Saving Bank Scheme

Shree Sharada Sahakari Bank Ltd., Pune    19-Sep-2015


 Saving Bank Account Scheme :

Saving Account can be opened by individual in Single name or Joint name. Minor can also open the account; Guardian will operate the  Account on behalf of Minor.

To keep money in Saving Bank Account is most visible decision now, as you can earn Interest @4% on daily product basis and will be credited to the account at half yearly intervals in September and March.  Also you can withdraw amount as per your requirement from our ATM Centers and habit of Saving money in peoples is on the rise.

Initial Deposits for opening Savings Bank Account & minimum balance to be maintained in the account :

          With Cheque Book Facility        -  Rs. 1,000/-
          Without Cheque Book Facility  -  Rs.  500/-

  • Minor Saving Account Scheme

        Only one Minor child is allowed as account holder in one account.

         The Account will be opened in the following manner:

    A) Saving Individual account in the name of the Minor shall be classified into two sub categories:

         a) Minors between 10 to 14 years of age

         b) Minors between 14 to 18 years of age

    A-1  Common eligibility criteria :

    Eligibility - Minor should be above ten years of age.

    KYC documents to be obtained as follows :

    All KYC documents of the natural / legal guardian should be obtained as per extant guidelines even if the minor is opening account in his individual single name. 

    Minor : Birth certificate and photograph of the minor  is mandatory.

   If available, Pan card or Adhar Card as Photo ID proof . The parent to submit an undertaking to the effect that he / she will submit the PAN card or Adhar Card of his /her minor ward .

    If Adhar card or PAN card is not available then the   identity card of the educational institution where the Minor is studying.

   In absence of PAN Card and Adhar Card or Identity card, a declaration from the Head of the educational institution certifying that the Minor is studying in the institution along with the standard and division and attesting the photograph of the minor or the parent / guardian declaring the name, sex, age, date of birth, and current activity of the minor. The photograph of the Minor should either be attested by the parent / guardian or the head of the institution as the case may be.

    No separate address proof required of the minor required, since address proof of the parent / guardian can be accepted as the residence proof of the minor as well.

      Nomination : Only with the signature of the parent / guardian. The Minor is entitled to ratify / change / delete the same on attaining majority.

    On attaining majority,  the erstwhile minor should confirm the balance in his account. Fresh Signature, photograph  and the KYC documents of the Minor turned Major should be obtained .

A-2 Other facilities in the Savings account

Type of Facility

In single Accounts of Minors between 10 to14 years

In single accounts of Minors between 14 to 18 years

Maximum amount of Withdrawal

Rs 1000/- per instance

Rs 5000/- per instance

Mode of Withdrawal

Only through withdrawal  slip accompanied by pass book

Maximum balance

Less than Rs 50,000 /- .  If the balance exceed the amount of Rs 50000/- at any point of time during the financial year, it is mandatory to obtain PAN card of the parent.  Transactions should not be allowed in the account till the copy of PAN card is submitted by the parent.

Minimum Balance

50%  of the balance in normal savings accounts .

ATM card  / Cheque book

Not allowed. However If any investment is to be made in favor of the minor, specific number of loose cheque/s  may be issued to the Minor on an application submitted by him.  

The Saving Bank Account salient Features are as under :

  • Saving Account holder can enjoy any branch banking facility through Core Banking Solution.
  • Nomination
  • Cheque Book Facility
  • Free Passbook Facility
  • NEFT/RTGS Facility
  • ATM Card
  • SMS Banking Facility for Balance Enquiry, Last 5 transactions & Transaction Alerts of Cash, Clearing transactions

Documents required for opening Saving Account as per KYC Norms:

  • Two copies of latest photographs.
  • Identity Proof : PAN Card, Election Card, Passport, Driving License, Adhar Card etc.
  • Address Proof : Electricity Bill, Telephone Bill, Passport, Identity/ Election Card, Driving License etc.

(C) Sharada Jandhan Savings Account Scheme :                                                                                                                                                                                                                                                                                                                                                            Scheme for Low income group (Sanjay Gandhi Niradhar Yojana/ Indira Gandhi National Old Age Pension Scheme/ Shravanbal State Pension scheme.

      The initial deposit required for opening Janasanchay Account is Rs. 50/-. However maximum turnover in the Janasanchay Account allowed is Rs. 1.00 lac during the financial year. Account balance should not be higher than Rs. 50,000/- at any given point of time.

    Bank offers many additional Facilities viz.

  • Free Passbook
  • Nomination
  • No service charge on the account balance

(D) Salary Savings Account Scheme

     Salary Saving Account scheme is designed to cater the requirements of Executive class of customers. No minimum balance required to be maintained. Monthly salary of minimum Rs.25,000/- should be credited to the account.

   Salient Features :

  • Zero balance account
  • 60 cheque leaves free per year
  • Free Demand Draft & Payslips
  • Free RTGS/ NEFT Facility
  • Free Cash Deposit
  • Free SMS Banking facility
  • Wavier given on loan processing charges.