This is a simple zero-balance savings account with the following features:
- This account can only be opened from CBS or non-CBS branches.
- Any individual can open this account
- There is no requirement of maintaining any balance in this account because this is a zero balance account
- The account earns an annual rate of interest of 4%
- There is no limit on the number of credit or cash receipts made on the account
- Cash withdrawals are limited if done through the branch. The limit is 50 transactions every year on the branch counter. If this number is exceeded, a charge of Rs.10 per transaction would be levied on the account. However, if the withdrawal is done through an ATM, there is no limit on the number of withdrawal transactions.
- If the customer wants a cheque book with the account then he would have to maintain a minimum balance in the account which would depend on the requirement of minimum balance in the above-mentioned Savings Bank Account. If the cheque book is not required then the account does not require the maintenance of any balance.
- The collection charges for locally drawn cheques are nil but for outstation cheques there is a limit. If the cumulative value of outstation cheques is up to Rs.50, 000 in a year, there would be no charges levied. If the cumulative value exceeds Rs.50, 000 then normal applicable charges would be levied.