COMMON AREAS OF CUSTOMER-BANKER RELATIONSHIP

SAVINGS BANK ACCOUNT

1. These accounts are designed to help the individuals (personal customers) to inculcate habit of saving money and to meet their future requirement of money. The amounts can be deposited/withdrawn from these accounts by way of cheques / withdrawal slips. It helps the customers to keep minimum cash at home besides earning interest.

2. Savings Bank accounts are very popular. These accounts can be opened by eligible person/s and certain organisation/agencies (as approved by the Reserve Bank of India (RBI).

3. As required by law, while opening this account the Bank will satisfy itself about the identity, including verification of address, of a person/s seeking to open an account, to assist in protecting the prospective customer/s, members of the public and the Bank against fraud and other misuses of the banking system.

4. The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank.

5. The Bank is required to obtain recent photographs of the person/s opening the account, as per RBI directives.

6. The Bank is required to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No. 60 or 61 as per the Income Tax Act (vide Section 139 A) from the person/s opening the account.

7. The Bank will provide to the prospective customers details of the documents required for identification of the person/s opening the account in addition to a satisfactory introduction. Documents normally accepted are the current gas/telephone/electricity bill or voter's identity card or driving licence or passport, etc.

8. The account holder is required to maintain certain minimum balance in the account, as specified by the Bank from time to time, depending on, whether account holder wants to avail the cheque book facility or not. Non-compliance of this would attract service charges. Interest at 3.5% p.a. is presently paid on half yearly basis depending on minimum balance between the 10th day and last day of the month, provided it works out to minimum Re. 1/-.

9. Cheques, dividend warrants drawn only in the name of account holder/s will be collected through this account. Financial Instruments drawn in the name of a third party and endorsed in favour of the account holder/s will not be collected through savings bank account.

10. Service charges are levied for :

· Cheque book issued (conditions apply)
· Non maintenance of minimum balance
· Return of cheques
· Duplicate statement / pass book
· Stop payment instructions
· Standing instructions
· Inoperative / dormant accounts
· Number of withdrawals in 6 months being over the stipulated limit of 50.

11. Balances in savings and other deposit accounts are insured with
DICGC for maximum of Rs.1 lakh per account.


CURRENT ACCOUNT

1. Current Accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associates, societies, trusts etc.

2. As required by law, while opening this account the Bank will satisfy itself about the identity, including verification of address, of a person/s seeking to open an account, to assist in protecting the prospective customer/s, members of the public and the Bank against
fraud and other misuses of the banking system.

3. The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank who should be an existing account holder having a satisfactory banking relationship
with the Branch for atleast six months.

4. The Bank is required to obtain recent photographs of the person/s opening/operating the account, as per RBI directives.

5. The Bank is required to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No. 60 or 61 as per the Income Tax Act (vide Section 139 A) from the person/s opening the account (i.e. including partners of Registered/Unregistered partnership as also Registered /
incorporated bodies/companies).

6. The Bank will provide to the prospective customers details of the documents required for identification of the person/s opening the account in addition to a satisfactory introduction. Documents normally accepted are the current gas/telephone/electricity bill or voter's identity card or driving license or passport, etc.

7. Minimum balance as stipulated from time to time will be required to be maintained.

8. No interest is paid on credit balances kept in current account.

9. For opening special types of current accounts like for
Executors, Administrators, Trustees, Liquidators etc., the Branch
Manager may be contacted who will help in opening these type of
accounts.

10. As per RBI directive, the applicant (i.e. account opener) should declare in the account opening form or separately that he is not enjoying any credit facility with any bank and if he enjoys any facility/facilities he should declare full particulars thereof indicating the name of the bank and the name of the branch wherefrom he has availed these facilities.


11. Service charges are levied for :

Ledger folios used
Cheque books issued
Non maintenance of minimum balance
Return of cheques
Duplicate statement / pass book
Stop payment instructions
Standing instructions
Inoperative / dormant accounts
Overdraft / Withdrawal against effect availed in the account