PMJDY(BSBDA) AND SMALL ACCOUNT
PMJDY (BSBDA) AND SMALL ACCOUNT
| PMJDY Account (BSBDA) | Small Account | |
|---|---|---|
| TARGET CUSTOMERS | · Only for individuals - Indian Citizens
· Holders of PMJDY / Basic Savings Bank deposit account will not be eligible for opening of any other savings bank deposit account with us. If a customer has any other existing savings bank deposit account with us, he/she will be required to close it within 30 days from the date of opening a PMJDY / BSBD account. |
· Accounts can be opened by Individuals. Opening of Joint account with operational clause ‘either or Survivor’ etc is also allowed. However number of account holders is restricted to two only. |
| KYC REQUIREMENT | As applicable to Normal Savings Bank account | · An Individual who desires to open a small account may produce NREGA job card duly signed by an Officer of the State Government or the letter issued by the Unique Identification Authority of India containing details of Name, Address and Aadhaar Number (called valid documents). However accounts can also be opened on production of a self attested photograph and affixation of signature
or Thumb print as the case may be on the prescribed form for opening the account. In that case the designated officer of the branch while opening the small account certifies under his / her signature that the person opening the account has affixed his / her signature or thumb print as the case may be in his / her presence |
| AVERAGE MONTHLY MINIMUM BALANCE | NIL | NIL |
| CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE | NIL | NIL |
| CHEQUE BOOK | 25 free personalized cheque leaves per calendar year | By way of withdrawal slips only accompanied by pass book. |
| SMS ALERT | No charges for Mandatory SMS | No charges for Mandatory SMS |
| NET/MOBILE BANKING | Facility available at Free of Cost | Not Available |
| RESTRICTIONS IN TRANSACTIONS AT THE BRANCH | There is no limit on the number of deposits that can be made in a month
Maximum of only 5 withdrawals per month (including ATM WITHDRAWALS) is allowed free of charge. |
Operations through withdrawal slip only. The aggregate of all credits in a financial year not to exceed Rs.1 lakh The aggregate of all withdrawals and transfers during the month not to exceed Rs. 10,000/- The balance at any point of time not to exceed Rs. 50,000/-. |
| MAXIMUM WITHDRAWAL AT OUR BANK & OTHER BANK ATMs | Maximum of only 5 withdrawals per month (including ATM WITHDRAWALS) is allowed free of charge. Beyond that charges apply. However the AEPS transactions does not attract any charges. | Not available |
| CONVERSION OF ACCOUNT | For availing the value added services offered to other SB accounts, the account holders of this scheme have to fulfill full KYC procedures and minimum balance requirements as applicable to such SB customers | For availing the value added services offered to other SB accounts, the account holders of this scheme have to fulfill full KYC procedures and minimum balance requirements as applicable to such SB customers |
| ADDITIONAL CONCESSIONS / FACILITIES OFFERED |
No Account closure charges OD Facility upto Rs. 10,000/- to eligible customers |
No Account closure charges |
| SERVICE CHARGES | As per latest service charges notification | As per latest service charges notification |
Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Savings Bank Account.
1. What is a Savings Bank Account?
A Savings Bank Account is a deposit account that allows you to securely save money, earn interest on your balance, and access banking services such as ATM, UPI, internet banking, and mobile banking.
2. Who is eligible to open an Indian Bank Savings Bank Account?
Resident individuals, minors (under applicable schemes), senior citizens, and other eligible customers can open a Savings Bank Account with Indian Bank by fulfilling the prescribed KYC requirements.
3. How can I open a Savings Bank Account with Indian Bank?
You can open a Savings Bank Account by visiting your nearest Indian Bank branch or through the online account opening facility, where available, after completing the required KYC process.
4. What documents are required to open a Savings Bank Account?
To open a Savings Bank Account, you generally need valid identity proof, address proof, PAN or Form 97, Aadhaar (where applicable), passport-size photographs, and other KYC documents as prescribed by the bank.
5. What is the interest rate on an Indian Bank Savings Bank Account?
The Savings Bank Account interest rate is determined by Indian Bank and may vary as per the applicable interest rate policy. Please refer to the latest interest rates published by the bank.
6. Is there a minimum balance requirement for a Savings Bank Account?
There are no charges for non-maintenance of minimum balance in Savings Accounts. However, premium Savings Account variants require a minimum balance to avail value-added benefits such as insurance coverage, concessions on service charges, and more. Please check the specific account type for applicable balance requirements.
7. Can I open a joint Savings Bank Account?
Yes. Indian Bank allows eligible customers to open a joint Savings Bank Account as per the bank's terms and conditions.
8. What banking facilities are available with a Savings Bank Account?
Indian Bank Savings Bank Accounts offer facilities such as ATM/debit card, UPI, internet banking, mobile banking, cheque book, SMS alerts, and fund transfer services, depending on the account type.
9. Can I open a Savings Bank Account online?
Yes. Indian Bank offers online account opening for eligible customers under applicable account schemes and KYC guidelines.
10. How is interest calculated on a Savings Bank Account?
Interest on a Savings Bank Account is calculated based on the applicable daily balance method and is credited periodically as per the bank's policy.
11. Can I convert my existing Savings Bank Account to another account variant?
Yes. Subject to eligibility and the bank's policies, you may request to convert your existing Savings Bank Account to another eligible savings account variant.
12. Why should I choose an Indian Bank Savings Bank Account?
Indian Bank Savings Bank Accounts offer secure banking, competitive interest rates, digital banking facilities, multiple account variants, and convenient access through a wide network of branches and ATMs.
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