Common Areas of Customer-Banker Relationship

Savings Account | Current Account | Term Deposit Accounts

Saving Bank Account

• These accounts are designed to help the individuals (personal customers) to inculcate habit of saving money an to meet their future requirement of money. The amounts can be deposited/withdrawn from these accounts by way of cheques/withdrawal slips. It helps the customers to keep minimum cash at home besides earning interest.
    
• Saving 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 139 A) 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,
    
• The account holder is required to maintain certain minimum balance in the account, as specified by the Bank from time to time, separately for computerised and non-computerised branches and also depending on, whether account holder wants to avail the ch'eque book facility or not. Non-compliance of this would attract service charges, Interest at 4% p,a, is presently paid on half yearly basis depending on minimum balance between the 10th day and the last day of the months, provided it works out to minimum Re1/-.
    
• 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 not be collected through savings bank account.

Current Account

• Current Accounts can be opened by individual, partnership firms, private and public limited companies, HUFs/specified associates, societies, trusts, etc.

• 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/operating 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 or61 as perthe Income Tax Act (vide Section 139 A) from the person/s opening the account (i.e. including partners of Registered/Unregistered partnership as also Registered/Incorporated bodies/companies).
    
• 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.
    
• Minimum balance as stipulated from time to time will be required to be maintained.
    
• No interest is paid on credit balance kept in current A/c.
    
• Service charges are levied for:
  - Ledger folio used !
  - Cheque book issued
  - Non-maintenance of minimum balance
  - Return of cheques, etc.
    
• For opening special types of current accounts or like Executors, Administrators, Trustees, Liquidators etc., the Branch Manager may be contacted who will help in opening these types of accounts.
    
• As per RBI directives, the applicant (i.e. account opener) should declare in the account opening form or seperately that he is not enjoying any credit facility with any Bank and if he does enjoy any facility/facilities he should declare full particulars thereof indicating the name of the bank and name of the branch wherefrom he has availed these facilities.

Term Deposit Accounts

Bank has tailored various deposit schemes to suit the needs and expectations of investing people in every walk of life.

Branch staff shall welcome you to seek more details and shall also be glad to assist in the area of investment in various deposit scheme vis-a-vis your requirement.

Term deposit accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associates, etc.

• 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 139 A) 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 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.
    
• Premature withdrawals are allowed, unless specified otherwise, at the rate of interest applicable for the period for which the deposit has run or the contracted rate whichever is lower, subject to penalty, if any prescribed by the Bank. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than 15 days.
    
• Generally loans/overdrafts against deposits are allowed except on Certificates of Deposit (CD). Such loans are sanctioned by charging interest at rates directed by RBI from time to time or as prescribed by the Bank.
    
• Deposits are renewed by the Bank on due dates on request. As a measure of good customer service I the Bank may intimate the depositor in advance regarding date of maturity.
    
• Interest on deposits is payable either monthly at discounted value or quarterly or compounded quarterly (i.e., reinvestment of interest) or on the date of maturity at the option of the depositor as applicable under particular deposit scheme.
    
• Interest on overdue deposit is paid if the deposit is renewed, as decided by the Bank from time to time.
    
• Interest on Bank deposits is exempt from income tax upto a limit specified by Income Tax authorities from time to time.

• Presently, if the total interest on deposits, per depositor, per branch, per financjal year exceeds As. 10,000/-, the same is subject to Tax Deduction at Source (TDS) at the rates stipulated by the Income Tax Authorities.
    
• The depositor may furnish declaration in Form No.15 H preferably at the commencement of the Financial Year for receiving interest on deposits without deduction of tax.
    
• The Bank will issue TDS Certificate for the tax deducted.