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Savings Account

Savings accounts are the primary type of deposit accounts held at a bank by customers. These accounts let them keep their money safe in return for a moderate interest rate provided by the bank. Abhyudaya Co-operative Bank is a Mumbai based co-operative banking institution operating since 1965. It offers a wide array of financial products and services ranging from various loan schemes, deposits schemes, SME banking and savings accounts.

Abhyudaya Bank has branches in Vadodara and Ahmedabad in the state of Gujarat and in Mangalore and Udipi in the state of Karnataka. The bank has also spread its network in metropolitan cities like Mumbai, Navi Mumbai, Thane, Pune, Rajgad, Nasik, and other major cities of Maharashtra.

People prefer a savings account in Abhyudaya Bank as the bank provides services such that the clients have user-friendly banking experience all under a single roof. There are various types of Abhyudaya Bank Savings Account with every savings bank account meant for certain specific customers and end-needs.

Type of savings accounts:

The bank offers various types of Savings Account which are:

  • Savings Bank Deposit Account – a simple Abhyudaya Bank savings account which requires the maintenance of a minimum balance in the account. The Abhyudaya Bank minimum balance requirement is not a very huge amount and can be kept in the savings bank account easily to build on the savings and ensure at least a small contingency fund.
  • Abhyudaya Zero Balance Savings Bank Account for Salaried Person – a special savings account for salaried individuals working in Government or semi-government organizations, agents of life insurance or general insurance companies, educational institutions, PSUs, business concerns, private companies or industrial units can have the account. The minimum employees to be enrolled are 20 and the company should have a savings bank account with the bank already.
  • Abhyudaya SB Youth Accounts – a Abhyudaya Bank savings account for the younger generation of individuals.
  • Basic Savings Bank Account – an Abhyudaya Bank saving account which can be opened without any introduction and there is no requirement of Abhyudaya Bank savings account to maintain a minimum balance
  • Savings Bank account with Zero Balance to MID/QID Deposit Holders – an Abhyudaya Bank savings account, available to existing MID/QID holders who have a minimum term deposit of Rs. 10,000 with the bank. The savings account with Abhyudaya Bank offers several unique features and benefits.
  • Abhyudaya Bank offers customers the option to open the account with a zero balance
  • Account holders receive interest on deposits as per prevailing bank rates
  • An accidental insurance cover of Rs. 1 lakh is provided with this savings bank account
  • PMJDY Basic Savings Account / PMJDY Small Savings Bank Account – the National Mission of Financial Admittance named as Pradhan Mantri Jan Dhan Yojna seeks to integrate the poorest of the poor with the savings bank accounts. Abhyudaya Bank savings accounts under the Prime Minister’s Banking Scheme for all individuals. Let’s discuss the salient features of the savings accounts opened under this scheme:
  • The account promises a free RuPay Debit Card and Insurance Cover. It has an inbuilt Rs. 1 lakh personal accident insurance cover provided by HDFC Ergo and a life cover of Rs. 30,000 provided by LIC
  • All households across the country – urban and rural – are to be covered under the scheme. Bank accounts will be opened for 6 crore accountholders in the villages and 1.5 crore in urban areas
  • All the savings accounts opened under Pradhan Mantri Jan Dhan Yojna are given a overdraft facility of Rs. 5,000 for Aadhar-linked accounts after satisfactory operations in the account for 6 months

Abhyudaya Bank savings account eligibility:

The following people are eligible to open Abhyudaya Bank savings accounts –

  • An individual for himself
  • More than one individual on a joint basis
  • An illiterate individual
  • Any blind or visually impaired or incapacitated individuals
  • A guardian on behalf of the minor. The account should be in the name of the minor
  • Registered clubs or associations
  • Co-operative societies or local bodies
  • A student who has attained 14 years of age

Rate of interest:

The Abhyudaya Bank savings account interest rate is 4% per annum on the daily balance in the account. The interest is calculated and paid every six months in March and September.

Documents required to open this savings account with Abhyudaya Bank:       

People with Aadhar Card do not need to produce any other set of documents at the time of opening the savings accounts.

In case of the Aadhar card is not available, any one document of the officially valid document can be submitted including:

  • Driving license
  • Voter ID card
  • PAN Card
  • Passport
  • NREGA (Mahatma Gandhi Rural Employment Guarantee Act)

Though earlier it was mandatory to have an Aadhar card or any other government identity card for opening an account but now according the Finance Ministry people who do not have Aadhar card or any other valid documents can also open savings bank account under the scheme, without the document.

Features of Abhyudaya Bank savings accounts:

  • The Abhyudaya Bank savings account come with a free facility of a Pass Book
  • Accounts where the minimum balance is required require a minimum balance of Rs.300 to be maintained every month. Failing to maintain this balance would result in incidental charges as determined by the bank.
  • Savings accounts, which are not zero balance accounts, require a minimum initial deposit of Rs.300. Rs.300 is also the minimum balance to be maintained every time in the accounts, except in zero balance accounts.
  • If the account is deemed to be irregular or unsatisfactory or if the account cheques are returned frequently due to lack of funds, the bank might close the account
  • Accounts which are non-operative for 2 years would be deemed to be dormant or inoperative accounts
  • Pass book is supplied to account holder who has savings account with Abhyudaya Bank showing his / her account number, name, address, transactions, with date, amount and particulars
  • The Abhyudaya Bank savings account charges are almost minimal and in some of the accounts they are nil
  • The accounts can be opened solely by an individual or you can also open as joint savings account and operate jointly
  • Purpose:                                                 

The intention this scheme is to give provision of affordable financial services to the isolated population of the society. Identification of household without any bank account and providing basic banking accounts with overdraft facility and RuPay debit card with various other facilities. An individual must be of 18 year of age in order to be eligible to open a savings account under PMJDY scheme. There is no stipulation on the income of person.

  • PMJDY Savings Account Opening Process:

Indian citizens above the eligible age can open an Abhyudaya Bank savings account under this scheme and avail all the benefits of the Jan Dhan scheme. The detailed procedure of opening a savings bank account under the scheme is discussed here:

  • You need the visit one of the Abhyudaya Bank branches or any other banking institution designated by the government. For your convenience you can also checklist banks authorised to open accounts in PMJDY scheme
  • In the bank nominated by the government, contact the officer who is appointed to deal with the savings accounts to be opened under the scheme. These bank officers are commonly called as Bank Mitr
  • The entitled bank representative / Bank Mitr will provide the bank opening form and all you need to do is fill the account opening from and submit copy of valid official ID proof

Applying for a Savings Account at the branch

Individuals can approach the bank’s branch nearest to his or her residence and enquire about the account opening formalities. Usually, the application form is required to be filled and the above mentioned documents along with the cash deposit are to be submitted to open any account desired.

Applying online:

Anyone can apply for Abhyudaya Bank savings accounts online at our Paisabazaar website by following the steps mentioned below:

  • Visit our website
  • Fill in the required details
  • Select from the range of savings account schemes
  • Submit your documents online
  • Click ‘Apply’