Salient features of:
V-Basic SB Deposit Account
V-Basic Small SB Account
“V-Basic Savings Bank Deposit Account” for those who can comply with KYC norms:
- All normal cash/transfer/ clearing credit/debit transactions allowed like any other account.
- Loans can be extended to this account holder as per banks guidelines.
- Account are opened with initial deposit of Rs.10/- and the account may be allowed to continue with zero balance also.
- The cash withdrawal can be made at the branch and also through ATMs.
- One cheque book of 10 leaves, per annum may be issued free of cost on request.
- Rupay branded debit card in association with NPCI will be issued, free of cost. If the PAN is not available, as already clarified by the RBI, branch can obtain declaration in Form 60/61 and issue ATM debit card.
- There is no ceiling on the number of receipts to account. However in the account there can be only four withdrawals per month including ATM withdrawals by the account holder.
- Receipts through NEFT/RTGS/Intersol channels are allowed.
- Cheques issued by Central /State Government Agencies and departments can only be collected, without any service charges.
- Cheques issued by others/third parties in favour of the depositor cannot be collected for the credit to this account.
- No charges for non- operation / activation of inoperative account.
- All instructions of RBI on Know Your Customer (KYC) and Anti-Money Laundering (AML) for opening account apply to this account also.
- V-Basic Savings Bank deposit account holders are not eligible for any other savings bank account. If the customer has any other SB a/c, it should be closed within 30 days of opening this BSB account.
“V-Basic Savings Bank Deposit – Small Account” for those who can comply only the simplified KYC norms*
This account has following features in addition to the above mentioned conditions:
- The aggregate of all withdrawals and transfers in a month should not exceed Rs.10000/-
- Balance in the account should not exceed Rs.50000/- at any point of time.
- Total credits put together should not exceed Rs. One lakh in a financial year.
*Simplified KYC norms:
Persons who are not in a position to provide Identity and Address proof, can get the account introduced by a customer of six months standing having satisfactory transactions and whose account is KYC complied.
· Any other evidence on identity and address to the satisfaction of the branch through which the branch will be in a position to locate and identify the customer at any point of time.
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