Savings Account(SB)

A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate. Depending on the specific type of savings account, the account holder may not be able to write checks from the account (without incurring extra fees or expenses) and the account is likely to have a limited number of free transfers/transactions. Savings account funds are considered one of the most liquid investments outside of demand accounts and cash. In contrast to savings accounts, checking accounts allow you to write checks and use electronic debit to access your funds inside the account. Savings accounts are generally for money that you don't intend to use for daily expenses. To open a savings account, simply go down to our nearest branch with proper identification and ask to open an account.

SB A/cs can be opened by an eligible individual in single name or jointly with others and by certain organisations/agencies approved by RBI.

The prospective customer will need to comply with the Know Your Customer (KYC) guidelines which are mandatory.In case of joint accounts, applicants who are not closely related to each other would be required to establish their identity and address independently. The objective of KYC guidelines is to prevent misuse of the banking system intentionally or unintentionally for criminal purposes/ money laundering and other fraudulent activities. The KYC guidelines also help banks to understand their customers better.

The customer identification will be on the basis of documents provided by the customer as (a) Proof of identity and (b) Proof of address. The customer has to submit the prescribed application form along with Photographs all cases.

No frills Account:- Branches may open accounts for those customers who are in no position to submit the above mentioned documents provided they intend to maintain balances not exceeding rupees fifty thousand (Rs. 50,000/-) in all their accounts taken together and the total credit summation in all the accounts taken together is not expected to exceed rupees one lakh (Rs. 1,00,000/-) in a year, subject to:

a) introduction from another account holder who has been subjected to full KYC procedure. The introducers account with the bank should be at least six months old and should show satisfactory transactions.

OR

b) any other evidence as to the identity and address of the customer to the satisfaction of the bank.

 

The applicant(s) will need to come to the branch, in person, for opening the account and will sign at the relevant places in the presence of a Bank Official. The introducer may be required to come to the Bank in person if it is so warranted.

 

Documents Required

Proof of identity (any of the following with authenticated photographs thereon)

(i) Passport. (ii) Voter ID card (iii) PAN Card (iv) Govt./Defence ID card (v) ID cards of reputed employers (vi) Driving Licence

Proof of current address (any of the following)

(i) Credit Card Statement (ii) Salary slip (iii) Income/Wealth Tax Assessment Order (iv) Electricity Bill (v) Telephone Bill (vi) Bank account statement (vii) Letter from reputed employer (viii) Letter from any recognized public authority (ix) Ration Card

 

Features & Benefits

 

  • Free passbook facility for all account holders (individuals)
  • Access your account with your free Rupay Debit Card.
  • NEFT funds transfer through your SB a/c
  • RTGS funds transfer through your SB a/c
  • Interest @ 4% p.a. with half yearly interests is paid on SB A/cs.Interest is credited on August 31 and last date of February in every year. The interest rate and the method of application are subject to changes from time to time.
  • Cheque books are issued on request. 20 cheque leaves are issued free in a year.
  • Local cheques for collection will be credited to the account within a maximum period of 3/4 days depending on the clearing norms at the centre. Service charges are applicable for cheques returned unpaid.
  • Standing Instructions (S.I.) are accepted in SB A/cs.
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.



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