The Rural Savings Account will be available through Business Correspondents.
The account is zero balance with no initial deposit.
The Customer is provided with an E-passbook.
All transactions in the accounts are done only after a biometric authentication.
Nomination facility is available.
Interest is payable on quarterly basis.
The account is available only for:
- Only for Resident Indians. NRIs and foreign nationals are not eligible for this Account.
- Individuals residing in rural areas.
- Can be opened at Business Correspondent point by providing eKYC(UID/VID) through biometric based authentication.
- Nomination facility available for bank deposits.
- There can be only one Nominee for a deposit account whether held singly or jointly.
- A person legally empowered to operate a minor's account can file a nomination on behalf of the minor.
- Applicants can make nomination by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
- The nomination details can be changed during the subsistence of the account relationship by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
- For more details approach your bank
Rural Saving Account Features FAQs
Rural Savings Account is a Zero balance account and hence there is no minimum balance requirement.
can approach us through your local Business Correspondent.
You can change the nominee(s) by making a declaration to that effect, in the appropriate form, which is available with the Business Correspondent.