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SB (Saving Bank) Accounts

SB (Saving Bank) Accounts


Introduction by an account holder having a satisfactory account with the bank for atleast six months.

One of the following as proof of identity and proof of address :

  1. Passport
  2. Driving Licence
  3. Voters’ Identity Card
  4. PAN Card
  5. Aadhaar Card issued by UIDAI and
  6. NREGA Card.

One of the above documents is required to be submitted as proof of identity. If these documents also contain address details, then it would be accepted as as ‘proof of address’. If the document submitted does not contain address details, then another officially valid document which contains address details is required to be submitted.

In absence of above noted officially valid documents, a normal account can be opened by submitting a copy of any one of the following documents:

  1. Identity card with person’s photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
  2. Letter issued by a gazetted officer, with a duly attested photograph of the person.

This, however, is not a general rule and it is left to the judgement of the banks to decide whether this simplified procedure can be adopted in respect of any customer.

A ‘Small Account‘ can be opened by submitting recent photograph and putting signature or thumb impression in the presence of the bank official. The small accounts have following limitations:

  • Balance in such accounts at any point of time should not exceed Rs.50,000.
  • Total credits in one year should not exceed Rs.1,00,000.
  • Total withdrawal and transfers should not exceed Rs.10,000 in a month.
  • Foreign remittances cannot be credited to such accounts.

Small accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months, if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account. The bank will review such account after twenty four months to see if it requires such relaxation.

Other features:

A pass book is issued in all Savings Bank Accounts. Some banks send statements of accounts at monthly intervals.

Local and outstation cheques are accepted for realization. Service charges are recovered for cheques returned unpaid.

Amount can be withdrawn in cash from banks by cheque or withdrawal forms or from ATMs. Pass books are required for withdrawing cash by a withdrawal form.

Payment of cheques can be stopped by the holder(s) of the account.

Immediate credit is usually provided for outstation collections up to Rs 20000/- for accounts that are satisfactorily conducted.

Banks will pay interest for delays in collection of outstation cheques.

No operation in the account for 12 / 24 months, makes an account ‘Dormant’ / ‘Inoperative’.

Banks offer various other facilities/services with these accounts like ATM cards, ATM-cum-Debit cards, Credit cards, Online or Internet banking etc.

Standing instructions are accepted by banks in these accounts, subject to payment of stipulated charges. Service charges and rules vary from bank to bank.

Overdraft facility is not available in Saving Bank Accounts.

SB (Saving Bank) Accounts



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