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Saving Bank A/C

  • Any person wishing to open an account should apply in the prescribed form with the particulars required therein in compliance of KYC Guidelines, duly filled up with the required introduction and credentials wherever required.
  • No person can have more than one account and the first payment to open the account shall be in cash.
  • A minimum balance of Rs.300.00 should always be maintained in the account. Cheque book will be issued only when the balance exceeds Rs.1000(Rupees one thousand only).
  • Interest at the rate as may be fixed by Reserve Bank of India from time to time will be allowed on monthly minimum balance of Rs.300.00 and exact multiples of Rs.100.00 thereafter outstanding during the period from the 10th to last day of the month and the same will be added to the principal amount at the close of every half year ending with 31st August and last working day of February.
  • No interest on the account is payable to business houses and on that opened or closed used for trading purposes. The rate of interest and the calculation of interest on deposit are subject to change as per RBI instructions.
  • Institutions, such as schools, clubs, dispensaries, orphanages, asylums, libraries, temples, mosques, churches etc., and Co-operative societies can open accounts to be operated upon by their authorised officials (Secretaries, treasurers, Managers or other duly constituted officers). Rules and regulations, byelaws etc., governing each institution and society as well as other necessary credentials shall be furnished to the Bank when opening the account and also modifications thereof if any, communicated to the bank from time to time duly authenticated.
  • Withdrawals from the account shall be made by means of cheques issued to that account or by withdrawal slips.
  • A depositor may be permitted to transfer at any time to fixed deposit account with this bank.
  • Either or survivor accounts may be opened in the joint names of two persons, either or both being permitted to operate upon the account. Joint accounts in the name of two individuals may also be opened to be operated upon jointly by both.
  • Pass Books, and pay-in-slips are issued free of cost.
  • The constituents must use only the cheque forms supplied by the bank for operating upon their Savings accounts. No other forms will be recognised.
  • Applications for cheque books must ordinarily be made by the constituents in the prescribed forms supplied with each book.
  • Constituents are requested to keep cheque books under lock and key.
  • All entries in the pass book will be made by the bank officials and attested by Manager or Accountant.
  • A duplicate of pass book or statement of accounts will be supplied on request.
 

Savings bank Accounts are of 2 types
  • Account with the cheque facility
  • Accounts without cheque facility


Distinction between the two types of accounts:

WITH CHEQUE FACILITY

WITHOUT CHEQUE FACILITY

Smallest sum for opening account Rs.1000.00

Smallest sum for opening account Rs.300.00

Minimum balance Rs. 1000.00

Minimum balance Rs. 300.00

Illiterate persons cannot open the account

Illiterate persons can open the account

Pass book need not accompany withdrawal by cheques.

Pass book must accompany every withdrawal.

Interest calculated on lowest balance between 10th and last working day of each month on every complete sum of Rs.100.00 (minimum Rs.300.00) Interest credited to account every half year.

Interest calculated on lowest balance between 10th and last working day of each month on every complete sum of Rs.100.00 (minimum Rs.300.00) Interest credited to account every half year.

Minor cannot open account

Minor can open account provided he can read and write English or Hindi or Regional language – he can adhere to uniform signature- he is over 10 years of age. Balance not to exceed Rs.2,500.00 only cash transactions permitted. Cheques collected for small amounts but not third party cheques. Minor to declare date of birth in A/C opening form. 

Collection of cheques facility extended but not third party cheques.

Collection of cheques facility extended but not third party cheques.

 

Opening of savings bank Accounts

Savings Bank Accounts are ordinarily opened only in the names of individuals singly or jointly with other individuals. Requests for opening accounts other than in the names of individuals should be referred to the Branch Manager .Preliminaries

Persons desiring to open Savings Bank accounts are required to fill in and sign the prescribed Account opening form duly introduced by a person acceptable to the Bank.

Following credentials are required to append with the application:-

  • Two passport size photographs
  • Identification certificates.
  • PAN/GIR details
  • Initial deposit. (This will ordinarily be in cash)


Initial Deposit and Minimum Balance:

  1. Current Account -Initial deposit for opening a Current Account is Rs.1000.00. The said amount should be retained as minimum balance in the account.
  2. Savings Bank Account -Initial deposit for opening a SB Account is Rs.300.00 and there should be a minimum balance of Rs.1000.00 where cheque book facility is made available.

 

Initial deposit should always be in cash.

News & Events

15-06-2017
Revision of Deposit Interest rates with effect from 16-06-2017
05-06-2017
RBI observing Financial Literacy week from June 5-9 across the Country, be a part of it
05-06-2017
Reminiscence of Sri EV Kumaran-Formar bank president held at bank auditorium on 03-06-2017
24-04-2017
Tender No: HO/IT/1/2016-17 dt: 05-04-2017. Last date and time for submitting Filled RFP : 25-04-2017,01.00 P.M. Date and Time of Technical Bid Opening will be informed later.
13-04-2017
Sri A Abdul Rasheed, Joint Registrar of Cooperative Societies has taken charge as Part-Time Administrator of KDC Bank
05-04-2017
Tender invited for Supply and Installation of Desktps, Laptops, Printers, UPS etc
31-01-2017
KDC Bank Received the NABARD AWARD for the best financial perfomance and initiative under Developmental field during the year 2015-16
08-03-2017
KDC Bank Customers have secured cash back concerned with the Lucky Grahakh Yojana declared by central government recently for promoting digital transaction.
03-11-2016
KDCB Bank got Special Recognition award in DCCB Category in Banking Frontiers Awards
01-08-2016
Bank will not ask your ATM Card Number and Secret PIN in any case. beware of such frauds
08-04-2016
RTGS/NEFT Facility is absolutely FREE at Our Bank without any limit.
08-04-2016
NRE account facility is available at all branches of KDC Bank. Fix an appointment with our branch at your convenience..
08-04-2016
Customers can now easily change their existing bank to our bank for AADHAAR Linking. Submit the Mandate Form to our branch immediately
08-04-2016
All type Scholarship Schemes for School going students can be availed through their KDC Bank accounts,
05-08-2016
All our customers can now enjoy the facility of DBT and All AADHAAR based payments. Link your AADHAAR Number immediately
08-04-2016
KDCB RuPay Debit cum ATM Card is acceptable in ATMs/Retail Outlets/PoS all over India. Enjoy the convenience of Cashless Shopping Conact KDC Bank Branch for your ATM card
08-04-2016
Unclaimed deposits Transferred to RBI - DEAF(Depositor Education and Awareness Fund Scheme)-2014 for more details see link Downloads
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