1. These accounts may be opened on the basis of simplified KYC norms as details below :
· Utility bill such as Electricity, Telephone, Postpaid Mobile Phone, Pipe Gas, Water Bill not more than 2 months old.
· Latest property, Municipal Tax receipt.
· Bank / Post Office SB A/c statement of past 6 months.
· Pension / Family pension payment orders by Govt. / PSUs.
· Letter of Allotment of accommodation from Employer by State / Central / Statutory / Regulatory / PSU / SC Banks / F.I.S. / Listed Companies, Leave & Licence Agreement with such employer, Letter of Foreign Embassy or Mission in India.
2. The minimum balance for opening of such account is not required.
3. Cheque book facility may be extended subject to maintenance of minimum balance in the account as per present rules.
4. Interest rate payable @4% on monthly products.
5. The account holders shall be offered Passbook facility free of charge.
6. No service charges will be levied for non operation /activation of inoperative accounts.
7. The total credits in such accounts shall not exceed Rs. 100,000/- in a year.
8. The maximum balance in the account shall not exceed Rs. 50,000/- at any time.
9. The total cash / transfer debits shall not exceeds Rs. 10,000/- in a month.
10. Such accounts are valid for 12 months and the existing period may be extended for further period of 12 months.
11. The holders of such accounts will not be eligible for opening any other Saving Deposit Account. However, existing Saving Bank account is required to be closed within 30 days from the date of opening of Savings Bank Small Deposit Account.