Any Person approved by the Bank may open a savings Bank Account upon agreeing to comply with the Rules for Saving A/c.
By a person in his or her own name but more than one account cannot be opened in one name.
By more than one person in their joint names payable to any one of them survivor or survivors.
By a natural guardian i.e. father or mother or a guardian, appointed by court of minor.
By a minor of the age of 14 years or more single in his/her name to be operated by minor himself/herself.
At the time of opening each account will be given a specific number and the depositor should always quote that number when writing to the Bank regarding the account and also on the pay-in-slip, withdrawal forms and cheques.
A Saving Bank Account may be opened with a deposit of Rs.500/- in case of account without cheque facility and Rs 1000/- in case of account with cheque facility. A minimum balance of Rs 1000/- for account with cheque facility and Rs 500/- for account without cheque facility will to be maintained at all time.
An account will not be opened in the name of a blind person.
An account will be opened in the name of the partnership, proprietorship or joint stock companies for conducting trade.
Every depositor will be required to give his/her specimen signature for record and all instructions or all forms of withdrawals or cheques or any letter for whatsoever purposes must be signed strictly in accordance with the specimen given to the bank.
Interest would be allowed 3% per annum on the lowest balance as credit of an account between the close of 10th day and the last day of the month. No interest will however be added to the account if interest accrued is less than Rs 1/- on half year ending 30th September and 31st March every year.
No interest will be allowed on any account which is closed within three months of its opening.
Withdrawals will ordinarily be made by drawal form(s) supplied by the Bank in all such cases the pass book should be presented to the bank along with withdrawal form.
Withdrawal may also be made by cheques supplied by the Bank. Accounts for which cheque books are issued can be operated by means of cheques provided by the Bank. Such accounts shall not be operated upon by means of withdrawal forms except in the case of accounts in which the facility for withdrawal by cheque cancelled.
An incidental charges of Rs 100/- will be made if an account is closed within six month from the date of its opening.
If a pass book is lost or spoiled the depositor will have to pay Rs150/- for a new pass book starting with a balance as on the 1st day of the year in which it is to be issued.
The Bank reserve to itself the right to add, either or delete any of these rules without notice.