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1
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Branches Authorized
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Non Rural Branches (i.e. All Semi Urban/Urban/Metro Branches
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2
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Types of Accounts
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Account ‘A’ (Savings Bank)
Account ‘B’ (Term Deposit cumulative/ non-cumulative)
(Savings Plus Scheme not permitted)
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3
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Account Opening Form( KYC compliance)
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Form – A (in duplicate) + Proof of Address + Copy of PAN Card + Photograph + unstamped HUF Letter in case of account is for HUF (non-trading)
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4
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Rate of Interest
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Account ‘A’ – Applicable to SB Accounts
Account ‘B’ – As per Bank’s TDR Rates.
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5
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Withdrawal##
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Amount can be withdrawn from deposit “A” (Savings Bank Account) by furnishing an application in form ‘C’ alongwith Pass Book.( No cheque book will be issued.)
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## Premature withdrawal from Deposit ‘B’ (TDR) is permitted by converting account from ‘B’ to ‘A’ and by levying 1% penal interest for premature payment as in case of TDRs.
Form B will be used for conversion of Account ‘B’ to ‘A’.
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6
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Further withdrawal
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For subsequent withdrawal form ‘D’ (in duplicate) by giving the details showing the manner/ purpose for which the previous withdrawal has been utilized Banks are not obliged to allow further withdrawal if above referred particulars are not furnished.
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7
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Mode of payment
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Any withdrawal over Rs.25,000/- should be affected by Bank, only by crossed DD.
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8
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Utilization of Amount withdrawn
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Amount drawn from Account ‘A’ has to be utilized within 60 days from the date of such withdrawal for the purpose mentioned in the relevant sections. Unutilized amount should be re-deposited in Account ‘A’ immediately. Non-compliance of this rule will render the depositor to lose exemptions under relevant section.
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9
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No Lien
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Amount cannot be placed or offered as Security for any loan or guarantee and cannot be charged or alienated.
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10
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Transfer of Account
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Account can be transferred to another Branch of the same Bank.
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11
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Interest Exemption under I. T. Act 1961
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Interest is not exempted under Income Tax Act, 1961.TDS will be deducted at applicable rates on TDRs.
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12
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Transfer from Account ‘B’ to ‘A’ or ‘A’ to ‘B’
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This is permitted – Depositor will apply for this transfer in form ‘B’. If account ‘A’ is not opened a new ‘A’ will be opened on obtention of form ‘A’.
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13
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Nomination by a Individual
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Form ‘E’ (Max. 3 Nominees)
1st nominee shall alone have the right to recover the amount, after death of 1st nominee, 2nd has the right and after death of 1st & 2nd, the 3rd will get right.
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14
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Variation/ Cancellation of Nomination by Individual
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Form ‘F’ for variation/ cancellation.
Nomination will be entered in Pass-Book/ Deposit Receipt. No nomination will be made for other type of accounts (like HUF, minors)
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15
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Issue of Duplicate Pass Book or Receipt
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In the event of loss or destruction of pass book or receipt, the branch may issue, on application made to it, a duplicate thereof
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16
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Closure of Account
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1. Application in Form ‘G’ with the approval of Assessing Officer who has jurisdiction to the depositor.
2. If depositor dies, the nominee will make application in Form ‘H’ with the approval of Assessing Officer (having jurisdiction over deceased depositor)
3. If there is no nomination then legal heirs will apply in form ‘H’ with the approval of Assessing Officer (having jurisdiction over deceased depositor).
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17
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Overdue Deposit
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Bank may renew an overdue Term Deposit under Capital Gains Account Scheme and allow interest on such renewed TDR or a portion thereof from the date of maturity of deposit.
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