Online Submission of Saving Account Application
***To facilitate opening of bank account by migrant labour, street vendors/hawkers and people of lower strata of society so as to achieve stated objective of Universal Financial Inclusion, Government of India has suggested a "Simplified Uniform Saving Bank account opening form" for all PSBs. The form contains detailed list of KYC documents which can be considered for opening of account by individuals.
As per notification issued by Government of India small account means a saving account in banking company where
i. The aggregate of all credits in a financial year does not exceed Rupees One Lakh.
ii. The aggregate of all withdrawals and transfers in a month does not exceed Rupees Ten Thousand; and
iii. The balance at any point of time does not exceed Rupees Fifty Thousand.
Our Bank is having a product called "Mahabank Lok Bachat Yojana" for Small Accounts category with above features.
Salient features of "Simplified Uniform Savings Bank Account Opening Form" are as under:
1 A Basic account with limited features can be opened with minimum documents by filling the details as per Page No 1.
2 These accounts can be subsequently upgraded to regular account upon fulfilling the requirements of full KYC compliance by filling the Page No. 2.
3 Nomination facility is also available for small accounts. Nomination form as per Page No 3 should be filled in.
4 The form contains a detailed list of KYC documents which can be used for opening of small account by individuals as per Page No. 4.
5 The account can also be opened jointly. Information of joint account holder has to be filled as per Page No. 5.