Savings Deposit

  • Savings Deposit

Savings Deposit

Savings Account is primarily meant to inculcate a sense of saving for your future financial requirements. The main purpose of the account is to save in small or large amount from time to time. Your savings remain liquid and safe, earning a steady interest. Our Savings Account comes with a host of convenient features and banking channels to transact through.

Eligible to operate a Savings Account
  • Individual – Single / Joint account
  • Minor – Operated by guardian natural / appointed by court
  • Illiterate person – Operated by thumb impression
  • Trust – Private / Public / Hindu Undivided Family
  • Club, Association & Society
  • Primary Co-operative Society
  • Housing Co-operative Society
  • Charitable Religious Institution

To open Savings Account : Refer Basic Documents – Savings Deposit

To download Account Opening Form : Click Here

Interest on all types of savings accounts @3.50% p.a. on daily balance w.e.f.10/07/2023

SB REGULAR

Savings account

Salient features of the scheme 

  • Minimum opening balance ₹ 1000/- ( with cheque book )
  • cheque book facility.
  • Issuance of Debit Card.
  • Free account statement facility
  • Fund transfer facility through IMPS/RTGS/NEFT anywhere in India for free of cost
  • ATM/POS/BEPG
  • SMS services
  • Mobile Banking Services
  • UPI
  • Any branch banking facility
  • Safe deposit locker facility          

Cheque book facility

  • The account holders can opt for cheque book facility by maintaining the prescribed minimum balance. All such account holders are provided with 1 cheque books per annum free of charges.
  • Other account holders without cheque book facility can withdraw cash from their accounts using the ‘Withdrawal Slips’.

Minor Accounts
Accounts, opened in the name of the minor by guardian, will automatically cease for operation by the guardian on the date of the minor attaining the majority. The guardian shall attest the signature of the ‘then minor’, duly complying with the KYC norms, for further operations by the ‘then minor’ therein.

Inoperative Accounts

If an account is not operated by the account holder, the account will be transferred to ‘Inoperative Account’ on completion of 24 months from the date of last operation.

Review of inoperative accounts
Inoperative account shall be reviewed by the Bank at its discretion to bring back to the ‘Operative Status’, if the account holder requests in writing duly complying with KYC norms like furnishing of latest passport size photograph, address proof in support of address given, latest specimen signature with operation instructions etc

Interest payment / levy of charges

  • Interest on Savings Bank Account is paid at the prescribed rate on daily products. Such interest is calculated for the periods April to June, July to September, October to December and January to March and credited on the last working day of the month. Interest so calculated will be rounded off nearest to a rupee. If interest comes to less than a rupee no interest will be paid for that half year.
  • If the account is closed incidental charges will be recovered (except where premature closure of an account is due to the death of the account holder, transfer to another branch, transfer for term deposits or for opening another joint account)

Nomination facility

Nomination facility is available

Customer’s obligations

  • Pass book and cheque book issued on the account should be held in the personal / safe custody of the account holders to avoid any misuse by any unscrupulous persons.
  • Customer/s should inform the Bank, change of their address, telephone number if any, failing which the account holder is liable for charges incurred by the Bank in locating the customers.
  • Customer shall file with the Bank his latest style of signature / photograph by a letter whenever there is change in the style of his / her signature or once in 10 years (in case of senior citizens 2 years) from the date of previous updating whichever happens earlier. Failing this the Bank will treat this inaction as an irregularity in the account and thereby the Bank shall have the rights (a) to return any or all cheques presented thereafter with the reason ‘Refer to drawer’ and (b) to close the account and refund the balance, if any.
  • If a cheque is deposited for collection, the account holder shall ensure that the realization proceeds is credited to his account within a reasonable time; else the matter will be referred to the Bank either at the base branch or where deposited.
  • Customer/s should inform the Bank, change of their constitution, operation instructions etc., if any 1z