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Savings deposits:

  • Means a form of demand deposit which is subject to restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the Bank during any specified period.

Account opening:

  • Savings Bank Deposit accounts can be opened by an individual in his own name or by more than one individual in their own names.
  • The Bank before opening any deposit account will carry out due diligence as required under “Know Your Customer” (KYC) guidelines issued by the RBI and/or such other norms or procedures adopted by the Bank

As per RBI guidelines:

Savings Account can be opened by:

  • Primary Co-operative Credit Society which is being financed by the bank.
  • Khadi and Village Industries Boards.
  • Agriculture Produce Market Committees.
  • Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in a State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks. .
  • Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words ‘Limited’ or the words ‘Private Limited’.
  • Institutions other than those mentioned in clause (i) below and whose entire income is exempt from payment of Income-tax under the Income-Tax Act, 1961.
  • Government departments / bodies / agencies in respect of grants/ subsidies released for implementation of various programmes / Schemes sponsored by Central Government / State Governments subject to production of an authorisation from the respective Central / State Government departments to open savings bank account.
  • Development of Women and Children in Rural Areas (DWCRA).
  • Self-help Groups (SHGs), registered or unregistered, which are engaged in promoting savings habits among their members.
  • Farmers’ Clubs – Vikas Volunteer Vahini – VVV.

Savings Account cannot be opened for:

  • Government departments/bodies depending upon budgetary allocations for performance of their functions
  • Municipal Corporations or Municipal Committees
  • Panchayat Samitis
  • State Housing Boards
  • Water and Sewerage/Drainage Boards/State Text Book Publishing Corporations/ Societies/Metropolitan Development Authority / State/ District Level Housing Co-operative Societies (6) Any political party or any trading/business or professional concern, whether such concern is a proprietary or a partnership firm or a company or an association.

Entities that are not eligible to open a Savings Account can open Current Account.


( Last modified on Oct 05, 2021 at 01:10:00 PM )

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