S.B. -SUGAMA

 


Karnataka Bank has introduced a new basic banking ‘no-frills’ account  “S.B. – SUGAMA” that would make such accounts accessible to vast section of population. The salient features of the scheme are as under :

 

Sl No

 

Features

 

S.B. – SUGAMA

Basic banking ‘no-frills’ account

1

Who can open the account

Persons who intend to keep balances not exceeding Rs.50,000/- (Rupees fifty thousand only) in all their accounts taken together (including other Term Deposit accounts such as FD, ACC, CD etc.) and the total credit in all the accounts taken together is not expected to exceed Rs.1,00,000/- (Rupees one lakh only) in a year. 

2

Initial Deposit & Minimum Balance to be maintained

Rural

Semi Urban

Urban

Metro

Rs.50/-

Rs.100/-

Rs.150/-

Rs.200/-

3

Branches covered

All Branches

4

Rate of interest

As applicable to normal Savings Bank account

5

Facilities provided

(i)

6 (six) withdrawals per month through withdrawal slip

(ii)

Collection of outstation cheques

(iii)

Pass book

(iv)

Nomination

(v)

Issuing one free cheque book(10 leaves) per annum

6

Facilities not provided

(i)

ATM/Debit Card

(ii)

Multi branch banking

(iii)

Immediate credit of outstation cheques

7

Service Charges

(i)

Rs.10/- per withdrawal if withdrawals exceed stipulated                 6 withdrawals per month.

(ii)

All other charges as applicable to regular Savings Bank account

8

Other terms & conditions

(i)

Self declaration to the effect that balances in all the accounts will not exceed Rs.50,000/- (Rupees fifty thousand only) and the total credit to all the accounts will not exceed Rs.1,00,000/- (Rupees one lakh only) in a year.  

(ii)

Introduction from another account holder who has been subjected to full KYC procedure in force.  The introducer’s account with the Bank should be at least six month old and should show satisfactory transactions.  Photograph of the customer who proposes to open the account and also his address need to be certified by the introducer

 

or

any other evidence as to the identity and address of the customer to the satisfaction of the Branch Head.

(iii)

If the balances in all the accounts exceed Rs.50,000/-  or if the total credit to all the accounts exceed                        Rs.1,00,000/- in a year, the account will be treated as regular Savings Bank account and all the terms & conditions and KYC norms as applicable to regular Savings Bank account shall be applied.