Savings Bank Account

1.Opening of Account

An application to open an account should be made in the prescribed form supplied by the Bank and the account shall be opened subject to ‘policy on bank deposits’ as notified in the bank’s web-site. The account to be opened should be properly introduced. S.B Accounts can be opened by:

a)a person on his/her behalf;
b)two persons or more to be operated by or payable to any one or more of them or survivor/survivors;
c)a minor, represented by a guardian, by declaring the date of birth of the minor;
d)a minor, on his own behalf, if he is literate and above 14 years, for reasonable amounts but without cheque book facility on production of satisfactory proof of date of birth;
e)Registered Clubs, Associations, Charitable and Religious Institutions – rules, bye-laws and all necessary information regarding such organisations should invariably accompany the account opening forms. But interest eligibility to such accounts is subject to Reserve Bank of India directives;
f)Savings Bank Accounts in the name of the following agencies may be allowed to be opened to earn interest thereon.
i.Primary Co-operative Credit Societies financed by the Bank
ii.Agricultural Produce Marketing Committee (APMC)
iii.Govt. Department/ Bodies/ Agencies in respect of grants/ subsidies released for implementation for various programmes/Schemes sponsored by central Govt./State Govt. subject to production of authorization from respective central or State Govt. Departments to open Saving Banks Accounts.
iv.Development of Women & Children in rural areas (DWCRA)
v.Self Help Groups (SHGs) registered or un registered which are engaged in promoting Saving habits among their members.
vi.Formers clubs-Vikas volunteer vahini-VVV.
vii.Khadi and Village Industries Boards (KVIB)
viii.Societies registered under Societies Registration Act 1860 or any other corresponding law in force in a state or union territory.
ix. Nagara Panchayats, Nagara Palikes or Municipal bodies who have been given subsidy under Nehru Rojgar Yojana to various Schemes of Urban Micro – Entrepreneurs (SUME)
x.Other institutions not listed above but where entire income is exempt from payment of income tax under IT Act, 1961.

The following institutions are ‘EXCLUDED’ from opening Savings Bank accounts and earn interest thereon.

1)Government Departments/Bodies depending on Budgetary allocations for performance of their functions.
2)Municipal corporations or Committees.
3)Panchayat Samithies
4)Industrial Development Authorities
5)State Housing Boards
6)Water/Sewerage/Drainage Boards
7)State Textbook Publishing Corporations/Societies
8)Metropolitan Development Authorities
9)State or District Level Housing Co-operative Societies
10)Trading or Business firms.

2.Initial Deposit - Minimum Balance

An initial minimum deposit of Rs.250.00 is to be paid to open the account and the depositor should always maintain a minimum balance of Rs.250/- to keep the account running if cheque book facility is not availed . If cheque book facility is availed, a minimum balance of Rs. 500/- is to be always maintained to keep the account running.

3.Pass-Book/Pass-Sheet/Cheque Book

a.The facility of cheque-book will be provided to the account holder who maintains a minimum balance of Rs.500/-. But this facility will be withdrawn if the balance falls below Rs.500/-.
b.Separate printed forms called ‘withdrawal forms’ shall be given only to the account holder for with-drawals from the account provided this is accompanied by the Pass-book.
c.The bank reserves to itself the right to refuse payment of cheques not drawn on printed form supplied by the Bank.
d.No charge for issuance of the first Pass-book or the subsequent Pass-books in continuation of the earlier pass-book.
e.If the original pass-Book is lost, a duplicate will be issued on a written request by the account holders and on payment of service charge as prescribed by the bank.
f.On a written request, on the printed requisition form inserted in the cheque book, fresh cheque book will be issued. The depositor should examine that all the serially numbered cheque leaves are intact along with another requisition form in the new cheque book. If any cheque leaf is missing, the bank must be informed immediately before the account holder leaves the bank counter.
g.Cheque-books will not be given to third parties without properly filling the requisition forms and duly authorising and attesting the signature of the messenger/representative of the account holder.
h.Cheques and cheque –book requisition form sent through post shall always be despatched by Registered Post at the cost of the account holder.
i.Depositors shall always keep their Pass-book and cheque-book in safe place. The Bank will not be held responsible for any loss or wrongful payment on account of non-compliance of this rule by the depositor.
j.The Pass-book should be got up-dated at regular intervals .
k.On receipt of a Pass-book, all entries in the Pass-book should be carefully examined and discrepancies, if any, such as errors/omissions/unauthorised debits and credits should be brought to the notice of the Bank, failing which the entries made in the Pass-book will be deemed to be correct and shall be binding on the depositor for all intents and purposes.
l.The account holder should not on their own make any entries in the Pass-book.
m.The Bank reserves to itself the right to correct the entries wrongly made or found to be fictitious.
n.Withdrawal forms/cheques should be signed by the Drawer in conformity with his specimen signature lodged with the Bank and in accordance with the instructions regarding the mode of operations. The bank will be free to refuse payment against withdrawal forms or cheques on which the drawer’s signature does not exactly correspond with the specimen signature on Bank’s record.
o.Drawer’s signature on cheques/withdrawals forms in any language or script other than Kannada, Hindi or English should be made in the presence of an authorized official or the Bank.
p.The depositor unable to write shall call on the Bank and affix his thumb impression on the cheque/withdrawal form in the presence of a witness who knows the depositor and is also known to the Bank.
q.If the cheque or cheque-book requisition form is lost or stolen while in possession of the account holder or in postal transit, The Bank does not assume responsibility and shall absolve itself from all liabilities for any loss whatsoever that may arise on account of negligence on the part of the account holder in not observing the necessary precautions.
r.Cheque should be Drawn (preferably in indelible ink) in such a way as to prevent unauthorized operations or alterations after issue. The amounts should be stated both in words and figures. Writings should be legible and distinct. The amount of the cheque expressed must commence immediately after the printed words ‘Rupees/Rs.’ and the amount so expressed in words must end with the word ‘only’ or with “/=” in figures respectively.

4.Rate of Interest

The interest at the rate prescribed by the bank shall be paid on the daily minimum closing balance in the account. No interest will be allowed unless the account earns a minimum interest of Rs.10.00 per half year. Interest earned would be rounded off to the nearest rupee. Such interest will be calculated and credited to the account on quarterly basis.

5.Withdrawals

a.Withdrawals are permitted only by a cheque or withdrawal form provided by the Bank. Withdrawal form is issued to the account holder only when he appears in person at the Bank and on production of the Pass-book.
b.Cheques should be signed by the drawer in conformity with the style of operation of the account and the specimen signature lodged with the Bank. The Bank will be at liberty to refuse payment of such cheques which do not conform to this rule.
c.Total number of withdrawals should not exceed 60 every half year. This includes withdrawal by cheque, withdrawal forms, transfer of funds from one account to another, letter to transfer funds, standing instructions etc. For accounts opened in the middle of the half year permissible withdrawals will be calculated prorata. If the number of withdrawals exceed the permitted limit, a service charge of Re.1.00 per withdrawal in excess of the permitted withdrawal shall be levied.
d.Cheques, Dividend Warrants, Pay orders, pension bills etc., drawn in favour of the account holder only will be collected through this account against payment of collection charges. Only on realisation of these instruments, the proceeds will be credited to the account. The Bank will not be responsible for any loss that may occur on account of delay or otherwise in transmission or collection.
e.Writing on the cheques should be legible and distinct to avoid ambiguity especially name of the payee, date of the cheque and the amount of the cheque expressed in words and figures. If the amount stated in words and figures differs, such instrument shall not be paid.
f.Altered/mutilated/soiled cheques shall not be honoured.
g.The depositor shall inform the Bank immediately in the event of loss of any cheque-book/leaves or Pass-book.

6.Dishonour

a.The following types of cheques/withdrawal forms will not be honoured:
i.Cheque drawn against unrealised credits.
ii.Post dated / stale cheques;
iii.Cheques presented after three months from the date of cheque;
iv.Cheques drawn for amounts in excess of balance at credit in the account;
v.Cheques drawn on forms other than those supplied by the Bank;
vi.Cheques containing extraneous matters;
vii.Signature of the account holder not as per the specimen signature lodged with the Bank;
viii.Cheques not properly drawn in any other manner;
ix.Cheques countermanded by a competent authority.

b. Every dishonour of cheque for insufficiency of funds attract charges at the rate prescribed by the bank.

7.Loss of Token

Charges as prescribed by the bank will be levied for every token that is lost by the customer.
8.Lien
The Bank has a paramount lien/right of set-off on the deposit account and it reserves to itself its right to appropriate the deposit amount towards any financial obligation of the depositor, in any capacity to the Bank.

9.Inoperative Accounts

Accounts in which there are no operations for a period of two years and above from the date of last operation will be treated as inoperative accounts. Service charge as prescribed by the bank will be levied on such accounts. Accounts with balance of less than Rs.20/- will be closed and balance will be transferred to Head Office, if no operations are there for ten years and more.

The Bank reserves to itself the right to alter/add/delete the rules at any time. For this purpose, the Bank shall not require to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s Notice Board or published in the press/ Bank’s web site shall be deemed to be sufficient notice to all account holders.

10. Closure of Account

Request for closure of account shall be in writing. The account holder shall return all unused cheque-leaves and Pass-book. He shall declare that all cheques issued by him on the account have been duly accounted for in the account before closure. In case of joint accounts, for closing the accounts, all the depositors should act in accordance with the instructions given at time of opening the account.
The bank reserves to itself the right to close any account, which in its opinion is not properly conducted or is otherwise undesirable for any reason.
If the account is closed within one year from the date of opening, incidental charges as prescribed by the bank will be levied and deducted from the balance before it is paid.

Current Account

1.Opening of Account

Application to open a Current Account should be made in the Bank’s prescribed form and the account shall be opened subject to ‘policy on bank deposits’ as notified in the bank’s web-site. A proper introduction is required for accounts, which can be opened by:

a.a person in his own name;
b.more than one person payable to all of them jointly or any one or more of them or survivor/survivors;
c.a partnership firm;
d.a proprietorship concern;
e.Co-operative institutions;
f.Joint Stock Companies;
g.Registered Clubs, Associations and Societies registered under Societies Registration Act, 1860 or any other corresponding law in force;
h.Trusts.

2.Initial Deposit and Minimum Balance

A minimum initial sum of Rs.2,000/- in cash for opening the account and to keep the account running. Service charge as prescribed by the bank shall be charged on each occasion, when the prescribed minimum balance is not maintained.

3.Paying – in or credits into the account

a.All deposits made into this account by a local remitter should be accompanied by paying-in-slips. Before leaving the Bank’s counter, the person depositing into the account should ensure that ‘RECEIVED’ stamp of the Bank is affixed with the date. It should also have the full signature of the Bank’s official. In the case of cash transaction, both cashier and Passing Officer shall affix their signature on the counterfoil.

b.Cheques, Drafts, Dividend Warrants, Bills, Hundies and other Negotiable Instruments may be accepted for collection through the account on behalf of the customer and credited to the account on realization.

c.Cheques, Drafts, Dividend Warrants etc., drawn locally on places where Bankers’ Clearing House exists are collected free of charge. Such Negotiable Instruments on up-country Banks/Branches shall also be collected on terms to be ascertained at Branches where these instruments are tendered for collection. The Bank, However, will not be responsible for any loss that may occur by delay or otherwise in transmission or collection for reasons beyond it’s control.

d.Credits for cheques, drafts etc., drawn locally will be effected on realisation. Withdrawals against such cheques or drafts will be permitted only on realisation.

4.Pass-Book/Pass-Sheet/Cheque Book

a.The Depositor will be provided with Pass-book or statement of account periodically. He is expected to carefully go through the entries in the statement of account or Pass-book and confirm that the entries are in order. In the event of any discrepancy in the amount or errors/omissions / unauthorised debits and credits to the account, the same shall be brought to the notice of the official of the Bank for necessary rectification, failing which the entries in the Pass-book or statement of account will be deemed to be correct and shall be binding on the depositor for all intents and purposes. The Depositor should also verify the last entry and the last balance in the Pass-book/statement of account duly initialed by the official of the Bank.

b.No charge will be levied for the issuance of the statement of account/Pass-book. For a duplicate one, charge as prescribed by the bank from time to time shall be levied. The Pass-book should be got
up-dated from the Bank at regular intervals.

c.No entry should be made in the Pass-book by the depositor. The bank reserves the right to itself at all times to rectify the entry wrongly made or found to be fictitious.

d.The facility of cheque-book will be provided to the depositor who maintains a minimum balance of Rs.2,000/-. If the balance falls below Rs.1,000/-, the cheque book facility will be withdrawn.

e.Cheque books are issued against written request from the depositor or printed requisition form inserted in the cheque book. The account holder should thoroughly examine and satisfy to himself as to the contents of the cheque book (Serial number of cheque leaf, Branch name and requisition form). If any cheque or requisition form is found missing from the cheque book, the Bank should be informed immediately before leaving the counter.

f. Cheque should be signed by the drawer in conformity with the style of operation of the account and the specimen signature lodged with the Bank. The bank will be at liberty to refuse payment of such cheques which do not confirm to this rule.

g.The cheque book issued by the Bank should be in safe possession of the account holder without affording any chance for misuse of the cheque by the third parties. Cheques should be drawn preferably in indelible ink to avoid unauthorized alterations etc., writing on the cheques should be legible and distinct to avoid ambiguity especially name of the drawee, date of the cheque and the amount of the cheque expressed in words and figures. Altered/mutilated/soiled cheques should be authenticated with the drawer’s full signatures and not by mere initials. The amount of the cheque expressed must commence immediately after the printed words, ‘Rupees/Rs.’ and the amount so expressed must end with ‘only’.

h. Depositors shall keep their Pass-book and cheque-book in safe place. The Bank shall not be held responsible and shall be absolved from all liabilities whatsoever, if the cheque/cheque-book requisition and/or Pass-book is lost/stolen either while in possession of the account holder or in postal transit or being tampered with resulting in any fraud arising out of negligence on the part of the account holder without observing adequate precautions. The depositor shall inform the Bank immediately in the event of any loss of any cheque-book/leaves or Pass-book.

i.Drawer’s signature on cheques/withdrawal forms in any language or script other than Kannada, Hindi or English should be made in the presence of an authorized official or the Bank.


5.Dishonour

The following types of cheques will not be honored by the Bank.
a.Cheque drawn against unrealised credit.
b.Cheques drawn in excess of balance at the credit in the account unless special arrangements are made previously with the Bank.
c.Post dated/ stale cheques.
d.Cheques drawn on forms other than those supplied by the Bank.
e.Cheques containing extraneous matters.
f.Cheques not properly drawn in any other manner.
g.Cheques countermanded by a competent authority.
6.Closure of Account
Request for closure of account shall be in writing. The account holder shall return all unused cheque-leaves accompanied by the Pass-book. He shall declare that all cheques issued by him on the account have been duly accounted for in the account before closure. In case of joint accounts, for closing the accounts, all the depositors should act in accordance with the instructions given at time of opening the account.
The bank reserves to itself the right to close any account, which in its opinion is not properly conducted or is otherwise undesirable for any reason.
If the account is closed within one year from the date of opening, incidental charges at the rate prescribed by the bank shall be levied and deducted from the balance before it is paid.

7.Inoperative Accounts

Accounts in which there are no operations for a period of two years and above from the date of last operation will be treated as inoperative accounts. Service charge at the rate prescribed by the bank is levied on such accounts.

8.The Bank reserves to itself the right to alter/add/delete these rules at any time. For this purpose, the Bank shall not require to give a separate notice to each account holder. Announcements of any change in the rules, displayed on the Bank’s Notice Board or published in the press/ Bank’s web-site shall be deemed to be sufficient notice to all account holders.

Policy on Deposit Accounts

Please Click Here to Download our Policy on Deposit Accounts

Term Deposits

FIXED DEPOSITS

1.Opening of Account

One or more than one account can be opened by a person/s with proper introduction and the account shall be opened subject to ‘policy on bank deposits’ as notified in the bank’s web-site.. The following can open accounts:
a.An individual in his/her name
b.More than one person in their joint names payable to all of them jointly or anyone or more of them or Survivor/s.
c.A HUF, a partnership firm, proprietary concern, Charitable institution/Trust, a company or Association etc.

2.Rate of Interest

a.The deposit will earn interest at the rate fixed by the bank from time to time depending upon the period of the deposit.
b.Interest is payable monthly/quarterly/half yearly/on maturity.

3.Deposit receipt

Deposit receipt will be issued incorporating all the necessary information i.e., due date, interest rate, period of deposit, repayment condition etc. In case the deposit receipt is lost, a duplicate receipt will be issued against a letter of request and on furnishing an agreement of indemnity agreeing to indemnify the Bank incase of claims from any other person.

4.Amount of Deposit

Minimum: Rs.500/- Maximum: No limit

5. Period of Deposit

The Depositor shall at the time of opening the account, stipulate the period for which the deposit is to be made. The period of deposit shall be not less than 15 days.

6.Encashment

The deposit can be encashed after properly discharging the deposit receipt. Due date will be recorded on the deposit receipt to enable the depositor either to receive payment of the amount due or to arrange for the renewal of the deposit. No further intimation of the due date of deposit can be claimed as a matter of right by the depositor.

RATE OF INTEREST FOR DEPOSITS EFFECT FROM 01.07.2017
 SL.NO  PERIOD OF DEPOSITS  Rate of Interest
 15 Days to 30 Days 4.75%
 31 Days to 45 Days  5.25%
3  46 Days to 90 Days  6.00%
4  91 Days to 179 Days 6.75%
5  180 Days to Less than one Year  7.00%
6  1 Year And Above ( For less than Rs. 50.00 Crores )  7.25%
7  1 Year And Above  (For Bulk Deposit of Rs. 50.00 Crores and above )  7.00%


APEX CENTENARY CERTIFICATE ( ACC )

1.Opening of Account

One or more than one account can be opened by a person/s with proper introduction subject to ‘policy on bank deposits’ as notified by the Bank in the bank’s web-site The following can open accounts:
a.An individual in his/her name
b.More than one person in their joint names payable to all of them jointly or anyone or more of them or Survivor/s.
c.A HUF, a Partnership Firm, Proprietor concern, a charitable institution/Trust, a Company or Association etc.

2.Rate of Interest

a.The deposit will earn interest at the rate fixed by the bank from time to time depending upon the period of the deposit.
b.The accrued interest is reinvested every quarter and ploughed back into the deposit by compounding the interest at quarterly intervals.

3.Deposit receipt

Deposit receipt will be issued incorporating all the necessary information i.e., due date, interest rate, period of deposit, repayment condition etc. In case the deposit receipt is lost, a duplicate receipt will be issued against a letter of request and on furnishing an agreement of indemnity agreeing to indemnify the Bank incase of claims from any other person.

4.Amount of Deposit

The deposit is accepted with a minimum of Rs.500/- or in multiples there of without any maximum limit.

5. Period of Deposit

The depositor shall at the time of opening the account, stipulate the period for which the deposit is to be made. The period of deposit shall not be less than 12 months but it shall be in steps of three months.

6.Renewal

The deposit may be renewed on or after maturity for a further period of 12 months or more but in steps of three months.

7.Encashment

The deposit can be encashed after properly discharging the deposit receipt. Due date will be recorded on the deposit receipt to enable the depositor either to receive payment of the amount due or to arrange for the renewal of the deposit. No further intimation of the due date of deposit can be claimed as a matter of right by the depositor.

8. The Bank reserves to itself the right to alter/add/delete to these rules at any time. For this purpose, the Bank shall not be required to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s notice board or published in the Press/ bank’s web-site shall be deemed to be sufficient notice to all account holders

APEX CENTENARY RECURRING DEPOSIT (ACRD )

1.Opening of Account

One or more than one account can be opened by a person/s with proper introduction subject to ‘policy on bank deposits’ as notified by the Bank in the bank’s web-site . The following can open accounts:
a.An individual in his/her name
b.More than one person in their joint names payable to all of them jointly or anyone or more of them or Survivor/s.
c.A HUF, a partnership firm, proprietary concern, Charitable institution/Trust, a company or Association etc.

2.Rate of Interest

a.The deposit will earn interest at the rate fixed by the bank from time to time depending upon the period of the deposit.
b.Interest compounded quarterly shall be payable on maturity date along with the principal amount (aggregate of installments) paid by the depositor.

3.Amount of Deposit

Minimum deposit of monthly installment of Rs.50/- or exact multiples of Rs.50/- Such amount of monthly installment should not subsequently be altered by the depositor.

4. Period of Deposit

Minimum period of deposit is 12 months and in steps of 3 months.

5.Payment of Monthly Installment

Monthly Installment shall be paid on or before the last working day of the month in which the installment is due. If installments are in arrears, a penal interest at the rate fixed by the bank shall be charged. Fraction of a month shall be treated as a full month for the purpose of calculating such penal interest on belated monthly installments.

6.Maturity

In the usual course, when all the stipulated installments are paid, the
maturity value is payable 30 days after the last installment has become payable and has been paid. No overdue interest is payable, if such
amounts remain unclaimed after the due date.

7.Pass Book

Depositor will be given a Pass Book showing the particulars of installment paid. The depositor on no account shall write or make any entries in the Pass Book issued by the Bank. If the depositor loses the Pass Book at any time, on sufficient proof, a duplicate Pass-book will be issued on payment of charges prescribed by the bank.

8.Encashment

The deposit can be encashed after giving a proper receipt by the depositor (as per the printed format of a receipt on the last page of the Pass Book).

9.Renewal

Matured C.D accounts cannot be renewed as another C.D but can be
transferred to Fixed Deposit or DJJD from the maturity date of C.D, so that the matured amount does not lose interest.

10.The Bank reserves to itself the right to alter/add/delete to these rules at any time. For this purpose, the Bank shall not be required to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s notice board or published in the Press/ bank’s web-site shall be deemed to be sufficient notice to all account holders.