Savings Bank Account Rules

1. Any person approved by the Bank may open a Savings Bank Account. He/she has to sign the relative Account Opening Form in presence of authorised official of the Bank upon agreeing to comply with the rules governing Savings Bank Accounts and providing satisfactory introduction.

2. The Bank will not open an account which is to be operated under a cross mark or signature by the hand of another person.

3. Two Passport size photographs (three, if the account is to be operated by thumb impression) are required to be submitted by the depositors at the time of opening of a Savings Bank Account.

4. Every depositor while opening a Savings Bank Account shall be required to furnish PAN/GIR No. on the Account Opening Form if the depositor is an Income Tax Assessee, or if not, to give declaration on Form No. 60/61.

5. Savings Bank Account can also be opened by a natural guardian i.e. father or mother or by a guardian appointed by the Court on behalf of a minor. Guardian opening an Account in the name of minor under his/her guardianship shall have to give a declaration that the funds withdrawn in the account of the minor, from time to time, will be utilised for the benefit of the minor.

6. The Bank reserves the right to verify the details given in the Account Opening Form through any third party, if necessary.

7. SB Accounts can not be opened by any trading or business concern, regardless of its constitution.

However, Clubs, Associations, Charitable Institutions etc. may open SB accounts subject to verification of their rules and bye-laws copies of which are to be furnished to Bank before opening such account.

8. More than one SB Account cannot be opened by an individual singly without special consent of the Bank. Joint accounts may be opened by two or more persons where more of operation must be specified.

9. Minors, having attained the age of 10 years and able to read and write, are allowed to open account singly, but no cheque book will be issued against such account.

10. In case of minor’s account operated by the guardian, the right of the guardian to operate the account will cease upon the minor attaining majority. Any balance in the account will be deemed to be the exclusive property of the minor who has attained majority, and further withdrawals from the account will be allowed to the erstwhile minor alone after completing procedural formalities.

11. Cash and cheque to be deposited in the Bank should be handed over to the respective counters and no individual outside the respective counters have any authority to receive them.

12. The total number of withdrawals from the account whether by cheque or otherwise will not exceed 50 per half year or such ceiling as may be decided by the Bank. For additional withdrawals, a service charge at the rate decided by the Bank will be recovered from the account.

13. Cheque-book will be issued if the account is properly introduced. The SB Account holder will be given 60 cheque leaves free of cost in a year as per the present norms of the Bank and this is subject to change as may be decided by the Bank. For additional cheque leaves, service charge as may be decided by the Bank, will be levied. The customer may at the time of opening the account opt not to use cheque books.

Account holder should carefully note that while issuing a cheque, he/she should ensure that sufficient balance is maintained in the account. Issuing cheque in anticipation of funds to be credited to the account is not permitted. Also, cheques issued and dishonoured due to account holder’s fault such as insufficiency of fund/cheques drawn irregularly etc. will attract, apart from service charge, levied by the bank, penal provision under the law of the land.

15. Mutilated, post dated, stale and irregularly drawn cheque as also cheques containing extraneous matter will be refused payment. Any alteration on the cheques/withdrawal slip should be authenticated by the full signature of the drawer.

16. When depositing cheques for credit to an account depositors are required to cross them before handling over the same for collection. Cheques deposited in the account and returned unpaid will attract service charge at the rate decided by the Bank plus interest as applicable.

17. Instruments such as Cheques, Demand Drafts and Dividend/Interest Warrants will be accepted for credit of an account only when the account has been properly introduced and such instruments must be drawn in favour of the account holder and not endorsed to him/her.

18. The customer has to maintain minimum balance in the account as may be prescribed by the Bank from time to time. Failure to maintain such minimum balance in the account will attract penalty as may be levied by the Bank.

19. For accounts operated by thumb impression,, the depositor must personally visit the Bank along with the passbook to withdraw money from the account.

20. If the passbook is lost and a duplicate thereof is sought, the depositor will have to pay the prescribed charges for a duplicate passbook.

21. The passbook and the cheque book are very important documents. At the time of receiving the cheque book, the account holder should count the cheques therein and draw the attention of the Bank if any cheque is missing therein. The passbook and the cheque book must be kept in secured possession of the account holder. Any loss must be brought to the notice of the Bank forthwith.

22. Bank will register instruction from the drawer of a cheque to stop payment of it but it cannot undertake any responsibilities in case such instructions are overlooked.

23. If the account is closed within a year from the date of its opening, a prescribed charge will be levied.

24. Bank reserves the right to close any account with prior intimation if it is not operated satisfactorily.

The Bank’s decision is such matter will be final.

25. Nomination is accepted in favour of a single individual only.

26. The Bank reserves the right to alter or add to these rules and such alteration and additions shall be binding on the account holders.