The main objective of the Saving Bank account is to encourage saving habits among the people. Hence no business transactions are allowed.- Saving account comes with bouquet of facilities at no extra or hidden cost.
- Individuals and eligible Trusts / Cooperative Organizations can open SB account strictly subject to compliance of KYC formalities & AML guidelines of Reserve Bank of India.
- Young Student is empowered attaining age of 13 to open Account & operate it cultivating habit of banking.
- The account can be opened in single name or in joint names and can be operated singly either or, jointly, former or survivor, as per the choice.
- Saving bank Ordinary account can be opened depositing initially an amount of RS 500/-
- Saving bank with Cheque book facility has to open with initially an amount of RS 1000/-
- The amount can be withdrawn from SB account by way of cheque or withdrawal slip. There are limitations to number of withdrawals to the account.
- The interest is calculated on daily products as per the balance maintained in the account at the rate prescribed by RBI and determined by bank from time to time payable every half year.
- Minimum balance has to be maintained of RS 500 for Ordinary Account and RS 1000/- for Account with Cheque Book Facility & RS 100 for Student Account.
- Nomination facility is available on accounts of individuals. The same can be changed as and when account holders decide so.
- On the date of opening account, a Passbook is issued without any cost.
- You can view the latest Balance, enrol cheque book requirement & get the operational alerts by availing “SMS Banking” facility.
- If you do not wish to pay TDS by deduction at source you will have to submit Form 15-G/15-H along with PAN card every financial year.
Saving Account
