SAVINGS BANK ACCOUNT

• The object of the Savings Banks Account is to encourage depositors to save small sums from time to time.
• Interest will be allowed at the rate as prescribed under RBI rules/directions/guidelines from time to time and fixed by the Bank. interest is paid on daily product basis.
• A person may open an account in his/her own name, but may not open more than one such account. The person desiring to open an account shall furnish two passport size photographs, Address proof, ID proof, AADHAR card and PAN card as per the guidelines.
• Nomination facility will be available under section 45ZA read with section 56 of the Banking Regulations Act 1949 and rule 2(1)of the co-operative Banks (Nominations) Rules 1985.
• Accounts may be opened with a minimum sum of Rs.500/- and the same to be maintained to keep the account running.
• Cheque Book/ATM facility will be provided to the account holder who maintains a minimum balance of Rs.1,000/-.
• No charge will be made for the passbook issued to a depositor on account opening or for any Pass-Book issued to him in continuation of the original Pass-Book. For issue of duplicate passbook bank will charge Rs.50/- + GST per pass book with latest balance. And same amount will be charged for account closing within 6 months from the date of account opening.
• For ATM transactions, Rs.10,000/- is the limit for single transaction and Day limit is Rs.25,000/-.
• Institutions and societies can operate Savings Account only twice in a week, and 53 times in a period of 6 months. If number of transactions exceeds, the account will not earn any interest.