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Savings Account

Savings accounts are the basic tools of investments or savings for any individuals which all the banks provide and which is the foundation of the banking sector. A savings bank account is where one can deposit his or her money every day to accumulate a wealth and distribute it accordingly to make expenses.

Dena Bank is one of the oldest established public sector banks in our country. The bank’s name was given under its founder Devkaran Nanjee and was incorporated as public company in December 1939. In July 1969, the bank was given a status of nationalised bank along with thirteen other major banks. Headquartered in Mumbai, Dena Bank has now established a nationwide presence with its network of branches spread across entire country which at present stands at over 1,770.
Dena Bank like any other bank provides the facility of various type of savings account which can be listed as follows:

  • Basic Saving Bank Account
  • Dena Jeevan Savings Account
  • Premium Saving Account Scheme
  • Dena Minor Savings Account
  • Dena Safix Deposit Schemes
  • Alpa Bachat Khata
  • Dena Stree Shakti
  • Dena Senior Citizen Scheme
  • Dena Freedom Deposit Scheme

We will look at each savings account mentioned above in detail below:

Basic Saving Bank Account

Firstly, all resident Indians are eligible to open a savings account like this basic savings account where there is no requirement to maintain any minimum average balance and hence no charges are applicable.

The following services, which are listed as below, will be available to all the accountholders:

v  No limit on Cash Deposit

v  4 Cash Withdrawals allowed monthly ( ATMs or at Branch)

v  Deposit or collection of cheques which are being drawn by State or Central Government Departments

v  Receiving or credit of fund via electronic mode

v  One can get ATM or ATM and Debit card according to his or her need

v  There will be absolute no charge on non-operation / activation on inoperative Basic Saving Bank Account

Important here is to note that Basic Saving Bank Account holders are not allowed to open any other bank accounts with the bank. If the customer has any existing Dena Bank savings account and simultaneously they open a Basic Saving Bank Account, he or she has to close the existing account within 30 days of the new account opening. The Basic Saving Bank Account has to abide by all the KYC / AML norms periodically

Dena Jeevan Savings Account

Dena Jeevan Savings Account is a fantastic combination with savings accounts together with a one year life insurance policy which is provided by the most trusted insurance company of India Life Insurance Corporation.


Individuals aged between 18 years to 59 years can open this Dena bank savings account. However, the premium amount is dependent on the age of the proposer. The basic features of the savings account with Dena Bank are as follows:

v  The coverage that will be provided is to the tune of Rs 100000/-

v  The premium cost is minimum

v  The coverage is till 60 years of age

v  Hassle free claim procedure

v  Nomination facility

v  No medical test required. However, a good health declaration certificate is mandatory.

v  The moment the customer signs the debit authorization form and the same is debited from the customer’s account, the coverage commences. Hence, the customer does not have to wait long for the policy document to reach him to start the coverage

v  Customer can give a standing instruction from his account so that the same can be renewed very easily and there is no chance of the policy being lapsed

v  Income Tax benefits under the tax law

Premium Saving Account Scheme

The name itself implies that this Dena Bank savings account is a premium one and that one gets more superior services with almost no cost. However, the Dena Bank minimum balance requirement here is Rs. 50,000/-. For non maintenance of savings bank account, there will be no charge but if the account is closed within 1 year of account opening, an amount of Rs 200/- will be charged.

There is absolutely no Dena Bank savings account charges that the bank will levied upon on the below services which are namely:

v  Cheque Book Chares

v  Cheque Return Charges

v  DD/MT/PO Charges

v  Cash Handling Charges

v  ATM Cum Debit Card Charges

v  Internet Banking/ RTGS/ NEFT Charges

v  Ledger Folio Charges

v  Stop Payment Charges

v  Standing Instruction Charges

v  Clearing / Intersol Charges

v  Collection of Outstation Chequ

Dena Minor Savings Account

As the name states, this Dena Bank savings account is dedicated to minor who are more than 10 years of age and can read and write. It is very essential for kids to understand the importance of savings and hence the habit savings should be inculcated at a much earlier stage. Dena Bank understands this need and has come up with the Minor Dena Bank saving account in which they can deposit funds and learn and make savings their own savings and know to some extent the banking operation as well under the guidance of parents. Though cheque book is not allowed in this account, the minor account holder can withdraw amount through withdrawal slip. This type of savings account can be opened singly or as joint savings accounts with a guardian.

Dena Bank Safix Deposit Schemes:

  • This is a Dena Bank savings account which also functions as fixed deposit account.
  • Whenever the amount in the account exceeds Rs. 25,000, the rest of the amount in the multiples of Rs. 5,000 gets converted into fixed deposits which is be entitled to earn higher interest rate.
  • In case the funds in the savings bank account are insufficient, then the amount from the fixed deposit account is transferred directly to the savings accounts, again as multiples of Rs. 5,000, which then can be withdrawn as required by the customer.
  • Dena Bank offers debit card facility with the savings accounts. However, the bank does not offer overdraft facility, internet banking or any mobile or phone banking.

Fees and other charges:

Cheque Books

60 cheque book leaves will be issued every year, after that, an extra cheque leaf will cost Rs. 2.50

Outstation Cheque collection

Up to Rs. 5,000 the charges will be Rs. 25 and above Rs, 5,000 the charges will increase to Rs. 50. The charges will remain same for an amount up to Rs. 10,000

Return of Cheque

Rs. 150

Closure of account

Rs. 200 will be charged if the account is closed within 1 year

Alpa Bacahat Khata:

  • A basic type of Dena Bank savings account with Dena Bank which can be opened with an initial deposit of Rs. 10.
  • The account does not have any minimum balance requirements. It can also operate from zero balance onwards.
  • If an individual above 10 years but below 18 years of age, who can read and write and can open minor savings account, opens this account, then the terms and conditions applicable on minor savings account will be applicable.
  • If the bank allows, then 6 cheque instruments can be collected during a year, each not exceeding Rs. 2,500. Depending on the situation, the bank may allow a maximum of 6 Pay Orders / Demand Drafts / M.T.s (all taken together, each not exceeding Rs. 2,500) to be issued from this Dena Bank savings account
  • Third party cheques shall not be collected.
  • Neither ATM nor cheque books will be issued with this savings account from Dena Bank.

Dena Stree Shakti:

  • A Dena bank women’s savings account designed especially for the women of our country.
  • Women in the age group of 18 years and above, including salaried employee (Government, public sector units, private sector, MNCs), doctors, advocates, and entrepreneurs can open these Dena Bank savings accounts.
  • Women with independent source of income are eligible to open this Dena Bank savings account.
  • These savings accounts offer personal accidental insurance of Rs 2,00,000.
  • Even housewives and students can open this savings bank account.
  • Dena Bank offers platinum RuPay card (branded women specific cards) with Dena Bank savings account. The following are the benefits extended to the cardholder:
    • 5% cash back on utility payment bills
    • There is zero fuel surcharges
    • The card gives other additional benefits such as Rs. 25 off on train booking tickets on irctc.co.in
    • Minimum eligible transaction amount to Rs. 300
    • Dena Bank offers 15% off on billing
    • 2 free airport lounge access
    • Shopping limit of Rs. 2 lakh per day when using Platinum Debit Cards

Dena Senior Citizen Scheme:

  • Minimum amount of deposit should be Rs. 1,000 per deposit receipt and in multiple of Rs. 1,000 with no maximum deposit ceiling
  • The saving deposit scheme offers 0.50 % additional rate of interest over and above the normal rate of interest offered on Term Deposits
  • Loan facility: Up to 85% of deposit amount
  • Dena Bank Senior Citizen's Scheme is open to individuals, who have completed 60 years of age.
  • The savings accounts can be opened in the sole name of the individual (with nomination facility) and / or in joint name.
  • In case where joint account holder is a person below the age of 60 Years, the name of Senior Citizen to be given as first name in the application form.

Dena Freedom Deposit Scheme:

  • Cheque book facility is available with this kind of Dena Bank savings account
  • 90% of the initial amount deposit can be withdrawn as overdraft
  • The savings bank accounts from Dena Bank ensures that your money is neither blocked nor are you stuck with time consuming paperwork and other complexities involved in such offline applications
  • Minimum balance of Rs. 10,000 is required to be maintained. This is automatically renewed in multiples of Rs. 1,000
  • The deposit tenure is from 1 to 5 years and compound interest is applicable on the deposit amount
  • Dena Bank savings account interest rate is 4%

Documentation for Dena Bank Savings Account:

  • Valid Passport
  • Voter's Identity Card
  • Valid Driving License
  • Aadhar Card
  • NREGA Card
  • PAN Card

Applying for Dena Bank Savings Account online

Loan applicants can visit Paisabazaar website and apply for their loan in 5 simple steps:

  • Click on ‘loan against property’ at Paisabazaar website
  • Fill in the loan application form at the website with your loan requirements and personal details
  • Select few loan schemes, which suit your requirements to compare them as per your criteria
  • Choose the best loan scheme that meets all your loan requirements.
  • Click ‘Apply’