New savings bank accounts scheme
Bank has come out with a novel scheme for the benefit of unbanked segment of the society. The scheme would provide basic banking facilities by opening accounts with very low initial amount - "no frills" account. The scheme is to be implemented initially only in the rural and semi urban branches.
The other details of the scheme are as follows: -

Purpose:
To enable people belonging to "bottom of the pyramid" (Low income group) to open an account with the Bank.

Who can open these accounts -
Any individual who falls in the category of below poverty line (BPL) can singly / jointly open the account. The joint account holder should also belong to BPL category. Minors from BPL family are also eligible to open an account.

Initial amount ?
Account can be opened with any amount. It can be as low as Re. 1/- (Re. one only).

Other important criteria ?

• A minimum balance criterion is not applicable to this scheme. So no service charges to be debited for want of minimum balance.
• No chequebook will be issued to accounts opened under this scheme.
• Collection of third party cheques is not permitted.
• Collection of outstation cheques, issuance of Demand draft, MT, TT ¡V Permissible at normal charges.
• Debit card / ATM card facility not available for the scheme.

Rate of Interest: -
As applicable for normal savings bank accounts.

All other criteria applicable to regular savings bank accounts would apply to this scheme too.