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Last Updated on 23/06/2017
SB Small Account

SALIENT FEATURES OF SB - SMALL ACCOUNT:

1. Accounts can be opened by Individuals. Opening of Joint account with operational clause ‘either or Survivor’ etc is also allowed. However number of account holders is restricted to two only.

2. ATM Debit card can be issued. The account is eligible for SMS Alert also.

3. Small Account means a savings account in a banking company where-

(i) the aggregate of all credits in a financial year does not exceed rupees one lakh;

(ii) the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and

(iii) the balance at any point of time does not exceed rupees fifty thousand.


KYC guidelines for small deposit accounts

i) Separate KYC form need not be obtained from such applicants.

(ii)Branch can accept certificate from VAO/Voter Identity Card/Ration card/Driving Licence/PAN Card (if available)/Passport (if available) as a proof of identity and address and open the account on the strength of it.

(iii) Job card issued by NREGA duly signed by an officer of the State Government or the letters issued by the Unique Identification Authority of the India, containing details of name, address and Aadhaar number.

(iv) Customer should be made aware that if at any point of time , the balances in all his/her accounts with the bank taken together exceeds Rupees fifty thousand or total credit in the account exceeds Rupees one lakh, no further transactions will be permitted until full KYC procedure is completed.