Any individual who is 18 years old or more is eligible to open this account. One of the prominent advantages for this account is that it can be opened with Zero minimum balance. The rate of interest on savings is 4%. Bank also issues ATM cum debit card, cheque books and internet banking free of cost but does not provide the service of mobile banking.
The benefits of this type of account are that bank issues debit card which could be widely accessible. Account holder is offered a moderate earning and maintains minimum quarterly balance in his/her account. This scheme can be opened by an individual or jointly with someone and permits the holder to maintain balance up to Rs.50, 000.
The account can be transferred across any branch free of charge. No overdraft facility is available. No reward points are given.
The amount of aggregate credits should not exceed one lakh in a financial year and the balance in the account should be up to Rs. 50,000 and with maximum monthly withdrawals of Rs. 10000. If the identity of a remitter is established through submission of valid documents, foreign remittance will be credited.