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 to 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.
Interest Rates and 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
|