The
salient features of the scheme are as follows:
1. INITIAL
DEPOSIT FOR OPENING THE ACCOUNT: The account can be opened
with a minimum initial deposit of Rs. 5/-.
In case of cheque facility being availed by the account holder, the
minimum initial balance should be Rs. 250/-
2. MAINTENANCE
OF MINIMUM BALANCE: The account may be allowed to go even below
the minimum initial deposit and the account may continue even with “Zero”
balance.
3. Opening
of Account under the scheme – The scheme is introduced in all
metro, urban, semi-urban and rural categories of branches without making any
differentiation with regard to amounts of initial deposit and maintenance of
minimum balance as prevailing at present for opening of Savings Bank Accounts.
4. ELIGIBILITY
FOR OPENING ACCOUNT: (a) The eligibility for
opening “No-frills” Account is the same as that for opening general Savings
Bank Account. (b) Minors above the age
10 and below 18 years who are able to read and write may also open a minor
no-frills savings account in his own name or jointly with any other person.
5. RESTRICTION
OF NUMBER OF WITHDRAWALS: In this account up to 25 withdrawals
in a half-year are allowed free. In case
the withdrawals exceed 25, during a half-year, charge will be levied @Rs.3/-
per additional entry during a half-year.
6. CHARGES
TO BE LEVIED: For accounts opened with initial deposits of
Rs. 250/- for having Cheque Book facility, in case the balance comes down below
the initial deposit even up to zero balance, usual charge for non-maintenance
of initial deposit shall be levied.
7. Standing
Instructions – No charge will be levied.
8. Collection
of cheques and issuance of Demand Drafts/MTs are permitted in those accounts
and normal charges are to be levied for those services.
9. For
accounts with cheque book facility, one cheque book of 20 leaves to be provided
free of charge in each year. Any
additional requirement of cheques leaves during a year will attract a charge of
Rs.2/- per cheque leaf.
1.
COMPLIANCE OF KYC GUIDELINES: If a
person wants to open the account and is not able to produce any of the
specified documents, required to be verified at the time of opening of account
to establish the identity and address, the account may be opened for that
person, subject to compliance of the following: (a) Introduction from another
account holder who has been subjected to full KYC procedure. The introducer’s account with the Bank should
be at least six month old and should show satisfactory transactions. (b) Photographs of the customer who wants to
open the account. (c) Address of such persons should be certified by the introducer
or furnishing any other evidence as to the identity and address of the customer
to the satisfaction of the bank.
Note: The
customer should know that if at any point of time the balance in all his/her
accounts with the bank (taken together) exceeds Rs. 50,000/- or the total
credits in the accounts exceed Rs. 1.00 lakh in a year, no further transaction
will be permitted in the account until full KYC procedure of the customers are
complied with.
