Savings Account
A Savings Account at RashtrakutaSouharda Co-operative Society Limited is designed to encourage the habit of systematic savings while providing members with a safe and convenient way to manage their everyday financial transactions. The account offers flexibility, security, and easy access to funds, making it suitable for individuals, families, and organizations who wish to save regularly while maintaining liquidity.
Our Savings Account combines the reliability of a cooperative financial institution with member-friendly banking services. It enables members to deposit funds securely, earn interest on their balances, and access essential banking facilities for their day-to-day financial needs. By promoting responsible financial habits and disciplined savings, the society aims to support the long-term financial stability of its members.
Key Features
- Safe and secure savings facility for members
- Interest earned on the balance maintained in the account
- Simple account opening process with basic documentation
- Convenient deposit and withdrawal options
- Passbook facility for transparent record of transactions
- Nomination facility available for account holders
- Account can be operated individually or jointly
- Suitable for regular savings and day-to-day financial transactions
Eligibility
Savings Accounts can be opened by:
- Individuals (Single or Joint Account)
- Minor accounts operated by guardian
- Senior citizens
- Self-Help Groups (SHGs)
- Trusts, Associations, and Institutions (subject to society rules)
These accounts are designed to accommodate a wide range of members who wish to maintain a secure savings relationship with the society.
Documents Required
To open a Savings Account, the following documents are generally required:
- Duly filled account opening application form
- Proof of identity (Aadhaar / PAN / other valid ID)
- Proof of address
- Recent passport-size photographs
- Any additional documents as required under KYC norms
Proper documentation helps ensure secure and transparent financial operations in accordance with regulatory requirements.
| Account Maintenance & Interest | |
|---|---|
| Minimum Balance (No Cheque Book) | Rs. 500/- |
| Minimum Balance (With Cheque Book) | Rs. 1,000/- |
| Interest Calculation | Calculated on daily balance; Credited periodically |
| Modes of Operation | Single, Joint, Either or Survivor, Former or Survivor |
Inactive Accounts
Accounts in which there are no operations for a period of two years and above from the date of last operation will be treated as inoperative accounts. Service charge as prescribed by the bank will be levied on such accounts. if no operations are there for ten years amount will be transfer to DEAF account @ RBI.
The Bank reserves to itself the right to alter/add/delete the rules at any time. For this purpose, the Bank shall not require to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s Notice Board or published in the press/ Bank’s web site shall be deemed to be sufficient notice to all account holders.
Account Closure
Request for closure of account shall be in writing. The account holder shall return all unused cheque-leaves and Pass-book. He / She shall declare that all cheques issued by him / her on the account have been duly accounted for in the account before closure. In case of joint accounts, for closing the accounts, all the depositors should act in accordance with the instructions given at time of opening the account.
The bank reserves to itself the right to close any account, which in its opinion is not properly conducted or is otherwise undesirable for any reason. If the account is closed within one year from the date of opening, incidental charges as prescribed by the bank will be levied and deducted from the balance before it is paid.
