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Saving Accounts
What are the required documents and the followed procedures for opening Saving Account?
A - copy of ID. · Filling the opening saving account form and given sample of signature. · Depositing minimum amount of R,O 5/ in the account name.
Is it possible to open saving account for non lenders?
Yes, it is possible
Is it possible to open joint saving accounts?
Yes, according to power of Attorney.
Is it possible for a person who possesses saving account in the bank to open saving account for another person?
Yes, it possible on condition that he must present himself personally of through legal authorization.
Is it possible to open saving account for children ? if the answer is Yes, is there any encouragement gifts?
Yes, it is possible but there is no promotional gifts for them.
What is the bank interest on the saving account ,and when it is recorded on the account?
Currently the rate of interest is 1% the interest is recorded at the end of June & December of each year.
What are the followed procedures in case of no cash movement on the saving accounts?
The saving account will be change from moving to non moving account in case no money is deposited in the account for one complete year and its balance was in the limit of R.O ( 50/) or less on wards commission of R.O (1) will be deducted for every three months, if the balance is less than the commission, the balance what so ever be and them the account will be closed. No, interest registration or statement of account will be sent to the owners of these accounts if the account is registered as non moving.
Is it possible to draw or deposit amount from saving account to another from another branch of the bank?
Yes, it is possible to this transaction.
Is there current account?
There is NO, current accounts.
When do you send statement of Saving account?
In the beginning of each year.
What is the fees to be paid when transferring amount of money from saving account to other banks?
Only R.O (1).
What is the fees required when closing the saving account?
In case of closing the saving account after one year of the date of opening the saving account, no fees will be paid . Incase of closing saving account before one year passes from the date of opening the saving account, fees of R.O (1) will be imposed .
How much is the fees when closing a saving account?
In case of closing the account after one year there will be no charges
In case of closing the account before one year there will R.O.1,000 charge.
Is there any charges when saving account statement is required?
There will be no charges when saving account statement is required.
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