Savings Bank Account

A Savings bank account is the most common operating account for individuals and others for non-commercial transactions. A Savings account helps people to put through day-to-day banking transactions besides earning some return on the savings made.

Eligibility

• The savings Bank accounts can be opened by the person/s who are competent to enter in to a valid agreement, in his / her name; by two or more persons in their joint names payable to : both or all of them or the survivor or survivors of them; OR either or any more of them or the survivor or the survivors of them; OR - former / latter or survivor of a particular person during his lifetime or survivors jointly or survivor.( Certain non-profit welfare organizations are also permitted to open Savings bank accounts with the Bank as stipulated in the RBI Master Circulars on Maintenance of Deposit Accounts). Minors having uniform signature can also open an account. Like all the accounts, SB accounts are also having the nomination facility

Account Opening

• Should submit the dully filled & signed Account opening form along with;
• Specimen Signature.
• Photograph of the A/C holder.
• ID proof of operator as per KYC norms.( (a) Passport (b) Ration card containing Photograph (c) Driving License (d) PAN card (e) Voters Identity card (f) Unique Identity card issued by the Government of India.)
• Address proof.
• Business proof from panchayath/ partnership deed / trust deed/ Articles of association / Registration Certificate / byelaws / minutes copy / authorisation letter
• Proper introduction
• PAN card copy / Form 60
• Initial deposit

Minimum Balance

• Rs. 100/- for non-cheque book account
• Rs. 500/- for cheque book account
• In no-frill accounts, the Bank will not insist any minimum balances.

Withdrawals

• The balances in the SB account shall be withdrawn either using the cheque leaves from the cheque book issued to the customer or by the withdrawal slips available across the counter.

Rate of Interest

• The rate of interest offered to the SB account will vary from time to time, whenever the Board revises the interest rate. Please visit the page of Interest rate on deposits.

Standing Instructions

• Standing instruction facility such as payment of telephone bills, electricity bills etc. can be availed in SB accounts

Closing of the Account

• The SB Account opened with the Bank can be closed on the request of the account holder / holders to the concerned branch manager / officer in-charge. In the occasion of the closure, the applicant /s should mention the reason for closing the account in the request and all the unused cheques and pass book should be produced.

Dormant/Inoperative Accounts

• The accounts which have not been operated over a period of two years would be treated as dormant account. If the account elapses one more year without any transactions which are lying in dormant category, which would be treated as Inoperative accounts.