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Last Updated on 20/04/2017
No Frills Savings Bank

NO FRILLS SAVINGS BANK ACCOUNT
The minimum balance requirement and the charges presently levied by banks on S.B. accounts deter a sizeable section of population from opening /maintaining bank accounts. Our Bank has, therefore, launched a "No-frills" accounts with lower minimum balance in all our branches
ELIGIBILITY
Individuals, including minors who have completed 10 years of age and pensioners. Joint accounts are permitted.
MINIMUM BALANCE
Rs.5/-
WITHDRAWAL FROM ACCOUNT
Only by withdrawal slip. Cheque book will not be issued
INTEREST PAYMENT
4.00% p.a.
AMOUNT OF TRANSACTIONS
The balance in the account should not exceed Rs.50,000 at any point of time and the total credit in the account should not exceed Rs.1,00,000/- in a year.
NO. OF TRANSACTIONS
25 transactions per half-year
PENALTY FOR EXCEEDING THE NUMBER OF TRANSACTION
No penalty
VALUE ADDITIONS / CONCESSIONS
No other value addition / concession allowed in the account. Collection of instruments and issue of DD/MT will attract normal charges. Debit Cards are not issued.
BRANCHES WHERE ACCOUNT CAN BE OPENED
All branches of the Bank