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As per RBI guidelines, Entities eligible to open Saving Account
(Govt & Institution)
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Government departments / bodies / agencies in respect of grants/ subsidies released for implementation of various programmes / Schemes sponsored by Central Government / State Governments subject to production of an authorisation from the respective Central / State Government departments to open savings bank account
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Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words 'Limited' or the words 'Private Limited'
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Primary Co-operative Credit Society which is being financed by the bank.
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Khadi and Village Industries Boards.
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Agriculture Produce Market Committees.
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Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in a State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks.
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Housing Societies, Education Institutions, NGOs, Healthcare, Clubs & Associations and Trust
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As per RBI guidelines, Savings Account cannot be
opened for
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Government departments/bodies depending upon budgetary allocations for performance of their functions
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Municipal Corporations or Municipal Committees
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Panchayat Samitis
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State Housing Boards
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Water and Sewerage/Drainage Boards/State Textbook Publishing Corporations/ Societies/Metropolitan Development Authority / State/ District Level Housing Co-operative Societies (6) Any political party or any trading/business or professional concern, whether such concern is a proprietary or a partnership firm or a company or an association.
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Can open Current account If not eligible for Saving Accounts
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Entities that are not eligible to open a Savings Account can open Current Account.
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Minimum Balance requirement
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Zero
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Net banking and Mobile banking
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Free Net Banking, Mobile Banking and Phone Banking
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RTGS/NEFT, IMPS charges
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Free RTGS / NEFT / IMPS
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Mobile (SMS) and
Email Alert
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Free SMS alerts & Email alerts as per customer requirement
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Free Account statement (frequency -Daily /Weekly/ Monthly) as per customer request
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Free Account statement, Customer can avail free monthly account statements OR opt to avail daily / weekly /monthly statements on email.
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Cash Management Services/Cash/ Cheque pick-up management/
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Provision for Cash pick up service. Charges may be waived if average balance in the account is more than Rs 100 Crore
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Cheque book
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Free 'Payable at Par' Cheque Books
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Local and outstation cheque collection
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Free local and outstation cheque collection
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Free Cash withdrawals across all locations.
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Free Cash withdrawals across all locations.
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FREE unlimited issue of Demand Drafts
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FREE unlimited issue of Demand Drafts
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Bundled offering of Payment Gateway & POS terminals
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Bundled offering of Payment Gateway (IOB PAY) & POS terminals/POS solutions.
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Free Bill payment ~ Facility with option of Autopay
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Free Bill payment Facility with BBPS option of Autopay
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Dedicated Relationship Manager
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Dedicated Resource Manager at each RO
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