Any person approved
by the Bank may open a Savings Account in his / her
name. Joint accounts may be opened, but accounts in
the name of minors and Institutions will only be opened
by special arrangement.
The minimum amount with which an account
may be opened is INR.1000/- in case of normal Savings
Bank Account. If the balance falls below INR.1000/- ,
a service charge of INR.100/- p.m. will be levied. However,
no minimum balance is not required for Savings Bank Account
opened under ‘Salary’ accounts and ‘
No –frilled’ Account.
Deposits may be made as frequently as
desired.
Rate of interest @ 3.5% p.a. will be
paid on balances held in Savings Bank Accounts (subject
to changes from time to time as per RBI directives) and
will be calculated on the minimum balance of an account
during the period from the tenth to the last day of the
month. Interest earned will be credited to the account
half yearly in March and September.
Withdrawals must be made on withdrawal
forms or cheques provided by the Bank.
If an account remains unoperated continuously
for more than one year it will be transferred to dormant
account.
In the case of cheque-operated accounts
withdrawals are allowed on the
cheque forms supplied by the Bank. The Bank reserves its
right to refuse payment of any cheque drawn otherwise.
Cheque book will normally be issued to a depositor against
an application signed by him / her on the Bank’s
requisition slip from the cheque book for his / her use,
provided the conduct is satisfactory. The Bank reserves
the right to refuse to issue of cheque books to an account
holder for its own business.
The Bank is at liberty to refuse payment
of cheques that have been altered in any way unless the
alteration is authorized by the drawer under his / her
signature. Cheques should be drawn in such a manner so
as to prevent alteration after the issue and the drawer’s
signature should be uniform and match with that on Bank’s
records. It is essential that the cheque book be kept
in safe place to avoid theft / misuse.
The Bank will register instructions from
the drawer regarding cheques lost, stolen, etc., but cannot
guarantee depositors against loss in such case in the
event of such a cheque being paid.
The Bank reserves the right to alter
/ add to these rules at any time without notice. Any person
opening an account shall be bound by the rules governing
this account.
