Savings Account

• The Bhuj Mercantile Co-op Bank IS THE FIRST AND FOREMOST to implement the tough Task of C-KYC in all Accounts opened w.e.f. 1-4-2017.

• Central KYC Registry (CKYC) is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity

• We offer 3% Interest on Savings Bank Deposit.

• We offer nomination facility for all deposit accounts.

• Customer can open single/joint account and that account can be operated as per instruction like Any one, Jointly, Any two Jointly either or survivor etc.

• Customer can open Savings A/c for his/her minor children.

• We are member of Deposit Insurance and Credit Guarantee Scheme in which customers deposits are insured up to Rs. 5 Lakhs

Rules & Regulation for Savings Bank Account

• Every Depositor must have to fulfill KYC norms as per CKYC / RBI directive.

• The Customer has to provide KYC docs for CKYC at the time of opening an account as per RBI Guideline.

• The Bank has the right to freeze / close the new / old accounts if account holder do not maintain KYC norms as per RBI Directive applicable from time to time.

• The customer must have to preserve his/her cheque book & passbook in his custody. The Bank is not responsible for any misuse of cheque book & pass book.

• Interest on Savings deposit is calculated on daily balances as per RBI's directives.

• Stop payment of particular cheque/s facility is available but the customer has to keep sufficient balance to match the cheque amount then only the cheque will be returned with the reason of stop payment and stop payment charges will be levied from the account.

• The Bank is having all rights of appropriation, set off, lien and change the rules and regulation.

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