Ratna Max Income Saving Account

A

Name

Ratna Max Income Saving Account

Ratna Kamal Utpana Bachat Khata

B

Scheme available at

All Branches under CBS

C

Eligibility

All individuals / entities eligible to open normal saving account are entitled to open account under the scheme.

Purpose of Such account remains essentially in keeping with the spirit of normal saving account and it is not expected to be used for business purposes. In case it is observed that the account is being utilized for business purposes, Bank retains the right to discontinue special facilities allowed under the scheme or to discontinue the account by giving suitable notice.

D

Rules to open account and operate the account

Submission of duly completed account opening documents and complying with requirements for proper introduction and Know Your Customer norms. Account would become operational for debits only on approval of the account by the Centralized Processing Cell.

Features

E

Minimum Balance

Rs 5,000/-

F

Multi City Cheques

60 leaves multi city cheques would be provided absolutely free per annum.

Multi city cheque leaves can be utilized for withdrawal from any CBS branch of the Bank. Maximum amount of withdrawal per instrument would be Rs 25000/-. Payment shall be made only against available clear balance in the account.

Payment of multi city cheque issued on the account at any branch outside the clearing area of the home branch would be free upto Rs 1,00,000/- per instrument. For amounts beyond Rs 1,00,000/- charge of Rs. 1 per thousand would be levied on the entire amount of the cheque. . In case of transaction amongst the branches of the Bank, the charges shall be fixed – Rs 50 per instrument which is beyond Rs 1,00,000/-

G

Multi Location Deposit

Cash / Cheques can be deposited at any CBS branch at charges applicable to normal saving account.

H

ATM

Free ATM card to first accountholder.  

I

Insurance

The accountholders who are individuals shall get cover of insurance for death and permanent total disability for a sum of Rs 1,00,000/-. The first year’s premium shall be borne by the Bank.  

J

Sweep Out

Sweep out facility would operate on clear balance above Rs. 10,000/- by automatic transfer of funds to term deposit having tenure of 365 days at specified interest rate for the scheme provided it is in multiples of Rs 5,000/-

K

Sweep In

Sweep in facility would operate automatically in the event of requirement of funds for honoring any debits to the account if adequate balance is not available. The last sweep out transactions would be utilized for the sweep in and would be in multiples of Rs 5,000/-

L

Interest

Interest on the sweep out held would be credited to the account either on maturity date or on its premature payment and would be subject to TDS etc if so applicable.
Interest on amount held in account would be credited at interest rate and periodicity at par with normal saving account.

Interest rates on sweep out amount
          Period for which held in sweep out

Subsequent to 365 days, the sweep amount would be automatically renewed for a further period of 365 days.

M

Schedule of Charges

First 60 leaves free per annum. Subsequent cheques – Rs 10/- per leaf.

For violation of minimum balance condition – Charge of Rs 100 per month would be levied.

For cheques issued but dishonored on financial grounds of the account- Rs 250/-. For cheques deposited but returned back- Rs 100/-. These charges are for each instrument / instance.

The charges for depositing cash in the account at a branch other than the Home Branch are as follows
i) Deposit up to Rs 10,000/- per day  - Free
ii) Deposit in excess of Rs 10,000 per day – Rs 2 per thousand for such excess amount maximum Rs. 15,000/=
iii) No charges are applicable if the instrument deposited pertains to clearing area of the upcountry branch. (Local clearing)

If the account is closed within a year from the date it is opened and all unused cheque leaves are returned account closure charges would be Rs 100/- shall be levied and in all other cases the charge would be of Rs. 250/=.

N

Lien / Loan against Sweep out

No lien mark or loan against the sweep out amount shall be allowed.

O

General

The Bank shall provide a statement containing the sweep in and sweep out transactions.
Interest rates and all rules and terms and conditions are subject to change at the sole discretion of the Bank and it would be considered to have been notified to all depositors by display of changes on the notice board of the branch and/or hosting of such information on the web site of the Bank.