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ARUNACHAL PRADESH STATE CO-OPERATIVE APEX BANK LTD

(Sponsored by Government of Arunachal Pradesh)

Head Office :: D-Sector, Naharlagun, District : Papum Pare, Arunachal Pradesh - 791 110

NSTFDC     CMFMP     Micro Finance SHG

SAVINGS ACCOUNT

Opening of Account
Application to open an account should be made in the prescribed form supplied by the Bank and subject to submission of KYC documents and dully introduced by an Account holder’s of the Bank.

The following types of Savings Accounts can be opened

  1. Individuals Account on his/her behalf.
  2. Joint Account by two or more persons to be operated by any one or more or survivor/survivors.
  3. Minor Accounts below the age of 14 yrs to be operated by parents/Guardian, with a provision to operate the account by the minor after attaining 14 yrs of Age. by declaring the date of birth of the minor.
  4. Registered Clubs, Associations, Charitable and Religious Institutions – subject to submission of rules,bye-laws and other KYC documents of the authorized.
  5. Co-operative Societies, NGO’s, SHG’s and Farmer Club’s etc-subject to submission of rules,bye-laws and other KYC documents of the authorized.
  6. State and Central Govt. Department’s/ PSU’s/Panchayat Bodies/Municipalities Agencies/Boards and Comities etc -subject to submission of rules,bye-laws and other KYC documents of the authorized.

Initial Deposit - Minimum Balance
An initial minimum deposit of Rs.500.00 is to be paid to open the account and the depositor should always maintain a minimum balance of Rs.500/- to keep the account running if cheque book facility  is not availed . If cheque book facility  is  availed,  a minimum balance of Rs. 1000/- is to be always maintained to keep the account running. 

Pass-Book/Cheque Book

  1. The facility of cheque-book will be provided to the account holder who maintains a minimum balance of Rs.1000/-. But this facility will be withdrawn if the balance falls below Rs.1000/-.
  2. On a written request, on the printed requisition form inserted in the cheque book, fresh cheque book will be issued. The depositor should examine that all the serially numbered cheque leaves are intact along with another requisition form in the new cheque  book.
  3. In case of loss of Cheque book/Cheque leaf of pass book, the Bank should be informed immediately. Duplicate Cheque book/ pass book will be issued subject to payment of charges.
  4. Cheque-books will not be given to third parties without properly filling the requisition forms and attesting the signature of the messenger/representative of the account holder.
  5. Cheques and cheque –book requisition form sent through post shall always be despatched by Registered Post  at the cost of the account holder.
  6. Depositors shall always keep their Pass-book and cheque-book in safe place.  The Bank will not be held responsible for any loss or wrongful payment on account of non-compliance of this rule by the depositor. 
  7. The Pass-book should be got up-dated at regular intervals.
  8. On receipt of a Pass-book, all entries in the Pass-book should be carefully examined and discrepancies, if any, such as errors/omissions/unauthorised debits and credits should be brought to the notice of the Bank, failing which the entries made in the Pass-book will be deemed to be correct and shall be binding on the depositor for all intents and purposes.
  9. The account holder should not on their own make any entries in the Pass-book.
  10. The Bank reserves the right to correct the entries wrongly made or found to be fictitious.
  11. Withdrawal forms/cheques should be signed by the Drawer in conformity with his specimen signature lodged with the Bank and in accordance with the instructions regarding the mode of operations. The bank will be free to refuse payment against withdrawal forms or cheques on which the drawer’s signature does not exactly correspond with the specimen signature on Bank’s record.
  12. The depositor unable to write shall call on the Bank and affix his thumb impression on the cheque/withdrawal form in the presence of a witness who knows the depositor and is also known to the Bank.
  13. If the cheque or cheque-book requisition form is lost or stolen while in possession of the account holder or in postal transit, The Bank does not assume responsibility and shall absolve itself from all liabilities for any loss whatsoever that may arise on account of negligence on the part of the account holder in not observing the necessary precautions.
  14. Cheque should be Drawn (preferably in indelible ink) in such a way as to prevent unauthorized operations or alterations after issue. The amounts should be stated both in words and figures. Writings should be legible and distinct. The amount of the cheque expressed must commence immediately after the printed words ‘Rupees/Rs.’ and the amount so expressed in words must end with the word ‘only’ or with “/=” in figures respectively.

Rate of Interest
The interest at the rate prescribed by the bank shall be paid on the daily minimum closing balance in the account. No interest will be allowed unless the account earns a minimum interest of Rs.10.00  per half year. Interest earned would be rounded off to the nearest rupee. Such interest will be calculated and credited to the account before 31st March and 30th September each year.

Withdrawals

  1. Withdrawals are permitted only by a cheque or withdrawal form provided by the Bank. Withdrawal form is issued to the account holder only when he appears in person at the Bank and on production of the Pass-book.
  2. Cheques/ withdrawal slip should be signed by the drawer in conformity with the style of operation of the account and the specimen signature lodged with the Bank. The Bank will be at liberty to refuse payment of such cheques which do not conform to this rule.
  3. Total number of withdrawals should not exceed 60 every half year. This includes withdrawal by cheque, withdrawal forms, transfer of funds from one account to another, letter to transfer funds, standing instructions etc. For accounts opened in the middle of the half year permissible withdrawals will be calculated prorata. If the number of withdrawals exceed the permitted limit, a service charge of Re.1.00 per withdrawal in excess of the permitted withdrawal shall be levied.
  4. Cheques, Dividend Warrants, Pay orders, pension bills etc., drawn in favour of the account holder only will be collected through this account against payment of collection charges. Only on realisation of these instruments, the proceeds will be credited to the account. The Bank will not be responsible for any loss that may occur on account of delay or otherwise in transmission or collection.
  5. Writing on the cheques should be legible and distinct to avoid ambiguity especially name of the payee, date of the cheque and the amount of the cheque expressed in words and figures. If the amount stated in words and figures differs, such instrument shall not be paid. 
  6. Altered/mutilated/soiled cheques shall not be honoured.
  7. Any minor alteration on the Cheque/ drawal slip must be countersigned signed by the account holder below or above such corrections.

Dishonour

The following types of cheques/withdrawal forms  will not be honoured

  1. Cheque drawn against unrealised credits
  2. Post dated / stale cheques;
  3. Cheques presented after three months from the date of cheque;
  4. Cheques drawn for amounts in excess of balance at credit in the account;
  5. Cheques drawn on forms other than those supplied by the Bank;
  6. Cheques containing extraneous matters;
  7. Signature of account holder not as per the specimen signature lodged with the Bank;
  8. Cheques not properly drawn other than prescribed norms.
  9. Cheques countermanded by a competent authority.
  10. Every dishonour of cheque for insufficiency of funds attract charges at the rate prescribed by the bank.

Loss of Token
Charges as prescribed by the bank will be levied for every token that is lost by the customer.

Lien
The Bank has a paramount lien/right of set-off on the deposit account and it reserves to itself its right to appropriate the deposit amount towards any financial obligation of the depositor, in any capacity to the Bank.

Inoperative Accounts
The accounts in which there are no operations for a period of two years and above from the date of last operation will be treated as inoperative accounts. Service charge as prescribed by the bank  will be  levied on such accounts. Accounts with balance of less than Rs.20/- will be closed and balance will be transferred to Head Office, if no operations are there for ten years and more.

The Bank reserves to itself the right to alter/add/delete the rules at any time. For this purpose, the Bank shall not require to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s Notice Board or published in the press/ Bank’s web site  shall be deemed to be sufficient notice to all account holders.

Closure of Account
Request for closure of account shall be in writing. The account holder shall return all unused cheque-leaves and Pass-book. He shall declare that all cheques issued by him on the account have been duly accounted for in the account before closure. In case of joint accounts, for closing the accounts, all the depositors should act in accordance with the instructions given at time of opening the account.

The bank reserves to itself the right to close any account, which in its opinion is not properly conducted or is otherwise undesirable for any reason. 

If the account is closed within one year from the date of opening,  incidental charges as prescribed by the bank  will be levied and deducted from the balance before it is paid.