Savings Bank Account is the most common type of demand deposit. The depositor can open the account, deposit and withdraw money as and when required. There is a minimum balance required to be maintained and a cheque book is given to the customer with some exception to enable withdrawals. The customers can withdraw money using the withdrawal forms prescribed by bank and available at the branch level. Present Interest Rate is 4% p.a. Introduction not Mandatory
All types of customers including Minor except business , trading concern and
Government Institutions under Budgetary Allocations ordinarily be
permitted to open Saving Bank Account. However agencies / organization
like PACS , SFDA, MFALA, Khadi and Village Industries Board. (k) Self-Help
Groups (SHGs) & Farmer's Clubs etc. can allow to open Savings Bank
Rs750.00 with cheque book facility and Rs 500.00 without cheque book
Nomination facility is available only for the individual & joint accounts , as
per ‘ The Co-operative Banks (Nomination) Rules, 1985’
For detail please download the respective forms and visit any Branch of the Bank with all formalities for opening Current Account.
Saving Deposit with Insurance facility
Insurance Linked Deposit Scheme for the benefit of saving bank account holders opening bank account with a minimum balance of Rs 3000/- for risk cover of Rs 1.00 lakh and eligible age limit 69 years, under the heading Savings Deposit under SOPAN Scheme.
Financial Inclusion:-Basic Savings Bank Deposit Account
Offering to open Basic Savings Account with Zero balance facility, initially called as ‘No-Frill’. Minimum KYC for opening account. Account to cover Poor and Backward section of the Society. Providing Debit Card, Receipt/ Credit of Money through Electronic Payment Channel, Deposit / Collection of Cheque.