Incorporated in the year 2014 as a fully-owned subsidiary of Bandhan Financial Holdings Limited, Bandhan Bank is one of the most reputable banks in India. They offer a wide range of financial products like loans, saving accounts, and deposits. The five types of savings bank accounts they offer are Premium Savings Bank Account, Advantage Savings Bank Account, Standard Savings Bank Account, Sanchay Savings Bank Account, and Special Savings Bank Account. Designed to meet the banking needs of differently abled people, Special Savings Bank Account offers a host of banking facilities at a low balance.
Features and benefits of Special Savings Bank Account
- The average quarterly balance that has to be maintained is Rs.5,000.
- Special Savings Bank Account customers can access internet/mobile/phone banking free of cost.
- Lifetime free Debit-cum-ATM card will be given to all Special Savings Bank Account holders.
- Special Savings Bank Account holders can bank in any Bandhan Bank branches in India.
- Up to Rs.5 lakh per month free cash deposit into a Special Savings Bank Account is allowed.
- All Special Savings Bank Account holders get one chequebook of 20 leaves free per quarter.
- Special Savings Bank Account customers get 5 IMPS/NEFT/RTGS transactions free per month.
- Free cash withdrawals at any Bandhan Bank and other bank ATMs.
- Special Savings Bank Account customers get free 24/7 customer care service in case of any queries.
- Free passbook and statement of account will be given to all Special Savings Bank Account.
- 1 cash/cheque pick up or drop facility per month available for Special Savings Bank Account holders.
- The interest rate for Special Savings Bank Accounts with a daily balance up to Rs.1 lakh is 4.25% and for Special Savings Bank Accounts with a daily balance above Rs.1 lakh is 6%.
- The interest rate will be calculated on daily basis and will be paid at every calendar quarter(30th June, 30th September, 31st December, and 31st March).
How to apply for a Special Savings Bank Account?
Customers who wish to open a Special Savings Bank Account can go online to the registered website of Bandhan Bank and apply for it online by entering their name, email address, and phone number. Customers can also download the account opening form from the website. Alternatively, customers can walk into the nearest Bandhan Bank branch and ask for an account opening form to open a Special Savings Bank Account. Customers will then have to submit the duly-filled account opening form with the necessary documents to the bank officer. Upon verification of the documents, a new Special Savings Bank Account will be opened.
Documents required to open a Special Savings Bank Account
The below documents are required to open a Special Savings Bank Account:
- One passport size colour photograph
- Identity proof like passport/driving license/voter's ID/photo debit/credit card
- Address proof like passport/driving license/voter's ID/utility bill
- Duly-filled account opening form
- PAN card or Form 60/61 where PAN card is not available
- Birth certificate of the minor
Fees and charges
|Average quarterly balance||Rs.5,000|
|Cash deposit||Up to Rs.5 lakhs free per month|
|IMPS/NEFT/RTGS||Up to 5 transactions free|
|Cheque leaves||Up to 20 cheque leaves free per quarter|
|Debit card issuance||Nil|
|Debit card AMC charges||Nil|
|ATM transactions in Bandhan Bank||Unlimited|
|ATM transaction in Non-Bandhan Bank||Unlimited|
|Issuance of passbook||Free|
|Issuance of annual consolidated statement||Free|
|SMS alert facility||Free|
|Debit card daily limit||
|Debit card annual charges||Nil|
|Debit card reissuance charges||Rs.150|
|Debit card Pin re-generation charges||Nil|
|DD issuance charges||
|Duplicate DD Issuance||Rs.100 per instrument|
|DD cancellation/revalidation||Rs.100 per instrument|
|Cheque stop payment||Rs.100 per instrument Rs.300 per series|
|Duplicate passbook with current balance or with previous 400 entries||Rs.100|
|Duplicate annual consolidated statement||Rs.200|
|Additional cheque leave after the free cheque leaves||Rs.2 per cheque leaf|
|Customer induced account closing within 6 months||Rs.300|
Special Savings Account FAQs
What happens if I do not use my Special Savings Bank Account for a long time?
If you do not use your account for more than 2 years, the account will be listed as “Dormant Account”. You cannot withdraw from the ATM or carry out any activities on net banking if the account is listed as dormant. You will have to get in touch with the bank to reactivate your Special Savings Bank Account.
How do I change the address in my Special Savings Bank Account?
You will have to walk into the nearest Bandhan Bank branch and submit a duly-filled application form with the current address proof.
Can I set standing instruction on my Special Savings Bank Account?
Yes. Standing instruction facility is available for Special Savings Bank Account holders.
How do I request for a new ATM/debit card pin?
- You must download the application form for new ATM/debit card pin from Bandhan Bank registered website or collect it from the nearest Bandhan Bank branch.
- You will have to fill the application form and sign it.
- Submit the duly-filled application form in the nearest Bandhan Bank branch.
- Once the bank receives the form and upon verifying the documents, new ATM/debit card pin will be sent to your mailing address.
How do I update my PAN number?
If you wish to update the bank’s records with your PAN number, you will have to submit a written request with a duly-filled application form and a copy of your self-attested PAN card.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.