Saving Bank Accounts

An Indian Citizen can open a services Bank Account in his/her name or jointly with others (payable to Either or Survivor) Requirements for opening the account: Two recent passport-size photographs (duly signed). Specimen Card-cum-account opening form supplied by the branch.

An introducer is acceptable to the bank Nomination Form. The introducer and the prospective account holder(s) have to come in person to open the accounting/GIR No. Or Declaration to be furnished. The customer should deposit the initial minimum amount in cash and must maintain a minimum balance in the account.

Customers may avail of checkbook facility as per the rules and have to pay prescribed service charges for the issue of checkbooks. In non-computerized branches, passbooks will be issued. In computerized branches, statements of accounts will be given and passbook where there are passbook printers.

The Bank offers 2 insurance-linked schemes as under:

Abhaya SB – Rs. 25,000/- Accident insurance.


Abhaya Gold – Rs. 1,00,000/- Accident Insurance.

Current Deposit Accounts

This account is primarily meant for business transactions.

The account can be opened by an individual in one’s own name or in the name of the firm as owner., Joint individuals, Partnership Firms, Hindu undivided families, Limited companies, Registered Bodies, Trusts can open the account.

The customer should be introduced by a person acceptable to the bank. Declaration of proprietorship, partnership deed, Memorandum and Articles, a Board resolution in case of companies, Trust deed, details of other bank accounts, no objection from the present bankers, and any other information required by the Bank as the case may be should be furnished.

Minimum balances should be maintained as per rules. There are no restrictions on the number of transactions. No interest will be paid on the balances. The Bank offers one insurance-linked current account scheme along with one of the subsidiaries of GIC.

Insured Current Deposit scheme with accident insurance coverage of Rs.1,00,000/- at a charge decided upon by the Bank. The Insurance coverage is arranged through one of the subsidiaries of GIC and conditions of the Insurance company will apply for all Insurance-linked deposit schemes and said insurance company alone will be responsible for settlement of claims.

Term Deposits

Term Deposits are acceptable for different periods ranging from a minimum of 15 days to a maximum of 10 years. Customers who are properly introduced for services Bank account/Current account need not get introduced for Term Deposit account.

Interest is paid at the prevailing rates, at a simple rate, either periodically or at maturity on FDRs, and at the compounded rate on cumulative deposits on Maturity. Monthly interest will be paid at discounted rates. Term Deposit Receipts are not transferable from one person to another.

Repayment: For different periods of time, different rates are applied. On the due date, the deposits are repaid on surrender of deposit receipt duly discharged by the depositor on the back across a Revenue Stamp of Re.1/-. If the deposit proceeds are Rs.20,000/- or more the same is paid through account payee crossed Demand Draft or Pay Order or credited to the account of the depositor. Premature withdrawal of deposit may be entertained on request duly signed by the depositor in an individual account or all the depositors jointly in the joint account. Penal interest is deducted for premature withdrawal of deposits as per the conditions and rules in force.


Renewal: Overdue deposits can be renewed for a period extending beyond the date of renewal at least for a minimum period for which the bank accepts fresh Term Deposits as on the date of renewal.

Unless the Bank receives instructions to the contrary, fixed deposit if so opted at the time of deposit will be renewed automatically on maturity without presentation of the receipt, for the period of the original deposit.

Loans against Term Deposits: Credit facility against the security of Term Deposits of the bank is available to the depositors at prescribed margins. The rate of interest on the loans is fixed by the bank from time to time and in the case of Kaplataruvu deposit interest is compounded at quarterly rests. No loan is granted against deposits kept with other banks, and also against deposits kept with other branches of the bank. The loan can be repayable by the borrower on any day on or before the maturity date of the deposit. If the loan is not adjusted in full before the maturity of the deposits pledged, the same will be adjusted by the maturity value of deposits and the borrower should pay the balance amount with applicable interest.

A nomination facility is available. Deposit accounts can be transferred from one branch to another of the bank on request. Full particulars and conditions are available with the Branch Manager.

Duplicate Reiptec: A depositor can obtain a duplicate Receipt for the lost/stolen/misplaced Deposit receipt on the production of surety and an indemnity bond as per rules.


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