(i) Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to:
(ii) A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of-10-years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs.1,00,000/-.For accounts of minors above-14-years,there is no limit to maximum balance.
(iii) A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both.
(iv) An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from, time to time.
(v) As per RBI directive and subject to their prior approval, accounts can be opened in the names of specified institutions/agencies, if they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act.1956 and those working for socially desirable purposes and serving weaker sections of the society and those exempted from paying Income tax under Income Tax Act 1961.
(vi) Further, as per RBI directives, Savings Bank account can also be opened in the name of Government Departments / bodies / agencies in respect of grants / subsidies released for implementation of various programmes / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments.
(i) Application to open an account must be made in Bank's prescribed account opening form. It should be made, in person, in the presence of Bank’s authorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
(ii) Illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the bank. Thus, he/ she need not have his/her thumb impression attested by a witness every time he/she withdraws money from the account. It will suffice, if he/she affixes his/her thumb impression in the presence of an officer of the Bank.
(iii) At the discretion of the Bank, illiterate persons are allowed to open accounts jointly with persons who are literate or illiterate and closely related to them, to be operated upon jointly.
(iv) No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.
(v) Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.
(vi) The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. Whenever a deposit account is opened and introduction is taken from an existing account holder; the following conditions must be fully satisfied:
(i) Bank issues passbooks/statement of accounts to account holders. For withdrawing money from an account through a withdrawal slip, production of pass book/statement of account/identity card issued by the branch is necessary. The Bank will not be responsible for any loss caused to the depositor, if an unauthorised person obtains the possession of the pass book/identity card/statement of account and fraudulently withdraws from the account.
(ii) Any change of address should immediately be intimated to the Bank and the pass book sent for necessary alterations with new address proof document required under KYC norms.
(iii) Pass book/identity card/statement of account will be issued free of charge at the time of opening an account and in continuation of the original. But if the pass book/identity card/statement of account is lost or spoiled, the depositor will have to pay prescribed charges for issue of duplicate pass book/identity card/statement of account.
(iv) In case of accounts in which withdrawals are made by cheques, the pass book should be sent periodically to the bank for updating after the withdrawals or as may be convenient.
(i) The smallest amount that can be deposited at the time of opening of an account is as under:
Particulars |
Any CBS branch irrespective of area |
| A/c with Cheque book facility or without cheque book facility |
Rs.1000/- for opening.
Quarterly Average Balance (QAB) ofRs.1000/- is also required to
be maintained after opening the account. |
| Pensioner’s Account |
Rs.5/- |
All payments made in the account should be accompanied by a paying-in-slip, which is supplied free of charge to customers. Separate paying-in-slip should be used for
(a) Cash
(b) Local cheques/DWS etc. drawn on our branches
(c) Local cheques D/W etc. drawn on other banks
(d) Outstation cheques, DWs, draft etc. drawn on outstation centres where the bank has no branches, will be collected at the responsibility of the constituents and the Bank will not be liable for any act, negligence or insolvency of any agent or for losses or delays occurring in the course of such collection.
(ii) Cheques, dividend warrants, interest warrants etc. which are drawn payable to the account holders only will be accepted for collection. In case of new accounts no cheques, dividend warrants etc. will be accepted for collection till the confirmation of the introducer is received, in accounts where the introducer has not come in person to the branch for introducing the account.
(iii) To facilitate proper identification of accounts, full name and account number should be written in the paying-in-slip in relative columns while tendering cash/cheques. Bank will not be responsible for return of cheques due to non-credit of amount/proceeds of cheques so tendered, on account of wrong name/account number filled in by the depositor in the paying-in-slip.
5) Withdrawals
(i) Withdrawals will be allowed either by withdrawal forms or by cheques or by any other accepted mode.
(ii) The total number of withdrawals from a savings bank account should not exceed 100 in a calendar half-year.
(iii) Cash withdrawals by a withdrawal form less than Rs. 25/- in Rural and Semi Urban branches and Rs. 50/- in case of Urban and Metro branches will not be permitted unless it is for closing an account.
(iv) Cash withdrawals against withdrawal form shall be allowed up to Rs.5,000/- in Metro/Urban Centres and up to Rs.25,000/- in Rural/Semi-urban centers.
6) Withdrawals by Cheque
(i) Cheque book will be issued at a cost of Rs.2.50 plus S.Tax per cheque leaf at the time of issue of cheque book. However ,for SB accounts of individuals ,40 leaves will be free in a financial year. Free supply of cheque books in a SB account will be on pro-rata basis i.e. 20 cheque leaves for 6 months and /or part thereof. Requests for new cheque books must be made by depositors on printed requisition forms inserted in the old cheque books. To prevent forgeries, frauds, etc., constituents are particularly requested to–
(a) keep the cheque book under lock and key,
(b) fill in the body of cheque before delivery,
(c) fill in the amount in words, as near as possible, to the words "Rupees" and the amount in figures, as near as possible to the words "Rs."
(ii) Cheques must be drawn on the printed form provided by the Bank. The Bank reserves the right to refuse payment of cheques drawn otherwise.
(iii) The bank reserves the right to withdraw the cheque book facility without prior intimation, if a minimum balance as above is not maintained or for any reason whatsoever.
(iv) In case of accounts where cheque books are issued, withdrawals will be permitted by cheques only.
(v) Cheques post dated i.e. bearing a date subsequent to the date of presentation and cheques bearing date over six months prior to the date of presentation i.e. stale cheques will not be honoured.
(vi) The writing of cheque should be clear and distinct and cheques must be drawn in such a way as to prevent any alteration or addition.
(vii) The amount in cheques must be stated in words and figures.
(viii) All alterations made on the cheque must be authenticated by the drawer under his full signature as per the specimen signature recorded with the Bank, otherwise the cheque will not be paid.
(ix) The signature on the cheque should correspond with specimen signature supplied to the Bank, otherwise the Bank shall be entitled to refuse payment.
(x) Request to stop payment of cheque will be registered, but the Bank cannot accept any responsibility if such instructions are overlooked.
(xi) No withdrawals will be allowed against cheques or other instruments deposited for credit of an account, until they are realised.
(xii) The account number must be written on all cheques. The Bank is entitled at its discretion to refuse payment of cheques having no mention of the account number.
(xiii) Precautions in using cheque books and its safe keeping as printed thereon, should be strictly observed.
7) Interest
(i) Interest will be paid at rates specified by RBI from time to time, at half yearly intervals in May & November each year.
(ii) The interest will be allowed on the minimum balance at the credit of an account between the close of the 10th and the last day of each calendar month, rounded off to the nearest rupee, subject to a minimum of Re. 1/-.
8) Standing Instructions
(i) Bank accepts Standing instructions from account holders for periodic remittances of Insurance premia etc. The charges are Rs. 20/- plus S.Tax per transaction involving credit to another account with other branches (No charge within same branch). If the transaction involves an upcountry centre, remittance charges at the prescribed rates and the actual postages/courier charges shall be recovered additionally.(Rs.20/- plus S.Tax per occasion shall be charged for inability to carry out standing instructions due to insufficient balance)
9) Closing of an Account
(i) The account holder must give in writing his/her intention to request should be signed by all the account holders.
(ii) When an account holder wishes to close his/her account, he/she must present his/her pass book/statement of account/identity card/Debit Card if any.
(iii) The unused cheque forms, if any, in the possession of the depositor should be returned to the Bank.
10) Signature of Depositor
(i) Every account holder will be required to give specimen of his/her signature for record in the presence of an authorised officer of the Bank, at the time of opening of the account.
(ii) All withdrawal forms, cheques and letters to the Bank must be signed strictly in accordance with the specimen signature recorded at the branch.
11) Nomination Facility
The individual account holder/s will have the facility to make, vary or change nominations.
12) Service Charges
Following service charges will be levied in the accounts
(i) Rs. 100/-plus S.Tax (in respect of cheque returned for financial reasons) and Rs.50/- plus S.Tax for other reasons.
(ii) In respect of inward clearing cheques returned unpaid due to financial reasons, Intt. @BPLR+3.5% p.a. for the period from the receipt of the cheque in inward clearing by our Bank to the date of re-presentation of the returned instruments in clearing house by our Bank to the presenting Bank subject to a minimum of Rs.10/- plus S.Tax . In the case of outstation cheques, 50% of usual collection charges subject to a minimum of Rs. 25/-/- plus S.Tax will be charged.
(iii) Rs.100/- plus S.Tax per quarter, if Quarterly Average Balance (QAB) of Rs.1000/- is not maintained. This is applicable only for the new savings bank accounts opened after 1.10.1995.
(iv) Where the number of withdrawals/cheques during a half-year exceeds one hundred, service charges at the rate of Re. 10/-- per withdrawal/cheque in excess of one hundred withdrawals would be levied.
(v) Rs.50/- plus S.Tax per instrument every time a stop payment instruction is accepted.
(vi) Rs. 20/- plus S.Tax per occasion for addition/deletion of names in joint accounts/nominations/ change in operational instructions.
(vii) For Individual customers Rs.30/- plus S.Tax per Pass Book with latest balance only and for Non-individual customers Rs.50/- plus S.Tax per Pass Book with latest balance only. If previous entries are required additional charges of Rs. 30/- plus S.Tax (Individual)or Rs.50/- plus S.Tax (Non-Individual) per ledger page or part thereof will be charged. For accounts maintained on computers, 30 entries or part thereof will be treated as one ledger page.
(viii) Issue of duplicate statement/pass book: Rs. 25/- per pass book with latest balance only. If previous entries are required additional charges of Rs. 25/-- per ledger page or part thereof will be charged. For accounts maintained on computers, 30 entries or part thereof will be treated as one ledger page.
(ix) Issuance of Balance certificate/Interest certificate - Rs. 20/- plus S.Tax per certificate.(for individuals ) ;Rs.30/- plus S.Tax per certificate for (others)
(x) Premature closure of an account (within a year):
Individual : Rs.75/- plus S.Tax Others : Rs.100/- plus S.Tax
(xi) SB a/c with cheque book facility - Rs. 30/-
(xii) SB a/c without cheque book facility- Rs. 20/-
(xiii) Incidental charges for inoperative accounts :
• Account maintaining stipulated minimum balance - Nil
• Account not maintaining stipulated minimum balance - Rs.75/- plus S.Tax per half year starting at the time of interest application as at end of 1st year of inoperative status under advice to a/c holder.
• If the balance in the a/c is Rs.75/- or less - Entire balance to be appropriated towards service charges under advice to the account holder.
(xiv) Incidental charges for inoperative accounts : Rs.20/- per half year in respect of non-interest bearing accounts.
(xv) Closure of a/c due to death of account holder : No charges.
(xvi) Rs.50/- plus S.Tax per half year for accounts with restrictive operations
(xvii) Rs.50/- plus S.Tax per half-year for allowing operations in the account through Mandate
(xviii) Service charges as above are subject to change from time to time.
(xix) The Bank reserves to itself the right of closing any account after prior intimation, if it is not operated upon satisfactorily or if a minimum balance as stated above under point 4(a) is not maintained or the balance in the account becomes NIL after application of service charges in inoperative accounts.
13) The Bank reserves to itself the right of closing any account after prior intimation, if it is not operated upon satisfactorily or if a minimum balance as stated above under 4(i) ins not maintained or the balance in the account becomes NIL after application of service charges in inoperative accounts.
14) Additions & alterations to the rules
The Bank reserves the right to alter or add to these rules at any time without notice.
15) The above rules are not exhaustive.
