The main purpose of savings account is to cultivate savings habits in common man. There is no restriction on the number of deposits for a savings bank account, however, it limits your number of daily withdrawals. The amount deposited in a savings account earns interest as per the RBI directives. To cater to the unique banking needs of customers, Allahabad Bank offers different types of savings accounts. The Normal Savings Bank account is one such product offered by the bank which is available at all branches.
Types of Normal Savings Bank Accounts offered by Allahabad Bank
Normal savings account can be opened in the names of any of the following:
- Individual accounts
- Joint Accounts for two or more people
- Accounts for illiterate persons
- Accounts for blind people
- Minor savings account
- Savings accounts in the names of associations, clubs, and societies
- Savings accounts in the name of trusts
- Accounts in the name of institutions specifically permitted by the RBI
The initial deposit has to be paid in cash while opening a normal savings account in Allahabad Bank. The minimum amount required to open a savings account is as follows:
- The minimum balance to open an account in rural and sub-urban branches is Rs.500
- The minimum balance to open an account in all other branches is Rs.1,000
- For issue of cheque book, an additional Rs.100 is to be paid in rural and sub-urban branches
- For issue of cheque book, an additional Rs.500 is to be paid in all other branches
The interest rate is charged by the bank in accordance with the prevailing rules for savings banks account. The interest is credited to the customer’s account on a half yearly basis.
Allahabad Bank Normal Savings Account FAQs
- How can I track the status of my application in the BankBazaar website?
Click on the “Track Application” option on the top right corner of the website. It will redirect you to a page where you will have to fill in your application ID and mobile number. Once you have entered the details click on the ‘Track Application’ button.
- Whom can I add as nominee for my savings bank account?
You can appoint anyone as a nominee for your savings bank account. The person has to be above 18 years of age.
- What is average monthly balance?
It is the closing credit for each day calculated on a monthly basis.
- What are the benefits of internet banking?
With the internet banking facility, you can pay your bills, transfer funds and view statements anytime, without having to visit the bank.
- What is rate of interest offered on savings bank accounts?
Most banks offer interests at the rate of 4% per annum and it’s credited to the account on a half-yearly basis.