Opening of Account

All individuals are eligible to open SB A/c. upon submission of identity and address proof. The Bank may call for submission of KYC document at regular interval in accordance with the regulatory compliance. The SB A/c should not be used for carrying out Business/commercial transactions.

Operations In The Accounts

Ten Debit entries are allowed free per month.

Normal SB A/c with Cheque Book Facility

  • In SB A/c with cheque book facility, all withdrawals must be made by cheques from the cheque book issued to the account. In extreme circumstances, Branch Manager can permit cash withdrawal by means of withdrawal form. Use of withdrawal slip will be allowed to the account holder for self-withdrawal, for a maximum of Rs.25000/- at parent branch on a written request only.
  • Cheque Books up to 50 MICR cheques, will be issued free of charge per year to account of an individual.
  • The Bank reserves the right to withdraw the cheque book facility if the minimum balance is not maintained or for any other reason whatsoever, with prior intimation.
  • Average Quarterly Balance (AQB) is Rs.500/- for Normal SB Accounts with Cheque Book Facility.

Normal SB A/c without Cheque Book facility

  • The withdrawal from the account without Cheque Book facility is allowed with help of Withdrawal Slip.
  • Withdrawal Slip when presented for payment must accompany the relative savings bank pass book.
  • Third party cash withdrawals in Savings accounts are not allowed by withdrawal slips, even if they are accompanied by passbooks.
  • Average Quarterly Balance (AQB) is Rs.100/- for Normal SB Accounts without Cheque Book Facility

Basic Savings Bank Deposit A/c

  • Basic Savings Bank Accountmay be opened either with “NIL” or very low minimum balance.
  • Operation in BSBDA-Small Account would be restricted, subject to maximum balance Rs.50000/-, annual turnover Rs.100000/- and four free transactions per month.

Inter-SOL Operations

Inter-Sol deposits are allowed, subject to cash handling charges. Inter-Sol cash withdrawals maximum up to Rs.50,000/- per day, allowed only to the depositor(s) having cheque book facility and not to third parties

Rate of Intrest on Savings Bank Deposit

Presently, ROI is 3.50% & 4.00 % p.a (as per the balances available in the account) and payable quarterly in the month of February, May, August and November. Interest is calculated on daily balance maintained in the account and credited if it is Minimum Re.1/- or above in nearest rupees.

Nomination Facility

Nomination facility is available on all Savings Bank Deposit accounts opened by the individuals.

Standing Instruction

Standing Instructions/Direct Debit (ECS) facility is available for SB Accounts. The charges for execution/ failure are displayed on our Website.

Dormant Account

SB A/c. will be treated as DORMANT, if there are no operations for two years or more.

Account Portabitity

Facility for transferring the account within our Branches is available.

Clouser of Account

A/c. may be closed anytime at the A/c. maintaining Branch. Closure of A/c. before 12 months is subject to charges, excluding closed within 14 days from A/c. opening date.

ATM/Mobile Banking/Internet Banking Facility

ATM / Mobile Banking / Internet Banking facilities are available to all SB A/c. holders.

Service Charges and Other charges

Charges are levied as per Bank's guidelines and subject to change from time to time with 30 days' notice. For details please visit our Bank's website www.bankofindia.co.in.

Customer Grievance/ Feedback

The customer can provide their suggestions/feedback/grievance, if any, to the concerned Branch Manager/or submit on our website-http://www.bankofindia.co.in/english/GrievanceForm_pg.aspx


Each depositor in Bank is insured up to a maximum of Rs.100000/- (Rupees One Lakh) for both principal and interest amount held by him/her.

Disclosure of Information

The Bank may disclose information about customers' a/c if required or permitted by Law, rule or regulations, or at the request of Public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder/s


Note: for more details, please refer to our Model Deposit Policy which is available on our website through link http://www.bankofindia.co.in/PageMenuDocs/Model_Policy.pdf