Savings Bank account is a very basic deposit scheme that can be opened for individuals/societies/clubs/associations, irrespective of their income level. This is a very basic deposit scheme meant to promote the saving habit of citizens for future financial needs. The savings bank account holder can save small to large amounts gradually by depositing cash in this account. It is also possible for the account holder to withdraw the deposit as required or directly transfer the amount to another bank account through RTGS/NEFT transfer.
At Areekode Service Co-operative bank, it is also possible to create joint savings accounts (maximum 4 individuals) and accounts for minors created by their guardians. The savings deposit offers an attractive interest rate, as per the Reserve Bank of India Guidelines.
The savings account without cheque book needs to maintain a minimum balance of Rs.100.00 and the account with a cheque book facility needs to maintain Rs.1000.00 minimum balance.
To open a new saving account for individuals, KYC verification is required. The documents required are passport-size photo, ID proof, address proof, PAN card, and declaration in form No.60 or 61 as per the Income Tax Act 1961. For societies/clubs/associations, it requires the corresponding registration document.