Vidharbha Konkan Gramin Bank Saving Account Eligibility

Eligibility to Open Vidharbha Konkan Gramin Bank Savings Account: Banks offer various types of accounts to the customers such as Savings Account, Current Account, Fixed Deposit Account, Recurring Deposit Account, etc. Each type of account has different eligibility criteria. Savings Bank Accounts are intended to inculcate the saving habit among people. Savings Bank Accounts can be opened by an eligible individual in single name or jointly with others.

Any person/ entity meeting the eligibility criteria laid down by the respective bank may open a Savings Bank account upon agreeing to comply with the rules and procedures prescribed by that bank. The applicant is also required to comply with the Know Your Customer (KYC) guidelines which are mandatory in order to prevent misuse of the banking system for criminal purposes, money laundering or any other fraudulent activities.

Eligibility to open a Savings Account in Vidharbha Konkan Gramin Bank

  1. A person who is a resident Indian, non-resident Indian (NRI), Hindu Undivided Family (HUF) or foreign national can open a savings bank account.
  2. In case of Hindu Undivided Family (HUF), Declaration from the Karta is required
  3. Minors can also open a savings account which will be a Minor Account. Except minor account holders, all the other persons who want to open an account must be over 18 years of age.
  4. There is a requirement of guardian in case of savings accounts opened by a minor
  5. Cheque or Cash towards Minimum Deposit Amount
  6. The applicant is required to submit Proof of Address (POA) and Proof of Identity (POI) in his/ her own name under Know Your Customer (KYC) requirement.
  7. A self attested copy of Permanent Account Number (PAN) is also required under Know Your Customer (KYC) requirement.
  8. Salary accounts can only be opened for salaried persons and not for others
  9. Sometimes the bank may insist upon producing a guarantor or introducer for opening the account.

Specific Points regarding Eligibility Criteria for a Savings Account in Vidharbha Konkan Gramin Bank

  • Non-Individual Entities like Firms, Companies, Trusts, Association, etc. are not eligible to open Savings Accounts in India.
  • Furnishing KYC documents is mandatory in order to open a Savings Account in India.
  • Minors & Senior Citizens need to produce a proof of their age before opening a Savings Account.

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