Eligibilty

Special Savings Account can be opened by:

  • Primary Co-operative Credit Society which is being financed by the bank.
  • Khadi and Village Industries Boards.
  • Agriculture Produce Market Committees.
  • Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks.
  • Companies governed by the Companies Act, 1956 which have been Licensed by the Central Government under Section 25 of the said Act, 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'.
  • Institutions other than those mentioned in clause (i) and whose entire income is exempt from payment of Income-tax under the Income-Tax Act, 1961.
  • Government departments/bodies/agencies in respect of grants/ subsidies released for implementation of various programmes/ schemes sponsored by Central/State Government subject to production of an authorisation from the respective Government departments to open savings bank account.
  • Development of Women and Children in Rural Areas (DWCRA).
  • Self-help Groups (SHGs), registered or unregistered, which are engaged in promoting savings habits among their members.
  • Farmers' Clubs - Vikas Volunteer Vahini - VVV.

Special Savings Account cannot be opened in the name of:

  • 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 / Metropolitan Development Authority / State / State Text Book Publishing Corporations / Societies / District Level Housing Co-op. Societies etc.
  • Any political party or trading or business concern, whether such concern is a proprietary or a partnership firm or a company or an association.