No Frill Acccounts
1) Who can open an Account?
The no-frills savings bank account introduced by several commercial banks a few months ago had all the potential to revolutionise India's rural agricultural economy, as well as usher in the banking habit amongst a large number of the less privileged population. However, the product was lost among a myriad of financial offerings and most banks have shown little verve and vitality in marketing it.
No frills account:
Eligibility: Pensioners, agriculture laborers, employees of unorganized sector, member of SHG, self-employed person, students, rural folk etc.
Not eligible-Institutions, organization, NRI, bank staff
zero minimum balance requirement i.e. you can maintain this account without any minimum or average balance requirement.
Features & Benefits :
Internet Banking and Phone Banking facility each available
Keep track of your account with Free quarterly statements. You also have an option to receive E-Statement.
4% Rate of interest will be calculated.
Current Acccounts
1) Who can open a Current Account?
(i) Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to :
(a) any one or more of them.
(b) any one or more of the survivors.
(c) either or anyone or more of them or the survivors jointly, or survivor.
(d) 'former or survivor' or 'latter or survivor', subject to the condition that the second (first in the case of latter or survivor) named accountholder will be entitled to the balance lying in the account only on the death of the former (latter in the case of latter or survivor) accountholder.
(ii) Accounts can be opened for sole proprietorship firms, partnership firms, private limited and public limited companies, Joint Hindu families, trusts, clubs, associates etc. satisfactorily introduced to the Bank and on fulfilling laid down procedures and tendering required credentials.
(iii) Accounts can be opened by minors of 14 years and above, if able to read and write, in their sole names.
2) How to open a Current Account?
(i) Application to open an account must be made in Bank's prescribed account opening form. All signatories are required to come in person to the bank to sign the account opening form. Required credentials depending upon the type of constitution of the prospective accountholder are to be submitted to the bank.
(ii) Each applicant will be required to sign a declaration to the effect that he has read and accepted Current Account Rules. A copy of the rules is displayed on the Notice Board.
(iii) A recent passport size photograph of every accountholder, proprietor / partners / Directors of the company / office-bearers / trustees and other officials authorized to operate upon the account, is required to be given to the bank.
(iv) The account is to be introduced by an existing current/cash credit accountholder having minimum six months old satisfactorily & actively conducted KYC Complied account with the Bank.
Saving Accounts
1) Who can open a Savings Bank Account?
(i) Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to:
(a) any one or more of them,
(b) any one or more of the survivors,
(c) either or anyone or more of them or the survivors jointly, or survivor.
(d) 'former or survivor 'or' later or survivor', subject to the condition that the second/first named account holder respectively, will be entitled to the balance lying in the account only on the death of the former/latter account holder.
(ii) A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of-10-years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs.1,00,000/-.For accounts of minors above-14-years,there is no limit to maximum balance.
(iii) A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both.
(iv) An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from, time to time.
(v) As per RBI directive and subject to their prior approval, accounts can be opened in the names of specified institutions/agencies, if they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act.1956 and those working for socially desirable purposes and serving weaker sections of the society and those exempted from paying Income tax under Income Tax Act 1961.
(vi) Further, as per RBI directives, Savings Bank account can also be opened in the name of Government Departments / bodies / agencies in respect of grants / subsidies released for implementation of various programmes / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments.
2) How to open a Savings Bank Account?
(i) Application to open an account must be made in Bank's prescribed account opening form. It should be made, in person, in the presence of Bank’s authorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
(ii) Illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the bank. Thus, he/ she need not have his/her thumb impression attested by a witness every time he/she withdraws money from the account. It will suffice, if he/she affixes his/her thumb impression in the presence of an officer of the Bank.
(iii) At the discretion of the Bank, illiterate persons are allowed to open accounts jointly with persons who are literate or illiterate and closely related to them, to be operated upon jointly.
(iv) No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.
(v) Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.
(vi) The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. Whenever a deposit account is opened and introduction is taken from an existing account holder; the following conditions must be fully satisfied:
(a) The account of the introducer should be minimum six months old and
(b) The account of the introducer should have been satisfactorily and actively conducted.
(c) The account of the introducer should be KYC compliant. It means the proposed introducer has complied with the KYC requirement in respect of the account maintained with the Bank.
Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification
.
a) Valid Passport
b) PAN Card
c) Driving Licence
d) Voters ID Card
e) Defence ID Card
f) Identity Card of employees of central/State Govt. & Public Sector Undertakings
g) Senior Citizen’s Card
In the event of withdrawal of introduction by the introducer, the Bank shall be entitled at its sole discretion to suspend the operation in the account immediately, without prior intimation to the depositor and it will be in order for the Bank to return / dishonour the cheques, if any, drawn on account, closing of account, without being liable for the same.
Sehkari Bank Bima Yojna –Insurance Linked Deposit Scheme
Sehkari Bank Bima Yojna –Insurance Linked Deposit Scheme
The Nawanshahr Central Cooperative Bank has introduced a new Insurance Linked Deposit Scheme for the benefit of saving bank account holders opening bank account with a minimum balance of Rs 1500/- for risk cover of Rs 1.00 lakh , Rs 3000/- for risk cover of Rs 3 lakhs and Rs 5000/- for risk cover of Rs 5 lakhs. Under the heading Sehkari Bank Bima Yojna
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Fixed Deposit A/C
1) Opening of deposit accounts
Application for fixed/short deposits and deposits at notice is taken on Form No.401 for individuals and Form No.401A for non individuals.
All time deposit accounts shall be properly introduced. For all subsequent deposit, a simple Application-cum-Deposit slip is to be filled.
Term deposit accounts can be opened with instructions payable to 'Either or Survivor', payable jointly, payable to any one of the depositors etc. It can also be opened with instructions payable to "Former or Survivor" or "Former, Survivors Jointly or Last Survivor" or "Latter or Survivor" in which case operational/ payment instructions at the time of opening the account or subsequent variations, if any, in these instructions, should be signed by all the joint depositors.
2) Additional documents/forms to be obtained
PAN/GIR number or Form 60 /61. Other documents as per KYC norms.
Photographs of the depositors except in case of existing accounts (having photographs)
Nomination facility is Available
Recurring Deposit A/C
In Fixed Deposit, the amount is deposited in full at a time and simple interest is calculated which is added quarterly to the saving account. While in Recurring Deposit, the money is deposited in fixed installments and compound interest is calculated quarterly, also in case in long term deposits.
A Recurring Deposit A/c can be opened with a certain initial deposit wherein a Depositor needs to deposit money by way of monthly installments over stipulated period. The period may be 2, 24, 36, 48, 60 month etc. On the expiry of the period, the accumulated amount along with interest is paid in lump sum. All individuals, jointly with others minors, blind/illiterate person etc. can open the A/c. Rate of interest on Recurring Deposits for various period will be the rate applicable on term deposit for that period. The intending customer should fill in A/c opening form with complete particulars such as parentage, occupation, address etc. Two passport size photographs are required to be affixed along with furnishing of residence proof such as copies of ration card, Voter card, Passport, Telephone/Electricity bill etc. and PAN or Form No.60. The account is required to be introduce properly by the existing A/c holder of the bank of any person know to the bank. For the opening of the account in the bank the KYC submission by the customer is mandatory. On the expiry of the stipulated period, accumulated amount is paid to the customer
Locker A/C
Safe deposit lockers facility is one of the ancillary services extended by bank at our
branches. The locker units will be leased out to customers after obtaining adequate KYC
documents. The relationship between the banker and the customer of a locker is that of
lessor and lessee.
Bank The Bank will ensure utmost secrecy of the Safe Deposit Lockers hired by the customer
and will not divulge any information about hiring of lockers, mode of operation etc. to
anyone, except when the disclosure is required to be made with the clear consent of the
hirer(s) or in compliance of the orders of a competent authority having statutory powers.
Bank’s lockers will be available to any person, having contractual capacity i.e. capacity to
enter into a contract. Thus locker can be hired by an Individual singly and / or two or
more individuals jointly as well as firms, Limited Companies, Societies, Associations, Clubs
etc.
Key Benefits The Bank will exercise due care and necessary precautions for the protection of
lockers and the locker hirer while operating the locker. The security procedure will
be well documented.
In all cases except where locker is continued to be used by surviving hirers, locker
key will be taken back from nominee/claimants, by terminating the original
contract.
In case the claimant does not have the locker keys, locker needs to be broken
open. This should be done post obtaining documentation and approval.
Nomination, cancellation or variation in existing nomination can be made either at
the time of hiring of the locker or subsequently at any time during occupancy of
the locker.
The prescribed form of nomination or cancellation / variation of nomination, as the
case may be obtained from hirer/s duly completed in all respects, which will be
recorded in a register maintained with the Bank and an acknowledgement given to
the hirer.
No notice of claim of any person, other than hirer/s of a locker, will be entertained
by the Bank. The Bank is also not bound by any such notice even though expressly
given, provided that where any decree, order, certificate or other authority from a 6
court of competent jurisdiction relating to the locker or its contents is produced
before the Bank, the Bank shall take due note of such decree, order, certificate or
other authority.
Where the hirer/s prefers not to nomin