VIRTUAL ACCOUNT:




  • To be opened as a “SHADOW ACCOUNT” at the Bank Level with respect to the primarily opened “REAL SAVINGS ACCOUNT” at the deposit mobilizing PACS level;
  • Would be fully compliant with Know Your Customer (KYC) & Deposit Policy of the Bank;

 

ELIGIBILITY:

  • Intended & active individual Savings Account holder of the Deposit Mobilizing PACS of the Bank through Proper Channel;

 

SERVICES TO BE OFFERED THROUGH VIRTUAL ACCOUNT:

  • As like as Savings Account for any Individual Segment;
  • Zero Balance Account;
  • Has not required to stand in Queue at any Counter of the Bank;
  • Facilities for linking of AADHAAR Number with the Bank Account Number to get the benefits of any AADHAAR Based Payments;
  • Facilities for Incoming / Inward NEFT / RTGS / DBTL /FUND TRANSFER etc. (Only Incoming / Inward facilities are permissible at present)
  • Facilities for Encashment of Local / Inward / Outward Clearing & Collections of Cheque;
  • Immediate Settlement on the very next working day of the Bank with respect to the Transaction date;
  • Would be able to liquid the settlement amount at his / her Real Savings Account kept with the PACS level;

 

BINDINGS & LIMITATIONS IN VIRTUAL ACCOUNT:

  • No amount as Interest to be entitled on Account Balance would be permissible in the respective account at Bank Level.
  • Cash Transactions (Neither Cash Deposit nor Cash Withdrawals) are not permissible;
  • No Cheque Book Facility;
  • No ATM / SMS Facility;
  • No Outward NEFT / RTGS Facility at present;
  • Account is not Transferable;

 

WHO WILL APPROACH:

Only Intended Deposit Mobilizing PACS of the Bank who are wishing to take the advantage of Online Transfer of Money (Only INWARD / INCOMING facilities are permissible by the Bank at present) to its Off-Line Savings Account Holder(s) will approach to the Bank for and on behalf of its intended Off-Line Savings Account Holder(s);

 

 

**Terms & Condition Applicable.

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.


SERVICES