Saving Account
Introduction
Saving Bank accounts, as the very name suggests, are intended for saving for the future. This is the most common type of account which caters to the needs of vast section of people in the society. These accounts promote savings habit of people. Balances in this type of account earn interest by the depositor. This account is a form of demand deposit account. It includes both the categories of savings accounts, viz., savings accounts with cheque book facility and savings accounts without cheque book facility.
Who can open a Savings Account
Individual Saving bank account can be opened by the followings.
(i) Single person in his own name.
(ii) Two or more person’s in their joint names to be operated in the following manner.
   • Either or Survivor
   • Jointly/ Jointly or Survivor
   • Any one or Survivors or Survivor
   • Former or Survivor
- Â A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or mother or both.
- 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.
How to open a Savings Bank Account
- 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.
- 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.
- Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.
- The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. The account of the introducer should be KYC compliant.
Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification
• Valid Passport
• PAN Card
• Driving Licence
• Voters ID Card
• Defence ID Card
• Identity Card of employees of central/State Govt. & Public Sector Undertakings
• Senior Citizen’s Card