Key Benefits
- An ideal option to cultivate the habit of banking and Saving.
- Simplest way of making small Savings into big.
- Easy to operate/handle.
- Deposits upto statutory limit are insured by DICGC.
- Option for money withdrawal by withdrawal forms or by cheque.
- Facility of nomination.
- Interest @ 3 % p.a. applied twice in a year in September & March.
- Free 60 cheque leaves in a calendar year.
- No Folio charges upto 150 debit entries per half year.
Terms & Conditions
- Opening & minimum balance Rs. 1000/- (with cheque book)
Rs. 500/- (without cheque book) - Charges as per bank’s rule for not maintaining monthly minimum balance.
- Maximum No. of withdrawals – 50 per calendar half year.
- While depositing Rs. 50,000/- or above in aggregate in one day, PAN No./Form 60 per transaction is necessary.
- Documents required :
– Two passport size photograph.
– Proof of Identification & Address.
– An introduction as per Bank’s Norms as per RBI Guideline.
– PAN Card/ Form 60.
Basic Saving Bank Deposit Account
A Basic Saving Bank Deposit Account is a no frills zero balance account which can be opened by any individual who does not have a Savings Account with the Bank.
- Total credits in such accounts should not exceed one lakh rupees in a year.
- Maximum balance in the account should not exceed fifty thousand rupees at any time
- The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month
- Remittances from abroad cannot be credited to Small Accounts without completing normal KYC formalities
- Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.
- If a customer already has a savings bank account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
- Maximum 4 cash withdrawals free of cost in a month including ATM withdrawals at own and other bank’s ATMs.