Savings Accounts

Savings Accounts

Opening and Operation of Savings Bank Accounts

  • An account may be opened in the name of one person or jointly in the names of two or more persons.
  • The mode of operation of a joint account should be specified at the time of opening the account and cannot be changed subsequently, without the written consent of all the joint account-holders.
  • All Savings Bank Accounts irrespective of their mode of operations must comply with KYC standards/Anti Money Laundering(AML) Measures. For opening of accounts; proof of identity, proof of address and recent photograph is mandatory for all individual accounts. For all other accounts some more documents would be required to fulfill the norms.
  • In approved cases, an account may be opened in the names of associations, clubs, co-operative societies (with the permission of the Registrar of Societies), Trusts or other non-trading Institutions for purposes of depositing savings, provided the relevant bye laws, rules, etc. are found acceptable to the Bank and are strictly adhered to and when required a suitable indemnity is given to the Bank.

Account of Minors

A Savings Bank account of a minor may be opened to be operated upon by the natural guardian of the minor or by the guardian appointed by the Court.

Illiterate Depositors

Any depositor unable to write must attend in person and (in the presence of an approved witness who knows the depositor and is known to the Bank) affix his thumb impression to the application and other forms and have it attested by the signature of the approved witness.

Minimum Balances

The smallest sum that can be deposited at the time of opening an account and also for maintaining stipulated minimum balance is as under (Except No frill Savings Bank A/c s where the minimum balance is zero)

Without Cheque book facility With cheque book facility
(Individuals) Rs.100/- Rs.500/-

Interest Rate on SB A/c

Interest on Savings Bank account will be calculated on daily product basis effective from 1.4. 2010 or as prescribed by the Reserve Bank of India from time to time. Interest to SB A/cs are applied every half yearly @ 4% p.a. w.e.f. 3/5/2011

 

Nomination Facility

Nomination Facility is available to new as well as existing SB Accounts. A nomination form duly filled up and signed by all account holder/s is required to be submitted to the Bank for the purpose. The account holder/s can make, cancel and vary the nomination at any time during currency of the account by submitting the prescribed form for the purpose duly signed. The nomination can be made in favour of only one individual.