Janhit Account

To make banking facilities available especially to the weaker sections of the society , Saraswat Bank offers Janhit Account. Janhit account is a small account / no-frill account which can be opened for a customer who is unable to produce any valid KYC documents .The Bank shall open Janhit account subject to terms and conditions. The details of which are available under KYC-AML policy of the Bank.

Minimum Balance:

The initial deposit amount required to open account would be Rs.250/-.
Minimum Balance required to be maintained would be Rs.100/-.

Features:

ABB transactions allowed
No cheque book facility
Standing Instruction facility is not allowed.
4 free debit transactions allowed per month. Every additional transaction will be charged at Rs 10 per transaction.

Eligibility:

Individuals of small means who are unable to submit proper KYC documents.

Interest Rates:

Interest Rate: 3 % p.a. w.e.f. 1st June 2020 with quarterly rest.

Service Charges:

Non-maintenance of minimum balance – Rs 5 per quarter.
ATM transaction: first 5 financial transactions, per month, free of cost. Exceeding 5 financial transactions, Rs.10 (plus GST) per transaction will be charged. Non-financial Local ATM transactions will be free.
Account closure charges: If account is closed within 6 months – Rs. 10/-

Terms and Conditions applicable:

Balances do not exceed Rs 50,000/- at any point of time.
Total credits to the account should not exceed Rs 1 lakh in a financial year.
Aggregate withdrawals and transfers in a month not to exceed Rs.10,000.
Cheque book facility is not available.
Foreign remittance is not allowed to be credited to the account.
Janhit accounts will be valid for a period of 12 months initially which may be extended by another 12 months if the accountholder provides proof of having applied for an officially valid document. Once a Janhit account complies all KYC requirements for a regular account, his/her Janhit account will be closed and opened as a regular or Suvidha A/c as per his/her consent .