Savings / Current / Term Deposit Accounts- Bank Rule

Savings Bank Account

  • These accounts are designed to help the individuals (personal customers) to inculcate habit of saving and to meet their future requirement of funds. The amounts can be deposited / withdrawn from these accounts by way of cheques/withdrawal slips.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.
  • Savings Bank accounts are very popular. These accounts can be opened by eligible person/s certain organisations and agencies (as approved by the Reserve Bank of India.
  • The account holder is required to maintain certain minimum balance in the account, as specified by the Bank from time to time and also depending on, whether account holder wants to avail the cheque book facility or not. Non-compliance of this would attract service charges. Interest at 4% p.a. is presently paid on credit balance of daily basis as per RBI directives.
  • Cheques/drafts/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 individuals, sole proprietorship/partnership firms, private and public limited companies, HUFs/specified associations, societies, trusts, clubs, executors, administrators and liquidators, Govt. Departments, Universities, Banks etc.
  • Minimum balance as stipulated from time to time will be required to be maintained.
  • No interest is paid on credit balances kept in current account
  • Service charges are levied for
  • Ledger folio used
  • Cheque books issued
  • Non-maintenance of minimum balance
  • Return of cheques, etc.
  • For opening special types of current accounts like for Executors, Administrators, Trustees, liquidators etc., the Branch Manager may be contacted who will help in opening these types of accounts.
  • As per RBI directive, the applicant (i.e. account opener) should declare in the account opening form or separately that he is not enjoying any facility/facilities from any other Bank or Branch. In case he has availed any facilities he should declare full particulars thereof indicating the name of the bank and name of the branch wherefrom he has availed these facilities.
  • Specimen of Account Opening Forms for Savings Bank Account & Current Account are attached.