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Savings Account

Demand Deposit Products

Shivalik Bank accepts deposits from public either as a Demand Deposit (which can be withdrawn any time) or Term deposits (which are given for a certain period but can still be withdrawn before maturity date in case of emergency).  Savings Bank Accounts fall under the category of Demand Deposits and are available in different variants - Basic Savings Account, Normal Savings Bank Account, Silver Savings Bank Account, Gold Savings Bank Account, Diamond Savings Bank Account and Platinum Savings Bank Account offering increasingly higher levels of features.  

Who can open a SB account?

A Savings Account can be opened by an individual either in single name or joint names. A society, club, trust, HUF can also have a Savings Bank account for non-business purposes.  A minor above 14 years of age is also allowed to open and operate his/her account in own name.  A parent / natural guardian can open SB account of minor of any age.

Special Features

1.    ATM-cum-Debit Card to access the account from anywhere in India and shopping at more that 9.53 lac merchant establishments who offer facility of purchase through cards.

2.     Computerised passbooks or email statements.

4.   Standing instructions can be given for transfer of funds from the account to some other account or for other purposes.

5.    Cash Deposit machines  where you can deposit any amount from Rs. 50/- to Rs. 50,000/-.

6.    CTS-2010 compliant multi-city cheque books.

7.    Nomination facility available.

8.    Minimum Interest rate @ 4% p.a. which, depending upon the balance maintained, can be as high as 7.75% p.a.  (effective highest rate as on 1st January, 2016.  Please confirm the latest applicable interest rate here.  

 

Various Savings Bank Plans

Basic Savings Bank Account

Under liberalised KYC policy of the RBI,  Basic Savings Bank accounts can be opened for those who cannot produce standard KYC documents.  A maximum credit balance of Rs. 50,000/- can be maintained in such accounts and annual credits cannot be more than Rs. 1,00,000/-.

Normal Savings Bank Account

In this plan, the account can be opened with minimum balance of Rs. 1,000/- but no penalty is charged if balance goes below the minimum balance.  All other charges are to be ascertained from the notice board at any of our branches from time to time.  

Silver Savings Bank Account

In this plan, the account can be opened with minimum balance of Rs. 10,000/-.  All other benefits and charges are to be ascertained from the notice board at any of our branches from time to time. 

Gold Savings Bank Account 

In this plan, the account can be opened with minimum balance of Rs. 25,000/-. All other benefits and charges are to be ascertained from the notice board at any of our branches from time to time. 

Diamond Savings Bank Account

In this plan, the account can be opened with minimum balance of Rs. 50,000/- All other benefits and charges are to be ascertained from the notice board at any of our branches from time to time. 

Platimum Savings Bank Account

In this plan, the account can be opened with minimum balance of Rs. 1,00,000/- All other benefits and charges are to be ascertained from the notice board at any of our branches from time to time. 

Comparative Chart of benefits and charges for different SB Account Plans 

 

How to open a Savings Bank Account

You can just click here to open your Savings Bank account.  Please follow online instructions.  Other options are:

1.    Give us a call at 9927135550 and let us know about you.  Our officer will visit you from your nearest local branch to open your account.

2.    You can visit any of our branches which is most convenient to you.  List of our branches/offices.

3.    Please visit our Deposit Mobilisation Camp as and when organised in your locality. Please leave your phone no. or email id here so that we shall inform you about our next deposit mobilisation camp in your area.

What documents are required?

1.    Some document to prove your identity.  (Voter card, PAN Card, passport, Aadhar Card, Employee ID card etc.)   A letter from Gram Pradhan testifying your photograph, name, address and occupation will also be acceptable to open a Basic Savings Bank Account.   Specimen for Gram Pradhan’s letter.

2.    Some document to prove your residential address.  It can be your passport, voter card, other bank’s passbook, Photo ID card issued by your Employer,  Recent electricity bill, Recent phone bill issued by BSNL or Ration Card etc.

3.    Recent passport size photographs (2 copies).   If you don’t have the photo, don’t worry. We will take your photo with our camera.