In order to create awareness and to facilitate the public
in making informed decisions, it has been decided that
henceforth banks/DFIs shall make complete disclosure of
the lending and deposit rates of all consumer products
offered by them by posting this information on their website
as well as prominently displaying on entrance/ or window
of their branches. In order to facilitate comparison,
banks/DFIs would also disclose annualized percentage rates
on all consumer products.
In case of deposits, the expected rate of return under
the PLS system will be clearly indicated for each tenure.
For lending products, Banks/DFIs shall also clearly indicate
whether the rate is fixed or floating. In case of floating
rate, in addition to mentioning the existing rate, the
information regarding the tenure of the benchmark (KIBOR
or any other rate plus a pre-defined spread) used and
periodicity of re-pricing should also be disclosed.
The banks/DFIs, in addition to the above, will also take
adequate measures to inform their customers about the
intricacies of ATM, Credit Card and their charges as well
as the cardholders’ obligations
Please acknowledge receipt.