The object of the Savings Banks Account is to encourage depositors to save small sums from time to time.
Interest will be allowed at the rate as prescribed under RBI rules/directions/ guidelines from time to time and fixed by the Bank. Interest is paid on daily product basis.
A person may open an account in his/her own name, but may not open more than one such account. The person desiring to open an account shall furnish two passport size photographs, Address proof, ID proof and Permanent Account Number or General Index Number as per the guidelines issued by the RBI under KYC Directions and Income Tax Authority or in lieu of which a declaration in the prescribed form shall be given.
Nomination facility will be available under section 45ZA read with section 56 of the Banking Regulations Act 1949 and rule 2(1)of the co-operative Banks (Nominations) Rules 1985.
Accounts may be opened by Secretaries, Treasures, Managers or other duly constituted officers of Corporations whether incorporated or not. The Rules governing such institutions and all other necessary information should be furnished in writing when opening the account.
Accounts may be opened with a minimum sum as follows and the same to be maintained to keep the account running.
S.No
Type of Customer
Minimum Balance to be maintained
Without Cheque Book facility
With Cheque Book facility
1
General Customer
Rs.1,000-00
Rs.2,000-00
2
KCC Farmers
Rs.500-00
3
MPCS Members
Rs.250-00
No charge will be made for the passbook issued to a depositor on account opening or for any Pass-Book issued to him in continuation of the original Pass-Book.
Other Bank Charges applicable as decided by the bank from time to time
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