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)
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.
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:
|Insurance premium chart - 1 Lac
||Age in Years
|Month of joining the Scheme
||Premium ( Inclusive of GST )
with effect from 01.01.2020
|Coverage in Months
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. In case of single account of minor to be operated by him/her the maximum balance outstanding on any day should not be more than Rs. 100000/- when the minor is aged between 10-14 years
- At Base/Local non-base branch: Any amount free of charge.
- At Out-station branches
|Amount (In Rs.)
||Service Charge (in Rs.)
|Up to 25,000/-
|Above 25000 to 50000
|Above 50,000/- to 1 Lac
|Above 1 Lac
Note: 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 where PAN is registered and Rs.49,999/- where PAN is not registered in account.
- Card less transaction (by feeding account number) 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.
|Amount (In Rs.)
||Service Charge (in Rs.)
|Up to 25,000/-
||Rs.2/- per thousand or part thereof
- Inter SOL cash payments to third parties is not permissible.
- Per day per transaction limit of Rs.50000/- is fixed for cash withdrawal by account holder only (through withdrawal up to Rs.25000/- SB Account without cheque book facility) at Non Base CBS branches irrespective of nature of accounts. Passbook should accompany with Withdrawals.
- Self-Withdrawal at Base branch is free.
Interest calculation and frequency
Interest is calculated on daily product basis and credited to accounts quarterly. For this purpose Bank’s quarters are May-July, August-October, November-January and February-April. 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. For previous statement/ entries, applicable charges apply.
30 cheque leaves will be issued free in a financial year. For additional cheque leaves, if average balance is upto Rs.2 lac, Rs.5 per cheque leaf for personalized cheque book and Rs.3 per cheque leaf for non-personalized cheque book will be charged. If AQB is above Rs.2 lac, no charge for additional cheque leaves.
Registration and execution of Standing instructions
- No charge within the Bank
- Rs.50/- per transaction plus applicable remittance charges in case of credits for outside the branch whether in same city or other cities i. e in other branches / Offices such as LIC etc. plus actual postage charges.
- 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.
Closure of account and charges
- All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative passbook, Debit Card and the unused cheque leaves should be surrendered along with the letter requesting closure.
- In case of 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/- plus service tax will be levied if account is closed beyond 14 days but within 1 year of the first customer induced transaction. In case of death of account holder no charges will be levied.
Account becomes inoperative/dormant if there are no customer induced transactions in Savings account for over a period of two years. Interest is continued to be applied in all such 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).
SMS Alerts and Charges
Charges @ Rs. 10/- per quarter are levied
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.
Deposits along with interest kept in different branches of our Bank is insured by Deposit Insurance & Credit Guarantee Corporation (DICGC) maximum upto Rs 5,00,000( Rs 5 lakh)
Minimum balance requirement.
|Urban / Metro
Non Maintenance charges for QAB:- SB 101
|Rural / Semi-Urban
||Rs 125/- per quarter
|Urban / Metro
||Rs 250 per quarter
Charges will be levied as under
Rural :- If QAB is in the range
|Rs 250 - Rs 499
|Rs 100 - Rs 249
|Below Rs 100
Semi-Urban :- If QAB is in the range
|Rs 500- Rs 999
|Rs 250- Rs 499
|Below Rs 250
Metro/Urban:- If QAB is in the range
|Rs 1000 to Rs 1999
|Rs 500 to Rs 999
|Below Rs 500
Computation: Minimum QAB requirement is calculated on the basis of summation of closing balance of number of days divided by number of days. For purpose of arriving at Quarterly Average Balance/Minimum Balance charges, the period of quarters are considered as 16th Mar to 15th Jun, 16th Jun to 15th sep, 16th sep to 15th Dec and 16th Dec to 15th Mar of a particular year
Immediate Credit of outstation cheques upto Rs. 20000/- as per Bank norms.
Debit card and Charges
Free Debit card for first year then charges Rs.150/- p.a. for all classic variants and Rs.200/- p.a. for all platinum variants.
ATM Transactions at other bank ATM (India) – free upto 3 transactions in a month both Financial and Non Financial) at 6 centres viz, Mumbai, Delhi, Kolkata, Chennai, Bengaluru, Hyderabad and thereafter Rs.20/- for every transaction will be charged. For any other centre (except these 6 centres) upto 5 transactions (both Financial and Non Financial) are free in a month thereafter Rs.10/- for every transaction will be charged.
Card Replacement charges (in India) - Rs.200/- per replacement.
Pin Generation - Rs.50/- per regeneration for Visa & Rupay Card variants and Rs.75/- per generation for Master Card variants.
(Inward Return): per instrument charges.
- Upto Rs.1 Lac – Rs.125/-
- Above Rs.1 Lac to less than Rs.1 Crore: - Rs.250/-
- Above Rs. 1 Crore – Rs.500/-
(Outward Return) per instrument charges
- Upto Rs.1 Lac – Rs.150/-
- Above Rs.1 Lac to less than Rs.1 Crore: - Rs.500/-
- Above Rs. 1 Crore – Rs. 750/-
In case bank remains out of funds: Actual interest @ 7.5 % over Base rate is to be charged extra.
Cheque returned due to technical reason – not at the fault of customer – No Charges.
Charges for Copy of original of cheque (paid by the Bank – a) Rs.100 upto 6 months old record. b) Rest - Rs.250/-
Rules for Transfer/ inter-sol transfer/clearing transactions and charges
- 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.
There are no charges for Inter-sol transfer transactions.
- Clearing Transactions: There is no restriction for clearing transactions.