Tài liệu SAVINGS BANK ACCOUNTS ppt

SAVINGS BANK ACCOUNTS (Instructions relating to the formalities to be observed for opening of an account, operations in an account and other matters relating to maintenance, common for savings accounts have been given in the master circular on “ General Instructions- Deposit Constituents accounts”) The additional guidelines relating to Savings Bank accounts are provided in this annexure. The guidelines contained herein must be read together with the guidelines in master circular on “ General instructions relating to deposit constituents’ accounts. 1. Savings Bank account is a form of demand deposit account, opened mainly for the purpose of saving and not for any business purpose, subject to restrictions on the number of withdrawals during any specified period. Number of withdrawals in a savings bank account permitted is fifty per half year in a financial year. For accounts opened in the middle of the half year permissible withdrawals will be calculated prorata. If the numbers of withdrawals exceed the permitted limit, a service charge as advised from time to time will be levied. 2. OPENING OF ACCOUNTS 2.1. S AVINGS B ANK ACCOUNTS MAY BE OPENED IN THE NAMES OF Individuals–single accounts, or joint accounts of two or more individuals. minors by themselves or on behalf of the minors by their guardians Following entities a. Primary Co-operative Credit Society which is being financed by the bank. b. Khadi and Village Industries Board c. Agriculture Produce Market Committee d. Societies registered under Societies Registration Act, 1860 or any other corresponding Law in force in the state or Union Territory. e. Companies Governed by the Companies Act 1956 which have been licensed by the Central Government under section 25 of the Act, or under the corresponding provisions in the Indian Companies Act 1913 and permitted, not to add to their names the word "Limited or the words "Private Limited" f. Institutions other than those mentioned in para (2.1.) above and whose entire income is exempt from payment of income tax under Income Tax Act, 1961. g. Government departments/bodies/agencies in respect of grants/subsidies released for implementation of various programmes/schemes sponsored by Central Government/State Governments subject to production of an authorisation from the respective Central/State Government departments to open savings bank account. h. Development of women and children in rural areas (DWCRA). i. Self-help Groups (SHGs) registered or unregistered, which are engaged in promoting savings habits among their members. j. Farmers' Clubs - Vikas Volunteer Vahini. (V V V) :2: 2.1.1 Branches shall not open Savings Bank account in the name of the following: a. Any trading or business concern, whether such concern is proprietorship, partnership, company or association. b. Government departments/bodies depending upon budgetary allocations for performance of their functions. c. Municipal Corporations/Committees d. Panchayat Samities e. State Housing Boards f. Industrial Development Authorities g. State Electricity Boards h. Water / Sewerage / Drainage Boards i. State Text Book publishing corporations / societies j. Metropolitan Development Authorities k. State / District level housing Co-operative Societies. l. Other banks including Regional Rural Banks, Co-operative Banks and land Development Banks. m. Political parties 2.2. Any other institution permitted by Reserve Bank of India from time to time, can be allowed to open Savings Bank Accounts. 2.3. If the branch is approached by any other institution not covered under 2.1 above, and which are specifically charged with the task of rendering social or economic assistance to, or welfare of, the weaker and under-privileged sections of the society, the branch shall, for opening savings bank accounts for them, make a formal application through their Regional office, to the Regional Office of the Department of Banking Operations and Development, Reserve Bank of India within whose jurisdiction the Registered Office of the beneficiary organization is situated. The branch shall furnish full particulars of the institution, including copies of the Memorandum and Articles of Association, bye-laws, nature of activities, published accounts, such as balance sheet, profit and loss account or income and expenditure statements, the manner of distribution of surplus funds etc., to enable the Reserve Bank of India to decide whether specific exemption can be granted in its favour or not. The branch can open such accounts as savings account only after specific permission is received from Reserve Bank of India. 2.4. Acceptance of Interest free deposits in Savings Bank is prohibited irrespective of caste, creed or religion of the depositor. 2.5. Branches are permitted to open Savings Bank accounts for the following special categories of depositors, subject to the guidelines contained in the relevant paragraphs in the master circular on “ General Instructions on Deposit Constituents’ accounts”, also for operations thereon . a) Minors represented by guardians b) Minors above age ten :3: c) Blind persons d) Illiterates e) Purdhanashin ladies f) Trusts. 2.6. First Line Managers may permit depositors to have more than one Savings Bank Account in their own names or jointly with other persons or as guardians on behalf of minors. 2.7 Introduction of Accounts Where the applicant for a SB Account submits sufficient proof of identity and address as prescribed in KYC-AML Policy of our bank and the branch is with the bonafides of the applicant and as a respectable person, with such proof of identity and address, branch may open the account without insisting on an introduction by an existing account holder. However a Letter of Thanks to the depositor should be sent as envisaged in the master circular on “General Instructions on Deposit Constituents’ Accounts”. Branch should be in a position to classify such account holders under “Low risk-RIP I under KYC Norms / AML Standards.” With the exception of the above, and “No frills Accounts” all other Accounts should be introduced as guided in the master circular on “General Instructions on Deposit Constituents’ Accounts”. 3. MAINTENANCE OF ACCOUNTS Guidelines in respect of obtaining the appropriate account opening form, specimen signature sheets and their maintenance and the method of opening the accounts are provided in master circular on “ General Instructions on Deposit Constituents’ accounts “ In addition branches should follow the guidelines contained in the following paragraphs. 3.1. Application to open a Savings Bank Account should be made on TYPE OF ACCOUNT SAVINGS BANK FORM NO 1. Savings Bank Account Opening Form 10 ( revised & 303X for HUF Accounts 2. Savings Bank Account Opening Form for (a) Minor’s Accounts operated by a Guardian 10 A (b) Societies, Clubs etc. 511 (c) Non Residents in the form of Non Resident (External) Accounts 523 (d) Trusts 551 (e) Accounts under Capital Gains Accounts Scheme, 1988 FORM A Central office is in the process of revising the account opening forms, when advised so branches should obtain the new application forms. 3.2. On receipt of the account opening form and specimen signature sheet duly filled in, along with the KYC – CROP form and documentary evidence there on for customer :4: acceptance Policy and Customer Identification Procedure, the opening of the account must be authorised by the Branch Manager or by the department officer as authorized by the Branch Manager. Such authorisation will be made after interviewing the applicant and verifying the particulars furnished. In case the department officer had authorised the opening of the account, at the end of the day the Branch Manager should approve of the same. The account can then be opened in the computer system, with the operator inputting the details in the master and the supervising staff approving the same. In the computer system, next serial number as generated by the System or a Fancy number as requested by the customer can be allotted. The Customer ID and the account number should be entered on the account opening form, specimen Signature sheets and KYC- Crop form. The account opening details then should be entered in the Savings Bank account opened and closed register (format given below). The account number should also be entered in the pay in slip and also advised to the customer. The entries made in the register should be verified and initialed by the Officer of the department. Whenever there is an inadequacy in the Account Opening Form or Specimen Signature sheets, the clerical staff (operator) must assist the departmental officer in arranging to rectify the inadequacies without loss of time. The clerical staff (operator) must make a note of such inadequacies in the remarks column of the Account Opened and Closed Register. The Register should be put up to the Branch Manager every day for his counter initials. The Manager/Deputy Manager/Department Officer must also regularly examine such remarks to ensure that steps are initiated to eliminate the inadequacies observed at the earliest. The first line Manager or the authorized officer should go through the KYC Crop form and categorise the applicant on risk as Low Risk- RIP one , Medium risk – RIP 2, High Risk – RIP 3 , Exceptionally High risk – RIP 4 and enter the Risk Level threshold limit applicable to the account in the KYC form & the account opening form . Branch should also enter the same in computer system. Branches should bear in mind that transactions in the accounts of Medium , High Risk and Exceptionally High risk category accounts need close monitoring as per KYC Norms / AML Standards. REGISTER OF ACCOUNTS OPENED AND CLOSED DATE NAME OF THE CONSTITUENT NUMBER OF A/C OPENED NUMBER OF A/c CLOSED REASONS FOR CLOSING TOTAL NUMBER OF A/Cs. INITIALS REMARKS @ 1 2 3 4 5 6 7 8 @ In the remarks column, details like “Transferred from ___________ branch” can be recorded where the account has been transferred from another branch. 2.5. For all the above accounts, excepting Minors’ Special Savings accounts, branches should obtain the nomination as per procedure and record in the computer system. For the procedure on nominations branches are to refer to the master circular on Nominations and claim settlements and Book of Instructions. :5: 3.6. M I NIMUM B ALANC E A N D C H AR G E S F O R N O N M A IN T E N AN C E O F M I N IM U M B A L A N C E S Category With cheque facility Without cheque facility Penalty for non maintenance Rural & Semi urban branches Rs. 500/- Rs. 100/- Rs.7 per month Other branches Rs.1000/- Rs.500/- Rs.14 per month Pensioners’ SB account Rs.250/- Rs.5/- As above based on the category 3.6.1. In case of default in maintaining minimum balance, branch should initiate the following action: (a) the Account need not be closed for want of minimum balance. (b) Cheques should not be returned if sufficient funds are available for passing a cheque, even though the balance goes below the minimum required. The condition of the account should be brought to the notice of the customer in writing, which should be of persuasive nature. (c) Branch should send letters to the customers stressing the need for maintaining minimum balance. (d) After issuing a Registered Notice, Branch should stop issuing cheque books to the customers if the balance goes below the minimum required six times in a quarter. (e) Branches should charge penalty for default in maintaining minimum balance required for Savings Bank Accounts, as above Branches should note that no overdraft should be created by debiting the penalty amount. If there is insufficient balance, proper record of such accounts should be maintained and the penalty debited or recovered as and when there is sufficient balance. Branches should display the minimum balance requirements and charges there on in the branch notice board prominently. Along with Account opening form branches should obtain ATM application form and Application form for E- see banking ( internet banking ) and load the details in the computer system as prescribed by IT dept. This would enable our customers use the ATM and also that of other banks at various locations across the Country. Branches should also explain the advantages of net banking to the customer. Branches also can obtain the request from customers for availing the mobile phone alerts and then feed the mobile number in the appropriate module in the computer system. These facilities are available only for networked branches. 3.8. The passbook should be branded with the rubber stamp reading “NOMINATION REGISTERED”. The details of the nominee should also be entered in the computer master through appropriate programme. 3.9. The pass book should be handed over to the depositor after the amount of initial deposit has been credited to the account and entered in the pass book under the initials of the officer-in-charge of the department/a Supervising Official after he/she verifies the correctness of the entry in the pass book with that in the computer page. 3.10. Branches should also cross sell our IOB-Jeevan group insurance policy and IOB Healthcare plus to the new customers highlighting to them that these products are :6: for their welfare. Branches should also get a request letter from the customers for debiting the lowest insurance premium of Rs.10/- in the account to cover accident insurance for one year. Branches should note that these are value additions to our existing customers as well as prospective customers. 3.11 Initial remittance As a measure of abundant precaution, it is better to open an account with an initial cash remittance. However, there is no bar for opening accounts with the proceeds of bank drafts payable to the applicant to the account or his self cheque on another bank provided the introduction is acceptable. In the case of salary accounts, branches may even consider opening the account with zero balance. 4.1. PRECAUTIONS IN THE OPERATIONS OF NEWLY OPENED ACCOUNTS Branches should refer to the master circular on “ general instructions relating to deposit constituents’ accounts” on the precautions in the operations of newly opened accounts. To facilitate this, the computer system will flash the warning “ New account “ up to six months to invite the attention of the operators and the supervising staff whenever they do a posting or passing in the relevant accounts. 4.2. OPERATIONS IN THE ACCOUNTS Branches should refer to the master circular on “general instructions“ for detailed guidelines on the operations in the accounts. 4.2.1. Subsequent to opening the account a depositor may remit any amount in his account. All deposits to Savings Bank Account should be accompanied by pay-in- slips. Separate pay-in-slips should be used for cash and cheques. All Cash Deposits in Savings Accounts of Rs.50,000/= and above will require the account holder furnishing the Income-tax PAN or declaration in Form 60 or 61 as the case may be. 4.2.2. Cheques, drafts, dividend warrants and other instruments should be accepted for credit of savings bank accounts only if they are drawn payable to the depositor. 4.2.3. However, branches may accept interest warrants issued in the name of the first purchaser of Public Sector bonds and endorsed in the name of the second purchaser, and presented for collection by the second purchaser for collection in his/her/their savings bank accounts. For this purpose, branches should brand the respective savings bank Challans accompanying the interest warrants, with a rubber stamp containing the following declaration : “I/WE, DECLARE THAT I/WE, AM/ARE, THE HOLDER-IN-DUE COURSE AND FOR VALUE WITHIN MENTIONED INTEREST WARRANTS TENDERED TO YOU FOR COLLECTION” The branch should invariably ensure that such declaration is signed by the depositor before accepting the interest warrants for collection in Savings Bank accounts. 4.2.4. Withdrawals are permitted either by cheques issued to the customers or by withdrawal forms provided by the bank. 4.2.5. Branches should educate the Savings Bank customers to avail of the Teller service, wherever provided, for payment of Savings Bank cheques/ withdrawal slips, for amounts not exceeding Rupees Fifteen thousand only. Savings Bank Customers may also be permitted to avail of the Teller facility for remitting cash not exceeding :7: Rupees Fifteen thousand only per day per account for deposit into their Savings Bank accounts. 4.2.6 Branches should encourage savings bank customers to avail Visa Debit card cum ATM card, so as to reduce the pressure on counters within the bank. This is also a selling point for the branches to canvass more and more salary accounts of companies. 4.2.7. Branch supervising staff, as allocated by the Branch Manager should check the supplementary output every day as detailed in the master circular on “ general instructions”. In a computerized environment, supplementary checking is akin to ledger checking and such checking alone will bring out any unauthorized postings or will enable the branch to know on the transactions carried out by a FBS facilitator branch. 5. ACCOUNTING FOR WRONG ENTRIES Whenever a customer’s account has been wrongly credited with the amount meant for another customer’s account, or a customer’s account debited with a debit voucher intended for another customer’s account, the wrong credit or debit must be reversed immediately upon finding out the error, and both customers advised immediately. Where the recovery of a wrong credit or effect of a debit which was omitted to be debited earlier results in an overdraft in an account, the customer must be informed immediately by a letter as per format provided in the master circular on “ general instructions” be sent by Registered Post with acknowledgement due and the adjustment of the overdraft must be pursued expeditiously. 6. CUSTODY OF WITHDRAWAL FORMS 6.1. When a customer comes to the Bank for making a withdrawal, the Savings Bank counter clerk (operator) may hand over a withdrawal slip to the customer for his immediate use from the stock kept on the counter top for the ready use of customers. Additional withdrawal slips not exceeding ten leaves at a time may be given to such of those customers who do not have cheque books, for the purpose of drawing cash through third parties. In such a case the savings bank clerk(operator) should note the account number in all the withdrawal slips before parting with the same. 7. PAYMENT OF WITHDRAWAL FORMS 7.1. Withdrawal slips, as a general rule, should not be paid unless accompanied by passbook. Withdrawal slips have been printed with the following clause “pass book must accompany this order form”. Insistence of pass book while withdrawal slips are presented over the counter for payment will serve as a definite check against funds being withdrawn by unauthorised persons. The concerned member of staff (passing supervising staff) will be personally liable for any loss that may be incurred on account of their negligence in not insisting upon the pass book. Where withdrawal slips are presented without production of the pass book, the Manager/Senior Manager/Deputy Manager or the supervising official in charge of the department may authorise the payment provided they are thoroughly satisfied that such withdrawal slips are presented by the account holder himself or some one whose identity is well known to them. 7.2. Payment out of Savings Bank account to third parties through withdrawal slips may be allowed up to a maximum amount of Rupees One thousand only per instrument. For this purpose withdrawal slips have been printed with the following clause: “Payment to other than the account holders, restricted to Rupees One thousand only”. :8: 8. RECEIPT, CUSTODY AND ISSUE OF CHEQUE BOOKS Issue and custody of Savings Bank cheques should be on the guidelines as detailed in the master circular on “ general instructions”. In terms of guidelines from IBA adopted by our Bank, branch should adhere to the following instructions whenever a customer requests for more than one cheque book at a time: (i) Branches should avoid issue of more than one cheque book at a time to Savings Bank customers. (ii) In the case of Savings Bank customers needing excessive number of cheques to be drawn, branches should persuade them to open Current Accounts. (iii) However if the branch is convinced about the genuineness of the customer’s request for more than one cheque book at a time, a report with specific recommendation should be submitted to Regional Office for approval. Regional Office shall consider such Reports on the merits of each case and accord permission or decline the request without loss of time. (iv) Branches are advised to educate the constituents in this regard and guard against any complaint. 9. PAYMENT OF CHEQUES Detailed guidelines have been given in the master circular on “ General instructions” on the payment of cheques. cash- transfer- inward clearing. Branches are to refer to the same. 10. PASS BOOKS AND CONFIRMATION OF BALANCES The entries in a pass book duly initialed by the ledger-keeper (operator) must be authenticated with the initials of the Supervising Official only after he/she has verified them with the corresponding entries in the ledger report display in the computer system and verifying the relative vouchers of the day in respect of unchecked entries. Computer generated Statement of Accounts issued to the customers should be signed by Authorised supervising staff after affixing branch rubber stamp. Branches are to refer to the master circular on “ general instructions” on the issue of Passbook, issue of duplicate passbook and custody of passbooks until making up the entries on the same. Confirmation of balances in Form F.237A should be obtained as on the last day of September every year wherever, the accounts show a debit balance, 11.HANDLING OF STOP PAYMENT INSTRUCTIONS Branches should adhere to guidelines contained in the master circular on “ general instructions” 12. STANDING INSTRUCTIONS Savings Bank customers may give standing instructions to the branch for making remittances of funds periodically from their accounts. Branches should be guided by the guidelines given in master circular on “ general instructions “ for acceptance, recording and carrying out the Standing Instructions. Branches should note that prompt execution of standing instructions will enhance customer satisfaction and also a sensitive area for complaints. :9: 13. INTEREST CALCULATION, MONTHLY PROVISION AND PAYMENT OF INTEREST 13.1. Interest at the rates specified by Reserve Bank of India from time to time shall be paid on the balances in Savings Bank Accounts. 13.2. Interest on Savings Bank accounts is payable half yearly. 13.3. For the purpose of providing monthly interest on Savings Balances branches should calculate interest on the aggregate balance arrived at as under: General Ledger Balance as on the 10th of each month Rs LESS Total of withdrawals (debits) from 11th to the last day of the month Rs Reminder on which monthly interest will be calculated Rs The interest so calculated should be debited to Branch Profit and Loss Account Interest Paid on Deposits Account and credited to Interest Accrued Account. 13.4. Actual interest on individual savings bank accounts should be calculated for the six months period viz.(i) from First day of February to the last day of July and (ii) from First day of August to end of January. 13.5. The interest on individual accounts should be credited to the respective accounts during the first week of August for the six months ending 31st July and during the first week of February for the six months ending 31st January. 13.6. For the purpose of calculation of interest, the lowest clear balance at credit in an account between the tenth day and the last day of each month is computed as products by the system. At the end of each half year, the monthly products is totaled and divided by six to arrive at the average monthly balance in the account. Interest should be calculated on the average balance at the prevalent rate of interest for savings bank accounts. 13.7. No interest should be paid unless the interest accrued during the half year amounts to atleast Rupee One. 13.8. A supervising official should check in the interest calculations by the computer system random. From the interest posted printout he should also ensure that all the accounts have been credited with interest except as contained in para 13.7. The total interest paid on all accounts will be listed and debited to Interest Accrued Account. While providing the interest as calculated by the computer system , the branch should ensure that the outstanding in Interest Accrued account contains only the current month provision. As the system is programmed to do the vouching for the current month provision, branches need to check up that at a particular month the interest provision is properly held, by taking average balance of GL and working out for the number of months the provision is held in Interest accrued account. 13.9. At the time of closure of account, interest should be applied by debit to Interest Accrued Account and the ultimate balance paid to the depositor against his cheque or withdrawal form in the usual manner. 13.10. In the case of accounts opened after tenth day of a month, interest will be payable only from the subsequent month. :10: 14. BALANCING OF LEDGERS 14.1. Branches to ensure that at the time of day end, the master balance and GL balances agree. If the same does not agree and shows a difference, branches should note down both the balances and the difference and take up with their RCC / I T dept , Central office through the complaints procedure and rectify the same. 15. OVERDRAFTS IN SAVINGS BANK ACCOUNTS 15.1. Though savings bank accounts are primarily meant for promoting savings, branches may face situations where cheques issued by otherwise regular savings bank customers being presented without adequate balance. In order to accommodate such customers in exceptional cases branches may permit limited temporary overdrafts in savings bank accounts subject to the stipulations prescribed by Central Office from time to time. 15.2. branches should strictly adhere to the following stipulations whenever such a need arises. Any overdraft can be granted only against the specific written request of the customer and with suitable documentation (DPN, F.16 & Credit cum opinion sheet by the Manager ). a) The customer must be having a satisfactorily maintained Savings Bank Account with the branch for not less than six months. b) He/She must be a confirmed employee in a Government / Semi-Government / Quasi Government department or Organisation/Public Sector or Private Sector Organisation of repute. c) He / She should have a stable income with reasonable prospects of its continuance in the near future. d) Members of the staff and their close relatives (Father, Mother, Brother, Sister, Children and In-laws) are not eligible for this facility. e) The salary of the customer must preferably be routed through his/her savings bank account with the branch. f) The amount of overdraft should not exceed one month’s net salary as credited to the customer’s account with the branch or the discretionary power of the branch for granting temporary overdrafts, whichever is less. g) The overdraft must be adjusted within one month from the date of its availment. h) If the customer desires to have the overdraft facility on a regular basis, he/she must be advised to open a Current Account and a temporary Overdraft facility may be considered as per the existing rules and procedures. i) Interest should be charged at the rate applicable for temporary overdrafts and recovered at the end of the month. j) Each debit which creates or acts to increase an overdraft must be referred to the Branch Manager in the Cheques Referred Register. The overdraft can be given only when authorised by the Branch Manager or in his absence by the second line Manager k) Immediately on the occurrence of an overdraft, the branch should write to the customer, advising him/her about the same and request him/her to adjust the same at the earliest. A model letter is appended below. [...]... Overdrafts in Savings Bank The balance in the overdrawn accounts must be extracted in the Temporary Overdraft report everyday and checked by the supervising official in charge of the Savings Bank department and placed before the Deputy Manager and the Branch Manager for information and confirmation The overdraft in Savings Bank should be incorporated in the General Ledger under Overdraft in Savings Bank -... Ledger head SAVINGS BANK (CAPITAL GAINS ACCOUNTS SCHEME, 1988) WITH CODE NO 1203 and shown under Demand Liabilities in the General Ledger balance sheet Accounts opened as Term Deposits are to be classified under Deposit Account – B under the General Ledger head Term Deposits (Capital Gains Accounts Scheme, 1988) with Code No.1010 22.4 OPENING OF ACCOUNTS UNDER CAPITAL GAINS ACCOUNTS SCHEME, 1988 ACCOUNTS. .. for conducting trade and the Bank is satisfied that the account is opened for genuine savings purposes 3.a Accounts may be opened for blind persons or for illiterate persons using thumb impression Such persons should call on the bank to withdraw cash along with passbook No Cheque books would be issued to such persons 4 Savings Bank Accounts would not be used as Current Accounts, that is for trading... in the General Ledger under Overdraft in Savings Bank - Code No 4123” on the Asset side “ 15.4 REPORTING OF OVERDRAFTS IN SAVINGS BANK ACCOUNTS Overdrafts granted in Savings Bank accounts must be reported individually on a monthly basis in CAF-3 under Personal Overdraft Scheme Accounts not adjusted and outstanding beyond sixty days from the date of granting should be treated as irregular and reported... payment iii) Interest Interest on Savings Bank accounts opened under the scheme shall be paid at the rates applicable for ordinary Savings Bank accounts and in the same manner Interest on amounts deposited by cheques will run from the date of their realisation Minimum half-yearly interest payable will be Rupee One iv Transfer of the account from one branch to another of our bank is permitted on application... accordance with the scheme These accounts can be opened only by those tax payers who are eligible for exemption under Section 54, 54-B, 54-D, 54-F OR 54-G of the Income Tax Act, 1961 (43 of 1961) 22.2 Authorised branches may open Savings Bank accounts under the above scheme as per the guidelines given in the succeeding paragraphs 22.3 The accounts opened under Savings Bank account are to be classified... credited to the account before closure of the account 20 “NO Frills Accounts 20.1 “No Frills accounts “ are part of RBI’s efforts to bring in to the banking fold, the financially or socially disadvantaged persons through financial inclusion The bank has introduced a simplified account opening form for such accounts Criteria for such accounts is listed below Sl no Features 1 Type of account and GL code... Capital Gain scheme accounts Branches are permitted to accept one or more nominations for the accounts opened under the scheme 22.7 Branches are permitted to convert balances under savings bank accounts under the scheme into Term deposits (under Account-B) and vice versa Deposits made in the form of term deposits under the scheme are classified under Account-B – Term Deposits (Capital Gains Accounts Scheme,... individual depositor these columns may be scored out In other case, only one respective column may be retained and the remaining two may be scored out 22 SAVINGS BANK RULES As per commitment given to BCSBI our bank has to make available the savings bank rules in our bank s website, also in hard copy to every customer The rules are printed and circulated to branches for this purpose The rules as a small booklet... the information of the customers The rules are reproduced here for the information of the branches INDIAN OVERSEAS BANK S A V I N G S B A N K R U L E S (2007) 1 Any person approved by the Bank may open a Savings Bank account upon agreeing to comply with the following rules: 1-A A Savings Bank Account may be opened by: a a person in his/her own name; b two or more persons in their joint names payable . Overdraft in Savings Bank - Code No. 4123” on the Asset side. 15.4 REPORTING OF OVERDRAFTS IN SAVINGS BANK ACCOUNTS Overdrafts granted in Savings Bank accounts. the same. 15. OVERDRAFTS IN SAVINGS BANK ACCOUNTS 15.1. Though savings bank accounts are primarily meant for promoting savings, branches may face situations