Terms & Conditions Deposit slip (MF-71)
Please read the following terms and conditions carefully, since these constitute an agreement between the Bank and you, setting out rights and obligations in context of your use of the MCB Deposit slip (MF-71). A Customer who avails the said Services shall be deemed to have read and accepted these Terms and Conditions.
- This deposit slip is only a memorandum of deposit for your convenience.
- The bank reserves the right to recover any and all charges on account of transaction as per the bank's current schedule of charges/service agreement related to Collection Business through Transaction Banking Division between bank & its Corporate/Institutional customer.
- In relation to cheque or other items deposited for collection, the bank acts only as a collecting agent of the account holder and assumes no responsibility for the realization of such cheques/instruments deposited for collection are accepted by the bank on the understanding that the account holder assumes full responsibility for the genuineness, validity and correctness of all signatures and endorsements appearing thereon.
- The bank will not be responsible for any delay and/or loss in transit of any cheque/instrument deposited for collection, nor for any act, omission, neglect, default, failure or insolvency of any correspondent bank, agent or subagent.
- Cheques/instruments deposited for collection payable within the city be provisionally credited to the account on the following business day, but the funds will be available to the account holder only upon realization of the cheque/instrument.Cheque/instrument payable outside the city will be sent for collection (only if deposit of such instruments are covered in above referred service agreement of Transaction Banking Division) and proceeds will be credited to the account only upon realization.
- If the amount of the deposited cheque/instrument is credited to the account and the cheque/instrument is subsequently returned unpaid, the bank shall have the right to debit the account for the amount of the unpaid cheque instrument (together with charges and expenses) and if it results in the account being overdrawn, the account holder shall pay the same forthwith on demand.
- The bank reserves the right to rectify the pay-in-slip, under advice to the account holder, if upon subsequent verification any discrepancy is found in the details of cheque/instrument given in the deposit slip.
- The receipt of cash/cheque/instrument by the bank evidenced through this deposit slip will be valid only when this deposit slip has been signed and stamped by an authorized officer of the bank.