Saving Bank account

These accounts are designed to help the individuals (personal customers) to inculcate habit of saving money and to meet their future requirement of money. The amount can be deposited / withdrawn from these accounts by way of cheques / withdrawal slips. The withdrawals are restricted to 50 entries each half-year in the S.B. Account.

·Saving Bank accounts are very popular. These accounts can be opened by eligible person(s) and certain organization(s) / agencies as approved by the Reserve Bank of India (RBI).·         

·  As required by law, while opening this account, we satisfy ourselves about the identity, including verification of address, of a person(s) seeking to open an account and to assist in protecting our prospective customer(s) and ourselves against fraud and other misuses of the banking system.

· We are required to obtain two recent photographs of the person(s) opening the account, as per R.B.I. directives.

· We are required to obtain Aadhaar and Permanent Account Number (PAN) 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.

· We provide to the prospective customers details of the documents required for identification of the person(s) opening the account.

Basic Savings Bank Deposit Account

It offers following minimum common facilities to all their customers:

(i) The ‘Basic Savings Bank Deposit Account’ should be considered a normal banking service available to all.

(ii)This account shall not have the requirement of any minimum balance.

(iii) The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central/State Government agencies and departments;

(iv)While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals;

(v) Facility of ATM card or ATM-cum-Debit Card;

The above facilities will be provided without any charges. Further, no charge will be levied for non-operation/activation of in-operative ‘Basic Savings Bank Deposit Account’.

The ‘Basic Savings Bank Deposit Account’ would be subject to RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. If such account is opened on the basis of simplified KYC norms, the account would additionally be treated as a ‘Small Account.

Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in any branch of the Bank. If a customer has any other existing savings bank deposit account in any branch of the Bank, he/she will be required to close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit Account’. Before opening such accounts, branches are advised to obtain the undertaking from the customer in this regard.

Further, an account of the student beneficiary could be opened as a “Basic Savings Bank Deposit Account”, if he/she submits documents issued by the School Authorities or parents of the student for KYC purpose.

In case of difficulty in opening “Basic Savings Bank Deposit Account”, from Financial Inclusion point of view, the account could also be opened either as a “Small Account” or “Account with only relaxed KYC norms” as operations in the account will fall within ceilings prescribed by the RBI for such accounts.

Keeping in view of the above, branches are advised to open either ‘Basic Savings Bank Deposit Account’ with full KYC norms or ‘Small Accounts’ with relaxed KYC Norms of the students for receiving benefits under Government Schemes with an initial amount of Rs.10/- (Rs.Ten Only). Small Accounts opened with relaxed norms will fall within ceilings prescribed by RBI for such accounts. Other guidelines w.r.t. Basic Savings Bank Deposit Account / Small Accounts will be same as referred above.

Financial Inclusion – Access to Banking Services-Basic Savings Bank Deposit Account – Up gradation of No Frill Accounts.  It was also advised that the existing basic banking ‘no-frills’ accounts should be converted to ‘Basic Savings Bank Deposit Account’ as per the instructions given above.