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The Ludhiana Central Cooperative Bank Ltd.

DEPOSIT SCHEMES

DIFFERENT TYPES OF ACCOUNTS

Saving Account

 

Introduction

Saving Bank accounts, as the very name suggests, are intended for saving for the future. This is the most common type of account which caters to the needs of vast section of people in the society. These accounts promote savings habit of people. Balances in this type of account earn interest by the depositor. This account is a form of demand deposit account. It includes both the categories of savings accounts, viz., savings accounts with cheque book facility and savings accounts without cheque book facility.

Who can open a Savings Account

Individual Saving bank account can be opened by the followings.
(i) Single person in his own name.
(ii) Two or more person’s in their joint names to be operated in the following manner.

  • Either or Survivor
  • Jointly/ Jointly or Survivor
  • Any one or Survivors or Survivor
  • Former or Survivor
  • A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or mother or both.
  • An account can be opened in the name of club, society, provident fund and trust, provided they are duly constituted and subject to satisfaction of conditions stipulated by Reserve Bank of India/the bank from time to time.

How to open a Savings Bank Account

  • Application to open an account must be made in Bank’s prescribed account opening form. It should be made, in person, in the presence of Bank’s authorized officer and the applicant must fill in all the columns of the application form. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.
  •  Illiterate depositor, unable to write, must attend in person and affix his/her thumb impression on the account opening form in the presence of an approved witness, who is known both to the bank and the applicant. Such illiterate depositor should lodge his/her recent photograph with the bank, duly attested by a person known to the Bank.
  • Every account holder should submit copies of his/her recent passport size photograph at the time of opening an account.
  • The account is to be introduced by an existing account holder having satisfactorily conducted account with the Bank. The account of the introducer should be KYC compliant.
Any of the following documents bearing photograph of the holder is also accepted for the purpose of identification:
  1. Valid Passport
  2. PAN Card
  3. Driving Licence
  4. Voters ID Card
  5. Defence ID Card
  6. Identity Card of employees of central/State Govt. & Public Sector Undertakings
  7. Senior Citizen’s Card
 

ATM & NEFT/RTGS Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1ATM ChargesAnnual ATM card charges ->1st year free ->2nd year – Rs.100/-Same Charges
2ATM Financial TxnATM Aquirer (Financial Txn) charges, after 5 transactions – Rs.21/- per transactionSame Charges
3ATM Non-Financial TxnATM Aquirer (Non Financial Txn) charges, after 5 transactions – Rs.7/- per transactionSame Charges
4New ATM card issue charges1st ATM card is freeSame Charges
5For reissue of ATM card – Rs.200/-Same Charges
6SMS ChargesRs. 15/- per QuarterSame Charges
7RTGS/NEFT chargesNo chargesNo charges

Bank Gurantee Against Deposit Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Bank Guarantee against depositMinimum charges Rs.500/-Up to Rs.500000- 2% p.a.Above Rs. 500000 – 1% p.a.Charges to be levied at the time of issuing of guaranteeSame Charges

Interest Certificate Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Interest certificate/ Balance certificateFirst copy- FreeSubsequent copy- Rs.100/-per copyNo charges

Photo Attestation and Signature Verification Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Photo attestation chargesRs.50/- for Saving AccountsRs.100/- for Current AccountsNo charges
2Signatures verification chargesRs.50/- for Saving AccountsRs.100/- for Current AccountsFree for- Students, Defence forces, War widows, Physically handicap & Signature attestation for ECS purposeNo charges

Account Closer Charges Saving/RD

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Account closer chargesUp to 1 year account Rs.500/-above 1 year account Rs.250/-No charges for deceased casesNo charges
2Closing of RD A/c before maturityRs.100/-On account of death of customer no charges should be levied.Same Charges
3Penalty for late payment of RD installmentPenalty charges to be levied for delayed installments in Recurring Deposit Accounts @ Rs.2/- for Rs.100 p.m. irrespective of periodicity of deposit (Minimum Rs.20/-)Same Charges

Cash Deposit in Current Account*

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Cash deposit in Current Account (except Govt./Coop. Institutions.)No chargesNo charges

Payments under CBS other than Parent Branch

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Payments under CBS Other than parent branchCash Payment/Deposits under CBSOther than parent branch customers.No chargesNo charges

Excess Debit Entries Charges in SB Account

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Charges for excess debit entries in SB AccountAfter 30 Manual Debit entries per half year, Rs.5/- per entryshould be debited by system,No charges

Saving/Current Account->Cheque Book Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Cheque Book charges Saving Bank A/cOne cheque book containing 20 leaves free per half year Rs.2.50/- per leaf for extra cheque.Same charges
2Cheque Book chargesCurrent A/cNo free cheque book is to be issued. Rs.3.00/- per leaf for each cheque.Same charges

Saving/Current Account->Minimum Balance Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Maintenanceof Minimum BalanceSaving Bank DepositsThe Customer who does not maintain minimum balance of Rs.500/- and Rs.1000/- withcheque book facility in his account the service charges shall be levied atthe following rates per month:Rs.100/- per month, will be debited every month.No charges for Senior Citizens.No charges
2Maintenanceof Minimum Balance Current AccountMin. balance Rs.5000/- is to be maintained.Rs.300/- per month, will be debited every month for non-maintenance ofminimum balance.Same Charges

Account Statement and Duplicate Pass Book Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Statement of account All types of accounts.One statement for current month and proceeding month is free.Rs.50/- per statement for other months of current financial year.Rs.100/- per statement for proceeding financial years.No service charges for statement through own registered E-Mail.No charges
2Duplicate Pass BookFirst Pass-Book free.Additional passbooks on completion of previous passbook is also free.Rs.100/- for issuing duplicate passbook on request.Same charges

SAFE Custody and Locker Rent Charges

Sr No.Detail of ServicesApplicable Charges (For Customers)ChargesApplicable Charges {For Bank Staff (Including Retired)}
1SAFE CUSTODY CHARGESNA
2LOCKER RENTLocker (one size)Rs. 1000/- p.a.Rs 500/- p.a. without lien
Note: In case of loss of key of the Lockers, actual expenditure incurred for breaking open the locker and changing the lock by manufacturers of lockers, should be recovered from the account holders. Penalty charges per Quarter or part thereof:
Penalty in case of lost key will bbe borne by the customer
* Any default will atract penalty charges for a full quarter.
*The rent should become due w.e.f. 1st of succeeding month, in which the locker is leased out. One month may be allowed for payment of rent due.

Standing Instructions and STOP Payment Instructions

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1STANDING INSTRUCTIONSRejection/Failure charges are Rs.50/- per instruction once during a month.For RD account rejection charges are Rs.25/- per instruction once during a month.No charges
2STOP PAYMENT INSTRUCTIONAll types of accountsPer instrument Rs.100/-andRs.50/- for additional each instrument in a single instance.Same Charges

Issuance/Cancellation of Banker Cheque /Pay Order/DD

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Issuance of Banker cheque/ Pay order/DDUp to Rs.10000/- Rs.50/- Above Rs 10000/- Rs.50/- plus Rs.3/- per thousand for amount above Rs.10000/- Maximum Rs.10000/- Branch Manager is authorized to waive charges to Govt./Semi-Govt./ Cooperative Institutions, having good amount of deposit.Every Staff Member is entitled for one free draft/ payorder of any amount in a month
2Issuance of Duplicate Banker’s cheques/DDsRs.100/-No charges
3Revalidation/Cancellation Of Pay order/DDsRs.50/-No charges

Cheques/ECS- Outward Inward

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Outward Cheques/Bills returned unpaidCharges for outward Cheques/Bills Clearing Returns, outward loan Cheques return. Rs.100/- per instrumentSame Charges
2Inward Cheques/Bills return unpaidRs.100/- per instrument.Same Charges
3ECS outward and inward clearing returnRs.100/- per instrumentSame charges

Collection of Outstation Cheques/Bills

Sr No.Detail of ServicesApplicable Charges (For Customers)Applicable Charges {For Bank Staff (Including Retired)}
1Collection of Outstation ChequesUp to Rs. 5000/- Rs 25/- From Rs 5001/- to Rs 10000/- Rs.50/- From Rs10000/- to Rs 100000/ Rs 100 Above Rs100000/- Rs150/- Above charges are per instrument.Same charges
2Collection of BillsUp to Rs. 10000 Rs. 50/- plus Postal charges Rs. 10001 and above Rs.6/- per thousand, Min 100/- and Max. 12000/- plus postage. No collection charges to be levied for collection of local cheques/drafts. However, out of pocket expenses be recovered in full. Collection charges in cases of outstation cheques/bills should be levied on the gross amount of instrument. Further, No charges to be taken from Senior Citizens/pensioners for collection of pension up to Rs 10000/-Same charges

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