SubcoBank :: Accounts

Accounts

Who can open an account

Savings Bank Account can be opened by an individual in his own name or by more than one individual in their joint names payable to all of them jointly or any one or more or survivor/s.

Guardian on behalf of a minor furnishing a declaration as to the date of birth of the minor.
A minor over the age of 10 years in his own name provided the minor produces the satisfactory proof of his / her date of birth such as ‘Date of birth certificate, issued by corporation / hospital, school certificate etc. [ However the maximum balance in such account shall be restricted to ₹.10,000/- ].
Secretaries / treasurers / managers or duly constituted / authorized officers of the clubs, association (registered), school, religious or charitable institutions and such other body of like nature in their names, by giving clear operational instructions and furnishing the constitution / rules & bye laws governing such institutions and other necessary information.

KYC Compliance

The prospective account holder should comply with the ‘Know Your Customer (KYC)’ norms by producing one or more of the following documents in support of identity and address:

Proof of Identity	Address Proof
Passport	Passport
PAN Card	Job card issued by NREGA duly signed by an officer of the state Govt.with applicants address.
Voter's Identity Card	Voter's Identity Card
Driving Licence	Driving Licence
Identity Card Subject to the Bank's Satisfaction	Aadhar Card
Letter from a recognised public authority or public servant verifying the identity and residence of the customer to satisfaction of the Bank	Letter from the employer subject to the satisfaction of the Bank

Minimum Balance

Minimum balance for opening and maintaining Savings Bank Account:

Savings Bank Accounts	Minimum balance to be maintained
For opening / maintaining SB Account (without cheque book facilities)	₹. 500/-
For opening / maintaining SB Account (with cheque book facilities)	₹. 1000/-
ATM / Debit Card Holders	-

Penalty / Service charges will be levied at prescribed rate if the minimum balance falls below the prescribed level

Passbook / Sheets

Computerised account statements are also issued in lieu of pass book, if the customer so desires. Such statements will be sent in soft copy to the available e-mail ID of the customer, if he/she so desires.
Any unreasonable delay in getting back the pass book should be brought to the notice of the Branch Head.
No entries should be made in the pass book / account statement by the depositor / account holder.
Any manual entry made in the passbook / statement of account, by the bank staff, should be insisted for authentication by the Officer / Branch Manager.
The pass book should be tendered in the branch while depositing and / or withdrawing money or at least once a fortnight for getting the entries written up.
The depositor should check up the entries in the pass book / account statement and report immediately to the Branch Manager, if any discrepancies are observed /found.
If no representation is received within 3 days from the date of updating the passbook, the Bank will presume that the entries are correct and will bind on the customer.
If the pass book is lost, duplicate pass book will be issued against written request and with applicable charges.

Transactions

In the counter, credits to the account shall ordinarily be through a ‘ Pay-in-slip’ supplied by the Bank unless otherwise permitted by the Bank and such credits will be acknowledged by the authorised official of the Bank.
Depositor can remit to the accounts from other branches through the ‘ Alternate Delivery Channel’ like NEFT / RTGS / ECS / Net banking / Mobile Banking etc., duly complying with the conditions stipulated there in.
Deposit to the account shall be in multiple of Re.1/- subject to minimum of Re.1/- per occasion.
Withdrawals shall be ordinarily made only by way of cheques supplied by the Bank. However the Bank, at its discretion, may allow payments by way of withdrawal slips, ECS, electronic media, mandates, cheque images where cheque truncation is provided, etc.
For withdrawals by using withdrawal slips, the account holder should be present in the counter along with the latest pass book. Withdrawal slips are not meant for issuing to third parties and should be used on the same day of issue.
If a customer having cheque books, needs to do cash / non-cash transaction without using the cheque book, such requests may be considered by the Bank on merit only in the parent / base branch.
Cheques / bills, pay orders, demand drafts, pension bills, dividend warrants, refund orders, etc., may be collected through account on behalf of the depositor on payment of collection charges stipulated by the bank from time to time. The proceeds of the instruments accepted for collection will be credited to the account on realisation and even if credited before realisation, withdrawals are permitted only after realisation of the instruments. The bank, therefore, has the right to debit the customer's account, in the event advance credit has been given in respect of instrument accepted for collection and such instrument is returned unpaid. The bank will not be responsible for any loss that may occur by delay or otherwise in transmission or collection.
All the cheques, drafts and other valuable instruments sent by a customer by post must be transmitted only by means of registered post, failing which the bank will be absolved of all liability arising from any fraud in respect of such instruments lost or stolen in transmission.
Should the bank receive notice from the drawer, of the loss of the cheque or to stop payment of a cheque, such notice will be registered, but the bank will not be responsible should the cheque be paid on presentation by oversight of such notice or otherwise. If such a Notice is given by telegram, it should at once be confirmed by a letter. Service charges as stipulated from time to time will be collected for recording stop payment of cheques.
The Bank is not bound to give notice of dishonour of cheque, etc., until dishonoured instrument is received by the Bank While returning a cheque, the bank need not mention the name and address of the drawer of the cheque even if a request is made by the payee. It may be disclosed only under the following circumstances :
- Disclosure is necessitated as per the Court's order
- Disclosure is to be made to an agency of the State duly empowered under the Statue
- Drawer of the cheque has consented for such disclosure
No account will be allowed to be overdrawn except by special arrangement with the bank. Interest on the amount overdrawn will be calculated at the rate prescribed by the bank from time to time on the daily balance and the same will be charged to the account on the last day of the month in which the account was overdrawn or even earlier if the bank thinks it desirable.
When the depositor wishes to transfer his account from one branch of the bank to another branch, upon his written request, and surrender the unused cheque leaves, the transfer will be made free of charge, but the depositor will be required to pay service charges as stipulated from time to time for a new pass book which will be supplied to him.
The account will be closed on a written request of the depositor(s) and the balance to the credit, if any, will be paid to the depositor on surrendering the unused cheque leaves and the pass book. The passbook will be returned to the depositor after closing the account.

Cheque book facility

The account holders can opt for cheque book facility by maintaining the prescribed minimum balance. For senior citizen a/c holders are provided 40 cheque leaves free per annum
Other account holders without cheque book facility can withdraw cash from their accounts using the ‘Withdrawal Slips’

Minor Accounts

Accounts, opened in the name of the minor by guardian, will automatically cease for operation by the guardian on the date of the minor attaining the majority. The guardian shall attest the signature of the ‘then minor’, duly complying with the KYC norms, for further operations by the ‘then minor’ therein.

Inoperative Accounts

If an account is not operated by the account holder, the account will be transferred to ‘Inoperative Account’ on completion of 24 months from the date of last operation.
All 'Inoperative Accounts' attract maintenance charges at the rate prescribed by the Bank from time to time. The latest rate of charges are as under:

Details	Non - individual	Individual
i. Where the balance is less than the required minimum balance	Nil	Nil
ii. Where the balance is more than the required minimum balance	Nil	Nil

With the levying of service charges to inoperative accounts, the account may tend to zero. All such accounts with zero balance will automatically get closed and these accounts will not be reviewed for bringing the account back to ‘Operative’ status. In other words, a new account can be opened duly complying with ‘KYC’ norms / ‘AML guidelines
All inoperative accounts are barred for ‘Anywhere Banking facility’ and thereby can be operated only at the base branch. With this, Internet / Mobile / ATM / Debit cards, RTGS / NEFT facilities are not available for inoperative accounts
The cheques presented on the inoperative account in other than base branch will be returned with the reason “Inoperative Account. Present in base branch”. Similarly, the credits received at other than in base branch for further credit to the inoperative account will be returned with the reason “Inoperative Account – Credit at the base branch”

Interest payment / levy of charges

Interest on Savings Bank Account is paid at the prescribed rate on daily products. Such interest is calculated for the periods April to September and October to March and credited on the last working day of the month. Interest so calculated will be rounded off nearest to a rupee. If interest comes to less than a rupee no interest will be paid for that half year
If the account is closed incidental charges will be recovered (except where premature closure of an account is due to the death of the account holder, transfer to another branch, transfer for term deposits or for opening another joint account)

Review of inoperative accounts

Accounts, opened in the name of the minor by guardian, will automatically cease for operation by the guardian on the date of the minor attaining the majority. The guardian shall attest the signature of the ‘then minor’, duly complying with the KYC norms, for further operations by the ‘then minor’ therein.

Nomination facility

Nomination facility is available

Alternate Delivery Channel

Depositors can avail the ‘Any bank / Any branch / Any time’ banking facility complying with the conditions stipulated thereon. This presently includes ‘Inter-Branch remittance’ facility, RTGS / ECS / NEFT facility, SMS / e-Mail alerts facility, Mobile banking / Debit / ATM card facility etc
Standing instructions shall be accepted at the base branch against prescribed fee / charges wherever applicable. Depositors, who have to make remittances / payments / credits of recurring nature such as payment of insurance premium / subscriptions, transfer of funds, instalments to deposit or loan accounts or the like, may in advance, instruct by giving standing instructions to the office in which their accounts stand to make such payments / remittances credits on their behalf on the specified dates by debiting their accounts. The bank, however, will not be held responsible if the instructions could not be carried out for reasons beyond Bank's control such as non-maintenance of sufficient balance, strikes, riots, civil commotion, acts of God etc. The bank renders service as above against payment of service charges stipulated from time to time.
Request for cheque books, entertaining ECS facility, noting of stop payment instructions / missing blank cheque leaves will be entertained only in the base / parent branch, with charges as applicable
Cash withdrawal in other than base branch: Account holder can withdraw cash for self from his own account through a cheque leaf from the cheque book issued to him in any branch other than the base branch complying with the terms and conditions set for the said facility
The account holder can deposit cash in any branch other than the base branch for the credit of his own account, duly complying with the terms and conditions stipulated for this purpose.

Customer’s obligations

Pass book and cheque book issued on the account should be held in the personal / safe custody of the account holders to avoid any misuse by any unscrupulous persons
Customer/s should inform the Bank, change of their address, telephone number if any, failing which the account holder is liable for charges incurred by the Bank in locating the customer/s
Customer shall file with the Bank his latest style of signature / photograph by a letter whenever there is change in the style of his / her signature or once in 10 years (in case of senior citizens 2 years) from the date of previous updating which ever happens earlier. Failing this the Bank will treat this inaction as an irregularity in the account and thereby the Bank shall have the rights (a) to return any or all cheques presented there after with the reason ‘Refer to drawer’ and (b) to close the account and refund the balance, if any
If a cheque is deposited for collection, the account holder shall ensure that the realization proceeds is credited to his account within a reasonable time; else the matter will be referred to the Bank either at the base branch or where deposited
Customer/s should inform the Bank, change of their constitution, operation instructions etc., if any

Bank’s rights

The Bank has a paramount lien on the deposit amount and reserves to itself the right to appropriate the deposit amount towards any financial obligation of the depositor to the bank in any capacity
The bank reserves the right to refuse payment of cheques / withdrawal slips, which bears unauthenticated alterations and / or written with pencil.
The Bank reserves its right to reverse / correct the mistakes located at any time
If the cheques issued by the account holder are returned for want of sufficient funds or the account has any other irregularity, the Bank reserves its right to warn, stop issuing further cheque books and close the account
5. The Bank reserves the right to delete, alter or add to these Rules at any time without giving any notice to the depositor(s) and such addition / deletion / alterations shall be binding on the depositor(s)

Who can open an account

Current account can be opened by individual / HUF, a proprietary concern, a partnership firm, a company, a trust, a local body, Govt. department by signing prescribed account opening form(s) and with proper introduction, identification, address proof etc., accompanied by prescribed documents.

Know Your Customer (KYC) norms

1. The prospective account holder should comply with the ‘Know Your Customer (KYC)’ norms by producing one or more of the following documents in support of identity and address:

Accounts of companies
Name of the company	Certificate of incorporation and Memorandum & Articles of Association
Principal place of business	Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account
Mailing address of the company	Power of Attorney granted to its managers, officers or employees to transact business on its behalf
Telephone / Fax Number	Copy of PAN allotment letter
	Copy of the telephone bill

Accounts of partnership firms
Legal name	Registration certificate
Address	Partnership deed
Names of all partners and their addresses	Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf with ID Proof
Telephone numbers of the firm and partners	Any officially valid document identifying the partners and the persons holding the Power of Attorney and their addresses
	Telephone bill in the name of firm/partners

Accounts of trusts & foundations
Names of trustees, settlers, beneficiaries and signatories	Certificate of registration
Names and addresses of the founder, the managers / directors and the beneficiaries	Power of Attorney granted to transact business on its behalf
Telephone / fax numbers	Any officially valid document to identify the trustees, sheltors,beneficiaries and those holding Power of Attorney, founders /managers / directors and their addresses
	Resolution of the managing body of the foundation / association
	Telephone bill

Introduction

1. The prospective account holder should be introduced by a third party, acceptable to the Bank.

Minimum Balance

Minimum balance for opening and maintaining Current Account:

Current Accounts	Minimum balance to bemaintained
For opening / maintaining CA Account (with or without cheque book facilities)	₹. 2500/-

Pass books / Statement of accounts

Transactions

Disclosure is necessitated as per the Court's order
Disclosure is to be made to an agency of the State duly empowered under the Statue
Drawer of the cheque has consented for such disclosure

Inoperative Accounts

Details	Non - individual	Individual
i. Where the balance is less than the required minimum balance	Nil	Nil
ii. Where the balance is more than the required minimum balance	Nil	Nil

Cheque book facility

1. All current account holders are provided with cheque books, collecting the cost of such cheque books

Review of inoperative accounts

1. Inoperative account shall be reviewed by the Bank at its discretion to bring back to the ‘Operative Status’, if the account holder requests in writing duly complying with KYC norms like furnishing of latest passport sizephotograph, address proof in support of address given, latest specimen signature with operation instructions etc

Nomination facility

1. Nomination facility is available for individuals and proprietary concerns

Interest payment / levy of charges

If an account in ‘Inoperative’ status is not operated in the parent branch by the account holder, the said account will be treated as ‘Dormant Account’ on completion of 36 months from the date of previous operation by the customer in inoperative status or on account of becoming ‘Inoperative’ which ever happens later. Such ‘Dormant Accounts’ are not eligible for operations therein by the customer nor for review for bringing the account back to ‘Operative’ status. However, the entire balance in the ‘Dormant Account’ can be claimed by the account holder in the base branch personally by submitting a written application, establishing his / her identity and surrendering the unused cheque leaves, if any
2. All dormant accounts attract service charges as applicable to inoperative accounts
3. All dormant accounts tending to zero, while collecting service charges or otherwise, will automatically get closed

Interest and charges

1. No interest will be paid on Current Account.
2. If the account is closed incidental charges will be recovered (except where premature closure of an account is due to the death of the account holder, transfer to another branch, transfer for term deposits or for opening another joint account)

Customer’s obligations

1. Depositor should keep the cheque book under safe custody. The loss of cheque book or blank chequeleaves or completed cheques should be immediately reported to the Bank. The Bank will not be responsible for any loss arising out of non-observance of these precautions
2. Customer shall file with the Bank his latest style of signature / photograph by a letter whenever there ischange in the style of his / her signature or once in 10 years from the date of previous updating which ever is earlier. Failing this the Bank will treat this in action as an irregularity in the account and thereby the Banks hall have the rights (a) to return any or all cheques presented there after with the reason ‘Refer to drawer’and (b) to close the account and refund the balance, if any
3. Customer/s should inform the Bank, change of their address, telephone number, if any, failing which the account holder is liable for charges incurred by the Bank in locating the customer/s
4. If a cheque is deposited for collection, the account holder shall ensure that the realization proceeds iscredited to his account within a reasonable time; else the matter will be referred to the Bank either at thebase branch or where deposited
5. Customer/s should inform the Bank, change of their constitution, operation instructions etc., if any

Alternate Delivery Channel

1.The depositor can avail ‘Any Bank / Any branch / Any time Banking facility' provided by the Bank complying with the terms and conditions stipulated thereon. This presently includes ‘Inter Branch remittance’ facility, RTGS / ECS / NEFT facility, V-Net Banking / Mobile Banking / Tele Banking facility, ATM / Debit / Credit card facility etc.
2. Standing instructions shall be accepted at the base branch against prescribed fee / charges wher ever applicable. Depositors, who have to make remittances / payments / credits of recurring nature such as payment of insurance premium / subscriptions, transfer of funds, instalments to deposit or loan accounts or the like, may in advance, instruct by giving standing instructions to the office in which their accounts and to make such payments / remittances credits on their behalf on the specified dates by debiting their accounts. The bank, however, will not be held responsible if the instructions could not be carried out for reasons beyond Bank's control such as non-maintenance of sufficient balance, strikes, riots, civil commotion, acts of God etc. The bank renders service as above against payment of service charges stipulated from time to time.
3. Request for cheque books, entertaining ECS facility, noting of stop payment instructions / missing blank cheque leaves will be entertained only in the parent branch, with charges as applicable.
4. Cash withdrawal in other than base branch: Account holder can withdraw cash for self from his own account through a cheque leaf from the cheque book issued to him in any branch other than the base branch complying with the terms and conditions set for the said facility.
5. The account holder can deposit cash in any branch other than the base branch for the credit of his own account, duly complying with the terms and conditions stipulated for this purpose.
6. If a cheque under an inoperative account is presented in clearing, where inward clearing is centralised, such a cheque cannot be debited to the respective account through inter-SOL and hence, the same will be returned with the reason “Inoperative Account – Present in the base branch”.

K Y C Information

Guidelines for KYC (Know Your Customers) and Risk Classification Standards in accordance with RBI (Reserve Bank of India), Customers are required to periodically complete KYC formalities.

All our account holders require a reassessment of KYC and renewal every two (2) years
KYC Standards for Ownership / Partnerships / Private / Public Limited Companies / Society / Association / Trust
KYC standards for individuals
Please collect, fill out and submit the KYC forms to your branch