Who can open a Savings Bank Account

Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/ she may not open more than one such account. Accounts may also be opened in the names of two or more persons with operational instructions; –

  • Any one
  • Any one or survivor/s
  • Either or survivor
  • Jointly
  • Former or Survivor/s

A Savings Bank Account can be opened for a minor jointly with his/ her natural guardian. I.e. Parents

Interest

Interest will be paid at half yearly intervals in April & October each year.

Signature of Depositor

  • Every account holder will be required to give specimen of his/ her signature for record in the presence of an authorized officer of the Bank, at the time of opening of the account.
  • All withdrawal forms, cheques and letters to the Bank must be signed strictly in accordance with the specimen signature recorded at the branch.

Passbook

Bank issues passbook to account holders. For withdrawing money from the account through a withdrawal slip, pass book must be presented to the bank. The bank will not be responsible for any loss caused to the depositor, if any unauthorized person obtains the possession of the passbook/ identity card and fraudulently withdraws from the account.

Cheque books

The Bank allows a cheque book system for individual customers once they are able meet the all requirements.

Documents required for opening of a savings account;

  • ID Card/ Passport
  • Proof of Address (Not older than Two (2) months)
  • Proof of Income
  • Tin Certificate
  • 2 Passport Sized Photographs

Terms and conditions applied