Saving Deposit
Savings and Basic Savings bank Deposit Account Rules
❖ We offer 3.25% Interest on Savings Bank Deposit.
❖ We also open zero balance saving account with certain conditions/ limited transaction.
❖ Customer can open single/joint account and that account can be operated as per
instruction like Any one, Jointly, Any two Jointly either or survivor etc.
❖ We offer computerized passbook to our Account holders.
❖ We are member of Deposit Insurance and Credit Guarantee Scheme in which customer’s deposits are insured up to Rs. 5 Lakh.
❖ Every Depositor must have to fulfill KYC norms as per RBI directive.
❖ The Customer has to give all the valid proof under KYC norms at the time of opening an account as per RBI Guideline.
❖ Guardian can open Minor’s Savings Account. Birth Proof of Children is required.
❖ The Bank is having all rights of appropriation, set off, lien and change the rules and regulation.
❖ Any Individual of the Indian Origin can Open the Savings / Basic Savings Bank Deposit
❖ Account in the Bank As prescribe Reserve Bank of India’s KYC Norms, But that person cannot open the more than one account in the bank.
❖The person who wants to open the Savings/ Basic Savings Bank Deposit account in the bank, He has to fill prescribe Savings bank Application form. The account opener has to bind the Rules and Regulations Governed by the Bank and Reserve Bank of India.
❖ The person who wants to open the account in the bank and he is illiterate, so he has to provide Thumb Impression in the presence of reputable person. And he has to present the passport size photograph. The bank is not provide the cheque book to this type of account holder, but the account holder want to withdraw the money from the account, then he has to withdraw money from account by the prescribed withdrawal Form of the bank. At the time of withdrawal the money the account holder must have to present the passbook.
❖ The interest calculation of saving /Basic Savings Deposit Accounts is on daily basis at the credit balance of the day end and interest applies on the half yearly basis. The interest rate subject to the RBI directives issued from time to time.
❖ The passbook issue to Saving/Basic saving deposit account holder. At the time of deposit the Amount or Withdraw the amount from the account, the account holder has to present the passbook. The bank can make the Debit or Credit entry in the passbook. No one can Edit or modify the any entry or any notes in the passbook, except Bank’s authorized officials.
❖ The account holder must note that, the cheque drawn by him which is passed on ‘OPENING BALANCE’ of the account.
❖ If the passbook is lost or damage by the account holder, bank will provide duplicate passbook@ 30/- Rs. [+GST] to the account holder as per his/her request .Before leaving the bank the account holder has to check the Credit – Debit entries, If any discrepancy found in the passbook, immediate contact to the Branch Manager.
❖ Any Saving/Basic saving deposit account holder placing the passbook in the bank, the bank will send it by Regd. Post to his registered address which is in the bank’s record and the charges will be debited to account holder’s account.
❖ Bank shall accept and record “Stop Payment” instruction of the account holder with prescribe charges by the bank, but the account holder must have to keep equal or more balance in the account of the stop payment cheque . However, bank shall not be liable for any losses caused to account holder in the event of payment of cheque is made inadvertently.
❖ Bank shall not pay against a cheque bearing a signature which does not tally with the specimen signature of account holder provided to the bank and also cheque drawn in contrast to operational mandate in force. In the event of suspicion of fraud/attempted fraud, bank shall not honour the Cheque drawn on it and shall not be held liable for any loss that may cause to account holder due to dishonour.
❖ The account holder is permitted to close his/her account any time, provided bank’s rules and charges prescribed by the bank. ❖ Account holder shall not operating the account satisfactory as per prescribe norms of RBI and Bank Or bank desires to close the account, then bank close the account and the balance (after deducting charges) amount shall pay by Banker’s cheque to account holder.
❖ The account holder operates his/her savings account with cheque book. The minimum balance of Rs.500/- shall be maintains by the account holder and those account holder who operate his/her account Bank’s preprinted withdrawal form, they shall have to maintain minimum balance of Rs.250/-. If the account is not operated by the account holder during the financial year and the amount of balance is less than minimum balance, then bank shall debit penal charges of Rs. 50/-(+GST) in the account. ❖ If the account holder close the account in the six months of the opening date the bank shall charge the Rs. 100/-(+GST) and account close after six months of the opening date the bank shall charge the Rs. 50/-(+GST). ❖ The cheque drawn by the account holder and it’s presented in the clearing, the minimum balance is not maintained by the account holder then bank has right to return the cheque with the reason “Minimum Balance Not Maintain”.
❖ Bank and its branches shall working as per published Time duration in the branches except public holiday and Sunday.
❖ The bank shall close the account with immediate effect of those account holders, who drawn the cheque and more than three cheque not honour by the bank (Returned by the bank).
❖ Minor’s account can be opened by his/her guardian. The guardian shall either mother or father. The proof of minor’s birth certificate shall provide. No one joint with such type of minor’s account.
❖ Nomination facility is available in the bank and branches. Nomination is helpful to account holders.
❖ Those account holders who do not operate their account from the last two years, these accounts must be treated as “DORMANT” by the bank. To active these accounts the account holder shall submit the latest KYC documents and application for “ACTIVE” the account.
❖ As per RBI directives, each and every Savings account holder registered with Central Know Your Customer Registry (CKYCR). Bank shall “Freeze” the account to those account holders who shall not provide the KYC Documents to the bank.
❖ As per RBI directives, those account holders who do not operate their account from the last Ten year, these accounts shall close and amount transferred to the Reserve Bank of India, Deposit Education and Awareness Fund department.
❖ Those account holders who utilized the “RuPay Debit Card” facility, they shall maintain minimum balance of Rs. 1000/- in the account.
❖ Those account holders who want to utilize the “Immediate Payment Service” through “Mobile Banking Application” shall submit the application at their parent branch. The limit of this facility is currently Rs. 50,000/-(Per day).
❖ Those account holders who utilize the Locker facility and the rent of the said Locker is due, then bank shall right to debit the rent amount from the account.
❖ Those account holders who transferred the funds through RTGS/NEFT/IMPS from his/her account, the opening balance is less than RTGS/NEFT/IMPS fund transferred amount, and account holder deposit the Cash in his/her account, then bank shall debit the charge as prescribe by the bank.
❖ Bank reserves the right to effect changes in above rules, rate of interest without notice.
Requirements to open Savings Bank Account
Valid Photo I.D. & Address Proof
• Any one of proof (Photo I.D.)
1.Passport,
2.Driving License,
3. Voter ID Card,
4. Government Approved College/university I.Card,
5. Government / Semi government / Department I.Card
6. Aadhar Card
• Address Proof(Any One)
1. Electricity Bill (not more than 2 months old)
2. BSNL Landline Telephone Bill (not more than 2 months old),
3. Municipal Tax Bill
4. GSPC Gas Bill
5. Latest LIC Premium receipt
• Other proof acceptable by Bank.
• Passport Size Photograph – 2 Copies
• Pan Card
• Birth Certificate for minor account
• Introduction from Existing account Holder
❖ The account holder is permitted to close his/her account any time, provided bank’s rules and charges prescribed by the bank. ❖ Account holder shall not operating the account satisfactory as per prescribe norms of RBI and Bank Or bank desires to close the account, then bank close the account and the balance (after deducting charges) amount shall pay by Banker’s cheque to account holder.
❖ The account holder operates his/her savings account with cheque book. The minimum balance of Rs.500/- shall be maintains by the account holder and those account holder who operate his/her account Bank’s preprinted withdrawal form, they shall have to maintain minimum balance of Rs.250/-. If the account is not operated by the account holder during the financial year and the amount of balance is less than minimum balance, then bank shall debit penal charges of Rs. 50/-(+GST) in the account. ❖ If the account holder close the account in the six months of the opening date the bank shall charge the Rs. 100/-(+GST) and account close after six months of the opening date the bank shall charge the Rs. 50/-(+GST). ❖ The cheque drawn by the account holder and it’s presented in the clearing, the minimum balance is not maintained by the account holder then bank has right to return the cheque with the reason “Minimum Balance Not Maintain”.
❖ Bank and its branches shall working as per published Time duration in the branches except public holiday and Sunday.
❖ The bank shall close the account with immediate effect of those account holders, who drawn the cheque and more than three cheque not honour by the bank (Returned by the bank).
❖ Minor’s account can be opened by his/her guardian. The guardian shall either mother or father. The proof of minor’s birth certificate shall provide. No one joint with such type of minor’s account.
❖ Nomination facility is available in the bank and branches. Nomination is helpful to account holders.
❖ Those account holders who do not operate their account from the last two years, these accounts must be treated as “DORMANT” by the bank. To active these accounts the account holder shall submit the latest KYC documents and application for “ACTIVE” the account.
❖ As per RBI directives, each and every Savings account holder registered with Central Know Your Customer Registry (CKYCR). Bank shall “Freeze” the account to those account holders who shall not provide the KYC Documents to the bank.
❖ As per RBI directives, those account holders who do not operate their account from the last Ten year, these accounts shall close and amount transferred to the Reserve Bank of India, Deposit Education and Awareness Fund department.
❖ Those account holders who utilized the “RuPay Debit Card” facility, they shall maintain minimum balance of Rs. 1000/- in the account.
❖ Those account holders who want to utilize the “Immediate Payment Service” through “Mobile Banking Application” shall submit the application at their parent branch. The limit of this facility is currently Rs. 50,000/-(Per day).
❖ Those account holders who utilize the Locker facility and the rent of the said Locker is due, then bank shall right to debit the rent amount from the account.
❖ Those account holders who transferred the funds through RTGS/NEFT/IMPS from his/her account, the opening balance is less than RTGS/NEFT/IMPS fund transferred amount, and account holder deposit the Cash in his/her account, then bank shall debit the charge as prescribe by the bank.
❖ Bank reserves the right to effect changes in above rules, rate of interest without notice.
Requirements to open Savings Bank Account
Valid Photo I.D. & Address Proof
• Any one of proof (Photo I.D.)
1.Passport,
2.Driving License,
3. Voter ID Card,
4. Government Approved College/university I.Card,
5. Government / Semi government / Department I.Card
6. Aadhar Card
• Address Proof(Any One)
1. Electricity Bill (not more than 2 months old)
2. BSNL Landline Telephone Bill (not more than 2 months old),
3. Municipal Tax Bill
4. GSPC Gas Bill
5. Latest LIC Premium receipt
• Other proof acceptable by Bank.
• Passport Size Photograph – 2 Copies
• Pan Card
• Birth Certificate for minor account
• Introduction from Existing account Holder
