Account Opening Terms

 

“Know your customer” Guidelines

Any person fulfilling account opening requirements may, upon agreeing toscomply with the prescribed rules, open a Savings Bank Account, provided she/he furnishes proof of identity and proof of address as required by the Bank

 

PROOF OF IDENTITY

  • Passport, if the address differs from the one mentioned in the account opening form
  • Voter ID Card, if the address differs from the one mentioned in the account opening form
  • PAN Card
  • Govt. / Defence ID card
  • ID cards of reputed employers
  • Driving License
  • Pension Payment Orders (Govt./Pais), if the address differs from the one mentioned in the account opening form
  • Photo ID Card issued by Post Offices Photo identity card issued to bonafide students of Universities! Institutes approved by UGC/ AICTE

PROOF OF ADDRESS

  • Credit card statement
  • Salary slip
  • Income tax /wealth tax assessment
  • Electricity bill
  • Telephone bill
  • Bank account statement
  • Letter from a reputed employer
  • Letter from any recognized public authority
  • Ration card
  • Copies of Registered Leave & License Agreement/Sale Deed/Lease Agreement may be accepted as proof of address
  • Certificate issued by hostel and also, proof of residence incorporating local address, as well as permanent address issued by respective hostel warden of aforesaid University/Institute where the student resides, duty counter signed by the Registrar/ Principal/Dean of Student Welfare. Such accounts should be closed on completion of education/ leaving the University! Institute.
  • For students residing with relatives, address proof of relatives along with their identity proof, can also be accepted provided declaration is given by the relative that the student is related to him and is staying with him.

 

Nomination & Survivorship Facility

The nomination facility is available on Savings Bank Accounts and the account holders are advised to avail of this facility for smooth settlement of claim by legal heirs in unforeseen circumstances. Nomination can be made in favour of only one nominee. In case they do not wish to make a nomination, the fact should be recorded on the account opening form under their full signature. Joint account with survivorship benefit can be operated by the survivor, in such circumstances.

 

Types of Accounts, Balance Stipulation & Service Charges

The applicants can open an account either with cheque book facility or without cheque book. The current minimum quarterly average balances prescribed for these account types and the charges prescribed for non-maintenance of minimum balance, are available at the Bank’s website www.sbi.co.in. The information can also be obtained from Branches. There is no ceiling on maximum balance in Savings Bank account, except for Minor’s account.

 

Minor’s Accounts

Minors who can adhere to uniform signature and are not less than ten years old can open accounts in their single name and maintain therein a maximum balance of Rs. 200,000/- (Rs. Two lakhs only). Minors may open joint accounts with their guardians.

 

How to Open an Account?

In ordinary course, applicant(s) should attend the Bank personally for completion of formalities for opening the account. They will duly fill in and sign the prescribed application form. Applicant(s) should submit two copies of his/ her/ their recently taken passport size photographs. Account holder’s signatures must be legible and well formed. Signatures should not be in capital or block letters. Each account will be given a distinctive account number. While dealing with the Bank, this number should be invariably quoted by the account holder(s). The account holders, in their self-interest, are expected to adhere to uniform signature as per specimen recorded with the Bank while operating the accounts and addressing any correspondence to the Bank.

 

Pass Book

The pass book and cheque book supplied to the account holder should be kept in a safe place. The Bank will not be responsible for any loss or incorrect payment attributable to the account holder’s neglect in this regard. For withdrawing cash by means of a withdrawal form, the pass book must be presented. Withdrawals using cheque forms and Debit card can be effected without pass book. Deposits may be made without production of the pass book. Pass book should be got updated regularly. The pass book will be returned to the account holder immediately after completion of the transaction duly updated. In case it is not collected within a week’s time, it will be returned to them by Registered A.D. post/ Courier at their cost. The account holders should carefully examine the entries in their pass books and draw the Bank’s attention to errors or omissions, if any. Duplicate in lieu of the lost or mutilated pass book may be issued on receipt of a written request from the account holder after necessary enquiries, completion of formalities and recovery of prescribed charges. This information can also be obtained from Branches.

 

Change in Rules

The Bank reserves the right to alter, delete or add to any of these Rules and service charges for which the customer will be duly notified through Bank’s website and/ or branch notice board.

 

Cheque Book

The Bank will issue the first cheque book after completion of all formalities with regard to opening of the account. No charge will be recovered for issue of twenty five cheque leaves in a year (both MICR and non MICR). Thereafter, service charge will be charged to the customer’s account. The current charges prescribed for this are available at the Bank’s website www.statebankotindia.com. This information can also be obtained from Branches. The account holders must use only the cheques from the cheque books issued to them by the Bank. The Bank reserves the right to refuse payment of any cheques drawn otherwise. Ordinarily, Bank will not issue more than one cheque book at a time or before exhausting all or nearly all cheque leaves issued previously. Cheques must be written legibly and any alterations or cuttings should be authenticated under full signature which must conform to the specimen recorded with the Bank. Stop payment instructions in respect of cheques issued or lost can be registered with the Bank on payment of a prescribed service charge. The current charges prescribed for this are available at the Bank’s website www.statebankofindia.com. This information can also be obtained from Branches.