SMALL ACCOUNT

This account can be opened by any individual above 18 years old, who do not have Officially Valid KYC documents. There are many restrictions in operation of the account due to the relaxed KYC. Account can be converted to Regular Savings Account upon submission of KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

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 E or S, F or S, anyone or Survivor etc facility.

Available at
  • All branches except specialised branches e.g. PBBs/SPBs/MCG/CAG branches

Minimum balance amount
  • Nil

Maximum balance /amount
  • Rs. 50,000/-

Rate of Interest
  • As applicable to Savings Bank Accounts

Operations in the Account
  • Cheque book will be issued

  • ATM-cum-debit card will be issued

Service Charges
  • ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied. Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.Deposit/ collection of cheques drawn by Central/State Government will be free

Restrictions
  • Aggregate of all credits in a Financial Year should not exceed Rs 1.00 lac. Aggregate of all withdrawals and transfers in a month should not exceed Rs 10000/-. Balance in this Account at any point should not exceed Rs 50000/-. Foreign Remittances are not allowed to be credited into a Small Account unless the identity of the client is fully established through the production of officially valid documents.

  • 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 to 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.

  • Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs shall be allowed. Thereafter service charges as per regular Savings Bank Account will apply.

  • Only Basic ATM-cum-debit card will be issued.

  • Conversion of Small account to regular Savings Bank account would be done by the home branch manually on full compliance with KYC requirement.

Most Important Terms & Conditions
  • 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. A stop will be set in CBS on completion of 12/24 months which can be removed by the home Branch after reviewing the account as above.

  • Only Basic ATM-cum-debit card will be issued.

  • Balance in Small Account at any point should not exceed Rs 50000/.

  • Aggregate of all withdrawals and transfers in a month should not exceed Rs 10000/.

  • Aggregate of all credits in a Financial Year should not exceed Rs. 1.00 lac.

  • Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Banks ATMs shall be allowed. Thereafter service charges as per regular Savings Bank Account will apply..

  • Foreign Remittances are not allowed to be credited into a Small Account unless the identity of the client is fully established through the production of officially valid documents.

  • Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free.

  • Deposit/ collection of cheques drawn by Central/State Government will be free.

  • No Minimum balance required.