Saving Deposit


Saving Bank
Saving Bank account may be opened in the name of

  1. Single name with his own name
  2. Two or more persons in their joint names to be operated in following manner.
    1. Either or Survivor
    2. Jointly
    3. Any one or  Survivor or Survivors
    4. Former or the Survivor
  3. Illiterate/ Blind  Persons
  4. Club, Societies, Associations.
  5. H.U.F Executor/ Administrators.
  6. Minor accounts
According to ‘Indian Majority Act’ a minor is one who has not completed 18 yrs of age. Accounts in the name of minor to be operated by the natural guardian or by the guardian or  guardians appointed by the court. The guardian is allowed to operate the minor account till the minor attains the majority status.  No over draft should be allowed to a minor, No collection of cheque is allowed.

However a saving Bank account can be opened and operated by a minor student who is above the age of 12 yrs.

Small Deposits ( no frill a/c) 
If the person belonging to low income group both in urban & rural area who is not able to produce any documents required by the bank. Branch may open new frill a/c for natural person duly with relax KYC standards. In this a/c aggregate balance should not exceed Rs. 50000/- in all their a/c taken together and the total credit again in all a/c taken together should not exceed Rs. 100000/- P.A. if the balance exceeds Rs. 500000/- and total credit exceeds Rs 100000/- for you. No further transaction should be passed until full KYC procedure is complete.

Interest on Saving Bank account
With affect from Oct.25,2011 RBI deregulated the interest rates on saving Bank deposits of resident Indians. Hence the banks are free to determine their saving bank deposit interest .Interest is calculated on the basis of daily balance and paid to the depositor at the end of March and September. At present the rate of interest on saving Bank deposit is 4%.

Closing  Of account
Saving Bank account can be closed at the request of the account holder in writing. Together with this request the account holder must surrender all the unused cheque leaves and also the pass book.

Nomination : Available


List of Officially Valid Documents for Opening Account

Verification documents for individuals (identity and address proof) are divided into preferred and acceptable documents. It is recommended that whenever available, documents from the preferred list should be used for verification purposes.

Photo Identity Documents                                                                                                                    

Preferred Documents Acceptable Documents
Driving License Aadhaar card*
PAN Identity Card Govt. Department Identity Card
Preferred Documents Acceptable Documents
Driving License Any id containing address issued by Govt.
Passport Bank Account Statement (for six months prior to account opening)
Voter Identity Card
  • Any id containing address issued by Govt.
  • Bank Account Statement (for six months prior to account opening)
  • Bank Passbook
  • Employer certificate (not older than six months from account opening)
  • Gas Bill (not older than six months from account opening)
  • Income Tax Return (latest)
  • Letter from MP/MLA/MC/GZ Officer attesting to address
  • NREGA Job Card
  • Property Tax Assessment Order
  • Residential Permit issued by state police
  • Water Bill (not older than six months from account opening)

Maintainance of Minimum Balance
Saving Bank Deposits
Customer who does not maintain a Minimum Balance of Rs 500.00  and Rs 1000.00 (For Customers with Cheque Book Facility in his account)
Rs 50.00 per Month Charges will be debited every month.
Except Salary Accounts, Ex Staff members , Sr. Citizens and Staff Members.

Stop Payment Charges
All type of accounts Rs 50.00 per instrument

Statement of Account
One Statement for the Current Month FREE
All type of accounts Rs 50.00 per Statement +
Rs  1.00 per entry upto one year old entry
Rs10.00 per entry for entry of more than one ear old

Cheque Book Charges
Saving Bank Account One Cheques Book containing 20 Leaves Free / half Year and Rs. 2.50 per leaf for extra cheque
Charges for Excess debit entries in Saving Bank Account Rs 20.00 per entry for over and above 30 entries per half year.

Account Closed Before 6 Months
Individual Rs 150 +Service Tax

Interest / Balance Certificate
First Copy Free
Subsequent Copies Rs50.00 Per Copy

Stop Payment Charges
All type of accounts Rs 50.00 per instrument

 Statement of Account
One Statement for the Current Month FREE
All type of accounts Rs 50.00 per Statement +
Rs  1.00 per entry upto one year old entry
Rs10.00 per entry for entry of more than one ear old

Duplicate Pass Book
Rs 75.00  + Rs  1.00 per entry upto 6 Monh  old entry

RTGS/ NEFT  Charges
RTGS Upto     Rs.1 Lac. Not exceeding Rs25.00 per transaction + Service Tax
Above  Rs.1 Lac. Not exceeding Rs50.00 per transaction + Service Tax

NEFT

Upto     Rs 5 Lacs. Not exceeding Rs  5.00 per transaction + Service Tax
Above  Rs 5 Lacs. Not exceeding Rs25.00 per transaction + Service Tax

No charges for Inward RTGS/NEFT
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