Key Advantages
• Ideal for nurturing the practice of banking and saving.
• The simplest way to transform small savings into substantial sums.
• User-friendly and easy to manage.
• Deposits up to the statutory limit are protected by DICGC insurance.
• Multiple options for money withdrawal, including cheques, withdrawal forms, and ATMs.
• Nomination facility available.
• Interest rate at 3.25% per annum, compounded semi-annually in March and September.
• Receive 40 free cheque leaves in a calendar year.
• No folio charges apply.
Terms & Conditions
• Minimum opening balance: Rs. 1000/- (with cheque book) and Rs. 500/- (without cheque book). For Basic Saving Bank Deposit Account (without cheque book), no minimum balance is required.
• Monthly minimum balance charges are as per the bank’s rules.
• You get 40 free cheque leaves in a calendar year.
• For deposits of Rs. 50,000/- or above in aggregate in one day, a PAN No. is necessary.
Documents Required
• Three passport-sized photographs.
• Proof of Identification & Address, which can include:
(i) Passport
(ii) PAN card
(iii) Voter’s Identity Card
(iv) Driving License
(v) Job Card issued by NREGA, signed by a State Government officer
(vi) A letter from the Unique Identification Authority of India (UIDAI) containing name, address, and Aadhaar number.
When ‘simplified measures’ are used for verifying customer identities, the following documents are considered ‘officially valid documents’:
i. An identity card with the applicant’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions.
ii. A letter issued by a gazetted officer, with an attested photograph of the person.
For address verification, the following additional documents are considered Officially Valid Documents (OVDs):
I. Utility bills, not more than two months old, from service providers (electricity, telephone, post-paid mobile phone, piped gas, water bills).
II. Property or Municipal Tax receipts.
III. Bank account or Post Office savings bank account statements.
IV. Payment orders (PPOs) for pension or family pension payments made to retired personnel by government agencies or public sector organisations, if they include an address.
V. Letter of accommodation allotment from an employer issued by State or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions, and listed companies. In addition, agreements with such employers about leave and licences provide official accommodations.
VI. Documents issued by Government departments of foreign jurisdictions and letters issued by Foreign Embassies or Missions in India.
• An introduction as per the Bank’s norms.
• PAN Card/Form 60.
• Copy of Aadhaar Card.
Basic Savings Bank Deposit Account
• This account is part of standard banking services accessible to all.
• This account does not have a minimal balance requirement.
• Services include cash deposit and withdrawal at the bank branch, electronic payments, and cheque deposits from Central/State government agencies and departments.
• No limit on the number of monthly deposits, with a maximum of four withdrawals allowed per month.
Operational Guidelines
• There are no fees associated with using these amenities.
• No fees for non-operation or activation of the inoperative “Basic Saving Bank Deposit Account.”
• This account adheres to RBI instructions on KYC/AML for bank account openings.
• Account holders cannot open any other savings bank deposit account in the same bank.
• Existing accounts must be closed within 30 days by customers.