Scheme features & terms
The minimum amount required for opening a current account is Rs 200/- and the same shall be the minimum balance.
Amounts in the account can be withdrawn through withdrawal slips, which will be provided to the member with a passbook.
Joint accounts are also permissible.
Any amount can be deposited and withdrawn from the account. However, no overdrawal will be permitted.
Remittances can be by cash or cheques/drafts on other banks of which the depositor is the drawer or holder in due course. In the latter case the account will be credited only on realization of the proceeds. No withdrawals on the strength of cheques/drafts will be permitted pending collection.
Though the withdrawal slip can be drawn in favour of another person, it cannot be transferred by endorsement — the withdrawal slip is not a negotiable instrument within the meaning of the Negotiable Instruments Act.
The account holder is free to close the account at any time by submitting an application expressing the intention, with a slip for withdrawing the balance in full, and surrendering the unused paying slips and the passbook.
No facility for discounting cheques or permitting withdrawals on the strength of discounted cheques will be available.