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Savings Bank accounts are meant to inculcate Savings habit among the citizens while allowing them to use their funds as per their convenience. The Savings Bank accounts are opened by the bank on proper introduction and also after ensuring that the customer satisfies the KYC (Know Your Customer) norms. Reserve Bank of India has enforced extant guidelines regarding adherence to the KYC norms by Banks. The Government of India has also brought out a specific act by name Prevention of Money Laundering Act during 2002 to prevent conversion of dirty-money secured through illegal/criminal activities to legal money.
In order to adhere to KYC Policy, the customers are required to submit two passport size photographs of all the depositors/account holders who are authorised to operate the Savings Bank Account besides producing any of the following documents namely
1 Pass port
2 PAN card
3 Voters Identity Card
4 Driving Licence
5 Identity Card (Subject to Bank’s Satisfaction).
The customer is also required to submit any one of the following documents for verifying the correct permanent address namely
1 Telephone Bill,
2 Letter from any recognised Public Authority
3 Electricity Bill
4 Ration Card
5 Letter from employer subject to satisfaction on Bank
6 Propery Tax Book/Receipt
7 Registered Lease Deed.
The introduction may be obtained either from an existing account holder or from a respectable citizen, well known to the bank, who should normally call on the bank and sign in the column specially provided for the purpose of introduction in the Account opening form. Defence personnel may open Savings Bank Account on the strength of an introductory letter from the Commanding Officer of the unit to which they belong. However, the Citizens’ are informed that introduction is not merely a formality but is a definite measure of safe-guard against opening of accounts by undesirable persons or opening of accounts in fictitious names. So the citizen’s are requested not to introduce customers who are not well-known to them or who are not well conversant to them.
Citizens are also required to submit CROP (Customer Record of Profile) form at the time of opening of account. Reserve Bank of India has advised the banks to introduce a system to monitor the transactions put through the Savings Bank and other accounts so as not fall prey to the measures adopted by the fraudsters.
Based on the Government directives, threshold limit for each account will be fixed by the branch depending upon the category of the customer i.e Salaried class, middle income group, Businessmen, Traders etc. As per the RBI Directives, banks are advised to closely monitor any large value transaction.
Savings Bank Account can be opened in the name of an individual or in joint names of two or more account holders. Savings Bank Accounts are also opened and operated by the minors provided they have completed ten years of age and have the power of understanding. Accounts by Hindu Undivided Families (HUF) not engaged in marketing, trading or business activity, can be opened in the name of the Karta of the HUF.
The minimum balance to be maintained in savings bank account(without the facility of cheque books) is Rs.100/ and where cheque books are issued, a minimum balance of Rs.500/- has to be maintained in respect of rural & Semi urban branches. In respect of Urban &Metro branches the minimum balance will be Rs 500 without issue of cheque books and Rs 1000 with availment of cheque book facility.
For Pension Savings Accounts, minimum balance to be maintained is Rs.5/- without cheque facility and Rs.250/- with cheque facility. In a calendar year, three MICR Cheque books containing 20 leaves each are supplied to the account holder free of charge. If the customers want to have more than 60 cheques leaves in a year, bank will charge Re.2.30/- for each MICR cheque leaf and Rs 1.15 for each Non MICR leaf over and above 60 leaves. Normally, one cheque book is issued to a customer at a time.
For non maintenance of minimum balance in SB account charges ranging from Rs 6 to Rs 12 are charged per month irrespective of number of defaults per month
The minimum amount of deposit or withdrawal made into or from a Savings Bank account is Rs.5/-.
In respect of inoperative Savings Bank accounts where the balance is Rs.10/- and above, but less than Rs.100/-, a service charge of Rs.23/- per half year is charged. If the balance is below Rs.10/-, the account will be closed and the amount is adjusted towards Bank’s service charge, under advice to the customer.
Standing Instructions for remittances like payment of Insurance premia; subscription for clubs, periodicals, etc., are carried out by the Bank, against levy of service charges in force. Such instructions continue to hold good until it is cancelled by the customer; or closure of the account; or death of the customer; or insufficiency of balance in the account.
Interest is calculated and credited to the account on half-yearly basis on the minimum monthly credit balance between the tenth and the last day. However, no interest is payable if the interest amount works out to below Re.1/- at any time. There is no ceiling on the maximum balance for earning interest on Savings Bank Accounts. Presently Savings interest is calculated and credited in February and August every year.
Savings Bank accounts can be transferred from one branch to another free of charge, at the request of the account holder(s).
Dishonour of cheques issued by the account-holder, due to insufficient funds in the account will attract penal provisions under Sec.138 of the Negotiable Instruments Act.
Nomination facility is available for all Savings Bank Account in the name of an individual and in the joint names.
The Bank will NOT open a Savings Bank account in the name of a trading or business concern, irrespective of whether it is a proprietary or partnership firm, a company or an association.
NO FRILLS SAVINGS ACCOUNT
In order to inculcate the savings habit among low -income and poor people, bank has introduced "No Frills" SB account in rural and Semi Urban branches. The minimum balance in the account will be Rs 5 and the maximum balance should not exceed Rs 50,000 and the total credits in the account in one year not to exceed Rs 1 lac. Cheque Books will not be issued and cash withdrawals to be permitted only through withdrawal slips. Number of transactions permitted are 25 per half year
SAVINGS BANK ACCOUNT - PASS BOOK AND ITS IMPORTANCE
The pass book contains the name, account number and address of the account holder(s). It must be presented for all withdrawals other than those by cheque. In case of drawals by cheque, the pass book should presented within a week from the date of withdrawal for the entries to be recorded.
The account holders should examine the entries in the pass book carefully and draw Bank’s attention to any errors or omissions. The bank is not responsible for any entries which are not authenticated by its authorised persons.
LOSS OF PASS BOOK
Depositors are required to keep their pass books in a place of safety as the Bank will not be responsible for any loss or fraudulent withdrawal arising out of the loss of a pass book due to depositor’s negligence. Loss of passbook should be immediately reported to the bank.
No charge will be made for the pass book first supplied to a depositor or for any pass book issued to him in continuation of the original book. If a pass book is lost or misplaced, specific service charges are levied for issuance of duplicate pass book.
ACCEPTANCE OF CHEQUES, ETC., FOR COLLECTION
Cheques, Drafts, Dividend warrants, and other instruments are accepted for collection/clearing to the credit of Savings Bank accounts only if they are drawn in favour of the account holder.
CHARGES FOR ISSUE OF DUPLICATE STATEMENT, PASS BOOK
Non-Rural Branches Rural Branches
1. Issue of Rs.23/- per ledger Rs.18/- per ledger duplicate page. page. statement
2. Issue of Rs.23/- per pass book Rs.18/- per pass book duplicate with latest balance only. with latest balance only. Pass Book for previous entries For previous entries additional charges of additional charges of Rs.23/- per ledger Rs.18/- per ledger page or part thereof. page or part thereof. (For accounts maintained on computers 40 entries or part thereof be treated as one ledger page.)
LOSS OF CHEQUE LEAF / BOOK
Loss of cheque leaf or cheque book should be informed to the branch immediately giving the full particulars of cheques(s) issued.
Withdrawals by the account holders may be made by cheque/withdrawal forms supplied by the bank. The Bank reserves its right to refuse payment of any cheque/withdrawal forms which are not drawn as per norms. Cheque Books are normally issued to a depositor on personal application only; if for any reason this is not possible the cheque books can be despatched by Registered Post and the postal charges incurred are recovered from the account.
Number of withdrawals permitted is 50 per half year. If this limit is exceeded, incidental charges will be levied as per rules in force.
All these rules and regulations are subject to revision as per the guidelines issued by Reserve Bank of India, Government of India and Indian Bank’s Association from time to time.
Savings and Current account in which there has been no operation for the past 2 years or more will be transferred to inoperative account. A notice, however, will be sent to the depositor before transfer to the inoperative account. Applicable service charges Rs 23 per half year will be charged to the account. If the account remains inoperative totally for a period of 5 years, the same will be transferred to the unclaimed balances account
In case where operations in the SB or current deposit is not conducted satisfactorily, bank may decide to close the account and pay the balance after giving due notice
Bank is adopting simple procedure for settlement of claims in respect of amount lying in deposit accounts/Safe Deposit Lockers/ Safe Custody Articles. Bank is also paying applicable interest in respect of deceased depositor till the date of settlement of claim. Customers are requested to nominate a person without fail in respect of all the deposit accounts/ Safe Deposit Lockers/ Safe Custody Articles. In respect of claims where nomination is made, branches are empowered to settle the claim irrespective of the amount. Regional Offices have been vested with administrative powers to settle claims irrespective of the amount wherever claims are made based on legal representation such as Succession Certificate, Probate and Letter of Administration. Minimum documents like death certificate,
Document to verify the authority of Legal heirs, Indemnity and Discharge Receipts are normally requested in such cases. Bank is also in the process of fixing the threshold limit for further simplification of documents/settlement and also for fixing time frame for settlement of the claims.
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