Rs. 5 Banking

1. 'AllBank No-Frills SB A/C' can be opened with a minimum balance of Rs.5/-.

2. The following benefits are allowed to these category of SB account holders :

   1. Account can be opened with a minimum initial deposits of Rs.5/- and maintained at the minimum balance of the same amount,

   2. No incidental charges will be deducted in case of fall in minimum balance,

   3. No inoperative charges will be deducted from the account,

3. The following restrictions are imposed for the 'AllBank No-Frills SB A/C':

   1. The Account holders will not be eligible for Cheque Book and ATM card facilities,

   2. Maximum numbers of withdrawals are restricted to 30 per half year. In case the number of withdrawals exceeds the limit of 30 transactions per half year, the same will be permitted after valid authorization of the Branch Manager/Dealing Officer,

   3. Duplicate passbook may be issued to the account holder with a charge of Rs.10/-
       

4. The other terms and conditions for the 'AllBank No-Frills SB A/C' :

   1. All No Frill Account holders will have the option (written application) to shift to normal SB account after attaining the stipulated minimum balance. However, the customers converted to normal SB account will not be allowed to revert to No Frills Accounts.

   2. The existing SB account holders will not have the option to convert to No Frills SB account.

   3. The Branches should continue to segregate the dormant No Frills accounts as hitherto done in case of Dormant Account in general. However, these accounts will not attract any charges for being inoperative/dormant.

   4. All new accounts opened under this category should comply with the extant guidelines on KYC norms.