order to bring the low income group of people, who have been traditionally
staying out of the banking sector, into the banking net the Reserve Bank of
India have desired that banks open No – Frills accounts.
it has been decided by our Bank to introduce the facility of “No Frills Savings
Bank Accounts” with immediate effect. The salient features of the scheme are as
Type of eligible branches/ centres : All Branches
: Only Individuals in their own name or in joint names including minors.
for opening of A/c :
permitted balance in : Rs.50,000.00
Balance : 0 (Zero)
software in our Bank is capable of maintaining an account with zero balance, the
accounts can continue with zero balance, after initial opening with Rs.5/-).
cheques will be allowed.
Passbook may be
issued as usual.
another account holder who has been subjected to full KYC procedure.
account with the bank should be at least six months old and should show
Photograph of the
customer (who proposes to open the account) and also his address need to be
certified by the introducer, OR: obtention of any other evidence as to the
identity and address of the customer to the satisfaction of the Bank.
withdrawals in a month will be restricted to five. Service Charge of Rs.5/- per
withdrawal will be levied from 6th transaction onwards.
of outstation cheques will not be allowed.
No Cheque Book is
to be issued under this scheme.
If there is no
transaction for six months Rs.20/- will be charged. If the balance is below
Rs.20/- the available balance will be charged ensuring that no overdraft is
created and the account will continue with zero balance and the balance amount
of charges will be recovered as and when credits are received.
of Account into Regular Saving Bank Account
will be allowed to be converted into regular Savings Bank Account with benefits
like cheque book, unlimited transaction etc., subject to fulfillment of minimum
balance and KYC requirement.
undertaking as per Annexure be obtained from the customer