These accounts are designed to help the individuals (personal customers) to inculcate the habit of saving money and to meet their future requirement of money. Amounts can be deposited/withdrawn from these accounts by way of cheques / withdrawal slips. It helps the customers to keep minimum cash at home besides earning interest.
These accounts can be opened by eligible person/s and certain organisations / agencies (as approved by the Reserve Bank of India (RBI)
As required by law, while opening SB account, the Bank will satisfy itself about the identity. including verification of address, of a person/s seeking to open an account, to assist in protecting the prospective customer/s, members of the public and ourselves against fraud and other misuses of the banking system.
The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank.
The Bank is required to obtain two recent photographs of the person/s opening the account, as per RBI directives.
The Bank is required to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No. 60 or 61 as per the Income Tax Act (vide Section 139 A) from the person/s opening the account.
The Bank will provide to the prospective customers details of the documents required for identification of the person/s opening the account in addition to a satisfactory introduction. Documents normally accepted are the current gas / telephone / electricity bill or voter's identity card or driving licence or passport etc.
The account holder is required to maintain certain minimum balance in the account, as specified by the Bank from time to time according to the population category of the branch concerned and also depending on, whether account holder wants to avail the cheque book facility or not. Non-compliance of this would attract service charges. Interest is presently paid on half yearly basis (click here to get interest rates on SBA), calculated on a daily product basis, with a minimum of Rs.1/-.
Cheques, dividend warrants drawn in the name of account holder/s will only be collected through this account. Instruments endorsed in favour of the account holder/s will not be collected through savings bank account.
Business transactions shall not be routed through Savings Bank Account. If routed, the Bank will recover the interest paid and may also close the account. The Bank has the right to close any undesirable/unremunerative account without giving any reason by a simple notice to the account holders.