|
Eligibility |
Individuals |
Minimum Age for opening of account
|
10 years and above |
|
Type of Account |
Can be opened either in single name or jointly with parent / guardian
|
|
KYC compliance |
Fully KYC |
|
Minimum balance Requirement(Average Quarterly) |
Rs.10000/- |
|
Minimum amount of initial deposit |
Rs.10000/- |
|
Maximum balance in the account |
(a)No limit if not a minor
(b) Fully KYC compliant A/c - Maximum balance Rs.2.00 lacs (For minor)
|
|
Mode of Operation |
As per instructions |
|
Nomination facility |
Available and is essential. |
|
Pass Book |
Pass Book will be issued. |
|
Payment of interest |
As applicable to cheque operated Savings Bank Accounts for the area where the account is maintained |
|
Charges for non-maintenance of minimum balance |
Rs. 500/- per quarter. System will recover charges as per normal savings Bank Account. Branches should recover the difference manually. |
|
Whether ATM card facility available |
Yes |
Charges for ATM Card
At the time of issue
Annual renewal Charge |
Nil
Nil |
|
Facility of instant credit of outstation instruments |
Available |
|
Minimum withdrawal limit |
Rs. 50/- at branch (as applicable to normal a/cs)
Rs. 100/- from ATM (as applicable to normal a/cs)
|
|
Maximum withdrawal limits (Amount per day) |
No Limit at branch.
Rs. 25,000/- at ATM
|
|
Maximum No. of free withdrawals other than ATM and Internet Banking |
30 per half year (as applicable to normal a/cs) Branches should recover charges manually beyond 30 transactions |
|
Whether Cheque Book facility permitted |
Yes, 50 leaves per annum free of cost.
Extra leaves Rs.3 per leaf. Branches should recover
charges manually beyond 50 cheque leaves.
|
|
Multicity cheques |
20 leaves free in a year. Branches should recover
charges manually beyond 20 cheque leaves
|
|
Multicity transactions charges |
Free up to 25000/-per cheque. Above Rs. 25000/-Rs.25/- per cheque. Branches should recover charges manually above Rs. 25000/- |
|
Service charges on closure of account |
Rs. 25/- if account closed within 12 months of opening |
|
Standing Instructions |
Permitted |
|
Overdraft facility |
Not permitted |
|
Internet Banking facility |
Permitted |
|
Applicability |
At all centers |
|
Value Added Feature |
Free accidental insurance of Rs. 1 lac for first year of depositor (in case of joint accounts only
for the First named depositor). Claim Procedure will be advised in due course. |
