Savings Accounts

Basic Savings Bank Deposit Account:

New India Co-Operative Bank Limited offers has made available Basic Savings Bank Deposit Account that would make normal banking services available to vast sections of society.

Features of Basic Savings Bank Deposit Account:

Zero Balance Account.
Remittance through NEFT
Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques at bank branches.
No limit on number and value of deposits that can be made in a month
Total 4 withdrawals allowed in a month, including clearing, NEFT,ATM transfers etc.
Free ATM Debit card
Nomination facility available
Internet banking facility.(view mode)
Only one such Savings account will be opened per individual. In case there is an existing Savings account with the Bank the same will have to be closed within 30 days from the date of opening of a BSBDA. However, there is no restrictions to open Term Deposit accounts.

*4 withdrawals includes Cash withdrawal, NEFT and Inward clearing.

Basic Savings Bank Deposit Account Small:

New India Co-Operative Bank Limited offers a Basic Savings Bank Deposit Account for those belonging to low income group and are not able to produce documents as required under KYC guidelines issued by RBI to satisfy the bank about their identity and address.

Terms and conditions:

BSBDA-Small account can be opened by submitting a recent photograph which is self-attested and affixing his/her signature/thumb impression in front of the Bank official.
Balance in Basic Savings Bank Deposit Account should not exceed Rs. 50,000/- at any given time. (will not be considered for deposits through Government grants, welfare benefits and payment against procurements.)
Total credits into the account should not exceed Rs.1,00,000/- in any financial year.
The aggregate of all withdrawals and transfers in a month should not exceed Rs.10,000/-.
Total 4 withdrawals allowed in a month, including clearing, NEFT, ATM transfers etc.
Foreign remittances cannot be credited to account without completing normal KYC formalities.
Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document during the first 12 months of opening the account.
The bank may charge the customer service charges as decided from time to time for any or all of the services rendered to the account holder after informing the customer.
Any government taxes or dues that become contingent to the use of the facilities extended by the bank by regulation will be debited to the customer's account.
The bank reserves its right with absolute discretion to revise the fees/charges related to the account from time to time.

Eligibility:

You need to be a Resident Indian for opening a Basic Savings Bank Deposit Account.