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.

• Account with the cheque facility
• Accounts without cheque facility

Distinction between the two types of accounts:

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.