Savings Account

Members can open Savings Bank Account to provide the scope for saving of MONEY at attractive terms even with small amounts with a convenience of withdrawing at your pleasure. This account can be opened by an individual, jointly with another individual, by a guardian on behalf of the Minor, Trusts, Associations and Societies.

Rules of Business

Objectives :

Savings Bank account provides the scope for saving of MONEY at attractive terms even with small amounts with a convenience of withdrawing at your pleasure.

Who can open the Account :

Savings Bank account can be opened by an individual, jointly with another individual, by a minor by guardian, Associations, Trusts and the Societies after becoming a member. In case of minor /s accounts their date of birth and age should be furnished at the time of opening of the account.

Introduction :

This account should be introduced by a person well-known to the Bank.

Amount of Deposit :

This account can be opened with a minimum sum of Rs 1000/-

Rate of Interest:

Presently there is an attractive rate of interest at 4 % P.A which however is subjected to change by Reserve Bank of India.

Nomination :

The account holder/s may nominate a person to receive the amount at credit of the account in the event of the demise of the accounts holder/s.

Issue of pass Book :

Deposit are requested to present the pass book at least once in a fortnight or as frequently as possible and without fail on or as soon as possible after 2nd march and the 2nd September of each year in order that the closing entries for the half year may be made in them. The depositors should leave them at the Bank for at least three clear to be written up. Depositors should carefully examine their pass book as soon as they are returned and satisfy themselves that the entries made therein are correct, and that all credits are initiated. The Bank will not be responsible for any sum not so acknowledged in the pass book. Depositors should in no case make any entry or correction in the pass book themselves.

Right of Appropriation / Bank's Paramount Lien :

Under Banker's general lien the Bank has a right to appropriate the MONEY in the savings Bank account towards the dues payable by the account holder/ s under account to the Bank.

Closure of Account :

The account can be closed only by the account holder / jointly by all the account holders.

Bank's Right to Alter the Rules :

The Bank has got the right to alter the rules in this behalf and the account holder is bound by such alterations in the rules.