A saving account is characterized by the fact that interest is payable on credit balances held in the account and the number of withdrawals permitted from the account may be restricted. Withdrawal of large amounts as specified by the Bank may require a withdrawal notice to the branch by the account holder. However, keeping in view the available cash position of the branch and the profitability of the account, this requirement can be waived on management’s discretion.
- Current and Saving Accounts can be opened for a person who is of 18 years of age, or above, having full legal capacity to enter into a contractual obligation.
- Minors (under a proper guardian), illiterate persons as well as non-residents are also allowed to open current and saving account and are subject to DAB regulations issued for the purpose.