Q.1. Write a note on the saving bank account processing.
Ans : The Saving Bank Account is designed for those who want to deposit their small savings in a bank,which they need to withdraw only occasionally and not everyday or many times a day.
Saving Bank Account is allowed certain interest. The rate of interest is decided and periodically reviewed by the Government of India. Presently, the rate of interest is 3.5% p.a.
Saving Bank Account can be opened in the name of an individual or in joint names of the depositors.
The minimum balance to be maintained in an ordinary saving bank account varies from bank to bank.
It is less in case of public sector banks and comparatively higher in case of private sector banks.
In most of the public sector banks, minimum balance to be maintained is Rs. 100.
In saving accounts where cheque books are issued, a minimum balance of Rs. 500/- has to be maintained.
Saving Bank Account process
1. Saving Bank Account opening
When a person wants to open a saving bank account, he is supplied with a copy of the rules and printed form. ( This form now becomes KYC- Know Your Customer form ) The person has to give all the details asked for along with documents providing Identity, Residential Proof, PAN, Ration Card, Photograph etc. The person desiring to open a new saving banking deposit accounts has to obtain furnish signature of an existing saving bank account holder of the bank/branch. After these facilities are completed the saving bank account can be actually opened by depositing cash, cheque or demand draft. After this amount is deposited/ credited, the savings account is opened and the accountholder it given an account number and a pass-book/ Cheque book.2. Cancellation / Closure of the Accounts
The Savings Bank Accountholder can close the account by giving an application to the respective Bank/ Branch for closing of the account. If a cheque book has been issued, then the passbook and cheque book have to be returned along with the application. While closing the account, the balance, along with interest, would be paid either in cash or by pay order/ Demand draft/ Banker’s cheque as desired by the customer.3. Transfer
If the accountholder is changing residence, then the account can be closed at one branch and is transferred to other branch of the Bank. The Account transfer also requires an application from the customer along with pass-book/ cheque book.4. Savings Bank Transactions :
The minimum amount which can be withdrawn from or deposited into any saving account, shall be Rs. 100 or in the multiple of Rs. 100. Deposits in the account can be made by cash, or by transfer or by clearing . Cash deposit is generally made by accountholder depositing cash, after filing in the pay-in-slip. Money can also be deposited by transferring from one account to another or from any other Bank/Branch. Money can be transferred by mail transfer, telegraphic transfer on ECS/ RTGS. Deposit by clearing is when cheques drawn on other banks are deposited for credit of the account at the branch and the branch collects the money from other bank through the Clearing House Mechanism.Savings Bank Account Rules :
1. Object :
Savings accounts are intended to mobilize the savings of the community.
2. Who can open :
Savings accounts are opened at the discretion of the bank for persons who comply with the KYC norms. Accounts may be opened by :- a person in his/ her own name.
- two persons or more than two persons in their joint names in anyone of the following forms :
Saving account may also be opened in the name of the minors to be operated and they have completed the age of 14 and have powers and of understanding and discretion. Illiterate persons/ blind persons may also open savings accounts provided they are properly introduced and other formalities for opening accounts . Clubs, Societies or Associations, Schools, Temples, Mosques, Churches or other religious and charitable institutions which are approved by the Bank may also open savings account.3. Specimen Signature :
At the time of opening the account, every depositor is required to give his/her specimen signature in duplicate for record, along with two copies of recent passport size photograph. Whenever there are changes or variations in the specimen signature, the depositor is required to inform the bank in writing the necessary changes in the specimen signature and give a fresh Specimen Signature Card. All withdrawal forms, cheques, and letters to the Bank must be signed strictly.4. Minimum Balance :
The minimum balance for Savings Bank account in computerized, Metro and Urban branches is Rs. 500 for cheque operated accounts. Rs. 250 for ordinary Savings accounts without cheque book facility. Rs. 100 for non-computerised Semi-urban and Rural branches. Where the average monthly balance in savings bank accounts falls below the stipulated minimum, a service charge of Rs. 30 per month.5. Passbook :
The passbook should be presented at the time of every deposit/ withdrawal except in case of withdrawal by cheques. It is important for the accountholder to get his passbook updated on regular basis. It gives information about deposits, withdrawals, payments, interest received, bank charges etc. If the passbook is lost or mislaid, it should be immediately notified to the bank. No entry or alteration of any kind should be made in the passbook by the depositor.
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