Savings Account
Objective
OGB Savings Bank accounts keeps your hard earned money safe and secure, all the while interest is assessed on a daily basis.
Who can open?
Savings Bank Accounts can be opened for eligible person / persons and certain organizations / agencies (as advised by Reserve Bank of India (RBI) from time to time). Savings Bank Account can also be opened by a minor jointly with natural guardian or with mother as the guardian (Status: known as Minor's Account). Literate Minors above the age of 10 will also be allowed to open and operate saving bank account independently. The Savings Bank Account opened by minor jointly with natural guardian / guardian can be operated by natural guardian only.
Eligibility
Individuals singly or jointly, Clubs, Associations, Trusts, Government Bodies, Societies (including co-operatives), Educational Institutions and other non-trading organizations. Minors who have completed ten years of age and is able to read and write can open in their names. In case of Minor’s SB account the maximum balance in such account should not exceed Rs.50,000/-.
Features and Benefits
Nomination facility
Debit card facility
Standing Instruction facility
Cheque book facility
ATM Cards and SMS alert facility
Speedy transfer of fund through NEFT/ RTGS/ IMPS.
Credit through Direct Benefit Transfer (DBT).
Interest Payable
Quarterly rest on daily balance basis.
Minimum Balance Requirement
SB Account without Cheque facility should maintain Minimum Balance of ₹ 500.00 in Rual Branches and ₹ 500.00 in Branches other than Rural.
SB Account with Cheque facility should maintain Minimum Balance of ₹ 1000.00 in Rual Branches and ₹ 1000.00 in Branches other than Rural.