Features

SMALL ACCOUNT

Eligibility

As applicable to regular Savings Bank Account

KYC requirement

Liberalised (Submission of self-attested photograph and affixation of signature or thumb impression before the officer of the Bank who is authorized to approve opening of accounts).

Mode of Operation

Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc facility.

Minimum balance amount

Nil

Maximum balance /amount

Rs. 50,000/-

Rate of Interest

As applicable to Savings Bank Accounts.

Operations in the Account

Using withdrawal form or through ATM. Basic RuPay ATM-cum-debit card will be issued.

Most Important Terms & Conditions

Balance at any point of time should not exceed Rs 50,000/-.Aggregate of all withdrawals and transfers in a month should not exceed Rs 10,000/-.Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac.

If the balance exceeds Rs. 50,000/- or total credit in the account exceeds Rs. 1,00,000/- in a year, no further transaction will be permitted until the full KYC procedure is completed

A Small Account shall remain operational initially for a period of twelve months, and thereafter for a further period of twelve months if the holder of such an account provides evidence before the Bank of having applied for any of the officially valid documents within twelve months of the opening of account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months.

If KYC documents are not submitted to the Bank within 24 months of opening of the account, no further transaction other than for closure of account will be permitted.

Conversion of Small account to regular Savings Bank account or BSBD account (at the option of the customer) would be done by the home branch manually on full compliance with KYC requirement. After such conversion, the same account number will continue.