Savings Bank Account

Who can open Savings Bank Account?

  • Individual in personal capacity
  • Individual in joint names
  • A minor with natural guardian
  • A minor over the age of 12 years and who is literate
  • Charitable and Educational Institutions, which is non-commercial
  • A blind
  • An illiterate

Who cannot open a Savings Bank Account?

  • Government Department
  • Corporation
  • Commercial Organisation
  • Mentally Retarded
  • Political Parties

Formalities for opening an account

  • Application Form
  • Introduction
  • Photographs (two)
  • Proof of Identity
    1. PAN Card
    2. Passport
    3. Driving License
    4. Election Voters Card (EPIC)
  • Proof of address
    1. Utility bills
    2. Property / municipal tax receipt
    3. Bank account / Post Office savings bank account statement
    4. Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address

Minimum Balance

  • With cheque facility : Rs.1000
  • Without cheque facility : Rs.50

Concession in minimum balance for Pensioners in Pension account

  • With cheque facility : Rs.100
  • Without cheque facility : Rs.10

Interest Rate

Check the current Interest Rate View Interest Rate

Facilities

  • Nomination
  • Collection of cheques / drafts
  • Standing instructions
  • Cheque book
  • No TDS on interest