Mar 11
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CSB Savings Account
Catholic Syrian Bank offers you simple solutions for your savings requirements in the form of savings accounts.
Types of Savings Accounts offered by CSB
CSB provides the following types of savings accounts to customers:
- General Savings Account – This account is offered to individuals, and can be held either on a single or joint basis. Non-trading organizations or institutions are also eligible for this account. Customers can open the account for a minimum amount of Rs.500 in rural or semi-urban branches. Customers in urban locations or metros will have to contribute a minimum amount of Rs.1,000 to open the account. This savings account offers multi-city cheque book facility. A general savings account of CSB can also be transferred to another branch, absolutely free of any charges.
- CSB Students Support Savings Scheme – Customers have to be students of recognized schools, starting from standard 1 onwards. Students doing a diploma, graduation, professional courses, and post graduation are also eligible to apply for this account. This is a zero balance account where there is no stipulation regarding the maintenance of minimum balance. Debit cards are issued to account holders, free of any charges. Cheque books are not issued. The debit cards can be used at ATMs as well.
- CSB Social Support Savings Scheme – This is a new product offered by the bank and it targets financial inclusion. The savings account provides basic banking facilities to the rural sections of the society. Any individual above the age of 18 years is eligible to apply for this account. There are no minimum balance stipulations associated with the account. ATM cum debit card is offered free of charge to account holders. Up to 10 transactions in a month are free of charges. Subsequent transactions will be levied a service fee of Rs.5 per transaction. It is possible to convert the CSB Social Savings Scheme Account to a regular SB account, upon request.
- CSB Suvidha Plus Scheme – This is a group salary savings account for corporate employees. Individuals who draw a salary of Rs.5,000 or more on a monthly basis are eligible for this account. There is no minimum balance requirement. Up to 10 transactions in a month are free of charges. Following that, a service charge of Rs.5 per transaction will be levied. A debit card is offered to the account holder absolutely free, and this card can be used at any ATM. The facility of multi-city cheque book is also available.
Key Features and Benefits of the CSB General Savings Account
The salient features of the general savings account from Catholic Syrian Bank is as described below:
- The general savings account can be opened either singly or jointly by individuals and non-trading institutions.
- Account holders are offered chequebooks that can be used across multiple cities.
- The account can even be opened by a minor aged 12 years or above.
- A minor between the age of 12 years and 14 years can operate the account by self if he/she is present at the bank branch for every withdrawal.
- If the minor is above 14 years of age, he/she can operate the account individually like an adult account holder.
- Accrual of interest on the savings bank account is on a daily basis and the interest is paid half-yearly. Payments are done in the months of March and September.
- The bank offers free mobile or internet banking facility to account holders.
- Nomination facility, NEFT/RTGS services, and Any Branch Banking (ABB) service are offered to account holders.
- The account holder can provide standing instructions for premium payment, rent settlement, etc.
- Cheques, dividend warrants, drafts, etc. are accepted for credit to the account.
- The account holder may request for the account to be transferred to another branch. This facility is offered free of any charges.
Service Charges and Fees
The limits per month and charges for various categories of customers are as detailed below:
| Parameter | Silver | Gold | Diamond | Platinum |
| Minimum balance | Rs.10,000 | Rs.20,000 | Rs.30,000 | Rs.1 lakh |
| Penalty for non-maintenance of minimum balance | Rs.200 | Rs.200 | Rs.200 | Rs.500 |
| Free limits per month | Silver | Gold | Diamond | Platinum |
| Cash withdrawal | Rs.50,000 | Rs.1 lakh | Rs.1,50,000 | Rs.5 lakh |
| Cash deposits | Rs.50,000 | Rs.1 lakh | Rs.1,50,000 | Rs.5 lakh |
| Fund transfer | Rs.2 lakh | Rs.3 lakh | Rs.4 lakh | Unlimited |
| At par facility | Rs.2 lakh | Rs.3 lakh | Rs.4 lakh | Unlimited |
| Cheque collection | Rs.2 lakh | Rs.3 lakh | Rs.4 lakh | Unlimited |
| Total limits | Rs.7 lakh | Rs.11 lakh | Rs.15 lakh | Unlimited |
The charges for usage beyond free limits are as follows:
- All cash transactions – Re.1 per thousand, subject to a minimum value of Rs.25.
- All transfer transactions – Rs.5 per lakh.
