Savings Account
A savings account is a deposit account in a bank or credit union that pays interest on your balance though some institutions require that you have at least a minimum amount in the account to qualify for earnings. You can deposit and withdraw from savings accounts as you wish, but you can't transfer money from the account directly to other people or organizations.
Saving Bank Account can be opened by Individuals and Non-Individuals. This account may be opened and run with a minimum balance as follows:-
With Cheque Book Facility Individual (s) Rs. 1000/-
With Withdrawal Slip Rs. 500/-
Interest Rates :
Documents required
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Documents required while opening current account of co-operative banks and societies:
1) Account Opening Form.
2) Specimen Signature Card.
3) PAN / GIR No. / Form No. 60/61
4) Residential Address.
5) Introduction by Savings Bank A/c holder.
Benefits :
1) Nomination Facility available.
2) Deposits are insured with Rs 1Lac for Deposit Insurance & Credit Guarantee Corporation.
