Saving Bank Account -- Guidelines
The existing guidelines for opening a Saving Bank account are as under:-
- Introduction for opening a SB account-- An existing customer can introduce SB a/c who is having a account for last 6 months, a person well known to the bank or a staff member with satisfactory conduct.
- Confirmation of address:- It is done in respect of all accounts on the basis of supporting documents such as ration card, photo identity card issued to the voters, driving licence or income tax Pan card etc.
- Maintenance of minimum balance in Saving Bank account:
- SB account with Cheque Book -- minimum balance maintained is Rs.500/- and for non-maintenance of minimum balance penalty of Rs.15/- per month is levied.
- SB account without Cheque Book -- minimum balance maintained is Rs.100/- and for non-maintenance of minimum balance penalty of Rs.15/- per month is levied.
- For issuing duplicate Pass book, charges is Rs.25/- per pass book with latest balance only + Rs.25/-per folio for previous entries.
- Enquiry related to old records/entry in case of SB a/c, charges is Rs.5/- per entry subject to minimum Rs.25/- per occasion.
- Stop payment charges - Rs.20/- per transaction.
- Change in operational instructions -Rs.10/- per occasion.
|SARAL SAVINGS BANK ACCOUNTS UNDER FINANCIAL INCLUSION - ZERO BALANCE/MINIMUM BALANCE ACCOUNTS
Saral Saving Bank account" Scheme had been issued in reference to the policy of Financial Inclusion -- Zero balance accounts in RRBs issued by RBI. The Salient features of "Saral Saving Bank Account" scheme are as follows:-
- Eligibility: All person/s who are eligible to open a Savings Bank Account can open accounts under this scheme. (Associations/ Trusts/club/Socities etc. will not be eligible to open a Saving Bank Account under this scheme).
- Account may be opened with Zero balance.
- Cheque book facility will be provided to the account holders under this scheme in case they maintain minimum balance as stipulated for normal SB accounts.
- There will be no charges for non-maintenance of minimum balance.
- Cheque Collection Charges:
|Out station cheques
||Upto cumulative of Rs.50000/- per year
||Only actual postal expenses to be collected
|Above Rs. 50000/-per year
- Cheque return charges: As applicable to Normal Saving Bank Account.
- Remittance charges for DD/PO etc.: As applicable to Normal Savings Bank Account.
- Closure of account: No service Charges to be levied.
- Stipulated transactions under the scheme:
There will be no restrictions for cash receipts. However cash withdrawal will be allowed maximum 50 times per annum. In case, the customer exceeds the stipulated transaction from his account, Service charges of Rs.10/- per transaction shall be collected.
- All other conditions/KYC/Anti Money Laundering norms applicable similar to Savings Bank Account will be applicable to accounts opened under this scheme.
The scheme envisages an ODD linked Time Deposit, which will facilitate availability of funds to the account holder without necessitating another visit to the branch. Following are the salient features of the scheme.
- TYPE OF DEPOSIT: Term deposit under re-investment plan in the form of cash certificate.
- AMOUNT OF DEPOSIT: Rs. 15000/- and above in multiples of Rs. 1000/-.
- PERIOD OF DEPOSIT: minimum period of one year and a maximum of 3 years.
- RATE OF INTEREST: in force as per RBI Directive compounded quarterly.
- AMOUNT OF OD LIMIT: 80% of the face value of the deposit irrespective of any maximum limit will be sanctioned at branch level.
- RATE OF INTEREST ON ODD:
- Interest @2% above the term deposit, for ODD limit upto Rs. 2 Lacs.
- Interest @3% above Term deposit rate with minimum of PLR to be charged at quarterly intervals for ODD limit exceeding Rs. 2 Lacs.
- DOCUMENTATION: for the odd facility all formalities will be completed on the day of accepting the deposit itself and the depositor will be issued a cheque book with freedom
- PREMATURE WITHDRAWAL: Premature withdrawals of the said deposits are permissible subject to the terms and conditions applicable to other term deposits.
- The scheme is restricted to individuals (majors) only and not for minors, trusts etc.
This scheme enables the depositors to withdraw a part of the fixed amount to tide over in times of financial stringency.
- Amount to be deposited under this scheme is Rs.10000/- and above but in multiples of Rs.1000/-.
- The deposit shall be kept for a minimum period of 46 days but not exceeding 10 years.
- Interest is payable at half-yearly intervals, according to the rate applicable to deposits at the time of opening the account.
- In case of urgent need of funds, the depositor is at liberty to withdraw a portion of the amount deposited, in multiples of Rs.1000/-.
- For the amount of deposits prematurely withdrawn, the Bank will pay interest at 1% less than the rate applicable for completed period.
- The remaining amount will earn interest at the original contracted rate.
The amount to be withdrawn in part under this scheme can be released through the Saving Bank Account of the party after taking a request letter from the depositor.
Vikas Cash Certificate is an ideal scheme for those who wish to invest their savings for any period from 1 to 10 years and do not need interest at periodically intervals.
Vikas Cash Certificate are issued in multiples of Rs.100/-.
The Certificates are issued for terms ranging from 6 months to 10 years in complete years.
The scheme is for individuals, firms, Companies, Societies, & Associations etc. or also in the joint names of more than one individuals repayable to all of them jointly or No.1 or Survivor/s or either or survivor.
These certificates may be encashed before maturity subject to 7 days notice with interest at 1% less than the rate applicable to fix deposit for the period for which the deposit under the scheme was with the Bank and the interest is compound quarterly.
|SENIOR CITIZENS’ SECURITY DEPOSIT (SCSD)
SAILENT FEATURES OF THE SCHEME:
1. ELIGIBLE PERSONS:
The Deposit account can be opened by Senior Citizens and persons, who are above the age of 60 years. The age of the Senior Citizen shall be verified with reference to any of the following documents:
2. AMOUNT OF DEPOSIT:
- Secondary School leaving certificate indicating date of birth.
- LIC Policy.
- Voters Identity Card.
- Pension Payment Order.
- Birth Certificate issued by the Competent Authority.
- Any other Document acceptable to the Bank.
Minimum amount to be deposited is Rs.1000/- and in multiples of Rs.1000/- above this amount.
3. PERIOD OF DEPOSIT:
Minimum period of the deposit shall be 12 months and maximum shall be 120 months.
4. RATE OF INTEREST:
Special Rate of interest at 0.75% above the rate of interest applicable to the domestic term deposits as on date of deposit subject to a maximum rate of interest for senior citizens is capped at 10.25%.
5. PAYMENT OF INTEREST:
The interest on the deposit account can be paid at monthly (discounted) or quarterly rests as desired by the depositor.
6. DEPOSIT RECEIPT:
Separate deposit receipts will be issued to the depositor for each deposit opened with the Bank.
7. PERMATURE REFUNDS:
The deposit can be withdrawn prematurely. No penalty shall be levied for such premature refunds.
8. DEPOSITS IN JOINT NAMES:
Senior Citizens depositors are entitled to all benefits under the scheme, in respect of joint deposits provided the name of the Senior Citizens is given as the first name in the application.
The depositors can avail loan upto 75% of the deposit amounts or overdrafts as per rules of the Bank.
10. NOMINATION FACILITY:
Nomination facility will be available for this scheme as in the case of other deposits.
11. ACCOUNTING PROCEDURE:
The accounting procedure applicable to FD/SSD/VCC shall be applicable to this deposit scheme.
12. INCENTIVE TO THE DEPOSITORS:
a) The Depositors, under this scheme shall be exempted from maintaining minimum balance in their SB accounts
b) At par remittance facility upto Rs.5000/- per month or upto the monthly interest payable, which ever is higher will be permitted.
A depositor, who deposits a minimum amount of Rs. 2500/- under this scheme becomes eligible to get the incentives available under this scheme.
13. RETIRED STAFF MEMBERS: The special rate of 0.50% as above will not be applicable on such deposits of our Bank’s retired staff members where they have been permitted 1% additional interest over the prevailing domestic term deposit rates.
14. SETTLEMENT OF CLAIMS: Branches shall ensure prompt settlement of the claims to the nominees, in the event of death of the depositors.
15. TARGET GROUP: The target group is Senior Citizens and persons of the age of above 60 years. Branches shall obtain proof of age before opening the deposit accounts under this scheme and extending the incentives provided under this scheme.
|GGBTaxShield -- A TAX SAVING FIXED DEPOSIT
On the lines of the Union Government notification on Bank Term Deposit Scheme, 2006 for the purpose of Sec.80C (2) (xxi) of the Income Tax Act, “GGB TaxShield” has been launched.
- GGBTaxShield is a Term Deposit Scheme with maturity of not less than 5 years subject to lock in period of 5 years.
- Who can open the Account-
In case of deposits in joint names, the benefit under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.
- An individual for himself
- Hindu undivided family;
- Jointly by two adults or jointly by an adult and a minor, and payable to either of the holders or to the survivor:
- Amount of Deposit: Minimum Rs.100/- and maximum Rs.1 lac in a year (1st April to 31st March).
- Types of deposit that can be accepted: The deposit can be accepted in Fixed Deposit, VCC and SSD and interest will be payable half-yearly or quarterly or monthly or in Lump sum at the time of maturity, as the case may be.
- Period of deposit and payment on maturity: The period of deposit under the scheme shall be not less than five years.
- Rate of interest: Applicable as per guidelines in vogue. Senior Citizen & Staff will be eligible to get additional interest rate as per rules in vogue.
- Special conditions for issue of deposit receipt: The Deposit under the scheme has to be in the prescribed form with the Fixed Deposit receipt bearing Permanent Account Number (PAN) and signature of the assessee along with the name and address of the account holder and other details.
- Income Tax Benefits: Deposit under the scheme is eligible for deduction under Section 80C of the Income Tax Act upto a maximum limit of Rs.1 lac (subject to the overall ceiling of Rs.1 lac alongwith other deductions already available under 80C).
- Repayment of deposit: Deposit is repayable on or after maturity date in the normal course. Premature closure is not permitted till the deposit completes 5 years from the date of deposit.
- Nomination facility: available
- Loan Facility: Loan against the deposit and Pledging of term deposit receipt is NOT allowed.
- Issue of Duplicate Term Deposit Receipt: Duplicate receipts may be issued in accordance with the guidelines in this regard.
- Applicability of Income Tax on Interest Income: Interest on these term deposits shall be liable to tax under the Income Tax Act.
- All other conditions/KYC/AML norms applicable similar to Savings Bank Account/FD/VCC shall apply to accounts opened under this scheme.
|GGB Pigmy Deposit Scheme (A daily deposit scheme)
To inculcate the habit of thrift among the poorer section of the society and also provides for small doses of credit among the masses living below poverty line, Bank had launched this Scheme titled as GGB Pigmy Deposit Scheme
in select Branches.
The necessary guidelines in this regard are as under:
The salient features of the above scheme are as under:
- KYC/Simplified KYC norms, which are applicable for opening of Savings Bank, Current Account etc., are also applicable for opening of accounts under the Scheme.
- Nomination facility is also available for the customers.
- For opening GGB Pigmy Deposit account in the name of Proprietary, Partnership firms, Associations, Committees (registered and unregistered), required documents as in case of opening of the Savings Bank, Current Account of these entities should be obtained along with account opening form.
- In case of minor, guidelines to open any term deposit account are applicable.
- Customers for opening of accounts under the scheme may be introduced by Pigmy Agents/customers/Bank Staff or any other person to the satisfaction of the Branch.
- Minimum amount to be collected: Rs.10/- per day.
- Period (MAXIMUM): 72 months.
- Interest on deposit remaining with the Bank up to 24 months: NIL
- Interest on deposit remaining with Bank for 24 months & above but less than 39 months: 2 % p.a.
- Interest on deposit remaining with Bank for 39 months & above but less than 48 months: 3 % p.a.
- Interest on deposit remaining with Bank for 48 months and above but less than 72 months: 4 % p.a.
- After 72 months (on maturity): 5 % p.a.
- Premature refund before 12 months: Closure permitted after deducting 3 % of the balance as penalty.
- Penalty for closing the Account after completion of 12 months and before completion of 24 months: 1 % of the outstanding balance of the GGB Pigmy Deposit Scheme shall be recovered from the account as penalty.
- Nomination facility: Available as in case of any other Term Deposits
- Conversion: The deposit can be converted into a Term Deposit at the Customer’s option without levying any penalty for premature closure after the GGB Pigmy Deposit Account has
- Completed 12 months and
- The Balance outstanding in the GGB Pigmy Deposit Account is Rs.10000/ or more.
- The period of the converted Term Deposit shall not be less than the total remaining period of GGB Pigmy Deposit.
- In case of conversion, only the balance outstanding in the GGB Pigmy Deposit Account can be transferred to Term Deposits and no addition from other sources to this amount is permitted. In case customer opts to convert entire amount into term deposit after 24 months, interest applicable on GGB Pigmy Deposit till date of conversion shall be added to the principal and entire amount (Principal +interest) shall be converted to Term Deposit. However in case only partial conversion is requested, only requested amount shall be converted into term deposit. Similarly no interest shall be paid if conversion is after 12 months but before 24 months
- The depositor shall have the option either closing the GGB Pigmy deposit account or continuing the same after converting whole or part of the balance in the GGB Pigmy deposit account subject to clause mentioned above. The converted Term Deposit shall bear interest at the prevailing card rate as on the date of conversion for Term Deposits of similar maturity period.
- Premature refund: Premature refund of a converted term deposit shall be governed by the rules of GGB Pigmy Deposit Scheme. The rules of premature refund of term deposit shall not apply to a term deposit converted from GGB Pigmy Deposit.
- LD/ODD will be available up to 75 % of the outstanding balance of the converted Term Deposit on the usual terms and conditions as applicable to other term deposits.
- TDS rules in force as applicable to other term deposits will be applicable to the converted term deposit also.
|SCHEME FOR PROVIDING OVERDRAFT FACILITY
1. Eligibility: All individuals permanent resident of villages included under Financial Inclusion Plan (FIP) having SB/ NO Frill Account in the branch and not having any land holding.
2. Purpose: Need based limit without any specific purpose.
3. Overdraft Limit: The maximum overdraft limits of Rs. 10000/- can be sanctioned.
4. Security: Limit will be sanctioned against personal guarantee of the party and no collateral guarantee is to be obtained.
5. Surety: No surety is to be taken.
6. Rate of Interest: Rate of interest applicable on General Credit Card will be applicable on overdraft limit sanctioned under this facility which is presently 10% pa.
7. Processing fee/Service Charges: There will be no processing fee/service charges on the sanctioned limit.
8. Sanctioning Power: Limit will be sanctioned at branch level as all Branch Managers are empowered to sanction the need based limit, with maximum limit of Rs. 10000/-.
9. Other terms & conditions: The applicant must have not availed any credit facility viz. GCC,SCC,KCC etc.