Organization : Nainital Bank
Scheme Name : How to Open Saving Bank Account
Country: India
Details : http://www.nainitalbank.co.in/english/Regular_Saving_Account.aspx
Home Page : http://www.nainitalbank.co.in/English/Home.aspx
Regular Saving Bank Account :
Saving Bank Account :
These accounts are designed to help the individuals (personal customers) to inculcate the habit of saving money and to meet their future requirement of money.
Related : Nainital Bank Naini Gold/ Super Account : www.statusin.in/21462.html
Amount can be deposited/ withdrawn from these accounts by way of cheques / withdrawal slips. It helps the customers to keep minimum cash at home besides earning interest.
Eligibility :
Any Resident Individual – Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Visually Impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI.
Features :
** Simplest deposit option available to the depositor.
** An ideal option to cultivate the habit of banking and saving amongst the younger generation.
** Easy to operate. Terms and conditions kept lucid to facilitate a layman’s understanding.
** No hidden costs.
** Deposits are insured by DICGC.
** Interest @ 4% p.a, are being calculated on daily product basis from 01.04.2010 and will be credited twice in a year in February and August or at the time of closing the Account.
** Provision for nomination.
Terms & Conditions:
** Unlimited period of time of deposit.
** Minimum balance is required to be maintained. Please check Minimum Balance Charges from Service Charges Booklet.
Formal documents required :
** Domicile Certificate.
** Introducers being the holders of Nainital Bank.
** Passport size photograph.
** IT Declaration (Form60/61).
** In case personal introduction in not possible approved documents i.e. election I-Card, driving license, pan card, passport may be applicable as per Banks norms
Saving Bank Small Account :
Small Account is like a saving account but enable a common man to open Bank account free of cost with liberalized KYC rule. Nainital Bank offers small account to its customer with simplified account opening procedure.
Eligibility:
Any Resident Individual – Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Visually Impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI.
Features :
** Simplest deposit option available to the depositor.
** An ideal option to cultivate the habit of banking and saving amongst the common people.
** Easy to operate. Terms and conditions kept lucid to facilitate a layman’s understanding
** No hidden costs
** No minimum Balance Charges.
** Liberalized KYC Norms for account opening.
** Interest @ 4% p.a, are being calculated on daily product basis from 01.04.2010 and will be credited twice in a year in February and August or at the time of closing the Account.
Limitation :
** The aggregate of all credits in a financial year does not exceed rupees one lakh,
** The aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand.
** The balance at any point of time does not exceed rupees fifty thousand.
** A small account shall remain operational initially for a period of twelve months, and thereafter for a further period of twelve months if the account holder provides evidence before the bank for any of the officially valid documents within twelve months of the opening of the said account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months.
** Conversion of Small account to regular Savings Bank account would be done by the Bank’s branch on full compliance with KYC requirement.
No Frill Saving Account :
It provides necessary banking facility while you need not to maintain minimum balance.
Features:
** All resident individuals eligible to open a “No Frills Saving Account” except NRIs, trusts, societies, etc.
** Any number of accounts in a family can be opened under this scheme.
** Nomination facility is available.
Terms and Conditions:
** Total credits in the account should not exceed Rs.1,00,000/- in a year.
** The balance in all the accounts of the accountholders taken together in the bank should not exceed Rs.50,000/-.
** No cheque book facility will be available.
** Withdrawals will be through withdrawal slip.
Note: If at any point of time the balance in the NO FRILL ACCOUNT exceeds Rs. 50,000/- or total credits in the account in a year exceed Rs.1,00,000/-, the account will be kept deactivated and can only be re-activated as a Regular Saving Account after completion of KYC formalities