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A Savings bank account is the most common operating account for individuals and others for non-commercial transactions. A Savings account helps people to put through day-to-day banking transactions besides earning some return on the savings made.

Who can open a Savings Account ?

• by a person in his / her name;
• by two or more persons in their joint names payable to : 
  - both or all of them or the survivor or survivors of them; OR 
  - either or any one of them or the survivor or the survivors of them; OR 
  - former / latter or survivor of a particular person during his lifetime or survivors jointly or survivor.
• Certain non-profit welfare organizations are also permitted to open Savings bank accounts with the Bank.

What we ask for opening an SB account ?

• Documents relating to Customer’s Identity such as : (i)Passport, (ii)PAN card, (iii)Voters identity card, (iv)Driving License, (v)Identity card (subject to the bank’s satisfaction.), (vi) Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the bank
• Documents relating to address proof such as : (i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer (subject to satisfaction of the bank) (any one document which provides customer information to the satisfaction of the bank will suffice)
• introduction of the person from an existing account holder
• photograph of the person to be kept on record for future identification purpose. In terms of government notification w.e.f. 01.11.1998, banks have to obtain PAN numbers (issued by Income Tax Dept.) of the account holder at the time of opening of the account. In the absence of PAN number customer should give a declaration in the prescribed format (form no.60 or 61 as the case may be).

Documents required for opening of Savings Bank Account by an Association / Institution

For Registered Club/Association :

1. copy of certificate of registration
2. copy of bye-law (i.e. Rules, Regulations)
3. a certified copy of resolution of the Executive/Managing/Governing Body to open account and giving names of office bearers to operate account. (This should be certified by the Chairman of the meeting of the body)

For Unregistered Club/Association :

1. The resolution should be signed by all the members of managing committee/governing body.

Government Department:

1. To provide copy of the Government Notification/order authorizing the concerned person to open and operate the account.
2. To provide a copy of the letter signed by the Head of the Department, authorizing the executive to open and operate the bank account.
3. Also to provide a certified copy of rules and regulations of the department to open and operate the account.

Important Note

Please fill nomination form while opening the account. It helps in settlement of dues in the event of death of the account holder. (See Nomination Facility for more details)

• Bank charges are levied when number of withdrawls in SB account exceeds 50 in a half-year.
• Minimum Balance of Rs. 500.00 to be maintained in SB account (with out cheque facility) and Rs. 1000.00 for SB account with cheque facility. If the balance falls below the prescribed minimum balance, then charge will be levied.

Interest

Interest @ 2.70 % p.a. with effect from 04/08/2020.