|
|
DEPOSIT SCHEMES - SB (1)Saral Savings Scheme Under the RBI direction to achieve greater financial inclusion Bank has since introduced a no frill deposit account named as "SARAL SAVINGS SCHEME", that would make accessible banking to vast section of society, which has been deprived of the banking facilities till date. Basic feature of the account shall be as under:- 1. Such accounts shall remain operative even when these have Zero balance & can be opened in any branch of the bank "Saral Savings Account" can be opened with the initial deposit of Rs100/- and thereafter the balance may go below Rs 100/- and will continue to be operative with even zero balance, unless the account holder request to close the account. No charges shall be levied in this regard. 2. Target Customers a) Landless labour / Artisans in the rural areas/House wives not having regular income. b) Casual labour / Daily wage earners in construction / Industries etc. earning small amount daily. c) Students having no sound financial background, having no resources and least chances of the saving opportunities. d) Similar other segments of society who do not have regular employment and permanent residential occupancy. e) These accounts shall come under the category of the normal saving bank account, once the balance is enough to qualify under KYC norms. f) This product is not for Non Resident Indians, Trusts, Societies etc. g) The account can be opened by filling up of usual Saving Bank Accounts Opening forms and self verified photograph to be attached. 3.Introduction of the account. An account holder qualifying KYC norms whose account is at least six month old with satisfactory operations may introduce the account. Or Any other evidence as to the identity and address of the customer to the satisfaction of branch incharge. 4.Operational Stipulation:- a) Cheque Book will not be issued to this account holder, however on requisition loose cheque may be issued . Manager cheque / Demand Draft / MT may be issued on request of the account holder after satisfaction that transaction is genuine but each instrument not to exceed Rs 3000/-. Usual bank charges to be levied for issue of these instruments. b) Number of withdrawals permitted --'FIVE' in a month and 'TWENTY' per half year. c) For each transaction account holder has to come personally to the branch. d) Persons above the age of 15 and below 18, who is able to read and write may open such account only in his / her own name or jointly with any person / guardian. In such account guidelines shall be same as applicable on savings bank account. Interest is payable at the rate applicable as per saving bank account. However no interest is payable until the balance in the account is Rs 500/-. e) Credit balance in account is not expected to exceed Rs 50000/- OR the total credits are not expected to exceed Rs100000/- in a year , if KYC norms not complied with. No further transaction will be permitted till compliance of KYC norms if at any point in all his accounts balance exceeds Rs 50000/- ( Fifty Thousand) or total credits in the account exceeds Rs 100000/-(One Lac) no further transaction will be permitted till compliance of KYC norms . f) No Collection of cheque is permitted in these accounts. However, if any cheque is brought for collection then customer is to satisfy KYC norms. Normally transfer and clearing is not allowed. Exception i) However, if Branch Manager is fully satisfied, such collection / transfers may be allowed up to Rs 3000/- per instrument but not more than six such transactions in a year . ii) In such cases Branch Manager has to certify having satisfied himself about the genuiness of the transaction before allowing such transaction. (2.) Saving Bank account + Such accounts can be opened by Individuals (singly or jointly), Associations, clubs, educational institutions. Minimum Balance in Account
Maximum balance + Any Amount can be deposited. Rate of Interest / Eligibility for payment of interest
|