1) Who Can Open a Savings Bank Account ?
(i) Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to:
(a) any one or more of them,
(b) any one or more of the survivors,
(c) either or anyone or more of them or the survivors jointly, or survivor.
(d) 'former or survivor 'or' latter or survivor', subject to the condition that the second/first named account holder respectively, will be entitled to the balance lying in the account only on the death of the former/latter account holder.
(ii) A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of-10-years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs.1,00,000/-.For accounts of minors above-14-years,there is no limit to maximum balance.
(iii) A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both.
(iv) An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from, time to time.
(v) As per RBI directive and subject to their prior approval, accounts can be opened in the names of specified institutions/agencies, if they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act.1956 and those working for socially desirable purposes and serving weaker sections of the society and those exempted from paying Income tax under Income Tax Act 1961.
(vi) Further, as per RBI directives, Savings Bank account can also be opened in the name of Government Departments / bodies / agencies in respect of grants / subsidies released for implementation of various programmes / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments.
2) How to Open a Savings Bank Account ?
(i) Application to open an account must be made in Bank's prescribed account opening form. It should be made, in person, in the presence of Bank’s authorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
(ii) Illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the bank. Thus, he/ she need not have his/her thumb impression attested by a witness every time he/she withdraws money from the account. It will suffice, if he/she affixes his/her thumb impression in the presence of an officer of the Bank.
(iii) At the discretion of the Bank, illiterate persons are allowed to open accounts jointly with persons who are literate or illiterate and closely related to them, to be operated upon jointly.
(iv) No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.
(v) Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.
(vi) The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. Whenever a deposit account is opened and introduction is taken from an existing account holder; the following conditions must be fully satisfied:
(a) The account of the introducer should be minimum six months old and
(b) The account of the introducer should have been satisfactorily and actively conducted.
(c) The account of the introducer should be KYC compliant. It means the proposed introducer has complied with the KYC requirement in respect of the account maintained with the Bank.
Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification.
a) Valid Passport
b) PAN Card
c) Driving Licence
d) Voters ID Card
e) Defence ID Card
f) Identity Card of employees of central/State Govt. & Public Sector Undertakings
g) Senior Citizen’s Card
In the event of withdrawal of introduction by the introducer, the Bank shall be entitled at its sole discretion to suspend the operation in the account immediately, without prior intimation to the depositor and it will be in order for the Bank to return / dishonour the cheques, if any, drawn on account, closing of account, without being liable for the same.