A Saving Account is a Deposit Account held at a Bank that Provides Principal Security and a Modest Interest rate. Savings Accounts are generally for money that you don`t intend to use for daily expenses. To open a Saving Account simply go down to your nearest Branch with proper identification and address details documents and ask to open an account.
Type of Accounts
Saving Accounts may be opened in the name of :
• Individual-Single Account
• Joint-Two of more individuals
• Associations, clubs, Societies
Saving Deposit without Cheque Book- Rs. 500
Saving Deposit with Cheque Book – Rs.1000
Required Documents (Please refer KYC Norms for more details)
• 3 Photographs’
• Identify Proof
• Valid residential address proof
Rate of Interest
Interest rate for all types of saving accounts is fixed to 4% p.a. As per the directivities fixed by Reserve Bank of India, interest is credited to the account every half-yearly viz. in March and September month.