CANARASARAL SAVINGS ACCOUNT
PRODUCT NATURE
An SB product designed for the common man to provide a basic banking facility as part of the financial inclusion objective of RBI.
ELIGIBILITY
a. An individual in his/her name.
b. Joint accounts (not more than 4)
c. A guardian on behalf of a minor, by declaring the date of Birth of the minor.
d. A literate minor himself/herself provided he/she has attained the age of 14 years and produces satisfactory proof of date of birth.
e. A school going minor student above the age of 12 years can open the account with branches/extension counters situated in the campus of educational institution in which he/she is studying, on submission of a declaration cum no objection letter from natural guardian. Such accounts are to be preferably introduced by the Head of the Institution where the student is studying.
f. The Bank may at its discretion, open accounts of illiterate/blind persons, after observing formalities for opening such accounts.
Once a customer opens Cansaral Savings Account with the branch, he/she will have to close all other running accounts.
APPLICATION
Application to open a Cansaral Savings account should be made in the Bank's prescribed form. Two recent passport size photographs of the account holder(s) is to be submitted along with the application
INTRODUCTION, IDENTITY AND ADDRESS PROOF
By an account holder who has been subjected to full KYC procedure can introduce the prospective account holder. The introducer’s account with the bank should be atleast 6 months old and should have satisfactory transactions. Photograph of the customer who proposes to open the account and also his address needs to be certified by the introducer.
OR
Any other evidence as to the identity and address of the customer to the satisfaction of the bank.
INITIAL AMOUNT
An account can be opened with an initial deposit of Rs. 25/-. The account can be maintained even with zero balance.
MINIMUM DEPOSIT
The account can be maintained even with zero balance
OTHER FACILITIES
Pass book, ATM-cum-debit card, collection of instruments, addition or deletion of the names subject to a maximum of four joint account holders, transfer of account from one branch to another, standing instruction
WITHDRAWAL/ DEPOSIT
Permitted through withdrawal order form, cheque and ATM cum Debit Card Maximum 6 withdrawals per month including drawings through ATM free of charge. For withdrawals exceeding 6 per month would be levied a service charge at the rate not exceeding Rs.5/- per withdrawal at the discretion of the branch. The minimum amount that may be deposited/ withdrawn “IN CASH” in an account is as prescribed by the bank from time to time. Currently minimum deposit or withdrawal “IN CASH” is Rs.10/-. In case of withdrawal through ATM, the minimum amount is Rs.100/- (Currently)
TDS
Exempted
NOMINATION FACILITY
Available
OTHER TERMS & CONDITIONS
Balance not to exceed Rs.50000/- and total credit in a year not to exceed 1.00 lac. If the above limit exceeds, no further transactions will be permitted until the full KYC procedure is completed.
APPLICATION & DOCUMENTS
Application Form Photograph of depositor/s (2 copies) Proof of address as per KYC Norms
