Saving Account

Key Benefits :

• Simplest deposit option available to the depositor
• Easy to operate, Term and condition, kept lucid to facilitate a layman’s understanding. No hidden costs.
• Zeno balance facility – Your Savings Bank Account with us remain alive even when the balance reaches zero This facility is only for salaried employees in Central/State Govt. Public & Private Limited Companies, Agents of Life & General Insurance Corporations and Students, Even for those receiving compensation from govt for acquisition of their properties
• Option for money withdrawal by withdrawal forms or by cheque
• An ideal option to cultivate the habit of banking and saving amongst the younger generation,
• Provision for nomination.

Terms & Conditions :

• Money can be deposited for any quantum of time, there are no minimum or maximum deposit periods for this offering.
• Minimum balance to be maintained (with or Without cheque book facility).
• Documents required :
  – Passport size photograph
  – Proof of residence
  – An introduction as per Bank’s norms
  – IT Declaration (Form 60)
• In case personal introduction is not possible, introduction by Way of approved documents such as passport, driving license, pan card election i-card, defence i-card, etc.

BASIC BANKING – NO FRILLS ACCOUNT

This account comes with very low minimum balances as well as low/ nil charges, to cater to the needs of individuals from the vast sections of population who are, otherwise, not fulfilling certain conditions of our existing Savings Bank account requirements. Details are as under:

Eligibility: Individuals of 18 years and above earning a gross income of Rs.5000/- p.m or less.

Mode of operation: Single/ joint

Initial deposit amount: Rs:25/- open the account

Rate of Interest: As applicable to Savings Bank accounts, ft a minimum balance of Rs.500/- or more is maintained.

Cheque facility: Available.

ATM-cum-debit card: Will be issued free of charge.

Saving Bank Account Rules

• The object of Savings Bank, is to encourage pn . vate individuals to deposit their savings with the Bank by allowing them interest on the sum of deposited at the same time permitting them a restricted facility of withdrawals.
• Accounts may be opened by :-
  (a) A person on his/her own behalf.
  (b) More than one person, payable to any of them or survivor.
  (c) Guardian on behalf of minor, (in case of minor declaration of the date of birth of minor will have to be furnished to the Bank at the time of opening the account. On the minor attaining majority the right of the guardian to operate on the account will automatically come to end and there after the guardian shall not operate on the account will be deemed to be the exclusive property of the minor who has attained majority and further with drawals from the account will be allowed to hirn/her (alone)
  (d) (i) A minor above the age of 14 years single in his/ her own name in the circumstances approved by the Bank.
  (ii)No Person can open more than one account in his/her name or in the name of his/her minor children or wards under his/her guardianship.
• The Bank will not open the accounts in the name of partner-ship proprietor Ships or joint stock companies the account running trade.
• Account may be opened with minimum sum of Rs 500/-.
• The rate of interest allowed on savings Bank account is liable to change from time to time. The interest will be allowed 3.5% on the minimum balance (between the close of the 10th day and the end of each Calender month)
• Savings Bank accounts are not to be used as Current Accounts and the Bank is at liberty to close an account should it have reason to believe that the Savings Bank Account is used for which it is not intended.
• Cheques and dividend warrants will not be accepted for credit of an account unless ptherwise specially arranged with the Bank.
• Forms for opening accounts pay-in-slip withdrawls and cheques will be supplied by the Bank free of charge and these forms only shall be used.
• A depositor can make 200 withdrawals per year from his/her Savings Bank account. The withdrawals should be made either on the Banks, prescribed forms or by cheques provided by the bank, subject to Rule No. 11.
• Unless withdrawals are made by cheques the pass book must accompany every withdrawals form.
• Every application by a guardian for withdrawals from a minors account must bear certificate in the following form.�Certified that the amount applied to be withdrawn is required for the benefit of the minor”.
• Pass-book will be supplied to a depositor free of charge Dupllicate pass-book will be supplied on payment of Rs 50/- exclusive or copying charges.
• Depositors are required not to make any entries in the pass-book. Depositors that all entries in to the pass-book are duly entered and signed by a Bank official.
• Depositors are required to sign all Withdrawals and cheque forms as per their specimen signature suplied to the Bank.
• A depositor unable to write must attend in persons while opening the account and also at the time of every withdrawals and affix his mark or seal to the withdrawals form which should be attested by the witness.
• If an account is closed within 1 year from the date it is opened a charge of Rs 100/- will be recoverd from the depositor. (a) If balace in an account continues to remain below Rs 500/- a quarterly incidental charge of Rs 50/- each would be levied by the Bank.