TAILIEUCHUNG - SAVINGS BANK ACCOUNTS

The answer depends on when you will need the money, your goals, and if you will be able to sleep at night if you pur- chase a risky investment where you could lose your principal. For instance, if you are saving for retirement, and you have 35 years before you retire, you may want to consider riskier investment products, knowing that if you stick to only the “sav- ings” products or to less risky investment products, your money will grow too slowly—or, given inflation and taxes, you may lose the purchasing power of your money. A frequent mistake people make is putting. | SAVINGS BANK ACCOUNTS Instructions relating to the formalities to be observed for opening of an account operations in an account and other matters relating to maintenance common for savings accounts have been given in the master circular on General Instructions- Deposit Constituents accounts The additional guidelines relating to Savings Bank accounts are provided in this annexure. The guidelines contained herein must be read together with the guidelines in master circular on General instructions relating to deposit constituents accounts. 1. Savings Bank account is a form of demand deposit account opened mainly for the purpose of saving and not for any business purpose subject to restrictions on the number of withdrawals during any specified period. Number of withdrawals in a savings bank account permitted is fifty per half year in a financial year. For accounts opened in the middle of the half year permissible withdrawals will be calculated prorata. If the numbers of withdrawals exceed the permitted limit a service charge as advised from time to time will be levied. 2. OPENING OF ACCOUNTS . Savings Bank accounts may be opened in the names of Individuals-single accounts or joint accounts of two or more individuals. minors by themselves or on behalf of the minors by their guardians Following entities a. Primary Co-operative Credit Society which is being financed by the bank. b. Khadi and Village Industries Board c. Agriculture Produce Market Committee d. Societies registered under Societies Registration Act 1860 or any other corresponding Law in force in the state or Union Territory. e. Companies Governed by the Companies Act 1956 which have been licensed by the Central Government under section 25 of the Act or under the corresponding provisions in the Indian Companies Act 1913 and permitted not to add to their names the word Limited or the words Private Limited f. Institutions other than those mentioned in para . above and whose entire income is exempt from .

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