i. Savings Bank Accounts (SB A/cs) are designed to help customers inculcate the habit of savings. It helps the customers keep their surplus funds with the bank and earn interest while providing the flexibility for withdrawals.

ii. SB A/cs can be opened by an eligible individual in single name or jointly with others and by certain organisations/agencies approved by RBI.

iii. The prospective customer will need to comply with the Know Your Customer (KYC) guidelines which are mandatory. The objective of KYC guidelines is to prevent misuse of the banking system intentionally or unintentionally for criminal purposes/ money laundering and other fraudulent activities. The KYC guidelines also help banks to understand their customers better.

iv. The customer identification will be on the basis of documents provided by the customer as (a) Proof of identity and (b) Proof of address. The customer has to submit the prescribed application form along with Photographs all cases.

(a) Proof of identity (any of the following with authenticated photographs thereon):

(i) Passport. (ii) Voter ID card (iii) PAN Card (iv) Govt./Defence ID card (v) ID cards of reputed employers (vi) Driving Licence

(b) Proof of current address (any of the following)

(i) Credit Card Statement (ii) Salary slip (iii) Income/Wealth Tax Assessment Order (iv) Electricity Bill (v) Telephone Bill (vi) Bank account statement (vii) Letter from reputed employer (viii) Letter from any recognized public authority (ix) Ration Card

v. In case of joint accounts, applicants who are not closely related to each other would be required to establish their identity and address independently.

vi. No frills Account:- Branches may open accounts for those customers who are in no position to submit the above mentioned documents provided they intend to maintain balances not exceeding rupees fifty thousand (Rs. 50,000/-) in all their accounts taken together and the total credit summation in all the accounts taken together is not expected to exceed rupees one lakh (Rs. 1,00,000/-) in a year, subject to:

a) introduction from another account holder who has been subjected to full KYC procedure. The introducers account with the bank should be at least six months old and should show satisfactory transactions.


b) any other evidence as to the identity and address of the customer to the satisfaction of the bank.

vii. The applicant(s) will need to come to the branch, in person, for opening the account and will sign at the relevant places in the presence of a Bank Official. The introducer may be required to come to the Bank in person if it is so warranted.

viii. The Bank is required to obtain Permanent Account Number (PAN) of the customer or declaration in Form No. 60 or 61 as per the I.T. Act (vide Section 39A) from the person opening the account.

ix. Interest @ 4% p.a. with half yearly interests is paid on SB A/cs on the minimum balance maintained in the account between the 10th and the last day of the month. Interest is credited on June 30 and December 31every year. The interest rate and the method of application are subject to changes from time to time.

x. A passbook is issued in all Savings Bank Accounts. Passbooks are immediately updated across the counter on request. Cheque books are issued on request. 25 cheque leaves are issued free in a year.

xi. Local cheques for collection will be credited to the account within a maximum period of 3/4 days depending on the clearing norms at the centre.

xii. Immediate credit will be provided for outstation collections up to Rs 20000/- for accounts that are satisfactorily conducted. Bank will pay interest for delays in collection of outstation cheques presented for credit to account beyond 7/10/14 days, depending on the centre of collection.

xiii. Service charges are applicable for cheques returned unpaid.

xiv. Amount in withdrawal slip should be in whole rupees and minimum should be Rs.10/-. Payment by withdrawal slip to third parties is not allowed.

xv. Standing Instructions (S.I.) are accepted in SB A/cs. Service charges apply.

xvi. No minimum balance required to be maintained in a Savings Bank account :

xvii. For details of service charges applicable to savings bank accounts, please ask your branch. Service charges are also available on the Banks web site.

xviii. The service charges/minimum balance requirements are subject to change. For the latest rates please feel free to contact the branch where you maintain the account or call our helpline numbers.