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Terms & Conditions -
Power Savings
Account

 

  1. The minimum deposit required to open an account is Rs 5,000/-. There are no limitations on subsequent deposits.
  2. If your Power Savings Account carries less than the required minimum balance of Rs 5,000/- , the bank reserves the right to convert the account to a Regular Savings Account. Such converted accounts will be governed by the rules applicable to Regular Savings Accounts.
  3. Apart from cash deposits, you can also deposit cheques, drafts and money orders which are drawn in favour of the bank or in your name. Please speak to the branch manager if you wish to deposit cheques, drafts and money orders which are not drawn in this manner.
  4. Interest will be calculated as per the daily balance and credited monthly. In addition, a quarterly bonus calculated on the interest earned during the preceding quarter will also be credited in the months of January, April, July and October to accounts which were maintained according to the terms and conditions applicable for bonus interest.
  5. All passbook Power Savings Account holders will be issued with a passbook where your transactions will be recorded. Please inform the branch immediately if your passbook is lost, stolen or misplaced.
  6. Amounts deposited or withdrawn from the account will be recorded in the passbook by the bank. Please examine these entries carefully and inform the bank of any discrepancy before leaving the bank so that any errors can be corrected while you are present.
  7. Please present your savings passbooks at least once every six months to be updated. The Bank will not be able to update transactions beyond three years.
  8. The bank reserves the right to mail, at its discretion, statements of transactions not recorded in the passbook.
  9. If you are a Statement Power Savings Account holder, you will receive a statement of transactions monthly or once every three, six or twelve months as decided upon when the account was opened. Please verify these transactions and notify the bank of any discrepancy without delay.

 

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