Savings account is an interest bearing deposit. Individuals & organizations can maintain saving accounts as long as they are legal and meet the procedural requirements set by the Bank.
To open saving account the applicant shall fulfill the following requirements:-
- Submit an ID Card, it can be driving license or passport or tax payer ID …etc
- Recent one passport size photo.
- Giving specimen signatures on the Bank's specimen card.
Additional things to be noted
- Saving account can be opened with zero balance
- Saving account can be opened with or without pass book
- The nature of the account can be ‘ interest bearing’ or ‘non interest bearing’ according to the applicants’ interest
- Interest calculated on every month against daily minimum balance remained in the account
- Saving account can be a Joint account, joint account can be treated as “and account” or “and /or account”
- An individual can also open a Saving account in the name of the third party that is in the form of ‘for account of somebody'
- Parents or guardians can open a minor account to a person who has not attained eighteen years of age. Such account is to be operated by one of the parents (father or mother) or guardians against birth certificate of the minor, marriage certificate (applicable to parents), a letter of appointment from court (applicable to guardian)
- Visually impaired individuals can also open saving account through thumbprint. However, the customer shall bring a person who will witness the opening process and for any withdrawal or deposit
- Bed ridden customers can withdraw from their account, the Branch Manager may assign Customer Service Official and an auditor in the presence of an outsider witness at their home or at hospital
- Under normal circumstances, third parties shall not be allowed to withdraw from saving account of another customer unless they obtained duly registered power of attorney or a court order
- An individual can open such account in the name of the ‘principal’ upon presentation of a power of attorney that explicitly allows him/her to do so