Ratna Max Income Saving Account Rules

1. An individual, HUF, Trust, Society can open an account under the scheme on providing introduction from any person/ Firm /Institution etc acceptable to the Bank. The scheme is applicable in the branches connected through the Core Banking System (CBS) of the Bank. List of such branches is available on the website of the Bank – www.theratnakarbank.com

1.1 Two or more persons can open an account in their joint names with any one of the following 
mode of operation.
* Account holders                            Mode of operation
A & B                                       Jointly, Either or survivor
A, B & C                                  Any one, any two jointly, Jointly by all, any survivor or survivors

All correspondence in respect of joint accounts will be addressed to the first named person and all other account holders will be deemed to have notice thereof.
1.2 Account can be opened by the minor by their guardians. When minor attains the age of majority, the right of the guardian to operate the account shall cease. Account may be operated by the literate minors to be operated by them selves provided they have completed the age of 10. While allowing the minor to operate his/her own account as minor or after attaining the age of majority, it shall be necessary for them to produce the proof of age. No cheque book shall be issued to a minor.
1.3 Public trust can open the account in its name only and not in the name of trustees.

2.0 The minimum balance for the account opened under this scheme shall be Rs 5,000/-. The said balance must be maintained on daily basis. In case of default, penalty of Rs 100 per month shall be levied.

3.0 Sweep Out – If the balance in the account reaches above Rs 10,000/-, then such excess, in multiples of Rs 5,000/- shall be transferred to term deposit of a tenure of 365 days.. However, the customer can withdraw at any time the balance in his saving account plus the balance is his sweep out account.

4.0 Interest- On the balance in saving account, interest shall be allowed on lowest balance at the credit of the account between close of the tenth day and last day of a calendar month at the rate of 3.50% pa (presently prescribed by RBI). On the sweep out units, the interest shall be paid at following rates based on the period for which the deposit has run.
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.

5.0 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/-

6.0 Insurance – The First/Sole account holder who are individuals shall get cover of insurance for death and permanent total disability for a sum of Rs 1,00,000/- for the first year.

7.0 The smallest sum to be deposited in cash at any times shall be Rs 10/-

8.0 Cheques/drafts/dividend warrants/interest warrants may be accepted for collection when drawn in favor of the accountholder(s).
8.1 In individual accounts, the conduct of which is found to be satisfactory, cheques up to Rs 15,000 could be credited immediately to the account on payment of nominal charges as prescribed by the Bank from time to time. At any given time, only one instrument would be allowed and on realization thereof other instruments if any, would be accepted.
8.2 Payment of multi city cheque issued on the account at any branch outside the clearing area of the home branch would be free up to 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/-
8.3 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.
8.4 The charges for depositing cash in the account at a branch other than the Home Branch are as follows

1. Deposit up to Rs 10,000/- per day  - Free
2. Deposit in excess of Rs 10,000 per day – Rs 2 per thousand for such excess amount maximum Rs. 15,000/=
3. No charges are applicable if the instrument deposited pertains to clearing area of the upcountry branch. (Local clearing)

9.0 The first pass book supplied to the depositor and any pass book issued in continuation thereto will be provided free of any charges. However, if a passbook is spoiled or lost, a duplicate one will be issued on a charge of Rs 25/-. Entries in such pass book would be at the most from the current financial year beginning from 1st April. Previous entries, if required shall be provided at a charge of Rs 10 per twenty entries.

10.0 No alterations are allowed in the entries of the pass book. In any such event that comes to the notice of the Bank, the pass book shall be retained and destroyed by the Bank. A duplicate pass book shall be issued at above mentioned charges.

11.0 The pass book must be presented with the withdrawal slip while drawing any sum. The pass book should be updated at regular frequency. The account holders must examine the passbook and ascertain that the entries made therein are correct. Discrepancy, if any should be brought to the notice of the Bank within a reasonable time.

12.0 The minimum amount of withdrawal either by cheque or by withdrawal slip will be Rs 10 unless it is for closure of the account. In case of withdrawal through multi city cheques, the maximum of Rs 25,000 per instrument are permissible at a branch other than home branch of the customer. (But within the CBS branches network)

13.0 Withdrawals made by cheques by an illiterate deposit holder must be attended by the depositor in person. The thumb impression must be attested by witness known to the Bank.

14.0 The total number of withdrawals from the account during the half year considered for interest application, whether by cheque or by withdrawal slip or otherwise should not exceed 50. Excess withdrawal shall be charged at Rs 5 each.

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

16.0 The first multi city 60 cheques shall be issued free per annum in the lots of 10 or 20 cheques. After consuming the earlier cheque book, accountholder shall be entitled to get next one. After 60 leaves, the charges of Rs 10 per leaf shall be levied. Accountholder may opt to take a regular cheque book instead of multi city cheques. In that case, after 60 cheques, the next leaves shall be charged at Rs 2 per leaf.

17.0 Standing instructions regarding transferring of installments of Recurring Deposit, Loans, payment of locker rent within the CBS branches of the Bank shall be free.

18.0 Stop payment instruction would be noted for a charge of Rs 25 per instrument.

19.0 Standing instructions regarding remittances (local or outstation), payment of insurance premium etc would be carried out at normal charges of remittances plus actual postal charges.

20.0 The cheque return charges shall be as under

1. The cheque issued by the accountholder but returned due to financial reasons – Rs 250 per instance.
2. Cheque deposited by the customer returned due to financial reason – Rs 100 per instance

21.0 If the saving account is not operated upon for a period of one year, the same shall be treated as dormant account. If such period extends to three years, the balance will be transferred to inoperative section. Further operations shall be allowed on application, giving satisfactory clarification for the account remaining inoperative. At the time of retransfer to operative section, charge of Rs 25 shall be levied.

22.0 The Bank reserves the right to close any account after giving notice which, in the opinion of the Bank is not conducted properly. If an account opened under this scheme is closed within a period of 12 months for any reasons whatsoever, the charges of Rs 100 shall be levied. If the entire of unused cheques are not returned, then the charges would be Rs 250/- instead of Rs 100/-.

23.0 Apart from regular pass book, a separate statement shall be provided to the customers containing the transactions pertaining exclusively to sweep in and sweep out at a monthly frequency. 

24.0 The Bank reserves the right to alter, rescind or add to these rules or modify the charges at any time. Display of the change on the notice board of the Branch as well as hosting of such changes on the website shall be deemed as adequate notice thereof to all the customers.

25.0 Precautions to be taken by the customers in their own interest.

1. Give introduction only to the known customers.
2. Use account for own transactions only. Do not facilitate mere collection of instrument for acquaintances.
3. Keep the pass book and cheque book. In a safe place under lock and key.
4. Do not keep blank signed cheques; or issue blank cheques.
5. Update your passbook frequently and ascertain the correctness of the entries.
6. Notify the Bank about change in address/telephone number etc.
7.  It is preferable to issue cross account payee cheques.
8. Do not keep the specimen of your signature with the pass book or cheque book.