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:
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WITH CHEQUE FACILITY
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WITHOUT CHEQUE FACILITY
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Smallest sum for opening account Rs.1000.00
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Smallest sum for opening account Rs.300.00
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Minimum balance Rs. 1000.00
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Minimum balance Rs. 300.00
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Illiterate persons cannot open the account
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Illiterate persons can open the account
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Pass book need not accompany withdrawal by cheques.
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Pass book must accompany every withdrawal.
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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.
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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.
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Minor cannot open account
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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.
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Collection of cheques facility extended but not third party cheques.
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Collection of cheques facility extended but not third party cheques.
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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:
- 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.
- 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.