WHO CAN OPEN SAVINGS BANK ACCOUNT?
1.Individual in personal capacity
2.Individual in joint names
3.A minor with natural guardian
4.A minor over the age of 12 years and who is literate
5.Charitable and Educational Institutions, which is non-commercial
6.A blind
7.An illiterate
WHO CANNOT OPEN A SAVINGS BANK ACCOUNT?
1. Government Department
2.Corporation
3.Commercial Organisation
4.Mentally Retarded
5.Political Parties
FORMALITIES FOR OPENING AN ACCOUNT
1.Application Form
2.Introduction
3.Photographs (two)
4.Proof of Identity
5.PAN Card
6.Passport
7.Driving License
8.Election Voters Card (EPIC)
9.Proof of address
10.Utility bills
11.Property / municipal tax receipt
12.Bank account / Post Office savings bank account statement
13.Pension or family pension payment orders (PPOs) issued to retired
employees by Government Departments or Public Sector Undertakings,
if they contain the address
MINIMUM BALANCE
1.With cheque facility : Rs.1000
2.Without cheque facility : Rs.50
CONCESSION IN MINIMUM BALANCE FOR PENSIONERS IN PENSION ACCOUNT
1.With cheque facility : Rs.100
2.Without cheque facility : Rs.10
FACILITIES
1.Nomination
2.Collection of cheques / drafts
3.Standing instructions
4.Cheque book
5.No TDS on interest