Effective 1 April 2020, Allahabad Bank has merged with Indian Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Indian Bank Savings Account
The Saral Savings Account is a facility offered by Allahabad that is suited to those customers who cannot follow the minimum balance requirement applicable to savings accounts. Individuals can open the Saral Savings account as per the existing KYC rules for Savings Account
Objective | To provide access to banking services without imposing the minimum balance requirement |
Eligibility | As per the RBI guidelines for savings accounts |
Initial deposit | Nil |
Minimum balance | Nil |
Free transactions | 4 |
Transaction charges after the 4th transaction | Rs.5 per transaction |
Additional charges | All other charges as applicable to a normal savings account |
You can switch from the Saral Savings Bank Account to a normal savings account of Allahabad Bank anytime. Once you on convert your Saral Savings Account to a normal savings account, you will be required to maintain the applicable minimum balance. Account holders of Saral Savings Bank Deposit Account will not be permitted to open any other type of savings bank deposit account with Allahabad Bank. In case you have an existing account with Allahabad bank, you will have to close the same within 30 days from the date of opening a Saral Savings Bank Account.
As per RBI guidelines, you can open only one savings account with a bank at a time.
Yes, you can open a term, fixed, or recurring deposit account in the same bank where you maintain a basic savings bank deposit account.
No the basic savings bank account is available to all individuals irrespective of their income.
According to RBI, the aim to introducing basic bank savings accounts is to enhance the financial inclusion objectives of the government.
Yes, the number of free services beyond the prescribed limit is left to the decision of banks.
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