Loading...

SAVING BANK ACCOUNT

Eligibility:-

·        An individual/ singly or jointly can open an account.

·        Institutions, Clubs, Associations, Charitable trusts, Religious Institutions.

·        Government Bodies (Relating to funds for development purpose).

Nomination and KYC Norms:-

·        Depositors (s), however, have the right to specify different nominations for different accounts by completing the appropriate forms.

Minimum Balance:-

·        Minimum balance of Rs.500 (in case non cheque a/c) Rs 1000 in case cheque should be maintained.

Service Charges:-

·        Minimum balance charge: Rs.30/- per month, if the minimum balance not maintained.

·        Cheque leaves charge Rs.3/ per leaf at the time of issuing cheque book. (20 leaves free in a year).

·        Six transactions are free in a month

Other facilities:-

·        Cheque book facility.

·        Passbook facility.

BASIC SAVINGS BANK DEPOSIT ACCOUNT:

·           

The “Basic Savings Bank Deposit Account – A normal Banking service available to all.

Eligibility:-

·        An individual/ singly or jointly can open an account.

Minimum Balance:-

·        No minimum Balance.

Other Terms &Conditions:-

·        The services available in the account will include deposit and withdrawal of cash at bank branch; receipt / credit of money through electronic payment channels or by means of deposit / collection of cheques drawn by Central / State Govt. agencies and departments.

·        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

·        02. Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in that bank.

Note: If a customer has any other existing savings bank deposit account in that bank, he / she will be required to close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit Account’.

·        The existing basic banking ‘No frills’ accounts should be converted to ‘Basic Savings Bank Deposit Account’.

UGB SAVINGS PLUS (BENEFITS OF FIXED DEPOSITS)

Eligibility:-

·        Individual including minors can open an account.

Minimum Balance:-

·        Rs.10,000/-

Other Terms &Conditions:-

·        Customer to choose a threshold limit i.e. the system beyond which the system will create fixed deposits (Necessarily has to exceeds Rs.10,000/-)

·        Amount of TDR/STDR – minimum amount Rs.10, 000/- (in multiple of Rs.1000/-) at any one instance depending on the availability of funds in excess of the pre-fixed threshold limit.

Period:-

·        Duration of maturities is of 1 year to 5 years.

Note:-Customer to opt to any one maturity or else the deposits will be opened for 1 year by default. Auto sweep operates twice a month at the commencement of business i.e.10^th & 20^th of each month. Customers are free to change the threshold limit and maturity period of deposits of STDR at any time.

NO-FRILL (ZERO BALANCE SAVING BANK ACCOUNTS)

Eligibility:-

·        Any individual or jointly as per extent KYC norms of RBI can open an account.

·        No-frill account is zero balance account and no need of an initial deposit.

Minimum balance:-

·        Zero  balance

Note:- limitation of volume of transactions as per RBI norms.

Service charges:-

·        No service charges.

PMJDY (PRADHAN MANTRI JAN-DHAN YOJANA)

 It is a National Mission for Financial Inclusion to ensure access to financial services, namely, a basic saving and deposit account, remittance , credit, insurance, pension in an affordable cost.

Eligibility:-

·        Any individual as per extent KYC norms of RBI can open an account.

Minimum balance:-

·        Zero  balance.

Note:- limitation of volume of transactions as per RBI norms.

Service charges:-

·        No service charges.

Other benefits

·        Free debit card.

·        Accidental coverage 1 lakh (enhanced to 2 lakhs).

·        Over draft facilities up to Rs 10,000/- (for eligible account holders only as per RBI guidelines).

·        This account is available for DBT (Direct benefit transfer), PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) PMSBY (Pradhan Mantri Suraksha BimaYojna), APY (Atal Pension Yojana), MUDRA (Micro Units Development & Refinance Agency  Bank scheme).

CURRENT ACCOUNTS

Eligibility:-

·        A Businessman, companies, Industries, Association etc., who have occasion to receive and pay amount in cash/cheque quite often can open this account.

Note: - This type of account is to be opened for cheque facility customer only.

Minimum Balance and initial deposits:-

·        Minimum balance to be maintained Rs.3000/- (not applicable to Govt. a/c).

Rate of Interest:-

·        No interest on deposits.

Service charges:-

·        For non-maintenance of minimum balance: Rs.200/- per month is applicable.

·        Cheque leave charge Rs.3/- per cheque leaf while issuing cheque book.

RECURRING DEPOSIT ACCOUNT

This type of deposit is suitable for salaried persons and other persons who have a constant monthly income. Deposit shall be made in equated monthly instalment.

Eligibility:-

·        An Individual or jointly with extent KYC norms of RBI one can open an account.

·        Parent/guardians of minor with extent KYC norms of RBI can open an account.

Minimum/ Initial deposit:-

·        Initial deposit of Rs.500/- and multiple of Rs100 daily/per month/- thereof.

Note:- All other rules are applicable as per fixed deposit/term deposits.

Period:-

·        Minimum 6 months to maximum 120 months.

Other benefits:-

·        After completion of 12 months (1 year) regular monthly Deposits in RD account, loan can be sanctioned on the principal amount of deposit. (Terms and conditions apply).

UTSAV JAMA YOJANA (RECURRING DEPOSITS ACCOUNT)

A new Recurring Deposit Scheme UtsavJama designed to build up thrift habits and provide credit facilities to Recurring Deposit account holders for meeting expenses related to various festivals has been introduced with effect from 15^th Aug. 2008.

Eligibility:-

·        An Individual (with extent KYC norms of RBI) can open an account.

Period of Deposit:-

·        Fixed period of 60 months (5 years).

Deposit Amount:-

·        Minimum Rs. 50/- & Maximum Rs. 500/- per month.

Amount of loan:-

·        After completion of 12 months (1 year) regular monthly Deposits in RD account, loan can be sanctioned up to 150% of the principal amount of deposit.

(Without taking into Consideration accrued interest thereon).

Repayment period:-

·        Maximum 12 Equated Monthly Instalments or before the maturity of the pledged RD Account, whichever is earlier.

Nomination:-

·        Depositors (s), however, have the right to specify different nominations for different accounts by completing the appropriate forms.

·        Further, the applicants (s) is / are at liberty to change the nominee during currency of the deposit accounts with the Bank through declaration to that effect in the appropriate form.

TERM DEPOSIT (TDR) OR FIXED DEPOSIT (FD) ACCOUNTS.

Eligibility to open accounts:-

·        An individual or jointly can open an account.

·        Parent or guardian on behalf of their minors.

·        Partnership firm, companies, Associations, Clubs, Charitable institutions, trust etc.