Savings Bank Account

     
 

SAVINGS BANK ACCOUNT may be opened by any person approved by the bank in his/her own name or jointly with another or more persons. Any natural guardian or legal guardian can open and operate a SB A/c in the name of minor till the minor attains the age of major. Literate minors above the age of 14 (fourteen) are also allowed to open and operate Savings Bank A/c independently. Cooperative Societies and certain organizations/agencies including educational institutions may open SB A/cs as may be approved by RBI/NABARD from time to time.

Opening of a Savings Bank A/c is mandatorily subject to compliance with “KYC” norms prescribed by RBI/NABARD as may be made applicable to the Bank from time to time. Bank has the provision of opening and operating Savings Bank A/c (I) with cheque facility and (II) without cheque facility. Interest on balances at credit of all SB A/c are paid at half yearly rest at prescribed rates. Current applicable interest rates is @ 4% p.a. No interest will be allowed on any SB A/c if the same is closed within 3 (three) months of its opening. “No-Frills” Savings Bank A/c are opened for eligible target group beneficiaries as per instructions and guidelines issued from RBI/NABARD from time to time.

A Savings Bank A/c with cheque facility can be opened with a minimum deposit of Rs.500/- and the same should alloways be maintained as a minimum balance. Savings Bank A/c without cheque facility can be opened with a minimum balance/initial deposit of Rs.200/- only. Penalty provision will be applicable for non maintenance of minimum balance. Account holders shall not ordinarily make more than 50 (fifty) withdrawals from his SB A/c either by cheque or withdrawal slip during 6 (six) months period ending on Half Yearly and Annual closing of Bank A/cs. No interest will be allowed if the number of withdrawals exceeds 50 (fifty) during the half year. A Pass Book will be provided free of cost. However, duplicate Pass Book will be issued on payment of applicable service charge for reason of loss or damage of the original Pass Book. Nomination facility are available for Savings Bank A/c opened by individuals. Savings Bank A/cs are transferable from one branch to another branch.

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