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Lok Bachat Yojana

Purpose :

To enable people belonging to “bottom of the pyramid” (Low income group) to open an account with the Bank.Who ca

Who can open these account :

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.

In case the customer is unable to give any documentary proof of identity & address, to the satisfaction of the bank, the account can be opened with the introduction from existing account holder who has been subjected to full KYC procedure & having satisfactory operations in the account over six months. Subject to condition that balance in all accounts taken together should not exceed Rs. 50000/- & credit summation Rs. 1 lakh during the year.

Initial amount:

Account can be opened with any amount. It can be as low as Rs. 1/- (Rs. One only).

Other important criteria :

  • Minimum balance criterion is not applicable to this scheme. So no service charges to be debited for want of minimum balance.
  • One chequebook of 10 pages allowed free of cost.
  • Collection of third party cheques is not permitted.
  • Collection of outstation cheques, issuance of DD/MT/TT¬ permissible at normal charges.
  • VISA/INSTA ATM- cum- Debit card facality available to new & existing accounts 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.Relaxed KYC norms are applicable to this scheme.