Saving Account

Basic Saving Account

We offer 3.50% Interest on Savings Bank Deposit as per RBI's Directive.Customer has to maintain minimum balance or Rs.1000/- for Cheque Book facility.We also open zero balance saving account with certain conditions/ limited transaction.We offer nomination facility for all deposit accounts.Customer can open single/joint account and that account can be operated as per instruction like Any one, Jointly, Any two Jointly either or survivor etc.

Customer can open Savings A/c for his/her minor children.We offer Computerised passbook to our Account holders.

Rules & Regulation for Savings Bank Account

Every Depositor must have to fulfill KYC norms as per RBI directive.The Customer has to give all the valid proof under KYC norms at the time of opening an account as per RBI Guideline.Guardian can open Minor's Savings Account. Birth Proof of Children is required.The customer must have to preserve his/her cheque book & passbook in his custody. The Bank is not responsible for any misuse of cheque book & pass book. Interest on Savings deposit is calculated on daily balances as per RBI's directives.The Passbook should be accompanied with the withdrawal form.

But who insures my deposits?

Your deposits are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC), the second oldest deposit insurer of the world, quietly taking care of the interest of depositors, particularly small depositors. It is a wholly owned subsidiary of the RBI, created by an Act of Parliament and will be celebrating its golden jubilee year in 2011-12.

That is ok, but how much premium the Corporation would charge?

You do not have to pay any premium. However, the DICGC charges a nominal premium from the banks. Probably you never come to know because, unlike other bank fees, this premium is not charged to you.

If our banking system is robust, why do we need deposit insurance?

Despite a robust banking system in India, there are different layers of safety net for protecting depositors' interest and constantly reinforcing their trust and confidence in the banking system. While most of the countries realised the importance of this safety net in recent years, India had established the deposit insurance system way back in 1961.

Please tell me briefly about your insurance scheme.

It insures all types of deposits (e.g., Savings, Fixed, Recurring, etc.) with an insured bank but does not include deposits received from a foreign Government, the Central Government, a State Government, or another bank or any deposit received outside India.

The balance of principal together with interest accrued to each depositor as on the date of liquidation / cancellation of license of the bank is fully settled by the Corporation up to a maximum ceiling amount of Rs.1 lakh.

For the purpose of the above ceiling, all the deposit accounts of a depositor in the same right and the same capacity maintained across all branches of the failed bank are clubbed. However, deposits maintained with different banks and in different rights/capacities are not clubbed. For example, an account maintained by Mr.'A' in his personal capacity and another as the partner of a firm, in the same bank are treated as two different accounts for the purpose of deposit insurance and each account is eligible for a separate insurance cover to the extent of `.l lakh. Similarly, if Mr. 'A' and Mr. 'B' jointly hold two accounts with Mr. 'A' as first holder in one account and Mr.'B' as the first holder in the second account, these two accounts (i.e., A+B and B+A) will be treated as separate accounts for the purpose of deposit insurance.

Do I have to make a claim within a specified period like in any other insurance claim?

No, in the unlikely event of a bank failure, the official liquidator would make a claim on your behalf and DICGC is bound to pay the valid insurance claims as soon as possible and in any case within 2 months from receipt of claim from the liquidator.


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