| Dena Bank Saving Accounts |
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- The account holder can avail free cheque book facility.
- No commission will be charged on the Demand Drafts/MT/Pay orders upto an aggregate of Rs. 10,000 during a month.
- OR the account holder can avil free collection of outstation cheques upto Rs. 10,000 per month.
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- Account holder who falls in the age group of 18 to 59 years can avail life insurance cover of Rs. 1 lac from the reputed LIC of India.
- Premium applicable is quite low.
- The process is not very complicated and the insurance cover is immediately applicable once the account holder has signed the Consent-Cum-Authorization letter.
- The account holder is also eligible to enjoy tax benefits.
- The claim settlement procedure is also very straight forward.
- The possibility of lapse of policy cover is negligible as the premium can be directly debited from the account.
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- This is a savings account which also functions as fixed deposit account.
- Whenever the amount in the account exceeds the Rs. 25,000, the rest of the amount in the multiples of Rs. 5000 gets converted into fixed deposits which is be entitled to earn higher interest rate.
- In case the Funds in the account are insufficient then the amount from the fixed deposit account will be directly transferred to the savings account balance, again as multiples of Rs. 5,000, which then can be withdrawn .
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- Cheque book facility is available with this kind savings bank account.
- 90% of the initial amount deposit can be withdrawn as overdraft.
- The deposit tenure is from 1 to 5 years and on the deposit amount compound interest is applicable.
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- Minor who has attained 10 years of age and can read and write is eligible to open this account, either singly or jointly.
- No cheque book shall be issued to this account and if the minor requires to withdraw money from the account then it can be done through withdrawal slip.
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- Neither ATM nor cheque books will be issued with this account.
- Depending on the situation the bank may allow a maximum of 6 Pay Orders/Demand Drafts/M.T (all taken together, each not exceeding Rs. 2,500) can be issued.
- Individual above 10 and below 18 years of age, who can read and write can open minor savings account, the terms and conditions applicable on minor Savings account will be applicable.
- If the bank allows, then 6 cheque instruments can be collected during an year, each not exceeding Rs. 2,500.
- Third party cheques shall not be collected.
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Minimum amount of deposit should be Rs. 1,000/- per deposit receipt and in multiple of Rs.1000/- with no maximum deposit ceiling.
The scheme offers 0.50 % additional rate of interest over and above the normal rate of interest offered on Term Deposits
Loan facility : Upto 85% of deposit amount.
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