FAQs
Who can operate the SB Account?
By a person in his name/her name.
By two or more persons in their joint names payable to (1) Both (2) All of them (3) Either or Survivor where in case of death of one of the account holders
All Co-operative institutions can open SB Accounts.
Certain non-profit welfare organizations can also open SB Accounts.
Who cannot open an SB account?
Proprietorship Concern, Partnership Firm, Joint Stock Company for conducting trade; certain institutions, Government departments depending on budgetary allocations, Municipal Corporations, Panchayat Samitis, State Electricity Board, State Housing Board, Trading and Business concerns and Water/Sewerage/Drainage Boards.
What does the customer need to know while opening of SB Account?
The objective of the Savings Bank is to encourage private individuals to deposit their savings with the bank by allowing interest on the account. Normally, a bank may not allow opening of more than one SB account in the name of the customer or jointly with others.
Every customer has to maintain prescribed minimum balance in the account and if the balance goes below the minimum required, then the bank will collect Bank charges and Service Tax for the same. Bank charges and service tax are applicable for issue of chequebooks, duplicate passbook, cheque return and for standing instructions. Nomination facility is there in SB account where the account holder can nominate a person.