DATA ANALYSIS

 Saving Accounts:
A savings account is a basic type of bank account that allows you to deposit money, keep it safe,
and withdraw funds, all while earning interest.
1. MAHABANK- Savings Bank Scheme: -

Eligibility:
Any individual can open savings bank account singly or jointly. SB Account of minors can
be opened jointly with natural guardian/legal guardian. The applicant should furnish
identity and address proof as given in account opening form (CIF for individuals), two
photographs & PAN number/Form No. 60/61 while opening new account. In case the
customer is unable to give any documentary proof of identity & address, to the satisfaction
of the bank, the account can be opened with the introduction from existing account holder
who has been subjected to full KYC procedure & having satisfactory operations in the
account for over six months.

Minimum balance in the account:

Minimum balance should be maintained in the account ON QUARTERLY AVERAGE
basis. IF Quarterly average minimum balance in the account is not maintained, service
charges will be levied once in every Quarter.
Interest:
Bank will pay interest on DAILY PRODUCTS in the account (i.e. on daily balance) on
quarterly basis payable on end of every quarter. Present interest rate is –
Sr No. Particulars Rate of Interest
1. Saving Deposits Balance upto Rs. 25 3.50% p.a
Lakhs
2. Saving Deposits Balance above Rs. 25 4.00% p.a
Lakhs

 Documents required to open a Savings Account:

Following documents are required to be submitted by different types of entities for
opening Savings Bank account. Originals of documents for reference and verification
are required to be presented and certified true copies to be submitted for bank’s record;

 Individuals
 Proof of identity (any one of the following)
 Passport
 PAN card or Form No. 60 / 61 (as applicable)
 Voter’s Identity Card  Driving License
Job Card issued by NREGA duly signed by an officer of the State Govt
The letter issued by the Unique Identification Authority of India ( UIDAI)
containing details of name, address and Aadhaar number
 Identity card (subject to the bank’s satisfaction)
 Letter from a recognized public authority or public servant verifying the identity
and residence of the customer to the satisfaction of bank
 Proof of Address (any one of the following)
 Telephone bill
 Bank account statement
 Letter from any recognized public authority
 Electricity bill
 Ration card
 Letter from employer (subject to satisfaction of the bank)
 A rent agreement indicating the address of the customer duly registered with State
Government or similar registration authority.
In case any document alone suffices the purpose of both identity and address, no
separate documents for the same shall be required.
Following additional documents shall be required as below;

 Accounts of minors
 If guardian is appointed by the court, order of the court for the same
 In case the guardian is illiterate, birth date certificate of the minor from the competent
authority

 Trusts & foundations

 Certificate of registration
 Power of Attorney granted to transact business on its behalf
 Any officially valid document to identify the trustees, settlers, beneficiaries and those
holding Power of Attorney, founders/managers/ directors and their addresses
 Resolution of the managing body of the foundation/ association
 Telephone bill
In addition to the above, account opening form, customer information form etc. duly filled in and
authenticated are required to be submitted. Documents in proof of identity and addresses of the
individual/s involved as proprietor / partners / directors / trustees / authorized signatories etc. are
required to be submitted as required under KYC norms.
The Following is the KYC updation form: