Saving Bank Account

Saving Bank Account is generally opened for the purpose of savings for the future. Interest is paid on the balance maintained at the rate specified by Reserve Bank of India from time to time. Restrictions are not imposed as far as number of time the deposits can be made and amount of deposits at any time.

This can be opened by:

• An Individual in his /her name
• More than one person jointly
• An illiterate person
• A blind person
• A guardian on behalf of minor in the minor´s name
• Charitable / Religious institutions
• Trust, Clubs, Association
• Local bodies, Primary Co-operative Societies or any other body corporate
• Staff members

Traders, Business firms or Professional concerns are not permitted to operate S. B. Accounts for their trade, business or professional purpose.

Requirements for Opening a Saving Bank Account. :

• Introduction
• Completion of Account Opening Form
• One Photograph
• Initial Deposit of Cash
• Permanent Account No. (PAN) allotted by Income Tax authorities.
• Any document in support of address such as Ration Card, Passport, Driving Licence, Identity Card issued by any institution, copy of Electricity Bill, Telephone Bill etc

Traders, Business firms or Professional concerns are not permitted to operate S. B. Accounts for their trade, business or professional purpose.