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Savings Account

Allahabad bank offers a multitude of savings accounts to cater the banking needs of all and sundry. With a range of accounts from a regular savings account to premium accounts, the bank has all in its kitty. Let us look at the various types of accounts available with the bank and the features of each savings bank account:

Types of Allahabad Bank Savings Accounts

Normal Savings Bank Account – A simple savings account which caters to the banking needs of individuals. This Allahabad Bank savings account helps inculcate the habit to save amongst general public. The outstanding credit balance in the account earns interest. There is no limit on the number and amount of deposits that can be made in this Allahabad Bank savings account. This savings bank account is available at all Allahabad Bank branches.

The features of the account are as follows:

  • The minimum amount required to open the account with a cheque book facility is Rs.500 in rural and semi-urban branches and Rs.1,000 for other branches. For an account without cheque book facility, the minimum amount is Rs.100 for rural and semi-urban branches and Rs.500 for other types of branches.
  • An account with cheque book facility entitles the account holder to 20 free cheque leaves every year
  • Allahabad Bank offers this savings bank account to pensioners with a zero balance facility – valid for both with cheque book and without cheque book at bank branches in all areas
  • The interest is paid on a half-yearly basis


  • Individuals can open a single account, while 2 or more individuals can open and operate joint savings accounts. Illiterate or blind persons, minors, associations, clubs, societies, trusts and institutions or agencies specially permitted by the RBI can also open this account.

2. AllBank Premium SB Account – A premium savings account from Allahabad Bank, it offers a host of additional features which are listed below:

  • 25% discount on the service charge on all transactions, irrespective of the amount and number of transactions
  • 25% discount on the processing fee of all types of retail loans from the branch
  • 2 free debit remittances from the account every month
  • Outstation cheques are instantly credited up to a value of Rs.25,000
  • Issue of safe deposit lockers on a priority basis
  • Free international ATM cum debit card and a personalized cheque book with the account holder’s name printed on it
  • Free personal accident insurance cover of Rs.1 lakh
  • Allahabad Bank offers an attractive folder to keep the passbook and cheque book safely


  • Allahabad Bank minimum balance requirements are Rs.5,000 for accounts in rural branches and Rs.20,000 for accounts in other branches
  • This value-added scheme is not applicable in case of institutional accounts

3. AllBank Advantage Salary Premium Account – A salary savings account which meets the needs of salaried individuals effectively. This account allows the employers to easily and instantly credit the salary to employees. It has the following features:

  • Monthly salary of employees is instantly credited into the account in a hassle free manner
  • Salary can be withdrawn from anywhere using internet banking or ATM card
  • Employees can maintain a zero account balance
  • Overdraft facility available to employees up to 1 month’s net salary, subject to a maximum of Rs.40,000
  • No initial deposit required to open the account and no minimum balance requirement
  • Internet banking available from the beginning (instant internet banking)
  • Instant issue of ATM card
  • Free NEFT facility for remittance and free issue of certificates
  • 20 multi-city cheques provided free of cost every year
  • No locker rent charged for the first year
  • 50% discount on service charges


  • Available to the regular employees of central government, state government, public sector units (PSUs), corporations, educational institutions, corporates, public limited companies and private limited companies where the employer has an existing current account with Allahabad Bank or is planning to open one with the bank

4. AllBank Mahila Sanchay Account – This Allahabad Bank women’s savings bank account is designed exclusively for women to empower them in the society. The features of the account are as follows:

  • Account can be opened and maintained with a zero balance
  • Issue of demand drafts and banker’s cheques for educational purposes of the children of the account holder at no charge for values up to Rs.1,000
  • Cheque book and a debit card provided only if the account has a minimum balance of Rs.500. Accounts with balances lower than Rs.500 will acquire the facility of a cheque book and ATM card when the balance in the account reaches Rs.500.
  • Issue of a free piggy bank, on request, to women having a savings account with Allahabad Bank – the AllBank Mahila Sanchay Account. The piggy bank helps in saving small amounts every day with the objective of depositing lump sum amounts at periodic intervals into the savings account. This initiative enables achieving higher account balances.


  • Only women applicants can open the account

5. AllBank eTrading 3-in-1 Account – A combination of 3 accounts – savings/ current account demat account and trading account, this 3-in-1 account allows customers to trade from any location via a computer having an internet connection. In addition to providing an online trading facility, it also offers customers free access to research reports on market trends in equities and the commodity market.

6. AllBank Vikash SB Account – An Allahabad Bank saving account aimed at mobilizing resources of various developmental programs run by non-government organizations, local, state and/ or central governments. This account has the following features:

  • Minimum balance to be maintained by the organization is Rs.50,000
  • 25% discount on service charges for all kinds of transactions, irrespective of the amount and number of transactions
  • Outstation cheques having a value up to Rs.25,000 are instantly credited


  • Organizations under the local panchayat, municipality, state and/ or central government engaged in developmental programs like poverty eradication, economic condition alleviation, literacy, sanitation, health and Indiraawas Yojna and non-government organizations engaged in social causes and services, developmental and extension services are eligible to open this account

7. AllBank Saral Savings Account (Basic Savings Bank Account) – This is a plain vanilla savings account which offers basic banking services to customers. The features of this Allahabad Bank saving account are listed below:

  • No deposit required to open the account and no minimum balance requirement
  • 4 free cash withdrawals from Allahabad Bank branches and ATMs in a month (Rs. 5 per transaction for subsequent cash withdrawals)
  • Unlimited free deposits and intra-bank transfer of funds, ATM card facility (at Allahabad Bank ATMs only) and standing instructions for remitting recurring deposit and loan account instalments
  • Free cheque book having 20 leaves every financial year
  • No account closure charges
  • No charges for non-operation or activation of inoperative account
  • Option of conversion of this account into a Normal Savings Bank Account with applicable minimum balance requirement
  • Account holders of this account cannot have any other savings account with Allahabad Bank


  • Only for individuals as per the existing savings bank account rules
  • Any individual, institution, corporate, proprietorship, partnership, trust, Hindu Undivided Family (HUF) can open the account

8. AllBank Saral Savings Bank Account (Small Account) – A small account having the following features:

  • Total of all credits in a financial year should not be more than Rs.1 lakh
  • Total of all withdrawals & transfers in a month cannot be more than Rs.10,000
  • Account balance cannot be more than Rs.50,000 at any time
  • Initial operation of the small account for 12 months only. Thereafter, account operation extended by 12 additional months if the account holder proves that he/ she has completed the mandatory KYC documentation. The bank reviews relaxation provisions after 24 months.
  • Foreign remittance allowed only if the ID of the client is established by submitting officially documents


  • Any individual can open a small account by submitting a self-attested photograph along with a signature or thumbprint on the account opening form

9. AllBank Savi Fix Account – A savings account with the following features:

  • A minimum balance of Rs.50,000 to be maintained in the account. Any amount in excess of Rs. 50,000 is automatically swept out into a multiple option deposit in multiples of Rs.10,000 to earn a higher rate of interest.
  • In case the balance in the savings account is insufficient to meet an obligation, a reverse sweep takes place on a Last in First out (LIFO) basis where money from the multiple option deposit is swept into the savings account in multiples of Rs. 10,000 to meet the deficit. The remaining amount in the fixed deposit continues to earn the same rate of interest as per the agreed contract. The online term deposit created through internet banking is not a multiple option deposit product. Therefore, it cannot be swept back in case of need of funds.
  • The multiple option deposit can be held for a period of 7 days to less than 364 days (1 year)
  • No premature payment penalty is levied in case of early withdrawal of the deposit
  • Customer will have the option to select one multiple option deposit product only
  • Facilities of instant internet banking, ATM card and SMS banking provided
  • Free ECS debit and credit, RTGS or NEFT and speed clearing
  • Instant credit of outstation cheques having values of up to Rs. 50,000
  • At Par collection of government cheques
  • Free cheque book and SMS facility provided with the account


  • Those new and existing savings bank account holders can open this account who are maintaining accounts in an individual capacity
  • This facility is not available to firms, companies, trusts, institutions etc. even if they have a savings bank account

Allahabad Bank Saving Account Interest Rates

Savings accounts earn interest up to 4% per annum and the interest is calculated on the daily closing balance.


The following list of documents is required to open the account:

Proof of Identity: Xerox copy of any one of the following:

  • PAN Card
  • Aadhar Card
  • Passport (along with validity details like date of expiry)
  • Driving License
  • Voter ID Card
  • Photo ID Card (issued by the central government and its departments, state government and its departments, statutory/ regulatory authorities and public sector undertakings)

Proof of Address: Xerox copy of any one of the following:

  • Passport (along with validity details like date of expiry)
  • Driving License
  • Voter ID Card
  • Bank Statement or Passbook
  • Latest Electricity Bill or Telephone Bill, not older than 3 months

Proof of Bank Account

  • Copy of cancelled cheque leaf
  • Bank Passbook
  • Bank Statement

Proof of Demat Account

  • Demat Client Master
  • Recent Holding Statement issued by DP with the name of the client and the DP seal

Proof of Income or Net Worth

  • Income Tax Return Acknowledgement
  • Salary Slip
  • Form 16
  • Demat Account Holding Slip
  • Net Worth Certificate created by a chartered accountant
  • Bank Account Statement of last 6 months

Applying for a Savings Account with Allahabad Bank

To open a savings account, the applicant must visit the nearest branch of Allahabad Bank and obtain the relevant application form. He/ she must understand the requirements for Allahabad Bank savings account as well as Allahabad Bank savings account charges from the bank officials. On submitting a duly filled application form and the required documentation for Allahabad Bank savings account, the account is opened with the bank. He/ she can then begin savings with Allahabad Bank.

Frequently Asked Questions (FAQs)

Q. Which all savings accounts are offered by Allahabad Bank?

Ans. The type of savings accounts Allahabad Bank offers are given below:

  1. Normal Savings Bank Account
  2. AllBank Premium SB Account
  3. AllBank Advantage Salary Premium Account
  4. AllBank Mahila Sanchay Account
  5. AllBank eTrading 3-in-1 Account
  6. AllBank Vikash SB Account
  7. AllBank Saral Savings Account (Basic Savings Bank Account)
  8. AllBank Saral Savings Bank Account (Small Account)
  9. AllBank Savi Fix Account

Q. Please give details about Allahabad Bank savings account eligibility.

Ans. The eligibility criteria differ for different Allahabad Bank savings accounts. One can refer to eligibility details in the information given for each of the 9 savings accounts.

Q. Is there a minimum opening balance for a savings account?

Ans. While some savings accounts require a minimum opening balance as per their terms and conditions, others do not have such a requirement. Details of the same can be found by contacting the nearest branch of Allahabad Bank. Some accounts may also levy a penalty if minimum balance is not maintained in the account.

Q. What is the advantage of Allahabad Bank savings account online banking?

Ans. Online banking is more convenient. One can transact on any computer or smartphone having an internet connection from any location. It saves time which would otherwise have been spent on visiting the bank. Money can be transferred on the go or from the convenience of home.

Q. Please give details of joint account operation of a savings account.

Ans. A joint savings account which is opened by more than one person can be operated by either single individual or jointly by more than one person. Joint account holders of a savings account have the following choices at their disposal of operating the account:

  • Either or Survivor
  • Anyone or Survivor/s
  • Former or Survivor/s

Q. Why is it important to have a savings account?

Ans. Opening a savings account is one of the most important steps towards achieving financial independence and realising dreams. One should open a savings account whether one is working or not.

Important reasons why and how it helps to open a savings account are mentioned below:


As the name suggests, the main purpose of such an account is to accumulate savings. The mere presence of such an account forces one to put aside some money for a rainy day. In absence of such an avenue for savings, one may get carried away and spend the entire income.

Easy Accessibility

A savings account provides easy access to own money at a time of need. One can access the money by visiting a bank branch, withdrawing money from an ATM or transacting over the internet. It saves the hassle of storing extra money at home and does away with security issues that come with it.

Growth and Capital for Investment

A savings account helps in increasing the pool of money in the account by way of interest. Therefore the money in the account increases over a period of time. This money is useful when funds are required for the purpose of investment.