Any individual or association approved by the Bank may open a savings account. An account can be opened:

⇒   Individually by one person, or

⇒   Jointly by two or more persons.

A natural guardian (father or mother) can open an account on behalf of a minor child or ward.

The initial deposit requirements are as follows:

⇒   With cheque book: Rs. 1,000

⇒   Without cheque book: Rs. 250

These amounts also represent the minimum balance requirements for the respective accounts.

Interest

Interest will be paid at the rate of 3% per annum on the daily balance. Interest is credited at half-yearly intervals, effective from 01/10/2021.

General Rules

The Bank reserves the right to alter, amend, or rescind the rules from time to time.

Minimum Requirements for Account Opening

 

PAN Card Three recent passport-sized photographs Proof of identity and residence to the satisfaction of the Bank.

Resident Individuals: Acceptable KYC Documents

The following are valid documents for proof of identity and address:

⇒   Voter ID Card

⇒   Passport

⇒   Driving License

⇒   NREGA Job Card

⇒   Letter issued by the National Population Register containing details of name and address

⇒   UID (Aadhaar), authenticated using e-KYC mode (biometric or OTP-based)

Mandatory Documents

Permanent Account Number (PAN) or Form 60 (as applicable) is mandatory.