Eligibility
All Customers in Age Group of 18-70 are eligible to avail the Life Insurance benefits Any resident individual who has attained the age of 18 years and has not completed the age of 70 yrs can avail the facility of Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” (IFLIC) upto an amount of Rs.5.00 lac after payment of required premium and submission of simple Health Declaration Form (DOGH)
Sum Assured
The Sum assured starts at a minimum of Rs.1.00 lac and goes up to Rs.5.00 lacs (in multiples of Rs. 1.00 lac).
Under the Scheme, Only one insurance cover per person shall be allowed.
Periodicity
Period of Insurance is one year from 01st January to 31St December every year and is annually renewable. In case of those accounts which are opened in due course in the middle of the year, premium shall be paid on prorata basis only for the year in which the insurance is subscribed as per details mentioned below:
Premium Table
| Insurance premium chart - 1 Lac |
|
Age in Years |
|
| 18-35 |
36-50 |
51-59 |
60-70 |
| Month of joining the Scheme |
Premium ( Inclusive of GST )
with effect from 01.01.2020 |
Coverage in Months |
| Jan |
138 |
276 |
768 |
1,975 |
12 |
| Feb-20 |
127 |
253 |
704 |
1,811 |
11 |
| Mar-20 |
115 |
230 |
640 |
1,646 |
10 |
| Apr-20 |
104 |
207 |
576 |
1,482 |
9 |
| May-20 |
92 |
184 |
512 |
1,317 |
8 |
| Jun-20 |
81 |
161 |
448 |
1,153 |
7 |
| Jul-20 |
69 |
138 |
384 |
988 |
6 |
| Aug-20 |
58 |
115 |
320 |
823 |
5 |
| Sep-20 |
46 |
92 |
256 |
659 |
4 |
| Oct-20 |
35 |
69 |
192 |
494 |
3 |
| Nov-20 |
23 |
46 |
128 |
330 |
2 |
| Dec-20 |
12 |
23 |
64 |
165 |
1 |
From second year onwards the premium for the full year will be auto debited at central level in the month of January.
Insurance cover shall be available only till the Savings Account is active and Premium amount once collected shall not be refunded even if the account is closed.
Transactions of saving oriented nature are permitted. Commercial transactions are non allowable transactions. If non allowable transactions are noticed then Bank may close the account with prior notice/intimation citing reasons thereof.
Minimum Balance Requirement
NIL.
Opening of account by Rs. 5/- only.
Charges for Non Maintenance of Minimum Balance
Nil
Free transfer of funds through Demand Draft/Bankers Cheque upto maximum limit of Rs. 1 lac per month.
Nomination facility
available.
Overdraft facility in Savings Bank a/c: upto a maximum of 2 months pension amount (net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner.
Immediate credit of outstation cheques upto Rs. 25000/- as per Bank norms.
Cash Deposit
For Rs.50000/- and above PAN is required to be submitted as per requirement of Income Tax.
At Cash Machines
- Cash deposit with debit card up to Rs.2,00,000/- (2 Lacs) per day is allowed where PAN is registered and Rs.49,999/- where PAN is not registered in account .
- Card less transaction (by feeding account number) is allowed up to Rs. 20,000/- per day.
- Fake note, Suspicious Note is impounded and receipt is given to the customer. Torne/Mutilated/Taped notes are not accepted by these machines.
Cash Withdrawal
- Maximum Rs. 50000/- per day withdrawal allowed to A/c holder only at outstation branches.
- Third party cash payment at local non-base branches and outstation branches is totally restricted.
Interest Calculation and Frequency
Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose Bank’s quarters are April-June, July to September, October to December and January to March. Interest is credited to the account within 15 days of end of quarter . However, Value date effect as of 1st day of the month is given while crediting interest.
Withdrawal(s) & use of Withdrawal Form (Slip)
Withdrawals will be allowed either by withdrawal forms or by cheques. Payment against withdrawal form along with passbook is allowed for self only with per day limit of Rs. 25000/- ( Minimum Rs. 25/- in Rural/SU and Rs. 50/- in Metro/Urban)
Passbook and Statement of Account
- Free Pass Book
- Rs. 100/-- per duplicate Pass Book / Statement with latest balance only.
SMS Alerts and Charges
Charges @ Rs. 15/- per quarter are levied.
Registration and Execution of Standing Instructions
- No charge within the Bank.
- Rs. 100/- per occasion will be levied for Standing instruction failure because of insufficient funds.
Transfer of Account/Scheme
Upon submission of application along with pass book and unused cheque leaves the account can be transferred to another branch/scheme free of charge.
ATM/Debit card/Credit Card and Charges:
Free Debit card for first year then charges @ Rs. 100 per annum will be levied..
Overdraft facility in Savings Bank a/c: upto a maximum of 2 months pension amount (net credit to SB a/c last month), if any other credit facility is not being availed by the pensioner.
Closure of Account and Charges
- All The authorized signatories of the account will give in writing with his/her/their intention to close the account. The relative passbook, Debit Card and the unused leaves should be surrendered along with the letter requesting closure.
- In case pre-mature closure of the account no charges will be levied if the account is closed within 14 days of first customer induced credit into the account . However charges @ Rs.200/- is levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. However, in case of death of account holder no charges will be levied.
Dormant/Inoperative Account
If there are no customer induced transactions in Savings accounts for over a period of two years. Interest is continued to be applied in all eligible Savings Bank accounts. No charges are levied for inoperation of accounts.
Activation/Closure of Dormant/Inoperative accounts will be done after submission of necessary KYC documents, photo, fresh specimen signature, subject to satisfaction of the Bank.
All Accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be transferred to RBI. Upon receipt of the request from the customer such deposits will be returned subject to conditions.
Disclosure of Information
The Bank may disclose information about customer’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).
All relevant policies including Code of commitments to customers and Grievance Redressal policy are available at the branches.
MITCs OF ATM/DEBIT Card, Mobile Banking, Net Banking in Application Form.: Available separately.
The Bank will notify, 30 days in advance, any change in terms and conditions/ Fees and charges on its website.
All deposits to the extent of Rs.5/- lac per depositor of our bank (except Deposits of Central/State/Foreign Governments and commercial banks) are covered under Deposit Insurance & Credit Guarantee Corporation (DICGC).