FEATURES

ELIGIBILITY

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    Entities eligible for Opening/ maintaining Institutional savings accounts as per RBI Master Direction DBR. Dir. no. 84/13/03.00/2015-16 updated as on September 16, 2022:

    1. Primary Co-operative Credit Society which is being financed by the bank.
    2. Khadi and Village Industries Boards.
    3. Agriculture Produce Market Committees.
    4. Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in a State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks.
    5. Companies licensed by the Central Government under Section 8 of Companies Act, 2013 or Section 25 of Companies Act, 1956 or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words ‘Limited’ or the words ‘Private Limited’.
    6. Institutions other than those mentioned in section 28(h) and whose entire income is exempt from payment of Income-tax under the Income-Tax Act, 1961.
    7. Government departments / bodies / agencies in respect of grants/ subsidies released for implementation of various programmes / Schemes sponsored by Central Government / State Governments subject to production of an authorization from the respective Central / State Government departments to open savings bank account.
    8. Development of Women and Children in Rural Areas (DWCRA).
    9. Self-help Groups (SHGs), registered or unregistered, which are engaged in promoting savings habits among their members.
    10. Farmers’ Clubs – Vikas Volunteer Vahini – VVV.

    As per RBI guidelines, Savings Account cannot be opened for


    As per RBI guidelines, Savings Account cannot be opened for

    • Government departments/bodies depending upon budgetary allocations for performance of their functions
    • Municipal Corporations or Municipal Committees
    • Panchayat Samitis
    • State Housing Boards
    • Water and Sewerage/Drainage Boards/State Text Book Publishing Corporations/ Societies/Metropolitan Development Authority / State/ District Level Housing Co-operative Societies (6) Any political party or any trading/business or professional concern, whether such concern is a proprietary or a partnership firm or a company or an association.

    Entities that are not eligible to Open a Savings Account can avail of our Institutional Current Account. Please walk-in to any branch to know more about the Institutional Current Ac.

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