Savings Bank

  • Any individual can open an account.
  • Cheque facility available.
Type of Account Maximum Limit
    Single Account
    Rs. 1 lakh
    Joint Account
    Rs. 2 lakh

  • Group Account, Institutional Account, Other Accounts like Security Deposit account & Official  Capacity account are not permissible
  • Rate of interest 4% per annum

Deposits
  • Account can be opened with a minimum of Rs. 50/- Minimum deposit for cheque account should be Rs. 500/-
  • Maximum of Rupees one Lakh for single holder and Rs. Two lakhs for jointholders. If depositors have more than one account (single, pension or joint), thebalances or shares of balances in all such accounts taken together should not exceed Rs. One Lakh for each of the depositors.
Maturity period / withdrawal
  • There is no lock-in / maturity period prescribed.
  • Withdrawals: Any amount subject to keeping a minimum balance of Rs. 50 in simple and Rs. 500 for cheque facility accounts.
Interest
  • Interest at the rate (s) 'as decided by the Central Government from time to time', is calculated on monthly balances and credited annually.
  • Interest rate applicable w.e.f. 1.4.2012 is 4 per cent / annum for general public.
Pass Book
  • Depositor is provided with a pass-book with entries of all transactions duly stamped.

Silent Accounts
  • An account, not operated during three complete financial years, shall be treated as 'Silent Account'.
  • A service charge in r/o silent A/Cs having balance below the stipulated minimum for on account @ Rs. 20 per year is charged on the last working day of each financial year until it is reactivated.
  • In a silent account from which after deduction of service charge, the balance becomes NIL, the account stands automatically closed.
Click here to download Savings Bank Act pdf file

Click here to download Small Savings Schemes pdf file

SB INTEREST CALCULATOR BY IBB METHOD

Please enter minimum balance after 10th of each month

Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar

Total Interest in Rs: