Savings Account

Terms and Conditions:

1. Account Opening & Eligibility:
   • Savings Accounts may be opened by individuals, jointly by multiple individuals, or by a guardian on behalf of a minor.
   • The account shall be opened only after completion of KYC (Know Your Customer) verification as per regulatory guidelines.
   • The institution reserves the right to accept or reject any application based on internal policies.
2. Nature & Usage of Account:
   • A Savings Account is intended for personal savings purposes only and not for business or commercial transactions
   • Misuse of the account for business activities may result in restrictions or closure of the account.
3. Minimum Balance Requirement:
   • Customers must maintain a Minimum Average Balance (MAB) as specified by the institution.
   • The minimum balance may vary depending on account type, location, or services offered.
   • Non-maintenance may attract applicable charges as per the schedule of fees.
4. Deposits & Withdrawals:
   • Deposits can be made through cash, cheque, electronic transfer, or other approved modes.
   • Withdrawals may be carried out via cheque, withdrawal slip, ATM, or digital banking.
   • The bank may impose limits on the number or value of withdrawals within a specified period.
5. Interest on Savings Account:
   • Interest shall be paid at rates determined by the institution, in line with regulatory guidelines.
   • Interest is typically calculated on daily closing balance and credited periodically.
   • Interest rates are subject to change from time to time.
6. Charges & Fees:
   • Non-maintenance of minimum balance
   • Excess transactions
   • Issuance of cheque books, cards, or statements
   All applicable charges will be communicated transparently and may be revised periodically.
7. Account Operations:
   • Accounts may be operated: Singly or jointly (as per mandate such as Either/Survivor, Joint, etc.)
   • Customers may authorize a third party via Power of Attorney, subject to approval.
   • The institution may provide debit cards, cheque books, and digital banking facilities.
8. Dormant / Inoperative Accounts:
   • Accounts with no customer-initiated transactions for a specified period (generally 12-24 months) may be classified as inactive or dormant.
   • Reactivation requires customer request and verification as per bank policy.
9. Nomination Facility:
   • Account holders are encouraged to register a nominee for settlement of funds in case of unforeseen events.
   • Nomination can be added, modified, or cancelled as per applicable procedures.
10. Account Closure:
    • The account holder may close the account by submitting a written request.
    • The institution reserves the right to close accounts in case of:
    • • Misuse
      • Non-compliance with regulations
      • Unsatisfactory account conduct
11. Regulatory Compliance:
    • All Savings Accounts are governed by rules, circulars, and directions issued by the Reserve Bank of India and applicable laws.
    • The institution may amend these terms from time to time to comply with regulatory changes.