Savings Fund Account

• These accounts are designed to help the individuals(personal customers) to inculcate habit of saving money and to meet their future requirement of money. The amounts can be deposited/withdrawn from these accounts by way ofcheques/withdrawal slips. It helps the customers to keep minimum cash at home besides earning interest.
  
• Savings Bank accounts are very popular. These accounts can be opened by eligible person/s and certain Organisation/agencies (as approved by the Reserve bank of India (RBI).
  
• As required by law, while opening this account we will satisfy ourselves about the identity, including verification of address, of a person/s seeking to open an account, to assist in protecting the prospective customer/s, members of the public and ourselves against fraud and other misuses of the banking system.
  
• The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank.
  
• The Bank is required to obtain two recent photographs of the person/s opening the account, as per R.B.I. directives.
  
• The Bank is required to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No.60 or 61 as per the Income Tax Act(vide Section 139A) from the person/s opening the account.
• The Bank will provide to the prospective customers details of the documents required for identification of the person/s opening the account in addition to a satisfactory introduction. Documents normally accepted are the Current gas/telephone/electricity bill or ration
  card or voter's identity card or driving licence or passport, etc.
• Cheques, dividend warrants drawn in the name of account holder/s will only be collected through this account. Financial instruments endorsed in favour of the account holder/s will notbe collected through savings bank account.
• A Savings Fund account can be opened in the name of individuals, singly or jointly, minors of the age of 10 years and above or under natural/legal guardianship or by an illiterate/blind person.
• Minimum balance to be kept in the account(& initial deposit for opening the account)  with cheque book facility is Rs.250 for Rural Branches and Rs.500 for other branches. Minimum balance(& initial deposit for opening the account) without cheque book facility is Rs. 100/- for Rural branches, Rs. 200/- for semi-urban branches, and Rs. 300/- for other branches.This stipulation excludes pension and salary accounts.
• Interest @ 3.50 % per annum is payable every half year.
• As many as 50 withdrawals are permitted in a half year.
• Account may be transferred from one branch to another branch, free of charge.
• Facility of standing instruction for regular payments like insurance premium, rent, tax etc.