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Saving Bank Deposit

Saving Bank Deposit

A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. In some jurisdictions, deposits in savings accounts do not incur reserve requirements. The other major types of deposit accounts are the transactional account (usually known as a "checking" (US) or "current" (UK) account), money market account, and time deposit.

ELIGIBILITY Individuals, Joint accounts, Minor accounts, Blind, Illiterates, HUF, Trusts, Executors and Administrators, Govt. bodies, Semi-Government Departments, Recognized PF Accounts, Capital Gain Accounts, Non-Corporate bodies viz.,, Clubs, Societies, Associations, Schools etc.
MINIMUM BALANCE Average Monthly Balance of Rs. 1000/- for Metro, Urban & Semi-urban branches and Rs. 500/- for Rural branches.
REQUIREMENTS FOR OPENING ACCOUNT Application in the Banks’ prescribed form, Proof of identity, Address proof, Passport size photograph.
NATURE OF DEPOSIT Running (Operative) account
INTEREST RATE 4.00% p.a.(currently).
PERIODICITY OF INTEREST PAYMENT Interest is payable quartely, every February,May,August and November on the daily balance maintained in the account.
SPECIAL RATE FOR SENIOR CITIZEN Not applicable
SPECIAL RATE FOR BULK DEPOSITS Not applicable
TDS Not applicable
NOMINATION FACILITY Available
LOAN AGAINST DEPOSIT Available
OTHER FACILITIES ATM-cum-Debit Card, Pass book/Pass sheet, Nomination, Standing Instructions, Cheque Collection, Instant Credit of Outstation Cheque upto Rs.15,000/-, Internet & Mobile Banking etc.