Saving Accounts

SAVING FUND GENERAL ACCOUNT

1. ELIGIBILITY

Saving Account can be opened by Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. subject to fulfilling eligibility criteria (domestic depositors) of Reserve Bank of India, on compliance of “Know Your Customer(KYC) Guidelines”, execution of Account Opening Form and completion of requisite formalities, viz., photographs, identity and address proof, etc. 2.

BRIEF OF THE PRODUCT:

S.NO.	PARTICULARS	AMOUNT
1	Minimum Quarterly Average Balance (QAB)	Rs. 500/-
2	Initial Deposit	Rs. 500/-
3	Non Maintenance of QAB Charges (per quarter)	As per schedule of Service Charges
4	Inter-sol transfer/Clearing Charges i) Local (Same Clearing Centre/City) ii) ISO Charges on transfer of funds to accounts at outstation branches.	Free
5	Cash Deposit Charges at Base Branch Cash Deposit Charges at non base Branch (Local/outstation)	Free
6	Free Cheque leaves	20 cheque leaves free per half year.

PLEASE CONTACT ANY OF OUR NEAREST BRANCHES FOR COMPLETE DETAILS AND OPENING OF ACCOUNT.

BASIC SAVING BANK DEPOSIT ACCOUNT:

Brief features of the product:

1. Eligibility: The Saving Fund account may be opened by an INDIVIDUAL singly or jointly, minors of the age of 10 years and above, minors under natural/legal guardianship. An illiterate or a visually impaired person is also eligible to open Saving Fund account under the scheme with usual safeguards.

2. Minimum balance requirement: This account shall not have the requirement of any minimum balance. For these accounts, minimum balance/initial balance requirement would be ZERO.

3. KYC Compliance: The account would be subjected to RBI instructions on Know Your Customer (KYC)/Anti Money Laundering (AML) for opening of bank accounts issued from time to time.

4. Issuance of Cheque Book: A cheque book of 20 leaves may be issued (at the discretion of the branch incumbent) free of cost in a year. Thereafter, normal cheque book charges would be applicable.

5. Extent of transactions/ Operation permitted: a) There will be no limit on the number of deposits that can be made in a month. b) Account holder will be allowed a maximum of four withdrawals in a month, including ATM withdrawal.

6. Debit Card/ATM Card: Facility of ATM-cum-Debit Card shall be available without any charge. However,annual maintenance charge shall be recovered.

7. Nomination: All normal rules relating to nomination would also be applicable in this account.

PLEASE CONTACT ANY OF OUR NEAREST BRANCHES FOR COMPLETE DETAILS AND OPENING OF ACCOUNT.

TOTAL FREEDOM SALARY ACCOUNT

1) Name of the Product: ‘HGB Total Freedom – Saving Fund Salary Account’

2) Purpose: To offer an attractive Saving Fund Account to Salaried Employees for enabling them to have their salary credited in account as well as availing overdraft facility.

3) Eligibility of the employee as well as the Corporates under tie-up arrangement:

• The employee whose salary account is being opened should be a permanent employee.
• The minimum number of accounts to be opened should be 10 or 75% of the strength of the permanent employees of the corporate (in that location), whichever is lower.

4) Initial Deposit and Minimum Balance Requirements: Zero

5) Terms & Conditions for availing overdraft facility in the account:

• The Over Draft limit under the Scheme shall be Rs.50,000/- or the last salary credited in the account whichever is lower, at interest rates applicable to Personal Loans. The overdraft is adjustable any time during the next six months salary(ies) or in bullet repayment, if desired by the account holder. However, the interest applied on the overdraft facility is to be recovered every month from the salary account. A Request-cum-Consent Letter is to be obtained from the employee.
• Over Draft facility is to be marked in the account at the time of its opening if desired by the employee so as to make it available through ATM Cards/Debit Cards also.
• The employers/Corporate whose employees want to avail Overdraft facility or any other loan (i.e. Housing Loan, Car Loan and Personal Loan, etc.) has to give an undertaking that they would not settle the terminal dues of the employees leaving the job without obtaining prior No Objection Certificate (N.O.C) from the branch. This is a must condition for availing any credit facility from Bank under the Scheme. However, this condition of obtaining N.O.C. shall not be applicable for the employees of Central Govt./State Govt./PSUs whose salary is disbursed through our branches.
• The facility of Over Draft shall be immediately discontinued in case the overdraft remains outstanding after the end of six months, besides taking other corrective measures for recovery of the dues.

6) Other Facilities:

The following facilities are also to be provided under the Scheme:

• 40 cheque leaves in a year, over and above 40 cheques provided free to general customer. However, customer may be persuaded to use ebanking like NEFT, ATM , etc. in order to reduce usage of cheques.
• Free Statement of Account
• Free issuance of all types of certificates including interest certificate and balance certificate, etc.
• Free of Cost issuance of HGB Debit/ATM Card; however, annual charges shall be recovered.
• Free RTGS/NEFT transaction, if routed through salary account.
• 50% discount in one locker of small size & medium size at the branch convenient to customer for 1st year only.
• Free fund transfer from salary account within our branches.
• No commission on one Demand Draft upto Rs. 25,000/- per month, if routed through salary account.
• Waiver of 50% of processing charges/documentation charges on Car/Housing/Personal loan segment.
• Nomination facility.

7) If salary is not credited in the concerned salary account then following procedure is to be adopted.

• If the salary is not credited in the salary account of the employee for last two consecutive months where the account is introduced by the employer, then the concerned salary account shall be deactivated without giving any further notice to this effect and the account be transferred to General Category Saving Fund Account.
• In those accounts where overdraft facility has been sanctioned/availed, the Over Draft will first be adjusted from terminal dues of employee leaving the job or otherwise and thereafter the account shall be transferred to General Category Saving Fund Account.

8) Other Guidelines:

i.) The Corporate, who are not enjoying any credit facility may be requested to open their current a/c. with us, whenever possible. However, the Corporate who are enjoying credit facilities from other banks may not be pursued to open account with us unless permitted by their lending bank.

ii.) All the existing terms & conditions of various existing loans schemes (viz. Housing/Car/ Personal loan scheme) i.e. margin, security and guarantee etc. (except relaxation in processing charges/documentation charges, etc. proposed under the scheme) shall be applicable under HGB TFSFSA scheme also. The Corporate of the employee have to provide an undertaking that they will not settle the terminal dues of the employee leaving the job without obtaining prior NOC from Bank Branch.

iii.) No introduction is required from an existing account holder for opening a Salary Account. Introduction by the HR department of the employer in the Account Opening Form would suffice for opening of the account. However, in case the corporate is not having account with us then proper introduction is required.

iv.) ATM/Debit Card facility should be provided to account holder at the time of opening of account itself.

v.) The following documents are required for opening account:

• Employer’s letter for opening Salary Accounts
• Identity Cards issued by the employer
• Employer’s letter for proof of residence
• Passport size photographs (3 nos.)
• Salary slips for last three months
• For new recruits, a copy of the letter of offer along with salary details
• If the employee does not have the address proof, his employer can certify his address in their letter head.

PLEASE CONTACT ANY OF OUR NEAREST BRANCHES FOR COMPLETE DETAILS AND OPENING OF ACCOUNT.