1.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.

2.Who cannot open Savings Bank Account?

– Government Department.

– Corporation.

– Commercial Organisation.

– Mentally Retarded.

– Political Parties.

3.Formalities for opening an account

– Application Form.

– Introduction.

– Photographs (two).

– Address proof  of residence (Any one).

– PAN Card.

– Passport.

– Driving License.

– Identity Card with photograph.

– Election Voters Card (EPIC).

4.Minimum Balance.

– With cheque facility : Rs.1000.

– Without cheque facility : Rs.50.

5.Concession in minimum balance for Pensioners in Pension account.

– With cheque facility : Rs.100.

– Without cheque facility : Rs.10.

6.Interest Rate.

– 4.0% p.a.

7.Facilities.

– Nomination.

– Collection of cheques / drafts.

– Standing instructions.

– Cheque book.

– No TDS on interest.