MACT SB
MACT SB
MACT SB
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| S.NO. | PRODUCT FEATURES | REVISED WITH EFFECT FROM 1ST APRIL 2020 |
| 1. | Eligibility | Individuals including Minors (through guardian) in their single name |
| 2. | Minimum / Maximum balance requirement | Not applicable |
| 3. | Cheque Book / Debit Card/ ATM Card / Welcome Kit / Internet Banking / Mobile Banking facility | (i) By default, these facilities are not offered.
(ii) Bank shall make an endorsement on the passbook of the claimant(s) to the effect that no cheque book and /or debit card have been issued and shall not be issued without the permission of the Court. (iii) These facilities will be provided with the permission of the court only. |
| 4. | Operations in the account | (i) Only single operation
(ii) In case of minor accounts, the operations will be by guardian |
| 5. | Withdrawals | Only through withdrawal slips or through Bio-Metric authentication |
| 6. | Product Change | Only new accounts will be allowed to be opened under this product. Conversion from existing SB account to this product and vice versa is not permitted. |
| 7. | Place of opening | The product is offered at all branches of the Bank. However, as per the directions of the Court, the account should be opened only at the branch nearest to the place of residence of the Claimants. |
| 8. | Account Transfer | Not allowed without the permission of the Court. |
| 9. | Other conditions | (i) A suitable certificate /undertaking that “funds are being withdrawn for the benefit of Minor” to be obtained from the guardian, in case of withdrawal from the Minor’s account.
(ii) The operations in the account should be stopped in the event of the death of the guardian (iii) Compliance of KYC guidelines to be meticulously ensured. (iv) Debit card / cheque book / Welcome kit / Internet banking facility / mobile banking facility to be provided only with the permission of the court. |
( Last modified on Sep 14, 2022 at 01:09:35 PM )
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