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Savings Bank Rules
01. a. Any person can open an account on providing introduction from any person/firm/institution etc. acceptable to the Bank. b. Two or more persons can open an account in their joint names with any one of the following mode of operations. Account Name Mode of Operations 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. c. Accounts can be opened in the name of minors attains by their guardians. When minor attains majority, the right of the guardian to operate the account will automatically cease. Account may be opened by literate minors to be operated by themselves provided they have completed the age of 10. While allowing the minor to operate his/her own account as minor or after attaining majority. The minor will have to produce proof of age. Withdrawal by cheque will be allowed only if the minor attends in person. d. Public trusts may open account in the name of the trust only and not in the name of trustees. 02. a. Savings Bank account can be opened with an initial cash deposit of Rs.100/- b. NOMINATION FACILITY IS AVAILABLE FREE OF CHARGES in terms of the rules prescribed in this behalf from time to time. c. The minimum balance to be maintained in Savings account would be decided by the Bank from time to time. Presently, the stipulated minimum balances are:
If by reason of payment of cheque or withdrawal the balance fails below the stipulated minimum balance, the bank reserves the right to close the account or otherwise levy an individual charge of Rs.5/- per half year. 03. The smallest sum that may be deposited at any time is Rs.5/- For instruments lodged at and drawn on state Head quarters except the State Capitals of North Eastern Region and Sikkim 10 days Others 14 days. 05. The first passbook supplied to the depositor and any passbook 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 with a charge of Rs.10/-. Entries in such duplicate passbook would be at the most from the current financial year (i.e. 01.04). Charge for previous entries if required. Would be at Rs.10/-per 20 entries. 06. On no account should be deposit or write or make marks in the passbook. In the event of the depositor doing so, such a passbook is liable to be retained by the Bank and destroyed by the Bank. A duplicate passbook would be issued and charges would be levied as mentioned in rule5. 07. The passbook must be presented with withdrawal slip while drawing any sum. The passbook should also be presented for updation soon after deposit of cheques/issue of cheques. The depositors must examine their passbooks 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. 08. The minimum amount of withdrawal either by cheque or withdrawal slip will be Rs.10/- unless it is for closure of account. The withdrawal slip/cheque provided by the Bank should be used for this purpose. Writing should be clear and distinct. 09. Withdrawals made by cheques by a depositor, if the depositor is an illiterate or minor, must be attended by the depositor in person. In respect of an illiterate depositor, the thumb impression must be attested by witness known to the Bank. 10. The total number of withdrawals from a Savings Bank account during half-year period considered for interest application, whether by cheque or withdrawal slip or otherwise should not exceed 50. If the number of withdrawal exceeds 50, the Bank will levy a charge of Rs.1/- per withdrawal in excess of 50. 11. Interest will be allowed on the lowest balance at the credit of the account between close of tenth day and close of the last day of the calendar month, at the rate prescribed by Reserve Bank of India (presently 3.5% p.a.) from time to time. No interest will be allowed unless it amounts to at least Rs.1/- in every half year. 12. The first cheque book (10 leaves) would be issued free of any charge. For subsequent cheque books (10 leaves) Rs.15/- per cheque book of MICR cheques would be charged. The depositor will be entitled to only one cheque book at a time on the Savings Bank account. 13. Standing instructions regarding transferring installments of Recurring Deposits, Loans, payment of locker rent within the same branch would be free of any charge 14. Standing instructions regarding remittances (local or outstation), payment of insurance premium (local or outstation) would be carried out against normal charges of remittance + actual postage + Rs.5/-. 15. Stop payment instructions would be noted for a charge of Rs.10/- per instrument. 16. a. Charges for collection of outstation cheques: Rs.1.50 per thousand or part thereof + postage. At places where the Bank does not have its own branch, commission/charges levied by collecting bank will be charged additionally. b. The Bank has made special arrangements for expeditious collection of high value outstation cheques. If these arrangements are employed the collectioncharges would be - Minimum Rs.20/- per instrument upto Rs.10, 000/- Rs.1.50 per thousand or part thereof + postage Cheques Returned unpaid, Rs.60/- per instruments. c. Service charges on return of cheques deposited would be - Local cheques - Rs.10/- Outstation cheques - 50% of collection charges with minimum of Rs.15/- postal tariff (except ordinary post) will be levied over and above the aforesaid charges. 17. If the saving account is not operated upon for three years continuously, the balance will be transferred to inoperative section. Further operations will be allowed, on application, giving satisfactory clarification for the account remaining in operative. At the time of retransfer to operative section, charge of Rs.5/- will be levied.
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