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.