Small Account means a saving account in which the balance at any point of time does not exceed rupees fifty thousand. Provided, that this limit on balance shall not be considered while making deposits through Government grants, welfare benefits and payment against procurements. The aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and· the aggregate of all credits in a financial year does not exceed rupees one lakh;
A Small Account is ideal for those subscribers who don’t have the relevant documents to open a bank account under the Pradhan Mantri Jan Dhan Yojana scheme. An account holder can deposit a maximum amount of Rs. 50,000 in this account.
It comes with a debit card that is widely accessible. It comes with a low minimum average quarterly balance requirement. It offers the benefit of moderate earning to the account holder. It allows the account holder to maintain a maximum balance of Rs 50,000.
Interest will be paid @ 3% p.a. (half yearly). Interest for the period October to March and April to September will be calculated and credited in the months of March and September each year.
Pass book will be supplied to every savings bank depositor showing the number of his account, name and address and transactions with date, amount and particulars.
MINIMUM REQUIREMENT FOR OPENING A/C:
- Introduction by a person known and acceptable to the bank.
- 2 copies of the latest photograph.
The Bank reserves the right to alter, amend, and rescind the rules from time to time.