No frills account is a basic banking account. Such account requires either nil minimum balance or very low minimum balance with simplified KYC norms. Charges applicable to such accounts are low. Services available to such account is limited.
Low income groups having no access to formal banking systems can well be brought under the umbrella of credit and savings key factors which form the basis of the idea of financial inclution.
Eligibility:
Pensioners, agriculture, labourers, employees or unorganised sectors, member of SHG, self employed persons, students, rural folk etc.,
Procedure to the followed for opening of No Frills Account:
- These rules shall be called The Pondicherry Co-operative Urban Bank No Frill Account Rules.
- These rules come into force with effect from the date of approval of the Administrator of the Pondicherry Co-operative Urban Bank Ltd.,
- Eligibility:- Individuals of 18 years and above earning a gross income of Rs.5000/- p.m. or less
- Mode of operation : Single / Joint
- Initial Deposit amount: Rs.30/- to open the account
- Minimum balance: Nil
- Maximum balance / amount : Rs.10,000/- being the total value of business connection of the account holder, including other deposit accounts.
- Rate of Interest : As applicable to Savings Bank Accounts, if a minimum balance of Rs.500/- or more is maintained.
- Cheque facility: Available if they maintained a minimum balance of Rs.500/- or above.
- Number of accounts: Ordinarily, a customer will not be allowed to open more than one basis banking ‘no-frills’ account.
- Pass Book: Will be issued, updation will be permitted between 11th and 20th of the month.
- Charges for availing services other than those covered here: The schedule of charges for availing services other than those covered in this product are being displayed in the branch premises/ notice board.
- Nomination facility: Available.
- Product available at: All branches.
- The bank has got the right to alter, addition or amend any of the above regulation at any time.
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