A savings account is a deposit account which offers a modest interest rate and has limits on withdrawals. The Ahmedabad Mercantile Co-op. Bank offers a basic savings account with a myriad of features that enable you to save and transact with much ease. Customers can access their accounts from anywhere as the bank offers phone banking and internet banking services. At present, the bank has around 32 branches in India catering to the differential needs of customers.
Features of Ahmedabad Mercantile Co-op. Bank savings account
- As per RBI norms, the AMCO bank offers 4% interest on savings bank deposits.
- Account holders are required to maintain a minimum balance of Rs.1,000 for cheque book facility.
- Provides the zero balance savings account facility subject to certain terms and conditions.
- All deposit accounts come with the nomination feature.
- Allows customers to open single or joint accounts which can be operated as per the instructions provided by them at the time of opening.
- Provides savings accounts for minors.
- Computerized passbook facility is provided.
- The bank is a member of Deposit Insurance and Credit Guarantee Scheme and hence, customers will have an insurance coverage of up to Rs.1 lakh.
Documents required to open a savings account in Ahmedabad Mercantile Co-op. Bank
- A government issued identity card. It can be Passport, Driving License, Voter ID, identity card of a government approved college or university, Aadhaar card, or, Central government or State Government ID card.
- Proof of residence. You can submit any of the following documents for residence proof – electricity bill, telephone bill of BSNL landline, municipal tax bill, GSPC gas bill, and the recent premium receipt of LIC.
- Any other proof accepted by the bank
- Two passport size photographs
- Copy of PAN card
- For minor accounts birth certificate is required
Ahmedabad Mercantile Co-op. Bank Savings Account FAQs
- Who can open the Minor’s Savings Account?
The guardian can open a savings account in the child’s name by providing the birth proof of the child.
- How is the interest on savings deposit calculated?
In accordance with the RBI directives, the interest on savings deposits is calculated on daily balances.
- What is a savings account?
A savings account is a type of deposit account which offers high liquidity and a low interest rate.
- What is the minimum balance required for cheque book facility?
You are required to maintain a minimum balance of Rs.1,000 to avail the cheque book facility.
- How can I change the nominee for my savings account?
You have to visit the concerned branch along with the original photo identity of you and the new nominee.