Catholic Syrian Bank offers you simple solutions for your savings requirements in the form of savings accounts. Enjoy banking with CSB through an extensive network of more than 420 bank branches across the country. You can also access the desktop and mobile applications of the bank that gives you 24x7 access to your savings account.
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Rates of Interest for Domestic Savings Bank Deposits
The rates of interest for various EOD balances of domestic savings bank deposits are listed below:
|End of Day (EOD) Balance||Rates of Interest (p.a.)|
|Up to Rs.1 lakh||2.10% p.a.|
|More than Rs.1 lakh up to Rs.25 lakh||2.75% p.a.|
|More than Rs.25 lakh up to Rs.50 lakh||3.00% p.a.|
|More than Rs.50 lakh||3.50% p.a.|
*The rates mentioned above are effective from 2 November 2021.
Types of Savings Accounts Offered by CSB
CSB provides the following types of savings accounts to customers:
- General Savings Account - This account is offered to individuals, and can be held either on a single or joint basis. Non-trading organisations or institutions are also eligible for this account. Customers can open the account for a minimum amount of Rs.500 in rural or semi-urban branches. Customers in urban locations or metros will have to contribute a minimum amount of Rs.1,000 to open the account. This savings account offers multi-city cheque book facility. A general savings account of CSB can also be transferred to another branch, absolutely free of any charges.
- CSB Students Support Savings Scheme - Customers have to be students of recognised schools, starting from standard 1 onwards. Students doing diplomas, graduation, professional courses, and post graduation are also eligible to apply for this account. This is a zero balance account where there is no stipulation regarding the maintenance of minimum balance. Debit cards are issued to account holders, free of any charges. Cheque books are not issued. The debit cards can be used at ATMs as well.
- CSB Social Support Savings Scheme - This is a new product offered by the bank and it targets financial inclusion. The savings account provides basic banking facilities to the rural sections of the society. Any individual above the age of 18 years is eligible to apply for this account. There are no minimum balance stipulations associated with the account. ATM cum debit card is offered free of charge to account holders. Up to 10 transactions in a month are free of charge. Subsequent transactions will be levied a service fee of Rs.5 per transaction. It is possible to convert the CSB Social Savings Scheme Account to a regular SB account, upon request.
- CSB Suvidha Plus Scheme - This is a group salary savings account for corporate employees. Individuals who draw a salary of Rs.5,000 or more on a monthly basis are eligible for this account. There is no minimum balance requirement. Up to 10 transactions in a month are free of charge. Following that, a service charge of Rs.5 per transaction will be levied. A debit card is offered to the account holder absolutely free, and this card can be used at any ATM. The facility of multi-city cheque book is also available.
- CSB Platinum Savings Account -The CSB Gold Savings Account provides unlimited free access to all ATMs across the country. Individuals should maintain a minimum average monthly balance of Rs.25,000 to be eligible for this account. A RuPay Platinum debit card with a daily cash withdrawal limit of Rs.75,000 is offered to the account holder. Account holders get a 30% discount on locker rentals. NEFT/RTGS transfers can be made for free.
- CSB Silver Plus Savings Account-Individuals should maintain a minimum average monthly balance of Rs.10,000 to be eligible for this account. Transfers through NEFT/RTGS can be done for free. A RuPay Classic debit card with a daily cash withdrawal limit of Rs.40,000 is offered to the account holder. Account holders get a 20% discount on locker rentals.
- CSB Blue Savings AccountIndividuals should maintain a minimum average monthly balance of Rs.5,000 (urban/metro) and Rs.2,500 (rural/semi-urban). A RuPay Classic debit card with a daily cash withdrawal limit of Rs.40,000 is offered. NEFT/RTGS transfers can be made for free.
- CSB SPARK Suvidha Savings Account-offered to Kerala Government employees. Account holders get a multi-city cheque book facility. This savings account offers various benefits such as complimentary accident insurance cover, overdraft facility, and a Platinum debit card.
Key Features and Benefits of the CSB General Savings Account
The salient features of the general savings account from Catholic Syrian Bank is as described below:
- The general savings account can be opened either singly or jointly by individuals and non-trading institutions.
- Account holders are offered cheque books that can be used across multiple cities.
- The account can even be opened by a minor aged 12 years or above.
- A minor between the age of 12 years and 14 years can operate the account by self if he/she is present at the bank branch for every withdrawal.
- If the minor is above 14 years of age, he/she can operate the account individually like an adult account holder.
- Accrual of interest on the savings bank account is on a daily basis and the interest is paid half-yearly. Payments are done in the months of March and September.
- The bank offers free mobile or internet banking facilities to account holders.
- Nomination facility, NEFT/RTGS services, and Any Branch Banking (ABB) service is offered to account holders.
- The account holder can provide standing instructions for premium payment, rent settlement, etc.
- Cheques, dividend warrants, drafts, etc. are accepted for credit to the account.
- The account holder may request for the account to be transferred to another branch. This facility is offered free of any charges.
Service Charges and Fees
The limits per month and charges for various categories of customers are as detailed below:
|Minimum balance||Rs.10,000||Rs.20,000||Rs.30,000||Rs.1 lakh|
|Penalty for non-maintenance of minimum balance||Rs.200||Rs.200||Rs.200||Rs.500|
|Free limits per month||Silver||Gold||Diamond||Platinum|
|Cash withdrawal||Rs.50,000||Rs.1 lakh||Rs.1,50,000||Rs.5 lakh|
|Cash deposits||Rs.50,000||Rs.1 lakh||Rs.1,50,000||Rs.5 lakh|
|Fund transfer||Rs.2 lakh||Rs.3 lakh||Rs.4 lakh||Unlimited|
|At par facility||Rs.2 lakh||Rs.3 lakh||Rs.4 lakh||Unlimited|
|Cheque collection||Rs.2 lakh||Rs.3 lakh||Rs.4 lakh||Unlimited|
|Total limits||Rs.7 lakh||Rs.11 lakh||Rs.15 lakh||Unlimited|
The charges for usage beyond free limits are as follows:
- All cash transactions - Re.1 per thousand, subject to a minimum value of Rs.25.
- All transfer transactions - Rs.5 per lakh.
CSB Savings Account FAQs
What is the minimum and maximum amount for NEFT/RTGS transactions allowed by the bank?
For RTGS, the minimum amount is Rs.2 lakh and there is no limit on maximum amount. For NEFT, there is no limit on minimum and maximum amounts.
How long does it take for fund transfer from my savings account to another account through RTGS?
Under normal circumstances, the beneficiary bank will receive the money as soon as the remitting bank transfers the funds. The beneficiary bank will credit the beneficiary’s account with the amount within 2 hours.
When fund transfer is done through NEFT, when will the beneficiary receive the payment?
Within 1 hour of the transaction, the transferred funds will be sent to RBI. The beneficiary will receive the credit when the beneficiary bank processes the payment.
I am looking to transfer some money to another account. How do I know the IFSC code of the receiving branch?
The beneficiary of the fund transfer can obtain the IFSC code of his/her bank from the branch. This code is also available on the cheque leaf. The beneficiary customer should communicate the code number and bank branch details to you, so that you can perform the fund transfer.
If there is a delay or non-credit of funds to the beneficiary account, whom should I contact?
Please contact your bank branch for resolution of this issue. The contact details of the Customer Facilitation Centre of CSB are as below:
Address - Catholic Syrian Bank, Chief Manager, DJM Bldg, Market Road, Ernakulam, Kochi-682011, Kerala
Contact number - 0484-6460171/ 0484-6460159/ 0484-6460167
Fax - 0484-2362747
Email - email@example.com, firstname.lastname@example.org
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.