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    SAVING BANK ACCOUNT

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WHO CAN OPEN SAVINGS BANK ACCOUNT?


1. Individual in personal capacity


2. Individual in joint names


3. A minor with natural guardian


4. A minor over the age of 12 years and who is literate


5. Charitable and Educational Institutions, which is non-commercial


6. A blind


7. An illiterate


WHO CANNOT OPEN A SAVINGS BANK ACCOUNT?


1. Government Department


2. Corporation


3. Commercial Organisation


4. Mentally Retarded


5. Political Parties


FORMALITIES FOR OPENING AN ACCOUNT


1.Application Form


2.Introduction


3.Photographs (two)


4.Proof of Identity


5.PAN Card


6.Passport


7.Driving License


8.Election Voters Card (EPIC)


9.Proof of address


10.Utility bills


11.Property / municipal tax receipt


12.Bank account / Post Office savings bank account statement


13.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


1.With cheque facility : Rs.1000


2.Without cheque facility : Rs.50


CONCESSION IN MINIMUM BALANCE FOR PENSIONERS IN PENSION ACCOUNT


1.With cheque facility : Rs.100


2.Without cheque facility : Rs.10


FACILITIES


1.Nomination


2.Collection of cheques / drafts


3.Standing instructions


4.Cheque book


5.No TDS on interest