Who can open Savings Bank Account?

  • Individual in personal capacity
  • Individual in joint names
  • A minor with natural guardian
  • A minor over the age of 12 years and who is literate
  • Charitable and Educational Institutions, which is non-commercial
  • A blind
  • An illiterate

Who cannot open a Savings Bank Account?

  • Government Department
  • Corporation
  • Commercial Organisation
  • Mentally Retarded
  • Political Parties

Formalities for opening an account

  • Application Form
  • Introduction
  • Photographs (two)
  • Proof of Identity
    • PAN Card
    • Passport
    • Driving License
    • Election Voters Card (EPIC)
    • Aadhaar
  • Proof of address
    • Utility bills
    • Property / municipal tax receipt
    • Bank account / Post Office savings bank account statement
    • 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

  • With cheque facility : Rs.1000
  • Without cheque facility : Rs.50

Concession In Minimum Balance For Pensioners In Pension Account

  • With cheque facility : Rs.100
  • Without cheque facility : Rs.10

Interest Rate

  • 3% p.a.

Facilities

  • Nomination
  • Collection of cheques / drafts
  • Standing instructions
  • Cheque book
  • No TDS on interest