Janatha SB A/c
our no frills savings account for everyone
Learn more about the No Frills Interest Bearing Operative Small Savings Account.
This account has been specifically targeted for the non urban rural and under privileged masses. As the name implies, this account is primarily for people who wish to start a savings account with an initial deposit of just Rs. 5.00.
Product Highlights:
- Minimum Balance - Rs. 5.00.
- Folio Charges - Nil.
- Charges for non-maintenance of minimum balance - Nil.
- No. of credits allowed in a month - 10.
- No. of debits allowed in a month - 10.
- Account closing charges - Rs. 5.00.
- Duplicate Pass Book Issuing charges - Rs. 5.00.
- Cheques sent for clearing returned - handling charges - Rs. 5.00.
Service Charges & Service Tax on All Charges as Applicable
Product Features:
If the account is transferred to Dormant / in-operative account owing to in-operation continuously for 24 months, then folio charges of Rs. 5.00* per half year will be charged. If the account remains inoperative and there is insufficient balance for debiting folio charges, then the account will be closed on the date of charging folio charges without issuing any notice.
Pass books will be issued and the same should be accompanied for each withdrawal / deposit in to the account.
Deposit of endorsed instruments will not be accepted for collection/clearing, In other words third party instruments will not be acceptable.
Standing instructions are allowed to transfer to RD / NMD / SRD accounts without collecting any charge for such transfer.
Charges for services as applicable to the nature of services such as DD, TT, MT, Local Draft and Cheque collection will be levied as per the “Policy on Bank Deposits”.
Nomination facility is available.
Passport size photograph and Form 60 (as required under I.T. Act) are to be furnished for all types of No Frill accounts.
ATM card facility will be optional and at the discretion of the bank.
Immediate credit of cheques for collection will be allowed as in the case of ordinary SB accounts subject to the satisfactory conduct of the account for the past two years as assessed by the Bank.
Facilities not provided under the No frill SB accounts:
- Cheque Book issue - No Cheque Leave will be issued. SB withdrawal forms should be used and pass book is to be accompanied for each deposit / withdrawal.
- No separate statement of account will be issued. If requested a charge of Rs. 5.00 per folio or as amended from time to time will be charged.
- Statements will not be supplied by E-mail.
- Credit card facility will not be made available.
PAN holders / affluent customers will not be allowed to open account under this scheme as the scheme is for under privileged segments.
RBI Guidelines Update:
Government of India vide its Notification No.14/2010/F.No.6/2/2007-ES, dated Dec 16, 2010 has amended provisions of Prevention of Money Laundering Rules 2005, with regard to the procedure for opening and operating the “Small Account” (in our bank named as TMB Janatha Account).
New Restrictions under TMB Janatha Account:
- The aggregate of all credits in a financial year should not exceed Rs. 1 Lakhs.
- The aggregate of all withdrawals and transfers in a month should not exceed Rs. 10,000.00
- The balance at any point of time should not exceed Rs. 50,000.00
Opening of Small Account (TMB Janatha A/c):
An individual can open a small account on production of a self-attested photograph and affixation of signature or thumb print, as the case may be, on the opening form, subject to the condition that such account shall remain operational initially for a period of 12 months, and thereafter for a further period of 12 months, if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within 12 months. The relaxation provisions will be reviewed in respect of this account after twenty four months.
The existing TMB Janatha Account holders, who have opened their Account before Jul 31, 2010 are requested to submit officially valid KYC documents, as per the revised provision and operate your account continually without any interruption. Otherwise the account will be freezed with effect from Sep 01, 2011.
Rules and Regulations governing SB Account Operation:
Download the Application Form:
