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1. Opening and Operation of Accounts :
(a) (i) An account may be opened in the name of one person or jointly in the names of two or more persons.
(ii) All Savings Bank Accounts irrespective of their mode of operations must comply with KYC standards/Anti Mony Laundering Measures(AML)/ combating Financing of Terrorism(CFT) and Modifications to customer Identification Procedure(CIP). For opening of accounts proof of identity, proof of address and recent photograph for all individual accounts. For all other accounts some more documents would be required to fulfill the norms.
(b) An Account in the names of two or more persons operated upon by any one or more or all of them, and the balance made payable to any one or more or all of them or anyone or more or all of the survivors of them or to the last survivor, as applicable.
(c) The mode of operation of a joint account should be specified at the time of opening the account and cannot be changed subsequently, without the written consent of all the joint account-holders.
(d) In a joint account of two persons to be operated upon by 'Either or Survivor' on the death of any one of them the surviving account-holder alone can operate on and will be entitled to the balance in the account, the heirs of legal representatives of the deceased account-holder will have no claim against the Bank. On the death of the surviving account-holder, his heirs or legal representatives alone will be entitled to claim the balance from the Bank.
(e) A joint account to be operated upon by 'Former or Survivor' can also be opened. Where the special instructions relating to the operation of an account reads 'Former or Survivor' the account shall be operated upon and the cheques/withdrawal forms shall be drawn by and the balance shall be repayable to the former i. e. the first named account-holder during his/her life time and only after his/her death by and to the second named account-holder if then surviving.
(f) In approved cases, an account may be opened in the names of associations, clubs, co-operative societies (with the permission of the Registrar of Co-operative Societies), Trusts or other non-trading Institutions for purposes of depositing savings, provided the relevant bye laws, rules, etc. are found acceptable to the Bank and are strictly adhered to and when required a suitable indemnity is given to the Bank.
(g) In the event of death of a sole depositor or of the surviving or the last surviving depositor, the amount payable in the account of such deceased depositor shall be paid to the legal representatives of such sole depositor or of the surviving or the last surviving depositor, as the case may be. "Legal representatives" shall include either the executor or the administrator who has obtained Probate or Letters of Administration from a Competent Court in India or the holder of a grant of Succession certificate or of any other proper grant of legal representation to the estate of such deceased depositor from a Competent Court in India. The Bank reserves the right to pay at its discretion the balance due in the account of such deceased account-holder to his/her heirs on a proper indemnity with or without sureties.
2. Account of Minors :
(a) A Savings Bank account of a minor may be opened to be operated upon by the natural guardian of the minor or by the guardian appointed by the Court.
(b) A Savings Bank Account may also be opened in
(i) the single name of a minor aged 10 years or more to be operated upon by the minor.
(ii) the joint names of two minor who have completed the age of 10 years to be operated upon by them jointly.
(iii) the joint names of two or more minors to be operated upon by a person who is the natural guardian of both or all the minors.
3. How to open Savings Bank Account :
Application to open a Savings Bank Account should be made on the Bank's prescribed forms duly completed with his name, address and occupation. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
4. Illiterate Depositors :
Any depositor unable to write must attend in person and (in the presence of an approved witness who knows the depositor and is known to the Bank) affix his thumb impression to the application and other forms and have it attested by the signature of the approved witness. An illiterate depositor may lodge in person a passport size recent photograph with the Bank subject to provision of rules regarding withdrawals.
5. Minimum Balances :
The smallest sum that can be deposited at the time of opening an account is Rs.100/- A minimum balance of Rs.100 for account of individual/s and Rs.500/- for an account of other than individual/s should always be maintained to keep the account running where withdrawals are by withdrawal forms. Where withdrawals are allowed by cheques minimum balances should be Rs.500 and Rs.1,000 for account of individual/s and other than individual/s respectively For multiCity Cheque Facility the minimum balance in the account should be minimum Rs50,000/- (on monthly average basis)
6. Maximum Balance :
There is no limit to the maximum balance in accounts. Interest will be allowed on the balance in accounts in accordance with Rule No. 7 below.
7. Interest :
(a) Interest will be allowed at the rate prescribed by the Bank from time to time. The present rate of interest allowed on Savings Bank Account can be ascertained at the Bank. The Bank reserves the right to vary the rate of interest from time to time and to increase or decrease the rate of interest payable.
(b) Interest will be allowed on the minimum balance at the credit of an account between the close of
the tenth day and the end of a each calendar month (or in any other manner prescribed by the Bank from time to time).
(c) Interest will be calculated up to 31st January and 31 st July each year but will be credited to account half yearly by 10th February & 10th August as of 1st February & 1st August respectively. Interest amounting to less than Re 1/- per half year will not be credited.
8. Collection of Cheques, Warrants, etc. :
Cheques, Dividend Warrants, Interest Warrants, etc., in favour of a third party will not be accepted for credit of a Savings Bank Account.
The facility of collection of cheque/any other instrument deposited in the account will be at the discretion of the bank and the Bank will not be held liable for any loss/delay beyond its control for realisation of the same. Bank will have liberty to appoint agents/couriers of its choice for collection of cheques/any other instrument. Any loss/damage that may be incurred/sustained by the Bank and/or its agent/courier while making collection of the cheques/or any other instrument will be solely at the risk of depositor/s who would be called upon to make good the same immediately.
9. Pass Book :
(a) A pass book will be supplied to the depositor indicating the number of the depositor's account and his name. Deposits in Savings Bank Account may be accepted without production of the pass book if the number and name of the account are clearly written on the paying-in-slip. No money can ordinarily be withdrawn by withdrawal forms from an account without production of the pass book.
(b) The pass book of the account should be sent to the Bank from time to time for being written
up-to-date, particularly in the case of accounts operated upon by cheques. Depositors should carefully examine their pass book before leaving the Bank and ascertain that entries are correct. They should also be careful to keep their pass books in their own possession. The Bank will not be responsible for any loss caused to the depositor, if an unauthorised person obtains possession of the pass book.
(c) The Bank will not be responsible or accountable for any sum claimed to have been deposited which is not acknowledged in the pass book under the initials of an authorised official of the Bank.
(d) Entries will be made by the Bank in the pass book in respect of amounts of cheques, etc., deposited in the account and initialled by an official of the Bank in the pass book. Such amounts are, however, not available for withdrawal until the cheques, etc., are realised.
10. Loss of Pass Book :
(a) No charge will be made for the pass book supplied in the first instance to the depositor at the time of opening the account or any pass book issued to him in continuation of the original pass book.
(b) If a pass book be spoiled, mutilated or lost, the Bank may issue a duplicate pass book on payment of a charge of Rs. 50/- by the depositor. The charge may be waived at the discretion of the Bank in cases where it is proved to the Bank's satisfaction that the depositor had no control over the circumstances leading to the Pass Book being spoiled, mutilated or lost.
(c) Loss of the Pass Book should be reported to the bank immediately. The depositor/s will be required to sign a suitable letter of indemnity for issue of a duplicate pass book where the pass book has been reported to be lost.
(d) If a statement of past entries is required, the Bank will make an appropriate charge for labour involved in preparing it.
(e) Facility of issuance of Duplicate Pass Books is to be extended to Saving Bank accounts with cheque book facility only and not to be made applicable to accounts operated by withdrawal slips.
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