1. What is a Savings Bank Account ?
2. Some of the prominent banks in India are as followed.
3. What is minimum balance to be maintained in a Savings Account ?
4. What is QAB/AQB Average Quarterly Balance ?
5. How to get/obtain a Savings Account?
6. Who can open a Savings Account ?
7. What a bank asks/requires for opening a Savings Account ?
8. What is the interest paid for Savings Account ?
9. What is required for obtaining Savings Account ?
10. Where can I get Savings Account ?
11. For how long Savings Account would be valid ?
12. What is inactive/inoperative/dormant Saving Account ?
13. How to cancel/deactivate Savings Account?
1. What is a Savings Bank Account ?
It is an account in a bank where depending on the balance (money) maintained in the account the bank pays interest as per the existing interest rates which is directly credited to your account.
Savings Bank Account can either be opened in the name of an person/individual or the depositors can open in joint names. The money can be withdrawn form the bank by various methods the most common being the Debit Card used in the ATM (Automated Teller Machine), although there is generally a ceiling on the total number of withdrawals that are allowed within a specified period.
Nationalized Banks
SBI & associates
State Bank of India.
State bank of Hyderabad
State bank of Mysore,
State Bank of Bikaner and Jaipur
State bank of Travancore,
State bank of Patiala,
State bank of Indore,
Other Nationalised Banks (Chronological Order)
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
IDBI Bank
Dena Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab National Bank
Punjab and Sind Bank
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
Private Banks (Chronological Order)
Axis Bank
Bank of Rajasthan
City Union Bank
Development Credit Bank
Dhanalakshmi Bank
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
ING Vysya Bank
Jammu & Kashmir Bank
Karnataka Bank
Karur Vysya Bank
Kotak Mahindra Bank
Laxmi Vilas Bank
South Indian Bank Ltd
Tamil Nadu Mercantile Bank
Yes Bank
Certain minimum balance needs to be maintained by the Savings account holder in the account as per different bank. There would be a difference when nationalized banks and private banks are compared, the nationalized banks require lesser minimum balance.
It is the average of daily balances (end of the day) for a quarter (3 months).
Some banks require you to maintain certain QAB/AQB which may be different for different banks, failing which QAB/AQB charges would be levied (deducted from your account).
Example
Avg. Month Balance – JAN – 15,000
Avg. Month Balance – FEB – 5,000
Avg. Month Balance – MAR – 10,000
Then Average Monthly Balance for Jan to March would be 10,000 per month.
If say your bank's QAB is 15,000 as your are falling short by 5,000 QAB/AQB charges would be levied, and the same amount would be deducted from your account.
Either you can visit the nearest branch of the bank or you can apply for the same on internet by visiting the concerned bank's official website.
# by a person in his / her name;
# by two or more persons in their joint names payable to :
- both or all of them or the survivor or survivors of them; OR
- either or any more of them or the survivor or the survivors of them; OR
- former / latter or survivor of a particular person during his lifetime or survivors jointly or survivor.
# Certain non-profit welfare organizations are also permitted to open Savings bank accounts with banks.
Banks are required to know the true identity of the person wanting to open an account. Banks also seek introduction of the person from an existing account holder. Banks require photograph of the person to be kept on record for future identification purpose. Banks have to obtain PAN numbers (issued by Income Tax Dept.) of the account holder at the time of opening of the account.
The Reserve Bank of India has issued a directive, according to which the interest (as applicable )would have to paid on the minimum amount present in a savings bank account each day. As per the new directive issued by RBI, only commercial banks including all banks other than co-operative ones will need to follow this new method of interest payment on savings accounts. Previously the interest on Saving Account was calculated at 3.5 per cent per annum on the minimum balance held in the account from the 10th of each month to the last day of that month.
What documents are required for opening a Savings Account ?
# Your completed Saving Bank Account opening form.
# Passport-size photograph(s) of yourself and all other account holders (in case of Joint Account).
#Proof of individual's identity
Passport*
Voter's ID
Driving licence
Government ID card
Defence ID card
Photo ration card
Photo PAN card
#Proof of residence
Passport
Telephone bill
Electricity bill
Ration card
Society outgoing bill
Life Insurance Policy
A Savings bank account can be opened in any nationalized, private or co-operative bank.
Until the account in closed by the account holder(s).
If an account is not used for a long period the account becomes inactive/inoperative/dormant and the same needs to be activated for use, for which the account holder(s) may be required to approach the branch in which the saving account was opened.
You would be required to approach the branch in which your account has be opened or you get the preliminary information from the customer case of the concerned bank.
PLEASE NOTE : All the information on this blog is subject to the "Disclaimer" (click here to read the Disclaimer).
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