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Saving Account Rules

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Saving Account Rules

Who can open a Savings Bank Account

  • Any person competent to contract and satisfactorily introduced to the Bank may open an account in his/her own name. He/She may not open more than one such account. Accounts may be opened in the names of two or more persons and may be made payable to:
    • any one or more of them,
    • any one or more of the survivors,
    • either or anyone or more of them or the survivors jointly, or survivor.
    • 'former or survivor 'or' latter or survivor', subject to the condition that the second/first named account holder respectively, will be entitled to the balance lying in the account only on the death of the former/latter account holder.
  • A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of-10-years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs.1,00,000/-.For accounts of minors above-14-years,there is no limit to maximum balance.
  • A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both.
  • An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from, time to time.
  • As per RBI directive and subject to their prior approval, accounts can be opened in the names of specified institutions/agencies, if they are registered under the Societies Registration Act or Companies exempted from using the words 'Ltd. 'or 'Pvt Ltd. 'as part of their names as per the Companies Act.1956 and those working for socially desirable purposes and serving weaker sections of the society and those exempted from paying Income tax under Income Tax Act 1961.
  • Further, as per RBI directives, Savings Bank account can also be opened in the name of Government Departments / bodies / agencies in respect of grants / subsidies released for implementation of various programmes / schemes sponsored by Central / State Government. Bank should also keep on their record a copy of the authorization issued by the respective Government departments.

How to open a Savings Bank Account

  • Application to open an account must be made in Bank's prescribed account opening form. It should be made, in person, in the presence of Bankauthorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
  • Illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the bank. Thus, he/ she need not have his/her thumb impression attested by a witness every time he/she withdraws money from the account. It will suffice, if he/she affixes his/her thumb impression in the presence of an officer of the Bank.
  • At the discretion of the Bank, illiterate persons are allowed to open accounts jointly with persons who are literate or illiterate and closely related to them, to be operated upon jointly.
  • No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.
  • Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.
  • The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. Whenever a deposit account is opened and introduction is taken from an existing account holder; the following conditions must be fully satisfied:
    • The account of the introducer should be minimum six months old and
    • The account of the introducer should have been satisfactorily and actively conducted.
    • The account of the introducer should be KYC compliant. It means the proposed introducer has complied with the KYC requirement in respect of the account maintained with the Bank.
  • Valid KYC Documents
    Identity Proof Address Proof
    I ACCOUNTS OF INDIVIDUALS (At least one document from each as mentioned below:
    • Passport
    • Driving license with photo
    • Permanent Account Number (PAN) card
    • Voter’s Identity Card issued by Election Commission of India,
    • Job card issued by NREGA duly signed by an officer of the State Government.
    • The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number.
    • Passport
    • Driving license with photo
    • Voter’s Identity Card issued by Election Commission of India,
    • Job card issued by NREGA duly signed by an officer of the State Government.
    • The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number.
    II. ACCOUNTS OPENED UNDER “SIMPLIFIED MEASURES” (At least one document from each list)
    • 1.Identity card with applicant's Photograph issued by Central/ State Government Departments, Statutory/ Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
    • letter issued by a Gazetted officer, with a duly attested photograph of the person;
    • Utility bill of any service provider i.e. electricity, telephone, postpaid mobile phone, piped gas, water bill (not more than two months old)
    • Property or Municipal Tax receipt;
    • Bank account or Post Office savings bank account statement;
    • Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address;
    • Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation;
    • Documents issued by Government departments of foreign jurisdictions and letter issued by Foreign Embassy or Mission in India.
    Note : In case of Permanent Address Proof, a Declaration for local address should be given.
    III. ACCOUNTS OF JOINT ACCOUNT HOLDERS (At least one document from each list)
    Independent identity proof (any one ID proof from the above mentioned list I & II) of each joint account holder Independent address proof (any one address proof document from the above mentioned list I & II) of each joint a/ct holder is required to be obtained.
    IV. ACCOUNTS OF FOREIGN STUDENTS (All Documents to be obtained)
    • An Identity Card issued by college / institution.
    • An admission letter for the course mentioning duration of course for which he / she is admitted by the Institute / College.
    • Copy of Passport and copy of Visa.
    • An allotment letter on letter head of the institution/ college for allotment of hostel accommodation duly singed by the authorized signatory, mentioning detailed address and location of hostel, room no. etc. and date of allotment of hostel accommodation etc. or a valid address proof giving local address in form of rent agreement within 30 days of opening of the account.
    V. For NRI / Foreign Tourist Address proof mentioning the current overseas address (any one)
    • Passport
    • Valid Visa/ Work Permit
    • Passport / Electricity Bill / Telephone Bill / Original copy of latest bank statement of account overseas/ Employee ID card/ Labour Card
    • Social Security Card
    For PIO/OCI
    • Passport
    • Any one (PIO card/ OCI card/ Passport of parent or grand-parents establishing them as Indian Origin/ Marriage Certificate establishing your spouse as Indian origin
  • Modification : In the event of withdrawal of introduction by the introducer, (in the accounts where introduction was obtained when it was mandatory) the bank shall be entitled at its sole discretion to suspend the operation in the account immediately, without prior intimation to the depositor and it will be in order for the Bank to return/dishonor the cheques, if any, drawn on account, closing of account, without being liable for the same .

Pass Book

  • Bank issues passbooks/statement of accounts to account holders. For withdrawing money from an account through a withdrawal slip, production of pass book/statement of account/identity card issued by the branch is necessary. The Bank will not be responsible for any loss caused to the depositor, if an unauthorised person obtains the possession of the pass book/identity card/statement of account and fraudulently withdraws from the account.
  • Any change of address should immediately be intimated to the Bank and the pass book sent for necessary alterations with new address proof document required under KYC norms.
  • Pass book/identity card/statement of account will be issued free of charge at the time of opening an account and in continuation of the original. But if the pass book/identity card/statement of account is lost or spoiled, the depositor will have to pay prescribed charges for issue of duplicate pass book/identity card/statement of account.
  • In case of accounts in which withdrawals are made by cheques, the pass book should be sent periodically to the bank for updating after the withdrawals or as may be convenient.


  • The smallest amount that can be deposited at the time of opening of an account is as under
    Particulars Any CBS branch
    A/c with Cheque book facility or without cheque book facility
    • Rural / Semi-Urban
      Opening of Account –Min. Rs. 500/-
    • Maintenance of minimum balance
      Quarterly Average Balance-– Rs. 500/-*
    • Urban / Metro
      Opening of Account –Min. Rs. 1000/-
    • Maintenance of minimum balance
      Quarterly Average Balance-– Rs. 1000/-*
    Pensioner’s Account Nil
  • All payments made in the account should be accompanied by a paying-in-slip, which is supplied free of charge to customers. Separate paying-in-slip should be used for
    • Cash
    • Local cheques/DWS etc. drawn on our branches
    • Local cheques D/W etc. drawn on other banks
    • Outstation cheques, DWs, draft etc. drawn on outstation centres where the bank has no branches, will be collected at the responsibility of the constituents and the Bank will not be liable for any act, negligence or insolvency of any agent or for losses or delays occurring in the course of such collection.
  • Cheques, dividend warrants, interest warrants etc. which are drawn payable to the account holders only will be accepted for collection. In case of new accounts no cheques, dividend warrants etc. will be accepted for collection till the confirmation of the introducer is received, in accounts where the introducer has not come in person to the branch for introducing the account.
  • To facilitate proper identification of accounts, full name and account number should be written in the paying-in-slip in relative columns while tendering cash/cheques. Bank will not be responsible for return of cheques due to non-credit of amount/proceeds of cheques so tendered, on account of wrong name/account number filled in by the depositor in the paying-in-slip.


  • Withdrawals will be allowed either by withdrawal forms or by cheques or by any other accepted mode.
  • The total number of withdrawals from a savings bank account should not exceed 50in a calendar half-year. Thereafter it is chargeable
  • Cash withdrawals by a withdrawal form less than Rs. 25/- in Rural and Semi Urban branches and Rs. 50/- in case of Urban and Metro branches will not be permitted unless it is for closing an account.
  • Cash withdrawals against withdrawal form shall be allowed up to Rs.5,000/- in Metro/Urban Centres and up to Rs.25,000/- in Rural/Semi-urban centers.

Withdrawals by Cheque

  • In SB Accounts of individuals -45 leaves will be free in a financial year. Only two cheque books will be issued at a time.

    Thereafter Personalized and non personalized cheque book with applicable charges per cheque leaf

    Requests for new cheque books must be made by depositors on printed requisition forms inserted in the old cheque books. Or through contact centres,Net Banking ATMs etc To prevent forgeries, frauds, etc., constituents are particularly requested to

    • keep the cheque book under lock and key,
    • fill in the body of cheque before delivery,
    • fill in the amount in words, as near as possible, to the words "Rupees" and the amount in figures, as near as possible to the words "Rs."
  • Cheques must be drawn on the printed form provided by the Bank. The Bank reserves the right to refuse payment of cheques drawn otherwise.
  • The bank reserves the right to withdraw the cheque book facility without prior intimation, if a minimum balance as above is not maintained or for any reason whatsoever.
  • In case of accounts where cheque books are issued, withdrawals will be permitted by cheques only.
  • Cheques post dated i.e. bearing a date subsequent to the date of presentation and cheques bearing date over three months prior to the date of presentation i.e. stale cheques will not be honoured.
  • The writing of cheque should be clear and distinct and cheques must be drawn in such a way as to prevent any alteration or addition.
  • The amount in cheques must be stated in words and figures.
  • All alterations made on the cheque must be authenticated by the drawer under his full signature as per the specimen signature recorded with the Bank, otherwise the cheque will not be paid.
  • The signature on the cheque should correspond with specimen signature supplied to the Bank, otherwise the Bank shall be entitled to refuse payment.
  • Request to stop payment of cheque will be registered, but the Bank cannot accept any responsibility if such instructions are overlooked.
  • No withdrawals will be allowed against cheques or other instruments deposited for credit of an account, until they are realised.
  • The account number must be written on all cheques. The Bank is entitled at its discretion to refuse payment of cheques having no mention of the account number.
  • Precautions in using cheque books and its safe keeping as printed thereon, should be strictly observed.

Rules for Transactions

  • Cash Deposit including at Base branch and Non base branch (local): Base branch i.e branch where customer is having account and Non - Base branch i.e branch other than base branch in the same centre Cash Deposit -Any Amount - Free of charge (In case of cash aggregating Rs.50000/- or more deposited with the bank during any one day , customer is required to quote his/her PAN or submit form 60/61)
  • Cash Deposit at Out-station Non-base branches Up to Rs. 30000/- per day per account free of charge, thereafter chargeable
    • Cash Withdrawal- at Base branch
      • Against Cheque - No limit
      • Against Withdrawal Slip - as per limit shown at point no.5 of this section
    • Cash Withdrawal at Non-base branches (Local & Outstation)
      • Against Cheque - to self only - per transaction up to Rs. 50000/-
      • Against withdrawal Slip - per transaction up to Rs. 25000/-
  • Cash payments to third parties is totally withdrawn at non-base branch
  • Transfer Transaction at base branch Allowed freely without any limit
  • Transfer Transaction at Non-base branch (local as well as outstation)

    Normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at non-base branch (where neither drawer nor payee maintains account) on case to case basis subject to certain conditions.

  • Clearing Transactions There is no restriction for clearing transactions.
  • Customers are informed to do transaction either debit or credit to avoid account becoming inoperative/dormant. As per RBIs guidelines, the savings account will be treated as inoperative /dormant if there are no transactions in the account for over a period of two years.

    For the purpose of classifying an account as inoperative both the type of transactions i.e. debit as well as credit transactions induced at the instance of customers as well as third party are considered. However, the service charges levied by the bank or interest credited by the bank are not considered. Monthly and Quarterly interest on term deposit credited to deposit accounts are considered customer induced transaction for this purpose.

    Such accounts are maintained with the bank with status inactive. Only credit transactions are allowed once the account becomes inactive. For debit transactions the account is required to be activated. To activate such accounts customer is required to submit application for activation of account, fresh KYC documents and do some credit transactions in the account.


  • Interest will be paid at rates specified by RBI from time to time, at half yearly intervals in May & November each year.
  • The interest will be allowed on daily balance basis
  • Interest on SB accounts (other than Super Savings Bank account) is paid at quarterly intervals during 1st to 10th of August/November/February/May and calculated on daily product basis. In respect of entries that are credited after 1st , it is ensured by the system that value date is given as 1st of the month while applying interest for the next quarter so that the customer gets the interest on the interest credited from 1st itself. In case of SSB accounts where interest is paid on quarterly basis,(Jan/April/Jul/Oct) similar value dating is done when interest is paid after 1st

Standing Instructions

Bank accepts Standing instructions from account holders for periodic remittances of Insurance premia etc. The applicable charges plus service tax per transaction involving credit to another account with other branches (No charge within same branch). If the transaction involves an upcountry centre, remittance charges at the prescribed rates and the actual postages/courier charges shall be recovered additionally. Charges for inability to carry out standing instructions due to insufficient balance will also be levied)

Closing of an Account

  • The account holder must give in writing his/her intention to request should be signed by all the account holders.
  • When an account holder wishes to close his/her account, he/she must present his/her pass book/statement of account/identity card/Debit Card if any.
  • The unused cheque forms, if any, in the possession of the depositor should be returned to the Bank.

Signature of Depositor

  • Every account holder will be required to give specimen of his/her signature for record in the presence of an authorised officer of the Bank, at the time of opening of the account.
  • All withdrawal forms, cheques and letters to the Bank must be signed strictly in accordance with the specimen signature recorded at the branch.

Nomination Facility

The individual account holder/s will have the facility to make, vary or change nominations.

Service Charges

For presently applicable Service charges please visit our service charges link.

Additions & alterations to the rules

The Bank reserves the right to alter or add to these rules at any time without notice.

The above rules are not exhaustive.

To know the current interest rates Click here.

For further details, please contact the Bank of Baroda Branch nearest to you.

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