Savings Max Account Eligibility Criteria

Highlights

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  • Save upto ₹12,500*
    while opening
    Savings Max Account
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Eligibility

The following people are eligible to open a SavingsMax Account:

  • Resident Individuals (sole or joint account)
  • Hindu Undivided Families
  • Foreign Nationals Residing in India*
  • Minor above the age of 10 years are eligible to open self operated minor account and an ATM/Debit card can be issued to the Minor

    • *Foreign Nationals residing in India may open a SavingsMax Account by temporarily attaching an undertaking (QA 22 Form) stating their sources of credit with a copy of their residence permit

Minimum Balance Requirements

  • The Average Monthly Balance (AMB) in the SavingsMax Account should be > or = Rs. 25,000 or maintain requisite FD Relationship as per branch location
  • If the specified AMB or requisite FD Relationship is not maintained, transaction charges may be applicable
  • The bank will notify the customer in advance by SMS/email/letter in the first month of non-maintenance of the required AMB in the account
  • If the minimum balance is not restored in the month following a notice of shortfall, the following penal charges will be levied for all months, including the month of notice, until the AMB/AQB is maintained:

AMB in Slabs (in Rupees)

Service Charges in Case of Non-Maintenance*

>= 20,000 to < 25,000

Rs. 300/-

>= 15,000 to < 20,000

Rs. 600/-*

>= 10,000 to < 15,000

>= 5,000 to < 10,000

0 to < 5000

*6% of the Maximum Shortfall in the AMB slab of Rs. 600, whichever is lower.

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