SA for Govt Department

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Overview

A large bulk of financial transactions are handled by several government bodies and departments on a daily basis. These transactions broadly comprise pension payments to retirees, subsidies to citizens and funding of grants which could be ad hoc or carried out in specific periodicities.

The savings account product is tailor-made to ease the transactions process and to adhere with key compliance policies and schemes of the government. It makes banking a hassle-free experience for various government bodies especially with relation to day to day banking transactions and cash management services.

Salient Features

  • Unlimited cash deposit at base and non-base branch
  • Unlimited cash withdrawal at base branch
  • Zero Balance account with NIL AQB Charges
  • Unlimited free DD/POs
  • Non-Levy of collection charges for Outstation Cheques
  • Free RTGS & NEFT Services
  • Free unlimited cheque leaves
  • Free ECS return charges and stop payment charges

Eligibility

  • Government Entities incorporated under Companies Act 1956 or Societies Act, as well as Statutory Bodies formed/ incorporated by legislation {Central Government / State Government) or Act of Parliament.
  • Any PSU (State and Central) is eligible for opening a Savings Account subject to the issuing of a specific and explicit notification by the respective State/Central Government Department. In addition to the notification, the documents as per constitution would have to be obtained.

Documentation

  • Customers will need to comply with all extant KYC guidelines applicable to opening savings accounts for government entities.

Interest Rates & Charges

S.
No.

FEATURE

Savings Account for Government  Departments

1

 Average           Quarterly
Minimum
Balance(AQMB)

Account holders are not required to maintain AQMB

2

Cash Remittance

 

At Base Branch

No charges levied

At Non base

No charges levied

3

Cash withdrawal

 

 

At base Branch

No charges levied

At Non base branch

No charges upto Rs. 1, 00,000/-per day and a charge of Re. 1/- per Rs 1000/-   

4

Inward Clearing Charges

 

At base Branch/At non base branch

No charges levied

5

 Outward Clearing  Charges

 

At base Branch/At non base branch

No charges levied

6

Inward Clearing  Return Charges at base / non-base branch

Rs. 100/- per cheque

7

Outward Clearing  Return Charges at base / non-base branch

Rs. 50/- per cheque

8

Collection  charges for Outstation cheques

No charges levied

9

Outstation cheque collection return charges

Rs. 50/- per cheque plus other bank charges and out of pocket expenses if any

10

DD/PO Charges

No charges levied

11

RTGS and NEFT

No charges levied

12

Quarterly Folio Charges

No charges levied

13

Cheque Book 

No charges levied

14

Statement of account

Free email statement

15

Debit Card

NA

16

Stop Payment

No charges levied

17

Net Banking Facility

No charges levied

18

 Transfer of funds between CBS
 branches

No charges levied

19

IMPS(Handy Pay)

NA

20

 Charges for non- maintenance    
 of AQMB

NA

21

SMS Alerts

Free SMS alerts on mandatory transaction and others chargeable. An SMS alert will be sent in the event of a change in end of day balances. 

22

Account Closure charges

No charges levied

23

Standing Instruction

No charges levied

24

ECS Return (charges/Penalties levied by destination branches for ECS(debit) returns due to non-availability of funds in customer account)

No charges levied

25

Cash Management Service

Available, as per agreement with the customer.

26

Interest rate

Applicable SB interest rate will be paid on
balances maintained

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