Savings Bank Account

• 1. A person duly introduced to the bank willing to open an account should apply in the form supplied with particulars required there in duly filled in as per KYC forms.
• 2. Every applicant will be deemed to have read and accepted these rules.
• 3. Account may be opened in the name of an individual or jointly in the names of two or more to be payable to either or both all of them or to the survivor or survivors.
• 4. Not more than one account may be opened by one person in his/her name special arrangement can be made of Guardians and parents willing to open accounts.
• 5. Interest is allowed against balance on daily basis at the rate of 3.50% percent per annum. The amount of interest will be added to each account twice in a year i.e. on 30th Sept. and 31st March.
• 6. The Bank reserves to itself the right to refuse to accept cheques and bills not payable to bearer for credit of an account
• 7.a) A depositor may withdraw money from his/her account twice a week but not in excess of a quarter of the amount standing at the credit of the account of Rs.20,000/- whichever is more unless 7 days advance notice is given. A week is reckoned from Monday to Saturday.
• b) During the period of notice weekly withdrawals are not allowed.
• c) If the money is not withdrawn within a week after the expiry period of notice the notice shall be considered as cancelled.
• c) If the money is not withdrawn within a week after the expiry period of notice the notice shall be considered as cancelled.
• 8. A sum not less than Rs.100/-can on any day be transferred into a Fixed Deposit with the Bank and for doing this notice is necessary.
• 9. A charge of Rs.15/-will be made when an accounts is closed within three months from the date of opening.
• 10. All payments made into or by the bank will be entered in a pass book supplied by the bank free at the time opening of the account If the pass book so given is spoiled or lost a duplicate will be supplied on payment of Rs.15/-only.
• 11. No money withdrawn account closed is allowed without the production of the Pass Book.
• 12. Depositor should see that the entries are correctly made and duly acknowledged in the Pass Book.
• 13. Cheque book will be issued to those who agree maintain regular balance of Rs. 100/- in account. In other cases only withdrawal from supplied by the bank are to be used.
• 14. No payment will be allowed against unrealized credits.
• 15. When an account is closed subject to Rule No12 above the Pass Book shall be retained by the Bank there after.
• 16. Accrued interest during a year for Rs. 10.000/- or more is subject to T.D.S.
• 17. Transaction of Rs 10 lakh and above in a year is covered under A.M.L.Act.-2002.