1) Who can open a Current Account
(i) 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 :
(a) any one or more of them.
(b) any one or more of the survivors.
(c) either or anyone or more of them or the survivors jointly, or survivor.
(d) 'former or survivor' or 'latter or survivor', subject to the condition that the second (first in the case of latter or survivor) named accountholder will be entitled to the balance lying in the account only on the death of the former (latter in the case of latter or survivor) accountholder.
(ii) Accounts can be opened for sole proprietorship firms, partnership firms, private limited and public limited companies, Joint Hindu families, trusts, clubs, associates etc. satisfactorily introduced to the Bank and on fulfilling laid down procedures and tendering required credentials.
(iii) Accounts can be opened by minors of 14 years and above, if able to read and write, in their sole names.
2) How to open a Current Account
(i) Application to open an account must be made in Bank's prescribed account opening form. All signatories are required to come in person to the bank to sign the account opening form. Required credentials depending upon the type of constitution of the prospective accountholder are to be submitted to the bank.
(ii) Each applicant will be required to sign a declaration to the effect that he has read and accepted Current Account Rules. A copy of the rules is displayed on the Notice Board.
(iii) A recent passport size photograph of every accountholder, proprietor / partners / Directors of the company / office-bearers / trustees and other officials authorized to operate upon the account, is required to be given to the bank.
(iv) The account is to be introduced by an existing current/cash credit accountholder having minimum six months old satisfactorily & actively conducted KYC Complied account with the Bank.
1) Who can open a Savings Bank Account
(i) 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:
(a) any one or more of them,
(b) any one or more of the survivors,
(c) either or anyone or more of them or the survivors jointly, or survivor.
(d) '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.
(ii) 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.
(iii) 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.
(iv) 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.
(v) 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.
(vi) 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.
2) How to open a Savings Bank Account
(i) 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 Bank’s authorized 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.
(ii) 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.
(iii) 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.
(iv) No cheque book facility will be extended in the single or joint savings bank account of the illiterate depositors.
(v) Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.
(vi) 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:
(a) The account of the introducer should be minimum six months old and
(b) The account of the introducer should have been satisfactorily and actively conducted.
(c) 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.
Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification
a) Valid Passport
b) PAN Card
c) Driving Licence
d) Voters ID Card
e) Defence ID Card
f) Identity Card of employees of central/State Govt. & Public Sector Undertakings
g) Senior Citizen’s Card
In the event of withdrawal of introduction by the introducer, 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 / dishonour the cheques, if any, drawn on account, closing of account, without being liable for the same.
The Punjab State Cooperative Bank has introduced a new Insurance Linked Deposit Scheme for the benefit of saving bank account holders opening bank account with a minimum balance of Rs 1500/- for risk cover of Rs 1.00 lakh , Rs 3000/- for risk cover of Rs 3 lakhs and Rs 5000/- for risk cover of Rs 5 lakhs. Under the heading Sehkari Bank Bima Yojna
1) Opening of deposit accounts
Application for fixed/short deposits and deposits at notice is taken on Form No.401 for individuals and Form No.401A for non individuals.
All time deposit accounts shall be properly introduced. For all subsequent deposit, a simple Application-cum-Deposit slip is to be filled.
2) Period and minimum amount of different types of deposits
At present, the minimum period for a term deposit shall be 7 days for deposit amount ofRs.100/- lacs and above & minimum 15 days for amounts less than Rs.100/- lacs.
Maximum period : - 120 months
In special cases, say, under the order of a court or where interest of a minor is involved and in the case of institutions, government undertakings, corporate bodies to meet their special needs like creation of sinking fund/amortisation fund etc. or for individuals for any of their special needs by way of accounts opened under special recurring/cumulative deposit scheme, the deposit may be accepted for periods over 10 years. However, the period of deposit should not exceed 20 years.
The minimum amount accepted for fixed/short deposit is Rs.1,000/- for a period of 15 days and above and minimum of Rs.100/- lacs and above for a minimum period of 7 days.
3) Operational instructions
Term deposit accounts can be opened with instructions payable to 'Either or Survivor', payable jointly, payable to any one of the depositors etc. It can also be opened with instructions payable to "Former or Survivor" or "Former, Survivors Jointly or Last Survivor" or "Latter or Survivor" in which case operational/ payment instructions at the time of opening the account or subsequent variations, if any, in these instructions, should be signed by all the joint depositors.
4) Additional documents/forms to be obtained
PAN/GIR number or Form 60 /61. Other documents as per KYC norms.
Photographs of the depositors except in case of existing accounts (having photographs)
5) Nomination facility : Available
A Recurring Deposit A/c can be opened with a certain initial deposit wherein a Depositor needs to deposit money by way of monthly installments over stipulated period. The period may be 12, 24, 36, 48, 60 month etc. On the expiry of the period, the accumulated amount along with interest is paid in lump sum. All individuals, jointly with others minors, blind/illiterate person etc. can open the A/c. Rate of interest on Recurring Deposits for various period will be the rate applicable on term deposit for that period. Minimum monthly installment- Minimum monthly installment of the A/c is Rs.100/- Maximum period is 10 years. The intending customer should fill in A/c opening form with complete particulars such as parentage, occupation, address etc. Two passport size photographs are required to be affixed along with furnishing of residence proof such as copies of ration card, Voter card, Passport, Telephone/Electricity bill etc. and PAN or Form No.60. The account is required to be introduce properly by the existing A/c holder of the bank of any person know to the bank. For the opening of the account in the bank the KYC submission by the customer is mandatory. On the expiry of the stipulated period, accumulated amount is paid to the customer
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