How to Open Account

1) Who can open a Savings Bank Account?

  1. Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. Accounts may be opened in the names of two or more persons and may be made payable to:
    (a) any one or more of them,
    (b) any one or more of the survivors,
    (c) either or anyone or more of them or the survivors jointly, or survivor.
    (d) 'former or survivor or latter or survivor', subject to the condition that the second/first named account holder respectively, will be entitled to the balance lying in the account only on the death of the former/latter account holder.
  2. A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of 10 years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs.1,00,000/-.For accounts of minors above-14-years, there is no limit to maximum balance.
  3. A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both.
  4. An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from, time to time.
  5. As per RBI directive and subject to their prior approval, accounts can be opened in the names of specified institutions/agencies, if they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act.1956 and those working for socially desirable purposes and serving weaker sections of the society and those exempted from paying Income tax under Income Tax Act 1961.
  6. Further, as per RBI directives, Savings Bank account can also be opened in the name of Government Departments / bodies / agencies in respect of grants / subsidies released for implementation of various programmes / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments.

2) How to open a Savings Bank Account?

  1. Application to open an account must be made in Bank's prescribed account opening form. It should be made, in person, in the presence of Bank’s authorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
  2. illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the bank. Thus, he/ she need not have his/her thumb impression attested by a witness every time he/she withdraws money from the account. It will suffice, if he/she affixes his/her thumb impression in the presence of an officer of the Bank.
  3. At the discretion of the Bank, illiterate persons are allowed to open accounts jointly with persons who are literate or illiterate and closely related to them, to be operated upon jointly.
  4. No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.
  5. Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. Whenever a deposit account is opened and introduction is taken from an existing account holder; the following conditions must be fully satisfied:

    (a)   The account of the introducer should be minimum six months old and
    (b)   The account of the introducer should have been satisfactorily and actively conducted.
    (c)  The account of the introducer should be KYC compliant. It means the proposed introducer has complied   with the KYC requirement in respect of the account maintained with the Bank. 

    Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification
    (a)    Valid Passport
    (b)    PAN Card
    (c)    Driving Licence
    (d)    Voters ID Card
    (e)   Defense ID Card
    (f)      Identity Card of employees of central / state Govt. & Public Sector Undertakings.
    (g)    Senior Citizen’s Card.

3) Pass Book

  1. We do not have system of withdrawal slip.
  2. Any change of address should immediately be intimated to the Bank and the pass book sent for necessary alterations with new address proof document required under KYC norms.
  3. Pass book/statement of account will be issued free of charge at the time of opening an account and in continuation of the original. But if the pass book /statement of account is lost or spoiled, the depositor will have to pay prescribed charges for issue of duplicate pass book / statement of account.
  4. In case of accounts in which withdrawals are made by cheques, the pass book should be sent periodically to the bank for updating after the withdrawals or as may be convenient.

4) Credit

  1. All payments made in the account should be accompanied by a paying-in-slip, which is supplied free of charge to customers. Separate paying-in-slip should be used for 
    (a) Cash
    (b) Local cheques/DWS etc. drawn on our branches
    (c) Local cheques D/W etc. drawn on other banks
    (d) Outstation cheques, DWs, draft etc. drawn on outstation centres where the bank has no branches, will be collected at the responsibility of the constituents and the Bank will not be liable for any act, negligence or insolvency of any agent or for losses or delays occurring in the course of such collection.
  2. Cheques, dividend warrants, interest warrants etc. which are drawn payable to the account holders only will be accepted for collection. In case of new accounts no cheques, dividend warrants etc. will be accepted for collection till the confirmation of the introducer is received, in accounts where the introducer has not come in person to the branch for introducing the account.
  3. To facilitate proper identification of accounts, full name and account number should be written in the paying-in-slip in relative columns while tendering cash/cheques. Bank will not be responsible for return of cheques due to non-credit of amount/proceeds of cheques so tendered, on account of wrong name/account number filled in by the depositor in the paying-in-slip.

5) Withdrawals

Withdrawals will be allowed by cheques only.

6) Withdrawals by Cheque

  1. Cheque book will be issued at a free of charge. Requests for new cheque books must be made by depositors on printed requisition forms inserted in the old cheque books. To prevent forgeries, frauds, etc., constituents are particularly requested to–
    (a) keep the cheque book under lock and key,
    (b) fill in the body of cheque before delivery,
    (c) fill in the amount in words, as near as possible, to the words "Rupees" and the       amount in figures, as near as possible to the words "
  2. Cheques must be drawn on the printed form provided by the Bank. The Bank reserves the right to refuse payment of cheques drawn otherwise.
  3. The bank reserves the right to withdraw the cheque book facility without prior intimation, if a minimum balance as above is not maintained or for any reason whatsoever.
  4. Cheques post dated i.e. bearing a date subsequent to the date of presentation and cheques bearing date over three months prior to the date of presentation i.e. stale cheques will not be honored.
  5. The writing of cheque should be clear and distinct and cheques must be drawn in such a way as to prevent any alteration or addition.
  6. The amount in cheques must be stated in words and figures.
  7. All alterations made on the cheque must be authenticated by the drawer under his full signature as per the specimen signature recorded with the Bank, otherwise the cheque will not be paid.
  8. The signature on the cheque should correspond with specimen signature supplied to the Bank, otherwise the Bank shall be entitled to refuse payment.
  9. Request to stop payment of cheque will be registered, but the Bank cannot accept any responsibility if such instructions are overlooked.
  10. No withdrawals will be allowed against cheques or other instruments deposited for credit of an account, until they are realized.
  11. The account number must be written on all cheques. The Bank is entitled at its discretion to refuse payment of cheques having no mention of the account number.
  12. ECS mandate: In case of frequent return of debit ECS – bank reserves the right to cancel the mandate. Debit ECS facility will be extended at discretion of bank.

7) Interest 

  1. Interest will be paid at rates specified by RBI from time to time, at half yearly intervals in March & September each year. 
  2. The interest will be allowed on daily balance basis.

8) Closing of an Account

  1. The account holder must give in writing his/her intention to close the account should be  signed by all the account holders.
  2. When an account holder wishes to close his/her account, he/she must present his/her pass book/statement of account/identity card/Debit Card if any.
  3. The unused cheque forms, if any, in the possession of the depositor should be returned to the Bank.

9) Signature of Depositor

  1. Every account holder will be required to give specimen of his/her signature for record in the presence of an authorised officer of the Bank, at the time of opening of the account.
  2. All cheques and letters to the Bank must be signed strictly in accordance with the specimen signature recorded at the branch.

10) Nomination Facility

  1. The individual account holder/s will have the facility to make, vary or change nominations.
  2. Nomination is must for all individual accounts.

11) Additions & alterations to the rules

  1. The Bank reserves the right to alter or add to these rules at any time without notice.

12) The above rules are not exhaustive.

For further details, please contact the KCCB Branch nearest to you.

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All Rights Reserved by The Kalupur Commercial Co-operative Bank LTD.

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