

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9.

10.

11.

12

The above guidelines of the bank should be followed meticulously as in some cases after payment of the FDR on the basis of duplicate FDR, either the depositor or legal heirs of the depositor claim payment of the FDR by presenting the original one to the bank and in case the above guidelines are not followed strictly, it becomes difficult for the bank to prove that the FDR, in question, has already been paid earlier to the depositor. 15.1.7. The authorized officer shall ensure before making payment/ closure of any account that the receipt is not reported lost or is not a duplicate receipt. If yes, extra caution be taken.

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Issuance of duplicate term deposit receipt