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CANARA SMALL SAVINGS BANK DEPOSIT ACCOUNT

CANARA SMALL SAVINGS BANK DEPOSIT ACCOUNT

 

PRODUCT NATURE

A SB product designed for the common man who is unable to provide full KYC documents as part of the financial inclusion objective of RBI.

ELIGIBILITY

 An individual in his/her name.

APPLICATION

·  Application to open a Canara Small Savings Bank Deposit  account should be made in the Bank's prescribed form. 

·  Two recent passport size photographs of the applicant is to be submitted along with the application.

 

 

IDENTITY AND ADDRESS PROOF

A Canara Small Savings Bank Deposit Account can be opened by submitting a self attested photograph and affixation of signature or thumb impression as the case may be, on the form for opening the account, provided that the bank official while opening the account certifies under his signature that the person opening the account has affixed his signature or thumb impression as the case may be, in his presence.

 

FACILITIES AVAILABLE

The services available in the account will include deposit and withdrawal of cash at bank branches, receipt/credit of money through Electronic payment channels or by means of deposit/ collection of cheques, etc.

 

No charge will be levied for non-operation/ activation of inoperative Canara Small Savings Bank Deposit account.

 

Internet and Mobile Banking facility also will be extended to the Canara Small Savings Bank Deposit account holders at the discretion of the Branch.

OTHER FACILITIES

Pass book, transfer of account from one branch to another, Standing instruction, etc.

WITHDRAWAL/ DEPOSIT

Balance in the account not to exceed ` 50,000/- and total credit in one year should not exceed          ` 1,00,000/-.  Further, the aggregate of all withdrawals and transfers in a month should not exceed `.10,000/.

 

Any violation of the stipulations mentioned above will result in restraining the operations in the account. Further transactions will not be permitted in the account until the full KYC procedure is completed.

NOMINATION FACILITY

Available

OTHER TERMS & CONDITIONS

A Canara Small Savings Bank Deposit Account shall remain operational initially for a period of twelve months and thereafter for a further period of twelve months if the holder of such an account provides evidence before the Bank of having applied for any of the officially valid documents within twelve months of the opening of the said account.

 

Foreign remittances shall not be allowed to be credited into a Canara Small Savings Bank Deposit Account unless the identity of the customer is fully established through the production of officially valid documents.

 

Customer opening Canara Small Savings Bank account shall not have any other operative accounts with the branch/Bank.