Product - Basic Savings Bank Account
In order to make the basic banking facilities available in a more uniform manner across banking system, RBI has modified the guidelines on opening of basic banking „no-frills‟ accounts. Accordingly, our branches are offering a “Basic Savings Bank Deposit Account” in lieu of Nofrill A/c with following minimum common facilities to all customers:
1. The Basic Savings Bank Deposit Account shall be considered a normal banking service available to all.
2. This account shall not have the requirement of any minimum balance.
3. The services available in the account will include deposit and withdrawal of cash at bank branch as well as ATMs; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques drawn by Central /State Government agencies and departments;
4. While there will be no limit on the number of deposits that can be made in a month account holders will be allowed a maximum of four withdrawals in a month, including ATM withdrawals; and
5. Facility of ATM card or ATM –cum-Debit Card.
The above facilities will be provided without any charges. Further, no charge will be levied for non-operation/activation of in-operative Basic Savings Bank Deposit Account.
The Basic Savings Bank Deposit Account would be subject to our Bank's instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time by the Reserve Bank of India.
Holders of Basic Savings Bank Deposit Account will not be eligible for opening any other savings bank deposit account in the bank. If a customer has any other existing savings bank deposit account in the bank, he/she will be required to close the same within 30 days from the date of opening of a Basic Savings Bank Deposit Account.