1) What is the type of information I need to submit to the Bank at the time of account opening?

You need to submit the information to establish your identity and your address and a copy of your latest photograph. You can choose from the variety of the documents acceptable by the Bank for this purpose. The documents accepted by the Bank are as under:

a) Proof of identity: (any one of the following)

b) Proof of current address: (any one of the following)

c) Recent Photograph (Passport size)Documents required (Partnership)

2) I approached the Bank in the status of a legal person such as a company, trust etc. and not as a natural person. Do I still need to submit information mentioned above?

For legal persons, the Bank is required to obtain the proof of the existence of entity (such as copy of the certificate of incorporation, memorandum/articles of association, trust deed etc. as may applicable) along with a copy of the resolution from the entity's managing body (such as the Board of Directors or the Board of Trustees as may be applicable to it) to open the account. Further, the person interacting with the Bank for operating the account on behalf of the entity needs to obtain a mandate to that effect from the entity and establish his identity (photo identity and photograph of the person is required). Please contact our branch official to assist you in terms of the documents that could be submitted for a legal person.

3) I am doing a large cash withdrawal (above Rs.10 lacs) and the cashier is insisting that I should provide him information on the purpose of withdrawal. After all, I am withdrawing money from my own account and therefore, why should I share this information with the Bank?

The extant regulations of RBI require the Banks to closely monitor the large cash transactions and the teller is just discharging his regulatory obligation. Such an information assists the Bank in identifying any unusual transactions that are being routed through it.

4) You are repeatedly mentioning that the extant regulations of RBI and the rules notified under Prevention of Money Laundering Act, 2002. What do they really talk about and try to achieve?

The regulations and the rules referred to above deal with what is called as an initiative of Anti Money Laundering (AML) and Countering the Terrorist Financing (CTF). These rules and regulations try to prevent the process of money laundering (i.e., the process of dealing with criminal proceeds and projecting it as untainted property through banking channels) and financing of terrorism related activities. The regulations, in the broadest sense, require the banks to know their customers (popularly known as the Know Your Customer or KYC regulations) and to monitor their transactions. Further, specified information under the PMLA about the cash and suspicious transactions need to be submitted to the Financial Intelligence Unit, India (FIU- IND, a Government of India department, which analyses and forwards the intelligence information to the law enforcement agencies). Compliance with AML regulations assists the banks and the society at large in keeping a close watch on the transactions to identify suspicious transactions, if any, and thereby provide intelligence information (through reports to FIU-IND) to the law enforcement authorities to deal with such transactions as per the applicable laws and regulations. Co-operating with the Bank by providing required information, assists the Bank and the society in a long way in their fight against money laundering and terrorist financing.

• Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. Accounts may be opened in the names of two or more persons and may be made payable to:
  
  • any one or more of them,
  • any one or more of the survivors,
  • either or anyone or more of them or the survivors jointly, or survivor.
  • former or survivor or latter or survivor', subject to the condition that the second/first named account holder respectively, will be entitled to the balance lying in the account only on the death of the former/latter account holder.
• 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.
• 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.
• 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.
• 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.
• 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 programs / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments.

• 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.
• 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.
• 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.
• No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.

1. Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.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:

(a) The account of the introducer should be minimum six months old and

(b) The account of the introducer should have been satisfactorily and actively conducted.

(c) The account of the introducer should be KYC compliant. It means the proposed introducer has complied with the KYC requirement in respect of the account maintained with the Bank.

Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification

(a) Valid Passport

(b) PAN Card

(c) Driving Licence

(d) Voters ID Card

(e) Defense ID Card

(f) Identity Card of employees of central / state Govt. & Public Sector Undertakings.

(g) Senior Citizen’s Card.

(h) Aadhar Card

• Interest will be paid at rates specified by RBI from time to time, at half yearly intervals in March & September each year.
• The interest will be allowed on daily balance basis.

• The account holder must give in writing his/her intention to close the account should be signed by all the account holders.
• 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.
• The unused cheque forms, if any, in the possession of the depositor should be returned to the Bank.

• 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.
• All cheques and letters to the Bank must be signed strictly in accordance with the specimen signature recorded at the branch.

• The individual account holder/s will have the facility to make, vary or change nominations.
• Nomination is must for all individual accounts.

• The Bank reserves the right to alter or add to these rules at any time without notice.

Bank has simple procedure to enable the customer to settle the dues which arise from sudden untimely demise or death of a relative. With minimum paperwork, absolutely no hassles and in short time our officials at any of our branches with full understanding and empathy settle your dues. To avoid inconvenience, Bank encourage and insist for nomination in each individual account holder. Please contact our Branch Manager for detailed procedure.

• You can nominate only one person per account.
• You can also nominate a Minor.
• Modification/change in nomination can be made subsequently also with the approval of all the account holders