|| Before opening any Deposit Account, the bank will carry out due diligence as required under "Know Your Customer" (KYC) guidelines issued by RBI and or such other norms or procedures adopted by the bank. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening of the account will be informed to him and the final decision of the bank will be conveyed at the earliest to him.
|| The account opening forms and other material would be provided to the prospective depositor by the bank. The same will contain details of information to be furnished and documents to be submitted for verification and / or for record. It is expected of the bank official to explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he approaches the bank for opening a Deposit Account.
||For deposit products like Savings
Bank Account and Current Deposit Account, the bank will normally stipulate
certain minimum/average balances to be maintained as a part of the
terms and conditions governing operation of such accounts. Failure
to maintain stipulated minimum/ average balance in the account will
attract levy of charges as specified by the bank. For Savings Bank
Account, the bank may also restrict the number of transactions, cash
withdrawals, etc., for a given period. Similarly, the bank may specify
charges for issue of cheque books, additional statement of accounts,
duplicate pass book, folio charges, etc. All such details, regarding
terms and conditions for operation of the accounts and schedule of
charges for various services provided will be communicated to the
prospective depositor while opening the account.
||Savings Bank Accounts can be opened
for eligible person / persons and certain organizations / agencies
(as advised by Reserve Bank of India (RBI) from time to time).These
accounts are designed to help the individual (personal customers)
to inculcate the 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 The amounts can be deposited/withdrawn from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/ATM. It helps customers to keep
minimum cash at home besides earning interest.
Current Accounts can be opened by Individuals / Partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc.
Term Deposit Accounts can be opened by Individuals / Partnership
firms / Private and Public Limited Companies / HUFs/ Specified Associates
/ Societies / Trusts, etc. Bank has tailored various deposit schemes
to suit the needs and expectations of investing people in every
walk of life.
|| The due diligence process, while opening a Deposit Account will involve satisfying about the identity of the person, verification of address, satisfying about his occupation and source of income. Obtaining introduction of the prospective depositor from a person acceptable to the bank and obtaining recent photographs of the person/s opening / operating the account are part of the due diligence process.
|| In addition to the due diligence requirements, under KYC norms the bank is required by law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act / Rules.
|| Deposit Accounts can be opened by
an individual in his own name (status: known as account in single
name) or by more than one individual in their own names (status: known
as Joint Account). Savings Bank Account can also be opened by a minor
jointly with natural guardian or with mother as the guardian (Status:
known as Minor's Account). Minors above the age of 12 will also be
allowed to open and operate Saving Bank Account independently.
|| Operation of Joint Account: The Joint Account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders. The Savings Bank Account opened by minor jointly with natural guardian / guardian can be operated by natural guardian only.
The joint account holders can give any of the following mandates for the disposal of balance in the above accounts :
- Either or Survivor : If the account is held by two individuals say, A & B, the final balance alongwith interest, if applicable, will be paid to survivor on death of any one of the account holders.
- Anyone or Survivor/s : If the account is held by more than two individuals say, A, B and C, the final balance alongwith interest, if applicable, will be paid to the survivor on death of any two account holders.
- In case of joint Fixed Deposits with a survivorship clause, the Bank shall be discharged by paying the Fixed Deposit proceeds prematurely to survivor/s on request, in the event of death of one or more Joint depositor