Basic-Bank Account

                                         Basic Banking Account

Financial Inclusion-Basic Banking Account (SB-Basic)

(Salient Features)

Urban Co-operative Bank Ltd. Bareilly launched the Basic Banking 'No-Frills' Account Scheme as a Corporate Social Responsibility (CSR) of the Bank intended to make banking accessible to vast sections of the population, with the prime objectives as under:

To help achieving greater financial inclusion by attracting vast sections / segments / strata of the society particularly the underprivileged ones / unbanked population of the country within the banking system.

The Scheme came into effect from 01.04.2010 with Salient Features, as under:

A. Eligibility: Indian National Citizens, unable to afford, without financial hardship, the cost of maintaining bank account, Individuals who intend to keep balances not exceeding Rs. 50,000/- in all their accounts taken together and total credits not exceeding Rs. 2 lakh in a year.

B. Opening of Account: with Simplified KYC Procedure based on satisfactory Introduction by another Account Holder, on whom KYC has been done, photograph of the customer, who intends to open the account, and his address to be Certified by the Introducer. Account can be opened in individual capacity or in joint names or with minors.

C. Features:
  »   Nominal Initial Deposit of Rs. 100/- for opening of the Account.
  »   No Minimum Balance Requirement / No Minimum Balance Charges.
  »   No Standing Instruction Charges for Transfer of Funds within same Branch.
  »   No Incidental Charges on Account becoming Inoperative.
  »   Nomination Facility.
  »   SB Basic Account holders can deposit in Term Deposit Products viz. Fixed Deposit (FDR) or quarterly interest scheme (QIC), however, aggregate of all the deposits, taken together, should remain within the           Eligibility Ceilings.
  »   In case value exceeds Eligibility Ceilings / Rs. 50,000/-, 'SB Basic' shall be treated as 'SB General' account and all Terms/Conditions attached to 'SB General' shall become applicable for operation of the Account viz. fulfillment of KYC Norms, Minimum Balance and Charges as per the prevailing guidelines of the Bank. Once SB Basic upgrades to SB General, there will be no conversion back to SB Basic.

 Interest Rate 2.75% on Basic Saving Bank Accounts w.e.f. 01-10-2020