How To Open Saving Accounts and Rules
1.Any person approved by the bank may open the saving bank account agrreing upon to comply with the rules governing the saving bank account.
2.Only one saving bank account may be opened .
3.By a person in his/her own name.
4.By more then one person (but not more than four) in thier joint names
5.Nomination facility is available
6.Minors above the age of 14 years may be allowed to open and operate savings bank accounts independently, if they so desire. Banks may, however, keeping in view their risk management systems, fix limits in terms of age and amount up to which minors may be allowed to operate the deposit accounts independently. They can also decide, in their own discretion, as to what minimum documents are required for opening of accounts by minors.
7.By the natural guardian i.e father or mother on behalf of minor, or by a guardian appointed by court of law.
8.No saving bank account will be opened in the name of companies,corporations,firms etc.
9.No overdrawing is permissible in accounts.
10. The bank has the authority to debit the accounts to recover any amount credited
erroneously.
11. While opening the account, the customer has to fullfill the KYC norms by submitting all the necessary relevant documents i.e. 2 latest passport size photographs,any of one documents like electricity bill,ID card of reputed employer,Driving licence,PAN Card,Passport as identification proof and ID card of reputed employer,electricity bill,telephone bill,salary slip etc. as residence proof.
12. Interest rate of 4% per annum and Interest will be credited every six months.
13. An account may be opened with minimum of Rs.500 only in cash and the 1000 with the cheque Book the same will be maintaned to keep the account running,The balance in the special type of account must adhere to the minimum quarterly balance stipulation laid down by the Bank and communicated to you at the time of opening of the account. Non-maintenance of such monthly/quarterly Minimum balance will attract applicable penalty on a quarterly basis and on a date determined by the bank.
14. If there is no transaction by the account holder in the account continuously for 24 months, the account automatically gets classified as a ‘dormant / inoperative account’ where upon further debit / credit transactions are not permitted in the ordinary course.
15. A request for activation of the account has to be made by the customer and the customer is subject afresh to KYC Compliance.
16. First Pass book will be given to all SB account holders free. If the customers want statement of accounts, it will be issued on specific request and on payment of necessary charges.
17. The Bank reserves the right to close account(s), which according to the Bank, is / are not conducted satisfactorily, after due notice to the customers without assigning any reasons thereof.
18. The Bank reserves to itself the right to alter, delete or add any of these rules at any time without prior intimation to individual customers or to refuse to open an account or to close any account. However such changes will be posted in the Bank’s website and in the Notice Board of the branches.
19. When a customer wants his / her operative account at one branch to be transferred to another branch, he / she has to give his / her request in writing along with unused cheque books. The bank will transfer the account to other branch and will issue new cheque book
