Application to open a Savings Bank Account should be made on the Bank's prescribed forms duly completed with his name, address etc. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
Any depositor unable to write must attend in person and (in the presence of an approved witness who knows the depositor and is known to the Bank) affix his thumb impression to the application and other forms and have it attested by the signature of the approved witness. An illiterate depositor may lodge in person a passport size recent photograph with the Bank subject to provision of rules regarding withdrawals.
Bank will normally stipulate certain minimum balance/minimum Average Quarterly Balance (AQB) to be maintained as part of the terms and conditions governing operations of such accounts which will be displayed on the Bank’s Website. Failure to maintain minimum balance/ minimum Average Quarterly Balance (AQB) in the account will attract levy of charges as specified by the Bank from time to time. Upon completion of 45 days of the quarter, the average balance maintained by the customer in Savings Bank Account during the period completed, shall be advised through Short Message Service (SMS) requesting to maintain the stipulated AQB for the account to avoid penalty. The SMS shall only go to the account holders whose AQB is less than the prescribed AQB required to be maintained in account. Accordingly, if the requisite Average Quarterly Balance (AQB) of three months is not maintained in the savings bank account, the penal charges shall be levied by the system after the completion of the quarter and the same is notified to the customer through SMS. The charges shall be levied slab wise on the basis of Average Quarterly Balance (AQB) maintained in the account vis-à-vis stipulated AQB requirement. The slab structure for recovery of charges in the various categories of Saving Bank account is available on Bank’s website and is subject to revision from time to time.
Interest will be allowed at the rate prescribed by the Bank from time to time. The present rate of interest allowed on Savings Bank Account can be ascertained at the Bank. The Bank reserves the right to vary the rate of interest from time to time and to increase or decrease the rate of interest payable. Interest shall be paid on Savings A/c at the rate specified by Bank which will be calculated on daily product basis and will be credited quarterly in the months of May, August, November and February, respectively or at the time of closing A/c. Interest will be credited if it is Minimum Re.1/- .