Corporation Bank has introduced a “Basic Savings Deposit” SB a/c with zero balance facility. The account, ‘Corp Pragathi SB a/c’ can be opened with an initial deposit of Rs 10/- and will provide the account holder the basic banking facilities. No penalty will be levied even if the balance in the account drops below Rs. 10/-.

Any individual, including minors above the age of 10 years, who are eligible to open a normal Savings Bank account, can open the account. The account will be available in all branches of the Bank. Account holders will be provided chequebook facility, collection, remittance facilities etc.

Features
“Basic Savings Deposit” Account
Minimum Balance
  • There is no minimum balance prescribed for the account. Accounts have to be opened with an initial deposit of Rs 10/-
Who can open the account
  • Accounts can be opened by all those who can open regular savings bank accounts. The eligible type of customers include Pensioners, Agricultural & Plantation laborers, Casual laborers, Employees in the unorganized sector, members of Self Help Groups, Self employed persons running small business like petty shops etc, students etc.
Branches covered
  • All Branches
Rate of interest
  • As applicable to Normal SB a/c
Facilities provided
  • Withdrawals can be effected at base branches only through loose cheque leaves or chequebook issued. (The account holder can be issued one normal cheque book of 10 leaves in a quarter)
  • Withdrawals not to exceed 10 per quarter
  • Collection of outstation cheques
  • Remittance facilities
  • Passbook
  • Nomination facility
Service Charges
  • All service charges at existing rates
Facilities not provided
  • ATM / Debit Card Internet Banking facilityAny Branch Banking facility Personalized Cheque Book facility
  • Immediate credit of outstation cheques
Other terms & conditions
  • Self-Declaration from the customer to the effect that balance in the account will not exceed Rs.50,000/- and the total credit in all the accounts will not exceed Rs.1.00 lakh in a year.