HO:DEV:2005/05 DATE: 19.11.2005
Detailed
guidelines with regard to various deposit schemes were circulated to all offices
from time to time. Guidelines on the deposit schemes have been consolidated by
subsuming the operative part of subsequently issued circulars as per Annexure.
Incumbents
Incharge of branches are advised to adhere to guidelines contained in schemes
viz. saving fund, current account, ordinary fixed deposit, multi-benefit fixed
deposit, anupam, sugam & recurring deposit for implementing the same in the
bank in letter & spirit.
Encls: As above
MAIN
TYPES OF BANK ACCOUNTS
The
primary function of a bank is to accept deposits of the public to lead to
traders. The deposits are received in four forms. The banks give the facility to
open various types of accounts to suit the needs of their customers. The four
main types of bank accounts are as follows: -
1.
Current Account
2.
Saving Fund Account
3.
Fixed Deposit Account
4.
Recurring Deposit Account
I-CURRENT
ACCOUNT
Current
account is a sort of running account in which money can be deposit out of which
money can be withdrawn at any time.
The
depositor can operate this account freely. It is so because the depositor can
withdraw money from his account at any time during working hours without giving
any notice to the bank. However the bank prescribe that a minimum amount should
always be kept in this account. Thus, there are no restrictions no withdrawals
subject to the prescribed minimum credit balance. No interest is paid/allowed on
this account. No current account should generally be opened in the name of
illiterate persons.
PROCEDURE
OF OPENING A CURRENT ACCOUNT
The following procedure is followed to open a current account with the
bank: -
1)
The person desiring to open a current account has to apply to the
concerned bank in the prescribed form.
OPENING
OF ACCOUNT
A
current accounts may be opened in the name of :
1.
an individual
2.
two or more individual jointly
3.
joint Hindu family
4.
proprietary concern
5.
partnership firm
6.
a joint stock company
7.
associations, clubs etc.
2)
INTRODUCTION
The
bank usually insists on applicant to be introduced either by an existing
customer or by some reputed person of the area. Such an introduction is sought
to establish applicant’s honesty and to reduce the scope for fraud.
Introduction
from the respectable person or the existing account holder whose account is more
than six months old. The officer authorised to open accounts may verify and
attest the introducer’s signature. In case the introducer does not visit to
the branch personally, then a letter of thanks may be sent to him for
introducing the account and wait for his acknowledgement. No cheque should be
accepted for collection unless acknowledgement is received or the introducer
personally confirms that he has introduced the account.
The
account opening form should be properly scrutinized to ensure that all the
required particulars have been furnished and the applicant’s signature as well
as that of the introducer should be authenticated by the Manager.
Accounts
should be opened with an initial remittance in cash. Where a party gives a
cheque drawn on his account with another bank or a cheque drawn in his favour,
as initial deposit, it may be accepted. In such cases, however, no cheque book
should be issued until the cheque deposited is realized.
No
interest is allowed on balances to the credit of a current account, except in
case of deceased customers, where interest as applicable to saving account, will
be paid.
3.
SPECIMEN SIGNATURES
If
the bank is satisfied with introductory references, it proceeds with the opening
of current account. The bank takes customer’s specimen signatures on a form
No. (PNB No. 32) for its record. The applicant are generally asked to give four
specimens of their signatures. The customers are authorised to operate their
current accounts through these specimen signatures.
Accounts
in the Name of Sole proprietary concerns
At
the time of opening an account a declaration of sole proprietorship should be
obtained.
-
At the time of opening an account in the name of a partnership firm,
partnership letter should be obtained in Form II signed by all the partners of
the firm.
-
All the Partners should sign the account opening form with clear
instructions regarding the operations of the account.
-
The deed of partnership, if one has been entered into and registered with
the Registrar of Firms, should be obtained and scrutinsed to ensure that the
clauses contained therein dealing with the rights of the partners and operation
of accounts with bank do not in anyway conflict with the operational
instructions given in the account opening form. A copy of the deed should be
kept on the branch’s record.
-
Cheques payable to the firm should not be accepted for credit into the
personal account of partner without making proper enquiry from the other
partners. Similarly, cheques drawn by a firm in favour of third parties should
not be collected without proper enquiries for the personal account of a partner,
as there is a possibility of funds being diverted by the partner to his personal
account.
-
One partner has powers to countermand payment of cheques drawn by another
partner.
-
Death of a partner dissolves the partnership unless otherwise stated in
the partnership deed. On receipt of notice of death, it should be immediately
noted in the ledger, account opening form, and a death certificate called for.
The operation in the account should be stopped forthwith and after receipt of
death certificate, the account should be closed and the balance in credit paid
to the surviving partners and the legal heirs of the deceased partner/s jointly.
Accounts
of Association, Clubs etc.
The
following documents should be obtained before opening account in the names of
associations, clubs etc.
-
Certified copies of rules, regulations or by-laws.
-
Certified copy of the resolution of the governing body/Managing
Committee, appointing the bank as banker and authorizing specific office-bearers
to operate the account.
-
If it is registered society, a certified copy of the certificate of
registration.
-
True copies of rersolutions electing the members of the Managing
Committee Governing Body, certified by the Chairman/President and Secretary.
-
Account opening form/specimen signature of office bearers authorised to
sign and operate the account duly authenticated by the Chairman/President and
Secretary.
-
Account of such associations/clubs should on no account be allowed to be
overdrawn unless there is specific arrangement inthis regard.
-
Cheques payable to associations/clubs or its office bearers in their
fiduciary capacity must not be collected for credit to the private account of
office bearers.
Accounts
of Limited Companies
The
following documents should be taken while opening accounts in the names of Joint
Stock Companies :
-
Certified copy of certificate of incorporation.
-
Certified copy of certificate of commencement of business (not applicable
to private limited companies)
-
Certified copy of up-to-date memorandum and articles of association (This
will enable the bank to satisfy itself that the opening and conduct of bank
account is covered by the provisions in the Memorandum of Articles of
Associations).
-
Certified copy of the resolution of Board of Directors of the Company
duly certified by the Chairman specifying the instructions regarding the opening
and operations of the account with the bank.
Accounts
of Cooperative Societies
The
following documents should be obtained :
-
Certified of registration
-
Certified copy of the by-laws.
-
Certified copy of the resolution of the Managing Committee authorizing
the opening and operation of the account certified by the Chairman.
-
Certified copy of the resolution electing the members of the Managing
Committee.
-
Latest balance sheet and profit and loss account.
-
It should be ascertained whether the society has obtained the necessary
approval of the Registrar of Cooperative Societies for opening the account with
the bank.
Accounts
of Semi-Government and Local Bodies
The
following documents are required to be obtained :
-
Copy of by-laws and/or relative notification by Government regarding
opening/ operations of bank account duly certified by the Chairman/President and
the Chief Executive officer.
-
A resolution passed by the appropriate authority regarding the opening
and operations of an account with the bank, certified by the Chairman/President
and Chief Executive Officer.
-
Specimen signature of the officers authorised to operate the account duly
certified by Chairman/President and Chief Executive Officer.
Incidental
Charges:
An
incidental charges per ledger page will be made on all accounts. (Detailed
circular in the regard has been issued by H.O.Credit Section Cir.No.08/05 dated
08.11.05)
RECURRING DEPOSIT
INTRODUCTION
R.D.
is a scheme most suitable for accumulating small regular saving into a handsome
amount to provide for future expenditure requirement.
PARTICIPATION
-
Account can be operated in the name of :-
-
Any individual singly or jointly with others.
-
A minor of 10 year and above in his own name and otherwise under
guardianship.
-
HUP, a firm, club, association, Municipality, Panchayat, Society,
educational institution, a trust etc.
DEPOSIT
Monthly
installment of Rs. 100/- or more in multiple there of.
PERIOD
6
months to 120 months in multiples of 3 months.
INTEREST
As
applicable on term deposits (circulars issued from Head Office in this regard
from time to time).
PENALITY
-
Penalty for late payments of installments is Rs. 1.50 per Rs. 100/- per
months for deposit.
-
Penalty for delayed payments can be waived against payment of equal
number of advance installments.
MATURITY
-
The deposit shall mature 30 days/one month after payments of last
installment or on due date whichever is later.
-
If the proceeds of the R.D. are to be credited to the depositor’s
current/saving Bank account affixation of revenue stamp is not necessary.
-
On maturity of the R.D. the depositor should discharge the receipt
provided in the Pass Book on revenue stamps of requisite value when payment can
be made to the depositor after verifying the signature with the specimen on
record.
-
Bank’s lien will be noted on the depositor’s balance in the R.D.
account, to the full extent of the limit allowed under authentication of the
manager. The relative Pass-Book after discharging the receipt over revenue stamp
at end of the pass book will be obtained from the borrower and kept with the
documents which will be returned, after the loan is adjusted.
PREMATURE
PAYMENT
Bank
may act its discretion to repay the deposit to depositor on his written request
with up to date compound interest at the rate applicable to the period deposit
remained with the bank. In case of death of depositor, payments will be made to
claimant legal heir without charging penalty
before maturity.
LOANS
/ ADVANCES
-
Advances upto 75% to 95% of the deposit is allowed on the security of
these deposits.
-
Third party loan allowed.
INTEREST
ON LOANS
-
1% over the deposit rate.
-
In case of loan to the third party the rate applicable for the activity
for which loan has been raised.
-
At par to the staff members.
MATURED
RECURRING DEPOSITS
Matured
R.D. which have not been claimed on the due dates should be transferred to a
separate account called “Overdue recurring Deposit Account.”
ACCOUNT
OPENING FORM
PNB
- 318 A
SAVING BANK ACCOUNT
INTRODUCTION
The
object of saving bank account is to promote the habit of thrift among the
public. Majority of the banks these days have Saving deposit sections. This
account is meant for persons of most means and low income group people. A saving
Bank account can be opened
A
new accounts may be introduced by :-
-
A holder of a current/Saving Bank with the branch, conducted
satisfactorily.
- Other
well-know and responsible local parties after their identify is satisfactorily
established and the genuineness of their signature as introducer is duly
verified.
- A
responsible official of the bank provided his knowledge of the party introduced
is sufficient.
Introduction
should be obtained while opening any type of deposit account for a new
customers. Introduction of prospective depositors should not be treated as a
routine formality, but a serious responsibility to be discharged with care.
Saving bank accounts providing collection facilities, any negligence in
obtaining satisfactory reference or introduction of a new customers and/ or in
verifying the genuineness and substance of the reference given will derive the
bank of the protection available under Section 131 of the Negotiable instruments
Act. Satisfactory introduction is necessary in deposits as well so as to be
satisfied about the identify of the depositors and that there is no possibility
of deposits having been made in “Benami” or fictitious names with a view to
evading tax.
Before an account is opened it will be entered in account opened and
closed register and a serial number will be allotted to it. This number will be
marked on the account opening from, specimen signature slip, all cheque books
issued and other relative documents. Care should be taken that no number is
realloted to any account.
Similarly,
when an account is closed, an entry will be made in the account opened and
closed register and the balance extended to depict the total number of running
accounts; the word “closed” with date being marked against the original
entry made when the account was opened.
-
Entries made in the account opened and closed register will be checked by
the concerned checking official under his initials.
-
Generally the introducer should call at the branch and introduce the
depositor by signing in the account opening form in the designated column.
Further, if the introducer is an account holder of the branch, his signature
should be verified with the specimen on record. If the introducer does not
presently visit the branch, a letter of thanks should be sent to him for
introducing the account and wait for his confirmation. No cheque/draft should be
accepted for collection through the newly opened account till such time the
confirmation is received.
-
Where the introducer is a customer of another branch the account opening
form should be sent to the concerned branch for attestation of the
introducer’s signature and a confidential report on the introducer’s account
called for. No cheque book should be issued or withdrawals allowed in the
account until receipt of the account opening form, duly attested and the
confidential report.
-
A person signing in a language, other than English or Punjabi, Hindi (in
Devnagri script) can be allowed to open an account.
ACCOUNTS
OF ILLITRATE PERSONS
Saving
Bank accounts may be opened in the names of illiterate persons in which case the
following procedure should be adopted:-
(a)
The illiterate person should visit personally in the bank and his/her
left hand in case of gents and right hand in case of ladies thumb impression
should be obtained on the account opening form in the presence of an authorised
official/manager of the bank and attested by him and witness by two independent
persons, known to the bank and no supplying a copy of his latest passport size
photograph. Latest pass port size photograph obtained should be affixed at the
appropriate place in the A.O.F. (PNB – 942 & 984) and specimen signature
slip (PNB -32 H) and attested by the manager. The following endorsement should
be made in the A.O.F. :-
(b)
Left/Right hand thumb impression of Shri/Smt/Km. _____________________
has been affixed in my presence on this form and the contents of which have been
fully explained to the account holder in his vernacular language and he/she
admits the same. He/She is known to me.
(c)
In these cases, the depositor, every time he wishes to withdraw is
required to visit the bank personally to affix his thumb impression on the
withdrawal forms/slips in the presence of the manager.
(d)
It should be clearly noted in RED INK on the ledger folio that the
account holder is an illiterate person so that it will enable the staff to
exercise caution.
Account
of Blind Persons
-
A blind person may be allowed to open a saving account, singly or jointly
with others. He/she will be properly introduced and both his/her signatures (if
illiterate) and left/right thumb impression (if illiterate) will be taken, in
the presence of the incumbent incharge and witnessed by a person, known to the
bank and attested by the incumbent incharge.
-
Wherever possible, number and details of one or more identification marks
of the blind person i.e. mole or scar, will be noted on the account opening form
and specimen signatures slip, under authentication of the incumbent incharge.
Four copies of photograph (Passport size), of the blind person, duly attested by
the incumbent incharge will be taken and pasted on AOF, specimen signature slip,
and pass book. The cost of photograph, may be debited to the bank’s revenue,
at the discretion of the incumbent incharge.
-
A rubber stamp indicating that the account holder is blind, should be
affixed on the AOF, specimen signature slip, ledger folio, pass book,
pay-in-slip, withdrawal slip etc.
-
Cash payments to a blind, however, should always be made in the presence
of a witness, who should also sign as such. The amount withdrawn should be
confirmed to the blind orally. Similarly, cash deposits by a blind depositor,
should be done, in the presence of a witness and the amount deposited should be
confirmed to him orally.
-
Pass book should always be brought by the blind customer at the time of
withdrawal and the entries and balance should be read out to him in confidence,
if necessary, by the incumbent incharge.
Account
of Individuals (Joint Names)
The
term “Joint Account” means account jointly in the names of two or more
individuals. In respect of such accounts it is important to obtain clear
instructions as the mode of operation. (Form – PNB - 942)
Either
or Survivor Account
Such
account can be operated by either of the account holders or by the survivor in
the case of death of the other joint holder/s.
Former
or Survivor
The
account can be operated by first named individual and in case of his death, the
operations can be made by survivor/s on production of proof of death.
Joint
Operation
In
such types of accounts the operations are to be made jointly by two or more
individuals. The instructions for joint operation should be given specifically
by the joint account holders, indicating the names of eh account holder-s who
will operate the account. In the absence of any instructions the operations
should be made jointly by all the account holders of the joint account.
Any
change in the operational instructions should be only with the written
instructions of all the joint account holders.
In
case of death of a joint account holder, in the absence of instructions to the
contrary, the balance in the joint account vests jointly in the surviving joint
holders and the legal representatives of the deceased. However, when the bank
has valid instructions to pay the balance to the survivors/s, the bank will be
within its rights in permitting the survivor/s to freely deal with the balance
in the joint account, on tendering satisfactory proof of death of the deceased
joint holder. The survivor/s may then be asked to transfer the balance to a
fresh account to be opened in their names unless he/they want to close the
account.
Account
in the Names of Minors
Accounts
in the names of minors may be opened either in their sole names or jointly with
the natural guardian/s or person/s other than the natural guardian/s, subject to
the conditions detailed in following paragraphs with regard to the various types
of account.
Account
in the Sole Names of Minors
Saving
bank account in the sole name of minors of age 10 and above may be opened
subject to the following terms and conditions :
-
The minor should be able to read and write and be capable in the opinion
of the branch official, of understanding what he does.
-
The account opening form, as is applicable and necessary should be signed
by the minor in the presence of an official of the branch who should be able to
identify the minor or to who the minor should be properly introduced by the
guardian.
-
Cheques drawn by minors on their Saving Bank accounts with the bank may
be accepted for this purpose.
-
If the account is properly introduced, cheque book may be supplies
conforming to the existing rules relating to the facility of withdrawals by
cheques. It is not necessary then for the minor to present himself in person,
for receiving payment. Withdrawals through withdrawals slips should be
accompanied by pass-books and should normally be by the minor in person except
in cases where his parent or close relative or a person known to the bank come
to receive payment.
Accounts
in the Sole Names of Minors through Natural Guardians
Saving
bank accounts may be opened in the names of minors irrespective of their age
through the father or mother as natural guardian. Such accounts may be operated
by the father/mother as guardian under Hindu Law.
Account
of Minor jointly with Guardian/s
-
An account in the name of a minor, below the age of 10 years, may only be
opened, on obtaining prescribed account opening form, under the guardianship of
his/her father or mother and the both be dead, a guardian, appointed under some
will, deed or legislative act, in force, for the time being. (The expression
“Father” and “Mother” do not include a step father or a step mother).
-
In such cases, the date on which the minor will attain his/her majority,
should be recorded in the majority attainment register and appropriately
diarized. When the minor has attained his/her majority, a fresh account opening
form should be taken from him/her and operations on the account allowed only, in
accordance with the instructions contained therein.
-
Saving Bank accounts may also be opened in the name of minor jointly with
his guardian.
-
However no current account in the name of minor and jointly with the
guardian should be opened in any case.
-
Account opening forms pertaining to the accounts should be signed by the
guardian/s in his/her fiduciary capacity as guardian of the minors and also in
the personal capacity.
-
Where death of the natural guardians occurs before maturity of a time
deposit or before the minor attains majority in the case of a joint saving bank
account.
o
If the father who is the natural
guardian dies, the mother’s name can be substituted as the natural guardian of
the minor after registering the death certificate as to the death of the father
and the periodical interest accruing due on the time deposit may be paid to her
during minority of the account holder. Her name, however, cannot be added in her
personal capacity in the account.
o
In the event of the death of both
the father and mother of the minor, the principal amount and the interest
accruing due should be retained by the bank and paid on the minor’s attaining
majority (i.e. on his completing 18 years). Where, however, a guardian is
appointed by a court of competent jurisdiction, the minor attains majority at
the age 21 and in such case the guardian of the property of the minor appointed
by the Court should be paid interest accruing due from time to time.
Accounts
in the Name of Purdanishin Ladies
If an account is opened in the
name of purdanashin lady it should be ensured that the
Signature
on the account forms and on withdrawals forms are invariable attested by two
responsible persons to the bank.
INTEREST
-
@ 3.5% per annum interest is applicable/allowed on half yearly basis on
the credit balance outstanding during the period from the 10th day of
the month to the last day of every month.
-
The products for a month on the aforesaid minimum balance in each account
should be noted in the product column every month. The products for the six
month from August to January and February to July should be totaled up at the
end of January and July and interest should be calculated on the toal products
at the end of each half year and amount credited to the accounts.
Duplicate
Pass Book
When
a pass book is reported lost, duplicate may be issued with the opening entries
against payment of Rs. _________ . The amount so collected should be credited to
P & L-Stationery account. Also caution should be marked in ledger sheet
while issuing duplicate pass book and it should be issued only at the written
request of the depositor and signature on the request letter of duplicate pass
book must be verified before issuing the same.
Closing
of Accounts
When
saving bank accounts are closed the balance in the account together with upto
date interest should be paid. The relative Pass Book should be delivered to the
account holders with a stamp “Account closed” after the last entry in the
Pass Book. The account opened form as well as ledger sheets should be affixed
with the “Account closed” stamp under the initial of the incumbent incharge.
Posting should be made in the account opened/closed register. Unused cheques
should be got back from the account holder before closing the account.
Transfer
of Accounts
An
account may be transferred from one branch to another branch of the Bank free of
charges after six months of written application from the depositor, which should
be accompanied by Pass book and unused cheques form. While transferring the
account from one branch to another, care should be taken that all the
instructions relating to the operation of the account and standing instructions,
if any are communicated to the transferee branch. A.O.F., SS Slip, Transfer
Payment Order/ advice and standing instruction should be sent to the transferee
branch under UPC/ registered cover.
IN
– OPERATIVE ACCOUNT
Accounts,
which have not been operated upon for three years, will be transferred to a
separate opening, in the “in – operative ledger” by credit to in –
operative accounts head, in the General ledger. On the Ist of December each
year, such in – operative accounts, as have not been operated upon for 10
years or more, will be further transferred to a separate ledger, containing
inoperative accounts for 10 years or over, by credit to a similar account in the
general ledger.
Any
account which is operated during the month of December will be re-transferred to
the operative ledger and will not be included in in-operative account, whose
return is required to be submitted to RBI as at the end of December under
Section 26 of the Bank Companies Act. It will be in order if the relative sheets
are taken out from the in-operative ledger and inserted in the in-operative
ledger for 10 years or over.
The
in-operative ledgers will remain under the joint control of two officials one of
whom must be the incumbent incharge. Account opening forms and specimen
signatures relates to inoperative accounts will also be transferred to a
separate file/binder, which also will be kept under joint custody, holding
charge of the inoperative ledgers.
Payment
should be made on such accounts only when authorised in written by the
custodians of the inoperative ledger and such withdrawals must be passed by both
of them irrespective of the amount involved. The passing officers must exercise
extra care while passing withdrawals from inoperative accounts and in case of
any doubt the depositor must be identified to their satisfaction. part
withdrawals from any credit to inoperative accounts should be allowed only after
the particular account has been retransferred to the current ledger. In case the
balance of any account is sought to be withdrawn in full, the operation may be
allowed in the inoperative ledger and account closed. The case sheet from
inoperative ledger should be transferred at the appropriate place in the closed
account ledger.
While
transferring accounts from inoperative to operative ledgers, these will be
summated and their balances carried down and thereafter relative sheet in the
inoperative ledger will be taken out and inserted in operative ledger under the
original number. A day book voucher will be passed by debiting the amount to
inoperative account and crediting it to the operative account, which will be
checked by a checking official. The remarks in the account opened and closed
register will be deleted by the checking official and the relative account
opening form and specimen signature slip will be replaced in the files and
binders of operative accounts. Suitable corrections on the last page, containing
summations of closed accounts, also be made in such accounts.
MULTI
BENEFIT DEPOSIT SCHEME
Multi
benefit deposit scheme is one of popular deposit schemes of our bank. This
scheme provides maximum returns to the depositor who gets beck the principal
amount with quarterly compounded interest on maturity.
Who
can open Account
Any individual (including minors) singly or jointly, proprietorship firm,
association, company, corporation organization, municipality, panchayat, govt.
body, trust, religious, charitable and educational institution, HUFs and
illiterate person.
Deposit
:
Any amount with minimum of Rs. 1000/-
Period
of Deposit
:
7 days to 120 months
Saving
Interest:
As
applicable on term deposits for appropriate period. It is compounded quarterly
and is payable on maturity.
Premature
Withdrawal of Deposit
Bank
may act its discretion to repay the deposit to depositor on his written request
with up to date compound interest at the rate applicable to the period deposit
remained with the bank. In case of death of depositor, payments will be made to
claimant legal heir without charging penalty
before maturity.
Advance
Loan
up to 75% to 95% of deposit plus interest accrued up to preceding quarter is
allowed on security of these deposits. Interest 1% over deposit rate is charged
on loan.
AOF
PNB 318 A for individual single & Joint Account
Nomination
be made in this FDR. Over FDR can be renewed from maturity date till future date
for at least for the minimum period of term deposits beyond date of renewal.
This
scheme is suitable for those depositors who wants regular return on their
deposits.
Who
can open accounts
Any
individual/sole proprietorship concern/partnership firm/ association/ trust.
Amount Minimum deposit Rs. 1000/- or any higher amount.
Period
one year to 10 years.
Interest
as applicable on term deposit
-
Payment quarterly at simple rate
-
Monthly at discounted rate
Premature
Withdrawal of Deposit
Bank
may act its discretion to repay the deposit to depositor on his written request
with up to date compound interest at the rate applicable to the period deposit
remained with the bank. In case of death of depositor, payments will be made to
claimant legal heir without charging penalty
before maturity.
Loan
75%
to 95% of the amount of deposit at an interest rate 1% over interest rate plus
interest tax.
Account
opening form
Single
and joint individual Account/s
-
PNB 318 A
For
others
-
PNB 318 A & 318 B
For
illiterates
-
PNB 984 & 318 A
Anupam
Account Scheme
This
scheme is a combination of multi benefits deposit scheme and overdraft account.
Under the scheme a depositor get simultaneous overdraft facility against his
fixed deposit and cheque book is on same day.
Participation
Any
individual(s), sole proprietorship concern, partnership firm, Association,
trust, Ltd. company etc. can open anupam account. Anupam account shall not be
opened in the name of minor.
How
to open account
Individual
(single and joint) can open the account by filling a combined account opening
– cum – OD Form (PNB - 978)
-
Other than individual’s shall have to fill, revised AOF PNB 978 along
with form No. PNB 318B. A simplified resolution as per annexure C shall also be
taken in case of company, association, society club.
-
Specimen signature shall be obtained in all cases.
-
No fixed deposit receipt is issued and no discharge on FDR is done.
Instead ‘Particulars’ of Anupam Account receipt form PNB – 908 A have
printed serial number shall be delivered to customer in plastic cover. In order
to keep a track on receipt forms, the printed serial number shall be noted in
ledger sheet of Anupam account.
Deposit
Minimum
amount Rs. 1000/- or more.
Period
6
months to 120 months
overdraft
facility
Simultaneously
OD facility to the extent of 75% to 95% depending upon maturity period of
deposit margin on overdraft account should be taken as per chart.
Shown
below :
Remaining
maturity period
margin
Upto
2 year
5%
More
than 2 years but less then 3 years
7.5%
More
than 3 years but less then 4 years
10%
More
than 4 years but less then 5 years
12.5%
More
then 5 years
25%
Interest
1%
over the deposit rate except in case of staff and honourable retired ex-members
of staff to whom 95% of the deposit is to be allowed at the same rate of
interest as that of deposit in case overdraft is up to Rs. 3 Lac. However
interest tax will be charged extra as per instructions from H.O.
Renewal
Renewal
of fixed deposit is permitted at customer request only if no overdraft is
outstanding against it.
However
if same overdraft is outstanding against the fixed deposit, its preceeds will be
credited to overdraft account. At customer’s request deposit may be renewed
for amount of credit balance in overdraft account and just overdraft may be
allowed against it in the same account provided the amount of fixed deposit so
renewed is Rs. 10000/- or more.
Letter
of request shall be taken from customers for renewal of fixed deposit on
maturity. If any depositor desires to withdraw the deposit before maturity, bank
may at its discretion repay the deposit with up to date quarterly compound
interest at the rate applicable to the period deposit remain with the bank less
1% penalty after adjusting amount of overdraft outstanding.
Maturity
proceed / overdue deposits
Overdraft
must be liquidated out of proceeds of the deposit and in no case FDR under
scheme should be renewed where overdraft allowed against it is outstanding.
Important
point
-
Anupam account (overdraft) shall be entered in the document register
since no loan account it taken apart from combined AOF
PNB 978 and specimen signature slip. However the ledger shall be treated
as documents register for the purpose of verification etc. as may be necessary.
-
Instructions regarding safe keep of AOFs etc. be observed.
-
As OD facility is automatically sanctioned and is rebuilt in the scheme
it will not be reported in limit sanctioned statement. However, if the account
becomes irregular, it will be reported in the relative statement to the next
higher authority as in case of other overdraft account.
-
No consideration voucher is to be passed.
-
No service charge may be levied in account of individuals because levy of
incidental charges in accounts of individuals may dissuade of MICR cheque book
incidental charges may be levied in individual account. For accounts other then
individuals the prescribed incidental charges may be levied.
-
Further FD for Rs. 10000/- or more can be accepted in some account.
Sugam
deposit scheme
Sugam
deposit scheme stands circulated vide Circular No. 31/98 dated 2/7/98. Sugam
deposit scheme provides flexibility to existing FD schemes. The depositor has
free access to his funds. Depositor can withdraw any amount in multiples of Rs.
1000/- any time before maturity breaking entire FD. Remaining deposit will
continue as such.
Participation
Account
may be opened in the name of individuals (including minors) simply or jointly.
-
Sole proprietorship concerns.
-
Partnership firms, association, trusts, limited companies, other
institutions etc.
How
to open account
Existing
fixed deposit account opening forms will be used after affixing the name of
above scheme with rubber stamp thereon, with PNB 318A amended as under:-
In
clause 2(A) & 2(B) add the words “allow premature withdrawals” between
the word “in out joint names or (B)” and “make premature payment of the
proceeds” to read as “in our joint names or (b) allow premature withdrawal
(g)/ make premature payment of the proceeds……………..”
Deposit
Minimum
Rs. 10000/- and more, in multiple of Rs. 1000/-
Term
of deposit
Deposits
will be accepted for a minimum period of 180 days and maximum of 120 months.
Withdrawal
facility before maturity
Deposit
has the facility to withdraw any amount before maturity in multiples of Rs.
1000/-, any time whatever he needs it without breaking the entire deposit and
without losing interest on remaining deposit under the scheme. The value of FDR
(Principles) shall be reduced accordingly.
Interest
as Applicable to Term Deposit.
The
depositor may opt to draw interest monthly/ quarterly/ half yearly/ yearly or on
maturity.
The
rate of interest in respect of deposit withdrawn before maturity shall be one
applicable to the period for which the deposit has remained with the bank less
one percent penalty for a premature withdraw – interest shall be paid on
compounded basis with quarterly rates for the period during which the deposit
remained with the bank. In case of cancellation of deposit receipt under
reinvestment plan i.e. interest payable on maturity.
Loan
advance facility
Loan
advance to the extent of 75% of balance principle deposit amount plus interest
accrued thereon upto the last quarter at the 1% over deposit rate plus interest
tax be allowed. In cases of staff and hon’ble retired staff members 95% of
balance principle deposit plus interest accrued thereon upto the last quarter is
permitted as advances at the deposit rate plus interest tax provided advance is
upto Rs. 3 Lac.