The Saral Savings Account is a facility offered by Allahabad which 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.
Features of Saral Savings Account
|Objective||To provide access to banking services without imposing the minimum balance requirement|
|Eligibility||As per the RBI guidelines for savings accounts|
|Transaction charges after the 4th transaction||Rs.5 per transaction|
|Additional charges||All other charges as applicable to a normal savings account|
Basic Facilities offered by Saral Savings Account
- Allows deposit and withdrawal at branches and ATMs.
- Four free cash withdrawals in a month.
- No limit on the number of cash deposits.
- Customers can give standing instructions on loans and recurring deposits.
- Unlimited fund transfers within the bank.
- Provides cheque book facility.
- No charges are deducted on closure of account.
- Customers will not be charged for activation of dormant accounts.
Switching 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.
Allahabad Bank Saral Savings Account FAQs
- How many savings accounts can an individual open with Allahabad Bank?
As per RBI guidelines, you can open only one savings account with a bank at a time.
- Can I open a term, fixed, or recurring deposit account while maintaining a basic savings bank deposit account in the same bank?
Yes, you can open a term, fixed, or recurring deposit account in the same bank where you maintain a basic savings bank deposit account.
- Is the basic savings bank deposit account available only for individuals belonging to low income category?
No the basic savings bank account is available to all individuals irrespective of their income.
- What is the aim of basic savings bank deposit account?
According to RBI, the aim to introducing basic bank savings accounts is to enhance the financial inclusion objectives of the government.
- Can banks offer free services and offers beyond the prescribed limit on basic savings bank accounts?
Yes, the number of free services beyond the prescribed limit is left to the decision of banks.