Most Important Terms and Conditions (MITC) of Savings Bank Accounts
As per the Code of Bank’s Commitment to customers, commitments of providing certain important information to customers before opening of Savings Bank (SB) Account is to be ensured so as to enable the customer to take an informed decision.
The Branches are instructed to adhere to the Code regarding giving information to the customer, before opening any deposit account.
The following are the Most Important Terms and Conditions (MITC) for the deposit facility.
We advise the branches to provide the MITC information before opening of Savings Bank Account.
|Cheques up to Rs. 1.00 lac.:- Individual Account - Rs.105/- Per instrument. (For Senior Citizens 10% rebate)
|Other A/cs - Rs.156/- per cheque.
|Cheque above Rs1.00 Lac up to Rs. 100.00 lacs: Rs. 209/- per instrument
|Cheque above Rs. 100.00 Lac - Rs.626/- per instrument.
|Cheques upto Rs. 1.00 lac.
Individual Account -
Rs.105/- per instrument (For- Senior Citizens 10% rebate)
Other A/cs - Rs.156/- per cheque
|Cheque above Rs 1.00 Lac up to Rs. 100.00 lacs :Rs. 209/- per Instrument.
|Cheque above Rs. 100.00 lacs – Rs.626/- per instrument plus Interest at clean OD rate for the
period the bank remains out of fund
- Guidelines on registration and execution of Standing Instructions/Direct debits, implications of non execution of instructions for want of funds, etc:-
For registration of standing instructions:
- Same branch and in same name: Charges per transaction is Nil.
- Same branch but credit to be given to a different name : Individual: Rs. 25/- per transaction & for others: Rs.52/- per transaction
- Charges for insufficiency of funds to carry out standing instructions: Rs.52/- per occasion.
All accounts which are not operated upon for a continuous period of over 2 years shall be treated as inoperative (dormant) accounts.
In case of term deposits the 2 year shall be reckoned after the date of maturity.
A savings as well as current account should be treated as inoperative / dormant if there are no transactions (i.e. no credit or debit other than crediting of periodic interest or debiting of service charges) in the account for over a period of two years.
The saving bank account can be treated as inoperative account only after two years from the date of the last credit entry of the interest on Fixed Deposit account and if there are no other operations in the account during the period.
For non-maintenance of minimum balance, incidental charges are not to be levied to in-operative accounts.
For crediting cheques/Direct Benefit Transfer/Electronic Benefit Transfer/Scholarships for students etc., into accounts /Accounts with zero balance opened for the beneficiaries under various Central/State Government schemes, such accounts are not to be classified as dormant/inoperative due to non-operation of the account for over two years.
Disclosure of Information:
The bank may disclose information about customer’s account, if required or permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder/s.
Alerts: Facility for SMS:
- All Domestic SMS Alerts charges per SMS = 12 paise (inclusive of service Tax)
- International SMS Alerts = Rs. 1.70 (inclusive of Service tax) per SMS.
- All Policies such as Deposit Policy, Policy on Unclaimed Deposits, Policy on collection of Domestic Cheques/Instruments, Grievance Redressal Policy, and Compensation Policy & Code of Commitments to customers should be available at the branches and also in the public domain.
- The DICGC insures all deposits such as Savings, Fixed, Current, Recurring Deposit etc.