Savings Account
Any individual can open an account.
Cheque facility available.
Cheque facility available.
Group Account, Institutional Account, Other Accounts like Security Deposit account & Official Capacity account are not permissible
Rate of interest 3.5% per annum
Rate of interest 3.5% per annum
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Type of Account
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Maximum Limit
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Single Account
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Rs. 1 lakh
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Joint Account
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Rs. 2 lakh
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Click here to download Savings Bank Act pdf file
Click here to download Small Savings Schemes pdf file
Account can be opened with a minimum of Rs. 50/- Minimum deposit
for cheque account should be Rs. 500/-
Maximum of Rupees one Lakh for single holder and Rs. Two lakhs for joint
holders. If depositors have more than one account (single, pension or joint), the
balances or shares of balances in all such accounts taken together should not exceed
Rs. One Lakh for each of the depositors.
Maximum of Rupees one Lakh for single holder and Rs. Two lakhs for joint
holders. If depositors have more than one account (single, pension or joint), the
balances or shares of balances in all such accounts taken together should not exceed
Rs. One Lakh for each of the depositors.
Deposits:
Maturity period / withdrawal :
Depositor is provided with a pass-book with entries of all transactions duly stamped.
There is no lock-in / maturity period prescribed.
Withdrawals: Any amount subject to keeping a minimum balance of Rs. 50 in simple
and Rs. 500 for cheque facility accounts.
Withdrawals: Any amount subject to keeping a minimum balance of Rs. 50 in simple
and Rs. 500 for cheque facility accounts.
Interest :
Interest at the rate (s) 'as decided by the Central Government from time to time', is
calculated on monthly balances and credited annually.
Interest rate applicable w.e.f. 1.3.2001 is 3.5 per cent / annum for general
public.
calculated on monthly balances and credited annually.
Interest rate applicable w.e.f. 1.3.2001 is 3.5 per cent / annum for general
public.
Pass Book :
Silent Accounts :
An account, not operated during three complete financial years, shall be treated as 'Silent Account'.
A service charge in r/o silent A/Cs having balance below the stipulated minimum for on account @ Rs. 20 per year is charged on the last working day of each financial year until it is reactivated.
In a silent account from which after deduction of service charge, the balance becomes NIL, the account stands automatically closed.
A service charge in r/o silent A/Cs having balance below the stipulated minimum for on account @ Rs. 20 per year is charged on the last working day of each financial year until it is reactivated.
In a silent account from which after deduction of service charge, the balance becomes NIL, the account stands automatically closed.
