SB Small Account

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) Introduction from an account holder who has been subjected to full KYC

procedures. The introducer’s account with the bank should be at least six months

old and should have satisfactory operations. Photograph of the customer who

proposes to open the account and also his address needs to be certified by the

introducer.
 

(iii)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.
 

(iv) 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.
 

(v) 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.