Savings
Bank Account: -
Savings
Bank account as the very name suggests is intended for
savings for the future. There are no restrictions on the
number and amount of deposit that can be made on any day.
Minimum amount of withdrawal / deposit is Rs.10/-. Balance
in the account earns interest at rates advised by the Head
Office from time to time. The facility of withdrawal by
cheque is also allowed subject to certain restrictions.
These accounts can be opened by eligible persons and also
certain organisations and agencies (as approved by the RBI).
As
required by Law, while opening the account, we will satisfy
ourselves about the identity, including verification of
address of a person/s seeking to open an account, to assist
in protecting the prospective customers, members of the
public and ourselves against fraud and other misuse of the
Banking system duly observing the Know your customer (KYC)
guidelines of RBI.
The Bank requires satisfactory introduction of the person/s
opening the account by a person acceptable to the bank.
The bank is required to obtain 2 recent photographs of the
person/s opening the account.
The bank is required to obtain permanent account number
(PAN) or General Index Register (GIR) number or
alternatively obtain declaration in form no.60 or 61 as per
the income Tax Act (Vide Section 139-A) from the person/s
opening the account.
The Bank will provide to the prospective customers details
of the documents required for identification of the person/s
opening the account in addition to a satisfactory
introduction. Documents normally accepted are the current
Gas/Telephone/Electricity Bill or voter's identity card or
driving license or pass port or Ration card etc.
The account holder is required to maintain minimum balance
in the account, as specified by the Bank from time to time.
Bank has discretion to change the above norms and levy
charges for non-compliance of the same. However, adequate
notice will be given informing the change/s. Interest as
prescribed by RBI is paid on half yearly basis on minimum
balance between the 10 th day and last day of the month,
provided it works out minimum Re.1.
Issue of cheque book is subject to satisfactory operation in
the account. However issue of multiple Cheque books is the
discretion of the Branch Manager and subject to charges.
Cheques, Dividend warrants drawn in the name of account
holder/s will only be collected through the account. (Financial instruments endorsed in favour of the account
holder/s will not be collected through SB account.)
Pass book is provided to customer and updated periodically.
Current
Account: -
Current
Accounts are designed to meet the needs of such sections of
the public who operate their account regularly and
frequently. i.e. Traders, Businessmen, Corporate bodies or
the like who receive money and make payments very often.
Current accounts are suitable to such category of customers
as there are no restriction on the number of withdrawal or
deposit. Current accounts can be opened by individuals,
partnership firms, Private & Public Ltd Co., HUFs, /
Specified associates, Societies, Trusts, etc.
As
required by law, while opening the account, we will satisfy
ourselves about the identity, including verification of
address of the person/s seeking to open an account to assist
in protecting the prospective customers, public and
ourselves against fraud and other misuse of the Banking
system duly observing the KYC guidelines of RBI.
The Bank requires satisfactory introduction of the person/s
opening the account by a person acceptable to the bank.
The Bank is required to obtain 2 photographs of all the
person/s who is opening and operating the account.
The bank is required to obtain permanent account number
(PAN) or General Index Register (GIR) number or
alternatively obtain declaration in form no.60 or 61 as per
the income Tax Act (Vide Section 139-A) from the person/s
opening the account (i.e. including partners or registered /
unregistered partnership as also registered / incorporate
bodies / companies).
The Bank will provide to the prospective customers details
of the documents required for identification of the person/s
opening the account in addition to a satisfactory
introduction. Minimum Balance as stipulated from time to
time is required to be maintained by the customers.
No interest is paid on credit balance kept in Current
Account.
Service charges are levied for ;
1.
Cheque books issued
2.
Non-maintenance of minimum balance
3.
Return of cheques, etc
The applicant (i.e.account opener) should declare in the
account opening form or separately that he is not enjoying
any credit facility with any bank and if he does enjoy any
facility/ies he should declare full particulars thereof
indicating the name of the bank, branch where from he has
availed these facilities and also submit no objection
certificate from financing bank/institution.
Statement of account is provided to the account holder
monthly or more frequently as per the arrangement.
Stop Payment facility The bank will accept stop payment
instructions from the depositors in respect of cheques
issued by them (subject to maintenance of required balance).
Charges as specified will be recovered.
Term
Deposit Account:
The
deposits received by the bank for a fixed period
withdrawable after the expiry of the fixed period and
includes deposits such as Recurring / Fixed /Term etc.
Term
Deposits can be opened by individuals, partnership firms,
Private / Public Ltd Co.s, HUFs,/
Institutions/Societies/Trusts etc.
As
required by law, while opening the account we will satisfy
ourselves about the identity, including verification of
address of the person/s seeking to open an account to assist
in protecting the prospective customers, public and
ourselves against fraud and other misuse of the Banking
system duly observing the KYC guidelines of RBI.
The Bank requires satisfactory introduction of the person/s
opening the account by a person acceptable to the bank.
The Bank is required to obtain 2 photographs of all the
person/s who is opening and operating the acount.
The bank is required to obtain permanent account number
(PAN) or General Index Register (GIR) number or
alternatively obtain declaration in form no.60 or 61 as per
the income Tax Act (Vide Section 139-A) from the person/s
opening the account.
The Bank will provide to the prospective customers details
of the documents required for identification of the person/s
opening the account in addition to a satisfactory
introduction by Persons & entities already having operative
accounts such as SB, current account etc. need not provide
the above documents for opening of the Term Deposit
accounts.
Premature withdrawals are allowed unless specified
otherwise, at the rate of interest applicable for the period
for which the deposit has run ruling on the date of deposits
, subject to penalty if any prescribed by the bank.
Premature extension / renewal of term deposit
In
case the depositor desires to renew the deposit by seeking
premature closure of an existing term deposit, the bank will
permit the renewal at the applicable rate on the date of
renewal, provided the deposit has run for a minimum period
of 15 days and is renewed for a period longer than the
balance period of the original deposit. While prematurely
closing a deposit for the purpose of renewal, interest on
the deposit for the period it has remained with the bank
will be paid at the rate applicable to the period remained
with the bank and not the contracted rate.
Generally loans / overdrafts against deposits are allowed
except on Certificate of Deposit (CD). Such loans are
sanctioned by charging interest at rates announced from time
to time by the bank. The bank may also consider loan against
deposit standing in the name of minor. However, a suitable
declaration stating that loan is for the benefit of the
minor is to be submitted by the depositor applicant.
Deposits are renewed by the bank on due dates on request.
Wherever the depositor has executed the option of automatic
renewal in the account opening form, the bank may renew the
deposit until the instructions are revoked in writing. The
bank intimates the depositor in advance regarding the date
of maturity.
Interest on deposit is payable either monthly or quarterly or half yearly.
Renewal of overdue Term Deposits:- When a term deposit is
renewed on maturity, on renewed deposit interest rate for
the period specified by the depositor as applicable on the
date of maturity would be extended. If request for renewal
is received after the date of maturity, such overdue deposit
will be renewed with effect from the date of maturity at the
interest rate applicable as on the due date, provided such
request is received within 14 days from the date of
maturity. In respect of deposits renewed after 14 days from
the date of maturity, the deposits will be renewed from the
date of maturity for the period requested applying the rate
of interest ruling on the date of maturity or on the date of
renewal whichever is lower, subject to renewal for a period
not less than 15 days from the date of renewal.
Interest on overdue deposit is paid if the deposit is
renewed, as decided by the bank from time to time.
Interest on bank deposits is exempt from Income Tax up to a
limit specified by Income Tax authorities from time to time.
Presently, if the total interest on deposits, per depositor
per branch per financial year exceeds Rs.10000/-, the same is
subject to Tax deducted at source (TDS) at the rate
stipulated by the Income Tax authorities.
The depositor may furnish declaration in form No.15-G/ 15-H
preferably at the commencement of the financial year for
receiving interest on deposits without deduction of tax.
The Bank will issue TDS certificate for the tax deducted.
Interest payable on the
deposit of a deceased depositor
1.
Where the amount of deposit is claimed before
maturity by premature closure:
i.
Where claimant is non-resident:
a.
Where the deposit has not completed the
minimum period of deposit, i.e., 1 year, no interest is
payable.
b.
Where the deposit has completed the minimum
period of deposit, interest is payable at the rate of
interest applicable for the period run as prevailing on the
effective date of deposit, WITHOUT PENAL CUT.
ii.
Where claimant is resident:
As in 1 (i) above.
2.
Where the amount of deposit is claimed during
the tenure of the deposit, but settlement is made after the
maturity date.
i.
Where the claimant is non-resident:
Interest is payable at the contracted rate till the date of
maturity. For the period from the date of maturity till the
date of payment, simple interest is payable at the
applicable interest rate for FCNR (B) deposits as prevailing
on the date of maturity for the period for which the deposit
remained with the bank beyond the date of maturity.
ii.
Where the claimant is resident:
Branch will convert the maturity proceeds into Indian Rupees
on the maturity date. Interest on such Rupee amount is
payable for the subsequent period form the date of maturity
till the date of payment at a rate as applicable to domestic
deposit of similar maturity.
3.
Where the amount of deposit is claimed after
maturity date:
i.
Where the claimant is non-resident:
As in 2 (i) above
ii.
Where the claimant is resident:
The foreign currency deposit proceeds will be first
notionally converted into Rupees and on such Rupee amount,
interest is payable for the subsequent period from the date
of maturity till the date of payment at a rate as applicable
to domestic deposit of similar maturity.
6.
Addition or deletion of name/s of joint account holders
At
the request of the joint account holders addition / deletion
of name/s is permissible at the specific request of the
depositor and all the depositors in case of joint
accounts.
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